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IBM (IBM) investor relations material
IBM Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Q2 2025 revenue reached $17.0B, up 7.7–8% year-over-year, with strong growth in Software and Infrastructure, led by hybrid cloud and AI offerings.
Net income for the quarter was $2.2B, with diluted EPS of $2.31 (GAAP) and $2.80 (operating), both up double digits year-over-year.
Gross profit margin expanded to 58.8% GAAP (up 200 bps) and 60.1% operating (up 230 bps), driven by portfolio mix and productivity actions.
Generative AI book of business surpassed $7.5B, with strong demand for AI agents, assistants, and consulting services.
Completed six acquisitions in H1 2025, including HashiCorp, enhancing hybrid cloud and AI portfolio; balance sheet remains strong with $15.5B in cash.
Financial highlights
Q2 2025 revenue: $17.0B (+7.7% year-over-year); H1 2025 revenue: $31.5B (+4.3% year-over-year).
Q2 2025 net income: $2.2B (+19.6% year-over-year); Q2 2025 operating EPS: $2.80 (+15% year-over-year).
Gross margin Q2 2025: 58.8% GAAP (+2.0 pts); operating margin: 60.1% (+2.3 pts).
Free cash flow for H1 2025: $4.8B, highest first half margin in years; Q2 free cash flow: $2.8B.
Adjusted EBITDA for Q2 2025: $4.7B, up $0.6B year-over-year.
Outlook and guidance
Full-year revenue growth at constant currency expected to exceed 5%, with currency providing a 1.5-point tailwind.
Free cash flow guidance raised to above $13.5B for 2025.
Operating pretax margin expected to expand by about a point for the full year.
Regular quarterly dividend of $1.68 per share declared.
One-time, non-cash tax charge expected in Q3 2025 due to new U.S. tax law, not impacting non-GAAP net income or EPS.
Explain drivers of Infrastructure growth.
How does IBM define generative AI book?
Detail debt increase from year-end 2024.
Assess HashiCorp's product synergy impact.
How does AI affect customer spending?
What drives IBM's increased free cash flow?
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Q3 202522 Oct, 2025
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The creators of the first commercial computer
IBM, International Business Machines Corporation, is a multinational technology company with a rich history dating back to 1911. Founded in the United States, IBM has played a significant role in the development and advancement of computer technology and information systems. Today, IBM operates as a provider of advanced technology solutions and consulting services.
A rich and storied history
Since its foundation in 1911 as the Computing-Tabulating-Recording Company (CTR), IBM has consistently demonstrated its commitment to innovation and technological advancement. Over the years, IBM has introduced numerous groundbreaking innovations that have shaped the course of computing history. These include the development of the first commercial computer, the IBM 650, in the 1950s, which revolutionized data processing capabilities. In the 1960s, IBM unveiled the iconic IBM System/360 mainframe computer, a breakthrough that standardized computer architectures and transformed the industry. The introduction of the IBM Personal Computer (PC) in the 1980s marked a significant milestone in personal computing, empowering individuals and businesses alike. More recently, IBM's advancements in artificial intelligence with IBM Watson have pushed the boundaries of cognitive computing. With a rich legacy of pioneering innovations, IBM continues to drive technological progress and shape the future of computing.
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