The company said revenue for Q1 2025 rose to $14.5 billion, up 1% (up 2% at constant currency). By segment, Software revenue grew 7%, Consulting revenue fell 2%, and Infrastructure revenue fell 6%.

1. 01

   The company said revenue for Q1 2025 rose to $14.5 billion, up 1% (up 2% at constant currency). By segment, Software revenue grew 7%, Consulting revenue fell 2%, and Infrastructure revenue fell 6%.

2. 02

   The company said its GAAP gross profit margin for Q1 was 55.2%, up 170 basis points, and its GAAP pre-tax income margin was 8.0%, up 50 basis points. It said its Operating (Non-GAAP) gross profit margin for the same period was 56.6%.

3. 03

   IBM said net cash from operating activities for Q1 was $4.4 billion (up $0.2 billion year over year), and free cash flow was $2.0 billion (up $0.1 billion year over year). In the same period, it paid $1.5 billion in dividends and invested $7.1 billion in acquisitions, including HashiCorp.

4. 04

   The company said it continues to expect full-year constant currency revenue growth of at least 5% and about $13.5 billion in free cash flow. It also expects revenue for Q2 to be in the range of $16.40 billion to $16.75 billion.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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