IBM said its revenue for Q1 2025 was $14.5 billion and its operating earnings per share was $1.60. Revenue grew 2% at constant currency, and Software grew 9%.

8-KRegulation FD DisclosureFiled Apr 24, 2025Period of report Apr 23, 2025Summary published (UTC) Oct 15, 2026

Key points

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IBM said its revenue for Q1 2025 was $14.5 billion and its operating earnings per share was $1.60. Revenue grew 2% at constant currency, and Software grew 9%.
The company said it generated two billion dollars of free cash flow in Q1, up about $100 million year over year. It said Adjusted EBITDA was $3.4 billion and that its margin expanded by 240 basis points.
IBM said its cash at the end of Q1 was $17.6 billion, and it spent $7.1 billion on acquisitions. It said it raised over $8 billion in the debt market in February and returned just over $1.5 billion to shareholders in dividends.
IBM said it is maintaining its full-year guidance for revenue growth of accelerating to 5% plus and free cash flow of about $13.5 billion. For Q2, it expects revenue growth of at least 4% at constant currency, with revenue in a range of $16.4 to $16.75 billion.

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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.

Q1 2025 Results and Software Growth

IBM said its revenue for Q1 2025 was $14.5 billion and its operating earnings per share was $1.60. Revenue grew 2% at constant currency, and Software grew 9%.

Source · Based on the filing body and exhibits

Q1 Free Cash Flow and Adjusted EBITDA Margin

The company said it generated two billion dollars of free cash flow in Q1, up about $100 million year over year. It said Adjusted EBITDA was $3.4 billion and that its margin expanded by 240 basis points.

Source · Based on the filing body and exhibits

Cash, Acquisitions, Borrowing and Dividend Payments

IBM said its cash at the end of Q1 was $17.6 billion, and it spent $7.1 billion on acquisitions. It said it raised over $8 billion in the debt market in February and returned just over $1.5 billion to shareholders in dividends.

Source · Based on the filing body and exhibits

Full-Year Outlook Maintained and Q2 Outlook

IBM said it is maintaining its full-year guidance for revenue growth of accelerating to 5% plus and free cash flow of about $13.5 billion. For Q2, it expects revenue growth of at least 4% at constant currency, with revenue in a range of $16.4 to $16.75 billion.

Source · Based on the filing body and exhibits

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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