IBM said Q1 2025 revenue was $14.5 billion, an increase of 0.6% compared to the prior-year period (2% adjusted for currency). Software revenue increased 7.4%, Consulting revenue decreased 2.3%, and Infrastructure revenue decreased 6.2%.

10-QQuarterly reportFiled Apr 24, 2025Period of report Mar 31, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

IBM said Q1 2025 revenue was $14.5 billion, an increase of 0.6% compared to the prior-year period (2% adjusted for currency). Software revenue increased 7.4%, Consulting revenue decreased 2.3%, and Infrastructure revenue decreased 6.2%.
The company said net income from continuing operations for Q1 was $1.1 billion, a decrease of 33.1%. It added that the prior-year period included a tax benefit of $0.5 billion primarily driven by the resolution of certain tax audit matters, while the current-period provision for income taxes from continuing operations was $0.1 billion.
IBM said it generated $4.4 billion in cash from operating activities and $2.0 billion in free cash flow for Q1 2025. The company invested $7.1 billion in acquisitions, driven primarily by the closing of the HashiCorp acquisition, and paid $1.5 billion in dividends.
IBM said cash and cash equivalents, restricted cash and marketable securities as of March 31, 2025 were $17.6 billion, an increase of $2.8 billion from December 31, and debt was $63.3 billion, an increase of $8.3 billion. The company issued $8.4 billion in debt in Q1.

Key figures

Quarter ended March 31, 2025

Revenue: $14.5B
Net income: $1.1B
EPS: $1.12
Gross profit: $8.0B
Operating cash flow: $4.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2025 Revenue and Segment Performance

IBM said Q1 2025 revenue was $14.5 billion, an increase of 0.6% compared to the prior-year period (2% adjusted for currency). Software revenue increased 7.4%, Consulting revenue decreased 2.3%, and Infrastructure revenue decreased 6.2%.

Source · Based on the MD&A text of the filing

Q1 Net Income from Continuing Operations and Prior-Year Tax Benefit

The company said net income from continuing operations for Q1 was $1.1 billion, a decrease of 33.1%. It added that the prior-year period included a tax benefit of $0.5 billion primarily driven by the resolution of certain tax audit matters, while the current-period provision for income taxes from continuing operations was $0.1 billion.

Source · Based on the MD&A text of the filing

Q1 Cash Flow, Acquisition Investment and Dividends

IBM said it generated $4.4 billion in cash from operating activities and $2.0 billion in free cash flow for Q1 2025. The company invested $7.1 billion in acquisitions, driven primarily by the closing of the HashiCorp acquisition, and paid $1.5 billion in dividends.

Source · Based on the MD&A text of the filing

March 31, 2025 Cash and Debt Balances

IBM said cash and cash equivalents, restricted cash and marketable securities as of March 31, 2025 were $17.6 billion, an increase of $2.8 billion from December 31, and debt was $63.3 billion, an increase of $8.3 billion. The company issued $8.4 billion in debt in Q1.

Source · Based on the MD&A text of the filing

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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