IBM said that in Q3 2025 it reported revenue of $16.3 billion, net income from continuing operations of $1.7 billion, and operating (non-GAAP) earnings of $2.5 billion, with diluted earnings per share from continuing operations of $1.84 as reported and $2.65 on an operating (non-GAAP) basis.

1. 01

   IBM said that in Q3 2025 it reported revenue of $16.3 billion, net income from continuing operations of $1.7 billion, and operating (non-GAAP) earnings of $2.5 billion, with diluted earnings per share from continuing operations of $1.84 as reported and $2.65 on an operating (non-GAAP) basis.

2. 02

   IBM said total revenue for Q3 2025 increased 9.1% as reported and 7.3% adjusted for currency. By segment, Software increased 10.5%, Consulting increased 3.3% and Infrastructure increased 17.0%, the company said, citing early strength in its new IBM z17 as the driver of Infrastructure growth.

3. 03

   IBM said that in September 2024 the Qualified PPP irrevocably transferred to an insurer approximately $6 billion of defined benefit pension obligations, and in Q3 2024 the company recognized a pension settlement charge of $2.7 billion ($2.0 billion net of tax), with an impact of $2.18 per share.

4. 04

   The company reported cash provided by operating activities of $3.1 billion, free cash flow of $2.4 billion, and dividends of $1.6 billion for Q3 2025. As of September 30, 2025, debt was $63.1 billion, an increase of $8.1 billion from December 31, 2024.

Key figures

Quarter ended September 30, 2025

Revenue

$16.3B

Net income

$1.7B

EPS

$1.84

Gross profit

$9.4B

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.

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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