IBM Q2 revenue $17.0B (+8% YoY); raises FY free cash flow outlook to >$13.5B

INTERNATIONAL BUSINESS MACHINES CORP

2025-Q2 EPS reported $3.43 revenue$31,519,000,000

GAAP diluted EPS $2.31, operating EPS $2.80; pre-tax margin 15.3% GAAP, 18.8% operating.
Software revenue $7.4B (+10% YoY); Red Hat up 16%; Consulting $5.3B (+3%); Infrastructure $4.1B (+14%).
Year-to-date free cash flow $4.8B; Q2 FCF $2.8B (+$0.2B YoY).
Generative AI book of business exceeds $7.5B; expects FY constant-currency revenue growth at least 5%.
Quarterly dividend $1.68/share, payable Sept. 10 to holders of record Aug. 8.

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