IBM Q3 revenue $16.3B (+9% YoY); raises FY revenue and FCF guidance

INTERNATIONAL BUSINESS MACHINES CORP

2025-Q3 EPS reported $5.27 revenue$47,849,000,000

GAAP EPS $1.84; operating (non-GAAP) EPS $2.65, up 15% YoY; gross margin improved 1.1 pts to 57.3%.
Software $7.2B (+10%), Consulting $5.3B (+3%), Infrastructure $3.6B (+17%); all segments grew.
AI book of business exceeded $9.5B; Red Hat +14%, Automation +24%, IBM Z +61%.
FY25 outlook raised: constant-currency revenue growth >5%, free cash flow ~$14B.
Declares regular quarterly dividend of $1.68/share, payable Dec 10, 2025.

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