IBM Q2 GAAP EPS $2.27, revenue $17.2B down 1% YoY; guides 4-5% constant currency growth

INTERNATIONAL BUSINESS MACHINES CORP

GAAP revenue $17.2B (-1% YoY); GAAP diluted EPS $2.27 (-2% YoY); operating EPS $2.93 (+5% YoY).
Software revenue $7.8B (+5%) led by Red Hat (+11%) and Data (+19%); Infrastructure down 7% (IBM Z -42%).
Q2 free cash flow $2.5B (-$0.3B YoY); first-half FCF $4.8B flat; dividend $1.69/share payable Sep 10.
Full-year guidance: constant currency revenue growth 4-5%; FCF increase ~$1B YoY; improved pre-tax margin.
IBM invested $10.5B in acquisitions YTD; Distributed Infrastructure backlog ~$500M.

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