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Edge17 Oct 2025
A Castle in the Sky: The Story of Oracle
Oracle's journey from database innovator to disciplined enterprise backbone, now shaping the AI buildout with a standardized cloud infrastructure.
IBM
IBM (IBM) investor relations material
IBM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved 6% revenue growth in 2025, with double-digit gains in Software and Infrastructure, and robust adoption of next-gen mainframe platforms; generative AI book of business surpassed $12.5B inception-to-date.
Exceeded full-year 2025 expectations for revenue, profit, and free cash flow, with $14.7B free cash flow, a decade high.
Software now 45% of business, up from 25% in 2018, with 9% annual growth and three sub-segments at double-digit growth.
Strategic acquisitions (HashiCorp, Confluent) and partnerships (AMD, AWS, Microsoft, NVIDIA) enhanced portfolio and innovation.
Consulting returned to growth, up 1% in Q4, with GenAI services driving demand.
Financial highlights
Q4 2025 revenue reached $19.7B, up 12% year-over-year (9% at constant currency); full-year revenue was $67.5B, up 8% (6% at constant currency).
Free cash flow reached $14.7B, up 16% year-over-year, with highest free cash flow margin in company history.
Adjusted EBITDA for 2025: $19.2B, up 17% year-over-year; operating diluted EPS grew 12% to $11.59.
Q4 net income was $5.6B, up 91% year-over-year; full-year net income was $10.6B, up 76%.
Q4 operating (non-GAAP) gross profit margin: 61.8%; full-year: 59.5%.
Outlook and guidance
2026 guidance: 5%+ constant currency revenue growth, $1B increase in free cash flow, and 1 point operating pre-tax margin expansion.
Software expected to grow 10% in 2026, with organic growth and M&A synergies as key drivers.
Consulting revenue to accelerate to low- to mid-single digits, with GenAI backlog penetration over 25%.
Infrastructure revenue expected to decline low single digits due to product cycle dynamics.
Confluent acquisition expected to close mid-2026, with $600M dilution in 2026, but accretive to Adjusted EBITDA in year one post-close.
Generative AI book of business value
Drivers of IBM Z's 67% Q4 revenue growth
Reason for $6.3B debt increase in 2025
What is the expected split of enterprise AI workloads?
Software segment organic growth drivers for 2026
Confluent's path to FCF accretion
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Next IBM earnings date
Q1 202622 Apr, 2026
IBM
Next IBM earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
The creators of the first commercial computer
IBM, International Business Machines Corporation, is a multinational technology company with a rich history dating back to 1911. Founded in the United States, IBM has played a significant role in the development and advancement of computer technology and information systems. Today, IBM operates as a provider of advanced technology solutions and consulting services.
A rich and storied history
Since its foundation in 1911 as the Computing-Tabulating-Recording Company (CTR), IBM has consistently demonstrated its commitment to innovation and technological advancement. Over the years, IBM has introduced numerous groundbreaking innovations that have shaped the course of computing history. These include the development of the first commercial computer, the IBM 650, in the 1950s, which revolutionized data processing capabilities. In the 1960s, IBM unveiled the iconic IBM System/360 mainframe computer, a breakthrough that standardized computer architectures and transformed the industry. The introduction of the IBM Personal Computer (PC) in the 1980s marked a significant milestone in personal computing, empowering individuals and businesses alike. More recently, IBM's advancements in artificial intelligence with IBM Watson have pushed the boundaries of cognitive computing. With a rich legacy of pioneering innovations, IBM continues to drive technological progress and shape the future of computing.
The IBM of today
IBM maintains a strong presence as a leading technology and consulting company. With a wide range of offerings, IBM provides businesses with advanced solutions tailored to their specific needs. This includes cutting-edge technologies such as artificial intelligence, cloud computing, cybersecurity, data analytics, and more. IBM's services encompass strategic consulting, software development, infrastructure management, and integrated solutions for industries like finance, healthcare, manufacturing, and more. Moreover, IBM continues to invest in emerging technologies, including quantum computing and hybrid cloud solutions. By leveraging their expertise, deep industry knowledge, and stellar reputation IBM has continued to stay relevant throughout the years. Some of their most notable competitors include Microsoft, Oracle, and SAP SE.
A behemoth of the industry
IBM serves a diverse range of clients across industries and sectors. Their clients include large enterprises, government agencies, educational institutions, and organizations of varying sizes. In the finance sector, IBM's solutions are employed by banks, insurance companies, and financial institutions to optimize operations, enhance cybersecurity, and drive digital transformation. In healthcare, IBM collaborates with hospitals, healthcare providers, and research organizations to improve patient care, manage data securely, and advance medical research. IBM's technology and consulting services are also utilized by manufacturing companies to enhance supply chain management, implement IoT solutions, and optimize production processes. Additionally, IBM serves clients in fields such as retail, energy, telecommunications, transportation, and more, offering tailored solutions to address their specific needs and challenges.
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