IBM Third-Quarter 2025 Earnings Briefing Executive Summary International Business Machines (IBM) reported a strong third quarter for 2025, exceeding expectations across key financial metrics including revenue, profit, and free cash flow. The company demonstrated significant momentum, with revenue growth accelerating to 7% at constant currency, its highest rate in several years. This performance was driven by sequential acceleration across all primary business segments: Software , Consulting , and Infrastructure . The core strategic focus on Hybrid Cloud and Artificial Intelligence (AI) continues to yield substantial results. The company's generative AI book of business has surpassed $9.5 billion inception-to-date, with Consulting securing over $1.5 billion in GenAI bookings during the quarter alone. Internally, AI is a powerful productivity driver, with IBM on track to achieve $4.5 billion in annual run-rate savings by the end of the year. Buoyed by this robust performance and a ...