Revenue climbed 12% YoY (9% at constant currency) to $19.7 billion, surpassing the consensus estimate of $19.22 billion. "In the fourth quarter, we delivered strong revenue growth, with double-digit Software performance. Software revenue increased 14% (11% at constant currency), while Infrastructure revenue surged 21% (17% at constant currency), highlighted by a 67% jump in IBM Z mainframe revenue. For the full year 2025, IBM reported revenue of $67.5 billion, up 8% YoY (6% at constant currency). Looking ahead to 2026, IBM expects constant currency revenue growth of more than 5% and an increase of about $1 billion in year-over-year free cash flow.