International Business Machines Corporation (NYSE:IBM) Q4 2025 Earnings Call Transcript January 28, 2026International Business Machines Corporation beats earnings expectations. For the full year, we generated $14.7 billion of free cash flow, up $2 billion year over year. We expect Confluent will be accretive to adjusted EBITDA within the first full year and to free cash flow in year two. Arvind Krishna: Give you a bit of a perspective on the dynamics of the different parts of the software business. But it implies high single-digit free cash flow growth versus the 16% that you saw last year.