IBM国际商业机器 2025年度报告

Dear IBM Investor: IBM’s strategy is built on two technologyfoundations: hybrid cloud and AI. Together,they unlock the full value of enterprisedata and enable businesses to operatewith greater intelligence, agility, and scale.We have repositioned IBM as a software-led, fully integrated platform company—combining technology, consulting, andinfrastructure. And we’re investing in theplatforms that will define the next era ofcomputing, including quantum. As thisreport demonstrates, that strategy isgenerating strong returns for our clientsand shareholders. Arvind Krishna Chairman, President and Chief Executive Officer 2025 was the year business leaders stopped speculatingabout what AI could do and started asking what it woulddeliver. IBM answered by deploying enterprise AI thatimproves the economics of real work—boosting productivity,increasing innovation, strengthening competitive advantage,and fueling growth. IBM’s technology and expertise arehelping thousands of clients become smarter businessesby embedding AI into their core systems, workflows, andprocesses. And we are applying this approach inside ourown company. For the year, IBM generated $67.5 billion in revenue, up6% at constant currency. We delivered $14.7 billion in freecash flow—our highest in over a decade and our highest freecash flow margin in reported history. Our generative AI bookof business now stands at more than $12.5 billion sinceinception to date. Software revenue grew 9% at constantcurrency. This was our highest annual growth rate in history,and software now represents approximately 45% of IBM’stotal revenue. Consulting revenue was flat at constantcurrency, reflecting consistent demand for AI-enabledworkflow transformation. Infrastructure revenue grew 10%at constant currency, led by strength in mission-criticalplatforms like the new z17. In 2025, IBM expanded operating pre-tax income marginby 100 basis points, driven by our continued repositioningto higher-value offerings as well as our productivityinitiatives. We have now delivered approximately $4.5billion in productivity savings since the beginning of 2023.In aggregate, our strong results enabled us to makesignificant investments in the business and deliver value toour shareholders. We returned $6.3 billion to shareholdersthrough dividends, closed 10 acquisitions—includingHashiCorp—and invested over $8.3 billion in research anddevelopment to fuel continued innovation. software-led company built on four core platforms: hybridcloud, AI, infrastructure with IBM Z, and an emerging platformaround quantum computing. These platforms are supportedby IBM’s integrated portfolio of technology, consulting, andresearch. The power of this strategy lies in our ability todeliver differentiated and integrated value. IBM is the onlycompany that builds, deploys, and manages enterprise AIon hybrid cloud. We provide integrated business solutionsacross software, consulting, and infrastructure, which createsnew value for clients and compounds revenue opportunitiesfor IBM. Today, more than 80% of our revenue comes fromclients who transact across these three business segments.The result is a flywheel effect, where revenue in one area pullsthrough revenue in others.These results reflect the strength of IBM’s strategy as a through operational improvements across HR, finance, salesoperations, and IT. Our push for greater productivity is alsodriven by a cultural transformation that fosters growth andperformance by emphasizing speed, risk tolerance, and talent. The most successful businesses convert new technology intooperating leverage. This was true of the internet, it was trueof hybrid cloud, and it is true of AI. AI is redefining businesseconomics by making possible what was previously toocomplex, too slow, or too costly. Enterprises that integrate AIinto real workflows, at scale, and with clear economic returnswill win. That is the promise of creating a smarter business.And that is the future IBM is delivering for our clients and ourshareholders. I invite you to continue this smarter businessjourney with us. IBM invested over $8.3 billion in R&D in 2025—not just inproduct development, but also in breakthrough science,including quantum computing. As hybrid cloud and AI scaleintelligence today, quantum will soon work alongside thosetechnologies to solve problems once considered impossible.We believe quantum technology today is comparable towhere GPUs were in 2015: early, imperfect, but potentiallytransformative. As quantum computers swiftly advancefrom science to engineering, IBM is building the hardware,software, and ecosystem to make them a reality. Arvind Krishna Chairman, President and Chief Executive Officer We are bringing smarter business to life for a broader set ofclients through an AI-first sales engine and an open, partner-led ecosystem. IBM is also becoming a smarter businessitself. Our Client Zero approach uses IBM’s own technologyand expertise to make internal improvements first, thens