IBM reported Q3 2024 revenue of $15.0 billion, up 1% YoY, driven by Software segment growth of 9.7% to $6.5 billion. The company's generative AI book of business reached $3 billion, increasing by $1 billion QoQ. Gross profit margin expanded 190 basis points to 56.3%, while operating margin improved to 57.5%.Infrastructure revenue declined 7% to $3.0 billion, with IBM Z down 19%. Consulting revenue remained flat at $5.2 billion. The quarter included a one-time non-cash pension settlement charge of $2.7 billion. Free cash flow was $2.1 billion, up $0.4 billion YoY.Looking ahead, IBM expects Q4 constant currency revenue growth to be consistent with Q3 levels. The company maintains its full-year free cash flow target of over $12 billion, supported by continued operating margin expansion and strong software performance.

IBM reported Q3 2024 revenue of $15.0 billion, up 1% YoY, driven by Software segment growth of 9.7% to $6.5 billion. The company's generative AI book of business reached $3 billion, increasing by $1 billion QoQ. Gross profit margin expanded 190 basis points to 56.3%, while operating margin improved to 57.5%.Infrastructure revenue declined 7% to $3.0 billion, with IBM Z down 19%. Consulting revenue remained flat at $5.2 billion. The quarter included a one-time non-cash pension settlement charge of $2.7 billion. Free cash flow was $2.1 billion, up $0.4 billion YoY.Looking ahead, IBM expects Q4 constant currency revenue growth to be consistent with Q3 levels. The company maintains its full-year free cash flow target of over $12 billion, supported by continued operating margin expansion and strong software performance.