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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 12, 2025
(Date of earliest event reported)
INTERNATIONAL BUSINESS MACHINES CORPORATION
(Exact name of registrant as specified in its charter)
New York 1-236013-0871985
(State of Incorporation)(Commission File Number)(IRS employer Identification No.)
One New Orchard Road
Armonk, New York
10504
(Address of principal executive offices)(Zip Code)
914-499-1900
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Capital stock, par value $.20 per shareIBMNew York Stock Exchange
NYSE Chicago
2.875% Notes due 2025IBM 25ANew York Stock Exchange
0.950% Notes due 2025IBM 25BNew York Stock Exchange
0.300% Notes due 2026IBM 26BNew York Stock Exchange
1.250% Notes due 2027IBM 27BNew York Stock Exchange
3.375% Notes due 2027IBM 27FNew York Stock Exchange
0.300% Notes due 2028IBM 28BNew York Stock Exchange
1.750% Notes due 2028IBM 28ANew York Stock Exchange
1.500% Notes due 2029IBM 29New York Stock Exchange
0.875% Notes due 2030IBM 30ANew York Stock Exchange
2.900% Notes due 2030IBM 30CNew York Stock Exchange
1.750% Notes due 2031IBM 31New York Stock Exchange
3.625% Notes due 2031IBM 31BNew York Stock Exchange
0.650% Notes due 2032IBM 32ANew York Stock Exchange
3.150% Notes due 2033IBM 33ANew York Stock Exchange
1.250% Notes due 2034IBM 34New York Stock Exchange
3.750% Notes due 2035IBM 35New York Stock Exchange
3.450% Notes due 2037IBM 37New York Stock Exchange
4.875% Notes due 2038IBM 38New York Stock Exchange
1.200% Notes due 2040IBM 40New York Stock Exchange
4.000% Notes due 2043IBM 43New York Stock Exchange
3.800% Notes due 2045IBM 45ANew York Stock Exchange
7.00% Debentures due 2025IBM 25New York Stock Exchange
6.22% Debentures due 2027IBM 27New York Stock Exchange
6.50% Debentures due 2028IBM 28New York Stock Exchange
5.875% Debentures due 2032IBM 32DNew York Stock Exchange
7.00% Debentures due 2045IBM 45New York Stock Exchange
7.125% Debentures due 2096IBM 96New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01. Regulation FD Disclosure.
IBM announced that, beginning in the first quarter of 2025, it is making changes to its reported revenue categories within its Software and Consulting reportable segments to reflect the market opportunities and how it addresses them. These updates will not impact IBM’s Consolidated Financial Statements or its reportable segments. Exhibit 99.1 to this Form 8-K contains information that the company has published on its Investor Relations website (www.ibm.com/investor/) providing additional information on this update, including recast historical segment financials for 2024 and 2023. In addition, it includes reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).
The information in this Item 7.01, including the corresponding Exhibit 99.1, is being furnished with the Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being furnished as part of this report:
Exhibit No.Description of Exhibit
99.1

The following exhibit is being filed as part of this report:
Exhibit No.Description of Exhibit
104Cover Page Interactive Data File (embedded within the Inline XBRL Document)

IBM’s web site (www.ibm.com) contains a significant amount of information about IBM, including financial and other information for investors (www.ibm.com/investor/). IBM encourages investors to visit its various web sites from time to time, as information is updated and new information is posted.
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: March 12, 2025
By:/s/ Nicolás A. Fehring
Nicolás A. Fehring
Vice President and Controller
3
IBM to Update Revenue Categories within Reportable Segments March 12, 2025 We are making changes to the reported revenue categories within our Software and Consulting reportable segments to reflect the market opportunities and how we address them. These changes better align our portfolio to our core strategy and to the underlying business models. These changes also provide more relevant information to investors. These updates will not impact IBM’s Consolidated Financial Statements or our reportable segments. The Software and Consulting segments will reflect these changes beginning in the first quarter of 2025. We are providing recast historical financials today to allow investors and analysts to update their models ahead of the first quarter earnings report in April. The 2025 guidance provided at our Investor Day in February reflected these changes to our reported revenue categories. Updates to the revenue categories within the Software reportable segment IBM’s Software segment brings together hybrid cloud platform and software solutions to help clients predict, automate, secure and modernize their environments. There is no change to the overall scope of the Software segment as a result of these changes to the reported revenue categories. Beginning in first quarter 2025, IBM will report revenue and year-to-year revenue percent change for Hybrid Cloud, Automation, Data and Transaction Processing within Software. IBM will no longer report revenue for the Hybrid Platform & Solutions or Security revenue categories. • Hybrid Cloud: no change to Hybrid Cloud products. Hybrid Cloud was previously reported as Red Hat. • Automation: HashiCorp will be reported in Automation. Identity & Access Management and Threat Management businesses have moved into Automation from the prior Security revenue category. The Sustainability business has moved into Automation from Data to better align with our FinOps and Observability products. • Data: Business Automation has moved into Data from Automation to better align with the AI Assistants and Database assets. Data Security moved into Data from the prior Security revenue category to better align with our data assets. Data was previously reported as Data & AI. Exhibit 99.1

 
• Transaction Processing: zSecure product moved into Transaction Processing from the prior Security revenue category. Updates to the revenue categories within the Consulting reportable segment IBM Consulting helps clients design and build open, hybrid cloud architectures and optimize key workflows and business processes. There is no change to the overall scope of the Consulting segment as a result of these changes to the reported revenue categories. Beginning in the first quarter 2025, IBM will report revenue and year-to-year revenue percent change for Strategy and Technology and Intelligent Operations within Consulting. • Strategy and Technology: includes services previously reported as Technology Consulting and Business Transformation with the exception of business process operations services. • Intelligent Operations: includes services previously reported as Application Operations as well as business process operations services. Note: In an effort to provide additional and useful information regarding the company’s financial results and other financial information, as determined by generally accepted accounting principles (GAAP), these materials contain revenue growth rates adjusted for constant currency which is a non-GAAP measure. The rationale for management’s use of this non-GAAP information is included on page 6 of the company’s 2024 Annual Report, which is Exhibit 13 to the Form 10-K submitted with the SEC on February 25, 2025. The reconciliation of non-GAAP information to GAAP is included in Exhibit 3 within these materials.

 
Exhibit 1: 2024 Segment Revenue Snapshot Recast Using 2025 Reported Revenue Category Structure Revenue growth rates @CC, in $ billions Refer to Exhibit 3 for the reconciliation of non-GAAP financial information There is no change to IBM’s consolidated results The Software portfolio delivers end-to-end enterprise capabilities for Hybrid Cloud and AI: Hybrid Cloud: incl. RHEL, OpenShift, Ansible, Red Hat AI Automation: incl. application development & integration, infrastructure lifecycle management incl. HashiCorp, network management, security software for identity access management and threat management, observability, FinOps, IT financial management, asset lifecycle management Data: incl. AI assistants, AI tools and governance, databases, data intelligence, data integration, data security Transaction Processing: incl. Customer Information Control System and storage software, analytics and integration software running on IBM operating systems, AI assistants for Z, security software for Z Strategy and Technology: Provides strategy, process design, system implementation, cloud architecture and implementation services to help clients transform their businesses for growth and enable innovation. These services ensure clients benefit from the latest technologies to meet their objectives by leveraging AI and an ecosystem of strategic partners alongside IBM technology and Red Hat, including Adobe, AWS, Microsoft, Oracle, Palo Alto Networks, Salesforce, and SAP, among others. Intelligent Operations: Focuses on application, cloud platform, and operations services that bring efficiency to clients’ processes by operationalizing and running hybrid cloud platforms, managing core business processes, and addressing security holistically across business functions and the IT landscape. These services help clients manage, optimize, and orchestrate custom and ISV packaged applications, enhancing operations through AI-powered solutions for faster, more efficient client outcomes. 2024 Consulting Revenue 2024 Software Revenue

 
Exhibit 2: Segment Revenue Recast Using 2025 Reported Revenue Category Structure Note: Items in bold reflect changes from previously reported results Refer to Exhibit 3 for the reconciliation of non-GAAP financial information There is no change to IBM’s consolidated results ($ = M) B/(W) Yr/Yr at Constant Currency SOFTWARE SEGMENT 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q24 2Q24 3Q24 4Q24 FY24 Total Revenue 5,591 6,294 5,947 7,179 25,011 5,899 6,739 6,524 7,924 27,085 6% 8% 10% 11% 9% Hybrid Cloud 1,389 1,446 1,459 1,533 5,827 1,510 1,547 1,659 1,774 6,490 9% 8% 14% 17% 12% Automation 1,263 1,502 1,459 1,785 6,008 1,391 1,620 1,563 1,984 6,558 10% 9% 7% 12% 10% Data 1,181 1,376 1,247 1,658 5,461 1,173 1,378 1,352 1,728 5,629 0% 1% 8% 5% 4% Transaction Processing 1,759 1,970 1,782 2,203 7,714 1,824 2,194 1,951 2,438 8,408 4% 13% 9% 12% 10% ($ = M) CONSULTING SEGMENT 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q24 2Q24 3Q24 4Q24 FY24 Total Revenue 5,197 5,226 5,178 5,283 20,884 5,186 5,179 5,152 5,175 20,692 2% 2% 0% -1% 1% Strategy and Technology 2,843 2,850 2,851 2,886 11,430 2,863 2,895 2,856 2,875 11,488 3% 5% 0% 0% 2% Intelligent Operations 2,355 2,376 2,327 2,396 9,455 2,323 2,284 2,297 2,300 9,204 0% -1% -1% -3% -1% IBM Segment Revenue

 
Exhibit 3: Reconciliation of 2024 Revenue Performance Recast Using 2025 Reported Revenue Category Structure Note: Items in bold reflect changes from previously reported results

 
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Cover
Mar. 12, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Mar. 12, 2025
Entity Registrant Name INTERNATIONAL BUSINESS MACHINES CORPORATION
Entity Incorporation, State or Country Code NY
Entity File Number 1-2360
Entity Tax Identification Number 13-0871985
Entity Address, Address Line One One New Orchard Road
Entity Address, City or Town Armonk
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10504
City Area Code 914
Local Phone Number 499-1900
Written Communications false
Soliciting Material false
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Entity Emerging Growth Company false
Entity Central Index Key 0000051143
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NEW YORK STOCK EXCHANGE, INC. | Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Capital stock, par value $.20 per share
Trading Symbol IBM
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 2.875% Notes due 2025  
Document Information [Line Items]  
Title of 12(b) Security 2.875% Notes due 2025
Trading Symbol IBM 25A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.950% Notes due 2025  
Document Information [Line Items]  
Title of 12(b) Security 0.950% Notes due 2025
Trading Symbol IBM 25B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2026  
Document Information [Line Items]  
Title of 12(b) Security 0.300% Notes due 2026
Trading Symbol IBM 26B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.250% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2027
Trading Symbol IBM 27B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.375% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 3.375% Notes due 2027
Trading Symbol IBM 27F
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.300% Notes due 2028  
Document Information [Line Items]  
Title of 12(b) Security 0.300% Notes due 2028
Trading Symbol IBM 28B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.750% Notes due 2028  
Document Information [Line Items]  
Title of 12(b) Security 1.750% Notes due 2028
Trading Symbol IBM 28A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.500% Notes due 2029  
Document Information [Line Items]  
Title of 12(b) Security 1.500% Notes due 2029
Trading Symbol IBM 29
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.875% Notes due 2030  
Document Information [Line Items]  
Title of 12(b) Security 0.875% Notes due 2030
Trading Symbol IBM 30A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 2.900% Notes Due 2030  
Document Information [Line Items]  
Title of 12(b) Security 2.900% Notes due 2030
Trading Symbol IBM 30C
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.750% Notes due 2031  
Document Information [Line Items]  
Title of 12(b) Security 1.750% Notes due 2031
Trading Symbol IBM 31
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.625% Notes due 2031  
Document Information [Line Items]  
Title of 12(b) Security 3.625% Notes due 2031
Trading Symbol IBM 31B
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.650% Notes due 2032  
Document Information [Line Items]  
Title of 12(b) Security 0.650% Notes due 2032
Trading Symbol IBM 32A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.150% Notes Due 2033  
Document Information [Line Items]  
Title of 12(b) Security 3.150% Notes due 2033
Trading Symbol IBM 33A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.250% Notes due 2034  
Document Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2034
Trading Symbol IBM 34
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.750% Notes due 2035  
Document Information [Line Items]  
Title of 12(b) Security 3.750% Notes due 2035
Trading Symbol IBM 35
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.450% Notes due 2037  
Document Information [Line Items]  
Title of 12(b) Security 3.450% Notes due 2037
Trading Symbol IBM 37
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 4.875% Notes due 2038  
Document Information [Line Items]  
Title of 12(b) Security 4.875% Notes due 2038
Trading Symbol IBM 38
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.200% Notes due 2040  
Document Information [Line Items]  
Title of 12(b) Security 1.200% Notes due 2040
Trading Symbol IBM 40
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 4.000% Notes due 2043  
Document Information [Line Items]  
Title of 12(b) Security 4.000% Notes due 2043
Trading Symbol IBM 43
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.800% Notes due 2045  
Document Information [Line Items]  
Title of 12(b) Security 3.800% Notes due 2045
Trading Symbol IBM 45A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 7.00% Debentures due 2025  
Document Information [Line Items]  
Title of 12(b) Security 7.00% Debentures due 2025
Trading Symbol IBM 25
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 6.22% Debentures due 2027  
Document Information [Line Items]  
Title of 12(b) Security 6.22% Debentures due 2027
Trading Symbol IBM 27
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 6.50% Debentures due 2028  
Document Information [Line Items]  
Title of 12(b) Security 6.50% Debentures due 2028
Trading Symbol IBM 28
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 5.875% Debentures due 2032  
Document Information [Line Items]  
Title of 12(b) Security 5.875% Debentures due 2032
Trading Symbol IBM 32D
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 7.00% Debentures due 2045  
Document Information [Line Items]  
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Security Exchange Name NYSE
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Document Information [Line Items]  
Title of 12(b) Security 7.125% Debentures due 2096
Trading Symbol IBM 96
Security Exchange Name NYSE
NYSE CHICAGO, INC. | Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Capital stock, par value $.20 per share
Trading Symbol IBM
Security Exchange Name CHX
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