IBM 3Q25 Earnings Prepared Remarks 1 Introduction Thank you. I’d like to welcome you to IBM’s third quarter 2025 earnings presentation. I’m Olympia McNerney, and I’m here today with Arvind Krishna, IBM’s Chairman, President and Chief Executive Officer, and Jim Kavanaugh, IBM’s Senior Vice President and Chief Financial Officer. We’ll post today’s prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We’ve provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website. Finally, some comments made in this presentation may be considered forward looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company’s SEC filings. So with that, I’ll turn the call over to Arvind. Exhibit 99.1

IBM 3Q25 Earnings Prepared Remarks 2 CEO Perspective Thank you for joining us today. In the third quarter, IBM delivered strong results across revenue, profit and free cash flow, exceeding our expectations. Revenue growth accelerated to 7%, our highest growth in several years, with all of our segments accelerating sequentially. These results underscore the strength of our business model and portfolio, and the innovation we are delivering to clients. Clients continue to turn to IBM as a trusted partner to help them modernize, embed AI, and build resilient infrastructure. Let me touch on the economy before I turn to our execution. Last quarter, I said we had moved from being cautiously optimistic to optimistic. Technology remains a key driver of growth and competitive advantage. AI adoption is accelerating, and hybrid cloud remains the foundation of enterprise IT. Clients are leaning on enterprise technologies to scale, innovate, and drive productivity. There are always macro uncertainties, but overall, we continue to see broad-based demand from clients and remain optimistic. Now turning to our execution this quarter. Our strategy remains focused: hybrid cloud and artificial intelligence. Our products and services fuel growth and productivity for our clients. You can see this in our results for the quarter. Software growth accelerated to 9%, led by strength in Automation. Automation was up 22%, highlighting our end-to-end portfolio of leading solutions that optimize operations, automate infrastructure and workflows, build resiliency, and drive cost efficiency for clients. Many of our automation products are infused with AI enhancing their capabilities. HashiCorp also continues to accelerate within IBM, benefiting from our go-to-market distribution and joint product innovation,

IBM 3Q25 Earnings Prepared Remarks 3 highlighting our synergy potential. Consulting accelerated, reflecting growing demand for AI services as clients need help designing, deploying, and governing AI at scale. And Infrastructure delivered robust performance, growing 15%, driven by continued strength in z17, our strongest two quarter launch in history. The Spyre accelerator, which will be available in Q4, will bring advanced generative AI and real-time inferencing capabilities inside IBM Z, redefining how enterprises capture AI value within their most mission-critical environments. In addition to being a demand driver, AI is also a powerful productivity driver for IBM, contributing to our strong financial performance. In 2023, we set out on a goal to achieve $2.0 billion of productivity savings and today we are well ahead of that, with an expectation of $4.5 billion of annual run rate savings exiting this year. I believe we have significant opportunity ahead of us to continue to become even leaner and more nimble. Our Client Zero approach sets us apart as we have internally identified and addressed pain points on data readiness, siloed and vertical workflows and application and IT sprawl, using our own technology and domain expertise. Clients see these results and look to us to help them on their own transformations, driving over 1,000 Client Zero engagements this year. The breadth of our AI offerings is a key differentiator, combining an innovative technology stack with Consulting at scale, and our Client Zero journey. Our GenAI book of business continues to show momentum, at over $9.5 billion inception to date. In Consulting, we are embracing disruption and leading the way with our digital asset and Services as Software strategy. While we are early in this journey, we have over 200 consulting projects using digital workers at scale. In Software, demand for watsonx and Red Hat AI remains strong, with early momentum in our agentic platform, watsonx Orchestrate. Watsonx Orchestrate helps

IBM 3Q25 Earnings Prepared Remarks 4 enterprises deploy AI by connecting agents, models, and workflows with governance and security. Orchestration will be critical as enterprises run a variety of models to optimize cost and performance. Our hybrid approach to models enables clients to use the best option for each use case – IBM’s Granite models, third-party models, or open models from Hugging Face, Meta, and Mistral. We recently launched Granite 4.0, our next-generation family of open, small language models. Granite 4.0 delivers high performance and cost efficiency, using 70% less memory and offering twice the inferencing speed of conventional models. We also partnered with Anthropic to infuse Claude into IBM products to unlock new GenAI features and capabilities. This week we announced a partnership to run watsonx on Groq, giving clients access to their inferencing technology, which provides ultra-high-speed, low latency AI capabilities at lower costs. All this leads to real, tangible value for clients. Companies like Deutsche Telekom and S&P Global are embedding watsonx into core workflows. In Infrastructure, clients such as Nationwide, State Street, and Crédit Agricole are turning to AI to manage increased workloads and use z17 for its advanced AI inferencing capabilities and enhanced resiliency. Accelerating innovation remains a core focus for IBM. At our recent IBM TechXchange developer and builder conference, we showcased how we’re helping clients and partners, with innovation that blends enterprise strength and AI speed. We had almost twice the number of participants as last year with speakers including United Airlines, T-Mobile, Prudential, UPS, Morgan Stanley, Verizon and Cigna. We announced Project Bob, facilitating AI-powered software development, helping teams ship higher- quality code, faster. We have more than 8,000 developers within IBM that are using Project Bob, reporting productivity gains averaging 45% – another powerful Client Zero use case. We also announced new

IBM 3Q25 Earnings Prepared Remarks 5 automation capabilities including a real-time infrastructure graph connecting applications, services and ownership through HashiCorp Terraform. As outlined at our Investor Day, we are on a path to demonstrate the first error-corrected quantum computer by 2028 and continue to deliver key milestones in our quantum roadmap. As we collaborate with our ecosystem of over 280 partners, we are making tangible progress on near- term use cases. For example, HSBC achieved a notable improvement in bond trading predictions using IBM’s Heron quantum processor. Vanguard announced a breakthrough in optimizing portfolio construction, using IBM’s quantum computing as a service. We recently announced a partnership with AMD to build quantum-centric supercomputing architectures leveraging IBM’s quantum expertise and AMD’s CPUs, GPUs and other accelerator technologies. Just last week IBM and the Basque Government unveiled Europe’s first IBM Quantum System Two. This marks the second installation outside the United States and underscores our commitment to global leadership in quantum computing In closing, we are executing on our strategy of accelerating revenue growth and delivering higher profitability. Given these results and the momentum in our portfolio, we are raising expectations for revenue growth to more than 5% and free cash flow to about $14 billion for the year. With that, let me hand it over to Jim to go through the financials.

IBM 3Q25 Earnings Prepared Remarks 6 Financial Highlights Thanks Arvind. In the third quarter our revenue growth accelerated to 7%, our highest growth in several years, with all our segments accelerating sequentially. Revenue scale, mix and productivity drove 290 basis points of Adjusted EBITDA margin expansion, 22% Adjusted EBITDA growth and 15% operating earnings per share growth, highlighting the significant operating leverage in our business model. And through the first nine months we generated $7.2 billion of free cash flow, our highest nine- month free cash flow margin in reported history. We exceeded our expectations on revenue, profitability, Adjusted EBITDA, earnings per share, and free cash flow reflecting the strength of our portfolio and the disciplined execution across our business. Software revenue grew 9% fueled by accelerating organic growth, up a few points since last quarter, and continued contribution from our high- value, annual recurring revenue base which grew to $23.2 billion, up 9% since last year. Growth in Automation accelerated to 22%, driven by strength in the organic portfolio and early synergies with HashiCorp, which maintained momentum and delivered its highest bookings quarter in history. Red Hat bookings growth accelerated to about 20% and revenue grew 12%. This performance was driven by a softening in consumption- based services and RHEL trending back towards single-digit growth as we wrap on last year’s exceptional double-digit performance. Demand for our hybrid cloud products remains strong, and all three of our major subscription offerings gained market share again this quarter, with growth accelerating for both OpenShift and Ansible. OpenShift ARR is now $1.8 billion, growing over 30%. Data was up 7%, driven by continued strength in our AI portfolio. And Transaction Processing revenue declined by 3%, reflecting another quarter of z17 outperformance as clients continued to prioritize hardware spend on our latest IBM Z system. While this dynamic

IBM 3Q25 Earnings Prepared Remarks 7 impacts near-term revenue, we’re encouraged by a healthy pipeline that positions us well for future demand. Infrastructure delivered another strong quarter, growing 15%. Hybrid Infrastructure grew 26%, and Infrastructure Support was flat. Within Hybrid Infrastructure, IBM Z delivered its highest third-quarter revenue in nearly two decades – up 59% year to year, fueled by the early success of our z17 platform – purpose-built for AI and hybrid cloud, with breakthrough capabilities in real-time inferencing, quantum-safe security, and AI-driven operational efficiency. Clients are investing in z17 not only for its reliability and scalability, but because it enables secure, high- performance computing at the core of their digital transformation strategies. Distributed Infrastructure, up 8%, reflects broad-based growth across our Storage portfolio as clients scale capacity to meet rising data and AI demands. Consulting returned to growth in the third quarter, with revenue up 2%, improving sequentially and marking a positive inflection point in performance. Intelligent Operations was up 4%, while Strategy and Technology revenue stabilized, with both lines of business showing quarter-over-quarter momentum. This growth reflects solid demand for our strategic offerings – business application transformation, application modernization and migration, and application operations – as clients focus investments on solutions that accelerate AI transformation and maximize return. As Arvind mentioned, we are embracing AI disruption and leading with a software-driven services delivery model. We are transforming into a hybrid model of people plus software that delivers efficiency and scale. This approach is already driving internal productivity, reflected in the 220 basis points of segment profit margin expansion year-to-date – and resonating with clients seeking to operationalize AI strategies. By combining domain expertise with scalable technology platforms, we

IBM 3Q25 Earnings Prepared Remarks 8 reinforce our role as a strategic provider of choice in this evolving landscape. Our Consulting generative AI book of business accelerated to over $1.5B in the quarter with the number of projects more than doubling year to year – underscoring our momentum. While total signings declined this quarter, the quality of signings continued to strengthen, with more strategic wins from new clients and expanded engagements within existing ones. Turning to profitability. We have delivered nine consecutive quarters of operating pre-tax margin expansion, highlighting the evolution of our portfolio mix and our laser focus on productivity, which again played out this quarter. Revenue scale, mix, and productivity drove expansion of operating gross profit margin by 120 basis points, Adjusted EBITDA margin by 290 basis points and operating pre-tax margin by 200 basis points, ahead of our expectations and well above our model. Segment profit margins expanded by 420 basis points in Infrastructure, 270 basis points in Software, and 200 basis points in Consulting, with Consulting margins at the highest level in three years. Revenue scale and mix contribution from IBM Z is a significant source of profitability and free cash flow and combined with a 3-4x stack multiplier, helps fuel our investment in innovation and drive growth. Productivity is also a key driver of profit margin expansion, as we deploy AI at scale across IBM in areas including finance, supply chain, sales, HR, service delivery and customer support to improve efficiency and reduce costs. While we have made progress on this journey and expect $4.5 billion of run rate savings exiting this year, there is still significant opportunity ahead for us to drive even more efficiency and cost savings. Through the third quarter, we generated $7.2 billion of free cash flow, up about $600 million year-over-year, resulting in our highest year-to-date free cash flow margin in reported history. The largest driver of this growth

IBM 3Q25 Earnings Prepared Remarks 9 is Adjusted EBITDA, up $1.8 billion year-over-year, partially offset by proceeds from the Palo Alto QRadar transaction which resulted in a reduction in capex in the third quarter of last year and working capital dynamics. Our strong liquidity position, solid investment grade balance sheet, and disciplined capital allocation policy remain a focus for us. We ended the quarter with cash of $14.9 billion. Our debt balance ending the quarter was $63.1 billion, including $11.3 billion of debt for our financing business, with a receivables portfolio that is over 75% investment grade. In addition, year to date, we returned $4.7 billion to shareholders in the form of dividends.

IBM 3Q25 Earnings Prepared Remarks 10 Summary Now, let me talk about what we see going forward. Through the first nine months of the year, we delivered 5% revenue growth, 17% Adjusted EBITDA growth, 10% operating earnings per share growth and 9% free cash flow growth. The strength and diversity of our portfolio, disciplined capital allocation and relentless focus on productivity continue to drive the durability of our revenue and free cash flow performance. Given the strength of this performance we are raising our expectations for revenue, Adjusted EBITDA and free cash flow. We now expect to deliver revenue growth of more than 5%, Adjusted EBITDA growth of mid-teens and free cash flow of about $14 billion for 2025. Let me focus on full year growth for the segments. We continue to expect Software revenue growth of approaching double digits for the full year. Through the first nine months, we delivered growth above our model of 17% in Automation, and in-line model growth of 7% in Data, and these trends should continue. And we continue to expect mid-teens growth for Red Hat, albeit at the low end. This is underpinned by strong bookings growth in the third quarter of about 20% and our revenue under contract, which is growing in the mid-teens. As we wrap on elevated growth in consumption-based services last year, we expect double-digit revenue growth in the fourth quarter, with an accelerating growth profile heading into 2026. While Transaction Processing was down 1% year to date as clients prioritized spend on our high value innovation z17, the strength of the new cycle provides future monetization value across the Z stack. We are seeing this strength in our pipeline as we enter the fourth quarter, which we expect will drive a return to growth. With continued strength in z17, we now expect Infrastructure to contribute over one-and-a-half points to IBM’s revenue growth this year. In Consulting, we are

IBM 3Q25 Earnings Prepared Remarks 11 encouraged by our return to growth this quarter and continued progress in our GenAI book of business and now we see an inflection in growth going forward, with fourth quarter revenue performance similar to our third quarter growth. Now turning to profitability. We started this year expecting over 50 basis points of operating pre-tax margin expansion and through the first nine months of this year, we delivered 130 basis points of expansion, well ahead of our expectations. This performance is driven by our revenue scale, portfolio mix, and progress with productivity initiatives, enabling operating leverage while providing investment flexibility. We are raising IBM’s full year operating pre-tax margin expansion to over a point. And our operating tax rate expectation for the year remains in the mid-teens. For the fourth quarter, we are comfortable with consensus estimates for constant currency revenue growth and profitability. Let me conclude by saying we are pleased with our continued disciplined execution and look forward to capturing growth opportunities ahead of us. Arvind and I are now happy to take your questions. Olympia, let’s get started.

IBM 3Q25 Earnings Prepared Remarks 12 Closing Thank you, Jim. Before we begin Q&A, I’d like to mention a couple of items. First, supplemental information is provided at the end of the presentation. And then second, as always, I’d ask you to refrain from multi-part questions. Operator, let’s please open it up for questions.

October 22, 2025 ibm.com/investor 3Q 2025 Earnings Exhibit 99.2

Forward-looking statements and non-GAAP information Certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on the company’s current assumptions regarding future business and financial performance. Those statements by their nature address matters that are uncertain to different degrees. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the Company’s filings with the SEC. Copies are available from the SEC, from the IBM website, or from IBM Investor Relations. Any forward-looking statement made during this presentation speaks only as of the date on which it is made. The company assumes no obligation to update or revise any forward-looking statements except as required by law; these charts and the associated remarks and comments are integrally related and are intended to be presented and understood together. 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), the company also discusses, in its earnings press release and presentation materials, certain non-GAAP information including operating earnings and other “operating” financial measures, free cash flow, net cash from operating activities excluding IBM Financing receivables, adjusted EBITDA and adjustments for currency. The rationale for management’s use of this non-GAAP information is included as Exhibit 99.2 to the company’s Form 8-K submitted to the SEC on October 22, 2025. The reconciliation of non- GAAP information to GAAP is included in the press release within Exhibit 99.1 to the company’s Form 8-K submitted to the SEC on October 22, 2025, as well as on the slides entitled “Non-GAAP supplemental materials” in this presentation. To provide better transparency, the company also discusses management performance metrics including annual recurring revenue, annual bookings, signings, GenAI book of business, and book-to-bill. The metrics are used to monitor the performance of the business and are viewed as useful decision- making information for management and stakeholders. The rationale for management’s use of these performance metrics and their calculation, are included in Exhibit 99.2 to the company’s Form 8-K submitted to the SEC on October 22, 2025, or in the Management Discussion section of the company’s 2024 Annual Report, which is Exhibit 13 to the Form 10-K submitted with the SEC on February 25, 2025. For other related information please visit the Company’s investor relations website at: https://www.ibm.com/investor/events/earnings-3q25 2

3 Arvind Krishna Chairman, President and Chief Executive Officer James Kavanaugh SVP, Finance & Operations and Chief Financial Officer

4 CEO perspective “This quarter we accelerated performance across all of our segments, and again exceeded expectations for revenue, profit and free cash flow. Clients globally continue to leverage our technology and domain expertise to drive productivity in their operations and deliver real business value with AI. Our AI book of business now stands at more than $9.5 billion. Given the strength of our business, we are raising our full-year outlook for revenue growth and free cash flow.” Arvind Krishna IBM Chairman, President and CEO

Financial highlights 5Revenue growth rates @CC $16.3B Revenue $2.4B Free cash flow 3Q25 “New innovation, the strength and diversity of our portfolio, and our disciplined execution led to acceleration in revenue growth and profit in the quarter. Consistent focus on the fundamentals of our business delivered double-digit growth in adjusted EBITDA, and drove another quarter of strong free cash flow, the fuel for our investments and ability to return value to shareholders.” James Kavanaugh IBM SVP & CFO >7% Revenue growth yr/yr ~200bps Pre-tax margin expansion (operating) >290bps Adjusted EBITDA margin expansion 22% Adjusted EBITDA growth 15% Earnings per share growth (operating) 9% Free cash flow ytd growth

6 Revenue categories-3Q25 Software 3Q25 results; revenue growth rates @CC Investments in innovation accelerating organic revenue growth Automation growth accelerated to 22%; strength in organic and HashiCorp Red Hat bookings growth of about 20% Strong segment profit margin expansion of over 270bps $7.2B Revenue +9% Revenue growth Automation +22% yr/yr Hybrid Cloud +12% yr/yr Transaction Processing (3%) yr/yr Data +7% yr/yr

7 Infrastructure 3Q25 results; revenue growth rates @CC Revenue categories-3Q25 IBM Z +59% Distributed Infrastructure +8% Infrastructure Support Flat yr/yr Hybrid Infrastructure +26% yr/yr Continued momentum in z17; highest third-quarter revenue in nearly two decades IBM Z is a significant driver of profitability and free cash flow Innovation is delivering value across the portfolio Revenue scale and mix helping drive 420bps of segment profit margin expansion $3.6B Revenue +15% Revenue growth

8 Consulting 3Q25 results; revenue growth rates @CC Revenue categories-3Q25 Returned to growth with sequential improvement across both lines of business Strong generative AI demand with over $1.5B bookings in the quarter Continued improvement in signings quality Segment profit margin expansion of 200bps; highest segment profit margin in three years Strategy and Technology Flat yr/yr Intelligent Operations +4% yr/yr $5.3B Revenue +2% Revenue growth

9 Summary 2025 Expectations Raising revenue growth @CC to more than 5% Raising operating pre-tax margin to expand by over a point Raising Adjusted EBITDA growth to mid-teens Raising full-year free cash flow to about $14 billion 3Q25 Summary Highest revenue growth in several years, with sequential acceleration across all segments Exceeded our expectations across revenue, profitability, and free cash flow Portfolio mix & productivity driving operating pre-tax margin expansion for the ninth consecutive quarter GenAI book of business over $9.5 billion inception- to-date Generated $7.2 billion of free cash flow year-to- date, our highest year-to-date free cash flow margin in reported history

Supplemental material 11Some columns and rows in these materials, including the supplemental exhibits, may not add due to rounding Revenue and P&L highlights Adjusted EBITDA performance Cash flow and balance sheet highlights Currency impact on revenue growth Software & Infrastructure segment details Consulting segment details Expense summary Balance sheet summary Free cash flow summary Cash flow (ASC 230) Software segment categories Consulting segment categories Infrastructure segment categories Non-GAAP supplemental materials

Revenue and P&L highlights 12Revenue growth rates @CC, $ in billions Revenue highlights 3Q25 B/(W) Yr/Yr Revenue $16.3 7% Americas $8.1 9% Europe/ME/Africa $5.3 9% Asia Pacific $2.9 Flat Operating P&L highlights $ 3Q25 B/(W) Yr/Yr Gross profit $9.6 11% Expense $6.6 (7%) Pre-tax income $3.0 22% Net income $2.5 17% Earnings per share $2.65 15% Adjusted EBITDA $4.6 22% Operating P&L highlights % 3Q25 B/(W) Yr/Yr Gross profit margin 58.7% 1.2 pts Expense E/R 40.2% 0.8 pts Pre-tax income margin 18.6% 2.0 pts Net income margin 15.4% 1.0 pts Tax rate 17.0% (3.6 pts)

Adjusted EBITDA performance 13 $ in billions *Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets in 2024) QTD YTD 3Q25 Yr/Yr 3Q25 Yr/Yr Operating (non-GAAP) pre-tax income from continuing operations $3.0 $0.5 $8.0 $1.0 Net interest expense $0.3 $0.1 $0.9 $0.3 Depreciation/Amortization of non-acquired intangible assets $0.7 $0.0 $2.1 $0.0 Stock-based compensation $0.4 $0.1 $1.3 $0.3 Workforce rebalancing charges $0.0 ($0.3) $0.4 ($0.3) Corporate (gains) and charges* $0.0 $0.4 $0.0 $0.6 Adjusted EBITDA $4.6 $0.8 $12.7 $1.8

Cash flow and balance sheet highlights 14 $ in billions *Non-GAAP financial measure; excludes Financing receivables **Non-GAAP financial measure; adjusts for Financing receivables and net capital expenditures Cash flow 3Q25 YTD Yr/Yr Net cash from operations* $8.2 $1.0 Free cash flow** $7.2 $0.6 Select uses of cash 3Q25 YTD Yr/Yr Net capital expenditures $1.1 $0.4 Acquisitions $7.9 $5.2 Dividends $4.7 $0.1 Balance sheet Sep 25 Dec 24 Sep 24 Cash & marketable securities $14.9 $14.8 $13.7 Total debt $63.1 $55.0 $56.6 Select debt measures Sep 25 Dec 24 Sep 24 IBM Financing debt $11.3 $12.1 $10.4 Core (non-IBM Financing) debt $51.8 $42.9 $46.2

Currency impact on revenue growth 15 Quarterly averages per US $ 3Q25 Yr/Yr Spot @4Q 4Q25 FY25 1Q26 2Q26 FY26 Earnings Euro 0.86 6% 0.86 8% 4% 9% 2% 3% Pound 0.74 4% 0.75 4% 3% 6% 0% 1% Yen 147 1% 152 1% 2% 0% (5%) (2%) Revenue impact, future @4Q Earnings Spot 1. 8 pts ~3 pts ~1.5 pts ~3 pts ~0 pts ~0.5 pts Prior view 1.5-2 pts ~3.5 pts ~1.5 pts US $B Yr/Yr Revenue as reported $16.3 9% Currency impact $0.3 1. 8 pts Revenue @CC 7%

Software & Infrastructure segment details 16 $ in billions Revenue & ARR growth rates @CC Infrastructure segment 3Q25 B/(W) Yr/Yr Revenue $3.6 15% Hybrid Infrastructure $2.3 26% IBM Z 59% Distributed Infrastructure 8% Infrastructure Support $1.3 Flat Segment profit $0.6 53% Segment profit margin 18.1% 4.2 pts Software segment 3Q25 B/(W) Yr/Yr Revenue $7.2 9% Hybrid Cloud $1.9 12% Automation $1.9 22% Data $1.5 7% Transaction Processing $1.9 (3%) Segment profit $2.4 21% Segment profit margin 32.9% 2.7 pts Annual recurring revenue $23.2 9%

Consulting segment details 17Revenue & signings growth rates @CC, $ in billions Consulting segment 3Q25 B/(W) Yr/Yr Revenue $5.3 2% Strategy and Technology $2.9 Flat Intelligent Operations $2.4 4% Gross profit margin 29.3% 0.8 pts Segment profit $0.7 23% Segment profit margin 12.9% 2.0 pts Signings $5.2 (5%) Book-to-bill ratio (TTM) 1.12

Expense summary 18 $ in billions *2024 includes a gain from the sale of certain QRadar SaaS assets **Includes acquisitions in the last twelve months net of non-operating acquisition-related charges and includes impact of closed divested businesses ***Represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures Expense 3Q25 B/(W) Acq/ Yr/Yr Currency Divest** Base*** Operating expense & other income $6.6 (7%) (1 pts) (5 pts) (1 pts) SG&A – operating $4.4 5% (1 pts) (4 pts) 9 pts R&D – operating $2.1 (11%) 0 pts (6 pts) (4 pts) IP and custom development income ($0.2) (8%) Other (income)/expense - operating* ($0.2) (65%) Interest expense $0.5 (15%)

Balance sheet summary 19 $ in billions *Includes eliminations of inter-company activity Sep 25 Dec 24 Sep 24 Cash & marketable securities $14.9 $14.8 $13.7 Core (non-IBM Financing) assets* $118.7 $108.9 $109.0 IBM Financing assets $12.8 $13.5 $11.7 Total assets $146.3 $137.2 $134.3 Other liabilities $55.2 $54.8 $53.2 Core (non-IBM Financing) debt* $51.8 $42.9 $46.2 IBM Financing debt $11.3 $12.1 $10.4 Total debt $63.1 $55.0 $56.6 Total liabilities $118.3 $109.8 $109.8 Equity $28.0 $27.4 $24.5

Free cash flow summary 20$ in billions QTD B/(W) YTD B/(W) 3Q25 Yr/Yr 3Q25 Yr/Yr Net cash from operations $3.1 $0.2 $9.2 $0.0 Less: IBM Financing receivables $0.3 ($0.6) $0.9 ($0.9) Net cash from operations (excluding IBM Financing receivables) $2.8 $0.8 $8.2 $1.0 Net capital expenditures ($0.4) ($0.5) ($1.1) ($0.4) Free cash flow (excluding IBM Financing receivables) $2.4 $0.3 $7.2 $0.6

Cash flow (ASC230) 21 $ in billions *Includes operating lease right-of-use assets amortization **2025 includes a one-time, non-cash income tax charge of $0.3B associated with the enactment of H.R. 1 in July of 2025, and 2024 includes a tax benefit associated with the pension settlement charge in 3Q ***2024 includes proceeds from the sale of certain QRadar SaaS assets in 3Q QTD QTD YTD YTD 3Q25 3Q24 3Q25 3Q24 Net income from operations $1.7 ($0.3) $5.0 $3.1 Pension settlement charge — $2.7 — $2.7 Depreciation / amortization of intangibles* $1.3 $1.3 $3.7 $3.6 Stock-based compensation $0.4 $0.3 $1.3 $1.0 Operating assets and liabilities / other, net** ($0.7) ($2.0) ($1.8) ($3.1) IBM Financing A/R $0.3 $0.9 $0.9 $1.8 Net cash provided by operating activities $3.1 $2.9 $9.2 $9.1 Capital expenditures, net of payments & proceeds*** ($0.4) $0.1 ($1.1) ($0.7) Divestitures, net of cash transferred — $0.0 ($0.0) $0.7 Acquisitions, net of cash acquired ($0.1) ($2.5) ($7.9) ($2.7) Marketable securities / other investments, net $0.0 $0.9 ($2.7) ($0.8) Net cash provided by/(used in) investing activities ($0.4) ($1.6) ($11.7) ($3.6) Debt, net of payments & proceeds ($1.1) ($1.3) $4.7 ($0.8) Dividends ($1.6) ($1.5) ($4.7) ($4.6) Financing - other ($0.3) $0.0 ($0.4) ($0.0) Net cash provided by/(used in) financing activities ($3.0) ($2.8) ($0.4) ($5.4) Effect of exchange rate changes on cash ($0.1) $0.2 $0.4 ($0.0) Net change in cash, cash equivalents & restricted cash ($0.4) ($1.3) ($2.6) $0.1

Software segment categories Revenue categories – FY 2024Revenue categories 22 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 on IBM operating systems, AI assistants for Z, security software for Z Hybrid Cloud Transaction Processing Data Automation Revenue categories – FY2024 data is aligned to the 2025 revised revenue categories as described in the March 12, 2025, IBM investor article

Consulting segment categories Revenue categories – FY 2024 23 Revenue categories 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. Intelligent Operations Strategy and Technology Revenue categories – FY2024 data is aligned to the 2025 revised revenue categories as described in the March 12, 2025, IBM investor article

Infrastructure segment categories Hybrid Infrastructure Innovative infrastructure platforms to help meet the new requirements of hybrid multi-cloud and enterprise AI workloads leveraging flexible and as-a-service consumption models: – IBM Z: incl. hardware and operating system – Distributed Infrastructure: incl. Power hardware and operating system, storage hardware, IBM Cloud IaaS, OEM asset recovery service Infrastructure Support Comprehensive, proactive and AI enabled services to maintain and improve the availability and value of clients’ IT infrastructure (hardware and software) both on-premises and in the cloud incl. maintenance for IBM products and other technology platforms. Hybrid Infrastructure Infrastructure Support Revenue categories – FY 2024 24 Revenue categories IBM Z Distributed Infrastructure

Non-GAAP supplemental materials Reconciliation of revenue performance – 3Q 2025 25 The above reconciles the non-GAAP financial information contained in the “Financial highlights”, “Revenue and P&L highlights”, and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non-GAAP financial measures. GAAP @CC Total revenue 9% 7% Americas 9% 9% Europe/ME/Africa 15% 9% Asia Pacific Flat Flat 3Q25 Yr/Yr

Non-GAAP supplemental materials Reconciliation of segment revenue performance – 3Q 2025 26 The above reconciles the non-GAAP financial information contained in the “Software”, “Consulting”, “Infrastructure”, “Software & Infrastructure segment details”, “Consulting segment details” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non-GAAP financial measures. GAAP @CC Consulting 3% 2% Strategy and Technology 2% Flat Intelligent Operations 5% 4% Infrastructure 17% 15% Hybrid Infrastructure 28% 26% IBM Z 61% 59% Distributed Infrastructure 10% 8% Infrastructure Support 1% Flat 3Q25 Yr/Yr GAAP @CC Software 10% 9% Hybrid Cloud 14% 12% Automation 24% 22% Data 8% 7% Transaction Processing (1%) (3%) 3Q25 Yr/Yr

Non-GAAP supplemental materials Reconciliation of revenue performance – 3QYTD 2025 27 The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non-GAAP financial measures. GAAP @CC Total revenue 6% 5% Automation 18% 17% Transaction Processing 0% (1%) 3Q25 YTD Yr/Yr

Non-GAAP supplemental materials Reconciliation of expense summary – 3Q 2025 28 *Represents the percentage change after excluding the impact of currency translation & hedges, acquisitions and divestitures **2024 includes the impact related to a pension settlement charge The above reconciles the non-GAAP financial information contained in the “Expense summary” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non-GAAP financial measures. Non-GAAP Operating GAAP adjustments (non-GAAP) SG&A Currency (1 pts) 0 pts (1 pts) Acquisitions/divestitures (4 pts) 0 pts (4 pts) Base* 8 pts 1 pts 9 pts R&D Currency 0 pts 0 pts 0 pts Acquisitions/divestitures (6 pts) 0 pts (6 pts) Base* (4 pts) 0 pts (4 pts) Operating expense & other income Currency (1 pts) 0 pts (1 pts) Acquisitions/divestitures (3 pts) (1 pts) (5 pts) Base*,** 29 pts (30 pts) (1 pts) 3Q25

Non-GAAP supplemental materials Reconciliation of continuing operations – 3Q 2025 29 $ in millions (except EPS which is in whole dollars) *2025 includes a one-time, non-cash income tax charge associated with the enactment of H.R. 1 in July of 2025 The above reconciles the non-GAAP financial information contained in the “Revenue and P&L highlights”, “Expense summary” and “Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non- GAAP financial measures. GAAP Acquisition- related adjustments Retirement- related adjustments Tax reform impacts* Operating (non-GAAP) Gross profit $9,360 $231 — — $9,591 Gross profit margin 57.3% 1.4 pts — — 58.7% SG&A 4,748 (354) — — 4,394 Other (income) & expense (173) (6) (13) — (191) Total expense  6,931 (359) (13) — 6,559 Pre-tax income 2,430 590 13 — 3,033 Pre-tax income margin 14.9% 3.6 pts 0.1 pts — 18.6% Tax rate 28.2% (1.0 pts) 0.0 pts (10.2 pts) 17.0% Net income 1,744 454 10 309 2,517 Net income margin 10.7% 2.8 pts 0.1 pts 1.9 pts 15.4% Earnings per share $1.84 $0.48 $0.01 $0.33 $2.65 3Q25

QTD YTD 3Q25 Yr/Yr 3Q25 Yr/Yr Net income as reported (GAAP)* $1.7 $2.1 $5.0 $1.9 Less: income/(loss) from discontinued operations, net of tax $0.0 $0.0 $0.0 $0.0 Income from continuing operations $1.7 $2.1 $5.0 $1.9 Provision for/(Benefit from) income taxes from continuing operations $0.7 $1.2 $1.2 $1.8 Pre-tax income from continuing operations (GAAP) $2.4 $3.2 $6.2 $3.7 Non-operating adjustments (before tax) Acquisition-related charges** $0.6 $0.1 $1.7 $0.3 Non-operating retirement-related costs/(income)* $0.0 ($2.8) $0.1 ($2.9) Operating (non-GAAP) pre-tax income from continuing operations $3.0 $0.5 $8.0 $1.0 Net interest expense $0.3 $0.1 $0.9 $0.3 Depreciation/Amortization of non-acquired intangible assets $0.7 $0.0 $2.1 $0.0 Stock-based compensation $0.4 $0.1 $1.3 $0.3 Workforce rebalancing charges $0.0 ($0.3) $0.4 ($0.3) Corporate (gains) and charges*** $0.0 $0.4 $0.0 $0.6 Adjusted EBITDA $4.6 $0.8 $12.7 $1.8 Non-GAAP supplemental materials Reconciliation of GAAP net income to adjusted EBITDA 30 $ in billions *2024 includes the impact of a pension settlement charge **Primarily consists of amortization of acquired intangible assets ***Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets in 2024) Adjusted EBITDA margin utilized in the “Financial highlights” discussion in the company’s earnings presentation is calculated by dividing Adjusted EBITDA by total revenue The above reconciles the non-GAAP financial information contained in the “Financial highlights”, “Revenue and P&L highlights", “Adjusted EBITDA performance” and "Prepared remarks” discussions in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of these non-GAAP financial measures.

Non-GAAP supplemental materials Reconciliation of net cash from operations to adjusted EBITDA 31 $ in billions *Other assets and liabilities/other, net mainly consists of operating assets and liabilities/other, net in the “Cash flow (ASC230)” discussion, workforce rebalancing charges, non-operating impacts and corporate (gains) and charges The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of this non-GAAP financial measure. QTD QTD YTD YTD 3Q25 3Q24 3Q25 3Q24 Net cash provided by operating activities $3.1 $2.9 $9.2 $9.1 Add: Net interest expense $0.3 $0.3 $0.9 $0.7 Provision for/(Benefit from) income taxes from continuing operations $0.7 ($0.5) $1.2 ($0.6) Less change in: Financing receivables $0.3 $0.9 $0.9 $1.8 Other assets and liabilities/other, net* ($0.8) ($2.0) ($2.3) ($3.5) Adjusted EBITDA $4.6 $3.8 $12.7 $10.8

Non-GAAP supplemental materials Reconciliation of pre-tax income margin – FY 2025 expectations *Includes the impact of one-time, non-cash, U.S. and non-U.S. pension settlement charges in 2024 of $3.1B The above reconciles the non-GAAP financial information contained in the “Prepared remarks” discussion in the company’s earnings presentation. See Exhibit 99.2 included in the company’s Form 8-K dated October 22, 2025, for additional information on the use of this non-GAAP financial measure. The reconciliation of IBM’s historical operating pre-tax income guidance to GAAP is included in the company's 8-K furnished on April 24. 2025. 32 GAAP Operating (non-GAAP) Pre-tax income margin B/(W)* B/(W) Pre-tax income margin Yr/Yr >6 pts >1 pt