Arvind Krishna

“Revenue growth in the third quarter accelerated to 6% above the base case we laid out in July. This performance reflects acceleration across our segments, led by software growth of 9%, infrastructure growth of 5%, and modest improvement in consulting.”

“As you saw in our pre-announcement, our second quarter performance fell short of expectations. Consistent with our commitment to transparency, we shared the results as soon as our financial close process was substantially complete.”

“So, Andy, first, thank you for having me here. It's great to be back. I think I did this a couple of years ago, if I remember. And, Mihal, thank you for those warm words.”

“Let me start with our first quarter results and then provide context of what we are seeing across the business. IBM is off to a strong start to 2026. Revenue in the first quarter grew 6%, and combined with strong margin expansion, grew 13% growth in free cash flow.”

“Let me start by reflecting on our strong performance in 2025 and the execution of our Investor Day model, then get into more detail on the quarter.”