IBM Releases Fourth Quarter Results – Fourth-Quarter 2021

Software and Consulting Growth Driven by Hybrid Cloud Adoption; Strong Profit Performance

ARMONK, NY (STL.News) IBM (NYSE: IBM) today announced fourth-quarter 2021 earnings results.

“We increased revenue in the fourth quarter with hybrid cloud adoption driving growth in software and consulting,” said Arvind Krishna, IBM chairman, and chief executive officer.  “Our fourth-quarter results give us confidence in our ability to deliver our objectives of sustained mid-single-digit revenue growth and strong free cash flow in 2022.”

On November 3, 2021, IBM completed the separation of Kyndryl.  Unless otherwise specified, fourth-quarter and full-year results are presented on a continuing operations basis.

IBM Fourth-Quarter Highlights

Revenue

Revenue of $16.7 billion, up 6.5 percent, up 8.6 percent at constant currency (including about 3.5 points from incremental external sales to Kyndryl)
Software revenue up 8 percent, up 10 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)
Consulting revenue up 13 percent, up 16 percent at constant currency
Infrastructure revenue flat, up 2 percent at constant currency (including about 5 points from incremental external sales to Kyndryl)
Hybrid cloud revenue:
Fourth Quarter: $6.2 billion, up 16 percent, up 18 percent at constant currency
Full Year: $20.2 billion, up 20 percent, up 19 percent at constant currency

Pre-tax Income:

GAAP: $2.9 billion, up 183 percent, including 167 points from the impact of fourth-quarter 2020 charge for structural actions
Operating (Non-GAAP): $3.5 billion, up 102 percent, including 92 points from the impact of the fourth-quarter 2020 charge for structural actions

NOTE: This is only a summary and not a complete release.  CLICK to view the complete release.

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