Direct Answer
IBM reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Software is the largest, with $30.0 billion of revenue (44% of the total), followed by Consulting at $21.1 billion (31%).
How Does IBM Make Money?
No single line supplies a majority of revenue: the largest, Software, is 44%, which spreads IBM's exposure across several demand drivers. Between fiscal 2024 and 2025, Infrastructure grew fastest (+12.1%) and Consulting slowest (+1.8%), so the revenue mix tilts toward Infrastructure while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Software | $30.0 billion | $27.1 billion | 44.4% | 10.6% |
| Consulting | $21.1 billion | $20.7 billion | 31.2% | 1.8% |
| Infrastructure | $15.7 billion | $14.0 billion | 23.3% | 12.1% |
| Financing | $737 million | $713 million | 1.1% | 3.4% |
What Does IBM Sell?
IBM also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Product | $36.1 billion | $32.2 billion | 53.4% | 12.0% |
| Technology Service | $30.7 billion | $29.8 billion | 45.5% | 3.0% |
| Financial Service | $737 million | $709 million | 1.1% | 3.9% |
Where Does IBM's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Americas | $33.3 billion | $31.3 billion | 49.4% | 6.6% |
| EMEA | $22.2 billion | $19.4 billion | 32.9% | 14.2% |
| Asia Pacific | $12.0 billion | $12.1 billion | 17.8% | -0.4% |
What the Segment Figures Do Not Show
The rows above add up to 100% of IBM's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value IBM reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0000051143-26-000010), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are IBM's business segments?
In its fiscal 2025 Form 10-K, IBM reports revenue for Software, Consulting, Infrastructure and Financing.
Which part of IBM brings in the most revenue?
Software, with $30.0 billion of revenue in fiscal 2025, or 44% of the total.
Where does IBM report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results.