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IBM RELEASES FOURTH-QUARTER RESULTS

Published

1 year ago

on

Double-digit Software revenue growth; Free cash flow well-exceeds full-year expectation

ARMONK, N.Y., Jan. 29, 2025 /PRNewswire/ — IBM (NYSE: IBM) today announced fourth-quarter 2024 earnings results.

“We closed the year with double-digit revenue growth in Software for the quarter, led by further acceleration in Red Hat. Clients globally continue to turn to IBM to transform with AI. Our generative AI book of business now stands at more than $5 billion inception-to-date, up nearly $2 billion quarter over quarter,” said Arvind Krishna, IBM chairman, president and chief executive officer. “Three years ago, we laid out a vision for a faster-growing, more-profitable IBM. I’m proud of the work the IBM team has done to meet or exceed our commitments. With our focused strategy, enhanced portfolio, and culture of innovation, we’re well-positioned for 2025 and beyond and expect revenue growth of at least five percent and free cash flow of about $13.5 billion this year.” 

Fourth-Quarter Highlights

Revenue
– Revenue of $17.6 billion, up 1 percent, up 2 percent at constant currency
– Software revenue up 10 percent, up 11 percent at constant currency
– Consulting revenue down 2 percent, down 1 percent at constant currency
– Infrastructure revenue down 8 percent, down 6 percent at constant currency
Profit
– Gross Profit Margin: GAAP: 59.5 percent, up 40 basis points; Operating (Non-GAAP): 60.6 percent, up 50 basis points

Full-Year Highlights

Revenue
– Revenue of $62.8 billion, up 1 percent, up 3 percent at constant currency
– Software revenue up 8 percent, up 9 percent at constant currency
– Consulting revenue down 1 percent, up 1 percent at constant currency
– Infrastructure revenue down 4 percent, down 3 percent at constant currency
Profit
– Gross Profit Margin: GAAP: 56.7 percent, up 120 basis points; Operating (Non-GAAP): 57.8 percent, up 130 basis points
Cash Flow
– Net cash from operating activities of $13.4 billion; free cash flow of $12.7 billion

FOURTH-QUARTER 2024 INCOME STATEMENT SUMMARY

 

GAAP results include impact of one-time, non-cash pension settlement charge (1)

 
 

Revenue

 

Gross

Profit

 
 

Gross
Profit
Margin

 
 

Pre-tax

Income (1)

 

Pre-tax

Income

Margin (1)

 

Net

Income (1)

 

Diluted

Earnings

Per Share (1)

GAAP from
Continuing
Operations

$   17.6 B

 
 

$ 10.4 B

 
 

59.5

%

 

$    3.3 B

 
 

18.8

%

 

$     2.9 B

 
 

$     3.11

 

Year/Year

1

%(2)

 

2

%

 

0.4

Pts

 

(12)

%

 

-2.8

Pts

 

(11)

%

 

(12)

%

Operating

(Non-GAAP)

 
 
 

$ 10.6 B

 
 

60.6

%

 

$    4.3 B

 
 

24.3

%

 

$     3.7 B

 
 

$     3.92

 

Year/Year

 
 
 

2

%

 

0.5

Pts

 

2

%

 

0.4

Pts

 

3

%

 

1

%

(1)  2024 GAAP results include the impact of a one-time, non-cash pension settlement charge of $0.4 billion related to the transfer of a
       portion of the company’s Non-U.S. defined benefit pension obligations and related plan assets to third-party insurers in October 2024.

(2)  2% at constant currency.

“With strong performance across our Software portfolio, we continue to drive solid fundamentals within our business,” said James Kavanaugh, IBM senior vice president and chief financial officer. “As a result, we generated $12.7 billion in free cash flow, far-outpacing our expectation for the year. Continued strength in operating profitability and free cash flow fuels our ability to invest for the future while returning value to shareholders through dividends.”

Segment Results for Fourth Quarter

Software — revenues of $7.9 billion, up 10.4 percent, up 11.5 percent at constant currency:
– Hybrid Platform & Solutions up 11 percent, up 12 percent at constant currency
      — Red Hat up 16 percent, up 17 percent at constant currency
      — Automation up 15 percent, up 16 percent at constant currency
      — Data & AI up 4 percent, up 5 percent at constant currency
      — Security up 4 percent, up 5 percent at constant currency
– Transaction Processing up 10 percent, up 11 percent at constant currency

Consulting — revenues of $5.2 billion, down 2.0 percent, down 1.1 percent at constant currency:
– Business Transformation up 1 percent, up 2 percent at constant currency
– Technology Consulting down 7 percent, down 6 percent at constant currency
– Application Operations down 4 percent, down 3 percent at constant currency

Infrastructure — revenues of $4.3 billion, down 7.6 percent, down 6.0 percent at constant currency:
– Hybrid Infrastructure down 10 percent, down 8 percent at constant currency
      — IBM Z down 21 percent, down 20 percent at constant currency
      — Distributed Infrastructure flat, up 2 percent at constant currency
– Infrastructure Support down 2 percent, flat at constant currency

Financing — revenues of $0.2 billion, down 2.5 percent, down 0.5 percent at constant currency

Cash Flow and Balance Sheet

In the fourth quarter, the company generated net cash from operating activities of $4.3 billion, down $0.1 billion year to year. IBM’s free cash flow was $6.2 billion, up $0.1 billion year to year. The company returned $1.5 billion to shareholders in dividends in the fourth quarter.

For the year, the company generated net cash from operating activities of $13.4 billion, down $0.5 billion year to year. Net cash from operating activities excluding IBM financing receivables was $13.9 billion, up $1.2 billion. IBM’s free cash flow was $12.7 billion, up $1.5 billion year to year.

IBM ended the fourth quarter with $14.8 billion of cash, restricted cash and marketable securities, up $1.3 billion from year-end 2023. Debt, including IBM Financing debt of $12.1 billion, totaled $55.0 billion, down $1.6 billion since year-end 2023.

Full-Year 2024 Results

FULL-YEAR 2024 INCOME STATEMENT SUMMARY

 

GAAP results include impacts of one-time, non-cash pension settlement charges (1)

 
 

Revenue

 

Gross

Profit

 
 

Gross
Profit
Margin

 
 

Pre-tax

Income (1)

 

Pre-tax

Income

Margin (1)

 

Net

Income (1)

 

Diluted

Earnings

Per Share (1)

GAAP from
Continuing
Operations

$   62.8 B

 
 

$ 35.6 B

 
 

56.7

%

 

$    5.8 B

 
 

9.2

%

 

$     6.0 B

 
 

$     6.42

 

Year/Year

1

%(2)

 

4

%

 

1.2

Pts

 

(33)

%

 

-4.8

Pts

 

(20)

%

 

(21)

%

Operating

(Non-GAAP)

 
 
 

$ 36.3 B

 
 

57.8

%

 

$ 11.2 B

 
 

17.9

%

 

$     9.7 B

 
 

$   10.33

 

Year/Year

 
 
 

4

%

 

1.3

Pts

 

9

%

 

1.2

Pts

 

9

%

 

7

%

(1)  2024 GAAP results include the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion
       net of tax).

(2)   3% at constant currency

Full-Year 2025 Expectations

Revenue: The company expects full-year constant currency revenue growth of at least 5 percent. At current foreign exchange rates, currency is expected to be about a two-point headwind to growth for the year.
Free cash flow: The company expects about $13.5 billion in free cash flow for the full year.

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of 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. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company’s innovation initiatives; damage to the company’s reputation; risks from investing in growth opportunities; failure of the company’s intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company’s ability to successfully manage acquisitions, alliances and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company’s failure to meet growth and productivity objectives; ineffective internal controls; the company’s use of accounting estimates; impairment of the company’s goodwill or amortizable intangible assets; the company’s ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product quality issues; impacts of business with government clients; reliance on third-party distribution channels and ecosystems; cybersecurity and data privacy considerations; adverse effects related to climate change and environmental matters; tax matters; legal proceedings and investigatory risks; the company’s pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company’s Form 10-Qs, Form 10-K and in the company’s other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.

Statements in this communication regarding the strategic acquisition that are forward-looking may include projections as to closing date for the transaction, the extent of, and the time necessary to obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on IBM’s business, the synergies from the transaction, and the combined company’s future operating results.

Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Presentation of Information in this Press Release

For generative AI, book of business includes Software transactional revenue, SaaS Annual Contract Value and Consulting signings. The generative AI book of business is further defined within Exhibit 99.2 in the Form 8-K that includes this press release.

In an effort to provide investors with additional information regarding the company’s results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:

IBM results —

adjusting for currency (i.e., at constant currency);
presenting operating (non-GAAP) earnings per share amounts and related income statement items;
free cash flow;
net cash from operating activities excluding IBM Financing receivables;
adjusted EBITDA.

The rationale for management’s use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

Conference Call and Webcast

IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-4q24. Presentation charts will be available shortly before the Webcast.

Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).

Contact:        IBM
                      Sarah Meron, 347-891-1770
                      sarah.meron@ibm.com

                      Tim Davidson, 914-844-7847
                      tfdavids@us.ibm.com

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

COMPARATIVE FINANCIAL RESULTS

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended
December 31,

 
 

Year Ended
December 31,

 
 

2024

 
 

2023 (1)

 
 

2024

 
 

2023 (1)

 

REVENUE BY SEGMENT

 
 
 
 
 
 
 
 
 
 
 

Software

$                   7,924

 
 

$                   7,179

 
 

$                27,085

 
 

$                25,011

 

Consulting

5,175

 
 

5,283

 
 

20,692

 
 

20,884

 

Infrastructure

4,256

 
 

4,604

 
 

14,020

 
 

14,593

 

Financing

170

 
 

175

 
 

713

 
 

741

 

Other

29

 
 

141

 
 

243

 
 

632

 

TOTAL REVENUE

17,553

 
 

17,381

 
 

62,753

 
 

61,860

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT

10,439

 
 

10,267

 
 

35,551

 
 

34,300

 
 
 
 
 
 
 
 
 
 
 
 
 

GROSS PROFIT MARGIN

 
 
 
 
 
 
 
 
 
 
 

Software

85.0

%

 

84.1

%

 

83.7

%

 

82.9

%

Consulting

28.0

%

 

28.1

%

 

27.0

%

 

26.8

%

Infrastructure

56.9

%

 

60.8

%

 

55.8

%

 

56.1

%

Financing

46.9

%

 

50.2

%

 

47.9

%

 

48.1

%

 
 
 
 
 
 
 
 
 
 
 
 

TOTAL GROSS PROFIT MARGIN

59.5

%

 

59.1

%

 

56.7

%

 

55.4

%

 
 
 
 
 
 
 
 
 
 
 
 

EXPENSE AND OTHER INCOME

 
 
 
 
 
 
 
 
 
 
 

S,G&A

4,866

 
 

4,791

 
 

19,688

 
 

19,003

 

R,D&E

1,967

 
 

1,748

 
 

7,479

 
 

6,775

 

Intellectual property and custom development income

(301)

 
 

(242)

 
 

(996)

 
 

(860)

 

Other (income) and expense (2)

177

 
 

(193)

 
 

1,871

 
 

(914)

 

Interest expense

424

 
 

405

 
 

1,712

 
 

1,607

 

TOTAL EXPENSE AND OTHER INCOME

7,133

 
 

6,509

 
 

29,754

 
 

25,610

 
 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES

3,306

 
 

3,759

 
 

5,797

 
 

8,690

 

Pre-tax margin

18.8

%

 

21.6

%

 

9.2

%

 

14.0

%

Provision for/(Benefit from) income taxes (2)

379

 
 

474

 
 

(218)

 
 

1,176

 

Effective tax rate

11.5

%

 

12.6

%

 

(3.8)

%

 

13.5

%

 
 
 
 
 
 
 
 
 
 
 
 

INCOME FROM CONTINUING OPERATIONS

$                   2,927

 
 

$                   3,285

 
 

$                   6,015

 
 

$                   7,514

 
 
 
 
 
 
 
 
 
 
 
 
 

DISCONTINUED OPERATIONS

 
 
 
 
 
 
 
 
 
 
 

Income/ (loss) from discontinued operations, net of
taxes

(12)

 
 

3

 
 

8

 
 

(12)

 
 
 
 
 
 
 
 
 
 
 
 
 

NET INCOME (2)

$                   2,915

 
 

$                   3,288

 
 

$                   6,023

 
 

$                   7,502

 
 
 
 
 
 
 
 
 
 
 
 
 

EARNINGS PER SHARE OF COMMON STOCK (2)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      3.11

 
 

$                      3.54

 
 

$                      6.42

 
 

$                      8.15

 

Discontinued Operations

$                     (0.01)

 
 

$                      0.00

 
 

$                      0.01

 
 

$                     (0.01)

 

TOTAL

$                      3.09

 
 

$                      3.55

 
 

$                      6.43

 
 

$                      8.14

 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
 
 
 
 
 
 
 
 
 

Continuing Operations

$                      3.16

 
 

$                      3.59

 
 

$                      6.53

 
 

$                      8.25

 

Discontinued Operations

$                     (0.01)

 
 

$                      0.00

 
 

$                      0.01

 
 

$                     (0.01)

 

TOTAL

$                      3.15

 
 

$                      3.59

 
 

$                      6.53

 
 

$                      8.23

 
 
 
 
 
 
 
 
 
 
 
 
 

WEIGHTED-AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING (M’s)

 
 
 
 
 
 
 
 
 
 
 

Assuming Dilution

942.4

 
 

927.3

 
 

937.2

 
 

922.1

 

Basic

926.0

 
 

914.7

 
 

921.8

 
 

911.2

 

____________________

(1)    Recast to reflect January 2024 segment changes.

(2)    2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and

        fourth quarter of $0.4 billion in the non-U.S.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

 

(Dollars in Millions)

 

At

December 31,
2024

 

At

December 31,
2023

ASSETS:

 
 
 
 

Current Assets:

 
 
 
 

Cash and cash equivalents

 

$                    13,947

 

$                    13,068

Restricted cash

 

214

 

21

Marketable securities

 

644

 

373

Notes and accounts receivable – trade, net

 

6,804

 

7,214

Short-term financing receivables, net

 

7,159

 

6,793

Other accounts receivable, net

 

947

 

640

Inventories

 

1,289

 

1,161

Deferred costs

 

959

 

998

Prepaid expenses and other current assets

 

2,520

 

2,639

Total Current Assets

 

34,482

 

32,908

 
 
 
 
 

Property, plant and equipment, net

 

5,731

 

5,501

Operating right-of-use assets, net

 

3,197

 

3,220

Long-term financing receivables, net

 

5,353

 

5,766

Prepaid pension assets

 

7,492

 

7,506

Deferred costs

 

788

 

842

Deferred taxes

 

6,978

 

6,656

Goodwill

 

60,706

 

60,178

Intangibles, net

 

10,660

 

11,036

Investments and sundry assets

 

1,787

 

1,626

Total Assets

 

$                  137,175

 

$                  135,241

 
 
 
 
 

LIABILITIES:

 
 
 
 

Current Liabilities:

 
 
 
 

Taxes

 

$                      2,033

 

$                      2,270

Short-term debt

 

5,089

 

6,426

Accounts payable

 

4,032

 

4,132

Deferred income

 

13,907

 

13,451

Operating lease liabilities

 

768

 

820

Other liabilities

 

7,313

 

7,022

Total Current Liabilities

 

33,142

 

34,122

 
 
 
 
 

Long-term debt

 

49,884

 

50,121

Retirement-related obligations

 

9,432

 

10,808

Deferred income

 

3,622

 

3,533

Operating lease liabilities

 

2,655

 

2,568

Other liabilities

 

11,048

 

11,475

Total Liabilities

 

109,783

 

112,628

 
 
 
 
 

EQUITY:

 
 
 
 

IBM Stockholders’ Equity:

 
 
 
 

Common stock

 

61,380

 

59,643

Retained earnings

 

151,163

 

151,276

Treasury stock – at cost

 

(169,968)

 

(169,624)

Accumulated other comprehensive income/(loss)

 

(15,269)

 

(18,761)

Total IBM Stockholders’ Equity

 

27,307

 

22,533

 
 
 
 
 

Noncontrolling interests

 

86

 

80

Total Equity

 

27,393

 

22,613

 
 
 
 
 

Total Liabilities and Equity

 

$                  137,175

 

$                  135,241

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

CASH FLOW

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Income from Operations

 

$                     2,915

 

$                     3,288

 

$                     6,023

 

$                     7,502

Pension Settlement Charges

 

388

 

–

 

3,113

 

–

Depreciation/Amortization of Intangibles (1)

 

1,112

 

1,152

 

4,667

 

4,395

Stock-based Compensation

 

345

 

291

 

1,311

 

1,133

Operating assets and liabilities/Other, net (2)

 

1,824

 

1,619

 

(1,238)

 

(332)

IBM Financing A/R

 

(2,255)

 

(1,887)

 

(431)

 

1,233

Net Cash Provided by Operating Activities

 

$                     4,330

 

$                     4,463

 

$                  13,445

 

$                  13,931

 
 
 
 
 
 
 
 
 

Capital Expenditures, net of payments & proceeds (3)

 

(422)

 

(263)

 

(1,127)

 

(1,488)

Divestitures, net of cash transferred

 

(7)

 

–

 

698

 

(4)

Acquisitions, net of cash acquired

 

(541)

 

(137)

 

(3,289)

 

(5,082)

Marketable Securities / Other Investments, net

 

(409)

 

3,236

 

(1,218)

 

(496)

Net Cash Provided by/(Used in) Investing Activities

 

$                  (1,379)

 

$                     2,837

 

$                  (4,937)

 

$                  (7,070)

 
 
 
 
 
 
 
 
 

Debt, net of payments & proceeds

 

(103)

 

(122)

 

(880)

 

4,497

Dividends

 

(1,546)

 

(1,518)

 

(6,147)

 

(6,040)

Financing – Other

 

(26)

 

26

 

(52)

 

(226)

Net Cash Provided by/(Used in) Financing Activities

 

$                  (1,675)

 

$                   (1,615)

 

$                  (7,079)

 

$                  (1,769)

 
 
 
 
 
 
 
 
 

Effect of Exchange Rate changes on Cash

 

(330)

 

128

 

(359)

 

9

Net Change in Cash, Cash Equivalents and Restricted Cash

 

$                      946

 

$                    5,814

 

$                   1,071

 

$                   5,101

____________________

(1)  Includes operating lease right-of-use assets amortization.

(2)  The year ended December 31, 2024 includes a $0.7 billion tax effect associated with a one-time, non-cash, U.S. pension settlement

       charge in the third-quarter 2024.

(3)  The year ended December 31, 2024 includes proceeds of $0.4 billion from the sale of certain QRadar SaaS assets in third-quarter 2024.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended

December 31,

 

Year Ended

December 31,

(Dollars in Billions)

 

2024

 

2023

 

Yr/Yr

 

2024

 

2023

 

Yr/Yr

Net Income as reported (GAAP) (1)

 

$           2.9

 

$           3.3

 

$         (0.4)

 

$           6.0

 

$           7.5

 

$         (1.5)

Less: Income/(loss) from discontinued operations, net of tax

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Income from continuing operations

 

2.9

 

3.3

 

(0.4)

 

6.0

 

7.5

 

(1.5)

Provision for/(Benefit from) income taxes from continuing ops.

 

0.4

 

0.5

 

(0.1)

 

(0.2)

 

1.2

 

(1.4)

Pre-tax income from continuing operations (GAAP)

 

3.3

 

3.8

 

(0.5)

 

5.8

 

8.7

 

(2.9)

Non-operating adjustments (before tax)

 
 
 
 
 
 
 
 
 
 
 
 

Acquisition-related charges (2)

 

0.5

 

0.4

 

0.1

 

2.0

 

1.7

 

0.3

Non-operating retirement-related costs/(income) (1)

 

0.5

 

0.0

 

0.5

 

3.5

 

0.0

 

3.5

 
 
 
 
 
 
 
 
 
 
 
 
 

Operating (non-GAAP) pre-tax income from continuing ops.

 

4.3

 

4.2

 

0.1

 

11.2

 

10.3

 

0.9

 
 
 
 
 
 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

0.0

 

1.0

 

0.9

 

0.0

Depreciation/Amortization of non-acquired intangible assets

 

0.7

 

0.7

 

0.0

 

2.8

 

2.8

 

0.1

Stock-based compensation

 

0.3

 

0.3

 

0.1

 

1.3

 

1.1

 

0.2

Workforce rebalancing charges

 

0.0

 

0.0

 

0.0

 

0.7

 

0.4

 

0.3

Corporate (gains) and charges (3)

 

0.0

 

0.0

 

0.0

 

(0.6)

 

(0.1)

 

(0.6)

 
 
 
 
 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           5.6

 

$           5.5

 

$           0.1

 

$        16.4

 

$        15.5

 

$           0.9

____________________

(1)    2024 results include the impacts of one-time, non-cash pension settlement charges in the third quarter of $2.7 billion ($2.0 billion net of tax) in the U.S. and fourth

         quarter of $0.4 billion in the non-U.S.

(2)    Primarily consists of amortization of acquired intangible assets.

(3)    Corporate (gains) and charges primarily consists of unique corporate actions such as gains on divestitures and asset sales (e.g., certain QRadar SaaS assets).

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

 
 
 

Three Months Ended December 31, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       7,924

 
 

$                        5,175

 
 

$                       4,256

 
 

$                            170

 

Segment Profit

 

$                       3,102

 
 

$                           606

 
 

$                       1,063

 
 

$                              94

 

Segment Profit Margin

 

39.2

%

 

11.7

%

 

25.0

%

 

55.0

%

Change YTY Revenue

 

10.4

%

 

(2.0)

%

 

(7.6)

%

 

(2.5)

%

Change YTY Revenue – Constant Currency

 

11.5

%

 

(1.1)

%

 

(6.0)

%

 

(0.5)

%

 
 
 

Three Months Ended December 31, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                       7,179

 
 

$                        5,283

 
 

$                       4,604

 
 

$                           175

 

Segment Profit

 

$                       2,649

 
 

$                           654

 
 

$                       1,299

 
 

$                           117

 

Segment Profit Margin

 

36.9

%

 

12.4

%

 

28.2

%

 

67.0

%

____________________

(1)    Recast to reflect January 2024 segment changes.

 
 
 

Year Ended December 31, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     27,085

 
 

$                     20,692

 
 

$                     14,020

 
 

$                           713

 

Segment Profit

 

$                       8,684

 
 

$                       2,054

 
 

$                       2,450

 
 

$                           348

 

Segment Profit Margin

 

32.1

%

 

9.9

%

 

17.5

%

 

48.8

%

Change YTY Revenue

 

8.3

%

 

(0.9)

%

 

(3.9)

%

 

(3.7)

%

Change YTY Revenue – Constant Currency

 

9.0

%

 

0.6

%

 

(2.7)

%

 

(2.5)

%

 
 
 

Year Ended December 31, 2023 (1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in Millions)

 

 Software

 
 

Consulting

 
 

Infrastructure

 
 

Financing

 

Revenue

 

$                     25,011

 
 

$                     20,884

 
 

$                     14,593

 
 

$                           741

 

Segment Profit

 

$                       7,499

 
 

$                       2,130

 
 

$                       2,828

 
 

$                           373

 

Segment Profit Margin

 

30.0

%

 

10.2

%

 

19.4

%

 

50.3

%

____________________

(1)    Recast to reflect January 2024 segment changes.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Three Months Ended December 31, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$       10,439

 
 

$                              191

 
 

$                                  —

 
 

$                       —

 
 

$           10,630

 

Gross Profit Margin

59.5

%

 

1.1

pts

 

—

pts

 

—

pts

 

60.6

%

S,G&A

$         4,866

 
 

$                            (305)

 
 

$                                  —

 
 

$                       —

 
 

$             4,561

 

Other (Income) & Expense

177

 
 

(2)

 
 

(467)

 
 

—

 
 

(291)

 

Total Expense & Other (Income)

7,133

 
 

(307)

 
 

(467)

 
 

—

 
 

6,359

 

Pre-tax Income from Continuing Operations

3,306

 
 

498

 
 

467

 
 

—

 
 

4,271

 

Pre-tax Income Margin from Continuing

Operations

18.8

%

 

2.8

pts

 

2.7

pts

 

—

pts

 

24.3

%

Provision for/(Benefit from) Income Taxes (3)

$            379

 
 

$                              123

 
 

$                                  58

 
 

$                      21

 
 

$                581

 

Effective Tax Rate

11.5

%

 

1.5

pts

 

0.1

pts

 

0.5

pts

 

13.6

%

Income from Continuing Operations

$         2,927

 
 

$                              375

 
 

$                                408

 
 

$                    (21)

 
 

$             3,690

 

Income Margin from Continuing Operations

16.7

%

 

2.1

pts

 

2.3

pts

 

(0.1)

pts

 

21.0

%

Diluted Earnings Per Share: Continuing

Operations

$           3.11

 
 

$                             0.40

 
 

$                               0.43

 
 

$                 (0.02)

 
 

$               3.92

 
 
 

Three Months Ended December 31, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$      10,267

 
 

$                             172

 
 

$                                 —

 
 

$                     —

 
 

$          10,439

 

Gross Profit Margin

59.1

%

 

1.0

pts

 

—

pts

 

—

pts

 

60.1

%

S,G&A

$        4,791

 
 

$                           (271)

 
 

$                                 —

 
 

$                     —

 
 

$            4,520

 

Other (Income) & Expense

(193)

 
 

12

 
 

22

 
 

—

 
 

(159)

 

Total Expense & Other (Income)

6,509

 
 

(259)

 
 

22

 
 

—

 
 

6,272

 

Pre-tax Income from Continuing Operations

3,759

 
 

431

 
 

(22)

 
 

—

 
 

4,167

 

Pre-tax Income Margin from Continuing

Operations

21.6

%

 

2.5

pts

 

(0.1)

pts

 

—

pts

 

24.0

%

Provision for/(Benefit from) Income Taxes (3)

$          474

 
 

$                              91

 
 

$                                19

 
 

$                     (4)

 
 

$              580

 

Effective Tax Rate

12.6

%

 

0.9

pts

 

0.5

pts

 

(0.1)

pts

 

13.9

%

Income from Continuing Operations

$       3,285

 
 

$                            339

 
 

$                              (41)

 
 

$                      4

 
 

$           3,587

 

Income Margin from Continuing Operations

18.9

%

 

2.0

pts

 

(0.2)

pts

 

—

pts

 

20.6

%

Diluted Earnings Per Share: Continuing

Operations

$         3.54

 
 

$                           0.37

 
 

$                           (0.04)

 
 

$                    —

 
 

$             3.87

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing

         charges, such as financing costs. 2023 also includes a $12 million gain recognized on foreign exchange derivative contracts entered into by the company prior to the acquisition of StreamSets

         and webMethods from Software AG.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency

         costs and other costs. 2024 also includes the impact of a one-time, non-cash, non-U.S. pension settlement charge of $0.4 billion.

(3)    Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; Dollars in millions except per share amounts)

 
 

Year Ended December 31, 2024

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts (3)

 
 

Operating

(Non-GAAP)

 

Gross Profit

$     35,551

 
 

$                          724

 
 

$                                  —

 
 

$                   —

 
 

$        36,275

 

Gross Profit Margin

56.7

%

 

1.2

pts

 

—

pts

 

—

pts

 

57.8

%

S,G&A

$     19,688

 
 

$                     (1,159)

 
 

$                                  —

 
 

$                   —

 
 

$        18,529

 

Other (Income) & Expense

1,871

 
 

(70)

 
 

(3,457)

 
 

—

 
 

(1,656)

 

Total Expense & Other (Income)

29,754

 
 

(1,229)

 
 

(3,457)

 
 

—

 
 

25,068

 

Pre-tax Income from Continuing Operations

5,797

 
 

1,953

 
 

3,457

 
 

—

 
 

11,207

 

Pre-tax Income Margin from Continuing

Operations

9.2

%

 

3.1

pts

 

5.5

pts

 

—

pts

 

17.9

%

Provision for/(Benefit from) Income Taxes (4)

$        (218)

 
 

$                         497

 
 

$                               790

 
 

$                455

 
 

$         1,523

 

Effective Tax Rate

(3.8)

%

 

5.1

pts

 

8.2

pts

 

4.1

pts

 

13.6

%

Income from Continuing Operations

$      6,015

 
 

$                      1,456

 
 

$                            2,668

 
 

$              (455)

 
 

$         9,684

 

Income Margin from Continuing Operations

9.6

%

 

2.3

pts

 

4.3

pts

 

(0.7)

pts

 

15.4

%

Diluted Earnings Per Share: Continuing

Operations

$        6.42

 
 

$                        1.55

 
 

$                              2.85

 
 

$             (0.49)

 
 

$         10.33

 
 
 

Year Ended December 31, 2023

 
 

Continuing Operations

 
 

GAAP

 
 

Acquisition-

Related

Adjustments (1)

 
 

Retirement-

Related

Adjustments (2)

 
 

Tax

Reform

Impacts

 
 

Operating

(Non-GAAP)

 

Gross Profit

$    34,300

 
 

$                         631

 
 

$                                 —

 
 

$                   —

 
 

$       34,931

 

Gross Profit Margin

55.4

%

 

1.0

pts

 

—

pts

 

—

pts

 

56.5

%

S,G&A

$    19,003

 
 

$                    (1,039)

 
 

$                                 —

 
 

$                   —

 
 

$       17,964

 

Other (Income) & Expense

(914)

 
 

10

 
 

39

 
 

—

 
 

(866)

 

Total Expense & Other (Income)

25,610

 
 

(1,029)

 
 

39

 
 

—

 
 

24,620

 

Pre-tax Income from Continuing Operations

8,690

 
 

1,660

 
 

(39)

 
 

—

 
 

10,311

 

Pre-tax Income Margin from Continuing

Operations

14.0

%

 

2.7

pts

 

(0.1)

pts

 

—

pts

 

16.7

%

Provision for/(Benefit from) Income Taxes (4)

$      1,176

 
 

$                         368

 
 

$                                 (8)

 
 

$                 (95)

 
 

$         1,441

 

Effective Tax Rate

13.5

%

 

1.4

pts

 

—

pts

 

(0.9)

pts

 

14.0

%

Income from Continuing Operations

$      7,514

 
 

$                      1,292

 
 

$                               (30)

 
 

$                  95

 
 

$         8,870

 

Income Margin from Continuing Operations

12.1

%

 

2.1

pts

 

0.0

pts

 

0.2

pts

 

14.3

%

Diluted Earnings Per Share: Continuing

Operations

$        8.15

 
 

$                        1.40

 
 

$                            (0.03)

 
 

$               0.10

 
 

$           9.62

 

____________________

(1)    Includes amortization of purchased intangible assets, in process R&D, transaction costs, applicable restructuring and related expenses, tax charges related to acquisition integration and pre-closing

         charges, such as financing costs. 2024 and 2023 also include a $68 million loss and a $12 million gain, respectively, recognized on foreign exchange derivative contracts entered into by the company

         prior to the acquisition of StreamSets and webMethods from Software AG.

(2)    Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan curtailments/settlements and pension insolvency

         costs and other costs. 2024 also includes the impacts of one-time, non-cash, U.S. and non-U.S. pension settlement charges of $3.1 billion ($2.4 billion net of tax).

(3)    2024 includes a net benefit from income taxes due to the resolution of certain tax audit matters.

(4)    Tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to the As Reported pre-tax income under ASC 740.

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Millions)

 

2024

 

2023

 

2024

 

2023

Net Cash from Operations per GAAP

 

$            4,330

 

$            4,463

 

$         13,445

 

$         13,931

 
 
 
 
 
 
 
 
 

Less: change in IBM Financing receivables

 

(2,255)

 

(1,887)

 

(431)

 

1,233

 
 
 
 
 
 
 
 
 

Net cash from operating activities excl. IBM Financing receivables

 

6,584

 

6,350

 

13,876

 

12,699

 
 
 
 
 
 
 
 
 

Capital Expenditures, net

 

(422)

 

(263)

 

(1,127)

 

(1,488)

 
 
 
 
 
 
 
 
 

Free Cash Flow

 

6,163

 

6,087

 

12,749

 

11,210

 

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

 
 
 

Three Months Ended
December 31,

 

Year Ended
December 31,

(Dollars in Billions)

 

2024

 

2023

 

2024

 

2023

Net Cash Provided by Operating Activities

 

$           4.3

 

$             4.5

 

$        13.4

 

$        13.9

 
 
 
 
 
 
 
 
 

Add:

 
 
 
 
 
 
 
 

Net interest expense

 

0.3

 

0.3

 

1.0

 

0.9

Provision for/(Benefit from) income taxes from continuing operations

 

0.4

 

0.5

 

(0.2)

 

1.2

 
 
 
 
 
 
 
 
 

Less change in:

 
 
 
 
 
 
 
 

Financing receivables

 

(2.3)

 

(1.9)

 

(0.4)

 

1.2

Other assets and liabilities/other, net (1)

 

1.7

 

1.6

 

(1.8)

 

(0.7)

 
 
 
 
 
 
 
 
 

Adjusted EBITDA

 

$           5.6

 

$             5.5

 

$        16.4

 

$        15.5

____________________

(1)    Other assets and liabilities/other, net mainly consists of operating assets and liabilities/Other, net in the Cash Flow chart,

         workforce rebalancing charges, non-operating impacts and corporate (gains) and charges.

 

 

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Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

2 hours ago

on

July 18, 2026

By

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

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SOURCE HUAWEI

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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

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3 hours ago

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July 18, 2026

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Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen

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Pillsbury Notice of Data Breach

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6 hours ago

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July 18, 2026

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html. 

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SOURCE Pillsbury Winthrop Shaw Pittman LLP

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