“Given the continued strengthening of the dollar, we expect currency to be about a 2-point headwind to revenue growth for the year.”

In context

“points sequentially. Our segment profit margin was down 320 basis points in the quarter, reflecting where we are in the product cycle and continued investments in innovation. For the full year, our segment profit margin was 17.5%. Now let me bring it back up to the IBM level to wrap up. As Arvind mentioned, we met or exceeded our mid-term model target metrics for revenue growth, profitability, and free cash flow growth. And we have fundamentally repositioned our business to a software-led integrated platform. Let me now turn to 2025 guidance on our two key measures of success, revenue growth and free cash flow. We expect constant currency revenue growth inflecting higher to 5% plus, and we expect to grow free cash flow faster than revenue growth with about $13.5 billion of free cash flow. Given the continued strengthening of the dollar, we expect currency to be about a 2-point headwind to revenue growth for the year. Our revenue expectations are underpinned by accelerating growth across our businesses. In Software, given the strength of our portfolio, investment in innovation and the contribution from acquisitions, we expect revenue growth approaching double-digits. We continue to see the strength in Red Hat with mid-teens growth for the year. In Consulting, the combination of our backlog levels, record signings in the fourth quarter, and our book of business in GenAI support an acceleration in growth to low-single-digits. And with our new mainframe launch in mid-2025, we expect Infrastructure to be about a point contribution to IBM's overall revenue growth. For the full year, we expect IBM's operating pre-tax margin to expand by over 0.5 point. Portfolio mix and ongoing productivity initiatives conti”