“we continue to expect Software revenue growth approaching double digits for the full year.”

In context

“formance in the first half across revenue, operating margin expansion, profitability and earnings per share and free cash flow. The strength of our portfolio, investment in innovation and integrated value drive the durability of our revenue performance and underpin our confidence in accelerating revenue growth of 5%-plus for the full year. And through the first half, given the strength in our underlying fundamentals with our adjusted EBITDA up 14%, we are raising our free cash flow guidance to above $13.5 billion for 2025. As discussed at our Investor Day, our mix shift towards Software is a key driver of our growth acceleration. Software is now about 45% of our business with ARR growing 10%. Given the strength of our portfolio, investment in innovation and contribution from acquisitions, we continue to expect Software revenue growth approaching double digits for the full year. Through the first half, we delivered above-model growth of 15% in Automation and in-line model growth of 14% in Red Hat and 7% in Data, and these trends should continue. And we continue to expect Red Hat to grow in the mid-teens. While Transaction Processing was flat in the first half and below our model as clients prioritized spend on our high-value innovation z17, the strength of the new cycle provides future modernization value across the Z stack. Given this dynamic, we now expect low single-digit growth in Transaction Processing for the year. With our strong start to z17, Infrastructure should contribute about 1.5 points to IBM's revenue growth this year. And in Consulting, while we are encouraged by our backlog growing mid-single digits and the continued progress in our GenAI book of”