Base7Base 7GAAP revenue YoY +12.2% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion+EPS0EPS 0GAAP EPS YoY +90.29% vs revenue YoY +12.15% gives a GAAP spread of +78.14pp, which would mechanically be +1. Operating-income cross-check is decisive and points the OPPOSITE direction: OI YoY +6.77% vs rev +12.15% = OI spread of −5.38pp (margin compression). When the GAAP EPS spread is far outside ±5pp positive while the OI spread is at the edge of ±5pp negative, the +90% GAAP delta is by definition non-operating — it lives in (a) the Q4 FY24 base depressed by restructuring and HashiCorp acquisition-related charges that hit below the operating line, and (b) below-the-line items in Q4 FY25 itself (lower effective tax rate, lower OIE, share count). The Q4 FY24 base distortion is documented in IBM's own Q4 FY24 reasoning: GAAP EPS was $3.09 versus management-reported operating EPS $3.92, i.e. ~$0.83 of below-OI-line distortion that mechanically compounds the FY25 GAAP recovery. Management did publish FY2025 full-year operating diluted EPS growth of +12% on full-year revenue +6% (full-year operating-EPS spread +6pp, just outside +5pp), but the call did not break out a Q4-specific operating EPS YoY — the 12% is full-year, not the quarter. With Q4 OI compressing slightly relative to revenue and the entire GAAP-EPS delta living below the operating line, the disciplined call is eps_adjustment = 0 with override true. The original +1 was inflated by the prior-year depressed base.+Guidance+1Guidance +1New FY2026 guidance introduced: 5%+ revenue growth, software 10%, FCF up ~$1B to ~$15.7B, margin expansion about a point → +1=Final8