IBM reported that its Global Financing Q4/14 total revenue of $1,119 million was down 5.8% from $1,188 million in the same quarter in 2013. Pretax income of $526 million was down 10.8% from $589 million a year earlier. The pre-tax margin in Q4 was 47.0% down from 49.6% in 2013.

Full year 2014 Global Financing revenue of $4,522 million was up 5.1% from $4,304 million a year earlier with pretax income of $2,189 million versus $2,171 million in 2013. The pretax margin in 2014 was 48.4% compared to 50.4% a year earlier.

Global Financing year-end 2014 financing receivables of $30.9 billion were down 4.9% from $32.5 billion at year-end 2013.