IBM's generative-AI 'book of business' grew from $5B to $12.5B across 2025 — inception-to-date signings, mostly consulting — while Consulting revenue grew 0.4%. Bookings accumulate faster than they convert. The widening gap is the finding: either contracted work queues for future recognition, or contracts are smaller, slower, more exploratory than headlines perform. The income statement is the only scoreboard that can't be re-labeled.