Xerox Holdings Corp Financials

XRX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Xerox Holdings Corp (XRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 20/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Xerox Holdings Corp's revenue declined 9.7% year-over-year, from $6.9B to $6.2B. This contraction results in a growth score of 1/100.

Leverage

Xerox Holdings Corp has elevated debt relative to equity (D/E of 2.62), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 14/100, reflecting increased financial risk.

Liquidity

Xerox Holdings Corp's current ratio of 1.12 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.

Cash Flow

Xerox Holdings Corp has a free cash flow margin of 7.8%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Weak

3/9

Xerox Holdings Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.39x

For every $1 of reported earnings, Xerox Holdings Corp generates $-0.39 in operating cash flow ($511.0M OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Revenue

$6.2B

YoY-9.7%

5Y CAGR-7.3%

Xerox Holdings Corp generated $6.2B in revenue in fiscal year 2024. This represents a decrease of 9.7% from the prior year.

EBITDA

N/A

Free Cash Flow

$484.0M

YoY-26.3%

5Y CAGR-17.8%

Xerox Holdings Corp generated $484.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 26.3% from the prior year.

Net Income

-$1.3B

YoY-132200.0%

Xerox Holdings Corp reported -$1.3B in net income in fiscal year 2024. This represents a decrease of 132200.0% from the prior year.

EPS (Diluted)

$-10.75

YoY-11844.4%

Xerox Holdings Corp earned $-10.75 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 11844.4% from the prior year.

Cash & Debt

$576.0M

YoY+11.0%

5Y CAGR-26.8%

Xerox Holdings Corp held $576.0M in cash against $2.8B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.00

YoY+0.0%

5Y CAGR+0.0%

Xerox Holdings Corp paid $1.00 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

125M

YoY+0.9%

5Y CAGR-10.1%

Xerox Holdings Corp had 125M shares outstanding in fiscal year 2024. This represents an increase of 0.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-21.2%

YoY-21.2pp

5Y CAGR-36.1pp

Xerox Holdings Corp's net profit margin was -21.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 21.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$8.0M

YoY-98.5%

5Y CAGR-57.8%

Xerox Holdings Corp spent $8.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.5% from the prior year.

Capital Expenditures

$27.0M

YoY-6.9%

5Y CAGR-8.0%

Xerox Holdings Corp invested $27.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 6.9% from the prior year.

XRX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$6.2B-9.7%	$6.9B-3.1%	$7.1B+1.0%	$7.0B+0.2%	$7.0B-22.5%	$9.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	$275.0M-26.7%	$375.0M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.5B-9.4%	$1.7B-3.6%	$1.8B+2.4%	$1.7B-7.2%	$1.9B-11.2%	$2.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$225.0M+13.6%	$198.0M-0.5%	$199.0M-3.9%	$207.0M-3.7%	$215.0M-8.9%	$236.0M
Income Tax	$105.0M+462.1%	-$29.0M-866.7%	-$3.0M+82.4%	-$17.0M-126.6%	$64.0M-64.2%	$179.0M
Net Income	-$1.3B-132200.0%	$1.0M+100.3%	-$322.0M+29.2%	-$455.0M-337.0%	$192.0M-85.8%	$1.4B
EPS (Diluted)	$-10.75-11844.4%	$-0.09+95.8%	$-2.15+16.0%	$-2.56-404.8%	$0.84-85.5%	$5.80

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$2.0B+24.4%	$1.6B+8.2%	$1.5B-9.7%	$1.6B+2.2%	$1.6B+5.1%	$1.5B-14.9%	$1.8B+6.8%	$1.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$477.0M+29.6%	$368.0M-2.6%	$378.0M+0.3%	$377.0M-4.1%	$393.0M-1.0%	$397.0M-9.8%	$440.0M+5.8%	$416.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$101.0M+29.5%	$78.0M+41.8%	$55.0M0.0%	$55.0M-8.3%	$60.0M+13.2%	$53.0M-8.6%	$58.0M+31.8%	$44.0M
Income Tax	$460.0M+900.0%	$46.0M+100.0%	$23.0M+35.3%	$17.0M+142.9%	$7.0M+118.9%	-$37.0M-23.3%	-$30.0M-300.0%	$15.0M
Net Income	-$760.0M-617.0%	-$106.0M-17.8%	-$90.0M-328.6%	-$21.0M-216.7%	$18.0M+115.9%	-$113.0M-94.8%	-$58.0M-218.4%	$49.0M
EPS (Diluted)	$-6.01-590.8%	$-0.87-16.0%	$-0.75-257.1%	$-0.21-290.9%	$0.11+111.7%	$-0.94-141.0%	$-0.39-239.3%	$0.28

XRX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.4B-16.4%	$10.0B-13.3%	$11.5B-12.7%	$13.2B-10.3%	$14.7B-2.0%	$15.0B
Current Assets	$2.9B-7.6%	$3.2B-22.6%	$4.1B-12.6%	$4.7B-18.7%	$5.8B-5.8%	$6.1B
Cash & Equivalents	$576.0M+11.0%	$519.0M-50.3%	$1.0B-43.2%	$1.8B-29.9%	$2.6B-4.2%	$2.7B
Inventory	$695.0M+5.1%	$661.0M-17.1%	$797.0M+14.5%	$696.0M-17.4%	$843.0M+21.5%	$694.0M
Accounts Receivable	$796.0M-6.4%	$850.0M-0.8%	$857.0M+4.8%	$818.0M-7.4%	$883.0M-28.6%	$1.2B
Goodwill	$1.9B-29.5%	$2.7B-2.6%	$2.8B-14.2%	$3.3B-19.3%	$4.1B+4.4%	$3.9B
Total Liabilities	$7.1B-2.4%	$7.2B-9.2%	$8.0B-6.9%	$8.6B-4.2%	$8.9B-3.3%	$9.2B
Current Liabilities	$2.6B-5.8%	$2.8B-16.5%	$3.3B+17.7%	$2.8B+14.2%	$2.5B-27.9%	$3.4B
Long-Term Debt	$2.8B+3.8%	$2.7B-5.4%	$2.9B-20.3%	$3.6B-11.2%	$4.0B+25.3%	$3.2B
Total Equity	$1.1B-57.6%	$2.5B-24.1%	$3.3B-24.6%	$4.4B-20.7%	$5.6B+0.1%	$5.6B
Retained Earnings	$3.5B-29.4%	$5.0B-3.1%	$5.1B-8.8%	$5.6B-10.3%	$6.3B-0.5%	$6.3B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$10.1B+13.5%	$8.9B+8.1%	$8.2B-1.8%	$8.4B-11.9%	$9.5B-4.6%	$9.9B-0.6%	$10.0B-4.2%	$10.4B
Current Assets	$3.8B+5.9%	$3.5B+23.6%	$2.9B-2.3%	$2.9B-3.8%	$3.1B-8.9%	$3.3B+5.4%	$3.2B-5.3%	$3.4B
Cash & Equivalents	$479.0M+6.7%	$449.0M+33.6%	$336.0M-41.7%	$576.0M+18.8%	$485.0M-29.2%	$685.0M+32.0%	$519.0M-2.4%	$532.0M
Inventory	$1.1B+31.2%	$871.0M+4.2%	$836.0M+20.3%	$695.0M-5.7%	$737.0M+0.1%	$736.0M+11.3%	$661.0M-9.2%	$728.0M
Accounts Receivable	$1.2B+38.7%	$862.0M+5.3%	$819.0M+2.9%	$796.0M-6.0%	$847.0M+0.1%	$846.0M-0.5%	$850.0M-3.4%	$880.0M
Goodwill	$2.2B+10.0%	$2.0B+1.5%	$2.0B+0.9%	$1.9B-28.8%	$2.7B0.0%	$2.7B-1.0%	$2.7B+1.1%	$2.7B
Total Liabilities	$9.5B+25.9%	$7.5B+8.6%	$6.9B-1.9%	$7.1B+2.3%	$6.9B-6.0%	$7.3B+1.4%	$7.2B-2.5%	$7.4B
Current Liabilities	$3.4B+40.1%	$2.4B-8.1%	$2.6B+0.8%	$2.6B+28.0%	$2.0B-16.1%	$2.4B-12.3%	$2.8B-7.6%	$3.0B
Long-Term Debt	$4.1B+16.3%	$3.5B+29.1%	$2.7B-4.1%	$2.8B-11.3%	$3.2B-0.8%	$3.2B+18.0%	$2.7B-1.1%	$2.7B
Total Equity	$365.0M-67.5%	$1.1B+6.6%	$1.1B-2.1%	$1.1B-54.4%	$2.4B-0.7%	$2.4B-6.3%	$2.5B-9.0%	$2.8B
Retained Earnings	$2.5B-23.3%	$3.3B-3.3%	$3.4B-3.2%	$3.5B-26.9%	$4.8B-0.4%	$4.8B-3.0%	$5.0B-1.8%	$5.1B

XRX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$511.0M-25.5%	$686.0M+331.4%	$159.0M-74.7%	$629.0M+14.8%	$548.0M-58.9%	$1.3B
Capital Expenditures	$27.0M-6.9%	$29.0M-19.4%	$36.0M+24.1%	$29.0M-34.1%	$44.0M+7.3%	$41.0M
Free Cash Flow	$484.0M-26.3%	$657.0M+434.1%	$123.0M-79.5%	$600.0M+19.0%	$504.0M-61.0%	$1.3B
Investing Cash Flow	-$198.0M-3860.0%	-$5.0M+93.6%	-$78.0M+8.2%	-$85.0M+65.4%	-$246.0M-111.5%	$2.1B
Financing Cash Flow	-$271.0M+77.5%	-$1.2B-46.2%	-$822.0M+37.3%	-$1.3B-214.9%	-$416.0M+77.3%	-$1.8B
Dividends Paid	$141.0M-14.5%	$165.0M-5.2%	$174.0M-15.5%	$206.0M-10.4%	$230.0M-5.3%	$243.0M
Share Buybacks	$8.0M-98.5%	$544.0M+381.4%	$113.0M-87.3%	$888.0M+196.0%	$300.0M-50.0%	$600.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$116.0M+1154.5%	-$11.0M+87.6%	-$89.0M-125.4%	$351.0M+185.4%	$123.0M+255.7%	-$79.0M-120.3%	$389.0M+213.7%	$124.0M
Capital Expenditures	$12.0M+200.0%	$4.0M-20.0%	$5.0M0.0%	$5.0M-16.7%	$6.0M-25.0%	$8.0M0.0%	$8.0M-20.0%	$10.0M
Free Cash Flow	$104.0M+793.3%	-$15.0M+84.0%	-$94.0M-127.2%	$346.0M+195.7%	$117.0M+234.5%	-$87.0M-122.8%	$381.0M+234.2%	$114.0M
Investing Cash Flow	-$682.0M-3688.9%	-$18.0M-400.0%	$6.0M+103.5%	-$172.0M-8500.0%	-$2.0M+88.2%	-$17.0M-112.5%	-$8.0M-132.0%	$25.0M
Financing Cash Flow	$118.0M-80.9%	$618.0M+488.7%	-$159.0M-30.3%	-$122.0M+63.7%	-$336.0M-228.7%	$261.0M+168.1%	-$383.0M-307.4%	-$94.0M
Dividends Paid	$7.0M-63.2%	$19.0M-51.3%	$39.0M+14.7%	$34.0M0.0%	$34.0M-8.1%	$37.0M+8.8%	$34.0M-20.9%	$43.0M
Share Buybacks	$0	$0	$0-100.0%	$5.0M	$0-100.0%	$3.0M	$0-100.0%	$544.0M

XRX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	3.9%-1.5pp	5.3%	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-21.2%-21.2pp	0.0%+4.5pp	-4.5%+1.9pp	-6.5%-9.2pp	2.7%-12.2pp	14.9%
Return on Equity	N/A	0.0%	N/A	N/A	3.4%-20.8pp	24.2%
Return on Assets	-15.8%-15.8pp	0.0%+2.8pp	-2.8%+0.6pp	-3.4%-4.7pp	1.3%-7.7pp	9.0%
Current Ratio	1.12-0.0	1.14-0.1	1.23-0.4	1.66-0.7	2.33+0.5	1.79
Debt-to-Equity	2.62+1.5	1.07+0.2	0.86+0.0	0.81+0.1	0.72+0.1	0.58
FCF Margin	7.8%-1.8pp	9.5%+7.8pp	1.7%-6.8pp	8.5%+1.3pp	7.2%-7.1pp	14.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-38.8%-32.0pp	-6.7%-0.5pp	-6.2%-4.9pp	-1.3%-2.4pp	1.1%+8.7pp	-7.5%-4.2pp	-3.3%-6.3pp	3.0%
Return on Equity	N/A	N/A	N/A	N/A	0.8%	N/A	N/A	1.8%
Return on Assets	-7.5%-6.4pp	-1.2%-0.1pp	-1.1%-0.8pp	-0.3%-0.4pp	0.2%+1.3pp	-1.1%-0.6pp	-0.6%-1.0pp	0.5%
Current Ratio	1.10-0.4	1.46+0.4	1.09-0.0	1.12-0.4	1.49+0.1	1.37+0.2	1.14+0.0	1.12
Debt-to-Equity	11.10+8.0	3.11+0.5	2.56-0.1	2.62+1.3	1.340.0	1.35+0.3	1.07+0.1	0.98
FCF Margin	5.3%+6.3pp	-0.9%+5.5pp	-6.5%-27.9pp	21.4%+14.0pp	7.4%+13.2pp	-5.8%-27.4pp	21.6%+14.7pp	6.9%

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Frequently Asked Questions

What is Xerox Holdings Corp's annual revenue?

Xerox Holdings Corp (XRX) reported $6.2B in total revenue for fiscal year 2024. This represents a -9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Xerox Holdings Corp's revenue growing?

Xerox Holdings Corp (XRX) revenue declined by 9.7% year-over-year, from $6.9B to $6.2B in fiscal year 2024.

Is Xerox Holdings Corp profitable?

No, Xerox Holdings Corp (XRX) reported a net income of -$1.3B in fiscal year 2024, with a net profit margin of -21.2%.

What is Xerox Holdings Corp's earnings per share (EPS)?

Xerox Holdings Corp (XRX) reported diluted earnings per share of $-10.75 for fiscal year 2024. This represents a -11844.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Xerox Holdings Corp have?

As of fiscal year 2024, Xerox Holdings Corp (XRX) had $576.0M in cash and equivalents against $2.8B in long-term debt.

What is Xerox Holdings Corp's net profit margin?

Xerox Holdings Corp (XRX) had a net profit margin of -21.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Xerox Holdings Corp pay dividends?

Yes, Xerox Holdings Corp (XRX) paid $1.00 per share in dividends during fiscal year 2024.

What is Xerox Holdings Corp's free cash flow?

Xerox Holdings Corp (XRX) generated $484.0M in free cash flow during fiscal year 2024. This represents a -26.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Xerox Holdings Corp's operating cash flow?

Xerox Holdings Corp (XRX) generated $511.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Xerox Holdings Corp's total assets?

Xerox Holdings Corp (XRX) had $8.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Xerox Holdings Corp's capital expenditures?

Xerox Holdings Corp (XRX) invested $27.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Xerox Holdings Corp buy back shares?

Yes, Xerox Holdings Corp (XRX) spent $8.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Xerox Holdings Corp have outstanding?

Xerox Holdings Corp (XRX) had 125M shares outstanding as of fiscal year 2024.

What is Xerox Holdings Corp's current ratio?

Xerox Holdings Corp (XRX) had a current ratio of 1.12 as of fiscal year 2024, which is considered adequate.

What is Xerox Holdings Corp's debt-to-equity ratio?

Xerox Holdings Corp (XRX) had a debt-to-equity ratio of 2.62 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Xerox Holdings Corp's return on assets (ROA)?

Xerox Holdings Corp (XRX) had a return on assets of -15.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Xerox Holdings Corp's Piotroski F-Score?

Xerox Holdings Corp (XRX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Xerox Holdings Corp's earnings high quality?

Xerox Holdings Corp (XRX) has an earnings quality ratio of -0.39x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Xerox Holdings Corp?

Xerox Holdings Corp (XRX) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.