Goldman Sachs 13G shows 7.7% Xerox (XRX) ownership stake

Rhea-AI Filing Summary

Xerox Holdings Corp. received a Schedule 13G reporting that The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC beneficially own 9,727,573.90 shares of Xerox common stock, representing 7.7% of the outstanding class as of 12/31/2025.

The filing shows no sole voting or dispositive power, but shared voting power over 9,727,095.90 shares and shared dispositive power over 9,727,205.90 shares. The reporting parties certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Xerox.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

XEROX HOLDINGS CORP

(Name of Issuer)

Common Stock, par value $1 per share

(Title of Class of Securities)

98421M106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 98421M106

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,727,095.90
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,727,205.90

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,727,573.90

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 98421M106

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,727,095.90
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,727,205.90

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,727,573.90

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: XEROX HOLDINGS CORP
(b)	Address of issuer's principal executive offices: P.O. Box 4505, 401 Merritt 7, NORWALK, X1, 06851
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Common Stock, par value $1 per share
(e)	CUSIP No.: 98421M106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: Sam Prashanth
Name/Title:	Attorney-in-fact
Date:	01/06/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: Sam Prashanth
Name/Title:	Attorney-in-fact
Date:	01/06/2026

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, par value $1 per share, of XEROX HOLDINGS CORP and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 01/06/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ Sam Prashanth ---------------------------------------- Name: Sam Prashanth Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ Sam Prashanth ---------------------------------------- Name: Sam Prashanth Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group. EXHIBIT (99.3) ITEM 4 INFORMATION *In accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned by certain operating units (collectively, the "Goldman Sachs Reporting Units") of The Goldman Sachs Group, Inc. and its subsidiaries and affiliates (collectively, "GSG"). This filing does not reflect securities, if any, beneficially owned by any operating units of GSG whose ownership of securities is disaggregated from that of the Goldman Sachs Reporting Units in accordance with the Release. The Goldman Sachs Reporting Units disclaim beneficial ownership of the securities beneficially owned by (i) any client accounts with respect to which the Goldman Sachs Reporting Units or their employees have voting or investment discretion or both, or with respect to which there are limits on their voting or investment authority or both and (ii) certain investment entities of which the Goldman Sachs Reporting Units act as the general partner, managing general partner or other manager, to the extent interests in such entities are held by persons other than the Goldman Sachs Reporting Units.

FAQ

What stake in Xerox (XRX) does Goldman Sachs report on this Schedule 13G?

Goldman Sachs reports beneficial ownership of 9,727,573.90 Xerox shares, or 7.7% of the common stock. The position is reported jointly by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC as of the event date 12/31/2025.

Which Goldman Sachs entities are listed as reporting persons for Xerox (XRX)?

The reporting persons are The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC. GS Group is a Delaware parent holding company, and Goldman Sachs & Co. LLC is a New York broker-dealer and investment adviser subsidiary owning or deemed to own the reported securities.

How much voting power does Goldman Sachs report over Xerox (XRX) shares?

The filing reports shared voting power over 9,727,095.90 Xerox shares and no sole voting power. It also shows shared dispositive power over 9,727,205.90 shares, with no sole dispositive power, reflecting how control over the stake is structured.

Is Goldman Sachs’ Xerox (XRX) stake reported as a passive investment?

Yes. The certification states the Xerox securities were acquired and held in the ordinary course of business. It further states they were not acquired and are not held to change or influence control of Xerox, indicating a passive ownership filing on Schedule 13G.

What type of reporting person is The Goldman Sachs Group, Inc. in this Xerox (XRX) filing?

The Goldman Sachs Group, Inc. is classified as a parent holding company ("HC"). The filing explains that the Xerox securities are owned or deemed beneficially owned by its subsidiary Goldman Sachs & Co. LLC, a registered broker-dealer and investment adviser.

Does Goldman Sachs disclaim any beneficial ownership in the Xerox (XRX) stake?

Yes. The exhibits state Goldman Sachs reporting units disclaim beneficial ownership of certain client accounts and investment entities. They note that securities held for clients or certain funds may be attributed for reporting, even where economic interests belong to other persons.