Earnings/Financial - Xerox Newsroom

Xerox Releases First-Quarter Results

Wed, 29 Apr 2026 13:21:00 GMT

Financial Summary

Q1 2026

Revenue of $1.85 billion, up 26.7 percent, or 23.6 percent in constant currency¹. On a pro forma² basis, revenue is down 3.7 percent.
GAAP net (loss) of $(105) million, or $(0.84) per share, down $15 million or $0.09 per share, year-over-year, respectively.
Normalized Adjusted³ net (loss) of $(10) million, or $(0.11) per share, down $3 million or $0.02 per share, year-over-year, respectively.
Adjusted¹ net (loss) of $(51) million, or $(0.43) per share, down $47 million or $0.37 per share, year-over-year, respectively.
Adjusted¹ operating income of $72 million, up $50 million year-over-year.
Adjusted¹ operating margin of 3.9 percent, up 240 basis points year-over-year.
Operating cash flow of $(144) million, down $55 million year-over year, reflecting expected Q1 seasonality.
Free cash flow¹ of $(165) million, down $56 million year-over-year. Full-year free cash flow guidance of approximately $250 million is unchanged, implying greater than $400 million of cash generation over the remaining three quarters.

News Release	Related Earnings Documents	Webcast and Multimedia
First-Quarter Results (PDF, 811KB)	Xerox Q1 2026 Earnings Presentation (PDF, 1.97 MB) Xerox Q1 2026 Non-GAAP Measures (PDF, 1.06 MB) Xerox Q1 2026 Financial Model (PDF, 372 KB) or (Excel, 4.4 MB)	Webcast Replay: Conference Call

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Xerox Releases Fourth-Quarter and Full-Year Results

Thu, 29 Jan 2026 11:30:00 GMT

Financial Summary

Q4 2025

Revenue of $2.03 billion, up 25.7 percent, or 23.6 percent in constant currency¹. On a pro forma² basis, revenue down 9.0 percent.

GAAP net (loss) of $(73) million, or $(0.60) per share, an increased loss of $52 million or $(0.40) per share, year-over-year, respectively.

Adjusted¹ net (loss) of $(8) million, or $(0.10) per share, down $57 million or $(0.46) per share, year-over-year, respectively.

Adjusted¹ operating margin of 5.0 percent, down 140 basis points year-over-year.

Operating cash flow of $208 million, down $143 million year-over-year.

Free cash flow¹ of $184 million, down $150 million year-over-year.

FY 2025

Revenue of $7.02 billion, up 12.9 percent, or 12.2 percent in constant currency¹. On a pro forma² basis, revenue down 7.6 percent.

GAAP net (loss) of $(1.03) billion, or $(8.25) per share, an improvement of approximately $0.3 billion or $2.50 per share, year-over-year, respectively. 2024 includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.17 per share.
Adjusted¹ net (loss) of $(62) million, or $(0.60) per share, down $197 million or $1.57 per share, year-over-year, respectively.

Adjusted¹ operating margin of 3.5 percent, down 140 basis points year-over-year.

Operating cash flow of $224 million, down $287 million year-over-year.

Free cash flow¹ of $133 million, down $334 million year-over-year.

* 2025 free cash flow guidance did not anticipate the accounting treatment of pre-existing intercompany balances between Xerox and Lexmark. U.S. GAAP requires it to be recorded within operating cash flow instead of being treated as part of the purchase price within investing. Because of this, following Q3 earnings we reclassified $43 million from investing cash flow to operating cash flow. This adjustment had no impact on actual cash, no impact on underlying cash generation, and no impact on Q4 free cash flow.

News Release	Related Earnings Documents	Webcast and Multimedia
Fourth-Quarter and Full-Year Results (PDF, 811KB)	Xerox Q4 2025 Earnings Presentation (PDF, 1.97 MB) Xerox Q4 2025 Non-GAAP Measures (PDF, 1.11 MB) Xerox Q4 2025 Financial Model (PDF, 337 KB) or (Excel, 4.3 MB)	Webcast Replay: Conference Call

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Xerox Release Third-Quarter Results

Thu, 30 Oct 2025 10:30:00 GMT

Financial Summary

Q3 2025

Revenue of $1.96 billion, up 28.3 percent, or 27.0 percent in constant currency¹. On a pro forma¹ basis, revenue down 7.8 percent.
GAAP net (loss) of $(760) million, or $(6.01) per share, narrowing the loss by $445 million or $3.70 per share, year-over-year, respectively.
Adjusted¹ net income of $27 million, or $0.20 per share, down $7 million or $0.05 per share, year-over-year, respectively.
Adjusted¹ operating margin of 3.3 percent, down 190 basis points year-over-year.
Operating cash flow of $159 million, up $43 million year-over-year.
Free cash flow¹ of $131 million, up $24 million year-over-year.

News Release	Related Earnings Documents	Webcast and Multimedia
Third-Quarter Results (PDF, 811KB)	Xerox Q3 2025 Earnings Presentation (PDF, 1.98 MB) Xerox Q3 2025 Non-GAAP Measures (PDF, 1.98 MB) Xerox Q3 2025 Financial Model (PDF, 325 KB) or (Excel, 4.4 MB)	Webcast Replay: Conference Call

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Xerox Releases Second-Quarter Results

Thu, 31 Jul 2025 10:30:00 GMT

Financial Summary

Q2 2025

Revenue of $1.58 billion, down 0.1 percent, and 1.1 percent in constant currency.

GAAP net (loss) of $(106) million, or $(0.87) per share, declined by $124 million or $0.98 per share, year-over-year, respectively.

Adjusted net (loss) of $(77) million, or $(0.64) per share, declined by $118 million or $0.93 per share, year-over-year, respectively.

Adjusted operating margin of 3.7 percent, 170 basis points lower year-over-year.

Operating cash flow of $(11) million, lower by $134 million year-over-year.

Free cash flow of $(30) million, lower by $145 million year-over-year.

News Release	Related Earnings Documents	Webcast and Multimedia
Second-Quarter Results (PDF, 589KB)	Xerox Q2 2025 Earnings Presentation (PDF, 1.96 MB) Xerox Q2 2025 Non-GAAP Measures (PDF, 1.1 MB) Xerox Q2 2025 Financial Model (PDF, 261 KB) or (Excel, 4.4 MB)	Webcast Replay: Conference Call

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Xerox Releases First-Quarter Results

Thu, 01 May 2025 10:30:00 GMT

Financial Summary

Q1 2025

Revenue of $1.46 billion, down 3.0 percent, and 1.1 percent in constant currency.

GAAP net (loss) of $(90) million, or $(0.75) per share, improved by $23 million or $0.19 per share, year-over-year, respectively.

Adjusted net (loss) of $(4) million, or $(0.06) per share, declined by $15 million or $0.12 per share, year-over-year, respectively.

Adjusted operating margin of 1.5 percent, 70 basis points lower year-over-year.

Operating cash flow of $(89) million, lower by $10 million year-over-year.

Free cash flow of $(109) million, lower by $20 million year-over-year.

News Release	Related Earnings Documents	Webcast and Multimedia
First-Quarter Results (PDF, 691 KB)	Xerox Q1 2025 Earnings Presentation (PDF, 1.75 MB) Xerox Q1 2025 Non-GAAP Measures (PDF, 927 KB) Xerox Q1 2025 Financial Model (PDF, 123 KB) or (Excel, 4.4KB)	Webcast Replay: Conference Call

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Xerox Corporation Announces Closing of Senior Secured Notes Offering

Fri, 11 Apr 2025 21:05:00 GMT

Xerox Corporation today announced the closing of its offering of (i) $400,000,000 in aggregate principal amount of 10.250% Senior Secured First Lien Notes due 2030 (the “First Lien Notes”) issued by Xerox Corporation and guaranteed by Xerox Holdings Corporation (“Xerox” and, together with Xerox Corporation, the “Company”) and certain of Xerox’s domestic and foreign subsidiaries and (ii) $400,000,000 in aggregate principal amount of 13.500% Senior Secured Second Lien Notes due 2031 (the “Second Lien Notes” and, together with the First Lien Notes, the “Notes”) issued by Xerox Issuer Corporation (the “Escrow Issuer”), a wholly-owned subsidiary of Xerox Corporation in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”) and non-U.S. persons outside the United States pursuant to Regulation S under the Act.

Xerox Corporation intends to use the net proceeds from the offering of the First Lien Notes, together with cash on hand, to redeem Xerox’s 5.000% Senior Notes due 2025 (“2025 Notes”) in full on or prior to their maturity and to pay fees and expenses, including redemption premiums and accrued interest, in connection with the offering, the Lexmark Acquisition (as defined below) and the related transactions, including redemption premiums and accrued interest in connection with the related transactions. Xerox redeemed an aggregate principal amount of $90 million of the 2025 Notes on April 11, 2025, with the balance to be redeemed on or prior to maturity. Pending the application of the proceeds of the First Lien Notes to redeem the remaining 2025 Notes, Xerox will use the proceeds of the First Lien Notes for general corporate purposes, including the repayment of $95 million aggregate principal amount of borrowings under Xerox Corporation’s first lien senior secured term loan credit facility.

Xerox Corporation intends to use the net proceeds from the offering of the Second Lien Notes to (i) fund a portion of the purchase price for the proposed acquisition (the “Lexmark Acquisition”) of all of the issued and outstanding equity securities of Lexmark International II, LLC (“Lexmark”), as previously announced on December 22, 2024 and the repayment of substantially all of Lexmark’s outstanding debt (together with accrued interest and any applicable expenses, fees or premiums) and (ii) pay fees and expenses in connection with the offering, the Lexmark Acquisition and the related transactions.

Pending consummation of the Lexmark Acquisition, concurrently with the issuance of the Second Lien Notes, the gross proceeds of the Second Lien Notes will be deposited into an escrow account for the benefit of the holders of the Second Lien Notes until such date that certain escrow release conditions, including the consummation of the Lexmark Acquisition, have been satisfied. If the Lexmark Acquisition is not consummated on or prior to December 22, 2025 (subject to extension) or upon the occurrence of certain other events, the Second Lien Notes will be subject to a special mandatory redemption at a price equal to 100% of the aggregate issue price of the Second Lien Notes, plus accrued and unpaid interest, if any, from, and including, the most recent interest payment date, or April 11, 2025, if no interest has been paid, but excluding, the special mandatory redemption date.

Upon the consummation of the Lexmark Acquisition, subject to certain escrow release conditions, the escrowed proceeds of the Second Lien Notes will be released (the “Escrow Release”) and the Escrow Issuer will be merged with and into Xerox Corporation. Xerox Corporation, Xerox and certain of Xerox’s domestic and foreign subsidiaries that guarantee the First Lien Notes will enter into one or more supplemental indentures to the Second Lien Indenture to provide for the assumption by Xerox Corporation of the obligations of the Escrow Issuer as issuer of the Second Lien Notes and for the guarantees of the Second Lien Notes by Xerox and such subsidiaries.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, the related guarantees or any other security, and shall not constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.

About Xerox Holdings Corporation (NASDAQ: XRX)

For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we are a services-led, software-enabled organization that sustainably powers the hybrid workplace of today and tomorrow. Our comprehensive suite of services and solutions, including advanced AI-driven technologies, helps businesses navigate digital transformation, optimize workflows and achieve operational excellence. Today, Xerox is continuing its legacy of innovation to deliver client-centric and digitally driven technology solutions and meet the needs of today’s global, distributed workforce. Whether in an office, a classroom, or a hospital, we empower our clients to thrive in an ever-changing business landscape.

Forward-Looking Statements

This press release and other written or oral statements made from time to time by management contain “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “would”, “could”, “can”, “should”, “targeting”, “projecting”, “driving”, “future”, “plan”, “predict”, “may” and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ significantly from the results discussed in the forward-looking statements. These statements reflect management’s current beliefs, assumptions and are subject to a number of other factors that may cause actual results to differ materially.

Such factors include but are not limited to: applicable market conditions; global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, trade protection measures, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of capital, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that we may be subject to new or heightened regulatory or operation risks as a result of our, or third parties,’ use or anticipated use of artificial intelligence technologies; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; the ultimate outcome of our acquisition of Lexmark; the satisfaction of the conditions to the closing of the proposed transaction in a timely manner; the ability of the combined company to achieve potential market share expansion; the ability of the combined company to achieve the identified synergies; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule at all; the Company’s ability to finance the proposed acquisition of Lexmark; the Company’s indebtedness, including the indebtedness the Company expects to incur and/or assume in connection with the proposed acquisition of Lexmark and the need to generate sufficient cash flows to service and repay such debt; the ability to integrate the Lexmark business into the Company and realize the anticipated strategic benefits of the transaction within the expected time-frames or at all; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of Lexmark; potential litigation relating to the potential transaction that could be instituted against the Company or its directors; rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; general economic conditions that are less favorable than expected; and other factors that are set forth from time to time in the Company’s Securities and Exchange Commission filings, including the combined Annual Report on Form 10-K of Xerox Holdings and Xerox Corporation for the year ended December 31, 2024.

These forward-looking statements speak only as of the date of this press release or as of the date to which they refer, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

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Xerox Corporation Announces the Successful Pricing of $800 million Senior Secured Notes

Fri, 28 Mar 2025 22:50:00 GMT

Xerox Corporation today announced that it has successfully priced an offering of (i) $400,000,000 in aggregate principal amount of 10.250% Senior Secured First Lien Notes due 2030 (the “First Lien Notes”) to be issued by Xerox Corporation and guaranteed by Xerox Holdings Corporation (“Xerox” and, together with Xerox Corporation, the “Company”) and certain of Xerox’s domestic and foreign subsidiaries and (ii) $400,000,000 in aggregate principal amount of 13.500% Senior Secured Second Lien Notes due 2031 (the “Second Lien Notes” and, together with the First Lien Notes, the “Notes”) to be issued by Xerox Issuer Corporation (the “Escrow Issuer”), a wholly-owned subsidiary of Xerox Corporation.

The Notes are expected to be issued on April 11, 2025 (the “Issue Date”), subject to the satisfaction or waiver of customary closing conditions.

Xerox Corporation intends to use the net proceeds from the offering of the First Lien Notes, together with cash on hand, to finance the redemption of $90 million of Xerox’s 5.000% Senior Notes due 2025 (the “2025 Notes”) on the Issue Date, including redemption premiums and accrued interest, with the balance to be redeemed on or prior to maturity, and to pay fees and expenses in connection with the offering. Pending application of the proceeds to redeem the remaining 2025 Notes, Xerox will use the proceeds of the First Lien Notes for general corporate purposes, including the repayment of $95 million aggregate principal amount of borrowings under Xerox Corporation’s first lien senior secured term loan credit facility. Xerox expects to announce that it will give notice of its intention to redeem $90 million in aggregate principal amount of the 2025 Notes on the Issue Date. The redemption is subject to and conditioned upon receipt by Xerox or Xerox Corporation of gross proceeds of one or more issuances of debt securities in an aggregate amount sufficient to pay the redemption price.

The Notes and the related guarantees are being offered and sold to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered for sale under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

About Xerox Holdings Corporation (NASDAQ: XRX)

Forward-Looking Statements

Such factors include but are not limited to: risks and uncertainties related to the completion of the offering of the Notes on the anticipated terms or at all; applicable market conditions; the satisfaction of customary closing conditions related to the offering; global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, trade protection measures, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of capital, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that we may be subject to new or heightened regulatory or operation risks as a result of our, or third parties,’ use or anticipated use of artificial intelligence technologies; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; the ultimate outcome of our acquisition of Lexmark; the satisfaction of the conditions to the closing of the proposed transaction in a timely manner; the ability of the combined company to achieve potential market share expansion; the ability of the combined company to achieve the identified synergies; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule at all; the Company’s ability to finance the proposed acquisition of Lexmark; the Company’s indebtedness, including the indebtedness the Company expects to incur and/or assume in connection with the proposed acquisition of Lexmark and the need to generate sufficient cash flows to service and repay such debt; the ability to integrate the Lexmark business into the Company and realize the anticipated strategic benefits of the transaction within the expected time-frames or at all; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of Lexmark; potential litigation relating to the potential transaction that could be instituted against the Company or its directors; rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; general economic conditions that are less favorable than expected; and other factors that are set forth from time to time in the Company’s Securities and Exchange Commission filings, including the combined Annual Report on Form 10-K of Xerox Holdings and Xerox Corporation for the year ended December 31, 2024.

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Xerox Corporation Announces Offering of Senior Secured Notes

Tue, 25 Mar 2025 13:43:00 GMT

Xerox Corporation today announced an offering of (i) $400,000,000 aggregate principal amount of Senior Secured First Lien Notes due 2030 (the “First Lien Notes”) to be issued by Xerox Corporation and guaranteed by Xerox Holdings Corporation (“Xerox” and, together with Xerox Corporation, the “Company”) and certain of Xerox’s domestic and foreign subsidiaries and (ii) $400,000,000 aggregate principal amount of Senior Secured Second Lien Notes due 2031 (the “Second Lien Notes” and together with the First Lien Notes, the “Notes”) to be issued by Xerox Issuer Corporation (the “Escrow Issuer”), a wholly-owned subsidiary of Xerox Corporation.

Pending consummation of the Lexmark Acquisition, concurrently with the issuance of the Second Lien Notes, the gross proceeds of the Second Lien Notes will be deposited into an escrow account for the benefit of the holders of the Second Lien Notes until such date that certain escrow release conditions, including the consummation of the Lexmark Acquisition, have been satisfied. Following the release of the proceeds of the Second Lien Notes from the escrow account, Xerox Corporation will assume the obligations of the Escrow Issuer under the indenture governing the Second Lien Notes and the Second Lien Notes will be guaranteed by certain of Xerox’s domestic and foreign subsidiaries.

About Xerox Holdings Corporation (NASDAQ: XRX)

Forward-Looking Statements

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Xerox Releases Fourth-Quarter and Full-Year Results

Tue, 28 Jan 2025 11:30:00 GMT

Financial Summary

Q4 2024

Revenue of $1.61 billion, down 8.6 percent, or 8.0 percent in constant currency.

GAAP net (loss) of $(21) million, or $(0.20) per share, an improvement of $37 million or $0.30 per share, year-over-year, respectively.

Adjusted net income of $49 million, or $0.36 per share, down $7 million or $0.07 per share, year-over-year, respectively.

Adjusted operating margin of 6.4 percent, up 100 basis points year-over-year.

Operating cash flow of $351 million, down $38 million year-over-year.

Free cash flow of $334 million, down $45 million year-over-year.

FY 2024

Revenue of $6.22 billion, down 9.7 percent, or 9.5 percent in constant currency.

GAAP net (loss) of $(1.32) billion, or $(10.75) per share, down $1.32 billion or $10.66 per share, year-over-year, respectively. 2024 includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.17 per share.

Adjusted net income of $135 million, or $0.97 per share, down $152 million or $0.85 per share, year-over-year, respectively.

Adjusted operating margin of 4.9 percent, down 70 basis points year-over-year.

Operating cash flow of $511 million, down $175 million year-over-year.

Free cash flow of $467 million, down $182 million year-over-year.

News Release	Related Earnings Documents	Webcast and Multimedia
Fourth-Quarter and Full-Year Results (PDF, 751 KB)	Xerox Q4 2024 Earnings Presentation (PDF, 1.75 MB) Xerox Q4 2024 Non-GAAP Measures (PDF, 938 KB) Xerox Q4 2024 Financial Model (PDF, 221 KB) or (Excel, 4.3MB)	Webcast Replay: Conference Call

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Xerox Releases Third-Quarter Results

Tue, 29 Oct 2024 10:30:00 GMT

Financial Summary

Q3 2024

Revenue of $1.53 billion, down 7.5 percent, or 7.3 percent in constant currency.

GAAP net (loss) of $(1.2) billion, or $(9.71) per share, a decrease of $1.3 billion or $9.99 per share, year-over-year, respectively. This quarter includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.16 per share and a charge to tax expense related to the establishment of a valuation allowance of $161 million, or $1.29 per share.

Adjusted net income of $34 million, or $0.25 per share, down $43 million or $0.21 per share, year-over-year, respectively.

Adjusted operating margin of 5.2 percent, up 110 basis points year-over-year.

Operating cash flow of $116 million, down $8 million year-over-year.

Free cash flow of $107 million, down $5 million year-over-year.

Lowered 2024 revenue guidance to a decline of around 10% in constant currency, adjusted operating margin guidance to around 5.0%, and free cash flow guidance to a range of $450 to $500 million.

News Release	Related Earnings Documents	Webcast and Multimedia
Third-Quarter Results (PDF, 623 KB)	Xerox Q3 2024 Earnings Presentation (PDF, 1.8 MB) Xerox Q3 2024 Non-GAAP Measures (PDF, 928 KB) Xerox Q3 2024 Financial Model (PDF, 63 KB) or (Excel, 4.3MB)	Webcast Replay: Conference Call

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