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Edge21 Mar 2025
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Xerox
Xerox (XRX) investor relations material
Xerox Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Q4 2025 revenue reached $2.03 billion, up 25.7% year-over-year, driven by Lexmark and ITsavvy acquisitions; pro forma revenue declined 9%.
Full-year 2025 revenue was $7.02 billion, up 12.9%, but down 7.6% pro forma; growth was driven by acquisitions and IT Solutions.
Adjusted operating margin for 2025 was 3.5%, down 140 basis points year-over-year, reflecting integration and restructuring costs.
GAAP net loss per share for 2025 was $(8.25), including a $1.0 billion goodwill impairment; adjusted loss per share was $(0.60).
Integration of Lexmark and ITsavvy is ahead of plan, delivering commercial and operational benefits, with synergy realization reaffirmed at $300 million and $366 million of debt paid down since the Lexmark acquisition.
Financial highlights
Q4 adjusted operating margin was 5.0%, down 140 basis points year-over-year; full-year adjusted operating margin was 3.5%.
Q4 adjusted gross margin was 29.3%, down 230 basis points; full-year adjusted gross margin was 29.2%, down from 31.5% in 2024.
Q4 operating cash flow was $208 million; free cash flow was $184 million, down $150 million year-over-year; full-year free cash flow was $133 million, down $334 million.
Adjusted EBITDA margin for 2025 was 7.3%, compared to 8.9% in 2024.
Year-end cash was $565 million; total debt was $4.2 billion, down $160 million sequentially.
Outlook and guidance
2026 revenue expected to exceed $7.5 billion, with adjusted operating income guidance of $450–$500 million and free cash flow of approximately $250 million.
Growth to be driven by a full year of Lexmark, IT Solutions, and Digital Services, offset by print headwinds and XFS portfolio decline.
Cost synergies and reinvention savings of $250–$300 million expected in 2026.
Medium-term leverage target is approximately 3x trailing 12 months EBITDA.
How does Lexmark's Mexico facility mitigate tariffs?
IT Solutions segment profit contribution outlook?
Mitigation strategies for rising DRAM costs?
How will DRAM price spike affect H2 IT Solutions?
How do synergies drive 2026 operating income?
Explain warrant distribution's debt reduction role
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Next Xerox earnings date
Q1 202630 Apr, 2026
Xerox
Next Xerox earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
The Company Behind the Xerox Machine
Xerox is an American company with global operations and is most known for the development and sale of document technology and digital print solutions. Originally named The Haloid Photographic Company, Xerox became world famous with the introduction of the first commercial photocopier in the mid-20th century. Today, the company's portfolio includes digital printing equipment, document management systems, business process services, and similar offerings. The company is headquartered in Norwalk, Connecticut, and its shares are listed on the NYSE.
The Xerox 914
Xerox would forever change office technology took a significant turn in 1959 with the introduction of the Xerox 914, the first automatic plain-paper photocopier. This machine revolutionized document duplication, moving away from messy, wet-copying processes to a dry, heat-fusing method. The Xerox 914 was remarkably successful, becoming commonplace in offices all around the world. The photocopier became synonymous with its function, leading to the term "Xeroxing" as a verb for photocopying. The success of the Xerox 914 fueled the company's growth and innovation in subsequent decades, laying the foundation for its evolution into a multinational corporation specializing in document management and digital print technology.
Modern Printing
The Xerox of today offers a variety of printers and copiers. These products range from small office printers to large digital presses for commercial printing. The company offers modern features such as high-speed, high-quality printing and environmentally friendly solutions. Xerox also offers comprehensive managed print services, designed to help organizations manage their printing and copying infrastructure. These services include streamlining printer fleets, reducing printing costs, and improving efficiency in document workflows. Two other large companies producing printers today are HP and Canon.
Global Printing
While an American company, Xerox operates on a global scale. The company has offices and production facilities spread out across the world, and coupled with robust. The company’s reputation and legacy are still held in high regard across the world, much in part due to the impact that the original Xerox machine had on office culture as a whole.
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