Xerox (XRX) Financials

$4.49 -0.63 (-12.30%)

Closing price 05/23/2025 04:00 PM Eastern

Extended Trading

$4.51 +0.02 (+0.53%)

As of 05/23/2025 08:00 PM Eastern

Annual Income Statements for Xerox

This table shows Xerox's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	-1,335	-13	-336
Consolidated Net Income / (Loss)	-1,321	1.00	-322
Net Income / (Loss) Continuing Operations	-1,321	1.00	-322
Total Pre-Tax Income	-1,216	-28	-325
Total Operating Income	-1,216	-28	-325
Total Gross Profit	2,066	2,314	2,426
Total Revenue	6,221	6,886	7,107
Operating Revenue	6,221	6,886	7,107
Total Cost of Revenue	4,155	4,572	4,681
Operating Cost of Revenue	4,155	4,572	4,681
Total Operating Expenses	3,282	2,342	2,751
Selling, General & Admin Expense	1,537	1,696	1,760
Research & Development Expense	191	229	304
Amortization Expense	73	43	42
Other Operating Expenses / (Income)	311	207	168
Impairment Charge	1,058	0.00	412
Restructuring Charge	112	167	65
Total Other Income / (Expense), net	0.00	0.00	0.00
Income Tax Expense	105	-29	-3.00
Preferred Stock Dividends Declared	14	14	14
Basic Earnings per Share	($10.75)	($0.09)	($2.15)
Weighted Average Basic Shares Outstanding	125.28M	124.18M	156.43M
Diluted Earnings per Share	($10.75)	($0.09)	($2.15)
Weighted Average Diluted Shares Outstanding	125.28M	124.18M	156.43M
Weighted Average Basic & Diluted Shares Outstanding	125.28M	124.18M	156.43M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00

This table shows Xerox's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-24	-1,209	15	-117	-61	45	-64	67	107	-383
Consolidated Net Income / (Loss)	-21	-1,205	18	-113	-58	49	-61	71	122	-382
Net Income / (Loss) Continuing Operations	-21	-1,205	18	-113	-58	49	-61	71	122	-382
Total Pre-Tax Income	-4.00	-1,087	25	-150	-88	64	-89	85	149	-380
Total Operating Income	-4.00	-1,087	25	-150	-88	64	-89	85	149	-380
Total Gross Profit	579	495	549	443	528	566	631	589	757	556
Total Revenue	1,613	1,528	1,578	1,502	1,765	1,652	1,754	1,715	1,941	1,751
Operating Revenue	1,613	1,528	1,578	1,502	1,765	1,652	1,754	1,715	1,941	1,751
Total Cost of Revenue	1,034	1,033	1,029	1,059	1,237	1,086	1,123	1,126	1,184	1,195
Operating Cost of Revenue	1,034	1,033	1,029	1,059	1,237	1,086	1,123	1,126	1,184	1,195
Total Operating Expenses	583	1,582	524	593	616	502	720	504	608	936
Selling, General & Admin Expense	377	370	393	397	440	416	433	407	428	418
Research & Development Expense	47	45	50	49	56	52	57	64	69	73
Amortization Expense	43	10	10	10	10	12	10	11	11	10
Other Operating Expenses / (Income)	111	43	59	98	-22	12	197	20	76	1.00
Restructuring Charge	5.00	56	12	39	132	10	23	2.00	24	22
Income Tax Expense	17	118	7.00	-37	-30	15	-28	14	24	3.00
Preferred Stock Dividends Declared	3.00	4.00	3.00	4.00	3.00	4.00	3.00	4.00	-	-
Basic Earnings per Share	($0.22)	($9.71)	$0.12	($0.94)	($0.40)	$0.29	($0.41)	$0.43	$0.76	($2.48)
Weighted Average Basic Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M
Diluted Earnings per Share	($0.21)	($9.71)	$0.11	($0.94)	($0.39)	$0.28	($0.41)	$0.43	$0.76	($2.48)
Weighted Average Diluted Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M
Weighted Average Basic & Diluted Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M

This table details how cash moves in and out of Xerox's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	14	-522	-770
Net Cash From Operating Activities	511	686	159
Net Cash From Continuing Operating Activities	511	686	159
Net Income / (Loss) Continuing Operations	-1,321	1.00	-322
Consolidated Net Income / (Loss)	-1,321	1.00	-322
Depreciation Expense	274	251	270
Non-Cash Adjustments To Reconcile Net Income	1,281	264	422
Changes in Operating Assets and Liabilities, net	277	170	-211
Net Cash From Investing Activities	-198	-5.00	-78
Net Cash From Continuing Investing Activities	-198	-5.00	-78
Purchase of Property, Plant & Equipment	-44	-37	-57
Acquisitions	-161	-7.00	-93
Divestitures	35	43	87
Other Investing Activities, net	-28	-4.00	-15
Net Cash From Financing Activities	-271	-1,202	-822
Net Cash From Continuing Financing Activities	-271	-1,202	-822
Repayment of Debt	-1,006	-1,889	-1,729
Repurchase of Common Equity	-8.00	-544	-113
Payment of Dividends	-141	-165	-174
Issuance of Debt	907	1,396	1,194
Other Financing Activities, net	-23	0.00	0.00
Effect of Exchange Rate Changes	-28	-1.00	-29

This table details how cash moves in and out of Xerox's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	41	39	-221	155	-	48	-128	-442	138	-226
Net Cash From Operating Activities	351	116	123	-79	389	124	95	78	186	-8.00
Net Cash From Continuing Operating Activities	351	116	123	-79	389	124	95	78	186	-8.00
Net Income / (Loss) Continuing Operations	-21	-1,205	18	-113	-58	49	-61	71	122	-382
Consolidated Net Income / (Loss)	-21	-1,205	18	-113	-58	49	-61	71	122	-382
Depreciation Expense	97	59	59	59	62	63	62	64	65	65
Non-Cash Adjustments To Reconcile Net Income	5.00	1,093	37	146	128	-35	174	-3.00	-4.00	403
Changes in Operating Assets and Liabilities, net	270	169	9.00	-171	257	47	-80	-54	3.00	-94
Net Cash From Investing Activities	-172	-7.00	-2.00	-17	-8.00	25	-5.00	-17	17	-33
Net Cash From Continuing Investing Activities	-172	-7.00	-2.00	-17	-8.00	25	-5.00	-17	17	-33
Purchase of Property, Plant & Equipment	-17	-9.00	-8.00	-10	-10	-12	-7.00	-8.00	-18	-10
Acquisitions	-161	-	-	0.00	-	-	-	-7.00	-	-41
Divestitures	8.00	8.00	15	4.00	3.00	37	2.00	1.00	38	23
Other Investing Activities, net	-2.00	-6.00	-9.00	-11	-1.00	-	-	-3.00	-3.00	-5.00
Net Cash From Financing Activities	-122	-74	-336	261	-383	-94	-220	-505	-67	-168
Net Cash From Continuing Financing Activities	-122	-74	-336	261	-383	-94	-220	-505	-67	-168
Repayment of Debt	-84	-38	-303	-581	-879	-373	-177	-460	-464	-125
Repurchase of Common Equity	-5.00	-	-	-3.00	-	-544	-	0.00	-	-
Payment of Dividends	-34	-36	-34	-37	-34	-43	-43	-45	-43	-43
Issuance of Debt	1.00	-	1.00	905	530	866	-	0.00	440	-
Effect of Exchange Rate Changes	-16	4.00	-6.00	-10	2.00	-7.00	2.00	2.00	2.00	-17

This table presents Xerox's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	8,365	10,008	11,543
Total Current Assets	2,935	3,177	4,107
Cash & Equivalents	576	519	1,045
Note & Lease Receivable	656	913	1,154
Accounts Receivable	796	850	857
Inventories, net	695	661	797
Other Current Assets	212	234	254
Plant, Property, & Equipment, net	251	266	320
Plant, Property & Equipment, gross	251	266	320
Total Noncurrent Assets	5,179	6,565	7,116
Noncurrent Note & Lease Receivables	1,089	1,597	1,948
Goodwill	1,937	2,747	2,820
Intangible Assets	236	177	208
Noncurrent Deferred & Refundable Income Taxes	615	745	582
Other Noncurrent Operating Assets	1,302	1,299	1,558
Total Liabilities & Shareholders' Equity	8,365	10,008	11,543
Total Liabilities	7,061	7,236	7,966
Total Current Liabilities	2,619	2,779	3,330
Short-Term Debt	585	567	860
Accounts Payable	1,023	1,044	1,331
Accrued Expenses	784	862	881
Current Employee Benefit Liabilities	227	306	258
Total Noncurrent Liabilities	4,442	4,457	4,636
Long-Term Debt	2,814	2,710	2,866
Noncurrent Employee Benefit Liabilities	1,242	1,387	1,359
Other Noncurrent Operating Liabilities	386	360	411
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	224	224
Total Equity & Noncontrolling Interests	1,080	2,548	3,353
Total Preferred & Common Equity	1,076	2,538	3,343
Total Common Equity	1,076	2,538	3,343
Common Stock	1,261	1,237	1,744
Retained Earnings	3,514	4,977	5,136
Accumulated Other Comprehensive Income / (Loss)	-3,699	-3,676	-3,537
Noncontrolling Interest	4.00	10	10

This table presents Xerox's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	8,322	9,491	9,944	10,444	10,569	11,046	11,420
Total Current Assets	3,011	3,051	3,348	3,354	3,390	3,640	3,895
Cash & Equivalents	521	485	685	532	477	591	932
Note & Lease Receivable	714	783	850	986	1,010	1,116	1,086
Accounts Receivable	821	847	846	880	903	818	835
Inventories, net	732	737	736	728	782	863	777
Other Current Assets	223	199	231	228	218	252	265
Plant, Property, & Equipment, net	225	227	245	273	281	311	315
Plant, Property & Equipment, gross	225	227	245	273	281	311	315
Total Noncurrent Assets	5,086	6,213	6,351	6,817	6,898	7,095	7,210
Noncurrent Note & Lease Receivables	1,275	1,277	1,408	1,605	1,697	1,864	1,814
Goodwill	1,709	2,719	2,720	2,716	2,751	2,850	2,753
Intangible Assets	149	155	165	183	194	202	216
Noncurrent Deferred & Refundable Income Taxes	635	760	749	701	620	598	496
Other Noncurrent Operating Assets	1,318	1,302	1,309	1,612	1,636	1,581	1,931
Total Liabilities & Shareholders' Equity	8,322	9,491	9,944	10,444	10,569	11,046	11,420
Total Liabilities	6,791	6,902	7,339	7,422	6,953	7,355	7,942
Total Current Liabilities	2,393	2,046	2,438	3,006	2,949	2,879	3,343
Short-Term Debt	519	129	405	870	891	553	1,070
Accounts Payable	895	936	1,046	1,031	1,041	1,301	1,213
Accrued Expenses	752	776	774	829	766	782	810
Current Employee Benefit Liabilities	227	205	213	276	251	243	250
Total Noncurrent Liabilities	4,398	4,856	4,901	4,416	4,004	4,476	4,599
Long-Term Debt	2,752	3,174	3,199	2,739	2,225	2,726	2,676
Noncurrent Employee Benefit Liabilities	1,292	1,344	1,350	1,306	1,385	1,350	1,507
Other Noncurrent Operating Liabilities	354	338	352	371	394	400	416
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	224	214	224	224	224	224
Total Equity & Noncontrolling Interests	1,307	2,365	2,381	2,798	3,392	3,467	3,254
Total Preferred & Common Equity	1,303	2,361	2,378	2,789	3,384	3,459	3,243
Total Common Equity	1,303	2,361	2,378	2,789	3,384	3,459	3,243
Common Stock	1,247	1,238	1,223	1,776	1,764	1,751	1,733
Retained Earnings	3,570	4,810	4,828	5,070	5,057	5,162	5,057
Accumulated Other Comprehensive Income / (Loss)	-3,514	-3,687	-3,673	-3,504	-3,437	-3,454	-3,547
Noncontrolling Interest	4.00	4.00	3.00	9.00	8.00	8.00	11

This table displays calculated financial ratios and metrics derived from Xerox's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	-9.66%	-3.11%	0.98%
EBITDA Growth	-522.42%	505.45%	62.07%
EBIT Growth	-4,242.86%	91.38%	31.14%
NOPAT Growth	-4,242.86%	91.38%	31.14%
Net Income Growth	-132,200.00%	100.31%	29.23%
EPS Growth	-11,844.44%	95.81%	16.02%
Operating Cash Flow Growth	-25.51%	331.45%	-74.72%
Free Cash Flow Firm Growth	-22.11%	20.58%	160.42%
Invested Capital Growth	-25.37%	-11.63%	-11.52%
Revenue Q/Q Growth	-2.39%	-2.49%	2.36%
EBITDA Q/Q Growth	11.22%	-51.84%	93.88%
EBIT Q/Q Growth	6.46%	-113.40%	72.50%
NOPAT Q/Q Growth	6.46%	-110.65%	72.50%
Net Income Q/Q Growth	2.72%	-99.45%	71.20%
EPS Q/Q Growth	1.65%	-108.49%	67.37%
Operating Cash Flow Q/Q Growth	-6.92%	42.03%	-7.02%
Free Cash Flow Firm Q/Q Growth	-39.23%	87.90%	43.43%
Invested Capital Q/Q Growth	-3.60%	-9.33%	-0.54%
Profitability Metrics	-	-	-
Gross Margin	33.21%	33.60%	34.14%
EBITDA Margin	-15.14%	3.24%	-0.77%
Operating Margin	-19.55%	-0.41%	-4.57%
EBIT Margin	-19.55%	-0.41%	-4.57%
Profit (Net Income) Margin	-21.23%	0.01%	-4.53%
Tax Burden Percent	108.63%	-3.57%	99.08%
Interest Burden Percent	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-17.63%	-0.33%	-3.41%
ROIC Less NNEP Spread (ROIC-NNEP)	-34.46%	0.43%	-7.13%
Return on Net Nonoperating Assets (RNNOA)	-47.19%	0.36%	-4.40%
Return on Equity (ROE)	-64.82%	0.03%	-7.81%
Cash Return on Invested Capital (CROIC)	11.43%	12.02%	8.81%
Operating Return on Assets (OROA)	-13.24%	-0.26%	-2.62%
Return on Assets (ROA)	-14.38%	0.01%	-2.60%
Return on Common Equity (ROCE)	-57.47%	0.03%	-7.37%
Return on Equity Simple (ROE_SIMPLE)	-122.77%	0.04%	-9.63%
Net Operating Profit after Tax (NOPAT)	-851	-20	-228
NOPAT Margin	-13.68%	-0.28%	-3.20%
Net Nonoperating Expense Percent (NNEP)	16.84%	-0.76%	3.72%
Return On Investment Capital (ROIC_SIMPLE)	-19.00%	-0.34%	-3.21%
Cost of Revenue to Revenue	66.79%	66.40%	65.86%
SG&A Expenses to Revenue	24.71%	24.63%	24.76%
R&D to Revenue	3.07%	3.33%	4.28%
Operating Expenses to Revenue	52.76%	34.01%	38.71%
Earnings before Interest and Taxes (EBIT)	-1,216	-28	-325
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-942	223	-55
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.97	0.81	0.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.20
Price to Revenue (P/Rev)	0.17	0.30	0.27
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	11.86%	5.95%	7.97%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.99	0.91	0.78
Enterprise Value to Revenue (EV/Rev)	0.66	0.73	0.69
Enterprise Value to EBITDA (EV/EBITDA)	0.00	22.68	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.02	7.37	30.62
Enterprise Value to Free Cash Flow (EV/FCFF)	7.43	7.14	8.29
Leverage & Solvency	-	-	-
Debt to Equity	2.61	1.18	1.04
Long-Term Debt to Equity	2.16	0.98	0.80
Financial Leverage	1.37	0.86	0.62
Leverage Ratio	4.51	3.39	3.00
Compound Leverage Factor	4.51	3.39	3.00
Debt to Total Capital	72.27%	54.17%	51.02%
Short-Term Debt to Total Capital	12.44%	9.37%	11.78%
Long-Term Debt to Total Capital	59.83%	44.80%	39.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.85%	3.87%	3.20%
Common Equity to Total Capital	22.88%	41.96%	45.78%
Debt to EBITDA	-3.61	14.70	-67.75
Net Debt to EBITDA	-3.00	12.37	-48.75
Long-Term Debt to EBITDA	-2.99	12.15	-52.11
Debt to NOPAT	-3.99	-167.19	-16.38
Net Debt to NOPAT	-3.32	-140.71	-11.78
Long-Term Debt to NOPAT	-3.31	-138.27	-12.60
Altman Z-Score	0.99	1.59	1.37
Noncontrolling Interest Sharing Ratio	11.33%	7.37%	5.64%
Liquidity Ratios	-	-	-
Current Ratio	1.12	1.14	1.23
Quick Ratio	0.77	0.82	0.92
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	552	708	588
Operating Cash Flow to CapEx	1,161.36%	1,854.05%	278.95%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.68	0.64	0.57
Accounts Receivable Turnover	7.56	8.07	8.49
Inventory Turnover	6.13	6.27	6.27
Fixed Asset Turnover	24.07	23.50	20.96
Accounts Payable Turnover	4.02	3.85	3.90
Days Sales Outstanding (DSO)	48.29	45.24	43.01
Days Inventory Outstanding (DIO)	59.56	58.20	58.21
Days Payable Outstanding (DPO)	90.79	94.80	93.57
Cash Conversion Cycle (CCC)	17.06	8.64	7.65
Capital & Investment Metrics	-	-	-
Invested Capital	4,127	5,530	6,258
Invested Capital Turnover	1.29	1.17	1.07
Increase / (Decrease) in Invested Capital	-1,403	-728	-815
Enterprise Value (EV)	4,099	5,057	4,868
Market Capitalization	1,048	2,065	1,953
Book Value per Share	$8.65	$20.65	$21.48
Tangible Book Value per Share	($8.82)	($3.14)	$2.02
Total Capital	4,703	6,049	7,303
Total Debt	3,399	3,277	3,726
Total Long-Term Debt	2,814	2,710	2,866
Net Debt	2,823	2,758	2,681
Capital Expenditures (CapEx)	44	37	57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	325	446	592
Debt-free Net Working Capital (DFNWC)	901	965	1,637
Net Working Capital (NWC)	316	398	777
Net Nonoperating Expense (NNE)	470	-21	95
Net Nonoperating Obligations (NNO)	2,823	2,758	2,681
Total Depreciation and Amortization (D&A)	274	251	270
Debt-free, Cash-free Net Working Capital to Revenue	5.22%	6.48%	8.33%
Debt-free Net Working Capital to Revenue	14.48%	14.01%	23.03%
Net Working Capital to Revenue	5.08%	5.78%	10.93%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($10.75)	($0.09)	($2.15)
Adjusted Weighted Average Basic Shares Outstanding	125.28M	124.18M	156.43M
Adjusted Diluted Earnings per Share	($10.75)	($0.09)	($2.15)
Adjusted Weighted Average Diluted Shares Outstanding	125.28M	124.18M	156.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	125.28M	124.18M	156.43M
Normalized Net Operating Profit after Tax (NOPAT)	-32	97	106
Normalized NOPAT Margin	-0.52%	1.41%	1.50%
Pre Tax Income Margin	-19.55%	-0.41%	-4.57%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	-10.67%	16,500.00%	-54.04%
Augmented Payout Ratio	-11.28%	70,900.00%	-89.13%

This table displays calculated financial ratios and metrics derived from Xerox's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.61%	-7.51%	-10.03%	-12.42%	-9.07%	-5.65%	0.40%	2.82%	9.23%	-0.40%
EBITDA Growth	457.69%	-909.45%	411.11%	-161.07%	-112.15%	140.32%	-142.86%	976.47%	133.97%	-293.25%
EBIT Growth	95.45%	-1,798.44%	128.09%	-276.47%	-159.06%	116.84%	-1,680.00%	195.51%	121.05%	-552.38%
NOPAT Growth	95.45%	-1,652.86%	128.89%	-247.89%	-149.28%	118.42%	-1,680.00%	213.96%	125.22%	-402.27%
Net Income Growth	63.79%	-2,559.18%	129.51%	-259.15%	-147.54%	112.83%	-1,120.00%	224.56%	118.10%	-529.21%
EPS Growth	46.15%	-3,567.86%	126.83%	-318.60%	-151.32%	111.29%	-720.00%	213.16%	120.65%	-616.67%
Operating Cash Flow Growth	-9.77%	-6.45%	29.47%	-201.28%	109.14%	1,650.00%	211.76%	18.18%	-6.06%	-108.00%
Free Cash Flow Firm Growth	110.11%	336.82%	69.90%	7.91%	-29.11%	-75.08%	-35.77%	-90.65%	1,456.29%	-85.66%
Invested Capital Growth	-25.37%	-29.81%	-13.56%	-13.40%	-11.63%	-3.07%	-8.38%	-8.91%	-11.52%	-16.43%
Revenue Q/Q Growth	5.56%	-3.17%	5.06%	-14.90%	6.84%	-5.82%	2.27%	-11.64%	10.85%	0.23%
EBITDA Q/Q Growth	109.05%	-1,323.81%	192.31%	-264.00%	-120.47%	570.37%	-118.12%	-30.37%	167.94%	-600.00%
EBIT Q/Q Growth	99.63%	-4,448.00%	116.67%	-72.41%	-237.50%	171.91%	-204.71%	-42.95%	139.21%	-7,500.00%
NOPAT Q/Q Growth	99.63%	-4,327.22%	117.14%	-72.41%	-225.71%	178.65%	-187.75%	-43.20%	146.99%	-7,500.00%
Net Income Q/Q Growth	98.26%	-6,794.44%	115.93%	-94.83%	-218.37%	180.33%	-185.92%	-41.80%	131.94%	-7,540.00%
EPS Q/Q Growth	97.84%	-8,927.27%	111.70%	-141.03%	-239.29%	168.29%	-195.35%	-43.42%	130.65%	-4,860.00%
Operating Cash Flow Q/Q Growth	202.59%	-5.69%	255.70%	-120.31%	213.71%	30.53%	21.79%	-58.06%	2,425.00%	90.59%
Free Cash Flow Firm Q/Q Growth	32.46%	22.07%	15.47%	12.43%	175.37%	-52.52%	-26.66%	-26.06%	-3.19%	22.37%
Invested Capital Q/Q Growth	-3.60%	-20.82%	-2.12%	-0.11%	-9.33%	-2.49%	-1.94%	1.93%	-0.54%	-7.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.90%	32.40%	34.79%	29.49%	29.92%	34.26%	35.97%	34.34%	39.00%	31.75%
EBITDA Margin	5.77%	-67.28%	5.32%	-6.06%	-1.47%	7.69%	-1.54%	8.69%	11.03%	-17.99%
Operating Margin	-0.25%	-71.14%	1.58%	-9.99%	-4.99%	3.87%	-5.07%	4.96%	7.68%	-21.70%
EBIT Margin	-0.25%	-71.14%	1.58%	-9.99%	-4.99%	3.87%	-5.07%	4.96%	7.68%	-21.70%
Profit (Net Income) Margin	-1.30%	-78.86%	1.14%	-7.52%	-3.29%	2.97%	-3.48%	4.14%	6.29%	-21.82%
Tax Burden Percent	525.00%	110.86%	72.00%	75.33%	65.91%	76.56%	68.54%	83.53%	81.88%	100.53%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	28.00%	0.00%	0.00%	23.44%	0.00%	16.47%	16.11%	0.00%
Return on Invested Capital (ROIC)	-0.22%	-61.15%	1.27%	-7.84%	-4.08%	3.38%	-3.89%	4.43%	6.87%	-15.26%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.88%	-76.39%	1.27%	-8.12%	-3.95%	3.38%	-3.84%	4.43%	6.75%	-19.97%
Return on Net Nonoperating Assets (RNNOA)	-1.20%	-97.77%	1.12%	-7.26%	-3.38%	3.06%	-2.67%	2.88%	4.16%	-11.05%
Return on Equity (ROE)	-1.42%	-158.91%	2.39%	-15.10%	-7.46%	6.45%	-6.55%	7.31%	11.03%	-26.32%
Cash Return on Invested Capital (CROIC)	11.43%	17.50%	12.75%	11.27%	12.02%	6.09%	6.23%	7.75%	8.81%	5.93%
Operating Return on Assets (OROA)	-0.17%	-48.32%	1.03%	-6.35%	-3.19%	2.50%	-3.18%	2.94%	4.41%	-11.82%
Return on Assets (ROA)	-0.88%	-53.56%	0.74%	-4.78%	-2.10%	1.92%	-2.18%	2.46%	3.61%	-11.88%
Return on Common Equity (ROCE)	-1.26%	-142.82%	2.21%	-14.02%	-6.91%	5.98%	-6.16%	6.89%	10.41%	-24.94%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-104.22%	-4.40%	-7.70%	0.00%	6.49%	-7.39%	-5.61%	0.00%	-34.47%
Net Operating Profit after Tax (NOPAT)	-2.80	-761	18	-105	-62	49	-62	71	125	-266
NOPAT Margin	-0.17%	-49.80%	1.14%	-6.99%	-3.49%	2.97%	-3.55%	4.14%	6.44%	-15.19%
Net Nonoperating Expense Percent (NNEP)	0.65%	15.24%	0.00%	0.28%	-0.13%	0.00%	-0.05%	0.00%	0.12%	4.71%
Return On Investment Capital (ROIC_SIMPLE)	-0.06%	-	-	-	-1.06%	-	-	-	1.77%	-
Cost of Revenue to Revenue	64.10%	67.60%	65.21%	70.51%	70.09%	65.74%	64.03%	65.66%	61.00%	68.25%
SG&A Expenses to Revenue	23.37%	24.21%	24.90%	26.43%	24.93%	25.18%	24.69%	23.73%	22.05%	23.87%
R&D to Revenue	2.91%	2.95%	3.17%	3.26%	3.17%	3.15%	3.25%	3.73%	3.55%	4.17%
Operating Expenses to Revenue	36.14%	103.53%	33.21%	39.48%	34.90%	30.39%	41.05%	29.39%	31.32%	53.46%
Earnings before Interest and Taxes (EBIT)	-4.00	-1,087	25	-150	-88	64	-89	85	149	-380
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	93	-1,028	84	-91	-26	127	-27	149	214	-315
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.97	0.99	0.61	0.91	0.81	0.82	0.65	0.64	0.58	0.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	4.99	5.46	6.20	6.61
Price to Revenue (P/Rev)	0.17	0.20	0.22	0.32	0.30	0.32	0.31	0.31	0.27	0.26
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	14.80	0.00	0.00	0.00	0.00
Dividend Yield	11.86%	9.63%	8.61%	5.70%	5.95%	6.85%	7.16%	7.05%	7.97%	8.59%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	6.76%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.99	1.00	0.83	0.96	0.91	0.92	0.81	0.81	0.78	0.77
Enterprise Value to Revenue (EV/Rev)	0.66	0.67	0.69	0.79	0.73	0.79	0.71	0.72	0.69	0.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	47.76	0.00	22.68	12.10	241.11	46.31	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	26.81	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	30.46	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.02	7.78	8.06	10.00	7.37	11.60	14.43	30.06	30.62	28.43
Enterprise Value to Free Cash Flow (EV/FCFF)	7.43	4.70	6.04	7.89	7.14	14.86	12.43	9.92	8.29	11.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.61	2.14	1.28	1.39	1.18	1.19	0.86	0.89	1.04	1.08
Long-Term Debt to Equity	2.16	1.80	1.23	1.23	0.98	0.91	0.62	0.74	0.80	0.77
Financial Leverage	1.37	1.28	0.88	0.89	0.86	0.91	0.69	0.65	0.62	0.55
Leverage Ratio	4.51	4.12	3.23	3.34	3.39	3.36	2.96	2.98	3.00	2.87
Compound Leverage Factor	4.51	4.12	3.23	3.34	3.39	3.36	2.96	2.98	3.00	2.87
Debt to Total Capital	72.27%	68.12%	56.06%	58.14%	54.17%	54.43%	46.29%	47.04%	51.02%	51.85%
Short-Term Debt to Total Capital	12.44%	10.81%	2.19%	6.53%	9.37%	13.12%	13.24%	7.93%	11.78%	14.81%
Long-Term Debt to Total Capital	59.83%	57.31%	53.87%	51.61%	44.80%	41.31%	33.05%	39.11%	39.24%	37.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.85%	4.75%	3.87%	3.50%	3.87%	3.51%	3.45%	3.33%	3.20%	3.25%
Common Equity to Total Capital	22.88%	27.13%	40.07%	38.36%	41.96%	42.06%	50.27%	49.63%	45.78%	44.89%
Debt to EBITDA	-3.61	-3.08	35.14	-212.00	14.70	7.79	148.38	29.54	-67.75	-4.17
Net Debt to EBITDA	-3.00	-2.59	29.98	-171.71	12.37	6.65	125.67	24.22	-48.75	-3.13
Long-Term Debt to EBITDA	-2.99	-2.59	33.77	-188.18	12.15	5.92	105.95	24.56	-52.11	-2.98
Debt to NOPAT	-3.99	-3.59	-31.67	-19.58	-167.19	19.61	-18.94	-31.02	-16.38	-4.53
Net Debt to NOPAT	-3.32	-3.02	-27.02	-15.86	-140.71	16.72	-16.04	-25.43	-11.78	-3.40
Long-Term Debt to NOPAT	-3.31	-3.02	-30.43	-17.38	-138.27	14.89	-13.53	-25.79	-12.60	-3.23
Altman Z-Score	1.46	1.14	1.66	1.59	1.57	1.60	1.56	1.59	1.51	1.31
Noncontrolling Interest Sharing Ratio	11.33%	10.13%	7.41%	7.14%	7.37%	7.20%	6.02%	5.69%	5.64%	5.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.26	1.49	1.37	1.14	1.12	1.15	1.26	1.23	1.17
Quick Ratio	0.77	0.86	1.03	0.98	0.82	0.80	0.81	0.88	0.92	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,400	1,057	866	750	666	242	510	695	940	971
Operating Cash Flow to CapEx	2,064.71%	1,288.89%	1,537.50%	-790.00%	3,890.00%	1,033.33%	1,357.14%	975.00%	1,033.33%	-80.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.68	0.65	0.64	0.64	0.65	0.63	0.59	0.57	0.54
Accounts Receivable Turnover	7.56	7.49	7.43	8.02	8.07	8.24	8.16	8.80	8.49	8.05
Inventory Turnover	6.13	5.79	5.64	5.47	6.27	6.01	5.98	5.85	6.27	5.89
Fixed Asset Turnover	24.07	25.59	25.58	24.00	23.50	24.02	23.29	21.65	20.96	0.00
Accounts Payable Turnover	4.02	4.39	4.33	3.73	3.85	4.03	4.12	3.76	3.90	4.11
Days Sales Outstanding (DSO)	48.29	48.71	49.16	45.51	45.24	44.32	44.73	41.45	43.01	45.37
Days Inventory Outstanding (DIO)	59.56	63.02	64.76	66.70	58.20	60.78	61.00	62.34	58.21	61.98
Days Payable Outstanding (DPO)	90.79	83.14	84.28	97.90	94.80	90.62	88.65	97.09	93.57	88.91
Cash Conversion Cycle (CCC)	17.06	28.60	29.63	14.31	8.64	14.48	17.08	6.71	7.65	18.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,127	4,281	5,407	5,524	5,530	6,099	6,255	6,379	6,258	6,292
Invested Capital Turnover	1.29	1.23	1.11	1.12	1.17	1.14	1.09	1.07	1.07	1.00
Increase / (Decrease) in Invested Capital	-1,403	-1,818	-848	-855	-728	-193	-572	-624	-815	-1,237
Enterprise Value (EV)	4,099	4,269	4,489	5,291	5,057	5,604	5,063	5,140	4,868	4,861
Market Capitalization	1,048	1,291	1,443	2,155	2,065	2,294	2,192	2,220	1,953	1,812
Book Value per Share	$8.65	$10.48	$19.01	$19.15	$20.65	$17.75	$21.56	$22.11	$21.48	$20.85
Tangible Book Value per Share	($8.82)	($4.46)	($4.13)	($4.08)	($3.14)	($0.70)	$2.80	$2.60	$2.02	$1.76
Total Capital	4,703	4,802	5,892	6,199	6,049	6,631	6,732	6,970	7,303	7,224
Total Debt	3,399	3,271	3,303	3,604	3,277	3,609	3,116	3,279	3,726	3,746
Total Long-Term Debt	2,814	2,752	3,174	3,199	2,710	2,739	2,225	2,726	2,866	2,676
Net Debt	2,823	2,750	2,818	2,919	2,758	3,077	2,639	2,688	2,681	2,814
Capital Expenditures (CapEx)	17	9.00	8.00	10	10	12	7.00	8.00	18	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	325	616	649	630	446	686	855	723	592	690
Debt-free Net Working Capital (DFNWC)	901	1,137	1,134	1,315	965	1,218	1,332	1,314	1,637	1,622
Net Working Capital (NWC)	316	618	1,005	910	398	348	441	761	777	552
Net Nonoperating Expense (NNE)	18	444	0.00	8.00	-3.60	0.00	-1.30	0.00	3.00	116
Net Nonoperating Obligations (NNO)	2,823	2,750	2,818	2,929	2,758	3,077	2,639	2,688	2,681	2,814
Total Depreciation and Amortization (D&A)	97	59	59	59	62	63	62	64	65	65
Debt-free, Cash-free Net Working Capital to Revenue	5.22%	9.67%	9.99%	9.44%	6.48%	9.71%	11.94%	10.11%	8.33%	9.94%
Debt-free Net Working Capital to Revenue	14.48%	17.84%	17.45%	19.71%	14.01%	17.25%	18.60%	18.37%	23.03%	23.36%
Net Working Capital to Revenue	5.08%	9.70%	15.47%	13.64%	5.78%	4.93%	6.16%	10.64%	10.93%	7.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($9.71)	$0.12	($0.94)	($0.40)	$0.29	($0.41)	$0.43	$0.76	($2.48)
Adjusted Weighted Average Basic Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M
Adjusted Diluted Earnings per Share	($0.21)	($9.71)	$0.11	($0.94)	($0.39)	$0.28	($0.41)	$0.43	$0.76	($2.48)
Adjusted Weighted Average Diluted Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	125.28M	124.37M	124.33M	124.20M	124.18M	122.91M	157.12M	156.96M	156.43M	155.60M
Normalized Net Operating Profit after Tax (NOPAT)	0.70	19	27	-78	31	57	-46	73	145	38
Normalized NOPAT Margin	0.04%	1.24%	1.69%	-5.17%	1.75%	3.43%	-2.63%	4.24%	7.48%	2.16%
Pre Tax Income Margin	-0.25%	-71.14%	1.58%	-9.99%	-4.99%	3.87%	-5.07%	4.96%	7.68%	-21.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-10.67%	-10.38%	-142.31%	-85.79%	16,500.00%	96.13%	-69.60%	-89.18%	-54.04%	-16.10%
Augmented Payout Ratio	-11.28%	-10.60%	-668.27%	-384.70%	70,900.00%	396.69%	-69.60%	-89.18%	-89.13%	-60.91%

Frequently Asked Questions About Xerox's Financials

When does Xerox's fiscal year end?

According to the most recent income statement we have on file, Xerox's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Xerox's net income changed over the last 2 years?

Xerox's net income appears to be on an upward trend, with a most recent value of -$1.32 billion in 2024, rising from -$322 million in 2022. The previous period was $1 million in 2023. Find out what analysts predict for Xerox in the coming months.

What is Xerox's operating income?

Xerox's total operating income in 2024 was -$1.22 billion, based on the following breakdown:

Total Gross Profit: $2.07 billion
Total Operating Expenses: $3.28 billion

How has Xerox revenue changed over the last 2 years?

Over the last 2 years, Xerox's total revenue changed from $7.11 billion in 2022 to $6.22 billion in 2024, a change of -12.5%.

How much debt does Xerox have?

Xerox's total liabilities were at $7.06 billion at the end of 2024, a 2.4% decrease from 2023, and a 11.4% decrease since 2022.

How much cash does Xerox have?

In the past 2 years, Xerox's cash and equivalents has ranged from $519 million in 2023 to $1.05 billion in 2022, and is currently $576 million as of their latest financial filing in 2024.

How has Xerox's book value per share changed over the last 2 years?

Over the last 2 years, Xerox's book value per share changed from 21.48 in 2022 to 8.65 in 2024, a change of -59.7%.

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This page (NYSE:XRX) was last updated on 5/25/2025 by MarketBeat.com Staff

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