Xerox (XRX) Financials

$3.98 +0.08 (+2.05%)

Closing price 08/29/2025 04:00 PM Eastern

Extended Trading

$3.96 -0.02 (-0.63%)

As of 08/29/2025 07:48 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	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	195	361	3,528	192	-469	-336	-13	-1,335
Consolidated Net Income / (Loss)	207	374	1,361	192	-455	-322	1.00	-1,321
Net Income / (Loss) Continuing Operations	70	310	651	192	-455	-322	1.00	-1,321
Total Pre-Tax Income	525	549	822	252	-472	-325	-28	-1,216
Total Operating Income	525	549	1,728	252	-472	-325	-28	-1,216
Total Gross Profit	4,071	3,869	12,716	2,626	2,514	2,426	2,314	2,066
Total Revenue	9,991	9,662	18,132	7,022	7,038	7,107	6,886	6,221
Operating Revenue	9,991	9,662	18,132	7,022	7,038	7,107	6,886	6,221
Total Cost of Revenue	5,920	5,793	5,416	4,396	4,524	4,681	4,572	4,155
Operating Cost of Revenue	5,920	5,793	5,416	4,396	4,524	4,681	4,572	4,155
Total Operating Expenses	3,546	3,320	10,988	2,374	2,986	2,751	2,342	3,282
Selling, General & Admin Expense	2,514	2,379	2,458	1,851	1,718	1,760	1,696	1,537
Research & Development Expense	424	397	-	311	310	304	229	191
Amortization Expense	53	48	45	56	55	42	43	73
Other Operating Expenses / (Income)	339	339	8,256	63	84	168	207	311
Impairment Charge	-	-	0.00	0.00	781	412	0.00	1,058
Restructuring Charge	216	157	229	93	38	65	167	112
Total Other Income / (Expense), net	0.00	0.00	-84	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	468	247	179	64	-17	-3.00	-29	105
Preferred Stock Dividends Declared	-	-	-	-	14	14	14	14
Basic Earnings per Share	$0.71	$1.40	$8.89	$0.85	($2.56)	($2.15)	($0.09)	($10.75)
Weighted Average Basic Shares Outstanding	-	-	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Diluted Earnings per Share	$0.71	$1.38	$5.80	$0.84	($2.56)	($2.15)	($0.09)	($10.75)
Weighted Average Diluted Shares Outstanding	-	-	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Weighted Average Basic & Diluted Shares Outstanding	-	-	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Cash Dividends to Common per Share	-	$1.00	$1.00	$1.00	$1.00	$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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-383	107	67	-64	45	-61	-117	15	-1,209	-24	-94
Consolidated Net Income / (Loss)	-382	122	71	-61	49	-58	-113	18	-1,205	-21	-90
Net Income / (Loss) Continuing Operations	-382	122	71	-61	49	-58	-113	18	-1,205	-21	-90
Total Pre-Tax Income	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00	-67
Total Operating Income	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00	-67
Total Gross Profit	556	757	589	631	566	528	443	549	495	579	426
Total Revenue	1,751	1,941	1,715	1,754	1,652	1,765	1,502	1,578	1,528	1,613	1,457
Operating Revenue	1,751	1,941	1,715	1,754	1,652	1,765	1,502	1,578	1,528	1,613	1,457
Total Cost of Revenue	1,195	1,184	1,126	1,123	1,086	1,237	1,059	1,029	1,033	1,034	1,031
Operating Cost of Revenue	1,195	1,184	1,126	1,123	1,086	1,237	1,059	1,029	1,033	1,034	1,031
Total Operating Expenses	936	608	504	720	502	616	593	524	1,582	583	493
Selling, General & Admin Expense	418	428	407	433	416	440	397	393	370	377	378
Research & Development Expense	73	69	64	57	52	56	49	50	45	47	42
Amortization Expense	10	11	11	10	12	10	10	10	10	43	10
Other Operating Expenses / (Income)	1.00	76	20	197	12	-22	98	59	43	111	64
Restructuring Charge	22	24	2.00	23	10	132	39	12	56	5.00	-1.00
Total Other Income / (Expense), net	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Income Tax Expense	3.00	24	14	-28	15	-30	-37	7.00	118	17	23
Preferred Stock Dividends Declared	-	-	4.00	3.00	4.00	3.00	4.00	3.00	4.00	3.00	4.00
Basic Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.29	($0.40)	($0.94)	$0.12	($9.71)	($0.22)	($0.75)
Weighted Average Basic Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
Diluted Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.28	($0.39)	($0.94)	$0.11	($9.71)	($0.21)	($0.75)
Weighted Average Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
Weighted Average Basic & Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
Cash Dividends to Common per Share	$0.25	-	$0.25	$0.25	$0.25	-	$0.25	$0.25	$0.25	-	$0.13

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	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2,041	-2.00	1,647	-104	-782	-770	-522	14
Net Cash From Operating Activities	-534	2,280	1,333	548	629	159	686	511
Net Cash From Continuing Operating Activities	-498	2,164	1,244	548	629	159	686	511
Net Income / (Loss) Continuing Operations	140	620	651	192	-455	-322	1.00	-1,321
Consolidated Net Income / (Loss)	414	748	1,361	192	-455	-322	1.00	-1,321
Depreciation Expense	1,054	1,052	430	368	327	270	251	274
Non-Cash Adjustments To Reconcile Net Income	1,002	846	533	53	619	422	264	1,281
Changes in Operating Assets and Liabilities, net	-2,260	142	12	-65	138	-211	170	277
Net Cash From Investing Activities	330	-58	2,148	-246	-85	-78	-5.00	-198
Net Cash From Continuing Investing Activities	330	-58	-85	-246	-85	-78	-5.00	-198
Purchase of Property, Plant & Equipment	-210	-180	65	-74	-68	-57	-37	-44
Acquisitions	-174	0.00	42	-203	-53	-93	-7.00	-161
Divestitures	-	-	-	30	44	87	43	35
Other Investing Activities, net	413	4.00	20	1.00	-8.00	-15	-4.00	-28
Net Cash From Financing Activities	-1,970	-2,602	-1,834	-416	-1,310	-822	-1,202	-271
Net Cash From Continuing Financing Activities	-1,970	-2,602	-1,834	-416	-1,310	-822	-1,202	-271
Repayment of Debt	-3,408	-672	919	-2,245	-527	-1,729	-1,889	-1,006
Repurchase of Common Equity	0.00	-1,400	600	-300	-888	-113	-544	-8.00
Payment of Dividends	-582	-538	243	-230	-206	-174	-165	-141
Issuance of Debt	2,020	8.00	10	2,359	311	1,194	1,396	907
Other Financing Activities, net	-	0.00	-	-	-	0.00	0.00	-23
Effect of Exchange Rate Changes	-	-	-	10	-16	-29	-1.00	-28

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-226	138	-442	-128	48	-	155	-221	39	41	-241
Net Cash From Operating Activities	-8.00	186	78	95	124	389	-79	123	116	351	-89
Net Cash From Continuing Operating Activities	-8.00	186	78	95	124	389	-79	123	116	351	-89
Net Income / (Loss) Continuing Operations	-382	122	71	-61	49	-58	-113	18	-1,205	-21	-90
Consolidated Net Income / (Loss)	-382	122	71	-61	49	-58	-113	18	-1,205	-21	-90
Depreciation Expense	65	65	64	62	63	62	59	59	59	97	60
Non-Cash Adjustments To Reconcile Net Income	403	-4.00	-3.00	174	-35	128	146	37	1,093	5.00	6.00
Changes in Operating Assets and Liabilities, net	-94	3.00	-54	-80	47	257	-171	9.00	169	270	-65
Net Cash From Investing Activities	-33	17	-17	-5.00	25	-8.00	-17	-2.00	-7.00	-172	6.00
Net Cash From Continuing Investing Activities	-33	17	-17	-5.00	25	-8.00	-17	-2.00	-7.00	-172	6.00
Purchase of Property, Plant & Equipment	-10	-18	-8.00	-7.00	-12	-10	-10	-8.00	-9.00	-17	-20
Acquisitions	-41	-	-7.00	-	-	-	0.00	-	-	-161	1.00
Divestitures	23	38	1.00	2.00	37	3.00	4.00	15	8.00	8.00	27
Other Investing Activities, net	-5.00	-3.00	-3.00	-	-	-1.00	-11	-9.00	-6.00	-2.00	-2.00
Net Cash From Financing Activities	-168	-67	-505	-220	-94	-383	261	-336	-74	-122	-159
Net Cash From Continuing Financing Activities	-168	-67	-505	-220	-94	-383	261	-336	-74	-122	-159
Repayment of Debt	-125	-464	-460	-177	-373	-879	-581	-303	-38	-84	-123
Repurchase of Common Equity	-	-	0.00	-	-544	-	-3.00	-	-	-5.00	0.00
Payment of Dividends	-43	-43	-45	-43	-43	-34	-37	-34	-36	-34	-39
Issuance of Debt	-	440	0.00	-	866	530	905	1.00	-	1.00	3.00
Other Financing Activities, net	-	-	0.00	-	-	-	-23	-	-	-	0.00
Effect of Exchange Rate Changes	-17	2.00	2.00	2.00	-7.00	2.00	-10	-6.00	4.00	-16	1.00

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	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	29,748	30,094	14,741	13,223	11,543	10,008	8,365
Total Current Assets	9,426	12,280	5,783	4,701	4,107	3,177	2,935
Cash & Equivalents	2,162	5,480	2,625	1,840	1,045	519	576
Note & Lease Receivable	2,646	2,538	1,181	1,136	1,154	913	656
Accounts Receivable	2,540	2,472	883	818	857	850	796
Inventories, net	1,658	1,388	843	696	797	661	695
Other Current Assets	382	402	251	211	254	234	212
Plant, Property, & Equipment, net	1,880	0.00	407	358	320	266	251
Plant, Property & Equipment, gross	-	-	407	358	320	266	251
Total Noncurrent Assets	18,442	16,234	8,551	8,164	7,116	6,565	5,179
Noncurrent Note & Lease Receivables	4,298	4,164	1,984	1,934	1,948	1,597	1,089
Goodwill	7,716	7,800	4,071	3,287	2,820	2,747	1,937
Intangible Assets	440	398	237	211	208	177	236
Noncurrent Deferred & Refundable Income Taxes	1,480	1,196	508	519	582	745	615
Other Noncurrent Operating Assets	1,804	2,676	1,751	2,213	1,558	1,299	1,302
Total Liabilities & Shareholders' Equity	29,748	30,094	14,741	13,223	11,543	10,008	8,365
Total Liabilities	19,242	18,412	8,931	8,556	7,966	7,236	7,061
Total Current Liabilities	6,502	6,804	2,478	2,829	3,330	2,779	2,619
Short-Term Debt	1,922	-	394	650	860	567	585
Accounts Payable	2,146	2,106	983	1,069	1,331	1,044	1,023
Accrued Expenses	-	-	-	871	881	862	784
Current Employee Benefit Liabilities	696	698	261	239	258	306	227
Total Noncurrent Liabilities	12,740	8,375	6,453	5,727	4,636	4,457	4,442
Long-Term Debt	8,538	3,233	4,050	3,596	2,866	2,710	2,814
Noncurrent Employee Benefit Liabilities	3,664	4,118	1,906	1,650	1,359	1,387	1,242
Other Noncurrent Operating Liabilities	538	1,024	497	481	411	360	386
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	428	214	214	224	224	224	224
Total Equity & Noncontrolling Interests	10,078	11,468	5,596	4,443	3,353	2,548	1,080
Total Preferred & Common Equity	10,010	11,454	5,592	4,436	3,343	2,538	1,076
Total Common Equity	10,010	11,454	5,592	4,436	3,343	2,538	1,076
Common Stock	7,106	6,263	2,643	1,970	1,744	1,237	1,261
Retained Earnings	10,144	12,559	6,281	5,631	5,136	4,977	3,514
Accumulated Other Comprehensive Income / (Loss)	-7,130	-7,292	-3,332	-2,988	-3,537	-3,676	-3,699
Noncontrolling Interest	68	14	4.00	7.00	10	10	4.00

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 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	11,420	11,046	10,569	10,444	9,944	9,491	8,322	8,211
Total Current Assets	3,895	3,640	3,390	3,354	3,348	3,051	3,011	2,867
Cash & Equivalents	932	591	477	532	685	485	521	336
Note & Lease Receivable	1,086	1,116	1,010	986	850	783	714	626
Accounts Receivable	835	818	903	880	846	847	821	819
Inventories, net	777	863	782	728	736	737	732	836
Other Current Assets	265	252	218	228	231	199	223	250
Plant, Property, & Equipment, net	315	311	281	273	245	227	225	195
Plant, Property & Equipment, gross	315	311	281	273	245	227	225	195
Total Noncurrent Assets	7,210	7,095	6,898	6,817	6,351	6,213	5,086	5,149
Noncurrent Note & Lease Receivables	1,814	1,864	1,697	1,605	1,408	1,277	1,275	1,013
Goodwill	2,753	2,850	2,751	2,716	2,720	2,719	1,709	1,954
Intangible Assets	216	202	194	183	165	155	149	228
Noncurrent Deferred & Refundable Income Taxes	496	598	620	701	749	760	635	607
Other Noncurrent Operating Assets	1,931	1,581	1,636	1,612	1,309	1,302	1,318	1,347
Total Liabilities & Shareholders' Equity	11,420	11,046	10,569	10,444	9,944	9,491	8,322	8,211
Total Liabilities	7,942	7,355	6,953	7,422	7,339	6,902	6,791	6,930
Total Current Liabilities	3,343	2,879	2,949	3,006	2,438	2,046	2,393	2,639
Short-Term Debt	1,070	553	891	870	405	129	519	599
Accounts Payable	1,213	1,301	1,041	1,031	1,046	936	895	1,120
Accrued Expenses	810	782	766	829	774	776	752	721
Current Employee Benefit Liabilities	250	243	251	276	213	205	227	199
Total Noncurrent Liabilities	4,599	4,476	4,004	4,416	4,901	4,856	4,398	4,291
Long-Term Debt	2,676	2,726	2,225	2,739	3,199	3,174	2,752	2,699
Noncurrent Employee Benefit Liabilities	1,507	1,350	1,385	1,306	1,350	1,344	1,292	1,229
Other Noncurrent Operating Liabilities	416	400	394	371	352	338	354	363
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	224	224	224	214	224	224	224
Total Equity & Noncontrolling Interests	3,254	3,467	3,392	2,798	2,381	2,365	1,307	1,057
Total Preferred & Common Equity	3,243	3,459	3,384	2,789	2,378	2,361	1,303	1,053
Total Common Equity	3,243	3,459	3,384	2,789	2,378	2,361	1,303	1,053
Common Stock	1,733	1,751	1,764	1,776	1,223	1,238	1,247	1,267
Retained Earnings	5,057	5,162	5,057	5,070	4,828	4,810	3,570	3,403
Accumulated Other Comprehensive Income / (Loss)	-3,547	-3,454	-3,437	-3,504	-3,673	-3,687	-3,514	-3,617
Noncontrolling Interest	11	8.00	8.00	9.00	3.00	4.00	4.00	4.00

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-3.29%	87.66%	-61.27%	0.23%	0.98%	-3.11%	-9.66%
EBITDA Growth	0.00%	1.39%	29.54%	-70.11%	-123.39%	62.07%	505.45%	-522.42%
EBIT Growth	0.00%	4.57%	199.45%	-84.67%	-287.30%	31.14%	91.38%	-4,242.86%
NOPAT Growth	0.00%	429.82%	347.59%	-86.09%	-275.74%	31.14%	91.38%	-4,242.86%
Net Income Growth	0.00%	80.68%	263.90%	-85.89%	-336.98%	29.23%	100.31%	-132,200.00%
EPS Growth	0.00%	94.37%	320.29%	-85.52%	-404.76%	16.02%	95.81%	-11,844.44%
Operating Cash Flow Growth	0.00%	526.97%	-41.54%	-58.89%	14.78%	-74.72%	331.45%	-25.51%
Free Cash Flow Firm Growth	0.00%	0.00%	127.02%	34.55%	-96.07%	160.42%	20.58%	-22.11%
Invested Capital Growth	0.00%	0.00%	-18.12%	-42.14%	-7.29%	-11.52%	-11.63%	-25.37%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-57.70%	-2.13%	2.36%	-2.49%	-2.39%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-56.61%	-121.20%	93.88%	-51.84%	11.22%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-81.88%	-239.23%	72.50%	-113.40%	6.46%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-82.57%	-213.15%	72.50%	-110.65%	6.46%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-79.44%	-253.72%	71.20%	-99.45%	2.72%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-274.15%	67.37%	-108.49%	1.65%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-49.12%	480.56%	-5.56%	-7.02%	42.03%	-6.92%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-96.77%	43.43%	87.90%	-39.23%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-46.33%	-6.06%	-0.54%	-9.33%	-3.60%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	40.75%	40.04%	70.13%	37.40%	35.72%	34.14%	33.60%	33.21%
EBITDA Margin	15.80%	16.57%	11.44%	8.83%	-2.06%	-0.77%	3.24%	-15.14%
Operating Margin	5.25%	5.68%	9.53%	3.59%	-6.71%	-4.57%	-0.41%	-19.55%
EBIT Margin	5.25%	5.68%	9.07%	3.59%	-6.71%	-4.57%	-0.41%	-19.55%
Profit (Net Income) Margin	2.07%	3.87%	7.51%	2.73%	-6.46%	-4.53%	0.01%	-21.23%
Tax Burden Percent	39.43%	68.12%	165.57%	76.19%	96.40%	99.08%	-3.57%	108.63%
Interest Burden Percent	100.00%	100.00%	50.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	89.14%	44.99%	21.78%	25.40%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	3.75%	9.23%	1.81%	-4.49%	-3.41%	-0.33%	-17.63%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	6.32%	9.49%	2.05%	-10.39%	-7.13%	0.43%	-34.46%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.37%	3.04%	0.39%	-4.19%	-4.40%	0.36%	-47.19%
Return on Equity (ROE)	0.00%	7.12%	12.27%	2.20%	-8.69%	-7.81%	0.03%	-64.82%
Cash Return on Invested Capital (CROIC)	0.00%	-196.25%	29.15%	55.20%	3.07%	8.81%	12.02%	11.43%
Operating Return on Assets (OROA)	0.00%	1.85%	5.49%	1.12%	-3.38%	-2.62%	-0.26%	-13.24%
Return on Assets (ROA)	0.00%	1.26%	4.55%	0.86%	-3.25%	-2.60%	0.01%	-14.38%
Return on Common Equity (ROCE)	0.00%	6.78%	11.87%	2.14%	-8.31%	-7.37%	0.03%	-57.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.74%	11.88%	3.43%	-10.26%	-9.63%	0.04%	-122.77%
Net Operating Profit after Tax (NOPAT)	57	302	1,352	188	-330	-228	-20	-851
NOPAT Margin	0.57%	3.13%	7.45%	2.68%	-4.69%	-3.20%	-0.28%	-13.68%
Net Nonoperating Expense Percent (NNEP)	0.00%	-2.57%	-0.26%	-0.24%	5.90%	3.72%	-0.76%	16.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-3.21%	-0.34%	-19.00%
Cost of Revenue to Revenue	59.25%	59.96%	29.87%	62.60%	64.28%	65.86%	66.40%	66.79%
SG&A Expenses to Revenue	25.16%	24.62%	13.56%	26.36%	24.41%	24.76%	24.63%	24.71%
R&D to Revenue	4.24%	4.11%	0.00%	4.43%	4.40%	4.28%	3.33%	3.07%
Operating Expenses to Revenue	35.49%	34.36%	60.60%	33.81%	42.43%	38.71%	34.01%	52.76%
Earnings before Interest and Taxes (EBIT)	525	549	1,644	252	-472	-325	-28	-1,216
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,579	1,601	2,074	620	-145	-55	223	-942
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.54	0.67	0.78	0.58	0.81	0.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.89	2.92	3.67	6.20	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.34	0.53	0.49	0.27	0.30	0.17
Price to Earnings (P/E)	0.00	0.00	1.74	19.52	0.00	0.00	0.00	0.00
Dividend Yield	4.77%	6.76%	3.51%	5.29%	5.19%	7.97%	5.95%	11.86%
Earnings Yield	0.00%	0.00%	57.36%	5.12%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.31	0.76	0.86	0.78	0.91	0.99
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.23	0.82	0.86	0.69	0.73	0.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	1.99	9.33	0.00	0.00	22.68	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	2.51	22.95	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	3.06	30.77	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	3.10	10.56	9.66	30.62	7.37	8.02
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.97	1.01	26.93	8.29	7.14	7.43
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.00	0.28	0.76	0.91	1.04	1.18	2.61
Long-Term Debt to Equity	0.00	0.81	0.28	0.70	0.77	0.80	0.98	2.16
Financial Leverage	0.00	0.53	0.32	0.19	0.40	0.62	0.86	1.37
Leverage Ratio	0.00	2.83	2.70	2.56	2.67	3.00	3.39	4.51
Compound Leverage Factor	0.00	2.83	1.35	2.56	2.67	3.00	3.39	4.51
Debt to Total Capital	0.00%	49.89%	21.68%	43.34%	47.64%	51.02%	54.17%	72.27%
Short-Term Debt to Total Capital	0.00%	9.17%	0.00%	3.84%	7.29%	11.78%	9.37%	12.44%
Long-Term Debt to Total Capital	0.00%	40.72%	21.68%	39.50%	40.35%	39.24%	44.80%	59.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.37%	1.53%	2.13%	2.59%	3.20%	3.87%	4.85%
Common Equity to Total Capital	0.00%	47.74%	76.80%	54.53%	49.77%	45.78%	41.96%	22.88%
Debt to EBITDA	0.00	6.53	1.56	7.17	-29.28	-67.75	14.70	-3.61
Net Debt to EBITDA	0.00	5.18	-1.08	2.93	-16.59	-48.75	12.37	-3.00
Long-Term Debt to EBITDA	0.00	5.33	1.56	6.53	-24.80	-52.11	12.15	-2.99
Debt to NOPAT	0.00	34.64	2.39	23.64	-12.85	-16.38	-167.19	-3.99
Net Debt to NOPAT	0.00	27.48	-1.66	9.68	-7.28	-11.78	-140.71	-3.32
Long-Term Debt to NOPAT	0.00	28.27	2.39	21.54	-10.88	-12.60	-138.27	-3.31
Altman Z-Score	0.00	0.00	1.79	1.65	1.42	1.37	1.59	0.99
Noncontrolling Interest Sharing Ratio	0.00%	4.72%	3.26%	2.55%	4.29%	5.64%	7.37%	11.33%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.45	1.80	2.33	1.66	1.23	1.14	1.12
Quick Ratio	0.00	1.13	1.54	1.89	1.34	0.92	0.82	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-15,802	4,270	5,745	226	588	708	552
Operating Cash Flow to CapEx	-254.29%	1,266.67%	0.00%	740.54%	925.00%	278.95%	1,854.05%	1,161.36%
Free Cash Flow to Firm to Interest Expense	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
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.32	0.61	0.31	0.50	0.57	0.64	0.68
Accounts Receivable Turnover	0.00	3.80	7.24	4.19	8.28	8.49	8.07	7.56
Inventory Turnover	0.00	3.49	3.56	3.94	5.88	6.27	6.27	6.13
Fixed Asset Turnover	0.00	5.14	0.00	0.00	18.40	20.96	23.50	24.07
Accounts Payable Turnover	0.00	2.70	2.55	2.85	4.41	3.90	3.85	4.02
Days Sales Outstanding (DSO)	0.00	95.95	50.45	87.20	44.11	43.01	45.24	48.29
Days Inventory Outstanding (DIO)	0.00	104.47	102.64	92.62	62.08	58.21	58.20	59.56
Days Payable Outstanding (DPO)	0.00	135.21	143.28	128.24	82.78	93.57	94.80	90.79
Cash Conversion Cycle (CCC)	0.00	65.21	9.81	51.58	23.41	7.65	8.64	17.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	16,104	13,186	7,629	7,073	6,258	5,530	4,127
Invested Capital Turnover	0.00	1.20	1.24	0.67	0.96	1.07	1.17	1.29
Increase / (Decrease) in Invested Capital	0.00	16,104	-2,918	-5,557	-556	-815	-728	-1,403
Enterprise Value (EV)	0.00	0.00	4,132	5,784	6,076	4,868	5,057	4,099
Market Capitalization	0.00	0.00	6,151	3,747	3,439	1,953	2,065	1,048
Book Value per Share	$0.00	$0.00	$52.98	$28.19	$24.85	$21.48	$20.65	$8.65
Tangible Book Value per Share	$0.00	$0.00	$15.06	$6.47	$5.25	$2.02	($3.14)	($8.82)
Total Capital	0.00	20,966	14,915	10,254	8,913	7,303	6,049	4,703
Total Debt	0.00	10,460	3,233	4,444	4,246	3,726	3,277	3,399
Total Long-Term Debt	0.00	8,538	3,233	4,050	3,596	2,866	2,710	2,814
Net Debt	0.00	8,298	-2,247	1,819	2,406	2,681	2,758	2,823
Capital Expenditures (CapEx)	210	180	-65	74	68	57	37	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	2,684	-4.00	1,074	682	592	446	325
Debt-free Net Working Capital (DFNWC)	0.00	4,846	5,476	3,699	2,522	1,637	965	901
Net Working Capital (NWC)	0.00	2,924	5,476	3,305	1,872	777	398	316
Net Nonoperating Expense (NNE)	-150	-72	-9.29	-4.00	125	95	-21	470
Net Nonoperating Obligations (NNO)	0.00	5,598	1,504	1,819	2,406	2,681	2,758	2,823
Total Depreciation and Amortization (D&A)	1,054	1,052	430	368	327	270	251	274
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	27.78%	-0.02%	15.29%	9.69%	8.33%	6.48%	5.22%
Debt-free Net Working Capital to Revenue	0.00%	50.16%	30.20%	52.68%	35.83%	23.03%	14.01%	14.48%
Net Working Capital to Revenue	0.00%	30.26%	30.20%	47.07%	26.60%	10.93%	5.78%	5.08%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.85	($5.12)	($2.15)	($0.09)	($10.75)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.84	($2.56)	($2.15)	($0.09)	($10.75)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	212.79M	198.65M	156.35M	156.43M	124.18M	125.28M
Normalized Net Operating Profit after Tax (NOPAT)	519	388	1,531	257	243	106	97	-32
Normalized NOPAT Margin	5.19%	4.02%	8.44%	3.67%	3.45%	1.50%	1.41%	-0.52%
Pre Tax Income Margin	5.25%	5.68%	4.53%	3.59%	-6.71%	-4.57%	-0.41%	-19.55%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	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
EBIT Less CapEx to Interest Expense	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
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	281.16%	143.85%	-17.85%	119.79%	-45.27%	-54.04%	16,500.00%	-10.67%
Augmented Payout Ratio	281.16%	518.18%	-61.94%	276.04%	-240.44%	-89.13%	70,900.00%	-11.28%

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.40%	9.23%	2.82%	0.40%	-5.65%	-9.07%	-12.42%	-10.03%	-7.51%	-8.61%	-3.00%
EBITDA Growth	-293.25%	133.97%	976.47%	-142.86%	140.32%	-112.15%	-161.07%	411.11%	-909.45%	457.69%	92.31%
EBIT Growth	-552.38%	121.05%	195.51%	-1,680.00%	116.84%	-159.06%	-276.47%	128.09%	-1,798.44%	95.45%	55.33%
NOPAT Growth	-402.27%	125.22%	213.96%	-1,680.00%	118.42%	-149.28%	-247.89%	128.89%	-1,652.86%	95.45%	55.33%
Net Income Growth	-529.21%	118.10%	224.56%	-1,120.00%	112.83%	-147.54%	-259.15%	129.51%	-2,559.18%	63.79%	20.35%
EPS Growth	-616.67%	120.65%	213.16%	-720.00%	111.29%	-151.32%	-318.60%	126.83%	-3,567.86%	46.15%	20.21%
Operating Cash Flow Growth	-108.00%	-6.06%	18.18%	211.76%	1,650.00%	109.14%	-201.28%	29.47%	-6.45%	-9.77%	-12.66%
Free Cash Flow Firm Growth	-85.66%	1,456.29%	-90.65%	-35.77%	-75.08%	-29.11%	7.91%	69.90%	336.82%	110.11%	64.55%
Invested Capital Growth	-16.43%	-11.52%	-8.91%	-8.38%	-3.07%	-11.63%	-13.40%	-13.56%	-29.81%	-25.37%	-23.19%
Revenue Q/Q Growth	0.23%	10.85%	-11.64%	2.27%	-5.82%	6.84%	-14.90%	5.06%	-3.17%	5.56%	-9.67%
EBITDA Q/Q Growth	-600.00%	167.94%	-30.37%	-118.12%	570.37%	-120.47%	-264.00%	192.31%	-1,323.81%	109.05%	-107.53%
EBIT Q/Q Growth	-7,500.00%	139.21%	-42.95%	-204.71%	171.91%	-237.50%	-72.41%	116.67%	-4,448.00%	99.63%	-1,575.00%
NOPAT Q/Q Growth	-7,500.00%	146.99%	-43.20%	-187.75%	178.65%	-225.71%	-72.41%	117.14%	-4,327.22%	99.63%	-1,575.00%
Net Income Q/Q Growth	-7,540.00%	131.94%	-41.80%	-185.92%	180.33%	-218.37%	-94.83%	115.93%	-6,794.44%	98.26%	-328.57%
EPS Q/Q Growth	-4,860.00%	130.65%	-43.42%	-195.35%	168.29%	-239.29%	-141.03%	111.70%	-8,927.27%	97.84%	-257.14%
Operating Cash Flow Q/Q Growth	90.59%	2,425.00%	-58.06%	21.79%	30.53%	213.71%	-120.31%	255.70%	-5.69%	202.59%	-125.36%
Free Cash Flow Firm Q/Q Growth	22.37%	-3.19%	-26.06%	-26.66%	-52.52%	175.37%	12.43%	15.47%	22.07%	32.46%	-11.86%
Invested Capital Q/Q Growth	-7.84%	-0.54%	1.93%	-1.94%	-2.49%	-9.33%	-0.11%	-2.12%	-20.82%	-3.60%	2.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.75%	39.00%	34.34%	35.97%	34.26%	29.92%	29.49%	34.79%	32.40%	35.90%	29.24%
EBITDA Margin	-17.99%	11.03%	8.69%	-1.54%	7.69%	-1.47%	-6.06%	5.32%	-67.28%	5.77%	-0.48%
Operating Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%	-4.60%
EBIT Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%	-4.60%
Profit (Net Income) Margin	-21.82%	6.29%	4.14%	-3.48%	2.97%	-3.29%	-7.52%	1.14%	-78.86%	-1.30%	-6.18%
Tax Burden Percent	100.53%	81.88%	83.53%	68.54%	76.56%	65.91%	75.33%	72.00%	110.86%	525.00%	134.33%
Interest Burden Percent	100.00%	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%	16.11%	16.47%	0.00%	23.44%	0.00%	0.00%	28.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-15.26%	6.87%	4.43%	-3.89%	3.38%	-4.08%	-7.84%	1.27%	-61.15%	-0.22%	-4.07%
ROIC Less NNEP Spread (ROIC-NNEP)	-19.97%	6.75%	4.43%	-3.84%	3.38%	-3.95%	-8.12%	1.27%	-76.39%	-0.88%	-5.53%
Return on Net Nonoperating Assets (RNNOA)	-11.05%	4.16%	2.88%	-2.67%	3.06%	-3.38%	-7.26%	1.12%	-97.77%	-1.20%	-8.41%
Return on Equity (ROE)	-26.32%	11.03%	7.31%	-6.55%	6.45%	-7.46%	-15.10%	2.39%	-158.91%	-1.42%	-12.48%
Cash Return on Invested Capital (CROIC)	5.93%	8.81%	7.75%	6.23%	6.09%	12.02%	11.27%	12.75%	17.50%	11.43%	9.99%
Operating Return on Assets (OROA)	-11.82%	4.41%	2.94%	-3.18%	2.50%	-3.19%	-6.35%	1.03%	-48.32%	-0.17%	-3.13%
Return on Assets (ROA)	-11.88%	3.61%	2.46%	-2.18%	1.92%	-2.10%	-4.78%	0.74%	-53.56%	-0.88%	-4.20%
Return on Common Equity (ROCE)	-24.94%	10.41%	6.89%	-6.16%	5.98%	-6.91%	-14.02%	2.21%	-142.82%	-1.26%	-11.05%
Return on Equity Simple (ROE_SIMPLE)	-34.47%	0.00%	-5.61%	-7.39%	6.49%	0.00%	-7.70%	-4.40%	-104.22%	0.00%	-123.27%
Net Operating Profit after Tax (NOPAT)	-266	125	71	-62	49	-62	-105	18	-761	-2.80	-47
NOPAT Margin	-15.19%	6.44%	4.14%	-3.55%	2.97%	-3.49%	-6.99%	1.14%	-49.80%	-0.17%	-3.22%
Net Nonoperating Expense Percent (NNEP)	4.71%	0.12%	0.00%	-0.05%	0.00%	-0.13%	0.28%	0.00%	15.24%	0.65%	1.46%
Return On Investment Capital (ROIC_SIMPLE)	-	1.77%	-	-	-	-1.06%	-	-	-	-0.06%	-1.08%
Cost of Revenue to Revenue	68.25%	61.00%	65.66%	64.03%	65.74%	70.09%	70.51%	65.21%	67.60%	64.10%	70.76%
SG&A Expenses to Revenue	23.87%	22.05%	23.73%	24.69%	25.18%	24.93%	26.43%	24.90%	24.21%	23.37%	25.94%
R&D to Revenue	4.17%	3.55%	3.73%	3.25%	3.15%	3.17%	3.26%	3.17%	2.95%	2.91%	2.88%
Operating Expenses to Revenue	53.46%	31.32%	29.39%	41.05%	30.39%	34.90%	39.48%	33.21%	103.53%	36.14%	33.84%
Earnings before Interest and Taxes (EBIT)	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00	-67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-315	214	149	-27	127	-26	-91	84	-1,028	93	-7.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.56	0.58	0.64	0.65	0.82	0.81	0.91	0.61	0.99	0.97	0.57
Price to Tangible Book Value (P/TBV)	6.61	6.20	5.46	4.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.26	0.27	0.31	0.31	0.32	0.30	0.32	0.22	0.20	0.17	0.10
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	14.80	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	8.59%	7.97%	7.05%	7.16%	6.85%	5.95%	5.70%	8.61%	9.63%	11.86%	18.12%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	6.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.78	0.81	0.81	0.92	0.91	0.96	0.83	1.00	0.99	0.89
Enterprise Value to Revenue (EV/Rev)	0.70	0.69	0.72	0.71	0.79	0.73	0.79	0.69	0.67	0.66	0.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	46.31	241.11	12.10	22.68	0.00	47.76	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	26.81	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	30.46	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	28.43	30.62	30.06	14.43	11.60	7.37	10.00	8.06	7.78	8.02	7.58
Enterprise Value to Free Cash Flow (EV/FCFF)	11.87	8.29	9.92	12.43	14.86	7.14	7.89	6.04	4.70	7.43	7.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	1.04	0.89	0.86	1.19	1.18	1.39	1.28	2.14	2.61	2.57
Long-Term Debt to Equity	0.77	0.80	0.74	0.62	0.91	0.98	1.23	1.23	1.80	2.16	2.11
Financial Leverage	0.55	0.62	0.65	0.69	0.91	0.86	0.89	0.88	1.28	1.37	1.52
Leverage Ratio	2.87	3.00	2.98	2.96	3.36	3.39	3.34	3.23	4.12	4.51	4.68
Compound Leverage Factor	2.87	3.00	2.98	2.96	3.36	3.39	3.34	3.23	4.12	4.51	4.68
Debt to Total Capital	51.85%	51.02%	47.04%	46.29%	54.43%	54.17%	58.14%	56.06%	68.12%	72.27%	72.02%
Short-Term Debt to Total Capital	14.81%	11.78%	7.93%	13.24%	13.12%	9.37%	6.53%	2.19%	10.81%	12.44%	13.08%
Long-Term Debt to Total Capital	37.04%	39.24%	39.11%	33.05%	41.31%	44.80%	51.61%	53.87%	57.31%	59.83%	58.94%
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%	0.00%
Noncontrolling Interests to Total Capital	3.25%	3.20%	3.33%	3.45%	3.51%	3.87%	3.50%	3.87%	4.75%	4.85%	4.98%
Common Equity to Total Capital	44.89%	45.78%	49.63%	50.27%	42.06%	41.96%	38.36%	40.07%	27.13%	22.88%	23.00%
Debt to EBITDA	-4.17	-67.75	29.54	148.38	7.79	14.70	-212.00	35.14	-3.08	-3.61	-3.84
Net Debt to EBITDA	-3.13	-48.75	24.22	125.67	6.65	12.37	-171.71	29.98	-2.59	-3.00	-3.45
Long-Term Debt to EBITDA	-2.98	-52.11	24.56	105.95	5.92	12.15	-188.18	33.77	-2.59	-2.99	-3.15
Debt to NOPAT	-4.53	-16.38	-31.02	-18.94	19.61	-167.19	-19.58	-31.67	-3.59	-3.99	-4.16
Net Debt to NOPAT	-3.40	-11.78	-25.43	-16.04	16.72	-140.71	-15.86	-27.02	-3.02	-3.32	-3.73
Long-Term Debt to NOPAT	-3.23	-12.60	-25.79	-13.53	14.89	-138.27	-17.38	-30.43	-3.02	-3.31	-3.40
Altman Z-Score	1.31	1.51	1.59	1.56	1.60	1.57	1.59	1.66	1.14	1.46	1.39
Noncontrolling Interest Sharing Ratio	5.24%	5.64%	5.69%	6.02%	7.20%	7.37%	7.14%	7.41%	10.13%	11.33%	11.48%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.23	1.26	1.15	1.12	1.14	1.37	1.49	1.26	1.12	1.09
Quick Ratio	0.85	0.92	0.88	0.81	0.80	0.82	0.98	1.03	0.86	0.77	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	971	940	695	510	242	666	750	866	1,057	1,400	1,234
Operating Cash Flow to CapEx	-80.00%	1,033.33%	975.00%	1,357.14%	1,033.33%	3,890.00%	-790.00%	1,537.50%	1,288.89%	2,064.71%	-445.00%
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	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	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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.57	0.59	0.63	0.65	0.64	0.64	0.65	0.68	0.68	0.68
Accounts Receivable Turnover	8.05	8.49	8.80	8.16	8.24	8.07	8.02	7.43	7.49	7.56	7.42
Inventory Turnover	5.89	6.27	5.85	5.98	6.01	6.27	5.47	5.64	5.79	6.13	5.25
Fixed Asset Turnover	0.00	20.96	21.65	23.29	24.02	23.50	24.00	25.58	25.59	24.07	28.07
Accounts Payable Turnover	4.11	3.90	3.76	4.12	4.03	3.85	3.73	4.33	4.39	4.02	3.81
Days Sales Outstanding (DSO)	45.37	43.01	41.45	44.73	44.32	45.24	45.51	49.16	48.71	48.29	49.20
Days Inventory Outstanding (DIO)	61.98	58.21	62.34	61.00	60.78	58.20	66.70	64.76	63.02	59.56	69.52
Days Payable Outstanding (DPO)	88.91	93.57	97.09	88.65	90.62	94.80	97.90	84.28	83.14	90.79	95.78
Cash Conversion Cycle (CCC)	18.44	7.65	6.71	17.08	14.48	8.64	14.31	29.63	28.60	17.06	22.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,292	6,258	6,379	6,255	6,099	5,530	5,524	5,407	4,281	4,127	4,243
Invested Capital Turnover	1.00	1.07	1.07	1.09	1.14	1.17	1.12	1.11	1.23	1.29	1.26
Increase / (Decrease) in Invested Capital	-1,237	-815	-624	-572	-193	-728	-855	-848	-1,818	-1,403	-1,281
Enterprise Value (EV)	4,861	4,868	5,140	5,063	5,604	5,057	5,291	4,489	4,269	4,099	3,795
Market Capitalization	1,812	1,953	2,220	2,192	2,294	2,065	2,155	1,443	1,291	1,048	605
Book Value per Share	$20.85	$21.48	$22.11	$21.56	$17.75	$20.65	$19.15	$19.01	$10.48	$8.65	$8.41
Tangible Book Value per Share	$1.76	$2.02	$2.60	$2.80	($0.70)	($3.14)	($4.08)	($4.13)	($4.46)	($8.82)	($9.01)
Total Capital	7,224	7,303	6,970	6,732	6,631	6,049	6,199	5,892	4,802	4,703	4,579
Total Debt	3,746	3,726	3,279	3,116	3,609	3,277	3,604	3,303	3,271	3,399	3,298
Total Long-Term Debt	2,676	2,866	2,726	2,225	2,739	2,710	3,199	3,174	2,752	2,814	2,699
Net Debt	2,814	2,681	2,688	2,639	3,077	2,758	2,919	2,818	2,750	2,823	2,962
Capital Expenditures (CapEx)	10	18	8.00	7.00	12	10	10	8.00	9.00	17	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	690	592	723	855	686	446	630	649	616	325	491
Debt-free Net Working Capital (DFNWC)	1,622	1,637	1,314	1,332	1,218	965	1,315	1,134	1,137	901	827
Net Working Capital (NWC)	552	777	761	441	348	398	910	1,005	618	316	228
Net Nonoperating Expense (NNE)	116	3.00	0.00	-1.30	0.00	-3.60	8.00	0.00	444	18	43
Net Nonoperating Obligations (NNO)	2,814	2,681	2,688	2,639	3,077	2,758	2,929	2,818	2,750	2,823	2,962
Total Depreciation and Amortization (D&A)	65	65	64	62	63	62	59	59	59	97	60
Debt-free, Cash-free Net Working Capital to Revenue	9.94%	8.33%	10.11%	11.94%	9.71%	6.48%	9.44%	9.99%	9.67%	5.22%	7.95%
Debt-free Net Working Capital to Revenue	23.36%	23.03%	18.37%	18.60%	17.25%	14.01%	19.71%	17.45%	17.84%	14.48%	13.39%
Net Working Capital to Revenue	7.95%	10.93%	10.64%	6.16%	4.93%	5.78%	13.64%	15.47%	9.70%	5.08%	3.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.29	($0.40)	($0.94)	$0.12	($9.71)	($0.22)	($0.75)
Adjusted Weighted Average Basic Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
Adjusted Diluted Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.28	($0.39)	($0.94)	$0.11	($9.71)	($0.21)	($0.75)
Adjusted Weighted Average Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M	125.79M
Normalized Net Operating Profit after Tax (NOPAT)	38	145	73	-46	57	31	-78	27	19	0.70	-48
Normalized NOPAT Margin	2.16%	7.48%	4.24%	-2.63%	3.43%	1.75%	-5.17%	1.69%	1.24%	0.04%	-3.27%
Pre Tax Income Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%	-4.60%
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	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	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	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	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-16.10%	-54.04%	-89.18%	-69.60%	96.13%	16,500.00%	-85.79%	-142.31%	-10.38%	-10.67%	-11.02%
Augmented Payout Ratio	-60.91%	-89.13%	-89.18%	-69.60%	396.69%	70,900.00%	-384.70%	-668.27%	-10.60%	-11.28%	-11.40%

Key Financial Trends

Xerox Holdings Corp has experienced a notable shift in financial performance and position over the past several quarters through Q1 2025. Here's a summary of key trends and financial highlights from the latest data:

Operating revenue showed resilience with over $1.45 billion reported in Q1 2025; though slightly down from $1.61 billion in Q4 2024, it maintains a strong top-line presence amidst fluctuating business conditions.
Gross profit remains positive, with $426 million in Q1 2025, indicating effective control over cost of revenue despite tighter operating income margins.
Depreciation expense has increased, reflecting ongoing investment in property, plant, and equipment, which could support future capacity and modernization efforts.
Xerox holds a solid cash and equivalents position at $336 million as of Q1 2025, supporting liquidity and operational flexibility.
The company continues to manage sizable note and lease receivables ($626 million current and over $1 billion noncurrent), which is typical in its industry but warrants monitoring for collection risks.
Total assets stand at approximately $8.2 billion in Q1 2025, down from over $11 billion levels in early 2023 largely due to divestitures and asset disposals, suggesting a streamlined asset base.
Total liabilities decreased to about $6.9 billion from higher historical levels, with a long-term debt balance near $2.7 billion, reflecting continued debt management efforts.
The company reported a consolidated net loss of $90 million in Q1 2025, increasing from smaller losses in Q4 2024, signaling ongoing profitability challenges.
Operating income was negative $67 million in Q1 2025 after positive contributions in earlier quarters, highlighting margin pressures from increased operating expenses and restructuring charges.
Significant impairment and restructuring charges were recorded in previous quarters (e.g., over $1 billion impairment in Q3 2024), which have weighed heavily on net income and shareholders’ equity.

In summary, Xerox is navigating a challenging operating environment with shrinking profitability and elevated charges, but maintains solid revenue streams and liquidity. The company appears to be actively restructuring and managing its balance sheet to adapt, though sustaining profitability remains a key focus for upcoming periods.

08/31/25 09:05 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Xerox's Financials

When does Xerox's financial year end?

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

How has Xerox's net income changed over the last 7 years?

Xerox's net income appears to be on a downward trend, with a most recent value of -$1.32 billion in 2024, falling from $207 million in 2017. The previous period was $1 million in 2023. See where experts think Xerox is headed by visiting Xerox's forecast page.

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's revenue changed over the last 7 years?

Over the last 7 years, Xerox's total revenue changed from $9.99 billion in 2017 to $6.22 billion in 2024, a change of -37.7%.

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 63.3% decrease since 2018.

How much cash does Xerox have?

In the past 6 years, Xerox's cash and equivalents has ranged from $519 million in 2023 to $5.48 billion in 2019, 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 7 years?

Over the last 7 years, Xerox's book value per share changed from 0.00 in 2017 to 8.65 in 2024, a change of 865.1%.

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This page (NYSE:XRX) was last updated on 8/31/2025 by MarketBeat.com Staff

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Xerox (XRX) Financials

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