Xerox (XRX)
Market Price (5/12/2026): $2.64 | Market Cap: $340.5 MilSector: Industrials | Industry: Office Services & Supplies
Xerox (XRX)
Market Price (5/12/2026): $2.64Market Cap: $340.5 MilSector: IndustrialsIndustry: Office Services & Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% Attractive yieldFCF Yield is 22% Megatrend and thematic driversMegatrends include Automation & Robotics, and Circular Economy & Recycling. Themes include Process / Warehouse Automation, and Advanced Recycling Technologies. | Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -159% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.4% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1125% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -309% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% Key risksXRX key risks include [1] significant financial weakness, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 22% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Circular Economy & Recycling. Themes include Process / Warehouse Automation, and Advanced Recycling Technologies. |
| Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -159% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1125% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -309% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% |
| Key risksXRX key risks include [1] significant financial weakness, Show more. |
Qualitative Assessment
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Xerox (XRX) stock has gained about 25% since 1/31/2026 because of the following key factors:
1. Stronger-than-Expected Q1 2026 Financial Results and Reaffirmed Full-Year Guidance. Xerox reported Q1 2026 revenue of $1.85 billion, significantly exceeding Wall Street's consensus estimate of $1.75 billion, representing a 26.7% year-over-year increase. The company also saw a notable improvement in profitability, with adjusted operating income rising to $72 million, up $50 million year-over-year, and an adjusted operating margin of 3.9%, an increase of 240 basis points year-over-year. Despite a GAAP net loss, the normalized adjusted net loss per share of $(0.11) beat analyst expectations of $(0.27). Furthermore, management reaffirmed its full-year 2026 guidance, expecting revenue above $7.5 billion, adjusted operating income between $450 million and $500 million, and free cash flow of approximately $250 million, signaling confidence in future performance despite Q1 being a seasonally lower cash flow quarter.
2. Realization of Lexmark Integration Synergies and Aggressive Cost Management. The company continued to execute on its Lexmark integration plan, reaffirming expectations of at least $300 million in integration synergies. This, combined with broader cost actions, contributed to improved profitability, with management anticipating $250 million to $300 million in incremental savings for FY 2026, including $150 million to $200 million from Lexmark integration efforts. These initiatives underscore a focus on expanding profitability and are viewed as a multi-year program to achieve double-digit operating margins over time.
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1. Stronger-than-Expected Q1 2026 Financial Results and Reaffirmed Full-Year Guidance. Xerox reported Q1 2026 revenue of $1.85 billion, significantly exceeding Wall Street's consensus estimate of $1.75 billion, representing a 26.7% year-over-year increase. The company also saw a notable improvement in profitability, with adjusted operating income rising to $72 million, up $50 million year-over-year, and an adjusted operating margin of 3.9%, an increase of 240 basis points year-over-year. Despite a GAAP net loss, the normalized adjusted net loss per share of $(0.11) beat analyst expectations of $(0.27). Furthermore, management reaffirmed its full-year 2026 guidance, expecting revenue above $7.5 billion, adjusted operating income between $450 million and $500 million, and free cash flow of approximately $250 million, signaling confidence in future performance despite Q1 being a seasonally lower cash flow quarter.
2. Realization of Lexmark Integration Synergies and Aggressive Cost Management. The company continued to execute on its Lexmark integration plan, reaffirming expectations of at least $300 million in integration synergies. This, combined with broader cost actions, contributed to improved profitability, with management anticipating $250 million to $300 million in incremental savings for FY 2026, including $150 million to $200 million from Lexmark integration efforts. These initiatives underscore a focus on expanding profitability and are viewed as a multi-year program to achieve double-digit operating margins over time.
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Stock Movement Drivers
Fundamental Drivers
The 23.9% change in XRX stock from 1/31/2026 to 5/11/2026 was primarily driven by a 12.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.15 | 2.66 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,607 | 7,411 | 12.2% |
| P/S Multiple | 0.0 | 0.0 | 12.2% |
| Shares Outstanding (Mil) | 127 | 129 | -1.6% |
| Cumulative Contribution | 23.9% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| XRX | 23.9% | |
| Market (SPY) | 3.6% | 38.8% |
| Sector (XLI) | 6.1% | 28.2% |
Fundamental Drivers
The -17.4% change in XRX stock from 10/31/2025 to 5/11/2026 was primarily driven by a -29.5% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.22 | 2.66 | -17.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,174 | 7,411 | 20.0% |
| P/S Multiple | 0.1 | 0.0 | -29.5% |
| Shares Outstanding (Mil) | 126 | 129 | -2.5% |
| Cumulative Contribution | -17.4% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| XRX | -17.4% | |
| Market (SPY) | 5.5% | 36.2% |
| Sector (XLI) | 13.6% | 27.8% |
Fundamental Drivers
The -37.1% change in XRX stock from 4/30/2025 to 5/11/2026 was primarily driven by a -45.3% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.23 | 2.66 | -37.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,221 | 7,411 | 19.1% |
| P/S Multiple | 0.1 | 0.0 | -45.3% |
| Shares Outstanding (Mil) | 124 | 129 | -3.6% |
| Cumulative Contribution | -37.1% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| XRX | -37.1% | |
| Market (SPY) | 30.4% | 41.7% |
| Sector (XLI) | 35.2% | 33.1% |
Fundamental Drivers
The -79.3% change in XRX stock from 4/30/2023 to 5/11/2026 was primarily driven by a -83.6% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.83 | 2.66 | -79.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,107 | 7,411 | 4.3% |
| P/S Multiple | 0.3 | 0.0 | -83.6% |
| Shares Outstanding (Mil) | 157 | 129 | 21.4% |
| Cumulative Contribution | -79.3% |
Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| XRX | -79.3% | |
| Market (SPY) | 78.7% | 40.1% |
| Sector (XLI) | 83.0% | 37.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XRX Return | 2% | -31% | 34% | -50% | -71% | 20% | -83% |
| Peers Return | 48% | -27% | 35% | 30% | -8% | 10% | 93% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| XRX Win Rate | 42% | 42% | 67% | 42% | 25% | 40% | |
| Peers Win Rate | 70% | 38% | 67% | 60% | 38% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| XRX Max Drawdown | -21% | -40% | -13% | -53% | -71% | -47% | |
| Peers Max Drawdown | -4% | -36% | -11% | -9% | -30% | -21% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HPQ, DELL, IBM, ZBRA, ACN. See XRX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
| Event | XRX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.9% | -9.5% |
| % Gain to Breakeven | 33.1% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.0% | -6.7% |
| % Gain to Breakeven | 22.0% | 7.1% |
| Time to Breakeven | 92 days | 31 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.4% | -19.2% |
| % Gain to Breakeven | 43.8% | 23.7% |
| Time to Breakeven | 36 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.8% | -3.7% |
| % Gain to Breakeven | 14.6% | 3.9% |
| Time to Breakeven | 5 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.5% | -12.2% |
| % Gain to Breakeven | 29.1% | 13.9% |
| Time to Breakeven | 49 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.8% | -6.8% |
| % Gain to Breakeven | 53.5% | 7.3% |
| Time to Breakeven | 1145 days | 15 days |
In The Past
Xerox's stock fell -8.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.8% gain to breakeven.
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| Event | XRX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.9% | -9.5% |
| % Gain to Breakeven | 33.1% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.4% | -19.2% |
| % Gain to Breakeven | 43.8% | 23.7% |
| Time to Breakeven | 36 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.5% | -12.2% |
| % Gain to Breakeven | 29.1% | 13.9% |
| Time to Breakeven | 49 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.8% | -6.8% |
| % Gain to Breakeven | 53.5% | 7.3% |
| Time to Breakeven | 1145 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.9% | -17.9% |
| % Gain to Breakeven | 49.1% | 21.8% |
| Time to Breakeven | 647 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.0% | -15.4% |
| % Gain to Breakeven | 42.8% | 18.2% |
| Time to Breakeven | 108 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.3% | -53.4% |
| % Gain to Breakeven | 288.4% | 114.4% |
| Time to Breakeven | 3685 days | 1085 days |
In The Past
Xerox's stock fell -8.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Xerox (XRX)
Xerox Holdings Corporation, a workplace technology company, designs, develops, and sells document management systems and solutions in the United States, Europe, Canada, and internationally. It offers workplace solutions, including desktop monochrome, and color and multifunction printers; digital printing presses and light production devices, and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions, and digitization services. The company also provides graphic communications and production solutions; and IT services, end user computing devices, network infrastructure, communications technology, and a range of managed IT solutions, such as technology product support, professional engineering, and commercial robotic process automation. In addition, it provides FreeFlow a portfolio of software solutions for the automation and integration to the processing of print job comprises file preparation, final production, and electronic publishing; XMPie, a personalization and communication software that support the needs of omni-channel communications customers; DocuShare, a content management platform to capture, store, and share paper and digital content; and CareAR, an enterprise augmented reality business. Further, the company sells paper products and wide-format systems. The company sells its products and services directly to its customers through its direct sales force, as well as through independent agents, dealers, value-added resellers, systems integrators, and e-commerce marketplaces. Xerox Holdings Corporation was founded in 1906 and is headquartered in Norwalk, Connecticut.
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Here are 1-3 brief analogies for Xerox (XRX):
The HP for enterprise document and print solutions.
An IBM for workplace IT and document automation.
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Xerox's major products and services include:
- Desktop and Multifunction Printers: A range of monochrome, color, and multifunction devices designed for office and workplace environments.
- Digital Printing Presses: Advanced digital printing presses and light production devices for professional printing needs.
- Wide-Format Systems: Specialized printing systems capable of producing large-format documents and graphics.
- Digital Services: Solutions leveraging workflow automation, content management, and digitization to optimize document processes.
- Managed IT Solutions: A portfolio of IT services encompassing end-user computing, network infrastructure, communications technology, and professional support.
- FreeFlow: A suite of software solutions that automate and integrate print job processing, from file preparation to electronic publishing.
- XMPie: Personalization and communication software designed to support omni-channel customer communications.
- DocuShare: A content management platform that enables users to capture, store, and share both paper and digital content.
- CareAR: An enterprise augmented reality business providing solutions for enhanced remote assistance and support.
- Paper Products: Various types of paper sold to complement their printing and document solutions.
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Major Customers of Xerox Holdings Corporation (XRX)
Xerox Holdings Corporation (XRX) primarily sells its products and services to other companies and organizations, rather than primarily to individuals. The provided background description does not list specific names of its major customer companies.
However, based on the diverse range of workplace technology, document management systems, digital services, and IT solutions it offers, Xerox's customer base consists of a broad spectrum of businesses and entities that fall into categories such as:
- General Businesses and Enterprises: This category includes companies of all sizes, across various industries, that require solutions for their daily office operations. These customers utilize Xerox for desktop and multifunction printers, document management systems, workflow automation, personalization and communication software, content management platforms (like DocuShare), and digitization services to manage their information and improve operational efficiency.
- Graphic Communications and Print Service Providers: Businesses primarily focused on printing, publishing, and marketing services, as well as large corporate or institutional clients with significant in-house production needs. These customers leverage Xerox's digital printing presses, light production devices, graphic communications solutions, and specialized software like FreeFlow and XMPie for high-volume, professional, and personalized printing and communications.
- Organizations Requiring IT Services and Infrastructure: This category encompasses businesses and institutions seeking comprehensive IT support and infrastructure. Xerox provides these customers with end-user computing devices, network infrastructure, communications technology, and a range of managed IT solutions, including technology product support, professional engineering, and commercial robotic process automation.
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Steven Bandrowczak, Chief Executive Officer
Steven Bandrowczak was named Chief Executive Officer of Xerox Holdings Corporation in August 2022. He joined Xerox in 2018 as President and Chief Operations Officer. Prior to joining Xerox, Mr. Bandrowczak served as Chief Operating Officer and Chief Information Officer at Alight Solutions, where he was responsible for the application portfolio and technical infrastructure of the organization, including global supply chain, shared services, product development, transformation office, accounts payable, IT strategy and operations, enterprise risk management, and real estate. He also held senior leadership positions at various multi-billion-dollar global companies such as Avaya, Nortel, Lenovo, DHL, and Avnet, where he oversaw 40 acquisitions during his decade as CIO at Avnet.
Chuck Butler, Chief Financial Officer
Chuck Butler was appointed Chief Financial Officer of Xerox Holdings Corporation, effective December 3, 2025. Before this role, he served as Senior Vice President and Chief Financial Officer at Lexmark, where he helped guide the company through its acquisition by Xerox in July 2025. He joined Xerox on July 1, 2025, via the acquisition of Lexmark International II, LLC. Mr. Butler also retains leadership of the Global Business Services organization.
Louie Pastor, President and Chief Operating Officer
Louie Pastor was named President and Chief Operating Officer of Xerox, effective September 1, 2025. He previously served as Chief Administrative Officer and Global Head of Operations, where he led the Xerox Reinvention Office and the Global Business Services organization, restructuring global operations and driving improvements in IT, cybersecurity, analytics, and operational efficiency.
Jacques-Edouard Gueden, Chief Revenue Officer
Jacques-Edouard Gueden was appointed Chief Revenue Officer, effective September 1, 2025. He is a 30-year Xerox veteran and previously served as Chief Channel and Partner Officer, where he led the company's indirect print go-to-market unit.
Fred Beljaars, Executive Vice President, Chief Delivery and Supply Chain Officer
Fred Beljaars was appointed Executive Vice President and Chief Delivery and Supply Chain Officer in October 2022. In this role, he is responsible for leading all delivery, manufacturing, supply chain, and procurement operations globally. He first joined Xerox in 2018 as Chief Supply Chain Officer and, in 2020, was named Chief Shared Services, Order to Cash, Procurement, and Real Estate Officer. Prior to Xerox, Mr. Beljaars held leadership roles in logistics and delivery at companies such as Unilever, TNT, and DHL.
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The key risks to Xerox Holdings Corporation (XRX) are as follows:
- Persistent Financial Deterioration and Potential Bankruptcy: Xerox faces ongoing financial challenges, including persistent losses, significant margin compression, and insufficient cash generation, which contribute to a rising risk of bankruptcy. The company's financial health has deteriorated to an extent where a bankruptcy filing is considered a real possibility by some analysts.
- Declining Core Print Business: The company's core print business has been experiencing a long-term decline over the past decade. This is primarily driven by the global shift towards digital workflows, reduced demand for paper, increased competition, and the commoditization of the printing market. This trend severely impacts Xerox's sales, margins, and cash flow.
- High Debt Burden: Xerox carries a substantial amount of debt, which significantly exceeds its cash reserves. This elevated debt level increases the risk of insolvency, makes securing additional financing more expensive, and limits the company's financial flexibility, especially in the face of ongoing business challenges and declining profitability.
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The accelerating shift towards digital, paperless workflows and cloud-native collaboration solutions poses a clear emerging threat to Xerox's core business, which is heavily reliant on document management systems, printing hardware (desktop, color, multifunction printers, digital presses), and associated paper products. As businesses increasingly adopt digital-first strategies, remote work models, and integrated online collaboration tools, the demand for traditional print volumes and related infrastructure is likely to diminish.
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Xerox (symbol: XRX) operates in several addressable markets related to workplace technology and digital services. The estimated sizes for these markets globally are as follows:
- Document Management Systems: The global document management systems market is projected to be valued at approximately USD 11.81 billion in 2026.
- Multifunction Printers: The global multifunctional printer market was valued at USD 34.35 billion in 2025 and is projected to grow to USD 36.53 billion in 2026.
- Digital Printing Presses: The global digital printing press for commercial printers market size reached USD 28.891 billion in 2025.
- Workflow Automation: The global workflow automation market size was valued at USD 25.10 billion in 2025, with projections to reach USD 27.91 billion in 2026.
- Content Management Solutions (including Enterprise Content Management): The global Enterprise Content Management (ECM) market reached USD 42.93 billion in 2024.
- IT Services: The global IT services market size was valued at USD 1.43 trillion in 2025, and is projected to reach USD 1.52 trillion in 2026.
- Managed Print Services: The global managed print services market size reached USD 52.9 billion in 2025.
- Graphic Communications: The global graphic communications market is estimated at USD 37.805 billion in 2025.
- Enterprise Augmented Reality (for CareAR): The global enterprise augmented reality market was valued at USD 112.91 billion in 2025.
- Digital Transformation Services: The global digital transformation market size accounted for USD 1.49 trillion in 2025.
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Xerox Holdings Corporation (XRX) is strategically focused on several key drivers to fuel its revenue growth over the next 2-3 years, primarily by transitioning from a hardware-centric model to a services-led, software-enabled company.
Here are 3-5 expected drivers of future revenue growth for Xerox:
- Expansion into Digital Services and IT Services: Xerox is aggressively expanding its offerings in digital services and IT solutions, particularly targeting small and medium-sized businesses (SMBs). The company aims to increase the revenue contribution from Digital Services and IT services from less than 10% in 2023 to over 20% in the coming years. This expansion includes intelligent document processing, workflow automation, managed security, and cloud solutions, designed to help businesses automate processes, improve efficiency, and manage digital content. This strategic shift positions Xerox to address the growing demand for digital transformation.
- Synergies and Growth from Recent Acquisitions (Lexmark and ITsavvy): The acquisitions of ITsavvy (rebranded as Xerox IT Solutions) and Lexmark are anticipated to be significant revenue contributors. ITsavvy has already driven substantial growth in Xerox's IT Solutions segment. The integration of Lexmark is expected to generate significant synergies, with projections of at least $300 million by 2027, expanding Xerox's global footprint and strengthening its service capabilities. These acquisitions are crucial for diversifying revenue streams and capturing a larger share of the IT solutions market.
- "Reinvention" Strategy and Operational Efficiencies: Launched in January 2024, Xerox's "Reinvention" strategy is central to its future growth. This comprehensive program aims to optimize the core print business while accelerating expansion into digital offerings. As part of this strategy, Xerox is targeting over $1 billion in potential gross savings and profit improvements from various initiatives, including ITsavvy synergies, the Reinvention program, and Lexmark integration. These operational efficiencies and cost savings, including $100 million specifically from Reinvention, are expected to significantly improve profitability and allow for reinvestment into growth areas.
- Leveraging AI and Automation in Services: Xerox is investing in artificial intelligence (AI) and automation technologies to enhance its service offerings and improve operational efficiency. This includes deploying intelligent document processing (IDP) and natural language processing (NLP) to automate document workflows and reduce manual processing. The company is also utilizing AI and augmented reality (AR) for improved service experiences and robotic process automation (RPA) to support hybrid workplaces. By integrating these advanced technologies, Xerox aims to deliver more seamless digital workflows and create new revenue streams through enhanced solutions for its customers.
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Share Repurchases
- In September 2023, Xerox Holdings Corporation completed a share repurchase of approximately 34 million shares for $542.45 million from Carl C. Icahn and his affiliates.
- The net cash used in financing activities for Xerox Holdings in 2023 increased by $431 million primarily due to this share repurchase.
- As of December 2025, Xerox Holdings had a 5-Year Share Buyback Ratio of 8.70%, indicating ongoing share repurchases over that period.
Share Issuance
- In May 2025, shareholders approved an amendment to the equity and performance incentive plan, increasing the number of shares available for issuance by 6,682,000.
- Xerox Holdings had 128 million shares outstanding in Q3 2025, representing a 1.8% increase from the prior quarter.
- In January 2026, Xerox announced a special pro-rata distribution of warrants to holders of its common stock, preferred stock, and convertible notes.
Inbound Investments
- In February 2026, Xerox raised $450 million for a new joint venture with TPG, a global alternative asset management firm, to manage and monetize its intellectual property assets and accelerate its "Reinvention" plan.
Outbound Investments
- Xerox Ventures LLC, established in 2021, made investments of approximately $26 million at December 31, 2023, and $40 million at December 31, 2024, in startups and growth companies.
- In Q4 2024, Xerox acquired ITsavvy, enhancing its IT Solutions business.
- The company completed the acquisition of Lexmark International in Q3 2025 for $1.5 billion, which is a significant component of its reinvention strategy.
Capital Expenditures
- From fiscal years ending December 2021 to 2025, Xerox's capital expenditures averaged $59.4 million, with a median of $57 million.
- Capital expenditures were $68 million in 2021, $57 million in 2022, $37 million in 2023, $44 million in 2024, and peaked at $91 million in 2025.
- In Q3 2025, capital expenditures totaled $12.0 million, marking a 200.0% increase from the prior quarter.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Xerox Earnings Notes | 12/16/2025 | |
| Xerox Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 | |
| Xerox (XRX) Revenue Comparison | 08/09/2025 | |
| Xerox (XRX) Tax Expense Comparison | 08/09/2025 | |
| Xerox (XRX) Operating Cash Flow Comparison | 08/09/2025 | |
| Xerox (XRX) Operating Income Comparison | 08/09/2025 | |
| Xerox (XRX) Debt Comparison | 08/09/2025 | |
| Xerox (XRX) Net Income Comparison | 08/09/2025 | |
| Xerox (XRX) EBITDA Comparison | 08/09/2025 | |
| Day 5 of Loss Streak for Xerox Stock with -35% Return (vs. -52% YTD) [8/1/2025] | 08/02/2025 | |
| ARTICLES | ||
| XRX Stock Down -35% after 5-Day Loss Streak | 08/02/2025 | |
| XRX Stock Up 37% after 6-Day Win Streak | 07/24/2025 | |
| What’s Next For Xerox Stock After The Recent 12% Fall? | 10/27/2021 | |
| Xerox Holdings Stock: Steady Demand Slump Could See Stock Shed 15% | 06/22/2021 | |
| Should You Buy Xerox Stock At $24 Levels? | 05/25/2021 |
Trade Ideas
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| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
| 12312024 | XRX | Xerox | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -31.1% | -70.6% | -71.2% |
| 11302021 | XRX | Xerox | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 4.5% | -6.3% | -24.9% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 194.66 |
| Mkt Cap | 63.2 |
| Rev LTM | 62,570 |
| Op Inc LTM | 5,918 |
| FCF LTM | 5,715 |
| FCF 3Y Avg | 4,272 |
| CFO LTM | 7,446 |
| CFO 3Y Avg | 5,966 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 10.0% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 6.9% |
| Op Inc Chg 3Y Avg | 2.4% |
| Op Mgn LTM | 11.0% |
| Op Mgn 3Y Avg | 10.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.4% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | 11.5% |
| FCF/Rev 3Y Avg | 8.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 63.2 |
| P/S | 1.5 |
| P/Op Inc | 11.5 |
| P/EBIT | 13.1 |
| P/E | 16.7 |
| P/CFO | 10.0 |
| Total Yield | 6.3% |
| Dividend Yield | 1.8% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.2% |
| 3M Rtn | -1.3% |
| 6M Rtn | -14.3% |
| 12M Rtn | -16.3% |
| 3Y Rtn | -17.0% |
| 1M Excs Rtn | -0.6% |
| 3M Excs Rtn | -7.7% |
| 6M Excs Rtn | -25.7% |
| 12M Excs Rtn | -46.8% |
| 3Y Excs Rtn | -100.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Print and Other | 5,864 | 6,571 | 6,804 | 6,548 | 530 |
| IT Solutions | 358 | ||||
| Corporate/other | 0 | ||||
| Intersegment revenue | -1 | -86 | -90 | -205 | |
| Xerox Financial Services (XFS) | 401 | 393 | 695 | 226 | |
| Equipment | 1,564 | ||||
| Maintenance agreements | 1,803 | ||||
| Service arrangements | 2,014 | ||||
| Supplies, paper and other sales | 885 | ||||
| Total | 6,221 | 6,886 | 7,107 | 7,038 | 7,022 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Print and Other | 7,649 | 7,301 | |||
| IT Solutions | 716 | ||||
| Corporate/other | 0 | ||||
| Xerox Financial Services (XFS) | 2,707 | ||||
| Total | 8,365 | 10,008 |
Price Behavior
Price Behavior
| Market Price | $2.66 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 01/03/1977 | |
| Distance from 52W High | -58.5% | |
| 50 Days | 200 Days | |
| DMA Price | $1.68 | $2.68 |
| DMA Trend | down | down |
| Distance from DMA | 58.5% | -0.9% |
| 3M | 1YR | |
| Volatility | 124.6% | 89.4% |
| Downside Capture | 0.14 | 1.60 |
| Upside Capture | 141.14 | 139.66 |
| Correlation (SPY) | 17.3% | 33.4% |
XRX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.06 | 1.45 | 1.99 | 2.09 | 2.45 | 1.51 |
| Up Beta | 0.15 | 0.44 | 1.26 | 0.87 | 2.01 | 1.46 |
| Down Beta | 4.29 | 1.78 | 2.23 | 3.46 | 2.96 | 1.45 |
| Up Capture | 279% | 153% | 150% | 110% | 189% | 88% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 17 | 24 | 50 | 108 | 337 |
| Down Capture | 613% | 231% | 262% | 222% | 198% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 21 | 33 | 66 | 135 | 400 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRX | |
|---|---|---|---|---|
| XRX | -50.5% | 89.1% | -0.41 | - |
| Sector ETF (XLI) | 30.6% | 15.6% | 1.51 | 32.7% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | 42.3% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | -3.1% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -9.2% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 32.4% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | 25.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRX | |
|---|---|---|---|---|
| XRX | -31.4% | 56.8% | -0.45 | - |
| Sector ETF (XLI) | 12.8% | 17.4% | 0.58 | 42.3% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 43.8% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | 3.8% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | 10.1% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 33.6% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XRX | |
|---|---|---|---|---|
| XRX | -16.4% | 48.7% | -0.18 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 51.5% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 51.2% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 1.6% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 19.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 41.9% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 43.3% | 66.9% | |
| 1/29/2026 | -12.4% | -1.7% | -22.7% |
| 10/30/2025 | -9.9% | -10.5% | -22.2% |
| 7/31/2025 | -22.4% | -20.1% | -25.3% |
| 5/1/2025 | -1.6% | 20.4% | 10.9% |
| 1/28/2025 | -5.8% | -14.7% | -28.6% |
| 10/29/2024 | -17.4% | -18.4% | -11.7% |
| 7/25/2024 | -8.1% | -8.6% | -11.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 8 |
| # Negative | 17 | 14 | 15 |
| Median Positive | 5.5% | 9.5% | 12.8% |
| Median Negative | -8.1% | -9.3% | -11.3% |
| Max Positive | 43.3% | 66.9% | 24.5% |
| Max Negative | -22.4% | -20.1% | -28.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/17/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 7.50 Bil | ||||||
| 2026 Adjusted Operating Income | 450.00 Mil | 475.00 Mil | 500.00 Mil | ||||
| 2026 Free Cash Flow | 250.00 Mil | 66.7% | Raised | Guidance: 150.00 Mil for 2025 | |||
| 2026 Operating Cash Flow | 360.00 Mil | ||||||
| 2026 Capital Expenditures | -110.00 Mil | ||||||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | 13.0% | -21.2% | Lowered | Guidance: 16.5% for 2025 | |||
| 2025 Adjusted Operating Margin | 3.5% | -22.2% | -1.0% | Lowered | Guidance: 4.5% for 2025 | ||
| 2025 Free Cash Flow | 150.00 Mil | -40.0% | Lowered | Guidance: 250.00 Mil for 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gecaj, Mirlanda | CFO | Direct | Buy | 8052025 | 4.03 | 5,179 | 20,871 | 87,959 | Form |
| 2 | Letier, A. Scott | Direct | Buy | 8052025 | 3.95 | 29,600 | 116,920 | 232,987 | Form | |
| 3 | Bruno, John G | President and COO | Direct | Buy | 5272025 | 4.38 | 25,000 | 109,500 | 1,137,814 | Form |
| 4 | Bandrowczak, Steven John | CEO | Direct | Buy | 5272025 | 4.48 | 22,300 | 99,904 | 1,713,340 | Form |
| 5 | Letier, A. Scott | Direct | Buy | 5272025 | 4.43 | 25,000 | 110,750 | 130,171 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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