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Xerox (XRX) investor relations material
Xerox Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full-year 2025 revenue rose 12.9% to $7.02B, driven by acquisitions and IT Solutions growth, though pro forma revenue declined 7.6%.
Adjusted operating margin declined to 3.5% from 4.9% in 2024, reflecting integration and restructuring costs.
GAAP net loss per share improved to $(8.25) from $(10.75) in 2024, including a $1.0B goodwill impairment; adjusted EPS was $0.97.
Lexmark and ITsavvy integrations contributed to revenue growth and synergy realization, with $366M of debt paid down since Lexmark acquisition.
Q4 2025 revenue reached $2.03B, up 25.7% year-over-year, but down 9.0% on a pro forma basis.
Financial highlights
Print & Other segment revenue grew 7.0% to $6.27B, while IT Solutions surged 112.6% to $761M year-over-year.
Adjusted gross margin for 2025 was 29.2%, down from 31.5% in 2024; full-year gross margin was 27.1%.
Free cash flow for 2025 was $133M, down from $467M in 2024, impacted by integration and restructuring.
Adjusted EBITDA margin for 2025 was 7.3%, compared to 8.9% in 2024.
Q4 adjusted operating margin was 5.0%, down 140 bps year-over-year.
Outlook and guidance
2026 revenue expected to exceed $7.5B, with adjusted operating income of $450–500M and free cash flow of ~$250M.
Growth to be driven by a full year of Lexmark, IT Solutions, and Digital Services, offset by print headwinds and XFS portfolio decline.
Cost synergies and reinvention savings of $250–300M expected in 2026.
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Frequently asked questions
The Company Behind the Xerox Machine
Xerox is an American company with global operations and is most known for the development and sale of document technology and digital print solutions. Originally named The Haloid Photographic Company, Xerox became world famous with the introduction of the first commercial photocopier in the mid-20th century. Today, the company's portfolio includes digital printing equipment, document management systems, business process services, and similar offerings. The company is headquartered in Norwalk, Connecticut, and its shares are listed on the NYSE.
The Xerox 914
Xerox would forever change office technology took a significant turn in 1959 with the introduction of the Xerox 914, the first automatic plain-paper photocopier. This machine revolutionized document duplication, moving away from messy, wet-copying processes to a dry, heat-fusing method. The Xerox 914 was remarkably successful, becoming commonplace in offices all around the world. The photocopier became synonymous with its function, leading to the term "Xeroxing" as a verb for photocopying. The success of the Xerox 914 fueled the company's growth and innovation in subsequent decades, laying the foundation for its evolution into a multinational corporation specializing in document management and digital print technology.
Modern Printing
The Xerox of today offers a variety of printers and copiers. These products range from small office printers to large digital presses for commercial printing. The company offers modern features such as high-speed, high-quality printing and environmentally friendly solutions. Xerox also offers comprehensive managed print services, designed to help organizations manage their printing and copying infrastructure. These services include streamlining printer fleets, reducing printing costs, and improving efficiency in document workflows. Two other large companies producing printers today are HP and Canon.
Global Printing
While an American company, Xerox operates on a global scale. The company has offices and production facilities spread out across the world, and coupled with robust. The company’s reputation and legacy are still held in high regard across the world, much in part due to the impact that the original Xerox machine had on office culture as a whole.
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