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Xerox (XRX) investor relations material
Xerox Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue reached $1.96 billion, up 28.3% year-over-year, driven by Lexmark and ITsavvy acquisitions, but down 7.8% pro forma due to legacy business declines and macroeconomic headwinds.
GAAP net loss was $760 million ($6.01 per share), a $445 million improvement year-over-year, impacted by a $467 million deferred tax asset valuation allowance and $85 million in inventory-related purchase accounting adjustments; adjusted net income was $27 million ($0.20 per share), down $7 million year-over-year.
Adjusted operating margin was 3.3%, down 190 basis points year-over-year, reflecting higher costs, integration expenses, and slower realization of price increases.
Free cash flow increased to $131 million, up $24 million year-over-year.
Lexmark integration is ahead of schedule, with synergy targets raised to at least $300 million and overall reinvention savings to over $1 billion.
Financial highlights
Equipment sales grew 13.0% to $383 million, driven by Lexmark, but declined 16.4% pro forma; post-sale revenue rose 32.7% to $1.58 billion, but declined 5.5% pro forma.
Print and Other segment revenue was $1.74 billion (up 20.6%), IT Solutions revenue was $226 million (up 162.8%), with IT Solutions segment margin reaching 8.1%.
Adjusted gross margin was 28.9%, down 350 basis points year-over-year; total gross margin was 22.7%, down from 32.4%.
Adjusted operating income was $65 million, down $15 million year-over-year.
Adjusted EPS was $0.20, down from $0.25 year-over-year; reported diluted loss per share: $(6.01).
Outlook and guidance
2025 revenue growth guidance revised to 13% in constant currency (from 16-17%), with adjusted operating margin guidance lowered to ~3.5%.
Free cash flow guidance for 2025 reduced to ~$150 million (from ~$250 million), mainly due to transaction costs and lower profit.
Lexmark expected to contribute $100–$110 million to adjusted operating income in 2025.
2026 outlook anticipates revenue growth as delayed equipment purchases materialize, with $250–$300 million in gross cost reductions expected from integration and reinvention synergies.
Capital expenditures are expected to be $95 million for 2025.
Lexmark's organic revenue performance?
Drivers of 2025 guidance reduction?
Future growth drivers for IT Solutions segment?
Source of additional $50M Lexmark synergies?
Triggers for delayed equipment purchase recovery?
Strategic impact of Lexmark A3 platform adoption?
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Q4 202527 Jan, 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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