Xerox Holdings Corp financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Xerox Holdings Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,991	9,662	9,066	7,022	7,038	7,107	6,886	6,221	7,022
Gross profit					375	275
Selling, general and administrative	2,514	2,379	2,085	1,851	1,718	1,760	1,696	1,537	1,654
Interest expense	252	244	236	215	207	199	198	225	334
Interest income							16	14	14
Pre-tax income	525	549	822	252	-475	-328	-89	-877	-396
Income tax	468	247	179	64	-17	-3	-29	105	541
Income from continuing operations	66	306	648	192	-455	-322	1	-1,321	-1,029
Net income	195	361	1,353	192	-455	-322	1	-1,321	-1,029
EPS, basic	0.71	1.40	6.03	0.85	-2.56	-2.15	-0.09	-10.75	-8.25
EPS, diluted	0.71	1.38	5.80	0.84	-2.56	-2.15	-0.09	-10.75	-8.25
Shares, basic (weighted)	254	249	222	209	183	156	149	124	126
Shares, diluted (weighted)	257	252	222	209	183	156	149	124	126
Dividend per share	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.20

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,368	1,081	2,740	2,625	1,840	1,045	519	576	512
Receivables		1,270	1,236	883	818	857	850	796	1,122
Inventory		829	694	843	696	797	661	695	1,016
Other current assets		191	201	251	211	254	234	212	362
Total current assets		4,713	6,140	5,783	4,701	4,107	3,177	2,935	3,568
Property, plant and equipment		498	364	296	253	235	265	245	299
Lease right-of-use assets			319	310	264	215	172	179	311
Goodwill	3,921	3,858	3,900	4,071	3,287	2,820	2,747	1,937	2,222
Intangible assets		220	199	237	211	208	177	236	921
Other non-current assets		902	1,338	1,455	1,960	1,323	1,034	1,057	1,479
Total assets		14,874	15,047	14,741	13,223	11,543	10,008	8,365	9,823
Accounts payable		1,073	1,053	983	1,069	1,331	1,044	1,023	1,498
Accrued liabilities		348	349	261	239	258	306	227	235
Short-term debt		961	1,049	394	650	860	567	585	231
Total current liabilities		3,251	3,435	2,478	2,829	3,330	2,779	2,619	3,222
Long-term debt		4,269	3,233
Lease liabilities			260	250	204	161	141	143	263
Other non-current liabilities		269	512	497	481	411	360	386	685
Total liabilities		9,621	9,239	8,931	8,556	7,966	7,236	7,061	9,150
Total debt		5,230	3,233	4,050	3,596	2,866	2,710	2,814	4,016
Paid-in capital		3,321	2,782	2,445	1,802	1,588	1,114	1,137	1,183
Retained earnings		5,072	6,312	6,281	5,631	5,136	4,977	3,514	2,444
Treasury stock		-55	-76	0	-177	0
Other comprehensive income	-3,748	-3,565	-3,646	-3,332	-2,988	-3,537	-3,676	-3,699	-3,311
Shareholders' equity		5,005	5,587	5,592	4,436	3,343	2,538	1,076	444
Minority interests		34	7	4	7	10	10	4	5
Total equity	5,293	5,039	5,594	5,596	4,443	3,353	2,548	1,080	449
Total liabilities and equity		14,874	15,047	14,741	13,223	11,543	10,008	8,365	9,823
Shares outstanding		230	213	198	159	156	123	124	128

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	207	374	1,361	192	-455	-322	1	-1,321	-1,029
Depreciation and amortization	527	526	430	368	327	270	251	274	331
Stock-based compensation	52	57	50	42	54	75	54	52	45
Deferred income tax	399	135	124	34	-89	-27	-68	90	502
Change in receivables	-531	31	10	369	41	-48	-5	71	-36
Change in inventory	-73	17	109	-134	88	-143	123	-122	-12
Change in payables	1	1	-47	-123	118	278	-290	-48	24
Cash from operations	-267	1,140	1,333	548	629	159	686	511	224
Capital expenditures	-69	-55	-41	-44	-29	-36	-29	-27	-37
Acquisitions	-87	0	-42	-203	-53	-93	-7	-161	-674
Cash from investing	165	-29	2,148	-246	-85	-78	-5	-198	-698
Debt issued	1,008	9	10	2,359	311	1,194	1,396	907	1,140
Debt repaid	-1,832	-311	-960	-2,226	-519	-1,723	-1,874	-992	-755
Share buybacks	0	-700	-600	-300	-888	-113	-544	-8	0
Dividends paid	-274	-255	-229	-216	-192	-160	-151	-127	-57
Cash from financing	-985	-1,301	-1,834	-416	-1,310	-822	-1,202	-271	404
Exchange rate effect	53	-30	0	10	-16	-29	-1	-28	4
Net change in cash	-1,034	-220	1,647	-104	-782	-770	-522	14	-66
Free cash flow	-336	1,085	1,292	504	600	123	657	484	187
Interest paid	268	231	221	181	203	201	201	214	272
Income taxes paid	84	80	94	32	61	50	51	65	65

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	-11.9%	Net income / revenue.
FCF margin	2.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Return on equity (ROE)	-286.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.5%	Net income / average total assets.
SG&A / revenue	22.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-56.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-16.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-61.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-18.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-80.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-41.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-27.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-58.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-49.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-39.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-9.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	12.9x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.7%	Total debt / total assets.
Liabilities / assets	94.3%	Total liabilities / total assets.
Net debt	$3.66B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$571.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.77B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	27.4x	Revenue / average property, plant and equipment.
Receivables turnover	6.55x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Capex / operating cash flow	24.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.26	Revenue / diluted weighted shares.
FCF per share	$1.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.66	Cash from operations / diluted weighted shares.
Book value per share	$2.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$21.09	Tangible book value / shares outstanding.
Cash per share	$3.77	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	9.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$436.0M	Share price x shares outstanding.
Enterprise value	$4.09B	Market cap + total debt - cash - short-term investments.
P/S	0.06x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	2.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.01x	Market cap / cash from operations, when positive.
EV/Sales	0.53x	Enterprise value / revenue.
EV/FCF	25.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	37.4%	Free cash flow / market cap.
Earnings yield	-212.2%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.

What was Xerox Holdings Corp's revenue in fiscal 2025?

Xerox Holdings Corp reported revenue of $7.02B for fiscal 2025, 12.9% higher than the year before.

Was Xerox Holdings Corp profitable in fiscal 2025?

No. It reported a net loss of $1.03B.

How much free cash flow did Xerox Holdings Corp generate in fiscal 2025?

Cash from operations of $224.0M minus capital expenditures of $37.0M left free cash flow of $187.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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