olivLaw · US equity research
Xerox Holdings Corporation XRX
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
Xerox Holdings is a workplace technology company combining print equipment, managed services and IT solutions. The Lexmark acquisition and ITsavvy integration have reshaped its structure, and revenue of about 7.0 billion USD in fiscal 2025 plus the raised 2026 guidance show a focus on profitability and debt reduction.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Xerox Holdings Corporation (XRX) stock was 1.18 USD (−3.28% on the day), with market capitalisation 155.0 m USD, dividend yield 8.47%, beta 1.92, 52-week range 1.18–3.62 USD. Latest reported quarter (Q2 2026): revenue of 1.9 bn USD (+22.0% YoY), net income of 13.0 m USD, diluted EPS 0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 21.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.17 – 3.52
- in the lower half of the band · %B 0.00 · band width 100.2%
- SMA 50 / 200
- 2.88 / 2.51
- mixed trend
- MACD (12, 26, 9)
- -0.44 / -0.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −60.9% | −1.1% | −59.8 pp | — |
| 3 months | −62.4% | −0.5% | −62.0 pp | — |
| 6 months | −55.0% | +4.4% | −59.4 pp | — |
| Year to date | −50.2% | +12.3% | −62.5 pp | — |
| 1 year | −60.1% | +13.5% | −73.7 pp | −9.7% |
| 3 years | −91.6% | +76.4% | −168.0 pp | +6.8% |
| 5 years | −94.0% | +63.7% | −157.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.5 bn | 1.6 bn | 2.0 bn | 2.0 bn | 1.8 bn | 1.9 bn |
| Gross profit | — | — | 22.0 m | 59.0 m | — | — | 72.0 m | 203.0 m |
| SG&A | 370.0 m | 377.0 m | 378.0 m | 368.0 m | 477.0 m | 431.0 m | 430.0 m | 432.0 m |
| Depreciation & amortisation | 59.0 m | 97.0 m | 60.0 m | 57.0 m | 107.0 m | 107.0 m | 100.0 m | 101.0 m |
| Interest expense | 57.0 m | 55.0 m | 55.0 m | 78.0 m | 101.0 m | 100.0 m | 103.0 m | 118.0 m |
| Income tax | 118.0 m | 17.0 m | 23.0 m | 46.0 m | 460.0 m | 12.0 m | 32.0 m | 18.0 m |
| Net income | -1.2 bn | -21.0 m | -90.0 m | -106.0 m | -760.0 m | -73.0 m | -105.0 m | 13.0 m |
| Diluted EPS | -9.71 | — | -0.75 | -0.87 | -6.01 | — | -0.84 | 0.07 |
| Operating cash flow | 116.0 m ≈ | 351.0 m | -89.0 m | -11.0 m ≈ | 116.0 m ≈ | 208.0 m | -144.0 m | 37.0 m ≈ |
| Capex | 8.0 m ≈ | 5.0 m | 5.0 m | 4.0 m ≈ | 12.0 m ≈ | 16.0 m | 12.0 m | 14.0 m ≈ |
| Dividends paid | 36.0 m ≈ | 34.0 m | 39.0 m | 19.0 m ≈ | 7.0 m ≈ | 6.0 m | 10.0 m | 6.0 m ≈ |
| Share repurchases | 0 ≈ | 5.0 m | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117.0 m | 9.1 bn | 7.0 bn | 7.0 bn | 7.1 bn | 6.9 bn | 6.2 bn | 7.0 bn |
| Revenue YoY | −98.8% | +7,648.7% | −22.5% | +0.2% | +1.0% | −3.1% | −9.7% | +12.9% |
| Net income | 361.0 m | 1.4 bn | 192.0 m | -455.0 m | -322.0 m | 1.0 m | -1.3 bn | -1.0 bn |
| Net income YoY | +85.1% | +274.8% | −85.8% | −337.0% | unavailable | unavailable | −132,200.0% | unavailable |
| Diluted EPS | 1.38 | 5.80 | 0.84 | -2.56 | -2.15 | -0.09 | -10.75 | -8.25 |
| Diluted EPS YoY | +94.4% | +320.3% | −85.5% | −404.8% | unavailable | unavailable | unavailable | unavailable |
| net % | 308.5% | 14.9% | 2.7% | -6.5% | -4.5% | 0.0% | -21.2% | -14.7% |
| Free cash flow | 1.1 bn | 1.3 bn | 504.0 m | 600.0 m | 123.0 m | 657.0 m | 484.0 m | 187.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 512.0 m USD
- Financial debt
- 4.2 bn USD
- Net debt
- 3.7 bn USD
- Equity
- 449.0 m USD
- Total assets
- 9.8 bn USD
- Debt / equity
- 9.46x
- Current ratio
- 1.11x
- ROE
- -134.6%
- ROA
- -11.3%
- FCF margin
- 2.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.0 bn | 7.0 bn | 7.1 bn | 6.9 bn | 6.2 bn | 7.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Gross profit | — | 375.0 m | 275.0 m | — | — | — | SEC (XBRL)· 23 Feb 2024verified |
| SG&A | 1.9 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 368.0 m | 327.0 m | 270.0 m | 251.0 m | 274.0 m | 331.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Interest expense | 215.0 m | 207.0 m | 199.0 m | 198.0 m | 225.0 m | 334.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Pre-tax income | 252.0 m | -475.0 m | -328.0 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Income tax | 64.0 m | -17.0 m | -3.0 m | -29.0 m | 105.0 m | 541.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Net income | 192.0 m | -455.0 m | -322.0 m | 1.0 m | -1.3 bn | -1.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | 0.84 | -2.56 | -2.15 | -0.09 | -10.75 | -8.25 | SEC (XBRL)· 17 Mar 2026verified |
| Weighted average diluted shares | 209.0 m | 183.2 m | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
| Dividend per share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.20 | SEC (XBRL)· 17 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.6 bn | 1.8 bn | 1.0 bn | 519.0 m | 576.0 m | 512.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | 883.0 m | 818.0 m | 857.0 m | 850.0 m | 796.0 m | 1.1 bn | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | 843.0 m | 696.0 m | 797.0 m | 661.0 m | 695.0 m | 1.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | 5.8 bn | 4.7 bn | 4.1 bn | 3.2 bn | 2.9 bn | 3.6 bn | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 296.0 m | 253.0 m | 235.0 m | 265.0 m | 245.0 m | 299.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 4.1 bn | 3.3 bn | 2.8 bn | 2.7 bn | 1.9 bn | 2.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | 237.0 m | 211.0 m | 208.0 m | 177.0 m | 236.0 m | 921.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 14.7 bn | 13.2 bn | 11.5 bn | 10.0 bn | 8.4 bn | 9.8 bn | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 983.0 m | 1.1 bn | 1.3 bn | 1.0 bn | 1.0 bn | 1.5 bn | SEC (XBRL)· 17 Mar 2026verified |
| Short-term debt | 394.0 m | 650.0 m | 860.0 m | 567.0 m | 585.0 m | 231.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Long-term debt | 4.1 bn | 3.6 bn | 2.9 bn | 2.7 bn | 2.8 bn | 4.0 bn | SEC (XBRL)· 17 Mar 2026verified |
| Current liabilities | 2.5 bn | 2.8 bn | 3.3 bn | 2.8 bn | 2.6 bn | 3.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 8.9 bn | 8.6 bn | 8.0 bn | 7.2 bn | 7.1 bn | 9.2 bn | SEC (XBRL)· 17 Mar 2026verified |
| Equity | 5.6 bn | 4.4 bn | 3.4 bn | 2.5 bn | 1.1 bn | 449.0 m | SEC (XBRL)· 17 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 548.0 m | 629.0 m | 159.0 m | 686.0 m | 511.0 m | 224.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Capex | 44.0 m | 29.0 m | 36.0 m | 29.0 m | 27.0 m | 37.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Free cash flow | 504.0 m ≈ | 600.0 m ≈ | 123.0 m ≈ | 657.0 m ≈ | 484.0 m ≈ | 187.0 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Investing cash flow | -246.0 m | -85.0 m | -78.0 m | -5.0 m | -198.0 m | -698.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | -416.0 m | -1.3 bn | -822.0 m | -1.2 bn | -271.0 m | 404.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Dividends paid | 230.0 m | 206.0 m | 174.0 m | 165.0 m | 141.0 m | 71.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Share repurchases | 300.0 m | 888.0 m | 113.0 m | 544.0 m | 8.0 m | 0 | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 155.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet23
- Growth20
- Quality8
- Returns100
- Valuation100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.75 – 281.76 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)63.20 – 281.76 (Mid 111.62)WACC 5.2% · starting FCFF 517.5 m USD · terminal value share of EV 88%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales30.75 – 228.33 (Mid 124.26)4 companies used · median multiple 2.6x · quartiles 1.0x – 4.3xCRSR, EVLV, MITK, MYND
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | unavailable | unavailable | — |
| FCF margin · Quality | 2.1% | 8 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -0.4% | 0 (on a fixed band) | 23% |
| Revenue growth (YoY) · Growth | 12.9% | 59 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 23 (on a fixed band) | 9% |
| EV/Sales · Valuation | 0.5x | 100 (vs peers) | 23% |
| FCF yield · Valuation | 105.2% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 18.7% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial23/100 · 1/2 factors with a value
- Growth20/100 · 2/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation100/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Xerox Holdings Corp (XRX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.0 bn USD in 2025; YoY growth 12.9%; net margin -11.9%; ROE -128.0%.
The estimated value range is 46.97–255.04 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 117.94 USD, the price of 1.18 USD leaves a potential of 9,895.1% (value / price − 1) and a margin of safety of 99.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.5x
- FCF yield: 105.2%
- Shareholder yield (distributions): 18.7%
- The price is below the estimated value range
What contradicts it
- FCF margin: 2.1%
- Revenue CAGR 3Y: -0.4%
- Current ratio: 1.2x
Not assessed (insufficient data or a ratio without meaning): Gross margin, EBIT margin, Net debt / EBITDA.
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 284.7 bn | 870.1 | 1.7% | 2.7% | +24.5% | +83% / +136% |
| FTNTFortinet, Inc. | 95.1 bn | 42.1 | 153.1% | 29.0% | +14.2% | +59% / +146% |
| LOGILogitech International S.A. | 14.2 bn | 18.1 | 38.2% | 16.4% | +6.3% | −11% / +14% |
| CRSRCorsair Gaming, Inc. | 1.4 bn | 41.4 | 5.8% | 2.5% | +11.9% | +104% / +3% |
| EVLVEvolv Technologies Holdings, Inc. | 871.2 m | — | -4.9% | -3.0% | +40.5% | −25% / +20% |
| MITKMitek Systems, Inc. | 861.4 m | 40.7 | 9.2% | 11.4% | +4.4% | +115% / +69% |
| SSYSStratasys Ltd. | 587.3 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 237.8 m | 21.6 | 3.5% | 0.6% | +11.2% | +1% / +10% |
| RDCMRadcom Ltd. | 168.7 m | 14.3 | 11.4% | 16.8% | +17.2% | −22% / +29% |
| XRXXerox Holdings Corp | 155.0 m | — | -128.0% | -11.9% | +12.9% | −60% / −92% |
| MYNDMynd.ai, Inc. | 126.0 m | — | -995.5% | -32.2% | −37.2% | −56% / −97% |
| INVEInve Technologies, Inc. | 64.0 m | — | -10.9% | -62.9% | −19.3% | −22% / −62% |
| TACTTransact Technologies Inc | 54.4 m | — | -1.3% | -0.8% | +18.7% | +19% / −22% |
| LINKInterlink Electronics, Inc | 52.3 m | — | -10.5% | -7.9% | +1.8% | −8% / −39% |
| WETHWetouch Technology Inc. | 11.6 m | 1.2 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 5.4 m | — | -196.3% | -106,283.3% | +499.0% | −65% / −95% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | +5% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for XRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
Xerox Holdings is a workplace technology company combining print equipment, managed services and IT solutions. The Lexmark acquisition and ITsavvy integration have reshaped its structure, and revenue of about 7.0 billion USD in fiscal 2025 plus the raised 2026 guidance show a focus on profitability and debt reduction 13.
SWOT
Strengths
Weaknesses
- Pro forma revenue declined in fiscal 2025 and in the second quarter of 2026, showing reliance on acquisitions for growth 13.
- The debt level remains a pressure on financial flexibility, and the company lists it among its main risks 1.
- IT Solutions revenue declined in the second quarter of 2026, showing vulnerability to revenue classification 2.
Opportunities
Risks
- Lexmark integrationhigh
If integration or synergies fall short of expectations, the value of the acquisition could be lower than estimated 13.
- Debt and financial flexibilityhigh
A high debt level could limit financing and investment capacity, especially if credit conditions worsen 1.
- Tariffs and costsmedium
Tariffs and higher component costs could reduce margins if they cannot be passed on in prices 12.
- Demand and macroeconomymedium
An economic slowdown or supply chain disruption could reduce demand and complicate forecasting 1.
- Internal control and reportinglow
Errors in reporting could lead to material weaknesses and closer regulatory scrutiny 1.
Investment thesis
What would need to be true (bull case)
- If Lexmark synergies and IT integration materialize, adjusted profitability could keep improving compared with earlier periods 3.
- The broad base of post-sale revenue could provide stability while the company shifts toward IT and digital services 1.
- Debt reduction and raised 2026 guidance could show that the deleveraging strategy is working 3.
What would break the thesis
What to watch
- Realization of Lexmark synergies against the target of at least 350 million USD2027
- Pro forma revenue trend and demand for printQ3 2026
- Total debt reduction against the target leverage below 3.0x2027
- IT Solutions segment performance after the second-quarter revenue declineQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
Xerox describes itself as a workplace technology company building services-led and software-enabled solutions for enterprises large and small, spanning both digital and physical document workflows 1. It serves customers in North America, Europe, Latin America, Brazil, Asia Pacific, the Middle East, Africa and India 1. In 2025, 79% of revenue was post-sale and about 43% came from outside the U.S. 1.
The multi-year Reinvention strategy targets operational simplification and commercial growth beyond print, and in 2025 the company reported cumulative run-rate gross cost savings of more than 500 million USD 1. The Lexmark acquisition, completed on July 1, 2025, added presence in A4 color printing and the APAC market, and the company targets leverage below 3.0x total debt to EBITDA 1. On July 30, 2026 it announced raised guidance for revenue and adjusted operating income 3.
In February 2026 Xerox Corporation entered a joint venture with investors including funds managed by Angelo, Gordon & Co., which funded senior secured term loans and created a separate structure holding brand and intellectual property 2. If these arrangements are extended, they could change the capital structure, so future filings are worth watching 12.
Segments
IT Solutions
The segment provides integrated IT infrastructure, managed IT services and security and cloud solutions, and revenue grew sharply in 2025 mainly because of the ITsavvy integration 1. In the second quarter of 2026 its revenue declined, showing sensitivity to revenue classification and deferrals 2.
Market context
Xerox operates across office printing, production print and digital document services, a market where competition comes from large international companies with substantial financial resources 1. Demand was broadly stable in the second quarter of 2026 relative to recent quarters, though tariffs and higher memory and oil prices remain cost headwinds 2.
Real growth depends largely on acquisitions and integration rather than organic demand alone, because pro forma revenue declined in fiscal 2025 and in the second quarter of 2026 13. If demand for IT and digital services keeps growing, the portfolio could offset the decline in traditional print 1.
Trends
- Tariffs and input costsheadwind
Tariffs and component cost pressures could reduce margins, although the company recognized a benefit from IEEPA tariff receivables 12. If these costs stay high, one-off benefits might not sustain profitability over the longer term 2.
- Lexmark synergiestailwind
Integrating Lexmark could lower costs and broaden the portfolio, and the gross cost synergy target was raised to at least 350 million USD 3. Full delivery of these synergies still depends on execution 13.
- Decline of traditional printheadwind
Post-sale revenue from equipment and managed print services fell excluding Lexmark, reflecting lower print volumes in offices 2. If this continues, the company could rely more heavily on IT services 12.
- Debt reduction and financingmixed
Sales of finance receivables and new funding arrangements can support liquidity but also change the structure of financing revenue 12. Debt reduction reported in the second quarter could ease financing costs if it is sustained 3.
Competitive position
The sources cite large international competitors that compete globally on technology, price, quality and service for document processing 1. The company says its primary competitors and new entrants are exerting increased pressure in targeted areas 1.
Competition is also shifting toward IT services, digital services and automation, where Xerox must compete with infrastructure and security providers 1. To stay competitive, the company must continuously develop or acquire new services and products 1.
- Large international printing equipment makers
The sources describe large competitors with significant financial resources competing globally in documents and printing, without naming them.
- IT infrastructure and security providers
The sources say the IT Solutions segment competes in an ecosystem of network, security and cloud providers, without individual names.
- New entrants with innovative business models
The sources warn that new competitors could introduce different technologies and business models, without naming them.
- Digital services and document automation providers
The company compares itself indirectly with providers of capture, content and customer communication services, without names in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Xerox, Dynatrace, and 2 More Stocks See Action From Activist InvestorsYahoo Finance — News · 11 Sept 2026 · EN
- Xerox Shareholder Pushes for Activist Changes at CompanyBloomberg Markets · 09 Sept 2026 · EN
- Xerox Shareholder Pushes for Activist Changes at CompanyBloomberg Markets · 08 Sept 2026 · EN
- Xerox Shareholder Pushes for Activist Changes at CompanyYahoo Finance — News · 08 Sept 2026 · EN
- Xerox Taps Tariffs Refund Claim to Help Address Looming DebtBloomberg Markets · 30 Jul 2026 · EN
- Afacerile Xerox din România s-au înjumătăţit în 2025, la 41 mil. lei - cel mai scăzut nivel din cel puţin 18 ani, după aproape două decenii în care s-au menţinut în jur de 90 mil. leiZiarul Financiar · 16 Jul 2026 · RO
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report27 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Current report02 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Xerox Holdings Corporation · 17 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Xerox Holdings Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Xerox Holdings Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.