Revenue has hovered between roughly $1.5 billion and $2.0 billion with volatile year-over-year growth, while operating margin has remained near breakeven and the most recent quarter posted an operating loss of about $889 million (-47.6% margin).
Xerox Holdings Corporation (XRX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 7.66B | 7.02B | 6.22B | 6.89B | 7.11B | 7.04B | 7.02B | 9.07B | 9.83B | 10.27B | 10.77B | 18.05B | 19.54B | 21.43B | 22.39B | 21.99B | 21.63B | 15.18B | 17.61B | 16.41B | 15.89B | 15.7B | 15.72B | 15.7B | 15.85B | 17.01B | 18.7B | 19.23B | 19.45B | 18.17B | 17.38B |
| Revenue Growth % | 16% | 12.88% | -9.66% | -3.11% | 0.98% | 0.23% | -22.55% | -7.77% | -4.24% | -4.7% | -40.31% | -7.65% | -8.84% | -4.27% | 1.8% | 1.67% | 42.52% | -13.79% | 7.33% | 3.21% | 1.24% | -0.13% | 0.13% | -0.93% | -6.81% | -9.05% | -2.74% | -1.14% | 7.06% | 4.53% | 4.62% |
| Cost of Goods Sold | 3.89B | 5.12B | 4.26B | 4.57B | 4.79B | 4.63B | 4.58B | 5.42B | 5.9B | 6.2B | 6.51B | 12.78B | 13.29B | 14.79B | 15.16B | 14.97B | 13.94B | 9.15B | 10.45B | 9.96B | 9.13B | 8.9B | 8.99B | 8.75B | 8.73B | 10.05B | 10.15B | 9.29B | 9.04B | 8.36B | 8.01B |
| COGS % of Revenue | - | 72.93% | 68.49% | 66.4% | 67.38% | 65.86% | 65.24% | 59.74% | 60.05% | 60.44% | 60.44% | 70.83% | 68.03% | 68.99% | 67.73% | 68.05% | 64.42% | 60.31% | 59.34% | 60.72% | 57.45% | 56.7% | 57.21% | 55.71% | 55.06% | 59.09% | 54.29% | 48.32% | 46.5% | 46.04% | 46.08% |
| Gross Profit | 3.77B | 1.9B | 1.96B | 2.31B | 2.32B | 2.4B | 2.44B | 3.65B | 3.93B | 4.06B | 4.26B | 5.26B | 6.25B | 6.65B | 7.23B | 7.03B | 7.7B | 6.03B | 7.16B | 6.45B | 6.76B | 6.8B | 6.73B | 6.95B | 7.12B | 6.96B | 8.55B | 9.94B | 10.41B | 9.8B | 9.37B |
| Gross Margin % | 49.26% | 27.07% | 31.51% | 33.6% | 32.62% | 34.14% | 34.76% | 40.26% | 39.95% | 39.56% | 39.56% | 29.17% | 31.97% | 31.01% | 32.27% | 31.95% | 35.58% | 39.69% | 40.66% | 39.28% | 42.55% | 43.3% | 42.79% | 44.29% | 44.94% | 40.91% | 45.71% | 51.69% | 53.5% | 53.96% | 53.92% |
| Gross Profit Growth % | - | -3.01% | -15.3% | -0.17% | -3.54% | -1.56% | -33.12% | -7.05% | -3.3% | -4.69% | -19.04% | -15.74% | -6.05% | -8% | 2.82% | -8.69% | 27.75% | -15.85% | 11.09% | -4.72% | -0.51% | 1.06% | -3.25% | -2.36% | 2.36% | -18.61% | -13.98% | -4.5% | 6.15% | 4.62% | 5.61% |
| Operating Expenses | 4.57B | 1.96B | 1.8B | 1.96B | 2.11B | 2.08B | 2.14B | 2.5B | 2.83B | 3.13B | 3.23B | 4.43B | 4.68B | 5.07B | 5.27B | 5.62B | 6.08B | 4.99B | 5.42B | 5.27B | 4.97B | 5.05B | 5.33B | 5.12B | 5.35B | 5.72B | 7.64B | 7.06B | 7.54B | 7.04B | 6.83B |
| OpEx % of Revenue | - | 27.87% | 28.95% | 28.48% | 29.63% | 29.6% | 30.49% | 27.61% | 28.84% | 30.49% | 29.98% | 24.56% | 23.95% | 23.65% | 23.54% | 25.53% | 28.09% | 32.87% | 30.77% | 32.1% | 31.27% | 32.18% | 33.91% | 32.59% | 33.78% | 33.66% | 40.86% | 36.71% | 38.78% | 38.77% | 39.32% |
| Selling, General & Admin | 1.67B | 1.64B | 1.54B | 1.7B | 1.76B | 1.72B | 1.88B | 2.08B | 2.39B | 2.63B | 2.69B | 3.56B | 3.79B | 4.14B | 4.29B | 4.5B | 4.59B | 4.15B | 4.53B | 4.31B | 4.01B | 4.11B | 4.57B | 4.25B | 4.44B | 4.73B | 5.65B | 5.14B | 5.68B | 5.22B | 6.12B |
| SG&A % of Revenue | - | 23.41% | 24.71% | 24.63% | 24.76% | 24.41% | 26.82% | 23% | 24.31% | 25.63% | 25.02% | 19.72% | 19.39% | 19.3% | 19.15% | 20.45% | 21.24% | 27.33% | 25.75% | 26.28% | 25.22% | 26.18% | 29.08% | 27.06% | 28% | 27.8% | 30.21% | 26.75% | 29.19% | 28.76% | 35.21% |
| Research & Development | 258M | 230M | 191M | 229M | 304M | 310M | 258M | 373M | 397M | 446M | 476M | 563M | 577M | 601M | 655M | 721M | 781M | 840M | 884M | 912M | 922M | 943M | 760M | 868M | 917M | 997M | 1.04B | 979M | 1.04B | 1.08B | 0 |
| R&D % of Revenue | - | 3.28% | 3.07% | 3.33% | 4.28% | 4.4% | 3.67% | 4.11% | 4.04% | 4.34% | 4.42% | 3.12% | 2.95% | 2.8% | 2.93% | 3.28% | 3.61% | 5.53% | 5.02% | 5.56% | 5.8% | 6.01% | 4.83% | 5.53% | 5.79% | 5.86% | 5.58% | 5.09% | 5.36% | 5.94% | - |
| Other Operating Expenses | 2M | 83M | 73M | 36M | 42M | 55M | 0 | 45M | -268M | -141M | -200M | -233M | -232M | -150M | -256M | 398M | 312M | 0 | 0 | 42M | 41M | 0 | 0 | 0 | 0 | 0 | 948M | 935M | 821M | 739M | 715M |
| Operating Income | -792M | -56M | 159M | 353M | 212M | 320M | 300M | 1.39B | 1.09B | 931M | 1.03B | 831M | 1.57B | 1.58B | 1.96B | 1.41B | 1.1B | 1.2B | 1.74B | 1.18B | 1.79B | 1.75B | 1.4B | 1.84B | 1.77B | 1.23B | 908M | 2.88B | 2.86B | 2.76B | 2.54B |
| Operating Margin % | -10.33% | -0.8% | 2.56% | 5.13% | 2.98% | 4.55% | 4.27% | 15.31% | 11.11% | 9.07% | 9.58% | 4.61% | 8.01% | 7.36% | 8.73% | 6.42% | 5.1% | 7.89% | 9.89% | 7.19% | 11.28% | 11.12% | 8.88% | 11.7% | 11.16% | 7.25% | 4.86% | 14.98% | 14.73% | 15.19% | 14.6% |
| Operating Income Growth % | - | -135.22% | -54.96% | 66.51% | -33.75% | 6.67% | -78.39% | 27.11% | 17.29% | -9.79% | 24.19% | -46.93% | -0.76% | -19.28% | 38.46% | 27.9% | -7.77% | -31.29% | 47.75% | -34.24% | 2.69% | 25.07% | -24.01% | 3.9% | 43.39% | 35.79% | -68.47% | 0.56% | 3.77% | 8.79% | 1.85% |
| EBITDA | -590M | 275M | 433M | 604M | 482M | 647M | 672M | 1.82B | 1.62B | 1.45B | 1.59B | 2.02B | 2.99B | 2.94B | 3.26B | 2.66B | 2.2B | 1.9B | 2.41B | 1.83B | 2.43B | 2.38B | 2.08B | 2.58B | 2.8B | 2.56B | 1.86B | 3.81B | 3.69B | 3.5B | 3.25B |
| EBITDA Margin % | -7.7% | 3.92% | 6.96% | 8.77% | 6.78% | 9.19% | 9.57% | 20.11% | 16.51% | 14.16% | 14.81% | 11.2% | 15.31% | 13.7% | 14.54% | 12.11% | 10.17% | 12.48% | 13.69% | 11.18% | 15.28% | 15.18% | 13.24% | 16.46% | 17.69% | 15.08% | 9.92% | 19.84% | 18.95% | 19.26% | 18.71% |
| EBITDA Growth % | -340.82% | -36.49% | -28.31% | 25.31% | -25.5% | -3.72% | -63.14% | 12.32% | 11.62% | -8.84% | -21.08% | -32.45% | 1.91% | -9.83% | 22.27% | 20.99% | 16.15% | -21.4% | 31.39% | -24.45% | 1.93% | 14.46% | -19.46% | -7.78% | 9.28% | 38.2% | -51.35% | 3.53% | 5.32% | 7.6% | 3.21% |
| D&A (Non-Cash Add-back) | 202M | 331M | 274M | 251M | 270M | 327M | 372M | 435M | 531M | 523M | 563M | 1.19B | 1.43B | 1.36B | 1.3B | 1.25B | 1.1B | 698M | 669M | 656M | 636M | 637M | 686M | 748M | 1.03B | 1.33B | 948M | 935M | 821M | 739M | 715M |
| EBIT | -838M | -240M | -1.1B | 40M | -234M | -376M | 346M | 931M | 710M | 689M | 749M | 1.14B | 1.32B | 1.48B | 1.51B | 1.78B | 1.41B | 883M | 183M | 1.18B | 953M | 871M | 1.76B | 1.84B | 1.77B | 1.23B | 936M | 2.24B | 2.9B | 2.76B | 2.54B |
| Net Interest Income | -352M | -234M | -105M | -52M | -80M | -92M | -80M | -89M | -99M | -111M | -176M | -210M | -217M | -229M | -216M | -226M | -573M | 478M | 571M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5M | 14M | 14M | 16M | 11M | 4M | 14M | 16M | 15M | 8M | 5M | 6M | 9M | 11M | 13M | 632M | 679M | 734M | 833M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 357M | 248M | 119M | 68M | 91M | 96M | 94M | 105M | 114M | 119M | 181M | 216M | 226M | 240M | 229M | 231M | 246M | 527M | 262M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -317M | -432M | -1.38B | -381M | -537M | -792M | -44M | 171M | -496M | -361M | -580M | -222M | -131M | -192M | -254M | -221M | -1.2B | -570M | -699M | 289M | -123M | -26M | -792M | -1.34B | -1.61B | -854M | -1.3B | -187M | -2.29B | -579M | -631M |
| Pretax Income | -1.11B | -488M | -1.22B | -28M | -325M | -472M | 256M | 822M | 598M | 570M | 568M | 412M | 1.21B | 1.31B | 1.35B | 1.56B | 815M | 627M | -114M | 1.44B | 808M | 830M | 1.12B | 494M | 252M | 376M | -366M | 2.06B | 792M | 2.18B | 1.91B |
| Pretax Margin % | -14.47% | -6.95% | -19.55% | -0.41% | -4.57% | -6.71% | 3.65% | 9.07% | 6.08% | 5.55% | 5.27% | 2.28% | 6.17% | 6.12% | 6.02% | 7.12% | 3.77% | 4.13% | -0.65% | 8.77% | 5.08% | 5.29% | 7.1% | 3.15% | 1.59% | 2.21% | -1.96% | 10.69% | 4.07% | 12% | 10.97% |
| Income Tax | 71M | 541M | 105M | -29M | -3M | -17M | 64M | 179M | 257M | 481M | -62M | -23M | 259M | 276M | 277M | 386M | 256M | 152M | -231M | 400M | -288M | -5M | 340M | 134M | 60M | 485M | -109M | 631M | 207M | 728M | 700M |
| Effective Tax Rate % | -6.4% | -110.86% | -8.63% | 103.57% | 0.92% | 3.6% | 25% | 21.78% | 42.98% | 84.39% | -10.92% | -5.58% | 21.48% | 21.04% | 20.55% | 24.66% | 31.41% | 24.24% | 202.63% | 27.82% | -35.64% | -0.6% | 30.47% | 27.13% | 23.81% | 128.99% | 29.78% | 30.71% | 26.14% | 33.39% | 36.73% |
| Net Income | -1.18B | -1.03B | -1.32B | 1M | -322M | -455M | 192M | 643M | 361M | 195M | 616M | 488M | 969M | 1.16B | 1.2B | 1.29B | 606M | 485M | 230M | 1.14B | 1.21B | 978M | 859M | 360M | 91M | -71M | -257M | 1.42B | 395M | 1.45B | 1.21B |
| Net Margin % | -15.4% | -14.65% | -21.23% | 0.01% | -4.53% | -6.46% | 2.73% | 7.09% | 3.67% | 1.9% | 5.72% | 2.7% | 4.96% | 5.41% | 5.34% | 5.89% | 2.8% | 3.2% | 1.31% | 6.92% | 7.61% | 6.23% | 5.46% | 2.29% | 0.57% | -0.42% | -1.37% | 7.41% | 2.03% | 7.99% | 6.94% |
| Net Income Growth % | -20.78% | 22.1% | - | 100.31% | 29.23% | -336.98% | -70.14% | 78.12% | 85.13% | -68.34% | 26.23% | -49.64% | -16.39% | -3.01% | -7.72% | 113.7% | 24.95% | 110.87% | -79.74% | -6.2% | 23.72% | 13.85% | 138.61% | 295.6% | 228.17% | 72.37% | -118.05% | 260.51% | -72.8% | 20.4% | 355.51% |
| Net Income (Continuing) | -1.18B | -1.03B | -1.32B | 1M | -322M | -455M | 192M | 651M | 341M | 89M | 633M | 840M | 1.05B | 1.04B | 1.06B | 1.31B | 637M | 516M | 117M | 1.14B | 1.12B | 850M | 776M | 360M | 154M | -94M | -273M | 844M | 463M | 1.45B | 1.21B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 702M | 0 | 3M | -1.22B | 0 | 66M | 123M | 11M | -128M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6M | 15M | 14M | 20M | 20M | 17M | 4M | 7M | 34M | 37M | 38M | 43M | 75M | 119M | 143M | 149M | 153M | 141M | 0 | 103M | 0 | 0 | 0 | 0 | 73M | 73M | 141M | 765M | 124M | 127M | 843M |
| EPS (Diluted) | -8.25 | -8.25 | -10.75 | -0.09 | -2.15 | -2.56 | 0.84 | 2.90 | 1.43 | 0.71 | -1.95 | 1.58 | 3.36 | 3.64 | 3.52 | 3.60 | 1.72 | 2.20 | 1.04 | 4.76 | 4.88 | 3.76 | 3.44 | 1.44 | 0.08 | -0.39 | -1.81 | 7.40 | 1.04 | 4.04 | 6.64 |
| EPS Growth % | -15.84% | 23.26% | -12227.98% | 95.94% | 16.02% | -404.76% | -71.03% | 102.8% | 101.41% | 136.41% | -223.42% | -52.98% | -7.69% | 3.41% | -2.22% | 109.3% | -21.82% | 111.54% | -78.15% | -2.46% | 29.79% | 9.3% | 138.89% | 1700% | 120.51% | 78.45% | -124.46% | 611.54% | -74.26% | -39.16% | 328.97% |
| EPS (Basic) | - | -8.25 | -10.75 | -0.09 | -2.15 | -2.56 | 0.85 | 2.90 | 1.45 | 0.71 | -1.95 | 1.59 | 3.44 | 3.72 | 3.60 | 3.68 | 1.76 | 2.24 | 1.04 | 4.84 | 5.00 | 3.84 | 3.76 | 1.52 | 0.08 | -0.39 | -1.81 | 7.84 | 1.06 | 4.32 | 7.10 |
| Diluted Shares Outstanding | 143M | 126.47M | 124.21M | 149.12M | 156.01M | 183.17M | 211.44M | 221.97M | 251.66M | 256.57M | 256M | 269.06M | 292.9M | 318.38M | 332.3M | 360.94M | 337.68M | 219.88M | 223.89M | 233.73M | 242.01M | 244.68M | 228.49M | 200.69M | 225M | 180M | 142.19M | 182.26M | 164.3M | 163.12M | 181.63M |
| Basic Shares Outstanding | 143M | 126.47M | 124.21M | 149.12M | 156.01M | 183.17M | 208.98M | 221.97M | 248.71M | 254.34M | 253.39M | 266.13M | 288.59M | 306.37M | 325.51M | 347.02M | 330.86M | 217.49M | 221.37M | 233.73M | 236.2M | 239.58M | 209.04M | 190.13M | 225M | 180M | 142.19M | 170.18M | 164.3M | 163.12M | 169.86M |
| Dividend Payout Ratio | - | - | - | 16500% | - | - | 119.79% | 37.79% | 74.52% | 140.51% | 49.84% | 61.89% | 29.82% | 23.47% | 19.33% | 18.61% | 35.48% | 30.72% | 66.96% | - | - | - | 1.86% | 16.94% | 76.92% | - | - | 41.15% | 134.43% | 33.13% | 36.32% |
Quick answers to the most common questions about buying XRX stock.
For fiscal year 2025, Xerox Holdings Corporation (XRX) reported total revenue of $7.02B. This represents a 59.6% decline compared to $17.38B in 1996.
Xerox Holdings Corporation (XRX) reported a net loss of $1.03B for the fiscal year ending 2025.
Xerox Holdings Corporation (XRX) reported an operating income of $-56.0M, resulting in an operating profit margin of -0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Xerox Holdings Corporation (XRX) generated $1.90B in gross profit for the year, representing a gross profit margin of 27.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses pressure
Metrics are mathematically derived from official filings.
Revenue Stabilizing Near Two Billion Dollars
Based on reported quarterly figures, Xerox's revenue has hovered between roughly $1.5 billion and $2.0 billion over the past ten quarters, with year-over-year growth swinging from -8.6% to +28.3%, signaling volatility rather than a durable expansion trend.
The sharp swings in year-over-year growth appear to reflect timing effects and portfolio changes more than a steady underlying demand trajectory. The most recent quarter, with revenue near $1.9 billion, suggests the top line is holding, but the absence of consistent acceleration indicates investors should monitor whether post-merger or divestiture effects are masking organic weakness. Without clear volume and pricing decomposition in the supplied data, growth durability remains difficult to confirm.
Gross Margin Compression Under Pressure
Reported gross margins have ranged from roughly 21% to 33%, with the most recent quarter at 29.2%, indicating meaningful sensitivity to cost and pricing conditions across the period.
The fluctuation in gross margin suggests Xerox has limited consistent pricing power relative to its cost base, as margins dipped to 21.2% in 2025Q3 before partially recovering. Such cyclicality may indicate exposure to mix shifts between equipment and services, though the supplied data does not isolate these drivers. Investors should monitor whether margins can sustain levels above 28% through the next cycle.
Operating Leverage Remains Elusive
Operating margin has oscillated between roughly -6.9% and +4.6% across the period, with SG&A consistently absorbing around 20% of revenue, limiting the translation of gross profit into operating income.
SG&A has remained largely flat in dollar terms near $370 million to $480 million while revenue fluctuated, which suggests overhead is not scaling down with the top line. This pattern implies that gross profit gains do not reliably flow through to operating income. The lack of sustained positive operating margins warrants further investigation into the fixed cost base.
Net Income Dominated by Non-Operating Swings
Net income diverges sharply from operating income in several quarters, with 2026Q3 reporting a net loss near $1.0 billion against an operating loss of roughly $889 million, based on reported figures.
The gap between operating and net results in certain periods suggests that non-operating items, potentially including impairments, tax effects, or restructuring charges, are materially influencing reported earnings. Stock-based compensation remains modest, between $0 and $17 million per quarter, so it does not appear to explain the magnitude of these swings. The quality of reported EPS therefore appears low, and the underlying drivers warrant further investigation.
Recurring Losses Challenge Recovery Thesis
Across the ten quarters, net income was negative in seven periods, with EPS reaching -7.73 in 2026Q3, which challenges any narrative of imminent profitability recovery.
The bear case centers on the frequency of losses, which suggests the business may not be generating sufficient earnings to support its cost structure under current conditions. Operating margins that remain near breakeven leave little cushion against further revenue pressure or margin compression. Unless the supplied data reveals a clear path to sustained operating profitability, the recovery thesis appears unsupported by the reported income statement.