Xerox Releases Third Quarter 2025 Results

Xerox Holdings Corporation announces its 2025 third-quarter results.

Revenue during 3Q 2025 was $1.96 billion, up 28.3 percent, or 27.0 percent in constant currency. On a pro forma basis, revenue was down 7.8 percent. GAAP net (loss) was $(760) million, or $(6.01) per share, narrowing the loss by $445 million or $3.70 per share, year-over-year, respectively.

Adjusted net income was $27 million, or $0.20 per share, down $7 million or $0.05 per share, year-over-year, respectively. Operating cash flow was $159 million, up $43 million year-over-year. Free cash flow was $131 million, up $24 million year-over-year.

Xerox reports that the Lexmark Integration is ahead of plan, with the synergy target increasing by $50 million to at least $300 million. IT Solutions pro forma bookings, billings, and revenue grew double digits, while inside sales showed greater than 30% ESR growth year-to-date.

Xerox announced the launch of the IJP900, re-entering the Production mid-volume inkjet market. The company paid down $226 million of debt, net as of the Lexmark acquisition close on July 1, 2025.

“While continued macro volatility and near-term uncertainties on government funding decisions weighed on transactional print this quarter, consistent page volume trends and strong IT Solutions momentum reinforce our confidence that Reinvention will deliver durable productivity and long‑term value,” says Steve Bandrowczak, CEO at Xerox.

“We are accelerating that work from a solid foundation established by the Lexmark acquisition and the expansion of our IT Solutions capabilities,” adds Bandrowczak. “The combined Xerox and Lexmark team is aligning go‑to‑market structure, blending complementary portfolios, and standardizing operating processes to deliver broader solutions and deeper value. Through this work, we’ve identified meaningful incremental value—with cost synergies now forecasted to be at least $300 million.”