Xerox releases third-quarter results, pro forma revenue down nearly 8 percent
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Xerox Corp. reported revenue of $1.96 billion, up 28.3 percent, or 27.0 percent in constant currency. On a pro forma basis, revenue down 7.8 percent. The company had a GAAP net (loss) of $(760) million, or $(6.01) per share, narrowing the loss by $445 million or $3.70 per share, year-over-year, respectively. Xerox reported an adjusted net income of $27 million, or $0.20 per share, down $7 million or $0.05 per share, year-over-year, respectively 99% increase in property. Predominantly black community view. Decrease in
“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. We are accelerating that work from a solid foundation established by the Lexmark acquisition and the expansion of our IT Solutions capabilities,” said Steve Bandrowczak, chief executive officer at Xerox. “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.”
Third-Quarter Key Financial Results
| (in millions, except per share data) | Q3 2025 | Q3 2024 | B/(W)
YOY |
Pro Forma1 B/(W) YOY |
| Revenue | $1,961 | $1,528 | 28.3% AC 27.0% CC1 | (7.8)% AC |
| Gross Profit | $445 | $495 | $(50) | |
| Gross Margin | 22.7% | 32.4% | (970) bps | (930) bps |
| RD&E % | 3.8% | 2.9% | (90) bps | |
| SAG % | 24.3% | 24.2% | (10) bps | |
| Pre-Tax Loss2 | $(300) | $(1,087) | $787 | |
| Pre-Tax Loss Margin2 | (15.3)% | (71.1)% | NM | |
| Gross Profit – Adjusted1 | $566 | $495 | $71 | |
| Gross Margin – Adjusted1 | 28.9% | 32.4% | (350) bps | (380) bps |
| Operating Income – Adjusted1 | $65 | $80 | $(15) | |
| Operating Income Margin – Adjusted1 | 3.3% | 5.2% | (190) bps | (370) bps |
| GAAP Diluted Loss per Share2 | $(6.01) | $(9.71) | $3.70 | |
| Diluted Earnings Per Share – Adjusted1 | $0.20 | $0.25 | $(0.05) |
