Xerox Holdings Corporation announces its 2025 fourth-quarter and full-year results and guidance for 2026.

For Q4 2025, revenue was $2.03 billion, up 25.7%, or 23.6% in constant currency.  GAAP net loss was $73 million, or $0.60 per share, an increased loss of $52 million or $(0.40) per share, year-over-year, respectively. Adjusted net loss was $8 million, or $0.10 per share, down $57 million or $0.46 per share, year-over-year, respectively. Operating cash flow was $208 million, down $143 million year-over-year, while free cash flow was $184 million, down $150 million year-over-year.

For fiscal year 2025, Xerox’s revenue was $ $7.02 billion, up 12.9%, or 12.2% in constant currency. GAAP net loss was $1.03 billion, or $8.25 per share, an improvement of approximately $0.3 billion or $2.50 per share, year-over-year, respectively. Adjusted net loss was $62 million, or $0.60 per share, down $197 million or $1.57 per share, year-over-year, respectively. Operating cash flow was $224 million, down $287 million year-over-year. Free cash flow was $133 million, down $334 million year-over-year.

“We continue to execute with discipline in a difficult macro backdrop, including the lingering effects of government uncertainty and rising memory costs. The Lexmark integration is advancing ahead of plan, and the teams are delivering tangible synergies,” says Steve Bandrowczak, CEO at Xerox.

“These efforts contributed to a better‑than‑expected operating income and free cash flow performance this quarter,” adds Bandrowczak. “As demand trends begin to stabilize, we’re seeing new opportunities emerge, leading to a pipeline that is larger than it was this time last year.”

Xerox reports that the Lexmark synergy realization is ahead of plan, and reaffirms at least $300 million integration synergy target. Xerox paid down $366 million of debt, net, since the close of the Lexmark acquisition on July 1, 2025.