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Xerox Holdings (XRX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Xerox Holdings (XRX) Q3 2026 earnings results →

Q3 2026 Revenue down 5% year over year to $1.9B · 54¢ of every $1 of revenue lost · operating margin -53.9%

Xerox Holdings made $1.9B in Q3 2026 (-5% Y/Y): Sales $954M, Service $914M. Operating margin -53.9%, net loss $1.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.9B
Year over year-5%
Operating margin-53.9%
Net earnings−$1.0B
Operating cash flow$30.0M

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Xerox Holdings Q3 2026 revenue breakdown: Sankey diagram of revenue (Sales, Service), costs, profit and cash flow
Xerox Holdings Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.9B in Q3 2026, down 5% year over year and down 3% from the previous quarter. Supplies, paper and other sales was the largest line at 23% of revenue. IT products lost $0.04B year over year (down 23%), 41% of the total change.

Gross margin was 6.6%, up 3.3 points from Q3 2025. Operating costs exceeded revenue by $1.0B, an operating margin of -53.9%. Operating expenses grew 210% against a revenue fall of 5%. The quarter ended with a net loss of $1.0B, after a profit of $0.01B the previous quarter.

Operating cash flow was $0.03B (down 74% year over year). Non-cash charges added back $0.10B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.94B. Capital expenditures of $0.01B left free cash flow of $0.02B.

Quarterly history

Xerox Holdings revenue by quarterXerox Holdings revenue by quarter$1.5BQ1 2025$1.6BQ2 2025$2.0BQ3 2025$2.0BQ4 2025$1.8BQ1 2026$1.9BQ2 2026$1.9BQ3 2026
Xerox Holdings net earnings by quarterXerox Holdings net earnings by quarter−$90.0MQ1 2025−$106MQ2 2025−$760MQ3 2025−$73.0MQ4 2025−$105MQ1 2026$13.0MQ2 2026−$1.0BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$1.9B-5%-53.9%−$1.0B$30.0M
Q2 202610-QAug 6, 2026$1.9B+22%1.6%$13.0M$37.0M
Q1 202610-QMay 7, 2026$1.8B+27%-4.0%−$105M−$144M
Q4 202510-KMar 17, 2026$2.0B+26%-3.0%−$73.0M$208M
Q3 202510-QNov 10, 2025$2.0B+28%-15.3%−$760M$116M
Q2 202510-QAug 7, 2025$1.6B-0.1%-3.8%−$106M−$11.0M
Q1 202510-QMay 12, 2025$1.5B-3%-4.6%−$90.0M−$89.0M

Charts

Xerox Holdings: revenue growth, year over year and quarter over quarterXerox Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q-3%Q1 20250%+8%Q2 2025+28%+24%Q3 2025+26%+3%Q4 2025+27%-9%Q1 2026+22%+4%Q2 2026-5%-3%Q3 2026
Latest (Q3 2026): Y/Y -5%, Q/Q -3%.
Xerox Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Xerox Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$131MNet borrowing (+) / repaid (−)−$98.0MCapital spending−$55.0MOther investing−$47.0MOther financing$42.0MAsset & business sales$22.0MAcquisitions$19.0MDividends−$16.0MCash drawn (+) / kept (−)$5.0MExchange rates−$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Xerox Holdings: profit against cash, quarter by quarterXerox Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow−$21.0M$351MQ4 2024−$90.0M−$89.0MQ1 2025−$106M−$11.0MQ2 2025−$760M$116MQ3 2025−$73.0M$208MQ4 2025−$105M−$144MQ1 2026$13.0M$37.0MQ2 2026−$1.0B$30.0MQ3 2026
Latest (Q3 2026): Net income −$1.0B, Operating cash flow $30.0M.
Xerox Holdings: long-term debt falling due (FY2025)Xerox Holdings: long-term debt falling due (FY2025)$236M2026$77.0M2027$866M2028$1.1B2029$969M2030$1.1BLater
Cash $512M, short-term investments —, long-term debt $4.0B at 2025-12-31.
Xerox Holdings in its industry: growth against margin (14 companies, SIC 3577)Xerox Holdings in its industry: growth against margin (14 companies, SIC 3577)revenue growth, year over year →↑ operating marginmedian +10%median 0%PANWFTNTLOGICRSRIMMRMITKEVLVWETHTACTINVELINKVTIXAIMDXRX (-5%, -54%)
Computer Peripheral Equipment, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Xerox Holdings

Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small. As customers seek to manage information and document workflows across digital and physical platforms, we deliver a seamless, secure, and sustainable experience. Whether inventing the copier, the Ethernet, the laser printer or more, Xerox has long defined the modern work experience and continues to do so with investments in IT infrastructure, artificial intelligence (AI), Internet of Things (IoT), intelligent document processing (IDP), robotic process automation (RPA) and other technologies that enable Xerox to deliver essential products and services to address the productivity challenges of a hybrid workplace and distributed workforce.

In its own words, from its 10-K, filed Mar 17, 2026.

Xerox Holdings against its Computer Peripheral Equipment, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -5% against the peers' median +13%. Operating margin: -53.9% against the peers' median 5.0%.

CompanyQuarterRevenueY/YOp. margin
XRX Xerox HoldingsQ3 2026$1.9B-5%-53.9%
PANW Palo Alto NetworksQ4 FY26$3.4B+34%5.0%
FTNT FortinetQ3 2026$2.1B+20%33.9%
LOGI Logitech International S.A.Q2 FY27$1.2B+3%16.5%
CRSR Corsair GamingQ3 2026$367M+6%-0.4%
IMMR ImmersionQ1 FY27$294M+0.8%-6.8%
MITK Mitek SystemsQ3 FY26$54.0M+18%21.4%
EVLV Evolv Technologies HoldingsQ2 2026$43.8M+34%-24.1%
WETH Wetouch TechnologyQ2 2026$14.0M+13%22.6%

Source: Xerox Holdings 10-Q on SEC EDGAR · CIK 1770450 · Computer Peripheral Equipment, NEC

Guidance and outlook

Xerox Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Xerox Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Other6Financing3Costs3Demand2Buybacks & dividends1Deals1
16 statements; tone -0.12 (−1 all cautious, +1 all confident); 3 hedged.
Xerox Holdings: outlook statements against the filing beforeXerox Holdings: outlook statements against the filing beforeConfident1Cautious3

13F: who owns XRX and who is buying

Largest holders of XRX (13F)Largest holders of XRX (13F)BlackRock$33.2MVanguard Group$27.0MState Street$18.4MD. E. Shaw$17.8MVanguard Portfolio Management LLC$17.2MTwo Sigma Investments, LP$17.1MMarshall Wace, LLP$16.2MVanguard Capital Management LLC$14.5MGoldman Sachs Group$11.9MCharles Schwab Investment Managem…$10.3M
Funds' net buying of XRX by quarter (13F)Funds' net buying of XRX by quarter (13F)−$35.0M2024-09−$7.5M2024-12−$24.1M2025-03$33.4M2025-06−$87.1M2025-09$10.8M2025-12−$19.4M2026-03$8.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on XRX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Xerox Holdings（XRX）财报

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