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Xerox Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$17.0M in Q3 2026 · $76.0M over twelve months

Operating cash flow$30.0M
Capital spending−$13.0M
Free cash flow+$17.0M

Analysis

In Q3 2026, Xerox Holdings generated $30.0M of operating cash flow and spent $13.0M on capital projects, leaving free cash flow of $17.0M. That is $87.0M less than in Q3 2025 ($104M).

Over the twelve months to Sep 30, 2026, operating cash flow was $131M; the largest uses were net borrowing (+) / repaid (−) ($98.0M), capital spending ($55.0M), other investing ($47.0M); besides operations, cash came from other financing ($42.0M), asset & business sales ($22.0M); the cash balance fell by $5.0M.

Operating cash flow was $30.0M against net income of −$1.0B. The largest differences: impairments +$959M, depreciation & amortization +$95.0M, prepaid and other assets +$42.0M.

Free cash flow

Xerox Holdings: free cash flow by quarterXerox Holdings: free cash flow by quarter$346MQ4 2024−$94.0MQ1 2025−$15.0MQ2 2025$104MQ3 2025$192MQ4 2025−$156MQ1 2026$23.0MQ2 2026$17.0MQ3 2026
Operating cash flow less capital spending.
Xerox Holdings: operating cash flow against capital spendingXerox Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$351M$5.0MQ4 2024−$89.0M$5.0MQ1 2025−$11.0M$4.0MQ2 2025$116M$12.0MQ3 2025$208M$16.0MQ4 2025−$144M$12.0MQ1 2026$37.0M$14.0MQ2 2026$30.0M$13.0MQ3 2026
Latest (Q3 2026): Operating cash flow $30.0M, Capital spending $13.0M.

Capital allocation, year by year

Xerox Holdings: where the cash came from (up) and went (down), by fiscal yearXerox Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $629MFY2021: Net borrowing −$208MFY2021: Capital spending −$29.0MFY2021: Acquisitions −$53.0MFY2021: Buybacks −$888MFY2021: Dividends −$192M$629MFY2021FY2022: Operating cash flow $159MFY2022: Net borrowing −$533MFY2022: Capital spending −$36.0MFY2022: Acquisitions −$93.0MFY2022: Buybacks −$113MFY2022: Dividends −$160M$159MFY2022FY2023: Operating cash flow $686MFY2023: Net borrowing −$485MFY2023: Capital spending −$29.0MFY2023: Acquisitions −$7.0MFY2023: Buybacks −$544MFY2023: Dividends −$151M$686MFY2023FY2024: Operating cash flow $511MFY2024: Net borrowing −$95.0MFY2024: Capital spending −$27.0MFY2024: Acquisitions −$161MFY2024: Buybacks −$8.0MFY2024: Dividends −$127M$511MFY2024FY2025: Operating cash flow $224MFY2025: Net borrowing $494MFY2025: Asset sales $51.0MFY2025: Capital spending −$37.0MFY2025: Acquisitions −$674MFY2025: Dividends −$57.0M$769MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were buybacks ($1.6B) and net borrowing ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$412M
Debt$4.1B
Net debt$3.7B
Due within a year$236M

Xerox Holdings funds itself: free cash flow was $76.0M over the last twelve months, and $412M of cash and investments stands against $4.1B of debt ($236M due within a year, 1.7× covered by cash).

Xerox Holdings: debt maturities by year (FY2025)Xerox Holdings: debt maturities by year (FY2025)$236MYear 1$77.0MYear 2$866MYear 3$1.1BYear 4$969MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $412M of cash and investments now.

Where the cash came from and went

Xerox Holdings: sources (+) and uses (−) of cash, Q3 2026Xerox Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$30.0MCash drawn (+) / kept (−)$22.0MOther financing−$21.0MCapital spending−$13.0MOther investing−$11.0MDividends−$4.0MNet borrowing (+) / repaid (−)−$2.0MExchange rates−$1.0M
Xerox Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Xerox Holdings: sources (+) and uses (−) of cash, 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 profit to cash

Xerox Holdings: net income to operating cash flow, Q3 2026Xerox Holdings: net income to operating cash flow, Q3 2026Net income−$1.0BDepreciation & amortization$95.0MStock-based pay$11.0MImpairments$959MReceivables$34.0MInventory−$37.0MPayables$30.0MEmployee-related liabilities−$28.0MPrepaid and other assets$42.0MOther liabilities−$7.0MIncome taxes payable−$1.0MOperating cash flow$30.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$30.0M−$13.0M——−$4.0M−$2.0M$22.0M$17.0M
Q2 2026$37.0M−$14.0M$19.0M—−$3.0M−$60.0M$85.0M$23.0M
Q1 2026−$144M−$12.0M——−$6.0M$255M−$72.0M−$156M
Q4 2025$208M−$16.0M——−$3.0M−$169M−$30.0M$192M
Q3 2025$116M−$12.0M−$675M—−$3.0M$122M$450M$104M
Q2 2025−$11.0M−$4.0M——−$16.0M$650M−$595M−$15.0M
Q1 2025−$89.0M−$5.0M$1.0M—−$35.0M−$107M$241M−$94.0M
Q4 2024$351M−$5.0M−$161M−$5.0M−$31.0M−$82.0M−$41.0M$346M

Xerox Holdings: income statement and cash flow

Xerox Holdings, Q3 2026: revenue $1.9B (-5% year over year), operating margin -53.9%. The chart follows the revenue to costs, profit and cash.

Xerox Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.