Filing Flows › Xerox Holdings (XRX) › Q2 2026 › vs Q1 2026
Xerox Holdings (XRX) Q2 2026 vs Q1 2026 (quarter over quarter)
Xerox Holdings's revenue rose $76.0M (+4%) from $1.8B in Q1 2026 to $1.9B in Q2 2026. The biggest changes: Sales +$76.0M (+8%); Service +$0 (0%). Gross margin 10.6% against 3.9% (+6.7 pts).
Xerox Holdings, Q2 2026: revenue $1.9B (+22% year over year), operating margin 1.6%, net earnings $13.0M, operating cash flow $37.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 10.6% | 3.9% | +6.7 pts |
| Operating margin | 1.6% | -4.0% | +5.6 pts |
| Net margin | 0.7% | -5.7% | +6.4 pts |
| Free cash flow margin | 1.2% | -8.5% | +9.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Supplies, paper and other sales | $469M | $437M | $32.0M | +7% |
| Maintenance agreements | $425M | $417M | $8.0M | +2% |
| Service arrangements | $421M | $422M | −$1.0M | -0.2% |
| Equipment | $387M | $378M | $9.0M | +2% |
| IT products | $140M | $105M | $35.0M | +33% |
| Rental and other | $55.0M | $60.0M | −$5.0M | -8% |
| Financing | $25.0M | $27.0M | −$2.0M | -7% |
| Sales | $996M | $920M | $76.0M | +8% |
| Service | $926M | $926M | $0 | 0% |
| Revenue | $1.9B | $1.8B | $76.0M | +4% |
| Gross profit | $203M | $72.0M | $131M | +182% |
| Cost of revenue | $1.7B | $1.8B | −$55.0M | -3% |
| Operating profit | $31.0M | −$73.0M | $104M | — |
| Operating expenses | $172M | $145M | $27.0M | +19% |
| Pre-tax earnings | $31.0M | −$73.0M | $104M | — |
| Net earnings | $13.0M | −$105M | $118M | — |
| Income tax | $18.0M | $32.0M | −$14.0M | -44% |
| Operating cash sources | $123M | $4.0M | $119M | 31× |
| Depreciation & amortization | $101M | $100M | $1.0M | +1% |
| Share-based compensation | $9.0M | $9.0M | $0 | 0% |
| Working capital & other | $86.0M | $148M | −$62.0M | -42% |
| Operating cash flow | $37.0M | −$144M | $181M | — |
| Free cash flow (OCF − capex) | $23.0M | −$156M | $179M | — |
| Capital expenditures | $14.0M | $12.0M | $2.0M | +17% |
Questions
How much did Xerox Holdings's revenue grow quarter over quarter in Q2 2026?
Xerox Holdings's revenue rose $76.0M (+4%) from $1.8B in Q1 2026 to $1.9B in Q2 2026.
What drove Xerox Holdings's revenue change in Q2 2026?
Sales +$76.0M (+8%); Service +$0 (0%).