Filing Flows › Xerox Holdings (XRX) › Q2 2026 › vs Q2 2025
Xerox Holdings (XRX) Q2 2026 vs Q2 2025 (year over year)
Xerox Holdings's revenue rose $346M (+22%) from $1.6B in Q2 2025 to $1.9B in Q2 2026. The biggest changes: Sales +$331M (+50%); Service +$15.0M (+2%). Gross margin 10.6% against 3.7% (+6.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 10.6% | 3.7% | +6.8 pts |
| Operating margin | 1.6% | -3.8% | +5.4 pts |
| Net margin | 0.7% | -6.7% | +7.4 pts |
| Free cash flow margin | 1.2% | -1.0% | +2.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Supplies, paper and other sales | $469M | $176M | $293M | +166% |
| Maintenance agreements | $425M | $379M | $46.0M | +12% |
| Service arrangements | $421M | $439M | −$18.0M | -4% |
| Equipment | $387M | $336M | $51.0M | +15% |
| IT products | $140M | $153M | −$13.0M | -8% |
| Rental and other | $55.0M | $61.0M | −$6.0M | -10% |
| Financing | $25.0M | $32.0M | −$7.0M | -22% |
| Sales | $996M | $665M | $331M | +50% |
| Service | $926M | $911M | $15.0M | +2% |
| Revenue | $1.9B | $1.6B | $346M | +22% |
| Gross profit | $203M | $59.0M | $144M | +244% |
| Cost of revenue | $1.7B | $1.5B | $202M | +13% |
| Operating profit | $31.0M | −$60.0M | $91.0M | — |
| Operating expenses | $172M | $119M | $53.0M | +45% |
| Pre-tax earnings | $31.0M | −$60.0M | $91.0M | — |
| Net earnings | $13.0M | −$106M | $119M | — |
| Income tax | $18.0M | $46.0M | −$28.0M | -61% |
| Operating cash sources | $123M | −$35.0M | $158M | — |
| Depreciation & amortization | $101M | $57.0M | $44.0M | +77% |
| Share-based compensation | $9.0M | $14.0M | −$5.0M | -36% |
| Working capital & other | $86.0M | −$24.0M | $110M | — |
| Operating cash flow | $37.0M | −$11.0M | $48.0M | — |
| Free cash flow (OCF − capex) | $23.0M | −$15.0M | $38.0M | — |
| Capital expenditures | $14.0M | $4.0M | $10.0M | +250% |
Questions
How much did Xerox Holdings's revenue grow year over year in Q2 2026?
Xerox Holdings's revenue rose $346M (+22%) from $1.6B in Q2 2025 to $1.9B in Q2 2026.
What drove Xerox Holdings's revenue change in Q2 2026?
Sales +$331M (+50%); Service +$15.0M (+2%).