Filing Flows › Xerox Holdings (XRX) › Q3 2025
Xerox Holdings (XRX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Xerox Holdings (XRX) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +28% from a year earlier and +24% from the quarter before. Operating margin was -15.3%, net loss $760M (38.8% of revenue).
Xerox Holdings, Q3 2025: revenue $2.0B (+28% year over year), operating margin -15.3%, net loss $760M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +24% | +28% |
| Operating profit | −$300M | — | — |
| Net earnings | −$760M | — | — |
| Operating cash flow | $116M | — | 0% |
| Free cash flow | $104M | — | -4% |
What changed
Revenue was $2.0B in Q3 2025, up 28% year over year and up 24% from the previous quarter. Supplies, paper and other sales was the largest line at 23% of revenue. Supplies, paper and other sales added $0.25B year over year (up 132%), 58% of the total change. Financing declined 16%.
Gross margin was 3.3%. Operating costs exceeded revenue by $0.30B, an operating margin of -15.3%. The quarter ended with a net loss of $0.76B, wider than the previous quarter's $0.11B loss.
Operating cash flow was $0.12B (roughly flat year over year). Non-cash charges added back $0.11B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.76B. Capital expenditures of $0.01B left free cash flow of $0.10B.
Questions
What was Xerox Holdings' revenue in the third quarter 2025?
Xerox Holdings (XRX) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +28% from a year earlier and +24% from the quarter before.
Was Xerox Holdings profitable in the third quarter 2025?
Operating loss was $300M (-15.3% of revenue) and net loss $760M.
Source: Xerox Holdings 10-Q on SEC EDGAR.