XRX (XRX) financial statements
XRX reported revenue of $7.0B in fiscal 2025, down 4.3% a year over 8 years.
Net income was -$1.0B and the operating margin -6.9%, against 5.3% in 2017.
Free cash flow was $133M, and the company returned $71M in dividends.
The diluted share count fell 51% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from XRX's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.0B | $9.7B | $9.1B | $7.0B | $7.0B | $7.1B | $6.9B | $6.2B | $7.0B |
| Gross profit | — | — | — | — | $375M | $275M | — | — | — |
| Selling, general and admin | $2.5B | $2.4B | $2.1B | $1.9B | $1.7B | $1.8B | $1.7B | $1.5B | $1.7B |
| Operating income | $525M | $549M | $822M | $252M | -$472M | -$325M | -$28M | -$1.2B | -$488M |
| Interest expense | $252M | $244M | $236M | $215M | $207M | $199M | $198M | $225M | $334M |
| Pre-tax income | $525M | $549M | $822M | $252M | -$475M | -$328M | -$89M | -$877M | -$396M |
| Income tax | $468M | $247M | $179M | $64M | -$17M | -$3M | -$29M | $105M | $541M |
| Net income | $195M | $361M | $1.4B | $192M | -$455M | -$322M | $1M | -$1.3B | -$1.0B |
| EPS (diluted) | $0.71 | $1.38 | $5.80 | $0.84 | -$2.56 | -$2.15 | -$0.09 | -$10.75 | -$8.25 |
| Diluted shares | 257M | 252M | 222M | 209M | 183M | 156M | 149M | 124M | 126M |
| Gross margin | — | — | — | — | 5.3% | 3.9% | — | — | — |
| Operating margin | 5.3% | 5.7% | 9.1% | 3.6% | -6.7% | -4.6% | -0.4% | -19.5% | -6.9% |
| Net margin | 2.0% | 3.7% | 14.9% | 2.7% | -6.5% | -4.5% | 0.0% | -21.2% | -14.7% |
Balance sheet
Fiscal years, from XRX's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.1B | $2.7B | $2.6B | $1.8B | $1.0B | $519M | $576M | $512M |
| Receivables | — | $1.3B | $1.2B | $883M | $818M | $857M | $850M | $796M | $1.1B |
| Inventory | — | $829M | $694M | $843M | $696M | $797M | $661M | $695M | $1.0B |
| Total current assets | — | $4.7B | $6.1B | $5.8B | $4.7B | $4.1B | $3.2B | $2.9B | $3.6B |
| Property, plant and equipment | — | $498M | $426M | $407M | $358M | $320M | $266M | $251M | $390M |
| Goodwill | $3.9B | $3.9B | $3.9B | $4.1B | $3.3B | $2.8B | $2.7B | $1.9B | $2.2B |
| Total assets | — | $14.9B | $15.0B | $14.7B | $13.2B | $11.5B | $10.0B | $8.4B | $9.8B |
| Total current liabilities | — | $3.3B | $3.4B | $2.5B | $2.8B | $3.3B | $2.8B | $2.6B | $3.2B |
| Long-term debt | — | $4.3B | $3.2B | — | — | — | — | — | — |
| Total liabilities | — | $9.6B | $9.2B | $8.9B | $8.6B | $8.0B | $7.2B | $7.1B | $9.2B |
| Shareholders' equity | $5.3B | $5.0B | $5.6B | $5.6B | $4.4B | $3.3B | $2.5B | $1.1B | $444M |
| Net debt | -$1.4B | $4.1B | $1.5B | -$2.2B | -$1.2B | -$185M | $48M | $9M | -$281M |
Cash flow
Fiscal years, from XRX's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$267M | $1.1B | $1.3B | $548M | $629M | $159M | $686M | $511M | $224M |
| Capital spending | $105M | $90M | $65M | $74M | $68M | $57M | $37M | $44M | $91M |
| Free cash flow | -$372M | $1.1B | $1.3B | $474M | $561M | $102M | $649M | $467M | $133M |
| Stock-based compensation | $52M | $57M | $50M | $42M | $54M | $75M | $54M | $52M | $45M |
| Dividends paid | $291M | $269M | $243M | $230M | $206M | $174M | $165M | $141M | $71M |
| Share buybacks (net) | $0 | -$700M | -$600M | -$300M | -$888M | -$113M | -$544M | -$8M | $0 |
| Net borrowing | -$822M | -$307M | -$950M | $133M | -$208M | -$529M | -$478M | -$85M | $504M |
| Free cash flow margin | -3.7% | 10.9% | 14.0% | 6.8% | 8.0% | 1.4% | 9.4% | 7.5% | 1.9% |
| Dividends per share | $1.13 | $1.07 | $1.09 | $1.10 | $1.12 | $1.12 | $1.11 | $1.14 | $0.56 |
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Open XRX in InvestinglyQuestions
What was XRX's revenue in 2025?
$7.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does XRX generate?
$133M in fiscal 2025 (operating cash flow minus capital spending).
From XRX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.