Press release from the issuing company:
Xerox Holdings Corporation (NASDAQ: XRX) on April 29, 2026, announced its 2026 first-quarter results. Returns to year-over-year adjusted1 operating margin growth with 240 basis points expansion; revenue trajectory improved and liquidity strengthened in Q1.
Xerox Financial Summary – Q1 2026
- Revenue of $1.85 billion, up 26.7 percent, or 23.6 percent in constant currency1. On a pro forma2 basis, revenue is down 3.7 percent.
- GAAP net (loss) of $(105) million, or $(0.84) per share, down $15 million or $0.09 per share, year-over-year, respectively.
- Normalized Adjusted3 net (loss) of $(10) million, or $(0.11) per share, down $3 million or $0.02 per share, year-over-year, respectively.
- Adjusted1 net (loss) of $(51) million, or $(0.43) per share, down $47 million or $0.37 per share, year-over-year, respectively.
- Adjusted1 operating income of $72 million, up $50 million year-over-year.
- Adjusted1 operating margin of 3.9 percent, up 240 basis points year-over-year.
- Operating cash flow of $(144) million, down $55 million year-over year, reflecting expected Q1 seasonality.
- Free cash flow1 of $(165) million, down $56 million year-over-year. Full-year free cash flow guidance of approximately $250 million is unchanged, implying greater than $400 million of cash generation over the remaining three quarters.
“This quarter’s results demonstrated tangible progress as revenue and profit trajectory improved, adjusted1 operating margin expanded, and we further enhanced our liquidity,” said Louie Pastor, chief executive officer at Xerox. “When I took this role, I was unequivocal that we must be clear about our priorities—stabilize revenue, increase profitability and reduce leverage — and establish credibility by executing on them one quarter at a time. I am genuinely optimistic about the future of this business and confident we are closer to an inflection point than the external narrative suggests. Reaffirming our 2026 guidance reflects that confidence.”
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(1) Net (Loss)
(2) Reflects the inclusion of Lexmark’s estimated results from January 1, 2025 through March 31, 2025. Lexmark’s actual results are included in Xerox’s reported results beginning on July 1, 2025, the effective date of the acquisition.
(3) In the first quarter of 2026, Xerox Holdings Corporation renamed “Reinvention-related costs” to “Transformation-related costs.” This change in terminology did not affect the nature of the costs.
