Xerox Releases First-Quarter Results

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.