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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
(Exact Name of Registrant as specified in its charter)


New York	001-39013	83-3933743
New York	001-04471	16-0468020
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

	P.O. Box 4505, 401 Merritt 7 Norwalk, Connecticut 06851-1059
(Address of principal executive offices and Zip Code)




(203) 849-5216
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Xerox Holdings Corporation
Common Stock, $1 par value	XRX	Nasdaq Global Select Market
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Xerox Holdings Corporation Yes ☒ No ☐ Xerox Corporation Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Xerox Holdings Corporation Yes ☒ No ☐ Xerox Corporation Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Xerox Holdings Corporation

Xerox Corporation

Large accelerated filer

☒

Large accelerated filer

☐

Accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Smaller reporting company

☐

Emerging growth company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Xerox Holdings Corporation o Xerox Corporation o

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Xerox Holdings Corporation Yes ☐ No ☒ Xerox Corporation Yes ☐ No ☒



Class						Outstanding at October 31, 2025
Xerox Holdings Corporation Common Stock, $1 par value						128,040,011 shares

Cautionary Statement Regarding Forward-Looking Statements

This combined Quarterly Report on Form 10-Q (Form 10-Q), and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “would”, “could”, “can” “should”, “targeting”, “projecting”, “driving”, “future”, “plan”, “predict”, “may” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. These forward-looking statements speak only as of the date of this document or as of the date to which they refer, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law. Factors that might cause such differences include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s reports on Forms 10-K and 10-Q. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Throughout this Form 10-Q, references to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” or the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include subsidiaries.

Xerox Holdings Corporation's primary direct operating subsidiary is Xerox and therefore Xerox reflects nearly all of Xerox Holdings' operations.

Xerox 2025 Form 10-Q 1

XEROX HOLDINGS CORPORATION

XEROX CORPORATION

FORM 10-Q

September 30, 2025

TABLE OF CONTENTS


		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited)	3
	Xerox Holdings Corporation Condensed Consolidated Statements of Loss	3
	Xerox Holdings Corporation Condensed Consolidated Statements of Comprehensive Loss	4
	Xerox Holdings Corporation Condensed Consolidated Balance Sheets	5
	Xerox Holdings Corporation Condensed Consolidated Statements of Cash Flows	6
	Xerox Corporation Condensed Consolidated Statements of Loss	7
	Xerox Corporation Condensed Consolidated Statements of Comprehensive Loss	8
	Xerox Corporation Condensed Consolidated Balance Sheets	9
	Xerox Corporation Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
	Capital Resources and Liquidity	73
	Financial Risk Management	76
	Non-GAAP Financial Measures	77
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	90
Item 4.	Controls and Procedures	90
Part II — Other Information
Item 1.	Legal Proceedings	91
Item 1A.	Risk Factors	91
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	91
Item 3.	Defaults Upon Senior Securities	91
Item 4.	Mine Safety Disclosures	91
Item 5.	Other Information	92
Item 6.	Exhibits	93
Signatures		94

For additional information about Xerox Holdings Corporation and Xerox Corporation and access to our Annual Reports to Shareholders and SEC filings, free of charge, please visit our website at www.xerox.com/investor. The content of our website is not incorporated by reference into this combined Form 10-Q unless expressly noted.

Xerox 2025 Form 10-Q 2

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per-share data)	2025		2024		2025		2024
Revenues
Sales	$	993	$	588	$	2,215	$	1,722
Services, maintenance, rentals and other(1)	968		940		2,779		2,886

Total Revenues	1,961		1,528		4,994		4,608
Costs and Expenses
Cost of sales	788		390		1,650		1,117
Cost of services, maintenance, rentals and other(1)	728		643		2,022		2,033

Research, development and engineering expenses	74		45		159		144
Selling, administrative and general expenses	477		370		1,223		1,160
Goodwill impairment	—		1,058		—		1,058
Restructuring and related costs, net	59		56		68		107
Amortization of intangible assets	30		10		50		30
Divestitures	—		—		(4)		51

Other expenses, net	105		43		253		120
Total Costs and Expenses	2,261		2,615		5,421		5,820
Loss before Income Taxes	(300)		(1,087)		(427)		(1,212)
Income tax expense	460		118		529		88



Net Loss	(760)		(1,205)		(956)		(1,300)

Less: Preferred stock dividends, net	(4)		(4)		(11)		(11)
Net Loss attributable to Common Shareholders	$	(764)	$	(1,209)	$	(967)	$	(1,311)









Basic Loss per Share	$	(6.01)	$	(9.71)	$	(7.67)	$	(10.55)





Diluted Loss per Share	$	(6.01)	$	(9.71)	$	(7.67)	$	(10.55)

_____________

(1) In 2025, certain reclassifications were made within the Condensed Consolidated Statement of Loss to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 3

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net Loss	$	(760)	$	(1,205)	$	(956)	$	(1,300)




Other Comprehensive (Loss) Income , Net(1)
Translation adjustments, net	(42)		192		292		140
Unrealized (losses) gains, net	(2)		5		(8)		4
Changes in defined benefit plans, net	35		(24)		(42)		18
Other Comprehensive (Loss) Income, Net	(9)		173		242		162



Comprehensive Loss, Net	$	(769)	$	(1,032)	$	(714)	$	(1,138)

_____________

(1) Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 4

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions, except share data in thousands)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	479	$	576
Accounts receivable (net of allowance of $75 and $69, respectively)	1,196		796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	53		48
Finance receivables, net	553		608
Inventories	1,143		695

Other current assets	329		212
Total current assets	3,753		2,935
Finance receivables due after one year (net of allowance of $50 and $55, respectively)	950		1,089
Equipment on operating leases, net	300		245
Land, buildings and equipment, net	427		251

Intangible assets, net	954		236
Goodwill, net	2,182		1,937
Deferred tax assets	101		615
Other long-term assets	1,401		1,057
Total Assets	$	10,068	$	8,365
Liabilities and Equity
Short-term debt and current portion of long-term debt	$	354	$	585
Accounts payable	1,481		1,023
Accrued compensation and benefits costs	247		227


Accrued expenses and other current liabilities	1,317		784
Total current liabilities	3,399		2,619
Long-term debt	4,052		2,814
Pension and other benefit liabilities	1,150		1,088
Post-retirement medical benefits	168		154
Other long-term liabilities	705		386
Total Liabilities	9,474		7,061

Commitments and Contingencies (See Note 21)

Noncontrolling Interests	10		10

Convertible Preferred Stock	214		214

Common stock	128		124

Additional paid-in capital	1,171		1,137

Retained earnings	2,523		3,514
Accumulated other comprehensive loss	(3,457)		(3,699)
Xerox Holdings shareholders’ equity	365		1,076
Noncontrolling interests	5		4
Total Equity	370		1,080
Total Liabilities and Equity	$	10,068	$	8,365



Shares of Common Stock Issued and Outstanding	128,018		124,435

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 5

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Nine Months Ended September 30,
(in millions)		2025		2024
Cash Flows from Operating Activities
Net Loss		$	(956)	$	(1,300)


Adjustments to reconcile Net loss to Net cash provided by operating activities:
Depreciation and amortization		224		177
Provisions		67		92

Inventory-related purchase accounting adjustment - noncash		102		—
Effective settlement of a pre-existing relationship between Lexmark and Xerox		(43)		—
Net gain on sales of businesses and assets		(6)		(3)
Divestitures		(4)		51

Stock-based compensation		33		38
Goodwill impairment		—		1,058
Restructuring and asset impairment charges		69		80
Payments for restructurings		(41)		(58)
Non-service retirement-related costs		57		74
Contributions to retirement plans		(123)		(114)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(41)		18
Increase in inventories		(123)		(136)
Increase in equipment on operating leases		(88)		(78)
Decrease in finance receivables		338		496
Decrease in other current and long-term assets		4		16
Increase (decrease) in accounts payable		4		(143)
Decrease in accrued compensation		(39)		(78)
Increase (decrease) in other current and long-term liabilities		58		(83)
Net change in income tax assets and liabilities		479		44
Net change in derivative assets and liabilities		(1)		9
Other operating, net		46		—


Net cash provided by operating activities		16		160
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(67)		(27)
Proceeds from sales of businesses and assets		56		27


Acquisitions, net of cash acquired		(674)		—


Other investing, net		(9)		(26)


Net cash used in investing activities		(694)		(26)
Cash Flows from Financing Activities
Net proceeds from short term debt		218		—
Proceeds from issuance of long-term debt		1,137		906
Payments on long-term debt		(685)		(913)
Purchases of capped calls		—		(23)
Dividends		(65)		(107)



Payments to acquire treasury stock, including fees		—		(3)



Other financing, net		(28)		(9)
Net cash provided by (used in) financing activities		577		(149)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		5		(12)

Decrease in cash, cash equivalents and restricted cash		(96)		(27)
Cash, cash equivalents and restricted cash at beginning of period		631		617
Cash, Cash Equivalents and Restricted Cash at End of Period		$	535	$	590

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 6

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Revenues
Sales	$	993	$	588	$	2,215	$	1,722
Services, maintenance, rentals and other(1)	968		940		2,779		2,886

Total Revenues	1,961		1,528		4,994		4,608
Costs and Expenses
Cost of sales	788		390		1,650		1,117
Cost of services, maintenance, rentals and other(1)	728		643		2,022		2,033

Research, development and engineering expenses	74		45		159		144
Selling, administrative and general expenses	476		369		1,221		1,158
Goodwill impairment	—		1,058		—		1,058
Restructuring and related costs, net	59		56		68		107
Amortization of intangible assets	30		10		50		30

Divestitures	—		—		(4)		51

Other expenses, net	104		43		248		120
Total Costs and Expenses	2,259		2,614		5,414		5,818
Loss before Income Taxes	(298)		(1,086)		(420)		(1,210)
Income tax expense	460		118		529		88



Net Loss	$	(758)	$	(1,204)	$	(949)	$	(1,298)

_____________

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 7

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net Loss	$	(758)	$	(1,204)	$	(949)	$	(1,298)




Other Comprehensive (Loss) Income, Net(1)
Translation adjustments ,net	(42)		192		292		140
Unrealized (losses) gains, net	(2)		5		(8)		4
Changes in defined benefit plans, net	35		(24)		(42)		18
Other Comprehensive (Loss) Income, Net	(9)		173		242		162



Comprehensive Loss, Net	$	(767)	$	(1,031)	$	(707)	$	(1,136)

_____________

(1) Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (Loss) Income, net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 8

XEROX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	478	$	575
Accounts receivable (net of allowance of $75 and $69, respectively)	1,196		796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	53		48
Finance receivables, net	553		608
Inventories	1,143		695

Other current assets	329		212
Total current assets	3,752		2,934
Finance receivables due after one year (net of allowance of $50 and $55, respectively)	950		1,089
Equipment on operating leases, net	300		245
Land, buildings and equipment, net	440		251

Intangible assets, net	954		236
Goodwill, net	2,182		1,937
Deferred tax assets	101		615
Other long-term assets	1,346		1,017
Total Assets	$	10,025	$	8,324
Liabilities and Equity
Short-term debt and current portion of long-term debt	$	236	$	197
Short-term related party debt	118		388
Accounts payable	1,481		1,023
Accrued compensation and benefits costs	247		227



Accrued expenses and other current liabilities	1,304		741
Total current liabilities	3,386		2,576
Long-term debt	2,181		1,180
Long-term related party debt	1,871		1,634
Pension and other benefit liabilities	1,150		1,088
Post-retirement medical benefits	168		154
Other long-term liabilities	705		386
Total Liabilities	9,461		7,018

Commitments and Contingencies (See Note 21)


Noncontrolling Interests	10		10


Additional paid-in capital	3,484		3,487

Retained earnings	522		1,504
Accumulated other comprehensive loss	(3,457)		(3,699)
Xerox shareholder's equity	549		1,292
Noncontrolling interests	5		4
Total Equity	554		1,296
Total Liabilities and Equity	$	10,025	$	8,324

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 9

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Nine Months Ended September 30,
(in millions)		2025		2024
Cash Flows from Operating Activities
Net Loss		$	(949)	$	(1,298)


Adjustments to reconcile Net loss to Net cash provided by operating activities:
Depreciation and amortization		224		177
Provisions		67		92

Inventory-related purchase accounting adjustment - noncash		102		—
Effective settlement of a pre-existing relationship between Lexmark and Xerox		(43)		—
Net gain on sales of businesses and assets		(6)		(3)
Divestitures		(4)		51


Stock-based compensation		33		38
Goodwill impairment		—		1,058
Restructuring and asset impairment charges		69		80
Payments for restructurings		(41)		(58)
Non-service retirement-related costs		57		74
Contributions to retirement plans		(123)		(114)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(41)		18
Increase in inventories		(123)		(136)
Increase in equipment on operating leases		(88)		(78)
Decrease in finance receivables		338		496
(Increase) decrease in other current and long-term assets		(3)		14
Increase (decrease) in accounts payable		4		(143)
Decrease in accrued compensation		(39)		(78)
Increase (decrease) in other current and long-term liabilities		58		(83)
Net change in income tax assets and liabilities		479		44
Net change in derivative assets and liabilities		(1)		9
Other operating, net		46		—


Net cash provided by operating activities		16		160
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(67)		(27)


Proceeds from sales of businesses and assets		56		27
Acquisitions, net of cash acquired		(674)		—


Other investing, net		—		(10)


Net cash used in investing activities		(685)		(10)
Cash Flows from Financing Activities
Net proceeds from short term debt		218		—
Proceeds from issuance of long-term debt		1,137		906
Payments on long-term debt		(685)		(913)






Distributions to parent		(69)		(159)



Other financing, net		(33)		1
Net cash provided by (used in) financing activities		568		(165)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		5		(12)

Decrease in cash, cash equivalents and restricted cash		(96)		(27)
Cash, cash equivalents and restricted cash at beginning of period		630		617
Cash, Cash Equivalents and Restricted Cash at End of Period		$	534	$	590

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 10

XEROX HOLDINGS CORPORATION

XEROX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in millions, except per-share data and where otherwise noted)

Note 1 – Basis of Presentation

References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries, while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to "Xerox Holdings Corporation" refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation" refer to the stand-alone company and do not include its subsidiaries.

The accompanying unaudited Condensed Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate unaudited Condensed Consolidated Financial Statements for each registrant.

The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2024 Annual Report on Form 10-K (2024 Annual Report), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2024 Annual Report.

In our opinion, all adjustments necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. The condensed balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Certain reclassifications have been made to the amounts for prior years in order to conform to the current year's presentation. Refer to the Segments section below, and Note 3 - Revenue, for additional information.

For convenience and ease of reference, we refer to the financial statement caption “Loss before Income Taxes” as “pre-tax loss”.

Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted.

Lexmark Acquisition

On July 1, 2025, Xerox Corporation completed its previously announced acquisition of all of the issued and outstanding equity of Lexmark International II, LLC (Lexmark) from Ninestar Group Company Limited (the Seller) (the Lexmark Acquisition). Refer to Note 6 - Acquisition for additional information.

Segments

During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the company had two reportable segments - Print and Other, and Xerox Financial Services (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment Reporting for additional information regarding this change.

Xerox 2025 Form 10-Q 11

In connection with these changes to our reportable segments, certain reclassifications were made to the Condensed Consolidated Statement of Loss as follows:


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Services, maintenance, rentals and other	$	902	$	38	$	940	$	2,768	$	118	$	2,886
Financing	38		(38)		—		118		(118)		—


Cost of services, maintenance, rentals and other	$	617	$	26	$	643	$	1,951	$	82	$	2,033
Cost of financing	26		(26)		—		82		(82)		—

Goodwill

Interim Impairment Evaluation

Our goodwill balance was $2,182 and $1,937 at September 30, 2025 and December 31, 2024, respectively. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

As noted above, during the first quarter 2025, the Company made a change to how it reports its operating and reportable segments, and as such is reporting two new operating and reportable segments - Print and Other, and IT Solutions. As a result of the new operating and reportable segments, we also reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had two operating/reportable segments - Print and Other, and Xerox Financial Solutions (XFS), we had also determined that the Print and Other, and XFS operating segments were also our reporting units for goodwill assessment purposes. Our reassessment during the first quarter of 2025 determined similarly, consistent with the determination that we had two operating and reportable segments, we also have two reporting units – Print and Other, and IT Solutions.

The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2025 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2025. As a result of the change in reporting units, effective January 1, 2025, we estimated the fair value of our new reporting units. Using a combination of both an Income Approach and a Market Approach, we assessed the relative fair values of our new reporting units, and we determined that approximately $1,567 of Goodwill was allocable to the Print and Other segment, and approximately $370 of goodwill was allocable to the IT Solutions segment.

Throughout 2025, the Company’s stock price and market capitalization have experienced a sustained decline, reflecting ongoing market uncertainty related to the federal government’s tariff policies, rate proposals, and associated macroeconomic impacts. During the third quarter 2025, the Company recorded a valuation allowance against certain deferred tax assets, which, together with the Company’s recent operating losses, reduced total net assets and the carrying value of the Print and Other reporting unit. The reduction in the carrying value of assets as a result of the additional valuation allowance and losses has been greater than the decline in market capitalization. We evaluated these factors both individually and in the aggregate as part of our assessment of potential goodwill impairment indicators. While the decline in market capitalization and the reduction in net assets were considered, management concluded that these factors did not, in the aggregate, constitute a “triggering event” requiring a quantitative goodwill impairment test. Based on our interim assessment as of September 30, 2025, we determined that it was more-likely-than-not that the fair value of the Print and Other and IT Solutions reporting units was still greater than their respective net book values. For additional information regarding the valuation allowances recorded during 2025, refer to the Valuation Allowance section below.

If the Company's future performance varies from current expectations, assumptions, and estimates, including assumptions related to current macro-economic uncertainties, interest rates, inflationary pressure on product and labor costs, execution of Reinvention, and geopolitical uncertainty, the impairment analysis could be impacted and result in a reduction of the underlying cash flows used to estimate fair values resulting in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments throughout the remainder of 2025 including updates to our forecasts as well as discount rates and our market capitalization, and as a result, an update of our assessment and related estimates may be required in the future.

Xerox 2025 Form 10-Q 12

Valuation Allowance

We record the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, in each of the tax jurisdictions in which we operate, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered objective evidence including historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and prudent and feasible tax planning strategies.

Due to a change in certain tax planning strategies during the first quarter 2025 and lower than expected actual and estimated full year results as of the third quarter 2025, we concluded that certain deferred tax assets in the U.S. are not more-likely-than-not to be realized. This assessment was based on the available positive and negative evidence at September 30, 2025, including scheduling of deferred tax liabilities and projected income from operating activities. Accordingly, a valuation allowance of approximately $59 and $478 was recorded in the first quarter 2025 and the third quarter 2025, respectively. As of September 30, 2025, our total deferred tax asset balance was $101, which is net of total valuation allowances of $1,090. The amount of the net deferred tax assets considered realizable, however, could change in the near term if additional objective information becomes available in the future, including the impacts of tax law changes, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences. Any such changes may result in the recognition or reversal of a valuation allowance, which could materially affect income tax expense in the period recognized and future periods.

Tax Law Change

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (the Act), was signed into law. The Act includes several tax changes, such as making certain provisions from the Tax Cuts and Jobs Act permanent, updating international tax rules, and reinstating immediate expensing for domestic research expenditures. The Act contains multiple effective dates, with certain provisions applicable beginning in 2025 and others in subsequent years. The enactment of the 2025 provisions did not have a significant impact on our financial statements. The Company will continue to evaluate the effect of the law change to results of operations and cash flows in future periods.

Note 2 – Recent Accounting Pronouncements

Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during 2025 did not have any significant impact on the Company.

Accounting Standard Updates to be Adopted:

Intangibles - Goodwill and Other - Internal Use Software

In September 2025, the FASB issued ASU 2025‑06, Intangibles — Goodwill and Other — Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to "development stages". It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU permits companies to elect one of the following adoption methods to apply its amendments: a prospective transition approach, a retrospective transition approach, or a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures.

Financial Instruments - Credit Losses

In July 2025, the FASB issued ASU 2025‑05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides new optional guidance relating to the

Xerox 2025 Form 10-Q 13

estimation of expected credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 326. This ASU permits entities to apply a practical expedient when estimating credit losses and is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures.

Income Statement

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Debt

In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Other Updates

In 2025, the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption.

•Derivatives and Hedging and Revenue from Contracts with Customers: ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) - Derivative Scope Refinements and Scope Clarifications for Share-Based Consideration from a Customer in a Revenue Contract. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. Early adoption is permitted.

•Compensation — Stock Compensation and Revenue from Contracts with Customers: ASU 2025-04, Compensation (Topic 718) and Revenue (Topic 606) - Amendments to SEC Paragraphs Pursuant to Clarifications to Share-Based Consideration Payable to a Customer. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

•Business Combinations and Consolidation: ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) - Amendments to SEC Paragraphs Pursuant to Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

Xerox 2025 Form 10-Q 14

Note 3 – Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Primary geographical markets(1):
United States	$	1,124	$	861	$	2,905	$	2,544
Europe	511		440		1,351		1,352
Canada	125		117		336		364
Latin America	87		47		174		157
Asia Pacific	65		14		88		40
Other	49		49		140		151
Total Revenues	$	1,961	$	1,528	$	4,994	$	4,608

Major product and services lines:
Equipment	$	383	$	339	$	1,003	$	985
Supplies, paper and other sales(2)	445		192		789		575
IT products(2)(3)	165		57		423		162
Maintenance agreements(4)	440		370		1,187		1,145
Service arrangements(5)	425		454		1,294		1,394
Rental and other	71		78		201		229
Financing	32		38		97		118

Total Revenues	$	1,961	$	1,528	$	4,994	$	4,608

Sales channels:

Direct equipment lease(6)	$	117	$	195	$	337	$	520
Distributors & resellers(7)	480		240		927		699
Customer direct	396		153		951		503
Total Sales	$	993	$	588	$	2,215	$	1,722

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Certain prior year amounts have been reclassified in order to conform to the current year's presentation.

(3)IT products include IT hardware and software solutions sold by the IT Solutions segment.

(4)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners, as well as services revenues related to our IT Solutions.

(5)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements.

(6)Primarily reflects sales through bundled lease arrangements.

(7)Primarily reflects sales through our two-tier distribution channels.

Contract Assets and Liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed and were approximately $319 and $130 at September 30, 2025 and December 31, 2024, respectively. The majority of the balance at September 30, 2025 will be amortized to revenue over the next 30 months.

Xerox 2025 Form 10-Q 15

The following table summarizes our contract liabilities activity:


	2025		2024
Balance at January 1st	$	130	$	132
Revenue recognized(1)	(59)		(52)
Cash received(2)	85		44
Other(3)	(4)		(3)
Balance at March 31st	$	152	$	121
Revenue recognized(1)	(76)		(47)
Cash received(2)	61		43
Other(3)	—		1
Balance at June 30th	$	137	$	118
Revenue recognized(1)	(116)		(49)
Cash received(2)	131		49
Acquisition(4)	170		—
Other(3)	(3)		1
Balance at September 30th	$	319	$	119

_____________

(1)Reflects amounts included in the beginning balance.

(2)Excludes revenue recognized during the period.

(3)Includes currency.

(4)Reflects the Lexmark Acquisition. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

Contract Costs:

We incur the following contract costs as part of our revenue arrangements:

•Incremental direct costs of obtaining a contract are primarily sales commissions paid to salespeople and agents in connection with the placement of equipment with associated post sale services arrangements. These costs are deferred and amortized to Selling Expenses on a straight-line basis over the estimated contract term, which is currently estimated to be approximately five years.

•Contract fulfillment costs, which are costs incurred for resources and assets that will be used to satisfy our future performance obligations included in our service arrangements. These costs are amortized over the contractual service period of the arrangement to Cost of services.

•Contract inducements, which are capitalized and amortized as a reduction of revenue over the term of the contract.

Changes in contract costs, net are as follows:



	2025		2024
Balance at January 1st,	$	139	$	136
Customer contract costs deferred	17		15
Amortization of customer contract costs	(16)		(16)
Other(1)	—		(1)
Balance at March 31st,	$	140	$	134
Customer contract costs deferred	18		13
Amortization of customer contract costs	(17)		(16)
Other(1)	2		—
Balance at June 30th,	$	143	$	131
Acquisition(2)	17		—
Customer contract costs deferred	16		17
Amortization of customer contract costs	(17)		(16)
Other(1)	(1)		1
Balance at September 30th,	$	158	$	133

_____________

(1)Includes currency.

(2)Includes customer contract costs related to the Lexmark Acquisition. Refer to Note 6 - Acquisitions for additional information.

Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

Xerox 2025 Form 10-Q 16

Note 4 – Segment Reporting

Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other and IT Solutions. Prior to this change, the company had determined that there were two reportable segments - Print and Other and Xerox Financial Solutions (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.

During 2024, the Company acquired ITSavvy Acquisition Company, Inc. (ITSavvy), a technology infrastructure solutions provider. As a result of this acquisition, during the first quarter of 2025, we reassessed our operating and reportable segments and determined that, based on the information provided to our CODM, as well as the CEO's management and assessment of the Company's operations, we had two operating and reportable segments - Print and Other and IT Solutions. We also determined that there were no other businesses that met the requirements to be considered separate operating segments, including our former operating/reporting segment, XFS, whose results are now included in the Print and Other operating/reporting segment.

Our Print and Other segment includes the design, development and sale of document management systems, supplies and services, as well as associated financing and technology-related offerings, digital and print-related software products and services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes our recent Lexmark Acquisition. In addition, the segment includes Xerox Financial Services, a global financing solutions provider, primarily enabling the sale of our equipment and services (previously reported XFS segment), which includes commissions and other payments for the exclusive right to provide lease financing for Xerox products. Refer to Note 6 - Acquisition, for additional information regarding the Lexmark Acquisition.

The product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers.

Our IT Solutions segment provides clients with global infrastructure technology solutions, with a focus on delivering business outcomes through a frictionless sales and service delivery experience. IT Solutions’ offerings include the provision of hardware, software and associated services as well as product lifecycle, deployment and network monitoring services, and other managed IT services. It is comprised of our acquisition of ITSavvy, as well as our Canadian IT Services provider Powerland, and our legacy XBS IT solutions.

Xerox 2025 Form 10-Q 17

Segment Policy

We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of expenses for shared selling, administrative and general services. Certain administrative and general expenses, which primarily relate to corporate functions, as well as Xerox Holdings' investment in Myriad, are not allocated to either of our operating/reportable segments. Accordingly, they are excluded from segment expenses and segment profit, and as such, the financial results for the segments may not be indicative of the results the businesses would have on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues, significant segment expenses, and segment profit. A segment expense is considered significant when it is material to the segment, is included in the measure of segment profit, and is included in information that is regularly provided to the CODM. The CODM uses segment revenues, significant segment expenses, and segment profit to evaluate the performance of, and to allocate resources to each segment. The CODM does not evaluate segment performance using discrete asset information, as a significant portion of the assets is managed at the total company level. Segment profit is the only measure of profitability that is used by the CODM to evaluate the performance of, and to allocate resources to each segment.

Selected financial information for our reportable segments was as follows:


	Three months ended September 30,
	2025						2024
	Print and Other		IT Solutions		Corporate(1)		Total		Print and Other		IT Solutions		Corporate(1)		Total
External revenue	$	1,739	$	222	$	—	$	1,961	$	1,442	$	86	$	—	$	1,528
Intersegment revenue(2)	—		4		—		4		—		—		—		—
Segment Revenue	$	1,739	$	226	$	—	$	1,965	$	1,442	$	86	$	—	$	1,528

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	548	$	131	$	—	$	679	$	343	$	47	$	—	$	390
Cost of services, maintenance, rentals and other(4)(5)(6)	668		48		—		716		618		25		—		643

Research, development and engineering expenses	74		—		—		74		45		—		—		45
Selling, administrative and general expenses(7)(8)	385		25		17		427		333		14		23		370
Intersegment expense(9)	—		4		—		4		—		—		—		—
Segment profit	$	64	$	18	$	(17)	$	65	$	103	$	—	$	(23)	$	80

Depreciation	$	76	$	1	$	—	$	77	$	49	$	—	$	—	$	49
Interest income(10)	32		—		—		32		38		—		—		38
Interest expense(4)	21		—		—		21		26		—		—		26

Xerox 2025 Form 10-Q 18


	Nine months ended September 30,
	2025						2024
	Print and Other		IT Solutions		Corporate(1)		Total		Print and Other		IT Solutions		Corporate(1)		Total
External revenue	$	4,399	$	595	$	—	$	4,994	$	4,364	$	244	$	—	$	4,608
Intersegment revenue(2)	—		8		—		8		—		—		—		—
Segment Revenue	$	4,399	$	603	$	—	$	5,002	$	4,364	$	244	$	—	$	4,608

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,187	$	343	$	—	$	1,530	$	979	$	136	$	—	$	1,115
Cost of services, maintenance, rentals and other(4)(5)(6)	1,858		146		—		2,004		1,921		70		—		1,991

Research, development and engineering expenses	159		—		—		159		144		—		—		144
Selling, administrative and general expenses(7)(8)	1,025		73		57		1,155		1,052		38		70		1,160

Intersegment expense(9)	—		8		—		8		—		—		—		—

Segment profit	$	170	$	33	$	(57)	$	146	$	268	$	—	$	(70)	$	198

Depreciation	$	173	$	1	$	—	$	174	$	147	$	—	$	—	$	147
Interest income(10)	97		—		—		97		118		—		—		118
Interest expense(4)	66		—		—		66		82		—		—		82

_____________

(1)Certain administrative and general expenses, which primarily relate to corporate functions, are not allocated to either of our operating/reportable segments.

(2)Intersegment revenue is primarily revenue from IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

(3)The three and nine months ended September 30, 2025 excludes the impact of a charge made for inventory and fixed asset purchase accounting adjustments related to the Lexmark Acquisition of $102 and $8, respectively. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

(4)As a result of the exit of certain production print manufacturing operations, Cost of sales and Cost of services, maintenance, rentals and other for the Print and Other Segment excludes inventory-related charges of $3 and $0 for the three months ended September 30, 2025 and 2024, respectively, and $19 and $38, for the nine months ended September 30, 2025 and 2024, respectively, as well as the cancellation of related purchase contracts $0 and $0 for the three months ended September 30, 2025 and 2024, respectively, and $1 and $6 for the nine months ended September 30, 2025 and 2024, respectively.

(5)The three and the nine months ended September 30, 2025 excludes the impact of fixed asset purchase accounting adjustments related to the Lexmark Acquisition of $8, respectively. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

(6)Includes equipment financing interest expense associated with financing debt of the Company, which is fully allocated to the Print and Other segment in support of its Finance assets. No interest expense is allocated to the IT Solutions segment, as the segment has no financing debt.

(7)Selling, administrative and general expenses include bad debt expense related to the Print and Other segment of $9 and $10 for the three months ended September 30, 2025 and 2024, respectively, and $33 and $35 for the nine months ended September 30, 2025 and 2024, respectively.

(8)For the three and nine months ended September 30, 2025, the Print and Other segment excludes the following costs: Reinvention costs of $3 and $12, respectively and Transaction and related costs, net of $23 and $32, respectively. Additionally, the Print and Other segment excludes $24 for the three and nine months ended September 30, 2025, respectively related to the settlement of pre-existing employment agreements as a result of the Lexmark Acquisition. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

(9)Intersegment expense primarily consists of costs related to the sale of IT hardware, software solutions and services by the IT Solutions segment, to the Print and Other segment.

(10)Reflects financing income, which is included in Services, maintenance, rentals and other in the Condensed Consolidated Statements of Loss. No interest income is allocated to the IT Solutions segment, as the segment has no finance assets.

Xerox 2025 Form 10-Q 19

Selected financial information for our reportable segments was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024





Pre-tax (Loss)
Total Segment Profit	$	65	$	80	$	146	$	198
Goodwill impairment(1)	—		(1,058)		—		(1,058)
Restructuring and related costs, net	(59)		(56)		(68)		(107)
Amortization of intangible assets	(30)		(10)		(50)		(30)
Reinvention-related costs	(3)		—		(12)		—
Lexmark - fixed asset-related purchase accounting adjustment	(16)		—		(16)		—
Lexmark - inventory-related purchase accounting adjustment	(102)		—		(102)		—
Lexmark - settlement of pre-existing employment agreements	(24)		—		(24)		—
Transaction-related costs	(23)		—		(32)		—
Inventory-related impact - exit of certain production print manufacturing operations(2)	(3)		—		(20)		(44)
Divestiture	—		—		4		(51)
Other expenses, net	(105)		(43)		(253)		(120)
Total Pre-tax (loss)	$	(300)	$	(1,087)	$	(427)	$	(1,212)

Depreciation and Amortization
Total reported segments	$	77	$	49	$	174	$	147
Amortization of intangible assets	30		10		50		30
Total Depreciation and amortization	$	107	$	59	$	224	$	177

Interest Expense
Total reported segments	$	21	$	26	$	66	$	82
Corporate	80		31		168		88
Total Interest expense	$	101	$	57	$	234	$	170

Interest Income
Total reported segments	$	32	$	38	$	97	$	118
Corporate	3		3		11		10
Total Interest income	$	35	$	41	$	108	$	128

__________

(1)During the third quarter 2024 we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Print and

Other reporting unit.

(2)Includes certain charges resulting from the exit of certain production print manufacturing operations, including inventory-related charges of approximately $3 and $0 for the three months ended September 30, 2025 and 2024, respectively, and $19 and $38 for the nine months ended September 30, 2025 and 2024 respectively, as well as charges for the cancellation of related purchase contracts of $0 and $0 for the three months ended September 30, 2025 and 2024, respectively, and $1 and $6 for the nine months ended September 30, 2025 and 2024, respectively.

Xerox 2025 Form 10-Q 20

Note 5 – Lessor

Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration.

The components of lease income are as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,
	Location in Statements of (Loss) Income	2025		2024		2025		2024
Revenue from sales type leases	Sales	$	117	$	195	$	337	$	520


Interest income on lease receivables	Services, maintenance, rentals and other	32		38		97		118


Lease income - operating leases	Services, maintenance, rentals and other	46		41		126		126
Variable lease income	Services, maintenance, rentals and other	7		9		26		32
Total Lease income		$	202	$	283	$	586	$	796

Profit at lease commencement on sales-type leases was estimated to be $31 and $56 for the three months ended September 30, 2025 and 2024, respectively, and $88 and $163 for the nine months ended September 30, 2025 and 2024, respectively.

Note 6 – Acquisition

Lexmark Acquisition

On December 22, 2024, Xerox Corporation entered into an Equity Purchase Agreement (the Lexmark Purchase Agreement) with Ninestar Group Company (the Seller) and Lexmark International II, LLC (Lexmark). On July 1, 2025, Xerox Corporation completed the acquisition of all of the issued and outstanding equity of Lexmark, a leading developer, manufacturer and supplier of printing, imaging, device management, managed print services (MPS), cloud services, document workflow, and technology solutions (the Lexmark Acquisition).

Total Purchase Consideration

Total consideration paid to the Seller for the net assets acquired from Lexmark was $768, which included Cash and cash equivalents acquired of $93.

As part of the Lexmark Acquisition we effectively settled a pre-existing net payable of $43 with Lexmark. The settlement is presented as an operating cash outflow to reflect the nature of the underlying net liability.

Assets Acquired and Liabilities Assumed

The transaction has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) 805 — Business Combinations (ASC 805), which requires among other things, that assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. No contingent consideration was recorded by Xerox. The preliminary application of acquisition accounting to the assets acquired, and liabilities assumed, as well as the pro forma results of operations are presented below.

Xerox 2025 Form 10-Q 21

The following table summarizes the preliminary allocation of total purchase consideration to the assets acquired and the liabilities assumed as of the date of the acquisition:


	July 1, 2025
Assets acquired
Cash and cash equivalents	$	93
Accounts receivable, net	359

Finance receivables, net(1)	22
Inventories	421
Other current assets	111
Finance receivables due after one year, net(1)	44
Equipment on operating lease, net	65
Land, buildings and equipment, net	260
Intangible assets, net	763
Goodwill	207
Deferred tax assets	16
Other long-term assets	262
Total Assets acquired	$	2,623

Liabilities assumed

Accounts payable	$	476
Accrued compensation and benefits costs	56
Accrued expenses and other liabilities(2)	508
Long-term debt	323
Pension and other benefit liabilities	107
Post-retirement medical benefits	17
Other long-term liabilities(2)	368
Total Liabilities acquired	$	1,855

Net Assets acquired	$	768

_____________

(1)Comprised of sales-type lease receivables.

(2)Includes Deferred revenue accounted for in accordance with ASC 606, Revenue from Contracts with Customers.

Our estimates and assumptions are subject to change within the measurement period, which is up to 12 months after the acquisition date. The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation of certain assets and liabilities may occur as additional information becomes available. Additionally, as required by the Lexmark Agreement, Xerox provided its determination of the Closing Statement (as defined in the Lexmark Agreement) to the Lexmark Seller. The final purchase price is subject to a final working capital adjustment, which we are still finalizing.

Transaction-related expense for the Lexmark Acquisition was approximately $23 and $32 during the three and nine months ended September 30, 2025 and were recorded within Selling, administrative and general expenses.

Our Consolidated Statements of Loss for the three and nine months ended September 30, 2025 includes revenue of $447, respectively, and net loss of $114, respectively, attributable to the Lexmark Acquisition since the date of acquisition.

Intangible Assets

The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives:


	July 1, 2025		Estimated Useful Life
Customer relationships	$	530	10 years
Developed technology	123		7 years
Trademarks	110		7 years
Total Identifiable intangible assets	$	763

The majority of customer-related intangible assets relates to customer contracts and related relationships. The customer contracts and related relationships intangible asset represents the fair value of future projected revenue

Xerox 2025 Form 10-Q 22

that will be derived from sales of products and services to existing customers of Lexmark. The asset was valued using a multi-period excess earnings method which calculates the present value of the estimated revenues and net cash flows derived from it. The present value of projected future cash flows included judgment and assumptions regarding projected future revenues, projected expenses, attrition rates, and the discount rate.

Developed technology represents the estimated fair value of Lexmark’s proprietary technology and is valued using the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted cash flows that are expected to be generated by the developed technology, which included judgment and assumptions regarding projected future revenues, projected expenses, and the discount rate.

Trade name and trademarks represents the estimated fair value of Lexmark’s trade name and trade marks. The fair value was determined by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted cash flows that are expected to be generated by the trade name and trademarks, which included judgment and assumptions regarding projected future revenues, projected expenses, and the discount rate.

Intangible assets of approximately $4 are deductible for tax purposes as a result of previous taxable acquisitions made by Lexmark.

Goodwill

Goodwill in the amount of $207 was recognized for this acquisition and is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, primarily expected synergies. Goodwill of approximately $2 is deductible for tax purposes as a result of previous taxable acquisitions made by Lexmark. All of the goodwill associated with the Lexmark Acquisition is allocated to our Print and Other Segment.

Debt

In conjunction with the acquisition, Xerox assumed approximately $323 of Lexmark debt that, concurrent with the closing date, was included in the renegotiated terms of Xerox's Term Loan B. The assumed debt is included in Long-term debt in the Condensed Consolidated Balance Sheet. It was determined that the fair value of the assumed debt approximated its book value and that the conversion of this debt within the Term Loan B represented a modification. Refer to Note 13 - Debt for additional information regarding debt related to the Lexmark Acquisition.

Deferred Taxes

We provided deferred taxes and recorded other tax adjustments as part of the accounting for the acquisition primarily related to the estimated fair value adjustments for acquired intangible assets, as well as the elimination of a previously recorded deferred tax liability associated with Lexmark's historical tax deductible goodwill.

Pro Forma Information

The pro forma results presented below are calculated in accordance with ASC 805 - Business Combinations, and include the effects of the Lexmark Acquisition and related financing transactions, as if it had been consummated as of January 1, 2024, as well as the acquisition of ITSavvy, as if it had been consummated as of January 1, 2023. ITSavvy is included in our 2025 reported results as the effective date of the acquisition was November 20, 2024. Lexmark is included in our 2025 results beginning July 1, 2025, the effective date of acquisition. Pro forma results for all periods presented below includes adjustments to align historical accounting policies and purchase accounting adjustments for amortization of intangible assets and real and personal property, the expensing of the step up of inventory to fair value, the elimination of historical goodwill impairment charges recorded by Lexmark of approximately $681 pre-tax, transaction expenses, the expense related to compensation to various employees resulting from the acquisition as well as interest expense related to debt financing. The following table summarizes the pro forma financial information:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenue	$	1,961	$	2,127	$	5,934	$	6,391
Net loss	(666)		(1,212)		(893)		(1,466)

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions and the cost of financing the acquisitions had taken place on January 1, 2024.

Xerox 2025 Form 10-Q 23

Note 7– Accounts Receivable, Net

Accounts receivable, net were as follows:


	September 30, 2025		December 31, 2024
Invoiced	$	1,007	$	692
Accrued(1)	264		173
Allowance for doubtful accounts	(75)		(69)
Accounts receivable, net	$	1,196	$	796

_____________

(1)Accrued receivables include amounts to be invoiced in the subsequent quarter for current products and services provided.

The allowance for doubtful accounts was as follows:


	2025		2024
Balance at January 1st	$	69	$	64
Provision	4		6
Charge-offs, net	(6)		(3)
Recoveries and other(1)	1		(2)
Balance at March 31st	$	68	$	65
Provision	8		5
Charge-offs	(7)		(3)
Recoveries and other(1)	3		(1)
Balance at June 30th	$	72	$	66
Provision	4		8
Charge-offs	(4)		(5)
Recoveries and other(1)	3		2
Balance at September 30th	$	75	$	71

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for doubtful accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 5.9% at September 30, 2025 and 8.0% at December 31, 2024.

Accounts Receivable Sales Arrangements

We have two facilities in Europe that enable us to sell accounts receivable, without recourse on an ongoing basis. Under these arrangements, we sell our entire interest in the related accounts receivable for cash. Our arrangements are associated with our European distributor network as well as domestic sales in UK, France, Germany and Italy.

Accounts receivable sales activity was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Accounts receivable sales(1)	$	106	$	117	$	302	$	314

____________

(1)Losses on sales were not material.

Xerox 2025 Form 10-Q 24

Note 8 – Finance Receivables, Net

Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment.

Finance receivables, net were as follows:


	September 30, 2025		December 31, 2024
Gross receivables	$	1,820	$	2,032
Unearned income	(211)		(230)
Subtotal	1,609		1,802
Residual values	—		—
Allowance for doubtful accounts	(53)		(57)
Finance receivables, net	1,556		1,745
Less: Billed portion of finance receivables, net	53		48
Less: Current portion of finance receivables not billed, net	553		608
Finance receivables due after one year, net	$	950	$	1,089

Finance Receivables – Allowance for Credit Losses and Credit Quality

Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and are adjusted through ongoing credit assessments of the customer, which includes the past collections experience and changes in credit quality. The allowance for doubtful credit losses is determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

Our allowance for doubtful credit losses is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within those countries.

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.3% at September 30, 2025 and 3.2% at December 31, 2024.

In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

Xerox 2025 Form 10-Q 25

The allowance for doubtful credit losses as well as the related investment in finance receivables were as follows:


	United States		Canada		EMEA		Other		Total
Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	(1)		1		5		—		5
Charge-offs, net	(3)		(1)		(6)		—		(10)
Other(1)	—		—		1		—		1
Balance at March 31, 2025	$	25	$	5	$	23	$	—	$	53
Provision	5		—		3		—		8
Charge-offs	(3)		—		(4)		—		(7)
Other(1)	(1)		1		$	1	$	—	1
Balance at June 30, 2025	$	26	$	6	$	23	$	—	$	55
Provision	3		—		1		—		4
Charge-offs	(2)		—		(4)		—		(6)
Other(1)	—		—		—		—		—

Balance at September 30, 2025(2)	$	27	$	6	$	20	$	—	$	53

Balance at December 31, 2023	$	58	$	7	$	27	$	—	$	92
Provision	(3)		5		6		—		8
Charge-offs, net	(7)		(1)		(4)		—		(12)
Other(1)	1		—		(1)		—		—
Balance at March 31, 2024	$	49	$	11	$	28	$	—	$	88
Provision	—		1		4		—		5
Charge-offs	(6)		(5)		(3)		—		(14)
Other(1)	—		—		—		—		—
Balance at June 30, 2024	$	43	$	7	$	29	$	—	$	79
Provision	(5)		5		1		—		1
Charge-offs	(6)		(1)		(4)		—		(11)
Other(1)	—		1		1		—		2

Balance at September 30, 2024	$	32	$	12	$	27	$	—	$	71

Finance receivables collectively evaluated for impairment
September 30, 2025(2)(3)	$	644	$	143	$	807	$	15	$	1,609
September 30, 2024(3)	$	815	$	238	$	1,007	$	—	$	2,060

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)As a result of the Lexmark Acquisition on July 1, 2025, Other includes amounts for Latin America, Asia Pacific and South Africa. Allowance for doubtful credit losses in Other for the three months ended September 30, 2025 were nil.

(3)Total Finance receivables exclude the allowance for credit losses of $53 and $71 at September 30, 2025 and 2024, respectively.

Customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers.

We evaluate our customers based on the following credit quality indicators:

•Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. Loss rates in this category in the normal course are generally in the range of 1% to 2%.

•Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 3% to 5%.

Xerox 2025 Form 10-Q 26

•High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 6% to 7%.

Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	September 30, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	80	$	70	$	53	$	22	$	10	$	2	$	237
Average Credit Risk	46		35		47		16		17		3		164
High Credit Risk	18		24		20		16		7		3		88
Total	$	144	$	129	$	120	$	54	$	34	$	8	$	489
Charge-offs	$	—	$	1	$	1	$	1	$	1	$	1	$	5

United States (Indirect)
Low Credit Risk	$	5	$	4	$	12	$	19	$	7	$	1	$	48
Average Credit Risk	3		7		28		25		9		1		73
High Credit Risk	2		9		14		6		3		—		34
Total	$	10	$	20	$	54	$	50	$	19	$	2	$	155
Charge-offs	$	—	$	—	$	3	$	4	$	1	$	1	$	9

Canada
Low Credit Risk	$	24	$	21	$	13	$	4	$	2	$	—	$	64
Average Credit Risk	23		20		14		8		3		—		68
High Credit Risk	3		4		2		1		—		1		11
Total	$	50	$	45	$	29	$	13	$	5	$	1	$	143
Charge-offs	$	—	$	1	$	—	$	—	$	—	$	—	$	1

EMEA
Low Credit Risk	$	98	$	99	$	120	$	68	$	22	$	5	$	412
Average Credit Risk	68		77		113		68		20		6		352
High Credit Risk	7		9		14		8		4		1		43
Total	$	173	$	185	$	247	$	144	$	46	$	12	$	807
Charge-offs	$	4	$	1	$	6	$	4	$	1	$	—	$	16

Other(1)
Investment Grade	$	2	$	2	$	1	$	—	$	—	$	—	$	5
Non-Investment Grade	2		3		2		1		—		—		8
Substandard	—		—		1		1		—		—		2
Total	$	4	$	5	$	4	$	2	$	—	$	—	$	15
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	209	$	196	$	199	$	113	$	41	$	8	$	766
Average Credit Risk	142		142		204		118		49		10		665
High Credit Risk	30		46		51		32		14		5		178
Total	$	381	$	384	$	454	$	263	$	104	$	23	$	1,609
Total Charge-offs	$	4	$	3	$	10	$	9	$	3	$	2	$	31

_____________

(1)As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.

Xerox 2025 Form 10-Q 27


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect)
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$

Xerox Holdings Corp 10-Q