Xerox Holdings (NASDAQ:XRX) delivered a complex set of fourth-quarter results on Thursday, highlighting both the massive scale of its recent acquisitions and the persistent challenges of its structural overhaul.
The Norwalk, Connecticut-based company reported revenue of $2.03 billion, a 25.7% increase over the prior year, primarily driven by the first full quarter of Lexmark’s contributions.
However, on a pro forma basis—which accounts for the acquisitions as if they had occurred a year ago—revenue actually declined 9%, reflecting a cooling market for traditional office hardware.
The company's bottom line remains under pressure from integration costs and tariff-related headwinds.
Xerox posted a GAAP net loss of $73 million, or $0.60 per share, while its adjusted net loss stood at $8 million.
Free cash flow for the quarter was $184 million, a significant drop from the $334 million generated in the same period last year.
For the full year 2025, Xerox reported total revenue of $7.02 billion and a GAAP net loss of $1.03 billion, though this was a notable improvement over the $1.3 billion loss recorded in 2024.
Looking ahead to 2026, the company issued 2026 revenue guidance of "above $7.5 billion" and expects adjusted operating income to climb to between $450 million and $500 million as it realizes over $200 million in synergies from the Lexmark and ITsavvy deals.