Xerox Releases 2Q 2023 Results

Xerox Holdings Corporation announced its 2023 second-quarter results.

Financial Summary Q2 2023
• Revenue of $1.75 billion, up 0.4%, or 0.5% in constant currency.
• GAAP (loss) earnings per share (EPS) of $(0.41), down $0.36 year-over-year.
• Adjusted EPS of $0.44, up $0.31 year-over-year.
• Adjusted operating margin of 6.1%, up 410 basis points year-over-year.
• Operating cash flow of $95 million, up $180 million year-over-year.
• Free cash flow of $88 million, up $186 million year-over-year.
• Increasing guidance for adjusted operating margin to a range of 5.5% to 6.0%, and free cash flow to at least $600 million.

“Over the last 12 months, Xerox has taken significant steps to strengthen its operating and financial discipline, leading to another quarter of profitable growth amid a dynamic macroeconomic backdrop,” said Steve Bandrowczak, CEO at Xerox. “I’m proud of the part all Xerox employees and partners have played in our continued success. An improved operating system leaves us well positioned to pursue growth opportunities as we focus on meeting clients’ evolving needs in today’s hybrid workplace.”