Xerox Releases 4Q 2024, Full-Year Results

Xerox Holdings Corporation announced its 2024 fourth-quarter and full-year results and guidance for 2025.

For Q4 2024, revenue was $1.61 billion, down 8.6%, or 8% in constant currency. GAAP net loss was $21 million, or $0.20 per share, an improvement of $37 million or $0.30 per share, year-over-year, respectively. Adjusted net income was $49 million, or $0.36 per share, down $7 million or $0.07 per share, year-over-year, respectively. Operating cash flow was $351 million, down $38 million year-over-year, while free cash flow was $334 million, down $45 million year-over-year.

For fiscal year 2024, Xerox’s revenue was $6.22 billion, down 9.7%, or 9.5% in constant currency. GAAP net loss was $1.32 billion, or $10.75 per share, down $1.32 billion or $10.66 per share, year-over-year, respectively. 2024 includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.17 per share.

Adjusted net income was $135 million, or $0.97 per share, down $152 million or $0.85 per share, year-over-year, respectively. Operating cash flow was $511 million, down $175 million year-over-year. Free cash flow was $467 million, down $182 million year-over-year.

“2024 was a critical year as we implemented a new operating model and structural process improvements to position Xerox for long-term, sustainable growth,” said Steve Bandrowczak, CEO at Xerox. “We continue to see steady progress in our Reinvention, reflecting the resilience of our team and initiatives taken to date. In 2025, we expect to build on changes made in 2024 in order to focus on executing our Reinvention strategy, realizing the benefits of the ITsavvy and pending Lexmark acquisitions, and strengthening our balance sheet.”