Xerox Releases First-Quarter 2026 Results

Xerox Holdings Corporation announced its 2026 first-quarter results. Revenue in Q1 2026 was $1.85 billion, up 26.7%, or 23.6% in constant currency. On a pro forma basis, revenue is down 3.7%.

“This quarter’s results demonstrated tangible progress as revenue and profit trajectory improved, adjusted operating margin expanded, and we further enhanced our liquidity,” says Louie Pastor, CEO at Xerox. “When I took this role, I was unequivocal that we must be clear about our priorities — stabilize revenue, increase profitability and reduce leverage — and establish credibility by executing on them one quarter at a time. I am genuinely optimistic about the future of this business and confident we are closer to an inflection point than the external narrative suggests. Reaffirming our 2026 guidance reflects that confidence.”

GAAP net (loss) was $(105) million, or $(0.84) per share, down $15 million or $0.09 per share, year-over-year, respectively. Normalized adjusted net (loss) was $(10) million, or $(0.11) per share, down $3 million or $0.02 per share, year-over-year, respectively. • Adjusted net (loss) was $(51) million, or $(0.43) per share, down $47 million or $0.37 per share, year-over-year, respectively.

Adjusted operating income was $72 million, up $50 million year-over-year. Adjusted operating margin was 3.9%, up 240 basis points year-over-year.

Operating cash flow was $(144) million, down $55 million year-over year, reflecting expected Q1 seasonality. Free cash flow was $(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.