Xerox (XRX) Financials

$3.85 -0.03 (-0.77%)

Closing price 04:00 PM Eastern

Extended Trading

$3.93 +0.08 (+2.08%)

As of 04:21 PM Eastern

Annual Income Statements for Xerox

This table shows Xerox's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-336	-13	-1,335
Consolidated Net Income / (Loss)	-322	1.00	-1,321
Net Income / (Loss) Continuing Operations	-322	1.00	-1,321
Total Pre-Tax Income	-325	-28	-1,216
Total Operating Income	-325	-28	-1,216
Total Gross Profit	2,426	2,314	2,066
Total Revenue	7,107	6,886	6,221
Operating Revenue	7,107	6,886	6,221
Total Cost of Revenue	4,681	4,572	4,155
Operating Cost of Revenue	4,681	4,572	4,155
Total Operating Expenses	2,751	2,342	3,282
Selling, General & Admin Expense	1,760	1,696	1,537
Research & Development Expense	304	229	191
Amortization Expense	42	43	73
Other Operating Expenses / (Income)	168	207	311
Impairment Charge	412	0.00	1,058
Restructuring Charge	65	167	112
Total Other Income / (Expense), net	0.00	0.00	0.00
Income Tax Expense	-3.00	-29	105
Preferred Stock Dividends Declared	14	14	14
Basic Earnings per Share	($2.15)	($0.09)	($10.75)
Weighted Average Basic Shares Outstanding	156.43M	124.18M	125.28M
Diluted Earnings per Share	($2.15)	($0.09)	($10.75)
Weighted Average Diluted Shares Outstanding	156.43M	124.18M	125.28M
Weighted Average Basic & Diluted Shares Outstanding	156.43M	124.18M	125.28M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00

This table shows Xerox's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-383	107	67	-64	45	-61	-117	15	-1,209	-24
Consolidated Net Income / (Loss)	-382	122	71	-61	49	-58	-113	18	-1,205	-21
Net Income / (Loss) Continuing Operations	-382	122	71	-61	49	-58	-113	18	-1,205	-21
Total Pre-Tax Income	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00
Total Operating Income	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00
Total Gross Profit	556	757	589	631	566	528	443	549	495	579
Total Revenue	1,751	1,941	1,715	1,754	1,652	1,765	1,502	1,578	1,528	1,613
Operating Revenue	1,751	1,941	1,715	1,754	1,652	1,765	1,502	1,578	1,528	1,613
Total Cost of Revenue	1,195	1,184	1,126	1,123	1,086	1,237	1,059	1,029	1,033	1,034
Operating Cost of Revenue	1,195	1,184	1,126	1,123	1,086	1,237	1,059	1,029	1,033	1,034
Total Operating Expenses	936	608	504	720	502	616	593	524	1,582	583
Selling, General & Admin Expense	418	428	407	433	416	440	397	393	370	377
Research & Development Expense	73	69	64	57	52	56	49	50	45	47
Amortization Expense	10	11	11	10	12	10	10	10	10	43
Other Operating Expenses / (Income)	1.00	76	20	197	12	-22	98	59	43	111
Restructuring Charge	22	24	2.00	23	10	132	39	12	56	5.00
Income Tax Expense	3.00	24	14	-28	15	-30	-37	7.00	118	17
Preferred Stock Dividends Declared	-	-	4.00	3.00	4.00	3.00	4.00	3.00	4.00	3.00
Basic Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.29	($0.40)	($0.94)	$0.12	($9.71)	($0.22)
Weighted Average Basic Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M
Diluted Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.28	($0.39)	($0.94)	$0.11	($9.71)	($0.21)
Weighted Average Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M
Weighted Average Basic & Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M

This table details how cash moves in and out of Xerox's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-770	-522	14
Net Cash From Operating Activities	159	686	511
Net Cash From Continuing Operating Activities	159	686	511
Net Income / (Loss) Continuing Operations	-322	1.00	-1,321
Consolidated Net Income / (Loss)	-322	1.00	-1,321
Depreciation Expense	270	251	274
Non-Cash Adjustments To Reconcile Net Income	422	264	1,281
Changes in Operating Assets and Liabilities, net	-211	170	277
Net Cash From Investing Activities	-78	-5.00	-198
Net Cash From Continuing Investing Activities	-78	-5.00	-198
Purchase of Property, Plant & Equipment	-57	-37	-44
Acquisitions	-93	-7.00	-161
Divestitures	87	43	35
Other Investing Activities, net	-15	-4.00	-28
Net Cash From Financing Activities	-822	-1,202	-271
Net Cash From Continuing Financing Activities	-822	-1,202	-271
Repayment of Debt	-1,729	-1,889	-1,006
Repurchase of Common Equity	-113	-544	-8.00
Payment of Dividends	-174	-165	-141
Issuance of Debt	1,194	1,396	907
Other Financing Activities, net	0.00	0.00	-23
Effect of Exchange Rate Changes	-29	-1.00	-28

This table details how cash moves in and out of Xerox's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-226	138	-442	-128	48	-	155	-221	39	41
Net Cash From Operating Activities	-8.00	186	78	95	124	389	-79	123	116	351
Net Cash From Continuing Operating Activities	-8.00	186	78	95	124	389	-79	123	116	351
Net Income / (Loss) Continuing Operations	-382	122	71	-61	49	-58	-113	18	-1,205	-21
Consolidated Net Income / (Loss)	-382	122	71	-61	49	-58	-113	18	-1,205	-21
Depreciation Expense	65	65	64	62	63	62	59	59	59	97
Non-Cash Adjustments To Reconcile Net Income	403	-4.00	-3.00	174	-35	128	146	37	1,093	5.00
Changes in Operating Assets and Liabilities, net	-94	3.00	-54	-80	47	257	-171	9.00	169	270
Net Cash From Investing Activities	-33	17	-17	-5.00	25	-8.00	-17	-2.00	-7.00	-172
Net Cash From Continuing Investing Activities	-33	17	-17	-5.00	25	-8.00	-17	-2.00	-7.00	-172
Purchase of Property, Plant & Equipment	-10	-18	-8.00	-7.00	-12	-10	-10	-8.00	-9.00	-17
Acquisitions	-41	-	-7.00	-	-	-	0.00	-	-	-161
Divestitures	23	38	1.00	2.00	37	3.00	4.00	15	8.00	8.00
Other Investing Activities, net	-5.00	-3.00	-3.00	-	-	-1.00	-11	-9.00	-6.00	-2.00
Net Cash From Financing Activities	-168	-67	-505	-220	-94	-383	261	-336	-74	-122
Net Cash From Continuing Financing Activities	-168	-67	-505	-220	-94	-383	261	-336	-74	-122
Repayment of Debt	-125	-464	-460	-177	-373	-879	-581	-303	-38	-84
Repurchase of Common Equity	-	-	0.00	-	-544	-	-3.00	-	-	-5.00
Payment of Dividends	-43	-43	-45	-43	-43	-34	-37	-34	-36	-34
Issuance of Debt	-	440	0.00	-	866	530	905	1.00	-	1.00
Effect of Exchange Rate Changes	-17	2.00	2.00	2.00	-7.00	2.00	-10	-6.00	4.00	-16

This table presents Xerox's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	11,543	10,008	8,365
Total Current Assets	4,107	3,177	2,935
Cash & Equivalents	1,045	519	576
Note & Lease Receivable	1,154	913	656
Accounts Receivable	857	850	796
Inventories, net	797	661	695
Other Current Assets	254	234	212
Plant, Property, & Equipment, net	320	266	251
Plant, Property & Equipment, gross	320	266	251
Total Noncurrent Assets	7,116	6,565	5,179
Noncurrent Note & Lease Receivables	1,948	1,597	1,089
Goodwill	2,820	2,747	1,937
Intangible Assets	208	177	236
Noncurrent Deferred & Refundable Income Taxes	582	745	615
Other Noncurrent Operating Assets	1,558	1,299	1,302
Total Liabilities & Shareholders' Equity	11,543	10,008	8,365
Total Liabilities	7,966	7,236	7,061
Total Current Liabilities	3,330	2,779	2,619
Short-Term Debt	860	567	585
Accounts Payable	1,331	1,044	1,023
Accrued Expenses	881	862	784
Current Employee Benefit Liabilities	258	306	227
Total Noncurrent Liabilities	4,636	4,457	4,442
Long-Term Debt	2,866	2,710	2,814
Noncurrent Employee Benefit Liabilities	1,359	1,387	1,242
Other Noncurrent Operating Liabilities	411	360	386
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	224	224
Total Equity & Noncontrolling Interests	3,353	2,548	1,080
Total Preferred & Common Equity	3,343	2,538	1,076
Total Common Equity	3,343	2,538	1,076
Common Stock	1,744	1,237	1,261
Retained Earnings	5,136	4,977	3,514
Accumulated Other Comprehensive Income / (Loss)	-3,537	-3,676	-3,699
Noncontrolling Interest	10	10	4.00

This table presents Xerox's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	11,420	11,046	10,569	10,444	9,944	9,491	8,322
Total Current Assets	3,895	3,640	3,390	3,354	3,348	3,051	3,011
Cash & Equivalents	932	591	477	532	685	485	521
Note & Lease Receivable	1,086	1,116	1,010	986	850	783	714
Accounts Receivable	835	818	903	880	846	847	821
Inventories, net	777	863	782	728	736	737	732
Other Current Assets	265	252	218	228	231	199	223
Plant, Property, & Equipment, net	315	311	281	273	245	227	225
Plant, Property & Equipment, gross	315	311	281	273	245	227	225
Total Noncurrent Assets	7,210	7,095	6,898	6,817	6,351	6,213	5,086
Noncurrent Note & Lease Receivables	1,814	1,864	1,697	1,605	1,408	1,277	1,275
Goodwill	2,753	2,850	2,751	2,716	2,720	2,719	1,709
Intangible Assets	216	202	194	183	165	155	149
Noncurrent Deferred & Refundable Income Taxes	496	598	620	701	749	760	635
Other Noncurrent Operating Assets	1,931	1,581	1,636	1,612	1,309	1,302	1,318
Total Liabilities & Shareholders' Equity	11,420	11,046	10,569	10,444	9,944	9,491	8,322
Total Liabilities	7,942	7,355	6,953	7,422	7,339	6,902	6,791
Total Current Liabilities	3,343	2,879	2,949	3,006	2,438	2,046	2,393
Short-Term Debt	1,070	553	891	870	405	129	519
Accounts Payable	1,213	1,301	1,041	1,031	1,046	936	895
Accrued Expenses	810	782	766	829	774	776	752
Current Employee Benefit Liabilities	250	243	251	276	213	205	227
Total Noncurrent Liabilities	4,599	4,476	4,004	4,416	4,901	4,856	4,398
Long-Term Debt	2,676	2,726	2,225	2,739	3,199	3,174	2,752
Noncurrent Employee Benefit Liabilities	1,507	1,350	1,385	1,306	1,350	1,344	1,292
Other Noncurrent Operating Liabilities	416	400	394	371	352	338	354
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	224	224	224	214	224	224
Total Equity & Noncontrolling Interests	3,254	3,467	3,392	2,798	2,381	2,365	1,307
Total Preferred & Common Equity	3,243	3,459	3,384	2,789	2,378	2,361	1,303
Total Common Equity	3,243	3,459	3,384	2,789	2,378	2,361	1,303
Common Stock	1,733	1,751	1,764	1,776	1,223	1,238	1,247
Retained Earnings	5,057	5,162	5,057	5,070	4,828	4,810	3,570
Accumulated Other Comprehensive Income / (Loss)	-3,547	-3,454	-3,437	-3,504	-3,673	-3,687	-3,514
Noncontrolling Interest	11	8.00	8.00	9.00	3.00	4.00	4.00

This table displays calculated financial ratios and metrics derived from Xerox's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	0.98%	-3.11%	-9.66%
EBITDA Growth	62.07%	505.45%	-522.42%
EBIT Growth	31.14%	91.38%	-4,242.86%
NOPAT Growth	31.14%	91.38%	-4,242.86%
Net Income Growth	29.23%	100.31%	-132,200.00%
EPS Growth	16.02%	95.81%	-11,844.44%
Operating Cash Flow Growth	-74.72%	331.45%	-25.51%
Free Cash Flow Firm Growth	160.42%	20.58%	-22.11%
Invested Capital Growth	-11.52%	-11.63%	-25.37%
Revenue Q/Q Growth	2.36%	-2.49%	-2.39%
EBITDA Q/Q Growth	93.88%	-51.84%	11.22%
EBIT Q/Q Growth	72.50%	-113.40%	6.46%
NOPAT Q/Q Growth	72.50%	-110.65%	6.46%
Net Income Q/Q Growth	71.20%	-99.45%	2.72%
EPS Q/Q Growth	67.37%	-108.49%	1.65%
Operating Cash Flow Q/Q Growth	-7.02%	42.03%	-6.92%
Free Cash Flow Firm Q/Q Growth	43.43%	87.90%	-39.23%
Invested Capital Q/Q Growth	-0.54%	-9.33%	-3.60%
Profitability Metrics	-	-	-
Gross Margin	34.14%	33.60%	33.21%
EBITDA Margin	-0.77%	3.24%	-15.14%
Operating Margin	-4.57%	-0.41%	-19.55%
EBIT Margin	-4.57%	-0.41%	-19.55%
Profit (Net Income) Margin	-4.53%	0.01%	-21.23%
Tax Burden Percent	99.08%	-3.57%	108.63%
Interest Burden Percent	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.41%	-0.33%	-17.63%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.13%	0.43%	-34.46%
Return on Net Nonoperating Assets (RNNOA)	-4.40%	0.36%	-47.19%
Return on Equity (ROE)	-7.81%	0.03%	-64.82%
Cash Return on Invested Capital (CROIC)	8.81%	12.02%	11.43%
Operating Return on Assets (OROA)	-2.62%	-0.26%	-13.24%
Return on Assets (ROA)	-2.60%	0.01%	-14.38%
Return on Common Equity (ROCE)	-7.37%	0.03%	-57.47%
Return on Equity Simple (ROE_SIMPLE)	-9.63%	0.04%	-122.77%
Net Operating Profit after Tax (NOPAT)	-228	-20	-851
NOPAT Margin	-3.20%	-0.28%	-13.68%
Net Nonoperating Expense Percent (NNEP)	3.72%	-0.76%	16.84%
Return On Investment Capital (ROIC_SIMPLE)	-3.21%	-0.34%	-19.00%
Cost of Revenue to Revenue	65.86%	66.40%	66.79%
SG&A Expenses to Revenue	24.76%	24.63%	24.71%
R&D to Revenue	4.28%	3.33%	3.07%
Operating Expenses to Revenue	38.71%	34.01%	52.76%
Earnings before Interest and Taxes (EBIT)	-325	-28	-1,216
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-55	223	-942
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.58	0.81	0.97
Price to Tangible Book Value (P/TBV)	6.20	0.00	0.00
Price to Revenue (P/Rev)	0.27	0.30	0.17
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	7.97%	5.95%	11.86%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.91	0.99
Enterprise Value to Revenue (EV/Rev)	0.69	0.73	0.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	22.68	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.62	7.37	8.02
Enterprise Value to Free Cash Flow (EV/FCFF)	8.29	7.14	7.43
Leverage & Solvency	-	-	-
Debt to Equity	1.04	1.18	2.61
Long-Term Debt to Equity	0.80	0.98	2.16
Financial Leverage	0.62	0.86	1.37
Leverage Ratio	3.00	3.39	4.51
Compound Leverage Factor	3.00	3.39	4.51
Debt to Total Capital	51.02%	54.17%	72.27%
Short-Term Debt to Total Capital	11.78%	9.37%	12.44%
Long-Term Debt to Total Capital	39.24%	44.80%	59.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.20%	3.87%	4.85%
Common Equity to Total Capital	45.78%	41.96%	22.88%
Debt to EBITDA	-67.75	14.70	-3.61
Net Debt to EBITDA	-48.75	12.37	-3.00
Long-Term Debt to EBITDA	-52.11	12.15	-2.99
Debt to NOPAT	-16.38	-167.19	-3.99
Net Debt to NOPAT	-11.78	-140.71	-3.32
Long-Term Debt to NOPAT	-12.60	-138.27	-3.31
Altman Z-Score	1.37	1.59	0.99
Noncontrolling Interest Sharing Ratio	5.64%	7.37%	11.33%
Liquidity Ratios	-	-	-
Current Ratio	1.23	1.14	1.12
Quick Ratio	0.92	0.82	0.77
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	588	708	552
Operating Cash Flow to CapEx	278.95%	1,854.05%	1,161.36%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.57	0.64	0.68
Accounts Receivable Turnover	8.49	8.07	7.56
Inventory Turnover	6.27	6.27	6.13
Fixed Asset Turnover	20.96	23.50	24.07
Accounts Payable Turnover	3.90	3.85	4.02
Days Sales Outstanding (DSO)	43.01	45.24	48.29
Days Inventory Outstanding (DIO)	58.21	58.20	59.56
Days Payable Outstanding (DPO)	93.57	94.80	90.79
Cash Conversion Cycle (CCC)	7.65	8.64	17.06
Capital & Investment Metrics	-	-	-
Invested Capital	6,258	5,530	4,127
Invested Capital Turnover	1.07	1.17	1.29
Increase / (Decrease) in Invested Capital	-815	-728	-1,403
Enterprise Value (EV)	4,868	5,057	4,099
Market Capitalization	1,953	2,065	1,048
Book Value per Share	$21.48	$20.65	$8.65
Tangible Book Value per Share	$2.02	($3.14)	($8.82)
Total Capital	7,303	6,049	4,703
Total Debt	3,726	3,277	3,399
Total Long-Term Debt	2,866	2,710	2,814
Net Debt	2,681	2,758	2,823
Capital Expenditures (CapEx)	57	37	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	592	446	325
Debt-free Net Working Capital (DFNWC)	1,637	965	901
Net Working Capital (NWC)	777	398	316
Net Nonoperating Expense (NNE)	95	-21	470
Net Nonoperating Obligations (NNO)	2,681	2,758	2,823
Total Depreciation and Amortization (D&A)	270	251	274
Debt-free, Cash-free Net Working Capital to Revenue	8.33%	6.48%	5.22%
Debt-free Net Working Capital to Revenue	23.03%	14.01%	14.48%
Net Working Capital to Revenue	10.93%	5.78%	5.08%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($2.15)	($0.09)	($10.75)
Adjusted Weighted Average Basic Shares Outstanding	156.43M	124.18M	125.28M
Adjusted Diluted Earnings per Share	($2.15)	($0.09)	($10.75)
Adjusted Weighted Average Diluted Shares Outstanding	156.43M	124.18M	125.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	156.43M	124.18M	125.28M
Normalized Net Operating Profit after Tax (NOPAT)	106	97	-32
Normalized NOPAT Margin	1.50%	1.41%	-0.52%
Pre Tax Income Margin	-4.57%	-0.41%	-19.55%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	-54.04%	16,500.00%	-10.67%
Augmented Payout Ratio	-89.13%	70,900.00%	-11.28%

This table displays calculated financial ratios and metrics derived from Xerox's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.40%	9.23%	2.82%	0.40%	-5.65%	-9.07%	-12.42%	-10.03%	-7.51%	-8.61%
EBITDA Growth	-293.25%	133.97%	976.47%	-142.86%	140.32%	-112.15%	-161.07%	411.11%	-909.45%	457.69%
EBIT Growth	-552.38%	121.05%	195.51%	-1,680.00%	116.84%	-159.06%	-276.47%	128.09%	-1,798.44%	95.45%
NOPAT Growth	-402.27%	125.22%	213.96%	-1,680.00%	118.42%	-149.28%	-247.89%	128.89%	-1,652.86%	95.45%
Net Income Growth	-529.21%	118.10%	224.56%	-1,120.00%	112.83%	-147.54%	-259.15%	129.51%	-2,559.18%	63.79%
EPS Growth	-616.67%	120.65%	213.16%	-720.00%	111.29%	-151.32%	-318.60%	126.83%	-3,567.86%	46.15%
Operating Cash Flow Growth	-108.00%	-6.06%	18.18%	211.76%	1,650.00%	109.14%	-201.28%	29.47%	-6.45%	-9.77%
Free Cash Flow Firm Growth	-85.66%	1,456.29%	-90.65%	-35.77%	-75.08%	-29.11%	7.91%	69.90%	336.82%	110.11%
Invested Capital Growth	-16.43%	-11.52%	-8.91%	-8.38%	-3.07%	-11.63%	-13.40%	-13.56%	-29.81%	-25.37%
Revenue Q/Q Growth	0.23%	10.85%	-11.64%	2.27%	-5.82%	6.84%	-14.90%	5.06%	-3.17%	5.56%
EBITDA Q/Q Growth	-600.00%	167.94%	-30.37%	-118.12%	570.37%	-120.47%	-264.00%	192.31%	-1,323.81%	109.05%
EBIT Q/Q Growth	-7,500.00%	139.21%	-42.95%	-204.71%	171.91%	-237.50%	-72.41%	116.67%	-4,448.00%	99.63%
NOPAT Q/Q Growth	-7,500.00%	146.99%	-43.20%	-187.75%	178.65%	-225.71%	-72.41%	117.14%	-4,327.22%	99.63%
Net Income Q/Q Growth	-7,540.00%	131.94%	-41.80%	-185.92%	180.33%	-218.37%	-94.83%	115.93%	-6,794.44%	98.26%
EPS Q/Q Growth	-4,860.00%	130.65%	-43.42%	-195.35%	168.29%	-239.29%	-141.03%	111.70%	-8,927.27%	97.84%
Operating Cash Flow Q/Q Growth	90.59%	2,425.00%	-58.06%	21.79%	30.53%	213.71%	-120.31%	255.70%	-5.69%	202.59%
Free Cash Flow Firm Q/Q Growth	22.37%	-3.19%	-26.06%	-26.66%	-52.52%	175.37%	12.43%	15.47%	22.07%	32.46%
Invested Capital Q/Q Growth	-7.84%	-0.54%	1.93%	-1.94%	-2.49%	-9.33%	-0.11%	-2.12%	-20.82%	-3.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.75%	39.00%	34.34%	35.97%	34.26%	29.92%	29.49%	34.79%	32.40%	35.90%
EBITDA Margin	-17.99%	11.03%	8.69%	-1.54%	7.69%	-1.47%	-6.06%	5.32%	-67.28%	5.77%
Operating Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%
EBIT Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%
Profit (Net Income) Margin	-21.82%	6.29%	4.14%	-3.48%	2.97%	-3.29%	-7.52%	1.14%	-78.86%	-1.30%
Tax Burden Percent	100.53%	81.88%	83.53%	68.54%	76.56%	65.91%	75.33%	72.00%	110.86%	525.00%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	16.11%	16.47%	0.00%	23.44%	0.00%	0.00%	28.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-15.26%	6.87%	4.43%	-3.89%	3.38%	-4.08%	-7.84%	1.27%	-61.15%	-0.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-19.97%	6.75%	4.43%	-3.84%	3.38%	-3.95%	-8.12%	1.27%	-76.39%	-0.88%
Return on Net Nonoperating Assets (RNNOA)	-11.05%	4.16%	2.88%	-2.67%	3.06%	-3.38%	-7.26%	1.12%	-97.77%	-1.20%
Return on Equity (ROE)	-26.32%	11.03%	7.31%	-6.55%	6.45%	-7.46%	-15.10%	2.39%	-158.91%	-1.42%
Cash Return on Invested Capital (CROIC)	5.93%	8.81%	7.75%	6.23%	6.09%	12.02%	11.27%	12.75%	17.50%	11.43%
Operating Return on Assets (OROA)	-11.82%	4.41%	2.94%	-3.18%	2.50%	-3.19%	-6.35%	1.03%	-48.32%	-0.17%
Return on Assets (ROA)	-11.88%	3.61%	2.46%	-2.18%	1.92%	-2.10%	-4.78%	0.74%	-53.56%	-0.88%
Return on Common Equity (ROCE)	-24.94%	10.41%	6.89%	-6.16%	5.98%	-6.91%	-14.02%	2.21%	-142.82%	-1.26%
Return on Equity Simple (ROE_SIMPLE)	-34.47%	0.00%	-5.61%	-7.39%	6.49%	0.00%	-7.70%	-4.40%	-104.22%	0.00%
Net Operating Profit after Tax (NOPAT)	-266	125	71	-62	49	-62	-105	18	-761	-2.80
NOPAT Margin	-15.19%	6.44%	4.14%	-3.55%	2.97%	-3.49%	-6.99%	1.14%	-49.80%	-0.17%
Net Nonoperating Expense Percent (NNEP)	4.71%	0.12%	0.00%	-0.05%	0.00%	-0.13%	0.28%	0.00%	15.24%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	-	1.77%	-	-	-	-1.06%	-	-	-	-0.06%
Cost of Revenue to Revenue	68.25%	61.00%	65.66%	64.03%	65.74%	70.09%	70.51%	65.21%	67.60%	64.10%
SG&A Expenses to Revenue	23.87%	22.05%	23.73%	24.69%	25.18%	24.93%	26.43%	24.90%	24.21%	23.37%
R&D to Revenue	4.17%	3.55%	3.73%	3.25%	3.15%	3.17%	3.26%	3.17%	2.95%	2.91%
Operating Expenses to Revenue	53.46%	31.32%	29.39%	41.05%	30.39%	34.90%	39.48%	33.21%	103.53%	36.14%
Earnings before Interest and Taxes (EBIT)	-380	149	85	-89	64	-88	-150	25	-1,087	-4.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-315	214	149	-27	127	-26	-91	84	-1,028	93
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.56	0.58	0.64	0.65	0.82	0.81	0.91	0.61	0.99	0.97
Price to Tangible Book Value (P/TBV)	6.61	6.20	5.46	4.99	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.26	0.27	0.31	0.31	0.32	0.30	0.32	0.22	0.20	0.17
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	14.80	0.00	0.00	0.00	0.00	0.00
Dividend Yield	8.59%	7.97%	7.05%	7.16%	6.85%	5.95%	5.70%	8.61%	9.63%	11.86%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	6.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.78	0.81	0.81	0.92	0.91	0.96	0.83	1.00	0.99
Enterprise Value to Revenue (EV/Rev)	0.70	0.69	0.72	0.71	0.79	0.73	0.79	0.69	0.67	0.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	46.31	241.11	12.10	22.68	0.00	47.76	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	26.81	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	30.46	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	28.43	30.62	30.06	14.43	11.60	7.37	10.00	8.06	7.78	8.02
Enterprise Value to Free Cash Flow (EV/FCFF)	11.87	8.29	9.92	12.43	14.86	7.14	7.89	6.04	4.70	7.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	1.04	0.89	0.86	1.19	1.18	1.39	1.28	2.14	2.61
Long-Term Debt to Equity	0.77	0.80	0.74	0.62	0.91	0.98	1.23	1.23	1.80	2.16
Financial Leverage	0.55	0.62	0.65	0.69	0.91	0.86	0.89	0.88	1.28	1.37
Leverage Ratio	2.87	3.00	2.98	2.96	3.36	3.39	3.34	3.23	4.12	4.51
Compound Leverage Factor	2.87	3.00	2.98	2.96	3.36	3.39	3.34	3.23	4.12	4.51
Debt to Total Capital	51.85%	51.02%	47.04%	46.29%	54.43%	54.17%	58.14%	56.06%	68.12%	72.27%
Short-Term Debt to Total Capital	14.81%	11.78%	7.93%	13.24%	13.12%	9.37%	6.53%	2.19%	10.81%	12.44%
Long-Term Debt to Total Capital	37.04%	39.24%	39.11%	33.05%	41.31%	44.80%	51.61%	53.87%	57.31%	59.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.25%	3.20%	3.33%	3.45%	3.51%	3.87%	3.50%	3.87%	4.75%	4.85%
Common Equity to Total Capital	44.89%	45.78%	49.63%	50.27%	42.06%	41.96%	38.36%	40.07%	27.13%	22.88%
Debt to EBITDA	-4.17	-67.75	29.54	148.38	7.79	14.70	-212.00	35.14	-3.08	-3.61
Net Debt to EBITDA	-3.13	-48.75	24.22	125.67	6.65	12.37	-171.71	29.98	-2.59	-3.00
Long-Term Debt to EBITDA	-2.98	-52.11	24.56	105.95	5.92	12.15	-188.18	33.77	-2.59	-2.99
Debt to NOPAT	-4.53	-16.38	-31.02	-18.94	19.61	-167.19	-19.58	-31.67	-3.59	-3.99
Net Debt to NOPAT	-3.40	-11.78	-25.43	-16.04	16.72	-140.71	-15.86	-27.02	-3.02	-3.32
Long-Term Debt to NOPAT	-3.23	-12.60	-25.79	-13.53	14.89	-138.27	-17.38	-30.43	-3.02	-3.31
Altman Z-Score	1.31	1.51	1.59	1.56	1.60	1.57	1.59	1.66	1.14	1.46
Noncontrolling Interest Sharing Ratio	5.24%	5.64%	5.69%	6.02%	7.20%	7.37%	7.14%	7.41%	10.13%	11.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.23	1.26	1.15	1.12	1.14	1.37	1.49	1.26	1.12
Quick Ratio	0.85	0.92	0.88	0.81	0.80	0.82	0.98	1.03	0.86	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	971	940	695	510	242	666	750	866	1,057	1,400
Operating Cash Flow to CapEx	-80.00%	1,033.33%	975.00%	1,357.14%	1,033.33%	3,890.00%	-790.00%	1,537.50%	1,288.89%	2,064.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.57	0.59	0.63	0.65	0.64	0.64	0.65	0.68	0.68
Accounts Receivable Turnover	8.05	8.49	8.80	8.16	8.24	8.07	8.02	7.43	7.49	7.56
Inventory Turnover	5.89	6.27	5.85	5.98	6.01	6.27	5.47	5.64	5.79	6.13
Fixed Asset Turnover	0.00	20.96	21.65	23.29	24.02	23.50	24.00	25.58	25.59	24.07
Accounts Payable Turnover	4.11	3.90	3.76	4.12	4.03	3.85	3.73	4.33	4.39	4.02
Days Sales Outstanding (DSO)	45.37	43.01	41.45	44.73	44.32	45.24	45.51	49.16	48.71	48.29
Days Inventory Outstanding (DIO)	61.98	58.21	62.34	61.00	60.78	58.20	66.70	64.76	63.02	59.56
Days Payable Outstanding (DPO)	88.91	93.57	97.09	88.65	90.62	94.80	97.90	84.28	83.14	90.79
Cash Conversion Cycle (CCC)	18.44	7.65	6.71	17.08	14.48	8.64	14.31	29.63	28.60	17.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,292	6,258	6,379	6,255	6,099	5,530	5,524	5,407	4,281	4,127
Invested Capital Turnover	1.00	1.07	1.07	1.09	1.14	1.17	1.12	1.11	1.23	1.29
Increase / (Decrease) in Invested Capital	-1,237	-815	-624	-572	-193	-728	-855	-848	-1,818	-1,403
Enterprise Value (EV)	4,861	4,868	5,140	5,063	5,604	5,057	5,291	4,489	4,269	4,099
Market Capitalization	1,812	1,953	2,220	2,192	2,294	2,065	2,155	1,443	1,291	1,048
Book Value per Share	$20.85	$21.48	$22.11	$21.56	$17.75	$20.65	$19.15	$19.01	$10.48	$8.65
Tangible Book Value per Share	$1.76	$2.02	$2.60	$2.80	($0.70)	($3.14)	($4.08)	($4.13)	($4.46)	($8.82)
Total Capital	7,224	7,303	6,970	6,732	6,631	6,049	6,199	5,892	4,802	4,703
Total Debt	3,746	3,726	3,279	3,116	3,609	3,277	3,604	3,303	3,271	3,399
Total Long-Term Debt	2,676	2,866	2,726	2,225	2,739	2,710	3,199	3,174	2,752	2,814
Net Debt	2,814	2,681	2,688	2,639	3,077	2,758	2,919	2,818	2,750	2,823
Capital Expenditures (CapEx)	10	18	8.00	7.00	12	10	10	8.00	9.00	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	690	592	723	855	686	446	630	649	616	325
Debt-free Net Working Capital (DFNWC)	1,622	1,637	1,314	1,332	1,218	965	1,315	1,134	1,137	901
Net Working Capital (NWC)	552	777	761	441	348	398	910	1,005	618	316
Net Nonoperating Expense (NNE)	116	3.00	0.00	-1.30	0.00	-3.60	8.00	0.00	444	18
Net Nonoperating Obligations (NNO)	2,814	2,681	2,688	2,639	3,077	2,758	2,929	2,818	2,750	2,823
Total Depreciation and Amortization (D&A)	65	65	64	62	63	62	59	59	59	97
Debt-free, Cash-free Net Working Capital to Revenue	9.94%	8.33%	10.11%	11.94%	9.71%	6.48%	9.44%	9.99%	9.67%	5.22%
Debt-free Net Working Capital to Revenue	23.36%	23.03%	18.37%	18.60%	17.25%	14.01%	19.71%	17.45%	17.84%	14.48%
Net Working Capital to Revenue	7.95%	10.93%	10.64%	6.16%	4.93%	5.78%	13.64%	15.47%	9.70%	5.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.29	($0.40)	($0.94)	$0.12	($9.71)	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M
Adjusted Diluted Earnings per Share	($2.48)	$0.76	$0.43	($0.41)	$0.28	($0.39)	($0.94)	$0.11	($9.71)	($0.21)
Adjusted Weighted Average Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	155.60M	156.43M	156.96M	157.12M	122.91M	124.18M	124.20M	124.33M	124.37M	125.28M
Normalized Net Operating Profit after Tax (NOPAT)	38	145	73	-46	57	31	-78	27	19	0.70
Normalized NOPAT Margin	2.16%	7.48%	4.24%	-2.63%	3.43%	1.75%	-5.17%	1.69%	1.24%	0.04%
Pre Tax Income Margin	-21.70%	7.68%	4.96%	-5.07%	3.87%	-4.99%	-9.99%	1.58%	-71.14%	-0.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-16.10%	-54.04%	-89.18%	-69.60%	96.13%	16,500.00%	-85.79%	-142.31%	-10.38%	-10.67%
Augmented Payout Ratio	-60.91%	-89.13%	-89.18%	-69.60%	396.69%	70,900.00%	-384.70%	-668.27%	-10.60%	-11.28%

Frequently Asked Questions About Xerox's Financials

When does Xerox's financial year end?

According to the most recent income statement we have on file, Xerox's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Xerox's net income changed over the last 2 years?

Xerox's net income appears to be on an upward trend, with a most recent value of -$1.32 billion in 2024, rising from -$322 million in 2022. The previous period was $1 million in 2023.

What is Xerox's operating income?

Xerox's total operating income in 2024 was -$1.22 billion, based on the following breakdown:

Total Gross Profit: $2.07 billion
Total Operating Expenses: $3.28 billion

How has Xerox revenue changed over the last 2 years?

Over the last 2 years, Xerox's total revenue changed from $7.11 billion in 2022 to $6.22 billion in 2024, a change of -12.5%.

How much debt does Xerox have?

Xerox's total liabilities were at $7.06 billion at the end of 2024, a 2.4% decrease from 2023, and a 11.4% decrease since 2022.

How much cash does Xerox have?

In the past 2 years, Xerox's cash and equivalents has ranged from $519 million in 2023 to $1.05 billion in 2022, and is currently $576 million as of their latest financial filing in 2024.

How has Xerox's book value per share changed over the last 2 years?

Over the last 2 years, Xerox's book value per share changed from 21.48 in 2022 to 8.65 in 2024, a change of -59.7%.

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This page (NYSE:XRX) was last updated on 4/15/2025 by MarketBeat.com Staff

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Xerox (XRX) Financials

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Xerox (XRX) Financials

Annual Income Statements for Xerox

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Quarterly Cash Flow Statements for Xerox

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Quarterly Balance Sheets for Xerox

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Quarterly Metrics and Ratios for Xerox

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