0001770450000010877212/312025Q2FALSEhttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://www.xerox.com/20250630#AccruedAndOtherLiabilitiesCurrenthttp://www.xerox.com/20250630#AccruedAndOtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxrx:segmentxrx:reporting_unitxbrli:purexrx:facilityxrx:instrument00017704502025-01-012025-06-300001770450xrx:XeroxCorporationMember2025-01-012025-06-300001770450dei:FormerAddressMember2025-01-012025-06-3000017704502025-07-310001770450us-gaap:ProductMember2025-04-012025-06-300001770450us-gaap:ProductMember2024-04-012024-06-300001770450us-gaap:ProductMember2025-01-012025-06-300001770450us-gaap:ProductMember2024-01-012024-06-300001770450us-gaap:ServiceMember2025-04-012025-06-300001770450us-gaap:ServiceMember2024-04-012024-06-300001770450us-gaap:ServiceMember2025-01-012025-06-300001770450us-gaap:ServiceMember2024-01-012024-06-3000017704502025-04-012025-06-3000017704502024-04-012024-06-3000017704502024-01-012024-06-3000017704502025-06-3000017704502024-12-3100017704502023-12-3100017704502024-06-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2025-04-012025-06-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2024-04-012024-06-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2025-01-012025-06-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2024-01-012024-06-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2025-04-012025-06-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2024-04-012024-06-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2025-01-012025-06-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2024-01-012024-06-300001770450xrx:XeroxCorporationMember2025-04-012025-06-300001770450xrx:XeroxCorporationMember2024-04-012024-06-300001770450xrx:XeroxCorporationMember2024-01-012024-06-300001770450xrx:XeroxCorporationMember2025-06-300001770450xrx:XeroxCorporationMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:RelatedPartyMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:RelatedPartyMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:NonrelatedPartyMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:NonrelatedPartyMember2024-12-310001770450xrx:XeroxCorporationMember2023-12-310001770450xrx:XeroxCorporationMember2024-06-3000017704502024-01-012024-12-310001770450us-gaap:ServiceMembersrt:ScenarioPreviouslyReportedMember2024-04-012024-06-300001770450us-gaap:ServiceMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-04-012024-06-300001770450us-gaap:ServiceMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-06-300001770450us-gaap:ServiceMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-01-012024-06-300001770450us-gaap:FinancialServiceMembersrt:ScenarioPreviouslyReportedMember2024-04-012024-06-300001770450us-gaap:FinancialServiceMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-04-012024-06-300001770450us-gaap:FinancialServiceMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-06-300001770450us-gaap:FinancialServiceMembersrt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-01-012024-06-300001770450srt:ScenarioPreviouslyReportedMember2024-04-012024-06-300001770450srt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-04-012024-06-300001770450srt:ScenarioPreviouslyReportedMember2024-01-012024-06-300001770450srt:RevisionOfPriorPeriodReclassificationAdjustmentMember2024-01-012024-06-300001770450xrx:PrintAndOtherSegmentMember2025-01-010001770450xrx:ITSolutionsSegmentMember2025-01-010001770450us-gaap:DomesticCountryMember2025-03-310001770450country:US2025-04-012025-06-300001770450country:US2024-04-012024-06-300001770450country:US2025-01-012025-06-300001770450country:US2024-01-012024-06-300001770450srt:EuropeMember2025-04-012025-06-300001770450srt:EuropeMember2024-04-012024-06-300001770450srt:EuropeMember2025-01-012025-06-300001770450srt:EuropeMember2024-01-012024-06-300001770450country:CA2025-04-012025-06-300001770450country:CA2024-04-012024-06-300001770450country:CA2025-01-012025-06-300001770450country:CA2024-01-012024-06-300001770450xrx:OtherGeographicalMarketsMember2025-04-012025-06-300001770450xrx:OtherGeographicalMarketsMember2024-04-012024-06-300001770450xrx:OtherGeographicalMarketsMember2025-01-012025-06-300001770450xrx:OtherGeographicalMarketsMember2024-01-012024-06-300001770450us-gaap:ManufacturedProductOtherMember2025-04-012025-06-300001770450us-gaap:ManufacturedProductOtherMember2024-04-012024-06-300001770450us-gaap:ManufacturedProductOtherMember2025-01-012025-06-300001770450us-gaap:ManufacturedProductOtherMember2024-01-012024-06-300001770450xrx:SuppliesPaperAndOtherSalesMember2025-04-012025-06-300001770450xrx:SuppliesPaperAndOtherSalesMember2024-04-012024-06-300001770450xrx:SuppliesPaperAndOtherSalesMember2025-01-012025-06-300001770450xrx:SuppliesPaperAndOtherSalesMember2024-01-012024-06-300001770450xrx:ITProductsMember2025-04-012025-06-300001770450xrx:ITProductsMember2024-04-012024-06-300001770450xrx:ITProductsMember2025-01-012025-06-300001770450xrx:ITProductsMember2024-01-012024-06-300001770450us-gaap:MaintenanceMember2025-04-012025-06-300001770450us-gaap:MaintenanceMember2024-04-012024-06-300001770450us-gaap:MaintenanceMember2025-01-012025-06-300001770450us-gaap:MaintenanceMember2024-01-012024-06-300001770450xrx:ServiceArrangementsMember2025-04-012025-06-300001770450xrx:ServiceArrangementsMember2024-04-012024-06-300001770450xrx:ServiceArrangementsMember2025-01-012025-06-300001770450xrx:ServiceArrangementsMember2024-01-012024-06-300001770450xrx:RentalAndOtherMember2025-04-012025-06-300001770450xrx:RentalAndOtherMember2024-04-012024-06-300001770450xrx:RentalAndOtherMember2025-01-012025-06-300001770450xrx:RentalAndOtherMember2024-01-012024-06-300001770450us-gaap:FinancialServiceMember2025-04-012025-06-300001770450us-gaap:FinancialServiceMember2024-04-012024-06-300001770450us-gaap:FinancialServiceMember2025-01-012025-06-300001770450us-gaap:FinancialServiceMember2024-01-012024-06-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2025-04-012025-06-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2024-04-012024-06-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2025-01-012025-06-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2024-01-012024-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelThroughIntermediaryMember2025-04-012025-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelThroughIntermediaryMember2024-04-012024-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelThroughIntermediaryMember2025-01-012025-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelThroughIntermediaryMember2024-01-012024-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2025-04-012025-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2024-04-012024-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2025-01-012025-06-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2024-01-012024-06-3000017704502025-01-012025-03-3100017704502024-01-012024-03-3100017704502025-03-3100017704502024-03-310001770450xrx:PrintAndOtherSegmentMember2025-04-012025-06-300001770450xrx:ITSolutionsSegmentMember2025-04-012025-06-300001770450us-gaap:CorporateNonSegmentMember2025-04-012025-06-300001770450xrx:PrintAndOtherSegmentMember2024-04-012024-06-300001770450xrx:ITSolutionsSegmentMember2024-04-012024-06-300001770450us-gaap:CorporateNonSegmentMember2024-04-012024-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:PrintAndOtherSegmentMember2025-04-012025-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:ITSolutionsSegmentMember2025-04-012025-06-300001770450us-gaap:IntersegmentEliminationMember2025-04-012025-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:PrintAndOtherSegmentMember2024-04-012024-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:ITSolutionsSegmentMember2024-04-012024-06-300001770450us-gaap:IntersegmentEliminationMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberxrx:PrintAndOtherSegmentMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberxrx:ITSolutionsSegmentMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberxrx:PrintAndOtherSegmentMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberxrx:ITSolutionsSegmentMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:PrintAndOtherSegmentMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:ITSolutionsSegmentMember2025-04-012025-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:PrintAndOtherSegmentMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:ITSolutionsSegmentMember2024-04-012024-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:PrintAndOtherSegmentMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:ITSolutionsSegmentMember2025-04-012025-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMember2025-04-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:PrintAndOtherSegmentMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:ITSolutionsSegmentMember2024-04-012024-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2024-04-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMember2024-04-012024-06-300001770450xrx:PrintAndOtherSegmentMember2025-01-012025-06-300001770450xrx:ITSolutionsSegmentMember2025-01-012025-06-300001770450us-gaap:CorporateNonSegmentMember2025-01-012025-06-300001770450xrx:PrintAndOtherSegmentMember2024-01-012024-06-300001770450xrx:ITSolutionsSegmentMember2024-01-012024-06-300001770450us-gaap:CorporateNonSegmentMember2024-01-012024-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:PrintAndOtherSegmentMember2025-01-012025-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:ITSolutionsSegmentMember2025-01-012025-06-300001770450us-gaap:IntersegmentEliminationMember2025-01-012025-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:PrintAndOtherSegmentMember2024-01-012024-06-300001770450us-gaap:IntersegmentEliminationMemberxrx:ITSolutionsSegmentMember2024-01-012024-06-300001770450us-gaap:IntersegmentEliminationMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberxrx:PrintAndOtherSegmentMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberxrx:ITSolutionsSegmentMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberxrx:PrintAndOtherSegmentMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberxrx:ITSolutionsSegmentMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:PrintAndOtherSegmentMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:ITSolutionsSegmentMember2025-01-012025-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:PrintAndOtherSegmentMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberxrx:ITSolutionsSegmentMember2024-01-012024-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ProductMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ProductMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:PrintAndOtherSegmentMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:ITSolutionsSegmentMember2025-01-012025-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMember2025-01-012025-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:PrintAndOtherSegmentMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMemberxrx:ITSolutionsSegmentMember2024-01-012024-06-300001770450us-gaap:CorporateNonSegmentMemberus-gaap:ServiceMember2024-01-012024-06-300001770450us-gaap:OperatingSegmentsMemberus-gaap:ServiceMember2024-01-012024-06-300001770450xrx:ReductionOfInventoryMember2025-04-012025-06-300001770450xrx:ReductionOfInventoryMember2024-04-012024-06-300001770450xrx:ReductionOfInventoryMember2025-01-012025-06-300001770450xrx:ReductionOfInventoryMember2024-01-012024-06-300001770450xrx:CancellationOfPurchaseContractsMember2025-04-012025-06-300001770450xrx:CancellationOfPurchaseContractsMember2024-04-012024-06-300001770450xrx:CancellationOfPurchaseContractsMember2025-01-012025-06-300001770450xrx:CancellationOfPurchaseContractsMember2024-01-012024-06-300001770450us-gaap:AccountsReceivableMember2025-06-300001770450us-gaap:AccountsReceivableMember2024-12-310001770450us-gaap:AccountsReceivableMember2023-12-310001770450us-gaap:AccountsReceivableMember2025-01-012025-03-310001770450us-gaap:AccountsReceivableMember2024-01-012024-03-310001770450us-gaap:AccountsReceivableMember2025-03-310001770450us-gaap:AccountsReceivableMember2024-03-310001770450us-gaap:AccountsReceivableMember2025-04-012025-06-300001770450us-gaap:AccountsReceivableMember2024-04-012024-06-300001770450us-gaap:AccountsReceivableMember2024-06-300001770450xrx:CustomersMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-06-300001770450xrx:CustomersMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-12-310001770450us-gaap:AccountsReceivableMember2025-01-012025-06-300001770450us-gaap:AccountsReceivableMember2024-01-012024-06-300001770450xrx:UnitedStatesCanadaAndEMEAMemberus-gaap:CreditConcentrationRiskMemberus-gaap:FinanceReceivablesMember2025-01-012025-06-300001770450xrx:UnitedStatesCanadaAndEMEAMemberus-gaap:CreditConcentrationRiskMemberus-gaap:FinanceReceivablesMember2024-01-012024-12-310001770450country:US2024-12-310001770450country:CA2024-12-310001770450srt:EuropeMember2024-12-310001770450country:US2025-01-012025-03-310001770450country:CA2025-01-012025-03-310001770450srt:EuropeMember2025-01-012025-03-310001770450country:US2025-03-310001770450country:CA2025-03-310001770450srt:EuropeMember2025-03-310001770450country:US2025-06-300001770450country:CA2025-06-300001770450srt:EuropeMember2025-06-300001770450country:US2023-12-310001770450country:CA2023-12-310001770450srt:EuropeMember2023-12-310001770450country:US2024-01-012024-03-310001770450country:CA2024-01-012024-03-310001770450srt:EuropeMember2024-01-012024-03-310001770450country:US2024-03-310001770450country:CA2024-03-310001770450srt:EuropeMember2024-03-310001770450country:US2024-06-300001770450country:CA2024-06-300001770450srt:EuropeMember2024-06-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelLowMember2025-06-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelMediumMember2025-06-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelHighMember2025-06-300001770450xrx:UnitedStatesDirectMember2025-06-300001770450xrx:UnitedStatesDirectMember2025-01-012025-06-300001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelLowMember2025-06-300001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelMediumMember2025-06-300001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelHighMember2025-06-300001770450xrx:UnitedStatesIndirectMember2025-06-300001770450xrx:UnitedStatesIndirectMember2025-01-012025-06-300001770450country:CAus-gaap:RiskLevelLowMember2025-06-300001770450country:CAus-gaap:RiskLevelMediumMember2025-06-300001770450country:CAus-gaap:RiskLevelHighMember2025-06-300001770450srt:EuropeMemberus-gaap:RiskLevelLowMember2025-06-300001770450srt:EuropeMemberus-gaap:RiskLevelMediumMember2025-06-300001770450srt:EuropeMemberus-gaap:RiskLevelHighMember2025-06-300001770450us-gaap:RiskLevelLowMember2025-06-300001770450us-gaap:RiskLevelMediumMember2025-06-300001770450us-gaap:RiskLevelHighMember2025-06-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelLowMember2024-12-310001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelMediumMember2024-12-310001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelHighMember2024-12-310001770450xrx:UnitedStatesDirectMember2024-12-310001770450xrx:UnitedStatesDirectMember2024-01-012024-12-310001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelLowMember2024-12-310001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelMediumMember2024-12-310001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelHighMember2024-12-310001770450xrx:UnitedStatesIndirectMember2024-12-310001770450xrx:UnitedStatesIndirectMember2024-01-012024-12-310001770450country:CAus-gaap:RiskLevelLowMember2024-12-310001770450country:CAus-gaap:RiskLevelMediumMember2024-12-310001770450country:CAus-gaap:RiskLevelHighMember2024-12-310001770450country:CA2024-01-012024-12-310001770450srt:EuropeMemberus-gaap:RiskLevelLowMember2024-12-310001770450srt:EuropeMemberus-gaap:RiskLevelMediumMember2024-12-310001770450srt:EuropeMemberus-gaap:RiskLevelHighMember2024-12-310001770450srt:EuropeMember2024-01-012024-12-310001770450us-gaap:RiskLevelLowMember2024-12-310001770450us-gaap:RiskLevelMediumMember2024-12-310001770450us-gaap:RiskLevelHighMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMember2025-06-300001770450country:USus-gaap:UnbilledRevenuesMemberxrx:DirectMember2025-06-300001770450country:USxrx:DirectMember2025-06-300001770450country:USxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMember2025-06-300001770450country:USus-gaap:UnbilledRevenuesMemberxrx:IndirectMember2025-06-300001770450country:USxrx:IndirectMember2025-06-300001770450country:USxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2025-06-300001770450country:USus-gaap:BilledRevenuesMember2025-06-300001770450country:USus-gaap:UnbilledRevenuesMember2025-06-300001770450country:USxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2025-06-300001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2025-06-300001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2025-06-300001770450country:CAus-gaap:BilledRevenuesMember2025-06-300001770450country:CAus-gaap:UnbilledRevenuesMember2025-06-300001770450country:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2025-06-300001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2025-06-300001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2025-06-300001770450srt:EuropeMemberus-gaap:BilledRevenuesMember2025-06-300001770450srt:EuropeMemberus-gaap:UnbilledRevenuesMember2025-06-300001770450srt:EuropeMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450xrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMemberus-gaap:BilledRevenuesMember2025-06-300001770450xrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMemberus-gaap:BilledRevenuesMember2025-06-300001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMemberus-gaap:BilledRevenuesMember2025-06-300001770450us-gaap:BilledRevenuesMember2025-06-300001770450us-gaap:UnbilledRevenuesMember2025-06-300001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2025-06-300001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:DirectMember2024-12-310001770450country:USus-gaap:UnbilledRevenuesMemberxrx:DirectMember2024-12-310001770450country:USxrx:DirectMember2024-12-310001770450country:USxrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:IndirectMember2024-12-310001770450country:USus-gaap:UnbilledRevenuesMemberxrx:IndirectMember2024-12-310001770450country:USxrx:IndirectMember2024-12-310001770450country:USxrx:IndirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2024-12-310001770450country:USus-gaap:BilledRevenuesMember2024-12-310001770450country:USus-gaap:UnbilledRevenuesMember2024-12-310001770450country:USxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2024-12-310001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2024-12-310001770450country:CAus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2024-12-310001770450country:CAus-gaap:BilledRevenuesMember2024-12-310001770450country:CAus-gaap:UnbilledRevenuesMember2024-12-310001770450country:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2024-12-310001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2024-12-310001770450srt:EuropeMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2024-12-310001770450srt:EuropeMemberus-gaap:BilledRevenuesMember2024-12-310001770450srt:EuropeMemberus-gaap:UnbilledRevenuesMember2024-12-310001770450srt:EuropeMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450xrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMemberus-gaap:BilledRevenuesMember2024-12-310001770450xrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMemberus-gaap:BilledRevenuesMember2024-12-310001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMemberus-gaap:BilledRevenuesMember2024-12-310001770450us-gaap:BilledRevenuesMember2024-12-310001770450us-gaap:UnbilledRevenuesMember2024-12-310001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2024-12-310001770450srt:MaximumMember2025-06-300001770450us-gaap:EmployeeSeveranceMember2024-12-310001770450us-gaap:ContractTerminationMember2024-12-310001770450us-gaap:EmployeeSeveranceMember2025-01-012025-03-310001770450us-gaap:ContractTerminationMember2025-01-012025-03-310001770450us-gaap:EmployeeSeveranceMember2025-03-310001770450us-gaap:ContractTerminationMember2025-03-310001770450us-gaap:EmployeeSeveranceMember2025-04-012025-06-300001770450us-gaap:ContractTerminationMember2025-04-012025-06-300001770450us-gaap:EmployeeSeveranceMember2025-06-300001770450us-gaap:ContractTerminationMember2025-06-300001770450xrx:RetentionRelatedSeveranceBonusesMember2025-04-012025-06-300001770450xrx:RetentionRelatedSeveranceBonusesMember2024-04-012024-06-300001770450xrx:RetentionRelatedSeveranceBonusesMember2025-01-012025-06-300001770450xrx:RetentionRelatedSeveranceBonusesMember2024-01-012024-06-300001770450xrx:ContractualSeveranceCostsMember2025-04-012025-06-300001770450xrx:ContractualSeveranceCostsMember2024-04-012024-06-300001770450xrx:ContractualSeveranceCostsMember2025-01-012025-06-300001770450xrx:ContractualSeveranceCostsMember2024-01-012024-06-300001770450xrx:ConsultingAndOtherCostsMember2025-04-012025-06-300001770450xrx:ConsultingAndOtherCostsMember2024-04-012024-06-300001770450xrx:ConsultingAndOtherCostsMember2025-01-012025-06-300001770450xrx:ConsultingAndOtherCostsMember2024-01-012024-06-300001770450xrx:A3rdPartyServiceProviderMember2025-01-012025-06-300001770450xrx:A3rdPartyServiceProviderMember2024-01-012024-06-300001770450xrx:DebtProceedsHeldInEscrowMember2025-06-300001770450xrx:DebtProceedsHeldInEscrowMember2024-12-310001770450xrx:LitigationDepositsInBrazilMember2025-06-300001770450xrx:LitigationDepositsInBrazilMember2024-12-310001770450us-gaap:OtherCurrentAssetsMember2025-06-300001770450us-gaap:OtherCurrentAssetsMember2024-12-310001770450us-gaap:OtherNoncurrentAssetsMember2025-06-300001770450us-gaap:OtherNoncurrentAssetsMember2024-12-310001770450xrx:EPayableProgramMember2025-06-300001770450xrx:SeniorSecuredFirstLienNotesDue2030Memberus-gaap:SeniorNotesMember2025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:SeniorNotesMember2025-04-110001770450xrx:SeniorSecuredFirstLienNotesDue2030Memberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:SeniorNotesMember2025-05-092025-05-090001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:SeniorNotesMember2025-05-090001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2025-05-092025-05-090001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001770450xrx:SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2025-04-110001770450xrx:SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450us-gaap:SecuredDebtMemberxrx:TermLoanBFacilityMemberus-gaap:LineOfCreditMember2025-04-112025-04-110001770450xrx:SeniorSecuredFirstLienNotesDue2030Memberus-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredFirstLienNotesDue2030Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredFirstLienNotesDue2030Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:SeniorSecuredSecondLienNotesDue2031Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:SeniorNotesMember2025-04-112025-04-110001770450xrx:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-12-310001770450xrx:A2030ConvertibleNotesMemberus-gaap:CallOptionMemberus-gaap:ConvertibleDebtMember2024-01-012024-12-310001770450xrx:A2030ConvertibleNotesMemberus-gaap:CallOptionMemberus-gaap:ConvertibleDebtMember2024-03-060001770450xrx:A2030ConvertibleNotesMemberus-gaap:CallOptionMemberus-gaap:ConvertibleDebtMember2025-01-012025-03-310001770450us-gaap:RevolvingCreditFacilityMemberxrx:AssetBasedRevolvingCreditAgreementMember2025-06-300001770450us-gaap:LetterOfCreditMemberxrx:AssetBasedRevolvingCreditAgreementMember2025-06-300001770450us-gaap:RevolvingCreditFacilityMemberxrx:AssetBasedRevolvingCreditAgreementMember2025-01-012025-06-300001770450us-gaap:RelatedPartyMemberxrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2025-06-300001770450us-gaap:RelatedPartyMemberxrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2024-12-310001770450us-gaap:SecuredDebtMember2024-12-310001770450us-gaap:SecuredDebtMember2025-01-012025-03-310001770450us-gaap:SecuredDebtMember2025-06-300001770450xrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2025-04-012025-06-300001770450xrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2024-04-012024-06-300001770450xrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2025-01-012025-06-300001770450xrx:IntercompanyLoanMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2024-01-012024-06-300001770450us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001770450xrx:TermLoanBDue2029Memberxrx:XeroxCorporationMember2025-06-300001770450us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberxrx:MizuhoMemberxrx:TermLoanBCreditAgreementMember2025-06-300001770450us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberxrx:CreditAgricoleMemberxrx:TermLoanBCreditAgreementMember2025-06-300001770450xrx:TermLoanBCreditAgreementMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300001770450us-gaap:NondesignatedMemberxrx:TermLoanBCreditAgreementMemberus-gaap:LineOfCreditMember2025-06-300001770450us-gaap:InterestRateSwapMember2025-04-012025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-300001770450us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300001770450us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300001770450us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300001770450us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-300001770450xrx:DerivativeInstrumentEffectivePortionMember2025-04-012025-06-300001770450xrx:DerivativeInstrumentEffectivePortionMember2024-04-012024-06-300001770450xrx:DerivativeInstrumentEffectivePortionMember2025-01-012025-06-300001770450xrx:DerivativeInstrumentEffectivePortionMember2024-01-012024-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-04-012025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-04-012024-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-04-012025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-04-012024-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2025-01-012025-06-300001770450us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2024-01-012024-06-300001770450us-gaap:NondesignatedMember2025-06-300001770450us-gaap:NondesignatedMember2024-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-04-012025-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-04-012024-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-01-012025-06-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-01-012024-06-300001770450us-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001770450us-gaap:DerivativeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001770450us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001770450us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001770450us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-06-300001770450us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-06-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-06-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxHoldingsCorporationMember2025-06-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxHoldingsCorporationMember2025-06-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxHoldingsCorporationMember2024-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxHoldingsCorporationMember2024-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxCorporationMember2025-06-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxCorporationMember2025-06-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxCorporationMember2024-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:XeroxCorporationMember2024-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:OtherSubsidiariesMember2025-06-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:OtherSubsidiariesMember2025-06-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:OtherSubsidiariesMember2024-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberxrx:OtherSubsidiariesMember2024-12-310001770450country:USus-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300001770450country:USus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-04-012025-06-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-04-012024-06-300001770450country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-06-300001770450country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-06-300001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-06-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-06-300001770450country:USus-gaap:PensionPlansDefinedBenefitMember2025-06-300001770450country:USus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-06-300001770450us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310001770450us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-06-300001770450us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300001770450us-gaap:PensionPlansDefinedBenefitMember2025-06-300001770450us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-06-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310001770450country:USus-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-06-300001770450us-gaap:CommonStockMember2025-03-310001770450us-gaap:AdditionalPaidInCapitalMember2025-03-310001770450us-gaap:RetainedEarningsMember2025-03-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001770450us-gaap:ParentMember2025-03-310001770450us-gaap:NoncontrollingInterestMember2025-03-310001770450us-gaap:RetainedEarningsMember2025-04-012025-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001770450us-gaap:ParentMember2025-04-012025-06-300001770450us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001770450us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001770450us-gaap:CommonStockMember2025-06-300001770450us-gaap:AdditionalPaidInCapitalMember2025-06-300001770450us-gaap:RetainedEarningsMember2025-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001770450us-gaap:ParentMember2025-06-300001770450us-gaap:NoncontrollingInterestMember2025-06-300001770450us-gaap:CommonStockMember2024-03-310001770450us-gaap:AdditionalPaidInCapitalMember2024-03-310001770450us-gaap:RetainedEarningsMember2024-03-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001770450us-gaap:ParentMember2024-03-310001770450us-gaap:NoncontrollingInterestMember2024-03-310001770450us-gaap:RetainedEarningsMember2024-04-012024-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001770450us-gaap:ParentMember2024-04-012024-06-300001770450us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001770450us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001770450us-gaap:CommonStockMember2024-06-300001770450us-gaap:AdditionalPaidInCapitalMember2024-06-300001770450us-gaap:RetainedEarningsMember2024-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001770450us-gaap:ParentMember2024-06-300001770450us-gaap:NoncontrollingInterestMember2024-06-300001770450us-gaap:CommonStockMember2024-12-310001770450us-gaap:AdditionalPaidInCapitalMember2024-12-310001770450us-gaap:RetainedEarningsMember2024-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001770450us-gaap:ParentMember2024-12-310001770450us-gaap:NoncontrollingInterestMember2024-12-310001770450us-gaap:RetainedEarningsMember2025-01-012025-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001770450us-gaap:ParentMember2025-01-012025-06-300001770450us-gaap:CommonStockMember2025-01-012025-06-300001770450us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001770450us-gaap:NoncontrollingInterestMember2025-01-012025-06-300001770450us-gaap:CommonStockMember2023-12-310001770450us-gaap:AdditionalPaidInCapitalMember2023-12-310001770450us-gaap:RetainedEarningsMember2023-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001770450us-gaap:ParentMember2023-12-310001770450us-gaap:NoncontrollingInterestMember2023-12-310001770450us-gaap:RetainedEarningsMember2024-01-012024-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001770450us-gaap:ParentMember2024-01-012024-06-300001770450us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001770450us-gaap:CommonStockMember2024-01-012024-06-300001770450us-gaap:NoncontrollingInterestMember2024-01-012024-06-300001770450us-gaap:CommonStockMember2025-01-012025-03-310001770450us-gaap:CommonStockMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2025-03-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2025-03-310001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2025-03-310001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2025-03-310001770450xrx:XeroxCorporationMember2025-03-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2025-04-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2024-03-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2024-03-310001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2024-03-310001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2024-03-310001770450xrx:XeroxCorporationMember2024-03-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2024-04-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2024-04-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2024-04-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2024-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2024-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2024-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2025-01-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2025-01-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2025-01-012025-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2023-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2023-12-310001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2023-12-310001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2023-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2024-01-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:ParentMember2024-01-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001770450xrx:XeroxCorporationMemberus-gaap:NoncontrollingInterestMember2024-01-012024-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-04-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-04-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-04-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-04-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2025-04-012025-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2024-04-012024-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2025-01-012025-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2024-01-012024-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2025-04-012025-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2024-04-012024-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2025-01-012025-06-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2024-01-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001770450xrx:OtherAccumulatedGainLossAttributableToParentMember2025-06-300001770450xrx:OtherAccumulatedGainLossAttributableToParentMember2024-12-310001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001770450us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001770450us-gaap:EmployeeStockOptionMember2024-04-012024-06-300001770450us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001770450us-gaap:EmployeeStockOptionMember2024-01-012024-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2025-04-012025-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2024-04-012024-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2025-01-012025-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2024-01-012024-06-300001770450us-gaap:ConvertiblePreferredStockMember2025-04-012025-06-300001770450us-gaap:ConvertiblePreferredStockMember2024-04-012024-06-300001770450us-gaap:ConvertiblePreferredStockMember2025-01-012025-06-300001770450us-gaap:ConvertiblePreferredStockMember2024-01-012024-06-300001770450us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001770450us-gaap:EmployeeStockOptionMember2024-04-012024-06-300001770450us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001770450us-gaap:EmployeeStockOptionMember2024-01-012024-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2025-04-012025-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2024-04-012024-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2025-01-012025-06-300001770450xrx:RestrictedStockAndPerformanceSharesMember2024-01-012024-06-300001770450us-gaap:ConvertiblePreferredStockMember2025-04-012025-06-300001770450us-gaap:ConvertiblePreferredStockMember2024-04-012024-06-300001770450us-gaap:ConvertiblePreferredStockMember2025-01-012025-06-300001770450us-gaap:ConvertiblePreferredStockMember2024-01-012024-06-300001770450us-gaap:ConvertibleDebtSecuritiesMember2025-04-012025-06-300001770450us-gaap:ConvertibleDebtSecuritiesMember2024-04-012024-06-300001770450us-gaap:ConvertibleDebtSecuritiesMember2025-01-012025-06-300001770450us-gaap:ConvertibleDebtSecuritiesMember2024-01-012024-06-300001770450xrx:BrazilContingenciesMember2025-06-300001770450xrx:BrazilContingenciesMember2024-12-310001770450us-gaap:PerformanceGuaranteeMember2025-06-300001770450xrx:LexmarkAcquisitionMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001770450us-gaap:SecuredDebtMemberxrx:TermLoanBFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001770450xrx:SeniorNotesDue2030Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-010001770450xrx:SeniorUnsecuredNotesDue2026Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-010001770450xrx:SeniorNotesDue2030Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001770450xrx:SeniorUnsecuredNotesDue2026Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-012025-07-010001770450xrx:SeniorNotesDue2026Memberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2025-07-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2026-07-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2027-07-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2027-10-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2028-01-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2028-04-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2028-07-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2028-10-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2029-01-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2029-04-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2029-07-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2029-10-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2030-01-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2030-04-010001770450xrx:SeniorNotesDue2030Membersrt:ScenarioForecastMemberus-gaap:SeniorNotesMember2030-07-010001770450xrx:PreFundedWarrantMemberxrx:SeniorNotesDue2030Memberus-gaap:SubsequentEventMember2025-07-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
(Exact Name of Registrant as specified in its charter)


New York	001-39013	83-3933743
New York	001-04471	16-0468020
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

	P.O. Box 4505, 401 Merritt 7 Norwalk, Connecticut 06851-1059
(Address of principal executive offices and Zip Code)

	201 Merritt 7, Norwalk, CT 06851-1056
(Former address of principal executive offices)

(203) 849-5216
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Xerox Holdings Corporation
Common Stock, $1 par value	XRX	Nasdaq Global Select Market
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Xerox Holdings Corporation Yes ☒ No ☐ Xerox Corporation Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Xerox Holdings Corporation Yes ☒ No ☐ Xerox Corporation Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Xerox Holdings Corporation

Xerox Corporation

Large accelerated filer

☒

Large accelerated filer

☐

Accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Smaller reporting company

☐

Emerging growth company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Xerox Holdings Corporation o Xerox Corporation o

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Xerox Holdings Corporation Yes ☐ No ☒ Xerox Corporation Yes ☐ No ☒



Class						Outstanding at July 31, 2025
Xerox Holdings Corporation Common Stock, $1 par value						125,829,398 shares

Cautionary Statement Regarding Forward-Looking Statements

This combined Quarterly Report on Form 10-Q (Form 10-Q), and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “would”, “could”, “can” “should”, “targeting”, “projecting”, “driving”, “future”, “plan”, “predict”, “may” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. These forward-looking statements speak only as of the date of this document or as of the date to which they refer, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law. Factors that might cause such differences include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s reports on Forms 10-K and 10-Q. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Throughout this Form 10-Q, references to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” or the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include subsidiaries.

Xerox Holdings Corporation's primary direct operating subsidiary is Xerox and therefore Xerox reflects nearly all of Xerox Holdings' operations.

Xerox 2025 Form 10-Q 1

XEROX HOLDINGS CORPORATION

XEROX CORPORATION

FORM 10-Q

June 30, 2025

TABLE OF CONTENTS


		Page
Part I — Financial Information
Item 1.	Financial Statements (Unaudited)	3
	Xerox Holdings Corporation Condensed Consolidated Statements of (Loss) Income	3
	Xerox Holdings Corporation Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Xerox Holdings Corporation Condensed Consolidated Balance Sheets	5
	Xerox Holdings Corporation Condensed Consolidated Statements of Cash Flows	6
	Xerox Corporation Condensed Consolidated Statements of (Loss) Income	7
	Xerox Corporation Condensed Consolidated Statements of Comprehensive Income (Loss)	8
	Xerox Corporation Condensed Consolidated Balance Sheets	9
	Xerox Corporation Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
	Capital Resources and Liquidity	66
	Financial Risk Management	69
	Non-GAAP Financial Measures	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	75
Item 4.	Controls and Procedures	75
Part II — Other Information
Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78
Item 3.	Defaults Upon Senior Securities	78
Item 4.	Mine Safety Disclosures	78
Item 5.	Other Information	78
Item 6.	Exhibits	79
Signatures		80

For additional information about Xerox Holdings Corporation and Xerox Corporation and access to our Annual Reports to Shareholders and SEC filings, free of charge, please visit our website at www.xerox.com/investor. The content of our website is not incorporated by reference into this combined Form 10-Q unless expressly noted.

Xerox 2025 Form 10-Q 2

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per-share data)	2025		2024		2025		2024
Revenues
Sales	$	665	$	611	$	1,222	$	1,134
Services, maintenance, rentals and other(1)	911		967		1,811		1,946

Total Revenues	1,576		1,578		3,033		3,080
Costs and Expenses
Cost of sales	480		387		862		727
Cost of services, maintenance, rentals and other(1)	645		671		1,294		1,390

Research, development and engineering expenses	43		50		85		99
Selling, administrative and general expenses	368		393		746		790

Restructuring and related costs, net	10		12		9		51
Amortization of intangible assets	10		10		20		20
Divestitures	—		(3)		(4)		51

Other expenses, net	80		33		148		77
Total Costs and Expenses	1,636		1,553		3,160		3,205
(Loss) Income before Income Taxes	(60)		25		(127)		(125)
Income tax expense (benefit)	46		7		69		(30)



Net (Loss) Income	(106)		18		(196)		(95)

Less: Preferred stock dividends, net	(3)		(3)		(7)		(7)
Net (Loss) Income attributable to Common Shareholders	$	(109)	$	15	$	(203)	$	(102)









Basic (Loss) Income per Share	$	(0.87)	$	0.12	$	(1.62)	$	(0.83)





Diluted (Loss) Income per Share	$	(0.87)	$	0.11	$	(1.62)	$	(0.83)

_____________

(1) In 2025, certain reclassifications were made within the Condensed Consolidated Statement of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 3

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net (Loss) Income	$	(106)	$	18	$	(196)	$	(95)




Other Comprehensive Income (Loss), Net(1)
Translation adjustments, net	229		(20)		334		(52)
Unrealized losses, net	(4)		—		(6)		(1)
Changes in defined benefit plans, net	(56)		6		(77)		42
Other Comprehensive Income (Loss), Net	169		(14)		251		(11)



Comprehensive Income (Loss), Net	$	63	$	4	$	55	$	(106)

_____________

(1) Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 4

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions, except share data in thousands)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	449	$	576
Accounts receivable (net of allowance of $72 and $69, respectively)	862		796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	46		48
Finance receivables, net	584		608
Inventories	871		695

Other current assets	731		212
Total current assets	3,543		2,935
Finance receivables due after one year (net of allowance of $52 and $55, respectively)	990		1,089
Equipment on operating leases, net	249		245
Land, buildings and equipment, net	187		251

Intangible assets, net	222		236
Goodwill, net	1,984		1,937
Deferred tax assets	551		615
Other long-term assets	1,148		1,057
Total Assets	$	8,874	$	8,365
Liabilities and Equity
Short-term debt and current portion of long-term debt	$	458	$	585
Accounts payable	1,080		1,023
Accrued compensation and benefits costs	182		227


Accrued expenses and other current liabilities	706		784
Total current liabilities	2,426		2,619
Long-term debt	3,484		2,814
Pension and other benefit liabilities	1,083		1,088
Post-retirement medical benefits	153		154
Other long-term liabilities	377		386
Total Liabilities	7,523		7,061

Commitments and Contingencies (See Note 20)

Noncontrolling Interests	10		10

Convertible Preferred Stock	214		214

Common stock	126		124

Additional paid-in capital	1,154		1,137

Retained earnings	3,290		3,514
Accumulated other comprehensive loss	(3,448)		(3,699)
Xerox Holdings shareholders’ equity	1,122		1,076
Noncontrolling interests	5		4
Total Equity	1,127		1,080
Total Liabilities and Equity	$	8,874	$	8,365



Shares of Common Stock Issued and Outstanding	125,806		124,435

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 5

XEROX HOLDINGS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Six Months Ended June 30,
(in millions)		2025		2024
Cash Flows from Operating Activities
Net Loss		$	(196)	$	(95)


Adjustments to reconcile Net loss to Net cash (used in) provided by operating activities
Depreciation and amortization		117		118
Provisions		48		79

Net gain on sales of businesses and assets		(5)		(1)
Divestitures		(4)		51


Stock-based compensation		26		29

Restructuring and asset impairment charges		10		34
Payments for restructurings		(33)		(47)
Non-service retirement-related costs		37		49
Contributions to retirement plans		(67)		(58)
Increase in accounts receivable and billed portion of finance receivables		(44)		(32)
Increase in inventories		(160)		(148)
Increase in equipment on operating leases		(52)		(50)
Decrease in finance receivables		212		399
Decrease in other current and long-term assets		16		14
Increase (decrease) in accounts payable		25		(88)
Decrease in accrued compensation		(51)		(93)
Decrease in other current and long-term liabilities		(40)		(52)
Net change in income tax assets and liabilities		35		(64)
Net change in derivative assets and liabilities		(2)		6
Other operating, net		28		(7)


Net cash (used in) provided by operating activities		(100)		44
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(39)		(18)
Proceeds from sales of businesses and assets		30		19


Acquisitions, net of cash acquired		1		—


Other investing, net		(4)		(20)


Net cash used in investing activities		(12)		(19)
Cash Flows from Financing Activities

Proceeds from issuance of long-term debt		889		906
Payments on long-term debt		(343)		(871)
Purchases of capped calls		—		(23)
Dividends		(58)		(71)



Payments to acquire treasury stock, including fees		—		(3)



Other financing, net		(29)		(13)
Net cash provided by (used in) financing activities		459		(75)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		7		(16)

Increase (decrease) in cash, cash equivalents and restricted cash		354		(66)
Cash, cash equivalents and restricted cash at beginning of period		631		617
Cash, Cash Equivalents and Restricted Cash at End of Period		$	985	$	551

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 6

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Revenues
Sales	$	665	$	611	$	1,222	$	1,134
Services, maintenance, rentals and other(1)	911		967		1,811		1,946

Total Revenues	1,576		1,578		3,033		3,080
Costs and Expenses
Cost of sales	480		387		862		727
Cost of services, maintenance, rentals and other(1)	645		671		1,294		1,390

Research, development and engineering expenses	43		50		85		99
Selling, administrative and general expenses	368		392		745		789

Restructuring and related costs, net	10		12		9		51
Amortization of intangible assets	10		10		20		20

Divestitures	—		(3)		(4)		51

Other expenses, net	78		33		144		77
Total Costs and Expenses	1,634		1,552		3,155		3,204
(Loss) Income before Income Taxes	(58)		26		(122)		(124)
Income tax expense (benefit)	46		7		69		(30)



Net (Loss) Income	$	(104)	$	19	$	(191)	$	(94)

_____________

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 7

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net (Loss) Income	$	(104)	$	19	$	(191)	$	(94)




Other Comprehensive Income (Loss), Net(1)
Translation adjustments, net	229		(20)		334		(52)
Unrealized losses, net	(4)		—		(6)		(1)
Changes in defined benefit plans, net	(56)		6		(77)		42
Other Comprehensive Income (Loss), Net	169		(14)		251		(11)



Comprehensive Income (Loss), Net	$	65	$	5	$	60	$	(105)

_____________

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 8

XEROX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


(in millions)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	446	$	575
Accounts receivable (net of allowance of $72 and $69, respectively)	862		796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	46		48
Finance receivables, net	584		608
Inventories	871		695

Other current assets	731		212
Total current assets	3,540		2,934
Finance receivables due after one year (net of allowance of $52 and $55, respectively)	990		1,089
Equipment on operating leases, net	249		245
Land, buildings and equipment, net	187		251

Intangible assets, net	222		236
Goodwill, net	1,984		1,937
Deferred tax assets	551		615
Other long-term assets	1,109		1,017
Total Assets	$	8,832	$	8,324
Liabilities and Equity
Short-term debt and current portion of long-term debt	$	160	$	197
Short-term related party debt	298		388
Accounts payable	1,080		1,023
Accrued compensation and benefits costs	182		227



Accrued expenses and other current liabilities	693		741
Total current liabilities	2,413		2,576
Long-term debt	1,848		1,180
Long-term related party debt	1,636		1,634
Pension and other benefit liabilities	1,083		1,088
Post-retirement medical benefits	153		154
Other long-term liabilities	377		386
Total Liabilities	7,510		7,018

Commitments and Contingencies (See Note 20)


Noncontrolling Interests	10		10


Additional paid-in capital	3,468		3,487

Retained earnings	1,287		1,504
Accumulated other comprehensive loss	(3,448)		(3,699)
Xerox shareholder's equity	1,307		1,292
Noncontrolling interests	5		4
Total Equity	1,312		1,296
Total Liabilities and Equity	$	8,832	$	8,324

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 9

XEROX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Six Months Ended June 30,
(in millions)		2025		2024
Cash Flows from Operating Activities
Net Loss		$	(191)	$	(94)


Adjustments to reconcile Net loss to Net cash (used in) provided by operating activities
Depreciation and amortization		117		118
Provisions		48		79

Net gain on sales of businesses and assets		(5)		(1)
Divestitures		(4)		51


Stock-based compensation		26		29

Restructuring and asset impairment charges		10		34
Payments for restructurings		(33)		(47)
Non-service retirement-related costs		37		49
Contributions to retirement plans		(67)		(58)
Increase in accounts receivable and billed portion of finance receivables		(44)		(32)
Increase in inventories		(160)		(148)
Increase in equipment on operating leases		(52)		(50)
Decrease in finance receivables		212		399
Decrease in other current and long-term assets		11		13
Increase (decrease) in accounts payable		25		(88)
Decrease in accrued compensation		(51)		(93)
Decrease in other current and long-term liabilities		(40)		(52)
Net change in income tax assets and liabilities		35		(64)
Net change in derivative assets and liabilities		(2)		6
Other operating, net		28		(7)


Net cash (used in) provided by operating activities		(100)		44
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(39)		(18)


Proceeds from sales of businesses and assets		30		19
Acquisitions, net of cash acquired		1		—


Other investing, net		—		(11)


Net cash used in investing activities		(8)		(10)
Cash Flows from Financing Activities

Proceeds from issuance of long-term debt		889		906
Payments on long-term debt		(343)		(871)






Distributions to parent		(71)		(118)



Other financing, net		(23)		(3)
Net cash provided by (used in) financing activities		452		(86)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		7		(16)

Increase (decrease) in cash, cash equivalents and restricted cash		351		(68)
Cash, cash equivalents and restricted cash at beginning of period		630		617
Cash, Cash Equivalents and Restricted Cash at End of Period		$	981	$	549

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2025 Form 10-Q 10

XEROX HOLDINGS CORPORATION

XEROX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(in millions, except per-share data and where otherwise noted)

Note 1 – Basis of Presentation

References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries, while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to "Xerox Holdings Corporation" refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation" refer to the stand-alone company and do not include its subsidiaries.

The accompanying unaudited Condensed Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate unaudited Condensed Consolidated Financial Statements for each registrant.

The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2024 Annual Report on Form 10-K (2024 Annual Report), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2024 Annual Report.

In our opinion, all adjustments necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. The condensed balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Certain reclassifications have been made to the amounts for prior years in order to conform to the current year's presentation. Refer to the Segments section below, and Note 3 - Revenue, for additional information.

For convenience and ease of reference, we refer to the financial statement caption “(Loss) Income before Income Taxes” as “pre-tax (loss) income”.

Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted.

Segments

During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the company had two reportable segments - Print and Other, and Xerox Financial Services (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment Reporting for additional information regarding this change.

Xerox 2025 Form 10-Q 11

In connection with these changes to our reportable segments, certain reclassifications were made to the Condensed Consolidated Statement of (Loss) Income as follows:


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Services, maintenance, rentals and other	$	929	$	38	$	967	$	1,866	$	80	$	1,946
Financing	38		(38)		—		80		(80)		—


Cost of services, maintenance, rentals and other	$	642	$	29	$	671	$	1,334	$	56	$	1,390
Cost of financing	29		(29)		—		56		(56)		—

Goodwill

Interim Impairment Evaluation

Our goodwill balance was $1,984 and $1,937 at June 30, 2025 and December 31, 2024, respectively. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

As noted above, during the first quarter 2025, the Company made a change to how it reports its operating and reportable segments, and as such is reporting two new operating and reportable segments - Print and Other, and IT Solutions. As a result of the new operating and reportable segments, we also reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had two operating/reportable segments - Print and Other, and Xerox Financial Solutions (XFS), we had also determined that that the Print and Other, and XFS operating segments were also our reporting units for goodwill assessment purposes. Our reassessment during the first quarter of 2025 determined similarly, consistent with the determination that we had two operating and reportable segments, we also have two reporting units – Print and Other, and IT Solutions.

The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2025 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2025. As a result of the change in reporting units, effective January 1, 2025, we estimated the fair value of our new reporting units. Using a combination of both an Income Approach and a Market Approach, we assessed the relative fair values of our new reporting units, and we determined that approximately $1,567 of goodwill was allocable to the Print and Other segment, and approximately $370 of goodwill was allocable to the IT Solutions segment.

During the second quarter 2025, the Company's stock price and market capitalization experienced a decline. However, the decline was not considered to be sustained due to the ongoing uncertainty in the capital markets, as a result of the uncertain nature of the federal government's tariff policy and rate proposals, and the associated potential macroeconomic impacts. We have evaluated these factors individually and, in the aggregate, and we believe that despite the ongoing uncertainty surrounding tariffs, that we have sufficient plans to mitigate and manage the uncertainty. Accordingly, based on our interim assessment as of June 30, 2025, we determined that it was more-likely-than-not that the fair value of the Print and Other and IT Solutions reporting units was still greater than their net book value and that we did not have a “triggering event” requiring a quantitative assessment of Goodwill.

The Company's future performance varies from current expectations, assumptions, and estimates, including assumptions related to current macro-economic uncertainties, interest rates, inflationary pressure on product and labor costs, execution of Reinvention, and geopolitical uncertainty, the impairment analysis could be impacted and result in a reduction of the underlying cash flows used to estimate fair values resulting in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments throughout the remainder of 2025 including updates to our forecasts as well as discount rates and our market capitalization, and as a result, an update of our assessment and related estimates may be required in the future.

Xerox 2025 Form 10-Q 12

Valuation Allowance

We record the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, in each of the tax jurisdictions in which we operate, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered objective evidence including historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and prudent and feasible tax planning strategies.

Due to the change in certain tax planning strategies during the first quarter 2025, which were determined to no longer be prudent and feasible as a result of ongoing macroeconomic uncertainties, a valuation allowance of approximately $59 was recorded, primarily related to certain deferred tax assets in the U.S. We have concluded that it is more-likely-than-not that those deferred tax assets will not be realized in the ordinary course of operations. As of June 30, 2025, our total deferred tax asset balance was $551, which is net of total valuation allowances of $567. The amount of the net deferred tax assets considered realizable, however, could change in the near term if additional objective information becomes available in the future, including the impacts of tax law changes, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (the Act), was signed into law. Refer to Note 21 - Subsequent Events for additional information regarding the Act.

Note 2 – Recent Accounting Pronouncements

Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during 2025 did not have any significant impact on the Company.

Accounting Standard Updates to be Adopted:

Financial Instruments - Credit Losses

In July 2025, the FASB issued ASU 2025‑05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides new optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets under ASC 326. This ASU permits entities to apply a practical expedient when estimating credit losses and is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures.

Income Statement

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Debt

In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Xerox 2025 Form 10-Q 13

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Other Updates

In 2025, the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption.

•Compensation — Stock Compensation and Revenue from Contracts with Customers: ASU 2025-04, Compensation (Topic 718) and Revenue (Topic 606) - Amendments to SEC Paragraphs Pursuant to Clarifications to Share-Based Consideration Payable to a Customer. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

•Business Combinations and Consolidation: ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) - Amendments to SEC Paragraphs Pursuant to Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

•Liabilities: ASU 2025-02, Liabilities (Topic 405) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. This update is effective for the annual period beginning after December 15, 2025, as well as interim periods within that period.

Xerox 2025 Form 10-Q 14

Note 3 – Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Primary geographical markets(1):
United States	$	930	$	872	$	1,780	$	1,683
Europe	438		461		840		912
Canada	108		126		211		247
Other	100		119		202		238
Total Revenues	$	1,576	$	1,578	$	3,033	$	3,080

Major product and services lines:
Equipment	$	336	$	356	$	620	$	646
Supplies, paper and other sales(2)	176		197		344		383
IT products(2)(3)	153		58		258		105
Maintenance agreements(4)	379		388		747		775
Service arrangements(5)	439		467		868		940
Rental and other	61		74		131		151
Financing	32		38		65		80

Total Revenues	$	1,576	$	1,578	$	3,033	$	3,080

Sales channels:

Direct equipment lease(6)	$	108	$	163	$	220	$	325
Distributors & resellers(7)	238		244		447		459
Customer direct	319		204		555		350
Total Sales	$	665	$	611	$	1,222	$	1,134

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Certain prior year amounts have been reclassified in order to conform to the current year's presentation.

(3)IT products include IT hardware and software solutions sold by the IT Solutions segment.

(4)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners, as well as services revenues related to our IT Solutions.

(5)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements.

(6)Primarily reflects sales through bundled lease arrangements.

(7)Primarily reflects sales through our two-tier distribution channels.

Contract Assets and Liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed and were approximately $137 and $130 at June 30, 2025 and December 31, 2024, respectively. The majority of the balance at June 30, 2025 will be amortized to revenue over the next 30 months.

Contract Costs:

We incur the following contract costs as part of our revenue arrangements:

•Incremental direct costs of obtaining a contract are primarily sales commissions paid to salespeople and agents in connection with the placement of equipment with associated post sale services arrangements. These costs are deferred and amortized to Selling Expenses on a straight-line basis over the estimated contract term, which is currently estimated to be approximately five years.

•Contract fulfillment costs, which are costs incurred for resources and assets that will be used to satisfy our future performance obligations included in our service arrangements. These costs are amortized over the contractual service period of the arrangement to Cost of services.

•Contract inducements, which are capitalized and amortized as a reduction of revenue over the term of the contract.

Xerox 2025 Form 10-Q 15

Changes in contract costs, net are as follows:



	2025		2024
Balance at January 1st,	$	139	$	136
Customer contract costs deferred	17		15
Amortization of customer contract costs	(16)		(16)
Other(1)	—		(1)
Balance at March 31st,	$	140	$	134
Customer contract costs deferred	18		13
Amortization of customer contract costs	(17)		(16)
Other(1)	2		—
Balance at June 30th,	$	143	$	131

_____________

(1)Includes currency.

Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

Note 4 – Segment Reporting

Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other and IT Solutions. Prior to this change, the company had determined that there were two reportable segments - Print and Other and Xerox Financial Solutions (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.

During 2024, the Company acquired ITSavvy Acquisition Company, Inc. (ITSavvy), a technology infrastructure solutions provider. As a result of this acquisition, during the first quarter of 2025, we reassessed our operating and reportable segments and determined that, based on the information provided to our CODM, as well as the CEO's management and assessment of the Company's operations, we had two operating and reportable segments - Print and Other and IT Solutions. We also determined that there were no other businesses that met the requirements to be considered separate operating segments, including our former operating/reporting segment, XFS, whose results are now included in the Print and Other operating/reporting segment.

Our Print and Other segment includes the design, development and sale of document management systems, supplies and services, as well as associated financing and technology-related offerings, digital and print-related software products and services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes Xerox Financial Services, a global financing solutions provider, primarily enabling the sale of our equipment and services (previously reported XFS segment), which includes commissions and other payments for the exclusive right to provide lease financing for Xerox products. The product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers.

Our IT Solutions segment provides clients with global infrastructure technology solutions, with a focus on delivering business outcomes through a frictionless sales and service delivery experience. IT Solutions’ offerings include the provision of hardware, software and associated services as well as product lifecycle, deployment and network

Xerox 2025 Form 10-Q 16

monitoring services, and other managed IT services. It is comprised of our recent acquisition of ITsavvy, as well as our Canadian IT Services provider Powerland, and our legacy XBS IT solutions.

Segment Policy

We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of expenses for shared selling, administrative and general services. Certain administrative and general expenses, which primarily relate to corporate functions, as well as Xerox Holdings' investment in Myriad, are not allocated to either of our operating/reportable segments. Accordingly, they are excluded from segment expenses and segment profit, and as such, the financial results for the segments may not be indicative of the results the businesses would have on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues, significant segment expenses, and segment profit. A segment expense is considered significant when it is material to the segment, is included in the measure of segment profit, and is included in information that is regularly provided to the CODM. The CODM uses segment revenues, significant segment expenses, and segment profit, in part, to evaluate the performance of, and to allocate resources to each segment. The CODM does not evaluate segment performance using discrete asset information, as a significant portion of the assets is managed at the total company level. Segment profit is the only measure of profitability that is used by the CODM to evaluate the performance of, and to allocate resources to each segment.

Selected financial information for our reportable segments was as follows:


	Three months ended June 30, 2025
	2025						2024
	Print and Other		IT Solutions		Corporate(1)		Total		Print and Other		IT Solutions		Corporate(1)		Total
External revenue	$	1,366	$	210	$	—	$	1,576	$	1,494	$	84	$	—	$	1,578
Intersegment revenue(2)	—		3		—		3		—		—		—		—
Segment Revenue	$	1,366	$	213	$	—	$	1,579	$	1,494	$	84	$	—	$	1,578

Reconciliation to Segment Profit
Cost of sales(3)	$	347	$	127	$	—	$	474	$	337	$	48	$	—	$	385
Cost of services, maintenance, rentals and other(4)	593		48		—		641		642		23		—		665

Research, development and engineering expenses	43		—		—		43		50		—		—		50
Selling, administrative and general expenses(5)(6)	318		25		16		359		358		12		23		393
Intersegment expense(7)	—		3		—		3		—		—		—		—
Segment profit	$	65	$	10	$	(16)	$	59	$	107	$	1	$	(23)	$	85

Depreciation	$	47	$	—	$	—	$	47	$	49	$	—	$	—	$	49
Interest income(8)	32		—		—		32		38		—		—		38
Interest expense(4)	23		—		—		23		29		—		—		29

Xerox 2025 Form 10-Q 17


	Six months ended June 30,
	2025						2024
	Print and Other		IT Solutions		Corporate(1)		Total		Print and Other		IT Solutions		Corporate(1)		Total
External revenue	$	2,660	$	373	$	—	$	3,033	$	2,922	$	158	$	—	$	3,080
Intersegment revenue(2)	—		4		—		4		—		—		—		—
Segment Revenue	$	2,660	$	377	$	—	$	3,037	$	2,922	$	158	$	—	$	3,080

Reconciliation to Segment Profit
Cost of sales(3)	$	639	$	212	$	—	$	851	$	636	$	89	$	—	$	725
Cost of services, maintenance, rentals and other(4)	1,190		98		—		1,288		1,303		45		—		1,348

Research, development and engineering expenses	85		—		—		85		99		—		—		99
Selling, administrative and general expenses(5)(6)	640		48		40		728		719		24		47		790
Intersegment expense(7)	—		4		—		4		—		—		—		—

Segment profit	$	106	$	15	$	(40)	$	81	$	165	$	—	$	(47)	$	118

Depreciation	$	97	$	—	$	—	$	97	$	98	$	—	$	—	$	98
Interest income(8)	65		—		—		65		80		—		—		80
Interest expense(4)	45		—		—		45		56		—		—		56

_____________

(1)Certain administrative and general expenses, which primarily relate to corporate functions, are not allocated to either of our operating/reportable segments.

(2)Intersegment revenue is primarily revenue from IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

(3)As a result of the exit of certain production print manufacturing operations, Cost of sales and Cost of services, maintenance, rentals and other for the Print and Other Segment excludes inventory-related charges of $9 and $6 for the three months ended June 30, 2025 and 2024, respectively, and $16 and $38, for the six months ended June 30, 2025 and 2024, respectively, as well as the cancellation of related purchase contracts $1 and $2 for the three months ended June 30, 2025 and 2024, respectively, and $1 and $6 for the six months ended June 30, 2025 and 2024, respectively.

(4)Includes equipment financing interest expense associated with financing debt of the Company, which is fully allocated to the Print and Other segment in support of its Finance assets. No interest expense is allocated to the IT Solutions segment, as the segment has no financing debt.

(5)Selling, administrative and general expenses include bad debt expense related to the Print and Other segment of $15 and $10 for the three months ended June 30, 2025 and 2024, respectively, and $24 and $25 for the six months ended June 30, 2025 and 2024, respectively.

(6)The Print and Other segment excludes Reinvention costs of $3 and $0 for the three months ended June 30, 2025 and 2024, respectively, and $9 and $0 for the six months ended June 30, 2025 and 2024, respectively, as well as Transaction and related costs, net of $6 and $0 for the three months ended June 30, 2025 and 2024, respectively, and $9 and $0 for the six months ended June 30, 2025 and 2024, respectively.

(7)Intersegment expense primarily consists of costs related to the sale of IT hardware, software solutions and services by the IT Solutions segment, to the Print and Other segment.

(8)Reflects financing income, which is included in Services, maintenance, rentals and other in the Condensed Consolidated Statements of Loss. No interest income is allocated to the IT Solutions segment, as the segment has no finance assets.

Xerox 2025 Form 10-Q 18

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024





Pre-tax (Loss)
Total Segment Profit	$	59	$	85	$	81	$	118

Restructuring and related costs, net	(10)		(12)		(9)		(51)
Amortization of intangible assets	(10)		(10)		(20)		(20)
Reinvention-related costs	(3)		—		(9)		—
Transaction-related costs	(6)		—		(9)		—
Inventory-related impact - exit of certain production print manufacturing operations(1)	(10)		(8)		(17)		(44)
Divestiture	—		3		4		(51)
Other expenses, net	(80)		(33)		(148)		(77)
Total Pre-tax (loss)	$	(60)	$	25	$	(127)	$	(125)

Depreciation and Amortization
Total reported segments	$	47	$	49	$	97	$	98
Amortization of intangible assets	10		10		20		20
Total Depreciation and amortization	$	57	$	59	$	117	$	118

Interest Expense
Total reported segments	$	23	$	29	$	45	$	56
Corporate	55		31		88		57
Total Interest expense	$	78	$	60	$	133	$	113

Interest Income
Total reported segments	$	32	$	38	$	65	$	80
Corporate	6		4		8		7
Total Interest income	$	38	$	42	$	73	$	87

_____________

(1)Includes certain charges resulting from the exit of certain production print manufacturing operations, including inventory-related charges of approximately $9 and $6 for the three months ended June 30, 2025 and 2024, respectively, and $16 and $38 for the six months ended June 30, 2025 and 2024 respectively, as well as charges for the cancellation of related purchase contracts of $1 and $2 for the three months ended June 30, 2025 and 2024, respectively, and $1 and $6 for the six months ended June 30, 2025 and 2024, respectively.

Xerox 2025 Form 10-Q 19

Note 5 – Lessor

Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration.

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of (Loss) Income	2025		2024		2025		2024
Revenue from sales type leases	Sales	$	108	$	163	$	220	$	325


Interest income on lease receivables	Services, maintenance, rentals and other	32		38		65		80


Lease income - operating leases	Services, maintenance, rentals and other	39		44		80		85
Variable lease income	Services, maintenance, rentals and other	10		10		19		23
Total Lease income		$	189	$	255	$	384	$	513

Profit at lease commencement on sales-type leases was estimated to be $26 and $57 for the three months ended June 30, 2025 and 2024, respectively, and $57 and $107 for the six months ended June 30, 2025 and 2024,

respectively.

Note 6 – Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2025		December 31, 2024
Invoiced	$	743	$	692
Accrued(1)	191		173
Allowance for doubtful accounts	(72)		(69)
Accounts receivable, net	$	862	$	796

_____________

(1)Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided.

The allowance for doubtful accounts was as follows:


	2025		2024
Balance at January 1st	$	69	$	64
Provision	4		6
Charge-offs, net	(6)		(3)
Recoveries and other(1)	1		(2)
Balance at March 31st	$	68	$	65
Provision	8		5
Charge-offs	(7)		(3)
Recoveries and other(1)	3		(1)
Balance at June 30th	$	72	$	66

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for doubtful accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 7.7% at June 30, 2025 and 8.0% at December 31, 2024.

Xerox 2025 Form 10-Q 20

Accounts Receivable Sales Arrangements

We have one facility in Europe that enables us to sell accounts receivable associated with our distributor network on an ongoing basis, without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser.

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Accounts receivable sales(1)	$	111	$	106	$	196	$	197

____________

(1)Losses on sales were not material.

Note 7 – Finance Receivables, Net

Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment.

Finance receivables, net were as follows:


	June 30, 2025		December 31, 2024
Gross receivables	$	1,905	$	2,032
Unearned income	(230)		(230)
Subtotal	1,675		1,802
Residual values	—		—
Allowance for doubtful accounts	(55)		(57)
Finance receivables, net	1,620		1,745
Less: Billed portion of finance receivables, net	46		48
Less: Current portion of finance receivables not billed, net	584		608
Finance receivables due after one year, net	$	990	$	1,089

Finance Receivables – Allowance for Credit Losses and Credit Quality

Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and are adjusted through ongoing credit assessments of the customer, which includes the past collections experience and changes in credit quality. The allowance for doubtful credit losses is determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

Our allowance for doubtful credit losses is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within those countries.

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.3% at June 30, 2025 and 3.2% at December 31, 2024.

In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

Xerox 2025 Form 10-Q 21

The allowance for doubtful credit losses as well as the related investment in finance receivables were as follows:


	United States		Canada		EMEA		Total
Balance at December 31, 2024	$	29	$	5	$	23	$	57
Provision	(1)		1		5		5
Charge-offs, net	(3)		(1)		(6)		(10)
Other(1)	—		—		1		1
Balance at March 31, 2025	$	25	$	5	$	23	$	53
Provision	5		—		3		8
Charge-offs	(3)		—		(4)		(7)
Other(1)	(1)		1		$	1	1
Balance at June 30, 2025	$	26	$	6	$	23	$	55






Balance at December 31, 2023	$	58	$	7	$	27	$	92
Provision	(3)		5		6		8
Charge-offs, net	(7)		(1)		(4)		(12)
Other(1)	1		—		(1)		—
Balance at March 31, 2024	$	49	$	11	$	28	$	88
Provision	—		1		4		5
Charge-offs	(6)		(5)		(3)		(14)
Other(1)	—		—		—		—
Balance at June 30, 2024	$	43	$	7	$	29	$	79






Finance receivables collectively evaluated for impairment
June 30, 2025(2)	$	640	$	142	$	893	$	1,675
June 30, 2024(2)	$	898	$	233	$	1,008	$	2,139

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Total Finance receivables exclude the allowance for credit losses of $55 and $79 at June 30, 2025 and 2024, respectively.

Customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers.

We evaluate our customers based on the following credit quality indicators:

•Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. Loss rates in this category in the normal course are generally less than 1%.

•Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%.

•High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%.

Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio.

Xerox 2025 Form 10-Q 22

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	June 30, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	50	$	71	$	58	$	25	$	14	$	4	$	222
Average Credit Risk	23		36		50		18		20		4		151
High Credit Risk	11		24		21		18		9		5		88
Total	$	84	$	131	$	129	$	61	$	43	$	13	$	461
Charge-offs	$	—	$	—	$	1	$	—	$	1	$	1	$	3

United States (Indirect)
Low Credit Risk	$	2	$	4	$	13	$	21	$	10	$	1	$	51
Average Credit Risk	3		8		32		33		11		2		89
High Credit Risk	1		10		15		7		5		1		39
Total	$	6	$	22	$	60	$	61	$	26	$	4	$	179
Charge-offs	$	—	$	—	$	3	$	2	$	1	$	1	$	7

Canada
Low Credit Risk	$	17	$	24	$	14	$	5	$	3	$	—	$	63
Average Credit Risk	18		24		13		8		3		1		67
High Credit Risk	3		4		2		1		1		1		12
Total	$	38	$	52	$	29	$	14	$	7	$	2	$	142
Charge-offs	$	—	$	1	$	—	$	—	$	—	$	—	$	1

EMEA
Low Credit Risk	$	66	$	128	$	157	$	94	$	37	$	12	$	494
Average Credit Risk	33		73		122		81		32		14		355
High Credit Risk	4		9		13		11		5		2		44
Total	$	103	$	210	$	292	$	186	$	74	$	28	$	893
Charge-offs	$	3	$	1	$	4	$	4	$	—	$	—	$	12







Total Finance Receivables
Low Credit Risk	$	135	$	227	$	242	$	145	$	64	$	17	$	830
Average Credit Risk	77		141		217		140		66		21		662
High Credit Risk	19		47		51		37		20		9		183
Total	$	231	$	415	$	510	$	322	$	150	$	47	$	1,675
Total Charge-offs	$	3	$	2	$	8	$	6	$	2	$	2	$	23

Xerox 2025 Form 10-Q 23


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect)
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$	1	$	—	$	—	$	1	$	11

EMEA
Low Credit Risk	$	131	$	175	$	116	$	55	$	20	$	3	$	500
Average Credit Risk	75		130		92		45		19		5		366
High Credit Risk	8		14		11		6		3		1		43
Total	$	214	$	319	$	219	$	106	$	42	$	9	$	909
Charge-offs	$	—	$	7	$	6	$	3	$	1	$	—	$	17







Total Finance Receivables
Low Credit Risk	$	297	$	310	$	182	$	96	$	34	$	4	$	923
Average Credit Risk	187		250		148		88		33		8		714
High Credit Risk	44		45		38		23		11		4		165
Total	$	528	$	605	$	368	$	207	$	78	$	16	$	1,802
Total Charge-offs	$	2	$	23	$	11	$	8	$	5	$	7	$	56

Xerox 2025 Form 10-Q 24

The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance.

We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed probable.

The aging of our billed finance receivables is as follows:


	June 30, 2025
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	17	$	4	$	4	$	25	$	436	$	461	$	32
Indirect	3		3		4		10		169		179		—






Total United States	20		7		8		35		605		640		32
Canada	4		1		1		6		136		142		6





EMEA	5		2		1		8		885		893		16

Total	$	29	$	10	$	10	$	49	$	1,626	$	1,675	$	54

	December 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	19	$	5	$	4	$	28	$	474	$	502	$	35
Indirect	6		1		1		8		239		247		—






Total United States	25		6		5		36		713		749		35
Canada	5		1		1		7		137		144		5





EMEA	5		1		1		7		902		909		15

Total	$	35	$	8	$	7	$	50	$	1,752	$	1,802	$	55

Sales of Receivables

The Company has a finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables, on a monthly basis, in transactions structured as "true sales at law," and bankruptcy remote transfers. We have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold are derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. In addition, the agreement provides for the sale of the underlying leased equipment to HPS, with the commission paid by HPS covering the value associated with the underlying equipment being sold to HPS. The Company retains the first right of refusal to repurchase the underlying equipment at the end of the lease term, to the extent offered for sale by HPS, at its then fair value. In addition, HPS is responsible for servicing the majority of Xerox's customers' funding activity. HPS pays a specified fee to Xerox for those lease receivables that Xerox continues to service on HPS's behalf.

The Company also has a finance receivables funding agreement with De Lage Landen Financial Services Canada Inc. (DLL Canada), pursuant to which the Company can offer for sale, and DLL Canada may purchase on a non-recourse basis, certain eligible pools of finance receivables structured as “true sales at law” and bankruptcy remote transfers and we have received an opinion to that effect from outside counsel.

During the first quarter 2025, the Company entered into a finance receivables funding agreement with De Lage Landen Financial Services France Inc. (DLL France), pursuant to which the Company can offer for sale, and DLL France may purchase on a non-recourse basis, certain eligible pools of finance receivables structured as “true sales at law” and bankruptcy remote transfers and we have received an opinion to that effect from outside counsel.

Xerox 2025 Form 10-Q 25

Both DLL finance receivables funding agreements have initial terms of five years, with automatic one-year extensions thereafter, unless terminated by either the Company or DLL Canada or DLL France. The Company will be paid a commission on lease receivables sold and will continue to service the lease receivables under the finance receivables funding agreement.

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Finance receivable sales - net proceeds(1)	$	36	$	192	$	111	$	377
Gain on sale/Commissions(2)	4		8		9		14

Servicing revenue(2)	$	1	$	5	$	3	$	7

_____________

(1)Cash proceeds are reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

Note 8 – Inventories and Equipment on Operating Leases, Net

The following is a summary of Inventories by major category:


	June 30, 2025		December 31, 2024
Finished goods	$	775	$	609
Work-in-process	43		36
Raw materials	53		50
Total Inventories	$	871	$	695

The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Condensed Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating leases and similar arrangements consist of our equipment rented to customers and depreciated to estimated salvage value at the end of the lease term.

Xerox Holdings Corp 10-Q