Xerox Holdings Corp (XRX)

Xerox is a workplace technology company that builds and integrates services-led, software-enabled workplace solutions for enterprises large and small, helping customers manage information and document workflows across digital and physical platforms. It invests in IT infrastructure, AI, IoT, intelligent document processing and robotic process automation to address the needs of a hybrid workplace. In 2025 it advanced a multi-year strategy called Reinvention, focused on operational simplification and commercial optimization and growth. It completed the acquisition of Lexmark International II, LLC and integrated ITsavvy to form Xerox IT Solutions. Its 2026 priorities are executing Reinvention, realizing the benefits of recent acquisitions and strengthening the balance sheet, with debt reduction as the primary capital allocation priority and a leverage target below 3.0x total debt to EBITDA.

The company has two reportable segments. Print and Other covers document management systems, supplies, services, financing and digital and print-related software, and includes Workplace Solutions, Production Solutions, Xerox Services and Xerox Financial Solutions (XFS). Workplace Solutions comprises Entry A4 desktop printers and MFPs and Mid-Range A3 devices, supported by ConnectKey software. Production Solutions offers high-volume black-and-white and color xerographic and inkjet presses and FreeFlow workflow software. Xerox Services includes Managed Print Services, Capture & Content Services, and Customer Engagement Services, including Customer Communication Management. XFS provides lease financing for direct and indirect channel customers. The IT Solutions segment provides Device Lifecycle Solutions, Managed IT Services, Network and Security Solutions, and Infrastructure and Cloud Solutions, and Xerox is an authorized Microsoft Cloud Solution Provider.

Xerox serves a broad base of customers across geographies and industries, from small and mid-sized businesses to print production companies, governmental entities, educational institutions and Fortune 1000 corporations. It does not depend on a single customer or a few customers. It sells in North America, Europe, Latin America, Brazil, Asia Pacific, the Middle East, Africa and India, and about 43% of revenue comes from outside the U.S. It sells directly and through channel partners.

Xerox operates through a matrix organization with product and geographic focus aligned to the economic buyers of its offerings. It uses a Global Business Services organization and Lexmark's global capability centers in the Philippines, Hungary and India, and expects Lexmark's manufacturing footprint to help lower product and tariff-related costs. At year-end 2025 it had about 22,900 employees, roughly 9,400 in the U.S., and held 4,153 U.S. patents and 159 U.S. trademarks. It extended a forward flow program to Europe to sell certain finance receivables for liquidity, and in February 2026 entered a joint venture contributing certain intellectual property, including the Xerox brand trademarks.