Xerox Releases Fourth-Quarter and Full-Year Results

Company advances Reinvention; guides to growth in revenue and profits for 2025

Financial Summary

Q4 2024

• Revenue of $1.61 billion, down 8.6 percent, or 8.0 percent in constant currency.
• GAAP net (loss) of $(21) million, or $(0.20) per share, an improvement of $37 million or $0.30 per share, year-over-year, respectively.
• Adjusted net income of $49 million, or $0.36 per share, down $7 million or $0.07 per share, year-over-year, respectively.
• Adjusted operating margin of 6.4 percent, up 100 basis points year-over-year.
• Operating cash flow of $351 million, down $38 million year-over-year.
• Free cash flow of $334 million, down $45 million year-over-year.

FY 2024

• Revenue of $6.22 billion, down 9.7 percent, or 9.5 percent in constant currency.
• GAAP net (loss) of $(1.32) billion, or $(10.75) per share, down $1.32 billion or $10.66 per share, year-over-year, respectively. 2024 includes an after-tax non-cash goodwill impairment charge of $1.0 billion, or $8.17 per share.
• Adjusted net income of $135 million, or $0.97 per share, down $152 million or $0.85 per share, year-over-year, respectively.
• Adjusted operating margin of 4.9 percent, down 70 basis points year-over-year.
• Operating cash flow of $511 million, down $175 million year-over-year.
• Free cash flow of $467 million, down $182 million year-over-year.

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