Xerox Releases Third-Quarter Results
Xerox Delivers Growth in Profitability and Cash Flow; Announces Reinvention to Drive Sustainable Profit Improvement and Revenue Growth
Financial Summary
Q3 2023
- Revenue of $1.65 billion, down 5.7 percent, or 7.4 percent in constant currency.
- GAAP net income of $49 million, or $0.28 per share, up $432 million or $2.76 per share, year-over-year, respectively.
- Adjusted net income of $77 million, or $0.46 per share, up $44 million or $0.27 per share, year-over-year, respectively.
- Adjusted operating margin of 4.1 percent, up 40 basis points year-over-year.
- Operating cash flow of $124 million, up $132 million year-over-year.
- Free cash flow of $112 million, up $130 million year-over-year.
- Announces Reinvention, expected to deliver improvement in adjusted operating income of at least $300 million by 2026.