# Xerox Holdings Corporation (XRX)

> Source: Nexqual · https://nexqual.com/XRX · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Xerox Holdings Corporation (XRX), nexqual.com/XRX" · informational, not investment advice.

## XRX major shareholder filing: Schedule 13D/A, Sep 8, 2026
STARTEEPO SICAV a.s., Frantisek Bostl filed a Schedule 13D/A on Sep 8, 2026, reporting up to 7.34% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> The Reporting Persons have increased their investment based on their belief that the Common Stock is undervalued and represents an attractive investment opportunity. On September 7, 2026, the Reporting Persons issued an open letter (the "September Letter") to the Issuer's Board of Directors. In the September Letter, the Reporting Persons acknowledged the Issuer's operational and financial progress, but expressed concern that the Issuer remains deeply undervalued. The Reporting Persons urged the Board of Directors to provide more detailed financial reporting on Xerox Financial Services ("XFS") and to engage financial advisors to conduct a formal strategic review of XFS, evaluating all available alternatives to unlock value, including a joint venture, capital partnership, partial monetization, or sale. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the September Letter, attached hereto as Exhibit 99.7 and incorporated herein by reference. The Reporting Persons may engage in discussions with the Issuer's management, board of directors, other stockholders of the Issuer and other relevant parties concerning the business, operations, board composition, management, strategy and future plans of the Issuer. …

Source: https://www.sec.gov/Archives/edgar/data/1770450/000149315226041719/0001493152-26-041719-index.htm

**Price:** USD 2.79 (+9.84% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 2.54 · day 2.45–2.83 · 52w 1.19–3.78 · market cap $366M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.76B, net income -$925M (-11.9% margin), free cash flow $163M (SEC filings).
- Analysts: Sell (mean 3.50 on a 1–5 scale) (4 analysts), mean target USD 3.5 (range 2.5–5).
- Total return with dividends: 1Y -14.9% vs S&P 500 +13.6%; 5Y -78.7% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD -0.12, revenue estimate $1.86B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.04B | $7.11B | $6.89B | $6.22B | $7.02B | $7.76B |
| Gross profit | $375M | $275M | — | — | — | — |
| Net income | -$455M | -$322M | $1.0M | -$1.32B | -$1.03B | -$925M |
| EPS (diluted) | -$2.56 | -$2.15 | -$0.09 | -$10.75 | -$8.25 | — |
| Free cash flow | $600M | $123M | $657M | $484M | $187M | $163M |
| Gross margin | 5.3% | 3.9% | — | — | — | — |
| Net margin | -6.5% | -4.5% | 0.0% | -21.2% | -14.7% | -11.9% |
| Revenue growth | +0.2% | +1.0% | -3.1% | -9.7% | +12.9% | — |
| Cash + short-term investments | $1.84B | $1.04B | $519M | $576M | $512M | — |
| Total debt | $4.25B | $3.73B | $3.28B | $3.40B | $4.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/Sales 0.5x · P/FCF 2.2x · P/B 1.1x · FCF yield 44.49% · Earnings yield -252.48% · Dividend yield (paid, TTM) 7.92% · Net debt $3.73B · EV $4.09B

## Analysts
Consensus Sell (mean 3.50 on a 1–5 scale), 4 analysts; mean target USD 3.5 (low 2.5, high 5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Citigroup | Downgrade | Neutral → Sell | $3.45 → $2.5 |
| 2026-07-31 | Citigroup | Target raised | Neutral | $2.5 → $3.45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -14.9% | -78.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -14.9% | -26.6% |
| Volatility (annualized) | 89.0% | 62.1% |
| Max drawdown | -63.4% (Oct 2025→Apr 2026) | -93.2% (Jan 2022→Apr 2026) |

## Peers (Business Equipment & Supplies)
ACCO (Acco Brands Corporation) USD 4.38 -2.23% · ACTG (Acacia Research Corporation) USD 4.4 +2.33% · CXT (Crane NXT, Co.) USD 58.29 -0.26% · NSC (Norfolk Southern Corporation) USD 338.09 -0.49% · HWM (Howmet Aerospace Inc.) USD 195.19 +1.67% · NOC (Northrop Grumman Corporation) USD 552.77 +0.28%

## More
Full page: https://nexqual.com/XRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in XRX's own 10-K filed 2026-03-17 (https://www.sec.gov/Archives/edgar/data/1770450/000177045026000009/xrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Lexmark International II | "Any failure in our ability to transition to new geographies or to realize the anticipated benefits of Lexmark's customer relationships could harm our brand, prospects, operating results, and financial condition, and coul…" |
| Partner | Fujifilm Business Innovation | "Fujifilm Business Innovation Corp. is our largest strategic sourcing partner, supporting products across our portfolio." |
| Partner | XRX Brandco | "The Shared Services and License Agreement (the SSLA) entered pursuant to the joint venture arrangement with certain investors including certain funds and accounts managed by Angelo, Gordon & Co., L.P. may be terminated b…" |
| Partner | SAP (SAP) | "In connection with the technology agreement with TCS, Xerox also entered into seven-year agreements with both SAP Limited (SAP), who will provide Xerox with a cloud-based digital ERP platform, and Microsoft, who will pro…" |
| Partner | Microsoft (MSFT) | "In connection with the technology agreement with TCS, Xerox also entered into seven-year agreements with both SAP Limited (SAP), who will provide Xerox with a cloud-based digital ERP platform, and Microsoft, who will pro…" |
| Partner | Verizon (VZ) | "During 2024, Xerox entered into a five-year agreement with Verizon Business Services (Verizon) to provide their Network as a Service (NaaS) solutions framework as part of Xerox's Reinvention." |
| Competitor | HP Inc. (HPQ) | "The larger competitors in our print business include Brother, Canon, FUJIFILM Business Innovations Corp., HP Inc., Konica Minolta, Kyocera and Ricoh." |

Other companies that name XRX in their own reports (relationship from XRX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | CONDUENT Inc (CNDT) | 10-K 2026-02-19 | "Xerox Corporation ("Xerox") was historically classified as a related party due to significant shares of both Xerox and the Company being held by entities controlled by one individual." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.12 | $0.05 | −$0.17 | $1.86B | 2 |
| Next quarter (ends 2026-12-31) | $0.29 | $0.28 | +2.8% | $1.97B | 2 |
| Current fiscal year (ends 2026-12-31) | $0.14 | $-0.28 | +$0.41 | $7.60B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.30 | $0.93 | -67.4% | $7.46B | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.38 | −$0.18 | Beat +$0.56 | — |
| — | Quarter ended Mar 31, 2026 | −$0.43 | −$0.27 | Miss −59.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.10 | $0.10 | Miss −$0.20 | — |
| — | Quarter ended Sep 30, 2025 | $0.20 | −$0.18 | Beat +$0.38 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1770450/000177045026000044/0001770450-26-000044-index.htm |
| 2026-09-08 | Schedule 13D/A | STARTEEPO SICAV a.s., Frantisek Bostl: 7.3% of shares, 5%+ holder that may seek to influence the company (amended) — “The Reporting Persons have increased their investment based on their belief that the Common Stock is undervalued and represents an attractive investment opportunity. On September 7, 2026, the Reporting Persons issued an open letter (the "September Letter") to the Issuer's Board…” | https://www.sec.gov/Archives/edgar/data/1770450/000149315226041719/0001493152-26-041719-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1770450/000177045026000040/0001770450-26-000040-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1770450/000177045026000034/0001770450-26-000034-index.htm |
| 2026-07-13 | Schedule 13D/A | STARTEEPO Invest, investicni fond s promennym zakladnim kapitalem, a.s., Frantisek Bostl: 6.8% of shares, 5%+ holder that may seek to influence the company (amended) — “The Reporting Persons increased their investment in the Issuer in light of their intention to engage more actively and constructively with the Issuer's management and Board of Directors regarding the Issuer's long-term strategy, capital allocation priorities, and opportunities…” | https://www.sec.gov/Archives/edgar/data/1770450/000149315226033090/0001493152-26-033090-index.htm |
| 2026-07-02 | 8-K | Director or executive officer change, or pay arrangement — “On June 29, 2026, the Compensation and Human Capital Committee (the "Committee") of the Board of Directors (the "Board") of Xerox Holdings Corporation ("Xerox Holdings") and Xerox Corporation (together with Xerox Holdings, the "Company") approved the Xerox Holdings Corporation 2026-2028 Transformation Retention Award Plan (the "Retention Plan"), effective as of July 1, 2026. The Retention Plan is a limited-duration program designed to retain critical talent during the Company's multi-year transformation,…” | https://www.sec.gov/Archives/edgar/data/1770450/000119312526294480/0001193125-26-294480-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.