Xerox Holdings Corp (NASDAQ: XRX) is a document technology and IT services company that sells printing equipment, supplies, and post-sale services to business customers. Revenue comes from two primary streams: equipment sales and post-sale revenue, which includes services, supplies, and financing. Equipment sales totaled $1.488B in FY2025 (8.0% year-over-year increase), while total gross profit was $1.901B on total revenue with a gross margin of 27.1% in FY2025, down from 31.5% in FY2024. On July 1, 2025, Xerox completed the acquisition of Lexmark International II, LLC, expanding its presence in the A4 color print segment and entering the Asia-Pacific print market. Xerox also integrated ITsavvy to form its Xerox IT Solutions organization, offering infrastructure, cloud, security, and automation services. The company reported a pre-tax loss of $488M in FY2025, an improvement from a $1.216B pre-tax loss in FY2024. Xerox is headquartered in the United States and operates globally, with Lexmark's capability centers in the Philippines, Hungary, and India supporting service delivery.

Revenue model

Xerox generates revenue through equipment sales (printers and multifunction devices) and post-sale revenue streams including services, supplies, and financing. Equipment sales were $1.488B in FY2025. Post-sale gross margin was 28.6% in FY2025, down from 31.9% in FY2024. The IT Solutions segment, built around the ITsavvy acquisition, adds transactional and recurring revenue from infrastructure, cloud, security, and automation offerings.

Products and services

Xerox sells printing and multifunction devices, with particular focus on the A4 color segment following the Lexmark acquisition (completed July 1, 2025). Post-sale offerings include managed print services, supplies, and equipment financing. The Xerox IT Solutions organization provides integrated infrastructure, cloud, security, and automation solutions, formed through the integration of ITsavvy.

Customers and end markets

Xerox serves business customers across commercial and enterprise segments. The Lexmark acquisition added a large existing customer base. IT Solutions targets clients seeking to consolidate technology spending, with demand driven by infrastructure, cloud, security, and automation needs. No specific customer concentration figures are disclosed in the filing excerpts.

Value-chain role

Xerox operates as a manufacturer, distributor, and services provider in the document technology and IT solutions value chain. It sells hardware directly and through third-party channel partners, and delivers post-sale services including managed print and IT managed services. Lexmark's manufacturing footprint provides supply chain flexibility and potential tariff cost mitigation.

Geographic exposure

Xerox operates globally. Following the Lexmark acquisition (completed July 1, 2025), Xerox gained entry into the Asia-Pacific print market and operates global capability centers in the Philippines, Hungary, and India. The filing does not provide a specific revenue breakdown by geography in the excerpts provided.

Source: SEC 10-K, filed 2026-03-17

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