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Recent Accounting Pronouncements and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Summary of Significant Accounting Policies	Recent Accounting Pronouncements and Summary of Significant Accounting Policies New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Interim Reporting - Narrow-Scope Improvements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which amends existing guidance to clarify and improve certain interim reporting requirements, including disclosures and the application of interim period accounting principles in specific circumstances. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its interim disclosures and consolidated financial statements. Derivatives and Hedging (Topic 815): Hedge Accounting Improvements In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides targeted improvements intended to simplify the application of hedge accounting, reduce complexity and cost, and enhance the transparency of hedge-related disclosures. The amendments in this update address certain hedge designation requirements and related documentation, provides targeted relief and clarity regarding methods and timing for assessing effectiveness, improves guidance related to accounting for modifications, and refines and eliminates certain disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its hedge accounting policies and consolidated financial statements. Intangibles - Goodwill and Other - Internal Use Software In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to "development stages". It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU permits companies to elect one of the following adoption methods to apply its amendments: a prospective transition approach, a retrospective transition approach, or a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures. Financial Instruments - Credit Losses In July 2025, the FASB issued ASU 2025‑05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides new optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 326. This ASU permits entities to apply a practical expedient when estimating credit losses and is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures. Income Statement In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and may be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Debt In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Accounting Standard Updates Recently Adopted: Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025 and should be applied either prospectively or retrospectively. The Company has adopted this standard on a prospective basis for the year ended December 31, 2025. Refer to Note 19 - Income and Other Taxes for additional information. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This ASU did not have an impact on our financial condition, results of operations, and cash flows. Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendment was effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and are applied retrospectively to all prior periods presented in the financial statements. This ASU only requires additional disclosures, and did not have an impact on the Company’s financial condition, results of operations or cash flows. Refer to Note 4 - Segment and Geographic Area Reporting for the required disclosures effective January 1, 2024. Liabilities In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a roll forward of obligations outstanding was effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - Supplementary Financial Information for the required disclosures. Other Updates In 2025, 2024 and 2023 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows: •Codification Improvements: ASU 2025-12, Codification Improvements. This update is effective for our fiscal year beginning after December 15, 2026, as well as interim periods within that period. Early adoption is permitted. •Government Grants: ASU 2025-10, Accounting for Government Grants Received by Business Entities. This update is effective for our fiscal year beginning after December 15, 2028, as well as interim periods within that period. Early adoption is permitted. •Derivatives and Hedging and Revenue from Contracts with Customers: ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) - Derivative Scope Refinements and Scope Clarifications for Share-Based Consideration from a Customer in a Revenue Contract. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. Early adoption is permitted. •Compensation — Stock Compensation and Revenue from Contracts with Customers: ASU 2025-04, Compensation (Topic 718) and Revenue (Topic 606) - Amendments to SEC Paragraphs Pursuant to Clarifications to Share-Based Consideration Payable to a Customer. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. •Business Combinations and Consolidation: ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) - Amendments to SEC Paragraphs Pursuant to Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. •Codification Improvements: ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024. •Compensation - Stock Compensation: ASU 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted. •Disclosure Improvements: ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance. •Business Combinations: ASU 2023-05, Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025. •Liabilities: ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023. •Investments: ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. •Leases: ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. Summary of Accounting Policies Revenue Recognition Certain disclosures within the Company’s revenue recognition policies have been expanded in the current year to reflect the broader mix of customer arrangements following recent business combinations. These updates primarily relate to variations in bundled service arrangements where certain components may be separately contracted or billed. The underlying revenue recognition principles applied by the Company remain unchanged, and prior period disclosures appropriately reflected the structure of arrangements existing at that time. We generate revenue through the sale of Print equipment, IT hardware, software and supplies and from providing maintenance, managed Print, Digital, and IT services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements and service-type warranties, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient, historically, our revenue was not included in the disclosures of unsatisfied performance obligations other than the amounts recorded as contract liabilities. Certain service arrangements do not qualify for the right-to-invoice practical expedient and therefore require disclosure of unsatisfied performance obligations. These obligations primarily relate to multi-year managed services arrangements and extended warranty contracts where revenue is recognized over time. Unsatisfied performance obligations related to MPS contracts and multi-year service-type warranties are disclosed in Note 3 - Revenue. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment and Hardware: Revenues from the sale of equipment and IT hardware directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products and hardware are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. When training is essential to the functionality of the related equipment the equipment revenue is recorded when the obligation is satisfied. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement, either sales-type or operating lease or through distributors and resellers. In certain managed print services (MPS) arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed through a negotiated fixed monthly payment. Revenue allocations between the various deliverables in these MPS contracts are based upon standalone sales prices (SSP). When appropriate, we account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. Maintenance and support associated with our IT Solutions are recorded as our performance obligations are satisfied, or the fixed monthly payment. A substantial portion of our products are sold with full-service maintenance agreements. Accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant assurance-type warranty obligations, including any obligations under customer satisfaction programs. Historically, service type warranties have not been significant for the Company. Service type warranties, typically extended warranty agreements, provide customer protection beyond the latent defects existing at the time of the equipment sale. Most service-type warranties involve fixed consideration and are often paid up front resulting in a contract liability, with revenue recognized on a straight-line basis over the service period, which is typically one to four years. Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Solutions. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is measured on an output basis such as usage or on a fixed monthly amount and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as services are performed. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment that we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. These financing arrangements are separate from the original equipment sale, and revenue on the sale to the distributor or reseller is recognized when control transfers and is not affected by any subsequent financing provided to the end-user customer. Software: Most of our equipment within our Print and Other segment has both software and non-software components that function together to deliver the equipment's essential functionality and are therefore accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement, which are recognized as our obligations are fulfilled. Software related revenue within our IT Solutions segment is recognized on a gross basis when we control the software prior to transfer to the customer and act as principal in the arrangement. In certain arrangements, including SaaS, cloud, security software, and software support provided directly by third-party suppliers, we do not control the software or service before it is transferred or provided to the customer and therefore act as an agent. In such arrangements, revenue is recognized on a net basis. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. In certain arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed through a negotiated fixed monthly payment. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on SSP. In certain managed print services (MPS) arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed at a negotiated fixed monthly payment. Revenue allocations between the various deliverables in these contracts are based upon SSP. Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of supplies and services. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage is billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements. We establish SSP using observable inputs from standalone sales of products and services as well as observable market information, including pricing for similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price. Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above. Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income. Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs. Other Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance for finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by geography, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables. Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and are classified as Finance receivables, net. The Company continues to recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying Statements of (Loss) Income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales. Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion. Land, Buildings and Equipment on Operating Leases Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant leasehold improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion. Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the Company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the Company had two reportable segments - Print and Other, and Xerox Financial Services (XFS). Refer to Note 4 - Segment and Geographic Area Reporting for additional information regarding this change. We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the reporting unit to its fair value. Fair value of the reporting unit is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information. Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives. Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to determine the present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. During 2024, the legacy Xerox US pension plans became subject to restrictions on the portion of the benefit that can be paid as a lump sum (limited to 50%). Since the portion of the benefit that cannot be paid as a lump sum is paid as an annuity, the payment of 50% of the lump sum does not relieve the pension plans of the full obligation for benefits for each respective participant electing a lump sum therefore, and no settlement accounting was applied. These restrictions did not apply for all of 2024 and there is settlement accounting for full lump sums paid early in 2024, prior to restrictions. Settlement accounting will not apply in future years for which restrictions apply. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations. Research, Development and Engineering (RD&E) Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $52, $49 and $55 in for the years ended December 31, 2025, 2024 and 2023, respectively. Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (g)(2)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (g)(1)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Section 65
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplementary Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Schedule of Other Assets and Liabilities

The components of Other assets and liabilities are as follows:


	December 31,
	2025		2024
Other Current Assets

Income taxes receivable	$	44	$	22
Royalties, license fees and software maintenance	30		19
Restricted cash	31		33

Prepaid expenses	112		39



Advances and deposits	14		17
Contract assets and other deferred contract costs	47		2
Other	84		80

Total Other Current Assets	$	362	$	212

Other Long-term Assets
Income taxes receivable	$	54	$	45
Prepaid pension costs	578		421


Internal use software, net	146		60

Restricted cash	22		22

Customer contract costs, net	163		139

Operating lease right-of-use assets	311		179
Deferred compensation plan investments	12		13
Investments in affiliates, at equity(1)	55		49
Investments at cost - Xerox Holdings	41		40
Other	97		89

Total Other Long-term Assets(2)	$	1,479	$	1,057

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	75	$	33
Other taxes payable	79		46
Operating lease obligations	64		45

Interest payable	69		37
Restructuring reserves	67		86



Dividends payable - Xerox Holdings(3)	13		43
Distributor and reseller rebates/commissions	447		118

Unearned income and other revenue deferrals	190		133
Administration and overhead	41		44
Other	213		199

Total Accrued Expenses and Other Current Liabilities(4)	$	1,258	$	784

Other Long-term Liabilities
Deferred taxes	$	138	$	85
Income taxes payable	26		4
Operating lease obligations	263		143

Environmental reserves	12		12
Restructuring reserves	59		23
Unearned income	109		19
Other	78		100

Total Other Long-term Liabilities	$	685	$	386

_____________

(1)Investments in affiliates, at equity largely consists of several minor investments in entities in the Middle East region. Xerox's ownership interest in investments in corporate joint ventures and other companies is generally between 20% and 50%.

(2)Xerox's balances of $1,438 and $1,017 at December 31, 2025 and 2024, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $1,245 and $741 at December 31, 2025 and 2024, respectively, excludes dividends payable of $13 and $43, respectively.

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2025		2024
Cash and cash equivalents	$	512	$	576
Restricted cash
Litigation deposits in Brazil	21		20
Escrow and cash collections related to secured borrowings and receivable sales	—		13
Other restricted cash	32		22
Total Restricted cash	53		55


Cash, cash equivalents and restricted cash	$	565	$	631

Schedule of Restricted Cash Balance Sheet Location

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Other current assets	$	31	$	33
Other long-term assets	22		22
Total Restricted cash	$	53	$	55

Schedule of Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2025		2024		2023
Provision for receivables(1)	Operating	$	40	$	44	$	36
Provision for inventory	Operating	45		66		18

Depreciation of buildings and equipment	Operating	75		57		60
Depreciation and obsolescence of equipment on operating leases	Operating	143		117		111
Amortization of internal use software	Operating	30		27		37

Amortization of acquired intangible assets	Operating	83		73		43
Amortization of patents(2)	Operating	6		9		9
Amortization of customer contract costs(3)	Operating	67		64		69
Cost of additions to land, buildings and equipment	Investing	(37)		(27)		(29)
Cost of additions to internal use software	Investing	(54)		(17)		(8)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(13)		(30)		(5)
Common stock dividends - Xerox Holdings	Financing	(57)		(127)		(151)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(6)		(10)		(8)
Payments to noncontrolling interests	Financing	(2)		(2)		(2)

Proceeds from issuance of warrants	Financing	11		—		—
Commitment fees	Financing	(22)		—		—
Finance lease obligations payment	Financing	(10)		(10)		(7)

__________________________

(1)Provision for receivables includes adjustments for customer accommodations and contract terminations of $1, $2, and $8 for the three years ended December 31, 2025, 2024 and 2023, respectively.

(2)Amortization of patents is reported in Decrease (increase) in other current and long-term assets on the Consolidated Statements of Cash Flows.

(3)Amortization of customer contract costs is reported in Decrease (increase) in other current and long-term assets on the Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

A summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 was as follows:


	Year Ended December 31, 2025

Federal	$	1
State and local	2
Foreign
Canada	21
France	8
Ireland	5
Germany	4
Switzerland	4
Other foreign	20
Total foreign	62
Total cash paid for income taxes (net of refunds)	$	65

Schedule of Supplier Finance Program

Activity related to the Company's supplier finance program is as follows:



	2025		2024		2023
Balance at January 1st,	$	30	$	40	$	40
Amounts invoiced	86		110		125
Invoices paid	(98)		(120)		(125)

Balance at December 31st,	$	18	$	30	$	40

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	$ 53	$ 55
Other current assets
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	31	33
Other long-term assets
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	$ 22	$ 22

Employee Benefit Plans - Plan Amendments (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended						12 Months Ended
	Apr. 30, 2026	Dec. 31, 2025 USD ($)	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Apr. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2023
U.K.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO		$ 3	$ 6			$ 36
Pension award payment percentage			5.00%			6.50%
U.K. \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension award payment percentage	4.00%
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cost before equalization		$ 20					$ 20		£ 15
Pension Plan \| United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO							0	$ 0
Pension Plan \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO							3	54
Pension Plan \| Netherlands
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Price inflation indexation				100.00%	100.00%					75.00%
Increase to PBO				$ 48	€ 44
Increase to PBO, percentage of PBO at prior fiscal year end				6.00%	6.00%
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO							$ 0	$ 0

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Recurring - Level 2 - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Derivatives	$ 8	$ 11
Deferred compensation investments in mutual funds	12	13
Total	20	24
Liabilities
Derivatives	10	8
Deferred compensation plan liabilities	11	11
Total	$ 21	$ 19

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Contracts Gross Notional values

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2025:


	Year Ended December 31,
	2025				2024
Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset (Liability)(1)		Gross Notional Value		Fair Value Asset (Liability)(1)
Euro/U.S. Dollar	$	1,195	$	1	$	212	$	(1)
U.S. Dollar/Euro	289		—		342		3
Euro/U.K Pound Sterling	134		—		337		1
Chinese Yuan/U.S. Dollar	134		—		—		—
Mexican Peso/U.S. Dollar	121		—		—		—
Philippine Peso/U.S Dollar	115		—		—		—
Japanese Yen/U.S. Dollar	100		(3)		104		(5)
U.K Pound Sterling/U.S. Dollar	67		—		—		—
Swiss Franc/U.S. Dollar	62		—		—		—
U.S Dollar/Canadian Dollar	52		—		194		—
Hong Kong Dollar/ U.S. Dollar	51		—		—		—








Swiss Franc /Euro	30		—		19		—







Japanese Yen/Euro	24		(1)		52		(1)
U.K. Pound Sterling/Euro	14		—		67		—
Canadian Dollar/Euro	21		—		19		—
All Other	247		—		64		—
Total Foreign exchange hedging	$	2,656	$	(3)	$	1,410	$	(3)

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2025 and 2024.

Schedule of Cash Flow Hedges Gain (Loss)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCL to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCL into Income (Effective Portion)	Year Ended December 31,
	2025		2024		2023			2025		2024		2023
Foreign exchange contracts – forwards/options	$	(11)	$	(6)	$	(17)	Cost of sales	$	(4)	$	(9)	$	(22)
Interest rate contracts	(4)		6		(1)		Interest expense	—		(1)		4
Total	$	(15)	$	—	$	(18)		$	(4)	$	(10)	$	(18)

Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain	2025		2024		2023
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	(8)	$	24	$	26

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 113	$ 70	$ 83
Short-term lease expense	16	14	16
Variable lease expense	61	57	53
Sublease income	(1)	(1)	(1)
Total Lease expense	$ 189	$ 140	$ 151

Acquisitions and Divestitures - Fair Value Estimates of Identifiable Intangible Assets and Their Weighted-Average Useful Lives (Details) - USD ($) $ in Millions	Jul. 01, 2025	Nov. 20, 2024
Lexmark Acquisition
Business Combination [Line Items]
Intangible assets, net	$ 763
Lexmark Acquisition \| Customer relationships
Business Combination [Line Items]
Intangible assets, net	$ 530
Estimated Useful Life	10 years
Lexmark Acquisition \| Developed technology
Business Combination [Line Items]
Intangible assets, net	$ 123
Estimated Useful Life	7 years
Lexmark Acquisition \| Trademarks
Business Combination [Line Items]
Intangible assets, net	$ 110
Estimated Useful Life	7 years
ITsavvy Acquisition Company, Inc.
Business Combination [Line Items]
Intangible assets, net		$ 136
ITsavvy Acquisition Company, Inc. \| Customer relationships
Business Combination [Line Items]
Intangible assets, net		$ 134
Estimated Useful Life		10 years
ITsavvy Acquisition Company, Inc. \| Trademarks
Business Combination [Line Items]
Intangible assets, net		$ 2
Estimated Useful Life		1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Subsequent Events (Details)	Feb. 17, 2026 USD ($)	Feb. 12, 2026 day d $ / shares shares	Jan. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Subsequent Event [Line Items]
Par value of common stock (in dollars per share) \| $ / shares				$ 1	$ 1	$ 1	$ 1
2030 Convertible Notes \| Convertible Debt
Subsequent Event [Line Items]
Debt interest rate (as percent)					3.75%
Subsequent Event
Subsequent Event [Line Items]
Par value of common stock (in dollars per share) \| $ / shares			$ 1.00
Class of warrant or right, outstanding (in shares) \| shares		77,271,234
Number of securities called by each warrant or right (in shares) \| shares		1
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 8.00
Redesignation notice, threshold consecutive business days \| d		20
Warrants and rights outstanding, term (in years)		2 years
Early expiration, threshold percentage of stock price trigger		100.00%
Early expiration, threshold trading days \| day		20
Early expiration, threshold consecutive trading days \| day		30
Dividends, warrants distributed per share of common stock held, ratio		0.50
Payments to acquire interest in joint venture	$ 5,000,000
Subsequent Event \| Shared Services And License Agreement
Subsequent Event [Line Items]
Royalty fee percentage consolidated revenue	2.00%
Initial term	10 years
Renewal term	5 years
Termination notice period	18 months
Sell-off period	90 days
Subsequent Event \| TPG
Subsequent Event [Line Items]
Transaction fees and expenses	$ 42,000,000
Subsequent Event \| TPG \| Joint Venture Arrangement
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction	45,000,000
Subsequent Event \| 2030 Convertible Notes \| Convertible Debt
Subsequent Event [Line Items]
Debt interest rate (as percent)			3.75%
Subsequent Event \| The Term Loans \| Secured Debt \| TPG
Subsequent Event [Line Items]
Principal debt	$ 405,000,000
Subsequent Event \| Credit Agreement \| Secured Debt \| IPCo Holdings
Subsequent Event [Line Items]
Debt interest rate (as percent)	4.50%
Subsequent Event \| Credit Agreement \| Secured Debt \| Base Rate \| IPCo Holdings
Subsequent Event [Line Items]
Initial rate spread	7.125%
Subsequent Event \| Credit Agreement \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| IPCo Holdings
Subsequent Event [Line Items]
Initial rate spread	8.125%

Loss per Share - Anti-Dilutive Securities (Details) - USD ($)
$ / shares in Units, shares in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities (in shares)

40,405

34,708

13,684

Dividends per common share (in dollars per share)

$ 0.25

$ 0.20

$ 1.00

Convertible Senior Notes due 2030 | Convertible Debt

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Principal debt

^[1]

$ 400,000,000

Debt interest rate (as percent)

^[1]

3.75%

Stock options

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities (in shares)

127

147

231

Restricted stock and performance shares

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities (in shares)

14,340

8,623

6,711

Convertible preferred stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities (in shares)

6,742

Convertible notes

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total anti-dilutive securities (in shares)

19,196

[1]	The purchases of the capped calls in 2024 resulted in a tax benefit of approximately $6. Refer to Note 15 - Debt for additional information related to the purchases of capped calls in connection with the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

Xerox Holdings Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for Doubtful Accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Acquisitions(2)		Deductions and other, net of recoveries (3)		Balance at end of period
Year Ended December 31, 2025
Accounts Receivable	$	69	$	23	$	1	$	3	$	(23)	$	73
Finance Receivables	57		16		—		—		(28)		45
	$	126	$	39	$	1	$	3	$	(51)	$	118

Year Ended December 31, 2024
Accounts Receivable	$	64	$	25	$	—	$	—	$	(20)	$	69
Finance Receivables	92		17		2		—		(54)		57
	$	156	$	42	$	2	$	—	$	(74)	$	126

Year Ended December 31, 2023
Accounts Receivable	$	52	$	22	$	6	$	—	$	(16)	$	64
Finance Receivables	117		6		2		—		(33)		92
	$	169	$	28	$	8	$	—	$	(49)	$	156

_____________

(1)Bad debt provisions relate to estimated losses due to credit and similar collectibility issues. Other charges (credits) relate to adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Deductions and other, net of recoveries primarily relates to receivable write-offs, but also includes the impact of foreign currency translation adjustments and recoveries of previously written off receivables.

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Acquisitions(1)	Amounts credited to other accounts (2)	Balance at end of period
Year Ended December 31, 2025	$	511	618	822	(18)	$	1,933

Year Ended December 31, 2024	$	375	195	—	(59)	$	511

Year Ended December 31, 2023	$	366	(4)	—	13	$	375

_____________

(1)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(2)Reflects other increases (decreases) to our valuation allowance, including the effects of currency. These did not affect Income tax benefit in total as there was a corresponding adjustment to Deferred tax assets or Other comprehensive loss.

Xerox Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for Doubtful Accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Acquisitions(2)		Deductions and other, net of recoveries (3)		Balance at end of period
Year Ended December 31, 2025
Accounts Receivable	$	69	$	23	$	1	$	3	$	(23)	$	73
Finance Receivables	57		16		—		—		(28)		45
	$	126	$	39	$	1	$	3	$	(51)	$	118

Year Ended December 31, 2024
Accounts Receivable	$	64	$	25	$	—	$	—	$	(20)	$	69
Finance Receivables	92		17		2		—		(54)		57
	$	156	$	42	$	2	$	—	$	(74)	$	126

Year Ended December 31, 2023
Accounts Receivable	$	52	$	22	$	6	$	—	$	(16)	$	64
Finance Receivables	117		6		2		—		(33)		92
	$	169	$	28	$	8	$	—	$	(49)	$	156

_____________

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Acquisitions(1)	Amounts credited to other accounts (2)	Balance at end of period
Year Ended December 31, 2025	$	511	618	822	(18)	$	1,933

Year Ended December 31, 2024	$	375	195	—	(59)	$	511

Year Ended December 31, 2023	$	366	(4)	—	13	$	375

_____________

(1)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2025		2024
Invoiced	$	1,024	$	692
Accrued (1)	171		173
Allowance for doubtful accounts	(73)		(69)
Accounts receivable, net	$	1,122	$	796

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current products and services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2023	$	64
Provision	25
Charge-offs, net	(20)
Recoveries and Other(1)	—
Balance at December 31, 2024	$	69

Provision	23
Charge-offs, net	(23)
Acquisition(2)	3
Recoveries and Other(1)	1
Balance at December 31, 2025	$	73

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percentage of gross receivables was 6.1% at December 31, 2025 and 8.0% at December 31, 2024.

Accounts Receivable Sale Arrangements

We have two facilities in Europe that enable us to sell accounts receivable without recourse on an ongoing basis. Under these arrangements, we sell our entire interest in the related accounts receivable for cash. Our arrangements are associated with our European distributor network as well as domestic sales in UK, France, Germany and Italy.

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Accounts receivable sales(1)	$	427	$	450	$	399

_____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment.

Finance receivables, net were as follows:


	December 31,
	2025		2024
Gross receivables	$	1,643	$	2,032
Unearned income	(196)		(230)
Subtotal	1,447		1,802
Residual values	—		—
Allowance for doubtful accounts	(45)		(57)
Finance Receivables, Net	1,402		1,745
Less: Billed portion of finance receivables, net	46		48
Less: Current portion of finance receivables not billed, net	510		608
Finance Receivables Due After One Year, Net	$	846	$	1,089

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:



	December 31, 2025
12 months	$	661
24 months	454
36 months	297
48 months	166
60 months	59
Thereafter	6
Total	$	1,643

Finance Receivables - Allowance for Credit Losses and Credit Quality

Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and are adjusted through ongoing credit assessments of the customer, which includes the past collections experience and changes in credit quality. The allowance for doubtful credit losses is determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

Our allowance for doubtful credit losses is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within those countries.

The net bad debt provision was $16 for the year ended December 31, 2025. This compares to the net bad debt provision of $17 for the year ended December 31, 2024. The allowance for credit losses as a percentage of net finance receivables before allowance was 3.1% at December 31, 2025 and 3.2% at December 31, 2024.

In determining the level of reserve required, we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macroeconomic conditions including higher inflation, interest rates and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA		Other		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	—	$	92
Provision	(7)		10		14		—		17
Charge-offs, net	(23)		(11)		(17)		—		(51)
Other(1)	1		(1)		(1)		—		(1)

Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	7		2		7		—		16
Charge-offs, net	(12)		(3)		(16)		—		(31)
Other(1)	—		1		2		—		3

Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45

Finance Receivables Collectively Evaluated for Impairment:
December 31, 2024(2)(3)	$	749	$	144	$	909	$	—	$	1,802
December 31, 2025(2)(3)	$	616	$	151	$	663	$	17	$	1,447

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)As a result of the Lexmark Acquisition on July 1, 2025, Other includes amounts for Latin America, Asia Pacific and South Africa. Allowance

for doubtful credit losses in Other for the year ended December 31, 2025 was nil. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Total Finance receivables exclude the allowance for credit losses of $45 and $57 at December 31, 2025 and 2024, respectively.

Customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers.

We evaluate our customers based on the following credit quality indicators:

•Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. Loss rates in this category in the normal course are generally in the range of 1% to 2%

•Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 3% to 5%.

•High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 6% to 7%.

Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio.

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	102	$	66	$	48	$	19	$	7	$	1	$	243
Average Credit Risk	49		31		41		14		13		2		150
High Credit Risk	24		23		18		13		5		2		85
Total	$	175	$	120	$	107	$	46	$	25	$	5	$	478
Charge-offs	$	—	$	1	$	3	$	2	$	1	$	2	$	9

United States (Indirect):
Low Credit Risk	$	2	$	4	$	10	$	15	$	6	$	—	$	37
Average Credit Risk	12		7		25		22		6		1		73
High Credit Risk	—		8		13		5		2		—		28
Total	$	14	$	19	$	48	$	42	$	14	$	1	$	138
Charge-offs	$	—	$	—	$	4	$	4	$	2	$	1	$	11

Canada
Low Credit Risk	$	31	$	20	$	13	$	4	$	1	$	—	$	69
Average Credit Risk	29		20		13		7		2		—		71
High Credit Risk	4		3		2		1		1		—		11
Total	$	64	$	43	$	28	$	12	$	4	$	—	$	151
Charge-offs	$	—	$	1	$	1	$	1	$	—	$	—	$	3

EMEA
Low Credit Risk	$	135	$	76	$	96	$	51	$	14	$	4	$	376
Average Credit Risk	68		45		79		49		13		3		257
High Credit Risk	8		5		10		4		2		1		30
Total	$	211	$	126	$	185	$	104	$	29	$	8	$	663
Charge-offs	$	5	$	3	$	7	$	4	$	1	$	—	$	20

Other(1)
Low Credit Risk	7		4		3		1		—		—		15
Average Credit Risk	—		1		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	7	$	5	$	4	$	1	$	—	$	—	$	17
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	277	$	170	$	170	$	90	$	28	$	5	$	740
Average Credit Risk	158		104		159		92		34		6		553
High Credit Risk	36		39		43		23		10		3		154
Total	$	471	$	313	$	372	$	205	$	72	$	14	$	1,447
Total Charge-offs	$	5	$	5	$	15	$	11	$	4	$	3	$	43

_____________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect):
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$	1	$	—	$	—	$	1	$	11

EMEA
Low Credit Risk	$	131	$	175	$	116	$	55	$	20	$	3	$	500
Average Credit Risk	75		130		92		45		19		5		366
High Credit Risk	8		14		11		6		3		1		43
Total	$	214	$	319	$	219	$	106	$	42	$	9	$	909
Charge-offs	$	—	$	7	$	6	$	3	$	1	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	297	$	310	$	182	$	96	$	34	$	4	$	923
Average Credit Risk	187		250		148		88		33		8		714
High Credit Risk	44		45		38		23		11		4		165
Total	$	528	$	605	$	368	$	207	$	78	$	16	$	1,802
Total Charge-offs	$	2	$	23	$	11	$	8	$	5	$	7	$	56

The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectability of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance.

We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed probable.

The aging of our billed finance receivables is as follows:


	December 31, 2025
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	18	$	5	$	4	$	27	$	451	$	478	$	35
Indirect	4		2		2		8		130		138		—
Total United States	22		7		6		35		581		616		35
Canada	3		1		—		4		147		151		4





EMEA	8		1		1		10		653		663		17
Other (1)	—		—		—		—		17		17		—
Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56


	December 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	19	$	5	$	4	$	28	$	474	$	502	$	35
Indirect	6		1		1		8		239		247		—
Total United States	25		6		5		36		713		749		35
Canada	5		1		1		7		137		144		5





EMEA	5		1		1		7		902		909		15

Total	$	35	$	8	$	7	$	50	$	1,752	$	1,802	$	55

___________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.

Sales of Finance Receivables

The Company has finance receivables funding arrangements with third-party funding partners in the U.S., Canada, and in EMEA. Under these arrangements, the Company sells certain eligible pools of finance receivables. The transfers are structured to qualify for sale accounting treatment and the related receivables are derecognized from the Company's consolidated financial statements. The Company's funding partners generally do not have recourse to the Company for credit losses on the transferred receivables.

In addition, under certain arrangements, the Company may transfer servicing responsibilities for funded receivables to a funding partner. In such cases, the Company pays a servicing fee related to certain retained finance receivables and may continue to service certain finance receivables under prior servicing arrangements with that funding partner for an agreed-upon fee.

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Finance receivable sales - net proceeds(1)	$	357	$	752	$	1,102
Gain on sale/Commissions(2)	2		30		25

Servicing revenue(2)	$	6	$	17	$	9

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance, rentals and other as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

Secured Borrowings and Collateral

Prior to 2025, we sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans. During 2025, we fully repaid the outstanding balance related to these secured borrowings. Refer to Note 15 - Debt, for additional information related to these arrangements.

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Equipment financing interest	$ 86	$ 106	$ 130
Corporate	248	119	68
Interest expense	334	225	198
Financing income	126	151	191
Other interest income	14	14	16
Interest income	140	165	207
Intercompany Loan \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Interest expense	$ 136	$ 111	$ 80

Recent Accounting Pronouncements and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Economic life of products	5 years
Number of reportable segments \| segment	2	2
Expected return on plan assets period	2 years
Sustaining engineering costs \| $	$ 52	$ 49	$ 55
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	2 years
Minimum \| Maintenance Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Service period	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	3 years
Maximum \| Maintenance Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Service period	4 years

Lessor

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessor

Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration.

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2025		2024		2023
Revenue from sales type leases	Sales	$	454	$	706	$	920


Interest income on lease receivables	Services, maintenance, rentals and other	126		151		191


Lease income - operating leases	Services, maintenance, rentals and other	171		168		161
Variable lease income	Services, maintenance, rentals and other	38		46		62
Total Lease income		$	789	$	1,071	$	1,334

Profit at lease commencement on sales type leases was estimated to be approximately $109, $213 and $332 for the three years ended December 31, 2025, 2024 and 2023, respectively.

Lessor

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2025		2024		2023
Revenue from sales type leases	Sales	$	454	$	706	$	920


Interest income on lease receivables	Services, maintenance, rentals and other	126		151		191


Lease income - operating leases	Services, maintenance, rentals and other	171		168		161
Variable lease income	Services, maintenance, rentals and other	38		46		62
Total Lease income		$	789	$	1,071	$	1,334

Profit at lease commencement on sales type leases was estimated to be approximately $109, $213 and $332 for the three years ended December 31, 2025, 2024 and 2023, respectively.

Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 69
Ending balance	73	$ 69
Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	69	64
Provision	23	25
Charge-offs, net	(23)	(20)
Acquisition	3
Recoveries and Other	1	0
Ending balance	$ 73	$ 69

Loss per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic Loss per Share:
Net (Loss) Income	$ (1,029)	$ (1,321)	$ 1
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (1,043)	$ (1,335)	$ (13)
Weighted average common shares outstanding (in shares)	126,473	124,210	149,116
Basic Loss per Share (in dollars per share)	$ (8.25)	$ (10.75)	$ (0.09)
Diluted Loss per Share:
Net (Loss) Income	$ (1,029)	$ (1,321)	$ 1
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (1,043)	$ (1,335)	$ (13)
Weighted average common shares outstanding (in shares)	126,473	124,210	149,116
Common shares issuable with respect to:
Adjusted Weighted average common shares outstanding (in shares)	126,473	124,210	149,116
Diluted Loss per Share (in dollars per share)	$ (8.25)	$ (10.75)	$ (0.09)
Stock options
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Convertible preferred stock
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Year Ended December 31,
	2025		2024		2023
Primary geographical markets(1)
United States	$	3,985	$	3,437	$	3,826
Europe	1,952		1,843		1,951
Canada	464		487		554
Latin America	274		199		246
Asia Pacific	154		54		55
Other	193		201		254
Total Revenues	$	7,022	$	6,221	$	6,886

Major product and services lines
Equipment	$	1,488	$	1,378	$	1,655
Supplies, paper and other sales(2)	1,272		768		809
Maintenance agreements(4)	1,628		1,516		1,631
IT Products(2)(3)	523		232		256
Service arrangements(5)	1,731		1,853		1,984
Rental and other	254		323		360
Financing	126		151		191

Total Revenues	$	7,022	$	6,221	$	6,886

Sales channels:

Direct equipment lease(6)	$	454	$	706	$	920
Distributors & resellers(7)	1,249		973		1,044
Customer direct	1,580		699		756
Total Sales	$	3,283	$	2,378	$	2,720

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Certain prior year amounts have been reclassified in order to conform to the current year's presentation.

(3)IT products include IT hardware and software solutions sold by the IT Solutions segment.

(4)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners, as well as services revenues related to our IT Solutions.

(5)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements.

(6)Primarily reflects sales through bundled lease arrangements.

(7)Primarily reflects sales through our two-tier distribution channels.

Schedule of Contract Liabilities Activity

The following table summarizes our contract liabilities activity:



	2025		2024		2023
Balance at January 1st	$	130	$	132	$	131
Revenue recognized(1)	(299)		(189)		(183)
Billings and customer advances	287		177		187
Foreign currency and other	(6)		(3)		(3)
Acquisition(2)	167		13		—
Balance at December 31st	$	279	$	130	$	132

__________

(1)Revenue recognized related to contract liabilities included in the January 1st beginning balance was $111, $109, $107 for the years ended December 31, 2025, 2024, and 2023, respectively.

(2)Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition in 2025 and the ITsavvy Acquisition in 2024.

Schedule of Capitalized Contract Cost

Changes in contract costs, net are as follows:



	2025		2024		2023
Balance at January 1st,	$	138	$	136	$	135
Customer contract costs deferred	75		69		70
Amortization of customer contract costs	(67)		(64)		(69)
Other(1)	—		(3)		—
Acquisition (2)	17		—		—
Balance at December 31st,	$	163	$	138	$	136

_____________

(1)Includes currency.

(2)Includes customer contract costs related to the Lexmark Acquisition. Refer to Note 6 - Acquisitions and Divestitures for additional information

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss) is comprised of the following:


	Year Ended December 31,
	2025				2024				2023
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments Gains (Losses)	$	305	$	305	$	(112)	$	(120)	$	191	$	191

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(15)		(14)		—		—		(18)		(16)
Changes in cash flow hedges reclassed to earnings(1)	4		4		10		9		18		17

Net Unrealized (Losses) Gains	(11)		(10)		10		9		—		1

Defined Benefit Plans Gains (Losses)
Net actuarial/prior service gains (losses)	148		129		3		(3)		(400)		(300)
Prior service amortization/curtailment(2)	(4)		(4)		(7)		(3)		(10)		(8)
Actuarial loss amortization/settlement(2)	61		57		73		65		35		26

Other (losses) gains(3)	(89)		(89)		29		29		(49)		(49)

Changes in Defined Benefit Plans Gains (Losses)	116		93		98		88		(424)		(331)

Other Comprehensive Income (Loss)	$	410	$	388	$	(4)	$	(23)	$	(233)	$	(139)

_____________

(1)Reclassified to Cost of sales and interest expense- refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Accumulated Other Comprehensive Loss (AOCL)

AOCL is comprised of the following:


	December 31,
	2025		2024		2023
Cumulative translation adjustments	$	(1,861)	$	(2,166)	$	(2,046)
Other unrealized (losses) gains, net	(4)		6		(3)
Benefit plans net actuarial losses and prior service credits	(1,446)		(1,539)		(1,627)
Total Accumulated Other Comprehensive Loss	$	(3,311)	$	(3,699)	$	(3,676)

We utilize the aggregate portfolio approach for releasing disproportionate income tax effects from AOCL.

Debt - Initial Interest Rate (Details) - Senior Notes due 2030 - Senior Notes	Jul. 01, 2030	Apr. 01, 2030	Jan. 01, 2030	Oct. 01, 2029	Jul. 01, 2029	Apr. 01, 2029	Jan. 01, 2029	Oct. 01, 2028	Jul. 01, 2028	Apr. 01, 2028	Jan. 01, 2028	Oct. 01, 2027	Jul. 01, 2027	Jul. 01, 2026	Jul. 01, 2025
Debt Instrument [Line Items]
Debt interest rate (as percent)															13.00%
Forecasted
Debt Instrument [Line Items]
Debt interest rate (as percent)	16.75%	16.50%	16.25%	16.00%	15.75%	15.50%	15.25%	15.00%	14.75%	14.50%	14.25%	14.125%	14.00%	13.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income and Other Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic loss	$ (396)	$ (877)	$ (89)
Foreign (loss) income	(92)	(339)	61
Loss before Income Taxes	$ (488)	$ (1,216)	$ (28)

Contingencies and Litigation (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

Below is a summary of our Brazilian tax contingencies:


	December 31, 2025		December 31, 2024
Tax contingency - unreserved	$	338	$	305
Escrow cash deposits	20		18
Surety bonds	115		88
Letters of credit	1		10
Liens on Brazilian assets	—		—

Inventories and Equipment on Operating Leases, Net (Tables)

12 Months Ended

Dec. 31, 2025

Inventories and Equipment on Operating Leases, Net [Abstract]

Schedule of Inventories by Major Category

The following is a summary of Inventories by major category:


	December 31,
	2025		2024
Finished goods	$	802	$	609
Work-in-process	142		36
Raw materials	72		50
Total Inventories	$	1,016	$	695

Schedule of Equipment on Operating Leases and Related Accumulated Depreciation

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2025		2024
Equipment on operating leases	$	979	$	931
Accumulated depreciation	(680)		(686)
Equipment on operating leases, net	$	299	$	245

Schedule of Lessor, Operating Lease, Payment to be Received, Maturity

Estimated minimum future revenues associated with Equipment on operating leases are as follows:



	December 31, 2025
12 months	$	135
24 months	82
36 months	52
48 months	25
60 months	6
Thereafter	2
Total	$	302

Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jul. 01, 2025	Dec. 31, 2024	Nov. 20, 2024	Dec. 31, 2023
Assets acquired
Goodwill	$ 2,222		$ 1,937		$ 2,747
Lexmark Acquisition
Assets acquired
Cash and cash equivalents		$ 93
Accounts receivable, net		280
Finance receivables, net		22
Inventories		422
Other current assets		131
Finance receivables due after one year, net		44
Equipment on operating lease, net		65
Land, buildings and equipment, net		243
Intangible assets, net		763
Goodwill		246
Deferred tax assets		25
Other long-term assets		266
Total Assets acquired		2,600
Liabilities assumed
Accounts payable		476
Accrued compensation and benefits costs		56
Accrued expenses and other current liabilities		518
Long-term debt		323
Pension and other benefit liabilities		118
Post-retirement medical benefits		6
Other long-term liabilities		335
Total Liabilities assumed		1,832
Total Acquisition, net of cash acquired		$ 768
ITsavvy Acquisition Company, Inc.
Assets acquired
Cash and cash equivalents				$ 34
Accounts receivable, net				58
Inventories				4
Other current assets				15
Land, buildings and equipment, net				5
Intangible assets, net				136
Goodwill				288
Other long-term assets				10
Total Assets acquired				550
Liabilities assumed
Accounts payable				57
Accrued compensation and benefits costs				7
Accrued expenses and other current liabilities				30
Deferred tax liabilities				18
Other long-term liabilities				34
Total Liabilities assumed				146
Total Acquisition, net of cash acquired				404
ITsavvy Acquisition Company, Inc. \| Previously Reported
Assets acquired
Goodwill				$ 286

Xerox Holdings Corporation Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 512	$ 576
Accounts receivable (net of allowance of $73 and $69, respectively)	1,122	796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	46	48
Finance receivables, net	510	608
Inventories	1,016	695
Other current assets	362	212
Total current assets	3,568	2,935
Finance receivables due after one year (net of allowance of $42 and $55, respectively)	846	1,089
Equipment on operating leases, net	299	245
Land, buildings and equipment, net	390	251
Intangible assets, net	921	236
Goodwill, net	2,222	1,937
Deferred tax assets	98	615
Other long-term assets	1,479	1,057
Total Assets	9,823	8,365
Liabilities and Equity
Short-term debt and current portion of long-term debt	231	585
Accounts payable	1,498	1,023
Accrued compensation and benefits costs	235	227
Accrued expenses and other current liabilities	1,258	784
Total current liabilities	3,222	2,619
Long-term debt	4,016	2,814
Pension and other benefit liabilities	1,068	1,088
Post-retirement medical benefits	159	154
Other long-term liabilities	685	386
Total Liabilities	9,150	7,061
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Convertible Preferred Stock	214	214
Common stock	128	124
Additional paid-in capital	1,183	1,137
Retained earnings	2,444	3,514
Accumulated other comprehensive loss	(3,311)	(3,699)
Xerox Holdings/Xerox shareholder's equity	444	1,076
Noncontrolling interests	5	4
Total Equity	449	1,080
Total Liabilities and Equity	$ 9,823	$ 8,365
Shares of Common Stock Issued (in shares)	128,044	124,435
Shares of Common Stock Outstanding (in shares)	128,044	124,435

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

Short-term borrowings were as follows:


	December 31,
	2025		2024


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	121	$	388
Xerox Corporation	109		130
Xerox - Other Subsidiaries(1)	1		67
Total	$	231	$	585

_____________

(1)Represents subsidiaries of Xerox Corporation.

Schedule of Long-term Debt

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2025(1)		2025		2024
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	—	%	$	—	$	388
Senior Notes due 2026	13.00	%	18.61	%	125		—
Senior Notes due 2028	5.50	%	5.40	%	750		750
Senior Notes due 2029	8.88	%	8.88	%	500		500
Senior Notes due 2030	13.00	%	13.00	%	250		—
Convertible Senior Notes due 2030	3.75	%	3.75	%	400		400
Subtotal - Xerox Holdings Corporation					$	2,025	$	2,038
Xerox Corporation












Term Loan B due 2029(2)(3)	7.71	%	7.71	%	$	706	$	523
Secured Promissory Note due 2025(2)	—	%	—	%	—		110
Secured Promissory Note due 2026(2)	—	%	5.53	%	110		110
Senior Secured Notes due 2030(2)	10.25	%	10.50	%	400		—
Senior Secured Notes due 2031(2)	13.50	%	14.16	%	500		—
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	2,316	$	1,343
Xerox - Other Subsidiaries(2)

France					—		70
Lexmark					3		—
Subtotal Xerox - Other Subsidiaries					$	3	$	70









Principal debt balance					$	4,344	$	3,451
Xerox Holdings Corporation - Debt issuance costs					(20)		(19)
Xerox Corporation - Debt issuance costs					(39)		(11)
Xerox - Other subsidiaries - Debt issuance costs					—		—
Subtotal - Debt issuance costs					$	(59)	$	(30)
Unamortized (discount) premium					(38)		(22)



Less: current maturities					(231)		(585)
Total Long-term Debt					$	4,016	$	2,814

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts, premiums and imputed interest on issued debt.

(2)Represent secured borrowings of Xerox Corporation and its Other subsidiaries. Refer to the Secured Borrowings and Collateral section below for additional information regarding the secured borrowings of Other subsidiaries, which are secured by finance receivables.

(3)The stated rate and the weighted average interest rate for the TLB is SOFR plus a margin of 4.00%, which is the option selected by Xerox per the terms of the agreement. Refer to the Term Loan B Credit Facility discussion below for additional information on the TLB.


Step-Up Date	Interest Rate Step-Up
July 1, 2026	13.500	%
July 1, 2027	14.000	%
October 1, 2027	14.125	%
January 1, 2028	14.250	%
April 1, 2028	14.500	%
July 1, 2028	14.750	%
October 1, 2028	15.000	%
January 1, 2029	15.250	%
April 1, 2029	15.500	%
July 1, 2029	15.750	%
October 1, 2029	16.000	%
January 1, 2030	16.250	%
April 1, 2030	16.500	%
July 1, 2030	16.750	%

Schedule of Maturities of Long-term Debt

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2026(1)		2027		2028		2029		2030		Thereafter		Total
Xerox Holdings Corporation	$	125	$	25	$	775	$	531	$	569	$	—	$	2,025
Xerox Corporation	110		51		90		565		400		1,100		2,316
Xerox - Other Subsidiaries(2)	1		1		1		—		—		—		3
Total	$	236	$	77	$	866	$	1,096	$	969	$	1,100	$	4,344

_____________

(1)Current portion of long-term debt maturities for 2026 are $110, $125, $1 and $0 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

We have entered into transactions, and continue to seek opportunities to reduce our borrowings in a cost and cash efficient manner, including strategies to retire debt that has recently traded at significant discounts. Refer to Note 26 - Subsequent Events, for additional information.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and interest income was as follows:


	Year Ended December 31,
	2025		2024		2023
Equipment financing interest(1)	$	86	$	106	$	130
Non-financing interest expense(1)(2)	248		119		68
Interest expense	$	334	$	225	$	198

Financing income(3)	$	126	$	151	$	191
Other interest income(3)	14		14		16
Interest income	$	140	$	165	$	207

_____________

(1)Equipment financing interest, which is included in Cost of services, maintenance, rentals and other, and non-financing interest expense, which is included in Other expenses, net, in the Consolidated Statements of (Loss) Income.

(2)Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $136, $111 and $80 for the three years ended December 31, 2025, 2024 and 2023, respectively.

(3)Financing income, which is included in Services, maintenance, rentals and other, and other interest income, which is included in Other expenses, net, in the Consolidated Statements of (Loss) Income.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
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+ Details

Lessee - Operating Lease ROU Asset- Financing Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Land, buildings and equipment, net	$ 11	$ 55
Accrued expenses and other current liabilities	$ 5	$ 15
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 3	$ 38
Total Finance lease liabilities	$ 8	$ 53

Xerox Corporation Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net (Loss) Income

$ (1,029)

$ (1,321)

$ 1

Other Comprehensive (Loss) Income , Net

Translation adjustments, net

^[1]

305

(120)

191

Unrealized (losses) gains, net

^[1]

(10)

Changes in defined benefit plans, net

^[1]

(331)

Other Comprehensive Income (Loss), Net

^[1]

388

(23)

(139)

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Loss, Net

(641)

(1,344)

(138)

Xerox Corporation

Net (Loss) Income

(1,017)

(1,316)

Other Comprehensive (Loss) Income , Net

Translation adjustments, net

^[2]

305

(120)

191

Unrealized (losses) gains, net

^[2]

(10)

Changes in defined benefit plans, net

^[2]

(331)

Other Comprehensive Income (Loss), Net

^[2]

388

(23)

(139)

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Loss, Net

$ (629)

$ (1,339)

$ (138)

[1]	Refer to Note 24 - Other Comprehensive Income (Loss) for gross components of Other Comprehensive Income ( Loss), reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.
[2]	Refer to Note 24 - Other Comprehensive Income (Loss) for gross components of Other Comprehensive Income (Loss), reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equipment on Operating Leases, Net [Line Items]
Contingent rental revenue on operating leases	$ 38	$ 46	$ 62
Minimum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	4 years
Maximum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	5 years

Stock-Based Compensation - Exercised Stock-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	$ 18	$ 31	$ 25
Tax Benefit	3	4	5
Performance Shares
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	0	0	0
Tax Benefit	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories and Equipment on Operating Leases, Net

12 Months Ended

Dec. 31, 2025

Inventories and Equipment on Operating Leases, Net [Abstract]

Inventories and Equipment on Operating Leases, Net

The following is a summary of Inventories by major category:


	December 31,
	2025		2024
Finished goods	$	802	$	609
Work-in-process	142		36
Raw materials	72		50
Total Inventories	$	1,016	$	695

The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating lease and similar arrangements consists of our equipment rented to customers and is depreciated to estimated salvage value at the end of the lease term.

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2025		2024
Equipment on operating leases	$	979	$	931
Accumulated depreciation	(680)		(686)
Equipment on operating leases, net	$	299	$	245

Depreciable lives generally vary from four to five years consistent with our planned and historical usage of the equipment subject to operating leases. Estimated minimum future revenues associated with Equipment on operating leases are as follows:



	December 31, 2025
12 months	$	135
24 months	82
36 months	52
48 months	25
60 months	6
Thereafter	2
Total	$	302

Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2025, 2024 and 2023 amounted to $38, $46 and $62, respectively.

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 3,038	$ 2,475
Fair Value of Plan Assets	2,010	1,446
Projected Benefit Obligation	3,055	2,513
Fair Value of Plan Assets	2,010	1,446
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,563	2,176
Fair Value of Plan Assets	1,845	1,407
Projected Benefit Obligation	2,563	2,176
Fair Value of Plan Assets	1,845	1,407
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	475	299
Fair Value of Plan Assets	165	39
Projected Benefit Obligation	492	337
Fair Value of Plan Assets	165	39
Underfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,338	1,956
Fair Value of Plan Assets	1,845	1,407
Projected Benefit Obligation	2,338	1,956
Fair Value of Plan Assets	1,845	1,407
Underfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	212	13
Fair Value of Plan Assets	165	39
Projected Benefit Obligation	225	45
Fair Value of Plan Assets	165	39
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	225	220
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	225	220
Fair Value of Plan Assets	0	0
Unfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	263	286
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	267	292
Fair Value of Plan Assets	$ 0	$ 0

Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 57
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	6,314	4,672	3,221
Outstanding at January 1 (in dollars per share)	$ 15.48	$ 18.46	$ 23.16
Granted (in shares)	8,951	4,159	3,382
Granted (in dollars per share)	$ 5.51	$ 14.09	$ 16.56
Vested (in shares)	(2,370)	(2,030)	(1,593)
Vested (in dollars per share)	$ 17.78	$ 19.04	$ 23.73
Forfeited/Expired (in shares)	(973)	(487)	(338)
Forfeited/Expired (in dollars per share)	$ 8.20	$ 17.27	$ 19.27
Outstanding at December 31 (in shares)	11,922	6,314	4,672
Outstanding at December 31 (in dollars per share)	$ 8.13	$ 15.48	$ 18.46
Unrecognized Compensation	$ 50
Remaining Weighted-Average Vesting Period (Years)	1 year 9 months 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	2,066	2,039	1,729
Outstanding at January 1 (in dollars per share)	$ 21.59	$ 24.18	$ 28.38
Granted (in shares)	1,912	1,243	940
Granted (in dollars per share)	$ 4.46	$ 13.89	$ 22.97
Vested (in shares)	0	0	0
Vested (in dollars per share)	$ 0	$ 0	$ 0
Forfeited/Expired (in shares)	(1,560)	(1,216)	(630)
Forfeited/Expired (in dollars per share)	$ 15.67	$ 17.67	$ 33.86
Outstanding at December 31 (in shares)	2,418	2,066	2,039
Outstanding at December 31 (in dollars per share)	$ 11.87	$ 21.59	$ 24.18
Unrecognized Compensation	$ 5
Remaining Weighted-Average Vesting Period (Years)	2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 2
Remaining Weighted-Average Vesting Period (Years)	1 year

Stock-Based Compensation - Performance Share Units (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100.00%	100.00%	100.00%
Vesting increase (decrease) percentage	15.00%	25.00%
Operating income
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100.00%	0.00%	0.00%
Operating income improvement
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	100.00%	0.00%
Relative total shareholder return
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	0.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries or Xerox Holdings Corporation and its consolidated subsidiaries, as determined by the context. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include its subsidiaries.

The accompanying Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate Consolidated Financial Statements for each registrant.

The accompanying Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

For convenience and ease of reference, we refer to the financial statement caption “Loss before Income Taxes” as “pre-tax loss”.

Notes to the Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted.

Description of Business

Currently, Xerox Holdings' primary direct operating subsidiary is Xerox and therefore Xerox represents nearly all of Xerox Holdings' operations. Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small. As customers seek to manage information and document workflows across digital and physical platforms, we deliver a seamless, secure, and sustainable experience. We provide advanced document technology, services, software, and integrated IT infrastructure solutions for a range of customers including small and mid-sized businesses, large enterprises, governments and graphic communications providers, and for our partners who serve them. Xerox serves customers globally in North America, Europe, Latin America, Brazil, Asia Pacific (APAC), the Middle East, Africa, and India.

Xerox Holdings' other direct subsidiary, Xerox Ventures LLC, which was established solely to invest in startups and early/mid-stage growth companies aligned with the Company’s innovation focus areas and targeted adjacencies. In January 2024, Myriad Ventures Fund I LP (Myriad) was established, and the investments held by Xerox Ventures LLC were transferred to Myriad, which will continue to be fully consolidated by Xerox Holdings. The investments are primarily equity or equity-linked and for less than 20% ownership. Since the investments normally do not have readily determinable fair values, they are accounted for under the measurement alternative per ASC Topic 321-10-35-2. At December 31, 2025 and 2024, Xerox's investment in Myriad was $41 and $40, respectively.

Basis of Consolidation

All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of (Loss) Income from the date of acquisition.

We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of (Loss) Income from the date such determination is made.

The Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.

Currently, we are not aware of any other trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way that will impact our capital needs during or beyond the next 12 months.

Our liquidity is primarily dependent on our ability to generate positive cash flows from operations. Additional liquidity is also provided through access to the financial capital markets and a committed asset-based revolving credit agreement (the ABL Facility), as well as the sales and assignment of finance lease receivables. Our access to financial capital markets may be limited from time to time due to a number of factors, including our credit ratings, the level of our outstanding indebtedness, and prevailing market conditions, including the trading levels of our existing debt securities. Based on our current level of operations, we do not expect our near term liquidity needs to be dependent on access to the financial capital markets and we believe that our available sources will be adequate to meet our liquidity needs for at least the next 12 months.

Use of Estimates

The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the Company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.

In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.

Lexmark Acquisition

On July 1, 2025, Xerox Corporation completed its previously announced acquisition of all of the issued and outstanding equity of Lexmark International II, LLC (Lexmark) from Ninestar Group Company Limited (the Seller) (the Lexmark Acquisition). Refer to Note 6 - Acquisition and Divestitures for additional information.

Segments

During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the Company had two reportable segments - Print and Other, and Xerox Financial Services (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment and Geographic Area Reporting for additional information regarding this change.

In connection with these changes to our reportable segments, certain reclassifications were made to the Consolidated Statements of (Loss) Income as follows:


	Year Ended December 31, 2024						Year Ended December 31, 2023
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Services, maintenance, rentals and other	$	3,692	$	151	$	3,843	$	3,975	$	191	$	4,166
Financing	151		(151)		—		191		(191)		—


Cost of services, maintenance, rentals and other	$	2,593	$	106	$	2,699	$	2,664	$	130	$	2,794
Cost of financing	106		(106)		—		130		(130)		—

Debt - Narrative (Details)				1 Months Ended				3 Months Ended			12 Months Ended
Debt - Narrative (Details)	Jul. 01, 2025 USD ($)	May 09, 2025 USD ($)	Apr. 11, 2025 USD ($)	Oct. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Mar. 31, 2025 USD ($) $ / shares	Mar. 31, 2024 USD ($) agreement	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Mar. 16, 2026 USD ($)	Jan. 31, 2026	Jun. 30, 2025 $ / shares	Oct. 15, 2024 USD ($) instrument	Mar. 06, 2024 $ / shares	Sep. 27, 2023 $ / shares
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt											$ 1,140,000,000	$ 907,000,000	$ 1,396,000,000
Payments on long-term debt											755,000,000	$ 992,000,000	1,874,000,000
Total								$ 4,344,000,000			4,344,000,000
Share price (in dollars per share) \| $ / shares																			$ 15.84
Dividends payable, amount per share (in dollars per share) \| $ / shares									$ 0.50			$ 1.00				$ 0.10
Long-term debt								4,016,000,000			4,016,000,000	$ 2,814,000,000
Finance receivables, net								$ 510,000,000			510,000,000	608,000,000
Interest paid											$ 272,000,000	214,000,000	201,000,000
Assumed leverage ratio								7			7
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Expected life of loan											2 years 6 months
Lexmark Acquisition
Debt Instrument [Line Items]
Assumption of debt	$ 323,000,000
Xerox Corporation
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt											$ 1,140,000,000	907,000,000	1,396,000,000
Payments on long-term debt											755,000,000	992,000,000	$ 1,874,000,000
Total								$ 2,316,000,000			2,316,000,000
Finance receivables, net								510,000,000			510,000,000	608,000,000
Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Long-term debt								1,872,000,000			1,872,000,000	1,634,000,000
Secured Debt
Debt Instrument [Line Items]
Payments on long-term debt									$ 70,000,000
Secured loan								$ 0			0	70,000,000
Finance receivables, net												$ 58,000,000
Debt instrument, interest rate, effective percentage												4.62%
Senior Secured First Lien Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal debt			$ 400,000,000
Debt interest rate (as percent)			10.25%
Debt instrument, percentage of par issued			99.00%
Proceeds, net of fees and expenses			$ 366,000,000
Senior Secured Second Lien Notes Due 2031 \| Senior Notes
Debt Instrument [Line Items]
Principal debt			$ 400,000,000
Debt interest rate (as percent)			13.50%
Debt instrument, percentage of par issued		95.00%	98.00%
Proceeds, net of fees and expenses		$ 93,000,000	$ 392,000,000
Proceeds from issuance of long-term debt		100,000,000
Interest payable		1,000,000
Escrow deposit disbursements related to debt agreement	494,000,000
Commitment and underwriting fees, estimated amount payable		15,000,000
Senior Secured Second Lien Notes Due 2031 \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Escrow deposits related to debt agreement		$ 2,000,000
Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as percent)			5.00%
Term Loan B Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	327,000,000
Payments on long-term debt				$ 41,000,000
Debt issuance costs, gross	1,000,000
Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Principal debt	$ 250,000,000
Debt interest rate (as percent)	13.00%
Proceeds from issuance of long-term debt	$ 245,000,000
Fair value of warrants	11,000,000
Senior Unsecured Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Principal debt	$ 125,000,000
Debt interest rate (as percent)	13.00%
Proceeds from issuance of long-term debt	$ 116,000,000
Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Available for maturity extension	$ 62,500,000
Maturity extension term	6 months
Fee percentage for maturity extension	0.02
2030 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt interest rate (as percent)												3.75%
2030 Convertible Notes \| Convertible Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt interest rate (as percent)															3.75%
2030 Convertible Notes \| Convertible Debt \| Capped Calls
Debt Instrument [Line Items]
Capped call, cost												$ 23,000,000
Option indexed to issuer's equity, strike price (in dollars per share) \| $ / shares								$ 20.84	$ 27.51			$ 28.34
Option indexed to issuers equity strike price, premium over share price, percentage												70.00%
Share price (in dollars per share) \| $ / shares																		$ 16.67
Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Principal debt						$ 550,000,000
Debt discount						17,000,000
Debt issuance costs, net						9,000,000
Proceeds from issuance of debt						$ 524,000,000
Total								$ 706,000,000			706,000,000
Term Loan B \| Secured Debt \| Term One \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Initial rate spread						0.50%
Term Loan B \| Secured Debt \| Term One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Initial rate spread						1.00%
Term Loan B \| Secured Debt \| Term One \| SOFR, Applicable Margin
Debt Instrument [Line Items]
Initial rate spread						3.00%
Term Loan B \| Secured Debt \| Term Two \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Base rate (as percent)						0.50%
Term Loan B \| Secured Debt \| Term Two \| SOFR, Applicable Margin
Debt Instrument [Line Items]
Initial rate spread						4.00%
Term Loan B \| Secured Debt \| Term Two \| Alternate Base Rate (ABR)
Debt Instrument [Line Items]
Initial rate spread						3.00%
Term Loan B, Tranche One \| Secured Debt
Debt Instrument [Line Items]
Total								$ 406,000,000			$ 406,000,000
Average interest rate (as percent)								7.73%			7.73%
Term Loan B, Tranche Two \| Secured Debt
Debt Instrument [Line Items]
Total								$ 175,000,000			$ 175,000,000
Average interest rate (as percent)								7.67%			7.67%
Term Loan B, Tranche Three \| Secured Debt
Debt Instrument [Line Items]
Total								$ 125,000,000			$ 125,000,000
Average interest rate (as percent)								7.72%			7.72%
Term Loan B - Year 2026 \| Secured Debt
Debt Instrument [Line Items]
Debt interest rate (as percent)						7.50%
Term Loan B - Thereafter \| Secured Debt
Debt Instrument [Line Items]
Debt interest rate (as percent)						10.00%
ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net							$ 7,000,000
Initial rate spread					0.10%
Expected life of loan							5 years
Period prior to final scheduled maturity date for Material Springer Debt							91 days
Line of credit facility, maximum borrowing capacity					$ 425,000,000		$ 300,000,000
Remaining minimum borrowing capacity base					$ 31,875,000		$ 22,500,000
Remaining minimum borrowing capacity base percentage					10.00%		10.00%
Line of credit facility, accordion feature, increase limit					$ 250,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount					$ 100,000,000
ABL Facility \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity														$ 382,000,000
Long-term line of credit														0
Remaining borrowing capacity														289,000,000
ABL Facility \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Initial rate spread					0.50%
ABL Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Initial rate spread					1.00%
ABL Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Initial rate spread					1.50%
Base rate (as percent)					0.00%
ABL Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Initial rate spread					2.00%
ABL Facility \| Revolving Credit Facility \| Alternate Base Rate (ABR) \| Minimum
Debt Instrument [Line Items]
Initial rate spread					0.50%
ABL Facility \| Revolving Credit Facility \| Alternate Base Rate (ABR) \| Maximum
Debt Instrument [Line Items]
Initial rate spread					1.00%
ABL Facility \| Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Letters of credit														$ 93,000,000
Secured Promissory Notes
Debt Instrument [Line Items]
Principal debt																	$ 110,000,000
Debt instrument, number of instruments held \| instrument																	2
Intercompany Loan \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Interest payable								$ 36,000,000			$ 36,000,000	$ 31,000,000
Intercompany Loan \| Senior Notes \| Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt										$ 900,000,000
Payments on long-term debt										362,000,000
Debt issuance costs, net										$ 15,000,000
Number of agreements entered into \| agreement										2
Long-term debt								$ 1,993,000,000			$ 1,993,000,000	$ 2,022,000,000

Goodwill, Net and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

he following presents the changes in the carrying amount of Goodwill, net:


Print and Other	2025








Gross Goodwill - January 1st	$	3,808





Foreign currency translation	91

Lexmark(1)	246





Other	1

Gross Goodwill - December 31st	$	4,146

Accumulated impairment - January 1st	$	(2,245)
Impairment loss	—
Currency	(57)
Accumulated impairment - December 31st	$	(2,302)

Goodwill, net - December 31st	$	1,844


IT Solutions	2025








Gross Goodwill - January 1st	$	374





Foreign currency translation	2

ITsavvy(1)	2







Gross Goodwill - December 31st	$	378

Accumulated impairment - January 1st	$	—
Impairment loss	—
Accumulated impairment - December 31st	$	—

Goodwill, net - December 31st	$	378


Total Xerox	2025		2024		2023








Gross Goodwill - January 1st	$	4,182	$	3,940	$	4,013




Foreign currency translation - Gross	93		(29)		47
Acquisitions(1):
Lexmark	246		—		—
ITsavvy	2		286		—
U.K. Acquisitions	—		—		5

Other	1		1		—
Dispositions(2)	—		(16)		(125)
Gross Goodwill - December 31st	$	4,524	$	4,182	$	3,940

Accumulated impairment - January 1st	$	(2,245)	$	(1,193)	$	(1,193)
Impairment loss	—		(1,058)		—
Foreign currency translation - Impairment	(57)		6		—
Accumulated impairment - December 31st	$	(2,302)	$	(2,245)	$	(1,193)

Goodwill, net - December 31st	$	2,222	$	1,937	$	2,747

_____________

(1)2025 activity reflects the acquisition of Lexmark, as well as measurement period adjustments for ITsavvy. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions of Lexmark and ITsavvy.

(2)Reflects the write off of $10 of Goodwill associated with the sales of our business operations in Argentina and Chile, as well as other immaterial dispositions during 2024, and the write-off of $115 of Goodwill associated with the donation of our Palo Alto Research Center (PARC) during 2023. Refer to Note 6 - Acquisitions and Divestitures for additional information related to these dispositions.

Schedule of Intangible Assets, Net

Intangible assets, net were $921 at December 31, 2025. Approximately, $778 related to our Print and Other segment and $143 related to our IT Solutions segment. Approximately $163 of Intangible assets, net were allocated to the IT Solutions segment on January 1, 2025, the date that we reassessed our operating and reportable segments.

Intangible assets were comprised of the following:


		December 31, 2025						December 31, 2024
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships(1)	10 years	$	856	$	163	$	693	$	324	$	106	$	218
Distribution network(1)	25 years	123		123		—		123		123		—
Trademarks(1)	8 years	142		28		114		38		20		18
Technology and non-compete	7 years	135		21		114		12		12		—
Total Intangible Assets		$	1,256	$	335	$	921	$	497	$	261	$	236

____________

(1)2025 and 2024 balances reflect the acquisitions of Lexmark and ITsavvy, respectively. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions of Lexmark and ITsavvy.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Goodwill, Net and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Net and Intangible Assets, Net

Goodwill, Net

On January 1, 2025, we reassessed our operating and reportable segments and determined that the Company's operations had two operating and reportable segments - Print and Other and IT Solutions. We also determined that there were no other businesses that met the requirements to be considered separate operating or reportable segments. As a result of this change, the carrying amount of Goodwill, net was reassessed and was allocated to our two reporting units - Print and Other and IT Solutions, based on the relative fair value of each reporting unit. As part of the reassessment it was determined that Goodwill was not impaired either before or after the resegmentation. Prior to this reassessment, all Goodwill was allocated to our Print and Other reporting unit. The following presents the changes in the carrying amount of Goodwill, net:


Print and Other	2025








Gross Goodwill - January 1st	$	3,808





Foreign currency translation	91

Lexmark(1)	246





Other	1

Gross Goodwill - December 31st	$	4,146

Accumulated impairment - January 1st	$	(2,245)
Impairment loss	—
Currency	(57)
Accumulated impairment - December 31st	$	(2,302)

Goodwill, net - December 31st	$	1,844


IT Solutions	2025








Gross Goodwill - January 1st	$	374





Foreign currency translation	2

ITsavvy(1)	2







Gross Goodwill - December 31st	$	378

Accumulated impairment - January 1st	$	—
Impairment loss	—
Accumulated impairment - December 31st	$	—

Goodwill, net - December 31st	$	378


Total Xerox	2025		2024		2023








Gross Goodwill - January 1st	$	4,182	$	3,940	$	4,013




Foreign currency translation - Gross	93		(29)		47
Acquisitions(1):
Lexmark	246		—		—
ITsavvy	2		286		—
U.K. Acquisitions	—		—		5

Other	1		1		—
Dispositions(2)	—		(16)		(125)
Gross Goodwill - December 31st	$	4,524	$	4,182	$	3,940

Accumulated impairment - January 1st	$	(2,245)	$	(1,193)	$	(1,193)
Impairment loss	—		(1,058)		—
Foreign currency translation - Impairment	(57)		6		—
Accumulated impairment - December 31st	$	(2,302)	$	(2,245)	$	(1,193)

Goodwill, net - December 31st	$	2,222	$	1,937	$	2,747

_____________

During 2024, we concluded that a quantitative test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Goodwill for the year ended December 31, 2024.

The estimated fair value of the Print and Other and IT Solutions reporting units, for all periods discussed above, is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy.

Intangible Assets, Net

Intangible assets were comprised of the following:


		December 31, 2025						December 31, 2024
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships(1)	10 years	$	856	$	163	$	693	$	324	$	106	$	218
Distribution network(1)	25 years	123		123		—		123		123		—
Trademarks(1)	8 years	142		28		114		38		20		18
Technology and non-compete	7 years	135		21		114		12		12		—
Total Intangible Assets		$	1,256	$	335	$	921	$	497	$	261	$	236

____________

Excluding the impact of future acquisitions, amortization expense is expected to approximate $123 in 2026, 2027, 2028, 2029 and 2030, respectively

Lessee (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	113	$	70	$	83
Short-term lease expense	16		14		16
Variable lease expense(1)	61		57		53
Sublease income	(1)		(1)		(1)

Total Lease expense	$	189	$	140	$	151

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

Schedule of Operating Leases Assets and Liabilities

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Other long-term assets(1)	$	311	$	179

Accrued expenses and other current liabilities	$	64	$	45
Other long-term liabilities	263		143
Total Operating lease liabilities	$	327	$	188

_____________

(1) During 2025, the Company modified a lease agreement for electric vehicles, which resulted in a change in the lease classification from financing to operating. Accordingly, we remeasured the right of use asset and the corresponding lease liability.

Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Land, buildings and equipment, net(1)	$	11	$	55

Accrued expenses and other current liabilities	$	5	$	15
Other long-term liabilities	3		38
Total Finance lease liabilities	$	8	$	53

____________

Schedule of Supplemental Information Related to Operating Leases

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	113		$	72		$	91
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	60		$	65		$	23
Weighted-average remaining lease term	7 years			4 years			4 years
Weighted-average discount rate(2)	19.29		%	7.70		%	6.07		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

(2)Increase in 2025 rate reflects the increase in the Company's incremental borrowing rate, as well as the remeasurement of the leases associated with the Lexmark Acquisition.

Schedule of Maturities and Additional Information Related to Operating Lease Liabilities

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2025

12 months	$	122
24 months	96
36 months	77
48 months	60
60 months	45
Thereafter	296
Total Lease payments	696
Less: Imputed interest	369
Total Operating lease liabilities	$	327

Schedule of Supplemental Information Related to Finance Leases

Supplemental information related to finance leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities	$	13		$	12		$	8
Finance lease assets obtained in exchange for new lease liabilities (1)	$	—		$	42		$	7
Weighted-average remaining lease term	2 years			4 Years			2 Years
Weighted-average discount rate	9.45		%	10.53		%	7.28		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Schedule of Maturities and Additional Information Related to Finance Lease Liabilities

Maturities and additional information related to finance lease liabilities are as follows:


	December 31, 2025
12 months	$	6
24 months	2
36 months	1
48 months	—
60 months	—
Thereafter	—
Total Lease payments	9
Less: Imputed interest	1
Total Finance Lease Liabilities	$	8

Shareholders' Equity - Equity Stocks Information (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Common Stock and Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)	22,000,000
Preferred stock, par value (in dollars per share)	$ 1.00
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Incentive Compensation Plans
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	23,000,000
Series A
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	6,742,000

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Financial Information [Abstract]
Provision for receivables	$ 40	$ 44	$ 36
Provision for inventory	45	66	18
Depreciation of buildings and equipment	75	57	60
Depreciation and obsolescence of equipment on operating leases	143	117	111
Amortization of internal use software	30	27	37
Amortization of acquired intangible assets	83	73	43
Amortization of patents	6	9	9
Amortization of customer contract costs	67	64	69
Cost of additions to land, buildings and equipment	(37)	(27)	(29)
Cost of additions to internal use software	(54)	(17)	(8)
Payments to acquire noncontrolling interests - Xerox Holdings	(13)	(30)	(5)
Common stock dividends - Xerox Holdings	(57)	(127)	(151)
Preferred stock dividends - Xerox Holdings	(14)	(14)	(14)
Repurchases related to stock-based compensation - Xerox Holdings	(6)	(10)	(8)
Payments to noncontrolling interests	(2)	(2)	(2)
Proceeds from issuance of warrants	11	0	0
Commitment fees	(22)	0	0
Finance lease obligations payment	(10)	(10)	(7)
Amounts (credited) charged to other accounts	$ 1	$ 2	$ 8

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 979	$ 931
Accumulated depreciation	(680)	(686)
Equipment on operating leases, net	$ 299	$ 245

Income and Other Taxes - Income Taxes Paid By Jurisdiction Pursuant (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Federal	$ 1
State and local	2
Foreign
Total foreign	62
Total cash paid for income taxes (net of refunds)	65	$ 65	$ 51
Canada
Foreign
Total foreign	21
France
Foreign
Total foreign	8
Ireland
Foreign
Total foreign	5
Germany
Foreign
Total foreign	4
Switzerland
Foreign
Total foreign	4
Other foreign
Foreign
Total foreign	$ 20

Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

We are exposed to market risk from changes in foreign currency exchange rates and interest rates, which could affect operating results, financial position and cash flows. We manage our exposure to these market risks through our regular operating and financing activities and, when appropriate, through the use of derivative financial instruments. These derivative financial instruments are utilized to hedge economic exposures, as well as to reduce earnings and cash flow volatility resulting from shifts in market rates. We enter into limited types of derivative contracts, including interest rate swap agreements, interest rate caps, foreign currency spot, forward and swap contracts and net purchased foreign currency options to manage interest rate and foreign currency exposures. Our primary foreign currency market exposures include the Euro, U.K. Pound Sterling, Japanese Yen, Philippine Peso, Mexican Peso, and Chinese Yuan .The fair market values of all our derivative contracts change with fluctuations in interest rates and/or currency exchange rates and are designed so that any changes in their values are offset by changes in the values of the underlying exposures. Derivative financial instruments are held solely as risk management tools and not for trading or speculative purposes. The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

We do not believe there is significant risk of loss in the event of non-performance by the counterparties associated with our derivative instruments because these transactions are executed with a diversified group of major financial institutions. Further, our policy is to deal only with counterparties having a minimum investment grade or better credit rating. Credit risk is managed through the continuous monitoring of exposures to such counterparties.

Interest Rate Risk Management

We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges or non-designated hedges depending on the nature of the risk being hedged. We had no fair value hedges for the three-year period ended December 31, 2025, 2024, and 2023, respectively.

Cash Flow Hedges

We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our finance receivable secured loan borrowings. The interest rate swaps convert the interest paid on certain loans to a fixed amount while the caps limit the maximum amount of interest paid.

During 2024, certain derivatives were de-designated as cash flow hedges. The net fair value of these cash flow hedges, which was not material, was recorded in Accumulated Other Comprehensive Loss and then reclassified to earnings.

In 2024, we entered into two floating-to-fixed interest rate swaps to hedge against interest rate volatility associated with any of our floating rate debt which was primarily under our Term Loan B Credit Agreement (TLB). During the third quarter 2025, the Company voluntarily de-designated certain interest rate swaps with a notional value of $300, which were previously accounted for as cash flow hedges of variable-rate debt. The de-designation was made because the Company may, from time to time, prepay portions of the underlying debt, resulting in forecasted interest payments that are no longer considered highly probable. Following the de-designation, the swaps continue to be carried at fair value on the balance sheet. Changes in fair value are recognized in earnings in interest expense were not material during 2025. Amounts previously recorded in accumulated other comprehensive loss related to the hedged cash flows was immaterial and was reclassified to earnings during the third quarter 2025. During the fourth quarter 2025, a $125 interest rate swap was terminated. Accordingly, the notional value of the remaining swap at December 31, 2025 was $175.

Foreign Exchange Risk Management

We are a global company, and we are exposed to foreign currency exchange rate fluctuations in the normal course of our business. As a part of our foreign exchange risk management strategy, we use derivative instruments, primarily forward contracts and purchased option contracts, to hedge the following foreign currency exposures, thereby reducing volatility of earnings or protecting fair values of assets and liabilities:

•Foreign currency-denominated assets and liabilities, and

•Forecasted purchases, and sales in foreign currency.

At December 31, 2025, we had outstanding forward exchange and purchased option contracts with terms of less than 12 months. At December 31, 2025, approximately 97% of these contracts mature within three months, 1% in three to six months and 2% in six to twelve months.

There have not been any other material changes in our hedging strategy during 2025.

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2025:


	Year Ended December 31,
	2025				2024
Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset (Liability)(1)		Gross Notional Value		Fair Value Asset (Liability)(1)
Euro/U.S. Dollar	$	1,195	$	1	$	212	$	(1)
U.S. Dollar/Euro	289		—		342		3
Euro/U.K Pound Sterling	134		—		337		1
Chinese Yuan/U.S. Dollar	134		—		—		—
Mexican Peso/U.S. Dollar	121		—		—		—
Philippine Peso/U.S Dollar	115		—		—		—
Japanese Yen/U.S. Dollar	100		(3)		104		(5)
U.K Pound Sterling/U.S. Dollar	67		—		—		—
Swiss Franc/U.S. Dollar	62		—		—		—
U.S Dollar/Canadian Dollar	52		—		194		—
Hong Kong Dollar/ U.S. Dollar	51		—		—		—








Swiss Franc /Euro	30		—		19		—







Japanese Yen/Euro	24		(1)		52		(1)
U.K. Pound Sterling/Euro	14		—		67		—
Canadian Dollar/Euro	21		—		19		—
All Other	247		—		64		—
Total Foreign exchange hedging	$	2,656	$	(3)	$	1,410	$	(3)

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2025 and 2024.

The change in the gross notional value of our hedging positions since December 31, 2024 resulted from the acquisition of Lexmark.

Foreign Currency Cash Flow Hedges

We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The amount of ineffectiveness recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges was not material for the three years ended December 31, 2025. The net liability fair value of these contracts was $4 and $1 as of December 31, 2025 and 2024, respectively.

Summary of Derivative Instruments Gains (Losses)

Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains and (losses).

Designated Derivative Instruments Gains (Losses)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCL to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCL into Income (Effective Portion)	Year Ended December 31,
	2025		2024		2023			2025		2024		2023
Foreign exchange contracts – forwards/options	$	(11)	$	(6)	$	(17)	Cost of sales	$	(4)	$	(9)	$	(22)
Interest rate contracts	(4)		6		(1)		Interest expense	—		(1)		4
Total	$	(15)	$	—	$	(18)		$	(4)	$	(10)	$	(18)

For the three years ended December 31, 2025, 2024 and 2023 no amount of ineffectiveness was recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges. All components of each derivative’s gain or (loss) were included in the assessment of hedge effectiveness.

At December 31, 2025, a net after-tax loss of $4 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. The entire balance is expected to be reclassified into Net income within the next 12 months, providing an offsetting economic impact against the underlying anticipated transactions.

Credit Support Annex

The Company may enter into derivative contracts with derivative counterparties that contain a provision to post collateral to the counterparties when these contracts are in a net liability position. At December 31 2025, the Company had no collateral posted due to this provision.

Non-Designated Derivative Instruments Gains (Losses)

Non-designated derivative instruments are primarily instruments used to hedge foreign currency-denominated assets and liabilities. They are not designated as hedges since there is a natural offset for the remeasurement of the underlying foreign currency-denominated asset or liability. The net asset/liability fair value of these contracts was $2 and $(2) as of December 31, 2025 and 2024, respectively.

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain	2025		2024		2023
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	(8)	$	24	$	26

For the three years ended December 31, 2025, 2024 and 2023, we recorded net currency losses of $12, $15 and $28, respectively. Net currency gains and losses include the mark-to-market adjustments of the derivatives not designated as hedging instruments and the related cost of those derivatives, as well as the remeasurement of foreign currency-denominated assets and liabilities and are included in Other expenses, net.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Accounts Receivable, Net - Accounts Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (73)	$ (69)
Accounts receivable, net	1,122	796
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	1,024	692
Accrued	171	173
Allowance for doubtful accounts	(73)	(69)	$ (64)
Accounts receivable, net	$ 1,122	$ 796

Income and Other Taxes - Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets And Liabilities [Line Items]
Research and development	$ 249	$ 227
Post-retirement medical benefits	44	43
Net operating losses	1,131	322
Operating reserves, accruals and deferrals	183	232
Tax credit carryforwards	90	80
Disallowed interest expense carryforward	173	23
Deferred and share-based compensation	24	22
Pension	83	122
Finance lease and installment sales	127	64
Operating lease liabilities	75	33
Other	63	45
Subtotal	2,242	1,213
Valuation allowance	(1,933)	(511)
Total	309	702
Intangibles and goodwill	180	84
Depreciation	33	0
Unremitted earnings of foreign subsidiaries	29	26
Operating lease ROU assets	72	41
Other	35	21
Total	349	172
Total Deferred tax (liability) asset, net	(40)
Total Deferred tax (liability) asset, net		530
Deferred tax assets	98	615
Deferred tax liabilities	(138)	(85)
Valuation allowance, increase (decrease) in amount	1,422	$ 136	$ 9
Tax credit carryforwards	90
Carryforwards with no expiration
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	1
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,600
Carryforwards that expire
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	89
Operating loss carryforwards	$ 6,500

Other Comprehensive Income (Loss) - AOCL (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

$ 449

$ 1,080

$ 2,548

$ 3,353

Total Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

^[1]

(3,311)

(3,699)

(3,676)

$ (3,537)

Cumulative translation adjustments

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(1,861)

(2,166)

(2,046)

Other unrealized (losses) gains, net

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(4)

(3)

Benefit plans net actuarial losses and prior service credits

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

$ (1,446)

$ (1,539)

$ (1,627)

[1]	AOCL - Accumulated other comprehensive loss.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Debt - Principal Payments Due On Long-Term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 236
2027	77
2028	866
2029	1,096
2030	969
Thereafter	1,100
Total	4,344
Long-term debt maturities, subsequent year by quarter, first	110
Long-term debt maturities, subsequent year by quarter, second	125
Long-term debt maturities, subsequent year by quarter, third	1
Long-term debt maturities, subsequent year by quarter, fourth	0
Xerox Holdings Corporation
Debt Instrument [Line Items]
2026	125
2027	25
2028	775
2029	531
2030	569
Thereafter	0
Total	2,025
Xerox Corporation
Debt Instrument [Line Items]
2026	110
2027	51
2028	90
2029	565
2030	400
Thereafter	1,100
Total	2,316
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
2026	1
2027	1
2028	1
2029	0
2030	0
Thereafter	0
Total	$ 3

Segment and Geographic Area Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment revenue, significant segment expenses, segment profit, and other selected financial information for our reportable segments was as follows:


	Year Ended December 31, 2025
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	6,272	$	750	$	—	$	7,022
Intersegment net revenue(2)	—		11		—		11
Total Segment net revenue	$	6,272	$	761	$	—	$	7,033

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,820	$	421	$	—	$	2,241
Cost of services, maintenance, rentals and other(4)(5)(6)	2,540		189		—		2,729

Research, development and engineering expenses	228		—		—		228
Selling, administrative and general expenses(7)(8)	1,402		101		73		1,576
Intersegment expense(9)	3		8		—		$	11
Segment profit	$	279	$	42	$	(73)	$	248



Interest income(10)	$	126	$	—	$	—	$	126
Interest expense(4)	86		—		—		86
Depreciation and amortization	246		2		—		248

Capital expenditures	90		1		—		91
Total Assets	9,132		691		—		9,823


	Year Ended December 31, 2024
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	5,864	$	357	$	—	$	6,221
Intersegment net revenue(2)	—		1		—		1
Total Segment net revenue	$	5,864	$	358	$	—	$	6,222

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,357	$	197	$	—	$	1,554
Cost of services, maintenance, rentals and other(4)(5)(6)	2,553		103		—		2,656

Research, development and engineering expenses	191		—		—		191
Selling, administrative and general expenses(7)(8)	1,366		58		94		1,518
Intersegment expense(9)	1		—		—		1
Segment profit	$	396	$	—	$	(94)	$	302



Interest income(10)	$	151	$	—	$	—	$	151
Interest expense(4)	106		—		—		106
Depreciation and amortization	201		—		—		201

Capital expenditures	44		—		—		44
Total Assets	$	7,649	$	716	$	—	$	8,365


	Year Ended December 31, 2023
	Print and Other		IT Solutions		Corporate Other(1)		Total
External net revenue	$	6,523	$	363	$	—	$	6,886
Intersegment revenue	—		—		—		—
Total Segment net revenue	$	6,523	$	363	$	—	$	6,886

Reconciliation to Segment Profit
Cost of sales	$	1,556	$	222	$	—	$	1,778
Cost of services, maintenance, rentals and other	2,706		88		—		2,794

Research, development and engineering expenses	229		—		—		229
Selling, administrative and general expenses(7)	1,547		48		101		1,696
Intersegment expense	—		—		—		—
Segment profit	$	485	$	5	$	(101)	$	389



Interest income(10)	$	191	$	—	$	—	$	191
Interest expense(6)	130		—		—		130
Depreciation and amortization	208		—		—		208

Capital expenditures	37		—		—		37
Total Assets	$	9,782	$	226	$	—	$	10,008

_____________

(1)Certain administrative and general expenses, which primarily relate to corporate functions, are not allocated to either of our operating/reportable segments.

(2)Intersegment revenue is primarily revenue from IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

(3)Excludes the impact of a charge made for inventory purchase accounting adjustments related to the Lexmark Acquisition of $102 year ended December 31, 2025. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition.

(4)As a result of the exit of certain production print manufacturing operations, Cost of sales and Cost of services, maintenance, rentals and other for the Print and Other Segment excludes inventory-related charges of $24 and $8 for the years ended December 31, 2025 and 2024, respectively, as well as the cancellation of related purchase contracts $— and $43 for the years ended December 31, 2025 and 2024, respectively.

(5)Excludes the impact of fixed asset purchase accounting adjustments related to the Lexmark Acquisition of $29 for year ended December 31, 2025. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition

(6)Includes equipment financing interest expense associated with Company's financing debt, which is fully allocated to the Print and Other segment in support of its Finance assets. No interest expense is allocated to the IT Solutions segment, as the segment has no financing debt.

(7)Includes bad debt expense for the Print and Other segment of $39, $42, $28 for the three years ended December 31, 2025, 2024 and 2023, respectively. Bad debt expense for the IT Solutions segment was nil for the three years ended December 31, 2025, 2024 and 2023, respectively.

(8)The Print and Other segment excludes Reinvention Costs of $17 and $12, and Transaction and related costs, net of $33 and $5, for the years ended December 31, 2025 and 2024, respectively. Additionally, the Print and Other segment excludes $25 for the year ended December 31, 2025 related to the settlement of pre-existing employment agreements as a result of the Lexmark Acquisition. The IT Solutions segment excludes Transaction and related costs, net of $1 and $2, for the years ended December 31, 2025 and 2024, respectively. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition and ITsavvy.

(9)Intersegment expense primarily consists of costs related to the sale of IT hardware, software solutions and services by the IT Solutions segment, to the Print and Other segment.

(10)Reflects financing income, which is included in Services, maintenance, rentals and other in the Consolidated Statements of (Loss) Income. No interest income is allocated to the IT Solutions segment, as the segment has no finance assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2025		2024		2023





Pre-tax (Loss)
Total Segment profit	$	248	$	302	$	389
Goodwill impairment(1)	—		(1,058)		—
Restructuring and related costs, net	(66)		(112)		(167)
Amortization of intangible assets	(83)		(73)		(43)
Reinvention-related costs	(17)		(12)		—
Purchase Accounting Adjustment - Fixed Assets	(29)		—		—
Purchase Accounting Adjustment - Inventory	(102)		—		—
Settlement of pre-existing employment agreements	(25)		—		—
Transaction-related costs	(34)		(7)		—
Inventory-related impact - exit of certain production print manufacturing operations(2)	(24)		(51)		—
Divestitures	4		(47)		—
PARC Donation	—		—		(132)
Other expenses, net	(360)		(158)		(75)
Total Pre-tax loss	$	(488)	$	(1,216)	$	(28)

Depreciation and Amortization
Total reported segments	$	248	$	201	$	208
Amortization of intangible assets	83		73		43
Total Depreciation and amortization	$	331	$	274	$	251

Interest Expense
Total reported segments	$	86	$	106	$	130
Corporate	248		119		68
Total Interest expense	$	334	$	225	$	198

Interest Income
Total reported segments	$	126	$	151	$	191
Corporate	14		14		16
Total Interest income	$	140	$	165	$	207

__________

(1)For the year ended December 31, 2024 we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Print and Other reporting unit.

(2)Includes certain charges resulting from the exit of certain production print manufacturing operations, including inventory-related charges of approximately $24 and $8 for the years ended December 31, 2025 and 2024 respectively, as well as charges for the cancellation of related purchase contracts of $— and $43 for the years ended December 31, 2025 and 2024, respectively.

Schedule of Revenue and Long-lived Assets by Geography

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2025		2024		2023		2025		2024
United States	$	3,985	$	3,437	$	3,826	$	761	$	488
Europe	1,952		1,843		1,951		178		194
Canada	464		487		554		49		39
Latin America	274		199		246		106		10
Asia Pacific	154		54		55		51		2
Other areas	193		201		254		2		2
Total	$	7,022	$	6,221	$	6,886	$	1,147	$	735

_____________

(1)Long-lived assets are comprised of (i) Land, buildings and equipment, net, (ii) Equipment on operating leases, net, (iii) Leased right-of-use (ROU) assets, net, (iv) Internal use software, net, and (v) Capitalized product software, net.

Stock-Based Compensation - Stock-Based Awards (Details) $ in Millions	Dec. 31, 2025 USD ($)
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 28
Performance Shares
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Tax Effect

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense, pre-tax	$	45	$	52	$	54
Income tax benefit recognized in earnings	9		8		10

Schedule of Share-Based Payment Arrangement, Performance Shares, Performance Metrics

PSU awards are comprised of a performance-based component (Operating income) as well as a market-based component (Relative Total Shareholder Return (RTSR)). PSUs granted in 2025 and 2024 are entirely performance-based with an RTSR modifier - see Market-Based Component below. PSUs granted in 2023 are entirely market-based. The metrics and weightings are as follows:


	Award Year (Metric Weighting)
Performance Metric	2025		2024		2023
Operating income(1)	100	%	—	%	—	%
Operating income improvement(1)	—	%	100	%	—	%

Relative total shareholder return	—	%	—	%	100	%

	100	%	100	%	100	%

____________

(1)PSUs granted in 2025 and 2024 are performance-based and subject to an operating income metric and an RTSR modifier that may increase or decrease the number of shares that vest by up to 15% and 25%, respectively.

Schedule of Stock-based Payment Award Valuation Assumptions, Performance Shares, Market-based Component Table

A summary of Xerox Holding's key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2025 Award			2024 Award			2023 Award
Term	3 years			3 years			3 years
Risk-free interest rate(1)	3.92		%	4.20		%	3.80		%

Volatility(2)	47.92		%	42.88		%	52.21		%
Weighted average fair value(3)	$	5.15		$	18.29		$	23.00

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Schedule of Absolute Share Price and TSR Payout, as a Percentage, Comparison to Targets

Our RTSR metrics are compared against total return targets to determine the payout as follows:

2025

2024

2023

Payout Percentage

Percentile Ranking Return Targets(1)

200%

n/a

75th and above

100%

n/a

50th

50%

n/a

25th

25%

n/a

75th and above

n/a

15%

75th and above

n/a

50th

Below 25th

(15)%

25th and below

n/a

(25)%

n/a

25th and below

n/a

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

Summary of Stock-based Compensation Activity


	2025			2024			2023
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Restricted Stock Units
Outstanding at January 1	6,314	$	15.48	4,672	$	18.46	3,221	$	23.16
Granted(1)	8,951	5.51		4,159	14.09		3,382	16.56
Vested	(2,370)	17.78		(2,030)	19.04		(1,593)	23.73
Forfeited	(973)	8.20		(487)	17.27		(338)	19.27


Outstanding at December 31	11,922	8.13		6,314	15.48		4,672	18.46
Performance Shares
Outstanding at January 1	2,066	$	21.59	2,039	$	24.18	1,729	$	28.38
Granted(1)	1,912	4.46		1,243	13.89		940	22.97
Vested	—	—		—	—		—	—
Forfeited/Expired	(1,560)	15.67		(1,216)	17.67		(630)	33.86


Outstanding at December 31	2,418	11.87		2,066	21.59		2,039	24.18

____________

(1)RSUs and PSUs granted in 2025 reflect a higher number of shares granted, primarily due to a lower average grant-date fair value of the Company’s common stock.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2025 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	50	1.8
Performance Shares	5		2.0
Stock Options(1)	2		1.0
Total	$	57

____________

(1)Reflects CareAR SOs granted in May 2022.

Schedule of Aggregate Intrinsic Value Restricted Stock and Performance Shares Compensation Awards

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2025
Restricted Stock Units	$	28
Performance Shares	6

Schedule of Vested and Exercised Stock Based Awards Total Intrinsic Value and Tax Benefit Realized

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2025		December 31, 2024				December 31, 2023
Awards	Total Intrinsic Value		Tax Benefit		Total Intrinsic Value			Tax Benefit		Total Intrinsic Value		Tax Benefit
Restricted Stock Units	$	18	$	3	$	31		$	4	$	25	$	5
Performance Share Units	—		—		—			—		—		—

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employer discretionary contribution	$ 26	$ 40	$ 40

Contingencies and Litigation - Brazil Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 338	$ 305
Escrow cash deposits	20	18
Surety bonds	115	88
Letters of credit	1	10
Liens on Brazilian assets	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Employee Benefit Plans - Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Interest (income) expense on non-TRA obligations	$ 358	$ 279	$ 284
Interest (income) expense allocated to TRA participant accounts	(25)	(9)	20
Expected investment income on non-TRA assets	295	273	300
Actual investment income (loss) on TRA assets	25	(9)	20
Pension Plan \| United States
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0
Interest cost	138	88	116
Expected return on plan assets	(111)	(71)	(103)
Recognized net actuarial loss (gain)	19	18	16
Amortization of prior service cost (credit)	0	0	0
Recognized settlement loss	0	5	19
Defined Benefit Plans	46	40	48
Defined contribution plans	3	17	19
Net Periodic Benefit Cost (Credit)	49	57	67
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	(41)	(8)	74
Prior service cost (credit)	0	0	0
Amortization of net actuarial (loss) gain	(19)	(23)	(35)
Amortization of net prior service (cost) credit	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	(60)	(31)	39
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	(11)	26	106
Pension Plan \| Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	6	5	5
Interest cost	195	182	188
Expected return on plan assets	(209)	(193)	(217)
Recognized net actuarial loss (gain)	53	62	11
Amortization of prior service cost (credit)	9	8	5
Recognized settlement loss	0	0	1
Defined Benefit Plans	54	64	(7)
Defined contribution plans	23	23	21
Net Periodic Benefit Cost (Credit)	77	87	14
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	(113)	(44)	298
Prior service cost (credit)	0	52	36
Amortization of net actuarial (loss) gain	(53)	(62)	(12)
Amortization of net prior service (cost) credit	(9)	(8)	(5)
Total Recognized in Other Comprehensive (Loss) Income	(175)	(62)	317
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	(98)	25	331
Retiree Health
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	1
Interest cost	8	8	10
Expected return on plan assets	0	0	0
Recognized net actuarial loss (gain)	(11)	(12)	(12)
Amortization of prior service cost (credit)	(13)	(15)	(15)
Recognized settlement loss	0	0	0
Defined Benefit Plans	(15)	(18)	(16)
Net Periodic Benefit Cost (Credit)	(15)	(18)	(16)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	6	(3)	(5)
Prior service cost (credit)	0	0	(3)
Amortization of net actuarial (loss) gain	11	12	12
Amortization of net prior service (cost) credit	13	15	15
Total Recognized in Other Comprehensive (Loss) Income	30	24	19
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	$ 15	$ 6	$ 3

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		4.80%	4.90%	4.70%
Discount rate (percentage)		4.90%	4.70%	5.00%
Retiree Health \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)	4.80%
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		5.30%	5.60%	4.90%
Rate of compensation increase (percentage)		0.00%	0.00%	0.00%
Interest crediting rate (percentage)		4.50%	4.60%	4.50%
Discount rate (percentage)		5.60%	4.90%	5.10%
Expected return on plan assets (percentage)		7.80%	8.10%	8.10%
Rate of compensation increase (percentage)		0.00%	0.00%	0.00%
Interest crediting rate (percentage)		4.60%	4.50%	4.50%
United States \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)	5.30%
Expected return on plan assets (percentage)	7.50%
Rate of compensation increase (percentage)	0.00%
Interest crediting rate (percentage)	4.50%
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		4.80%	4.50%	4.10%
Rate of compensation increase (percentage)		2.20%	2.30%	2.70%
Interest crediting rate (percentage)		2.40%	2.50%	1.50%
Discount rate (percentage)		4.50%	4.10%	4.50%
Expected return on plan assets (percentage)		4.80%	4.30%	4.30%
Rate of compensation increase (percentage)		2.30%	2.70%	2.90%
Interest crediting rate (percentage)		2.60%	2.50%	2.10%
Non-U.S. \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)	4.80%
Expected return on plan assets (percentage)	5.00%
Rate of compensation increase (percentage)	2.20%
Interest crediting rate (percentage)	2.40%

Xerox Holdings Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net (Loss) Income	$ (1,029)	$ (1,321)	$ 1
Adjustments required to reconcile Net (loss) income to Net Cash provided by operating activities:
Depreciation and amortization	331	274	251
Provisions	85	110	54
Inventory-related purchase accounting adjustment-noncash	102	0	0
Effective settlement of a pre-existing relationship between Lexmark and Xerox	(43)	0	0
Deferred tax benefit	502	90	(68)
Net gain on sales of businesses and assets	(5)	(8)	(39)
Divestitures	(4)	47	0
PARC donation	0	0	132
Stock-based compensation	45	52	54
Goodwill impairment	0	1,058	0
Restructuring and asset impairment charges	67	87	146
Payments for restructurings	(69)	(78)	(27)
Non-service retirement-related costs	78	80	19
Contributions to retirement plans	(161)	(145)	(102)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(36)	71	(5)
(Increase) decrease in inventories	(12)	(122)	123
Increase in equipment on operating leases	(126)	(107)	(141)
Decrease in finance receivables	489	663	614
Decrease (increase) in other current and long-term assets	9	(14)	16
Increase (decrease) in accounts payable	24	(48)	(290)
(Decrease) increase in accrued compensation	(53)	(78)	48
Increase (decrease) in other current and long-term liabilities	33	(47)	(114)
Net change in income tax assets and liabilities	(26)	(50)	(12)
Net change in derivative assets and liabilities	(12)	10	13
Other operating, net	35	(13)	13
Net cash provided by operating activities	224	511	686
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(91)	(44)	(37)
Proceeds from sales of businesses and assets	79	35	43
Acquisitions, net of cash acquired	(674)	(161)	(7)
Other investing, net	(12)	(28)	(4)
Net cash used in investing activities	(698)	(198)	(5)
Cash Flows from Financing Activities
Net proceeds on short-term debt	119	0	0
Proceeds from issuance of long-term debt	1,140	907	1,396
Payments on long-term debt	(755)	(992)	(1,874)
Purchases of capped calls	0	(23)	0
Dividends	(71)	(141)	(165)
Payments to acquire treasury stock, including fees	0	(8)	(544)
Other financing, net	(29)	(14)	(15)
Net cash provided by (used in) financing activities	404	(271)	(1,202)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(28)	(1)
(Decrease) increase in cash, cash equivalents and restricted cash	(66)	14	(522)
Cash, cash equivalents and restricted cash at beginning of year	631	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 565	$ 631	$ 617

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans.

Where legally possible, we have amended our major defined benefit pension plans to freeze current benefits and eliminate benefit accruals for future service, including our U.S. defined benefit plans, the Canadian Salary Pension Plan and the U.K. pension plan. In certain non-U.S. plans, we are required to continue to consider salary increases and inflation in determining the benefit obligation related to prior service.

In December 2023, the Trustees for the U.K. pension plan entered a second insurance buy-in contract, in accordance with U.K. pension regulations. Insurance buy-in contracts are group annuity contracts that are expected to provide an income stream to cover a significant majority of the cash flows arising for the plan population with future contracted payments. However, the benefit obligation remains with the plan and the Company. This contract is issued by a third-party insurance company with no affiliation to the Company or the plan. The contract was funded through existing plan assets, with a portion of the premium payments for the policy being deferred. In February 2026, the remaining portion of the premium was paid in full using proceeds from the sale of certain assets that were previously illiquid. The insurance buy-in contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. The insurance buy-in contract is classified as a Level 3 investment in the Plan Asset tables below. This buy-in contract was similar to a contract purchased in 2022 that covered a portion of member benefit payments. The buy-in arrangement also allows for the possible future conversion into a buy-out arrangement where the insurance company would assume full responsibility for the U.K. pension plan pension obligations, at which time the Company would derecognize the assets and liabilities of the pension plan and realize a settlement gain or loss as a component of the net periodic pension cost.

In May 2023, the Dutch Parliament enacted the Future Pensions Act (Wet toekomst pensioenen), which became effective on July 1, 2023. The legislation requires employers to transition existing pension arrangements in the Netherlands that are structured as defined benefit plans or age-dependent defined contribution plans to defined contribution plans. All affected pension plans must be converted to compliant plans by January 1, 2028. The Company sponsors pension plans for certain employees in the Netherlands that are subject to this legislation, and is in the process of evaluating the required transition. The transition is expected to be completed within the statutory timeframe. The conversion of the Company’s Dutch retirement plan may result in changes to the nature of the pension obligations and could give rise to plan amendments, or settlements under ASC 715, Compensation—Retirement Benefits, depending on the final structure of the transitioned plans and the treatment of accrued benefits. Such events could require remeasurement of pension obligations and plan assets and may result in the recognition of settlement gains or losses in the period in which the transition is finalized or implemented. At December 31, 2025, the Company has not yet finalized the design of the plans and, accordingly, has not recorded any impacts related to the conversion. The Company will recognize any resulting effects on its pension obligations, net periodic pension cost, or accumulated other comprehensive income in accordance with ASC 715 when the transition is substantively enacted and the amounts are reasonably estimable.


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2025		2024		2025		2024		2025		2024
Change in Benefit Obligation:
Benefit obligation, January 1	$	2,176	$	2,389	$	4,097	$	4,567	$	173	$	193
Service cost	—		—		6		5		1		1
Interest cost	138		88		195		182		8		8
Plan participants' contributions	—		—		2		1		5		5
Actuarial loss (gain)(1)	38		(136)		(114)		(281)		6		(3)
Currency exchange rate changes	—		—		350		(157)		5		(8)
Plan amendment	—		—		3		54		—		—

Benefits paid/settlements	(189)		(165)		(346)		(274)		(26)		(23)
Acquisition(2)	399		—		155		—		7		—
Other	1		—		(2)		—		—		—
Benefit Obligation, December 31	$	2,563	$	2,176	$	4,346	$	4,097	$	179	$	173

Change in Plan Assets:
Fair value of plan assets, January 1	$	1,407	$	1,528	$	4,220	$	4,662	$	—	$	—
Actual return on plan assets	189		(56)		209		(42)		—		—
Employer contributions	112		100		28		27		21		18
Plan participants' contributions	—		—		2		1		5		5
Currency exchange rate changes	—		—		355		(154)		—		—
Benefits paid/settlements	(189)		(165)		(346)		(274)		(26)		(23)
Acquisition(2)	326		—		122		—		—		—
Other	—		—		(2)		—		—		—
Fair Value of Plan Assets, December 31	$	1,845	$	1,407	$	4,588	$	4,220	$	—	$	—

Net Funded Status at December 31(3)	$	(718)	$	(769)	$	242	$	123	$	(179)	$	(173)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	578	$	421	$	—	$	—
Accrued compensation and benefit costs	(24)		(22)		(20)		(18)		(20)		(19)
Pension and other benefit liabilities	(694)		(747)		(316)		(280)		—		—
Post-retirement medical benefits	—		—		—		—		(159)		(154)
Net Amounts Recognized	$	(718)	$	(769)	$	242	$	123	$	(179)	$	(173)

Accumulated Benefit Obligation	$	2,563	$	2,176	$	4,320	$	4,049

_____________

(1)Changes in actuarial losses (gains) are due to actual returns in excess of expected returns, as well as changes in discount rates.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Includes under-funded and unfunded plans.

Pension and other benefit liabilities include the following additional accounts at December 31st:


	December 31,
	2025		2024
Pension liabilities(1)	$	1,010	$	1,027
Accrued compensation liabilities	45		48
Deferred compensation liabilities(2)	13		13
Pension and other benefit liabilities	$	1,068	$	1,088

__________________________

(1)Reflects pension net funded status liability for both U.S. and non-U.S. plans.

(2)Includes amounts measured at fair value on a recurring basis at December 31, 2025 and 2024 of $11 and $11, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities.

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2025		2024		2025		2024		2025		2024
Net actuarial loss (gain)	$	640	$	700	$	1,344	$	1,405	$	(46)	$	(63)
Prior service cost (credit)	—		—		186		177		(53)		(66)
Total loss (gain) - Pre-tax	$	640	$	700	$	1,530	$	1,582	$	(99)	$	(129)

Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.


	December 31, 2025				December 31, 2024
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,338	$	1,845	$	1,956	$	1,407
Non-U.S.	212		165		13		39

Unfunded Plans:
U.S.	$	225	$	—	$	220	$	—
Non-U.S.	263		—		286		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,563	$	1,845	$	2,176	$	1,407
Non-U.S.	475		165		299		39
Total	$	3,038	$	2,010	$	2,475	$	1,446

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2025				December 31, 2024
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,338	$	1,845	$	1,956	$	1,407
Non-U.S.	225		165		45		39

Unfunded Plans:
U.S.	$	225	$	—	$	220	$	—
Non-U.S.	267		—		292		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,563	$	1,845	$	2,176	$	1,407
Non-U.S.	492		165		337		39
Total	$	3,055	$	2,010	$	2,513	$	1,446

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2025						December 31, 2024
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,845	$	2,338	$	(493)	$	1,407	$	1,956	$	(549)
U.S. unfunded	—		225		(225)		—		220		(220)
Total U.S.	1,845		2,563		(718)		1,407		2,176		(769)
U.K.	2,779		2,502		277		2,528		2,310		218
Netherlands	872		720		152		808		732		76
Canada	547		505		42		535		503		32
Germany	4		241		(237)		—		220		(220)

Other	386		378		8		349		332		17
Total	$	6,433	$	6,909	$	(476)	$	5,627	$	6,273	$	(646)

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2025		2024		2023		2025		2024		2023		2025		2024		2023
Components of Net Periodic Benefit Costs:
Service cost	$	—	$	—	$	—	$	6	$	5	$	5	$	1	$	1	$	1
Interest cost(1)(2)	138		88		116		195		182		188		8		8		10
Expected return on plan assets(1)(3)	(111)		(71)		(103)		(209)		(193)		(217)		—		—		—
Recognized net actuarial loss (gain)(1)	19		18		16		53		62		11		(11)		(12)		(12)
Amortization of prior service cost (credit)(1)	—		—		—		9		8		5		(13)		(15)		(15)
Recognized settlement loss(1)	—		5		19		—		—		1		—		—		—


Defined Benefit Plans	46		40		48		54		64		(7)		(15)		(18)		(16)
Defined contribution plans	3		17		19		23		23		21		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	49	$	57	$	67	$	77	$	87	$	14	$	(15)	$	(18)	$	(16)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	$	(41)	$	(8)	$	74	$	(113)	$	(44)	$	298	$	6	$	(3)	$	(5)
Prior service cost (credit)	—		—		—		—		52		36		—		—		(3)
Amortization of net actuarial (loss) gain	(19)		(23)		(35)		(53)		(62)		(12)		11		12		12
Amortization of net prior service (cost) credit	—		—		—		(9)		(8)		(5)		13		15		15

Total Recognized in Other Comprehensive Income (Loss)(4)	(60)		(31)		39		(175)		(62)		317		30		24		19
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	$	(11)	$	26	$	106	$	(98)	$	25	$	331	$	15	$	6	$	3

_____________

(1)Included in Other expenses, net in the Statements of (Loss) Income.

(2)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $358, $279 and $284 and interest (income)/expense directly allocated to TRA participant accounts of $(25), $(9) and $20 for the years ended December 31, 2025, 2024 and 2023, respectively.

(3)Expected return on plan assets includes expected investment income on non-TRA assets of $295, $273 and $300 and actual investment income/(loss) on TRA assets of $25, $(9) and $20 for the years ended December 31, 2025, 2024 and 2023, respectively.

(4)Amounts represent the pre-tax effect included in Other comprehensive income (loss). Refer to Note 24 - Other Comprehensive Income (Loss) for the related tax effects and the net of tax amounts.

Plan Amendments

Pension:

Netherlands

In January 2024, the pension board of our Netherlands pension plan transferred the plan’s assets and projected benefit obligation (PBO) to a single client section in a general pension fund. In addition to this transfer, the indexation target was increased from 75% of price inflation to 100% of price inflation. This plan amendment increasing the indexation target resulted in an increase of approximately $48 (approximately EUR 44 million) in the PBO for this Collective Defined Contribution (CDC) plan, approximately 6% of the plan PBO as of December 31, 2023. From a Company risk perspective, this CDC plan operates just like a frozen defined contribution plan. Although the Company's risk has been mitigated, under U.S. GAAP this CDC plan does not meet the definition of a defined contribution plan and therefore continues to be accounted for as a defined benefit plan.

United Kingdom

In December 2025, April 2024, and April 2023, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2026, 2024 and 2023 pension increase award to 4.0%, 5.0% and 6.5%, respectively. The December 2025 plan amendment resulted in an increase of $3 in the projected benefit obligation (PBO) for this plan, the April 2024 plan amendment resulted in an increase of $6 in the PBO for this plan, and the April 2023 plan amendment resulted in an increase of $36 in the PBO for this plan, with all amounts inclusive of other remeasurement adjustments for changes in actuarial assumptions.

In October 2018, the High Court of Justice in the United Kingdom (the High Court) ruled that Lloyds Bank PLC was required to equalize benefits payable to men and women under its U.K. defined benefit pension plans by amending those plans to increase the pension benefits payable to participants that accrued such benefits during the period from 1990 to 1997. The inequalities arose from statutory differences in the retirement ages and rates of accrual of benefits for men and women related to Guaranteed Minimum Pension (GMP) benefits that are included in U.K. defined benefit pension plans.

At December 31, 2025, the aggregate cost for this matter was estimated to be approximately GBP 15 million (approximately USD $20). This latest estimate is consistent with the prior year, adjusted for market conditions at December 31, 2025. The equalization method was agreed between the Company and Trustee and is in the process of being implemented.

Plan Assets

Current Allocation

As of the 2025 and 2024 measurement dates, the global pension plan assets were $6,433 and $5,627, respectively. These assets were invested among several asset classes.

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2025
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	4	$	—	$	—	$	—	$	4	$	445	$	—	$	—	$	—	$	445
Equity Securities:
U.S.(2)	74		—		—		74		148		12		19		—		—		31
International(2)	99		—		—		181		280		372		18		—		21		411
Fixed Income Securities:
U.S. treasury securities(2)	—		84		—		69		153		—		2		—		—		2
Debt security issued by government agency	—		163		—		—		163		—		661		—		2		663
Corporate bonds(2)	—		623		—		116		739		—		266		—		—		266
Asset backed securities	—		—		—		—		—		—		4		—		—		4
Derivatives	—		2		—		—		2		—		(11)		—		—		(11)
Real estate	—		—		23		32		55		—		—		70		44		114
Private equity/venture capital	—		—		—		158		158		—		3		—		42		45
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,498		—		2,498
Other(3)(4)(5)	—		1		—		142		143		28		5		—		87		120
Total Fair Value of Plan Assets	$	177	$	873	$	23	$	772	$	1,845	$	857	$	967	$	2,568	$	196	$	4,588

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient include investments in common collective trusts.

(3)Other Level 1 includes net non-financial assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had no net assets, while the non-U.S. plans had net assets of $28.

(4)Other NAV for U.S. Plans (measured at NAV) includes common collective trust funds of $104, which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.

(5)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $87 in our Netherlands plans.


	December 31, 2024
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	—	$	1	$	246	$	—	$	—	$	—	$	246
Equity Securities:
U.S.	72		—		—		—		72		15		19		—		—		34
International	72		—		—		125		197		314		—		—		18		332
Fixed Income Securities:
U.S. treasury securities	—		67		—		—		67		—		2		—		—		2
Debt security issued by government agency	—		139		—		—		139		—		670		—		—		670
Corporate bonds	—		599		—		—		599		—		236		—		—		236

Derivatives	—		(30)		—		—		(30)		—		13		—		—		13
Real estate	—		—		24		11		35		—		—		87		31		118
Private equity/venture capital	—		—		—		167		167		—		—		—		258		258
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,184		—		2,184
Other(2)(3)(4)	(3)		—		—		163		160		51		12		—		64		127
Total Fair Value of Plan Assets	$	142	$	775	$	24	$	466	$	1,407	$	626	$	952	$	2,271	$	371	$	4,220

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(3), while the non-U.S. plans had net assets of $51.

(3)Other NAV for the U.S. Plans includes common collective trust funds of $116 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.

(4)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $64 in our Netherlands plans.

The following tables represents a roll forward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2023	$	47	$	106	$	4	$	2,481	$	2,591
Purchases	—		—		—		1		1



Sales	(22)		—		—		(3)		(3)

Unrealized losses	(1)		(12)		(4)		(253)		(269)
Currency translation	—		(7)		—		(42)		(49)

Balance at December 31, 2024	$	24	$	87	$	—	$	2,184	$	2,271
Purchases	—		—		—		—		—

Sales	(2)		—		—		—		—



Unrealized gains (losses)	1		(31)		—		20		(11)
Acquisition(1)	—		—		—		131		131
Currency translation	—		14		—		163		177

Balance at December 31, 2025	$	23	$	70	$	—	$	2,498	$	2,568

_____________

(1)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Level 3 Valuation Method

Our primary Level 3 assets are Real Estate, Private Equity/Venture Capital investments, and Guaranteed Insurance Contracts. The fair value of our real estate investment funds is based on the Net Asset Value (NAV) of our ownership interest in the funds. NAV information is received from the investment advisers and is primarily derived from third-party real estate appraisals for the properties owned. The fair value for our private equity/venture capital partnership investments are based on our share of the estimated fair values of the underlying investments held by these partnerships as reported (or expected to be reported) in their audited financial statements. Purchases of Guaranteed Insurance Contracts (GICs) include the purchases of buy-in annuity contracts, which have been valued based on the member benefits covered by the contracts adjusted for current market factors. The valuation techniques and inputs for our Level 3 assets have been consistently applied for all periods presented.

Investment Strategy

The target asset allocations for our worldwide defined benefit pension plans were:


	2025		2024
	U.S.	Non-U.S.	U.S.	Non-U.S.
Equity investments(1)	26%	10%	27%	9%
Fixed income investments	60%	20%	60%	22%
Real estate	6%	3%	4%	3%
Private equity/venture capital	5%	1%	7%	7%
Other(1)	3%	66%	2%	59%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash, which resulted in a negative cash position in Other.

We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by exceeding the interest growth in long-term plan liabilities. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. This consideration involves the use of long-term measures that address both return and risk. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small and large capitalizations. Other assets such as real estate, private equity, and hedge funds are used to improve portfolio diversification. Derivatives may be used to hedge market exposure in an efficient, timely and cost-effective manner; however, derivatives may not be used to speculate or leverage the portfolio beyond the market value of the underlying investments. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and quarterly investment portfolio reviews.

Expected Long-term Rate of Return

We employ a “building block” approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term relationships between equities and fixed income are assessed. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed periodically to assess reasonableness and appropriateness.

Contributions Disclosure

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2025		Estimated 2026
U.S. Plans	$	112	$	115
Non-U.S. Plans	28		30
Total Pension Plans	$	140	$	145
Retiree Health	21		20
Total Retirement Plans	$	161	$	165

Approximately $89 of the 2025 contributions for our U.S. plans were for our tax-qualified defined benefit plans. Approximately $95 of estimated contributions for 2026 are for our U.S. tax-qualified defined benefit plans. However, once the next actuarial valuations and projected results are available, actual contributions required to meet minimum funding requirements will be determined and finalized and may change from the current estimate.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2026	$	239	$	313	$	552	$	20
2027	221		318		539		18
2028	222		325		547		17
2029	221		333		554		15
2030	250		341		591		14
Years 2031-2035	1,072		1,801		2,873		58

Assumptions

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2025				2024				2023
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.3	%	4.8	%	5.6	%	4.5	%	4.9	%	4.1	%
Rate of compensation increase	—	%	2.2	%	—	%	2.3	%	—	%	2.7	%
Interest crediting rate	4.5	%	2.4	%	4.6	%	2.5	%	4.5	%	1.5	%


	Retiree Health
	2025		2024		2023
Discount rate	4.8	%	4.9	%	4.7	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2026				2025				2024				2023
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.3	%	4.8	%	5.6	%	4.5	%	4.9	%	4.1	%	5.1	%	4.5	%
Expected return on plan assets	7.5	%	5.0	%	7.8	%	4.8	%	8.1	%	4.3	%	8.1	%	4.3	%
Rate of compensation increase	—	%	2.2	%	—	%	2.3	%	—	%	2.7	%	—	%	2.9	%
Interest crediting rate	4.5	%	2.4	%	4.6	%	2.6	%	4.5	%	2.5	%	4.5	%	2.1	%


	Retiree Health
	2026		2025		2024		2023
Discount rate	4.8	%	4.9	%	4.7	%	5.0	%

_____________

Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.

Assumed health care cost trend rates were as follows:


	December 31,
	2025		2024
Health care cost trend rate assumed for next year	6.5	%	6.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.2	%	4.2	%
Year that the rate reaches the ultimate trend rate	2029		2028

Defined Contribution Plans

We have defined contribution savings and investment plans in several countries, including the U.S., the U.K. and Canada. In many instances, employees who participated in the defined benefit pension plans that have been amended to freeze future service accruals were transitioned to an enhanced defined contribution plan. In these plans, employees are allowed to contribute a portion of their salaries and bonuses to the plans, and we match a portion of the employee contributions. We recorded charges related to our defined contribution plans of $26 in 2025, $40 in 2024 and $40 in 2023.

During 2025, the Company suspended its full year employer matching contribution for its legacy Xerox U.S. based 401(k) plan for salaried (non-union) employees. The employer matching contribution was reinstated for 2026 and began to be paid on a per-pay-period basis.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
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-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Financial Instruments - Derivative Instruments Gain (Losses) (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

^[1]

$ (10,000,000)

$ 9,000,000

$ 1,000,000

Total Accumulated Other Comprehensive Loss

449,000,000

1,080,000,000

2,548,000,000

$ 3,353,000,000

Foreign currency transaction loss

12,000,000

15,000,000

28,000,000

Other unrealized (losses) gains, net

Derivative Instruments, Gain (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(4,000,000)

6,000,000

(3,000,000)

Not Designated as Hedging Instrument

Derivative Instruments, Gain (Loss) [Line Items]

Derivative assets (liabilities), at fair value, net

2,000,000

(2,000,000)

Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

Foreign exchange contracts – forwards/options | Not Designated as Hedging Instrument

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

(8,000,000)

24,000,000

26,000,000

Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(11,000,000)

(6,000,000)

(17,000,000)

Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(4,000,000)

6,000,000

(1,000,000)

Effective Portion

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(15,000,000)

(18,000,000)

(Loss) Gain Reclassified from AOCL to Income (Effective Portion)

(4,000,000)

(10,000,000)

(18,000,000)

Cost of Sales | Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCL to Income (Effective Portion)

(4,000,000)

(9,000,000)

(22,000,000)

Interest Expense | Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCL to Income (Effective Portion)

$ 0

$ (1,000,000)

$ 4,000,000

[1]	Refer to Note 24 - Other Comprehensive Income (Loss) for gross components of Other Comprehensive Income ( Loss), reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Lessee - Supplemental Information Related to Financing Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 13	$ 12	$ 8
Finance lease assets obtained in exchange for new lease liabilities	$ 0	$ 42	$ 7
Weighted-average remaining lease term (years)	2 years	4 years	2 years
Weighted-average discount rate (percentage)	9.45%	10.53%	7.28%

Lessee - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$ 113	$ 72	$ 91
Right-of-use assets obtained in exchange for new lease liabilities	$ 60	$ 65	$ 23
Weighted-average remaining lease term (years)	7 years	4 years	4 years
Weighted-average discount rate (percentage)	19.29%	7.70%	6.07%

Restructuring Programs

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Programs

In connection with our Reinvention we engage in restructuring actions in order to reduce our cost structure and realign it to the changing nature of our business. Additionally, as a result of the Lexmark Acquisition, we have begun efforts to integrate and consolidate certain operations of the legacy Xerox and Lexmark businesses. Our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, exit from certain product lines and geographies, as well as reducing our real estate footprint. Refer to Note 6 - Acquisitions and Divestitures for additional information related to the Lexmark Acquisition.

Restructuring and related costs, net reflect the following components for the three years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Restructuring charges, net	$	82	$	62	$	114
Asset impairment charges, net(1)	(15)		25		32
Related costs, net	(1)		25		21
Total Restructuring and related costs, net	$	66	$	112	$	167

_____________

(1)Impairments are net of cash receipts.

Restructuring charges, net primarily include employee severance costs and other contractual termination costs resulting from restructuring actions and initiatives. In those geographies where the Company has a formal severance plan or a history of consistently providing severance benefits representing a substantive on-going benefit arrangement, employee severance and related costs are accounted for in accordance with ASC 712 and are recognized when the obligation is both probable and reasonably estimable. Severance payments provided under one-time benefit arrangements related to restructuring activities are accounted for in accordance with ASC 420 and are recognized when the Company has communicated the termination plan to the affected employees, the benefits are fixed or determinable, and the Company does not have the ability to withdraw the offer. To the extent employees are required to render future service beyond a minimum retention period, severance costs are recognized ratably over the future service period as restructuring related costs. Contractual termination costs, including facility exit

costs and other contract termination costs, are recognized when a liability has been incurred in accordance with applicable accounting guidance.

Asset impairment charges, net primarily include impairments that may result from employee reductions, migration of facilities from higher-cost to lower-cost countries, and the consolidation of facilities, and is net of any gains we may realize on the disposal of those assets. Restructuring activities may also include the disposal or abandonment of assets, including leased right-of-use assets, that require an acceleration of depreciation or an impairment charge reflecting the excess of an asset's book value over fair value or other recoveries.

Restructuring related costs include severance costs paid in connection with contractual outsourcing arrangements as well as professional support services associated with our business transformation initiatives.

The recognition of restructuring and related costs requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with planned initiatives. To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized. At the end of each reporting period, we evaluate the remaining accrued balances to ensure they are properly stated, and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.

Restructuring Charges, Net

Restructuring charges, net primarily relate to the Print and Other segment as amounts related to the IT Solutions segment were immaterial for all periods presented. A summary of our restructuring program activity for the three years ended December 31, 2025, 2024 and 2023 is as follows:


	Severance Cost Prior Actions		Severance Costs Reinvention		Severance Costs Integration		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2022	$	39	$	—	$	—	$	4	$	43
Restructuring provision	21		104		—		—		125
Reversals of prior charges	(11)		—		—		—		(11)
Net Current Period Charges(1)	10		104		—		—		114
Charges against reserve and currency	(24)		—		—		(4)		(28)
Balance at December 31, 2023	$	25	$	104	$	—	$	—	$	129
Restructuring provision	2		66		—		4		72
Reversals of prior charges	(6)		(3)		—		(1)		(10)
Net Current Period Charges(1)	(4)		63		—		3		62
Charges against reserve and currency	(16)		(63)		—		(3)		(82)
Balance at December 31, 2024	$	5	$	104	$	—	$	—	$	109
Restructuring provision	—		27		92		5		124
Reversals of prior charges	(3)		(36)		(3)		—		(42)
Net Current Period Charges(1)	(3)		(9)		89		5		82


Charges against reserve and currency	(1)		(52)		(12)		—		(65)
Balance at December 31, 2025	$	1	$	43	$	77	$	5	$	126

_____________

(1)Represents net amount recognized within the Consolidated Statements of (Loss) Income for the years shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives accrued for in prior periods, including Reinvention and Integration.

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. We expect that the majority of these costs reserved for in 2025 will be paid upon the exercise of an early termination clause in 2027.

At December 31, 2025, we expect to pay $67 of the restructuring reserve over the next twelve months.

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2025		2024		2023
Restructuring cash payments	$	(69)	$	(78)	$	(27)

Effects of foreign currency and other non-cash items	4		(4)		(1)
Charges against reserve and currency	$	(65)	$	(82)	$	(28)

Asset Impairment Charges, Net

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts.

In connection with strategic actions taken as a result of the Company's Reinvention, 2025 activity included the impairment of an operating lease ROU asset, as well as the sales of facilities in the U.S. and Europe, while 2024 primarily related to impairments associated with geographic simplification.

2023 activity includes the impairment associated with the Company's sale of its Russian Subsidiary, which was completed in October 2023 and the impairment associated with the Company's sale of its Xerox Research Center of Canada (XRCC), the Canadian research division of Xerox, to Myant Capital Partners, which was completed in July 2023. 2023 also includes impairments associated with strategic actions taken as a result of the Company's Reinvention, including the outsourcing of certain back-office functions and geographic simplification.


	Year Ended December 31,
	2025		2024		2023
Lease right of use assets(1)	$	4	$	—	$	—
Owned assets(2)	23		27		36
Asset impairments	27		27		36

Adjustments/Reversals(3)	9		(2)		(4)
Less: Proceeds from the sales of owned assets(4)	(51)		—		—
Net asset impairment (credit) charge	$	(15)	$	25	$	32

______________

(1)Primarily related to the exit and abandonment of leased facilities, net of recoveries and any potential sublease income.

(2)Primarily related to the exit and abandonment of owned facilities.

(3)Reflects adjustment and reversals of impairments taken in prior periods.

(4)Reflects proceeds on the sales of exited surplus facilities and land.

Related Cost, Net

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2025		2024		2023
Retention-related severance/bonuses(1)	$	—	$	(2)	$	(2)
Contractual severance costs	(1)		(1)		—
Consulting and other costs(2)	—		28		23
Total	$	(1)	$	25	$	21

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

For the years ended December 31, 2025, 2024 and 2023, cash payments for restructuring related costs were approximately $0, $28 and $26, respectively, while the reserve was $4 and $4 at December 31, 2025 and 2024, respectively. The balance at December 31, 2025 is expected to be paid over the next twelve months.

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates. There were no acquisitions for the year ended 2023.


	Year Ended December 31, 2025			Year Ended December 31, 2024
	Weighted-Average Life	Acquisitions(1)		Weighted-Average Life	Acquisitions(1)
Accounts/finance receivables		$	346		$	58

Inventories		422			4
Equipment on operating leases, net		65			—
Land, Buildings and Equipments, net		243			5
Intangible assets:
Customer relationships	10 years	530		10 years	134
Trademarks	7 years	110		1 year	2
Technology	7 years	123			—

Goodwill(2)		248			286
Other assets		441			6
Total Assets acquired		2,528			495

Liabilities assumed		(1,531)			(124)
Acquisition-related debt		(323)			(210)
Total Acquisition, net of cash acquired		$	674		$	161

_____________

(1)For additional details related to our 2025 and 2024 acquisition activity, see below.

(2)Our 2025 and 2024 acquisitions included approximately $2 and $42, respectively, of goodwill that is expected to be deductible for tax purposes. Goodwill resulting from our 2025 acquisition is allocated to the Print and Other Segment.

The table below details the total fair value of consideration paid for the ITsavvy Acquisition:


	November 20, 2024

Cash	$	194
Secured promissory notes due in 2025, net of $3 discount	107
Secured promissory notes due in 2026, net of $7 discount	103

Total Fair value of consideration transferred	$	404

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of total purchase consideration to the assets acquired and the liabilities assumed as of the date of the acquisition. Certain amounts have been updated to reflect working capital and measurement period adjustments, the impacts of which were not material to the Consolidated Statements of (Loss) Income:


	July 1, 2025
Assets acquired
Cash and cash equivalents	$	93
Accounts receivable, net	280
Finance receivables, net(1)	22
Inventories	422

Other current assets	131
Finance receivables due after one year, net(1)	44
Equipment on operating lease, net	65
Land, buildings and equipment, net	243
Intangible assets, net	763
Goodwill	246
Deferred tax assets	25
Other long-term assets	266
Total Assets acquired	$	2,600

Liabilities assumed

Accounts payable	$	476
Accrued compensation and benefits costs	56
Accrued expenses and other current liabilities(2)	518
Long-term debt	323
Pension and other benefit liabilities	118
Post-retirement medical benefits	6

Other long-term liabilities(2)	335
Total Liabilities assumed	$	1,832

Net Assets acquired	$	768

_____________

(1)Comprised of sales-type lease receivables.

(2)Includes Deferred revenue accounted for in accordance with ASC 606, Revenue from Contracts with Customers.

The following table summarizes the final allocation of total purchase consideration to the assets acquired and the liabilities assumed as of the date of the acquisition. Certain amounts have been updated to reflect working capital and measurement period adjustments, the impacts of which were not material to the Consolidated Statements of (Loss) Income and resulted in a final allocation to Goodwill of $288, as compared to the original allocation of Goodwill of $286 at the time of acquisition:


	November 20, 2024
Assets acquired
Cash and cash equivalents	$	34
Accounts receivable, net	58
Inventories	4
Other current assets	15
Land, buildings and equipment, net	5
Intangible assets, net	136
Goodwill	288
Other long-term assets	10
Total Assets acquired	$	550

Liabilities assumed

Accounts payable	$	57
Accrued compensation and benefits costs	7
Accrued expenses and other current liabilities(1)	30
Deferred tax liability	18
Other long-term liabilities(1)	34
Total Liabilities assumed	$	146

Net Assets acquired	$	404

____________

(1)Includes Deferred revenue accounted for in accordance with ASC 606 Revenue.

Schedule of Fair Value Estimates of Identifiable Intangible Assets and Their Weighted-Average Useful Lives

The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives:


	July 1, 2025		Estimated Useful Life
Customer relationships	$	530	10 years
Developed technology	123		7 years
Trademarks	110		7 years
Total Identifiable intangible assets	$	763

Intangible Assets

The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives:


	November 20, 2024		Estimated Useful Life
Customer relationships	$	134	10 years
Trademarks	2		1 year
Total consideration transferred	$	136

Schedule of Pro Forma Information and Contributed Aggregate Revenues from Respective Acquisitions

The following table summarizes the pro forma financial information:


	Year Ended December 31,
	2025		2024
Total revenue	$	7,962	$	8,620
Net loss	(968)		(1,680)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Acquisitions and Divestitures - Pro Forma Information (Details) - Lexmark Acquisition - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Total revenue	$ 7,962	$ 8,620
Net loss	$ (968)	$ (1,680)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Long-term Debt (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 4,344
Subtotal - Debt issuance costs	(59)	$ (30)
Unamortized (discount) premium	(38)	(22)
Less: current maturities	(231)	(585)
Total Long-term Debt	4,016	2,814
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	2,025
Subtotal - Debt issuance costs	(20)	(19)
Less: current maturities	(121)	(388)
Xerox Corporation
Debt Instrument [Line Items]
Total	2,316
Subtotal - Debt issuance costs	(39)	(11)
Less: current maturities	(109)	(130)
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	3
Subtotal - Debt issuance costs	0	0
Less: current maturities	(1)	(67)
Xerox - Other Subsidiaries \| Secured Borrowing
Debt Instrument [Line Items]
Total	3	70
Xerox - Other Subsidiaries \| Secured Borrowing \| Lexmark
Debt Instrument [Line Items]
Total	3	0
Xerox - Other Subsidiaries \| Secured Borrowing \| France
Debt Instrument [Line Items]
Total	$ 0	70
Senior Notes due 2025 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	5.00%
Interest rate (as percent)	0.00%
Total	$ 0	388
Senior Notes due 2026 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	13.00%
Interest rate (as percent)	18.61%
Total	$ 125	0
Senior Notes due 2028 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	5.50%
Interest rate (as percent)	5.40%
Total	$ 750	750
Senior Notes due 2029 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	8.88%
Interest rate (as percent)	8.88%
Total	$ 500	500
Senior Notes due 2030 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	13.00%
Interest rate (as percent)	13.00%
Total	$ 250	0
Convertible Senior Notes due 2030 \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	3.75%
Interest rate (as percent)	3.75%
Total	$ 400	400
Term Loan B due 2029 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	7.71%
Interest rate (as percent)	7.71%
Total	$ 706	523
Initial rate spread	4.00%
Secured Promissory Note due 2025 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	0.00%
Interest rate (as percent)	0.00%
Total	$ 0	110
Secured Promissory Note due 2026 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	0.00%
Interest rate (as percent)	5.53%
Total	$ 110	110
Senior Secured Notes due 2030 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	10.25%
Interest rate (as percent)	10.50%
Total	$ 400	0
Senior Secured Notes due 2031 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	13.50%
Interest rate (as percent)	14.16%
Total	$ 500	0
Senior Notes due 2035 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	4.80%
Interest rate (as percent)	4.84%
Total	$ 250	250
Senior Notes due 2039 \| Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	6.75%
Interest rate (as percent)	6.78%
Total	$ 350	350
Long-term Debt
Debt Instrument [Line Items]
Total	4,344	3,451
Long-term Debt \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	2,025	2,038
Long-term Debt \| Xerox Corporation
Debt Instrument [Line Items]
Total	$ 2,316	$ 1,343

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Funded Status


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2025		2024		2025		2024		2025		2024
Change in Benefit Obligation:
Benefit obligation, January 1	$	2,176	$	2,389	$	4,097	$	4,567	$	173	$	193
Service cost	—		—		6		5		1		1
Interest cost	138		88		195		182		8		8
Plan participants' contributions	—		—		2		1		5		5
Actuarial loss (gain)(1)	38		(136)		(114)		(281)		6		(3)
Currency exchange rate changes	—		—		350		(157)		5		(8)
Plan amendment	—		—		3		54		—		—

Benefits paid/settlements	(189)		(165)		(346)		(274)		(26)		(23)
Acquisition(2)	399		—		155		—		7		—
Other	1		—		(2)		—		—		—
Benefit Obligation, December 31	$	2,563	$	2,176	$	4,346	$	4,097	$	179	$	173

Change in Plan Assets:
Fair value of plan assets, January 1	$	1,407	$	1,528	$	4,220	$	4,662	$	—	$	—
Actual return on plan assets	189		(56)		209		(42)		—		—
Employer contributions	112		100		28		27		21		18
Plan participants' contributions	—		—		2		1		5		5
Currency exchange rate changes	—		—		355		(154)		—		—
Benefits paid/settlements	(189)		(165)		(346)		(274)		(26)		(23)
Acquisition(2)	326		—		122		—		—		—
Other	—		—		(2)		—		—		—
Fair Value of Plan Assets, December 31	$	1,845	$	1,407	$	4,588	$	4,220	$	—	$	—

Net Funded Status at December 31(3)	$	(718)	$	(769)	$	242	$	123	$	(179)	$	(173)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	578	$	421	$	—	$	—
Accrued compensation and benefit costs	(24)		(22)		(20)		(18)		(20)		(19)
Pension and other benefit liabilities	(694)		(747)		(316)		(280)		—		—
Post-retirement medical benefits	—		—		—		—		(159)		(154)
Net Amounts Recognized	$	(718)	$	(769)	$	242	$	123	$	(179)	$	(173)

Accumulated Benefit Obligation	$	2,563	$	2,176	$	4,320	$	4,049

_____________

(1)Changes in actuarial losses (gains) are due to actual returns in excess of expected returns, as well as changes in discount rates.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Includes under-funded and unfunded plans.

Schedule of Pension and Other Benefit Liabilities

Pension and other benefit liabilities include the following additional accounts at December 31st:


	December 31,
	2025		2024
Pension liabilities(1)	$	1,010	$	1,027
Accrued compensation liabilities	45		48
Deferred compensation liabilities(2)	13		13
Pension and other benefit liabilities	$	1,068	$	1,088

__________________________

(1)Reflects pension net funded status liability for both U.S. and non-U.S. plans.

Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2025		2024		2025		2024		2025		2024
Net actuarial loss (gain)	$	640	$	700	$	1,344	$	1,405	$	(46)	$	(63)
Prior service cost (credit)	—		—		186		177		(53)		(66)
Total loss (gain) - Pre-tax	$	640	$	700	$	1,530	$	1,582	$	(99)	$	(129)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets


	December 31, 2025				December 31, 2024
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,338	$	1,845	$	1,956	$	1,407
Non-U.S.	212		165		13		39

Unfunded Plans:
U.S.	$	225	$	—	$	220	$	—
Non-U.S.	263		—		286		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,563	$	1,845	$	2,176	$	1,407
Non-U.S.	475		165		299		39
Total	$	3,038	$	2,010	$	2,475	$	1,446

Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2025				December 31, 2024
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,338	$	1,845	$	1,956	$	1,407
Non-U.S.	225		165		45		39

Unfunded Plans:
U.S.	$	225	$	—	$	220	$	—
Non-U.S.	267		—		292		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,563	$	1,845	$	2,176	$	1,407
Non-U.S.	492		165		337		39
Total	$	3,055	$	2,010	$	2,513	$	1,446

Schedule of Defined Benefit Pension Assets and Obligations by Geography

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2025						December 31, 2024
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,845	$	2,338	$	(493)	$	1,407	$	1,956	$	(549)
U.S. unfunded	—		225		(225)		—		220		(220)
Total U.S.	1,845		2,563		(718)		1,407		2,176		(769)
U.K.	2,779		2,502		277		2,528		2,310		218
Netherlands	872		720		152		808		732		76
Canada	547		505		42		535		503		32
Germany	4		241		(237)		—		220		(220)

Other	386		378		8		349		332		17
Total	$	6,433	$	6,909	$	(476)	$	5,627	$	6,273	$	(646)

Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2025		2024		2023		2025		2024		2023		2025		2024		2023
Components of Net Periodic Benefit Costs:
Service cost	$	—	$	—	$	—	$	6	$	5	$	5	$	1	$	1	$	1
Interest cost(1)(2)	138		88		116		195		182		188		8		8		10
Expected return on plan assets(1)(3)	(111)		(71)		(103)		(209)		(193)		(217)		—		—		—
Recognized net actuarial loss (gain)(1)	19		18		16		53		62		11		(11)		(12)		(12)
Amortization of prior service cost (credit)(1)	—		—		—		9		8		5		(13)		(15)		(15)
Recognized settlement loss(1)	—		5		19		—		—		1		—		—		—


Defined Benefit Plans	46		40		48		54		64		(7)		(15)		(18)		(16)
Defined contribution plans	3		17		19		23		23		21		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	49	$	57	$	67	$	77	$	87	$	14	$	(15)	$	(18)	$	(16)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	$	(41)	$	(8)	$	74	$	(113)	$	(44)	$	298	$	6	$	(3)	$	(5)
Prior service cost (credit)	—		—		—		—		52		36		—		—		(3)
Amortization of net actuarial (loss) gain	(19)		(23)		(35)		(53)		(62)		(12)		11		12		12
Amortization of net prior service (cost) credit	—		—		—		(9)		(8)		(5)		13		15		15

Total Recognized in Other Comprehensive Income (Loss)(4)	(60)		(31)		39		(175)		(62)		317		30		24		19
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	$	(11)	$	26	$	106	$	(98)	$	25	$	331	$	15	$	6	$	3

_____________

(1)Included in Other expenses, net in the Statements of (Loss) Income.

(4)Amounts represent the pre-tax effect included in Other comprehensive income (loss). Refer to Note 24 - Other Comprehensive Income (Loss) for the related tax effects and the net of tax amounts.

Schedule of Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2025
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	4	$	—	$	—	$	—	$	4	$	445	$	—	$	—	$	—	$	445
Equity Securities:
U.S.(2)	74		—		—		74		148		12		19		—		—		31
International(2)	99		—		—		181		280		372		18		—		21		411
Fixed Income Securities:
U.S. treasury securities(2)	—		84		—		69		153		—		2		—		—		2
Debt security issued by government agency	—		163		—		—		163		—		661		—		2		663
Corporate bonds(2)	—		623		—		116		739		—		266		—		—		266
Asset backed securities	—		—		—		—		—		—		4		—		—		4
Derivatives	—		2		—		—		2		—		(11)		—		—		(11)
Real estate	—		—		23		32		55		—		—		70		44		114
Private equity/venture capital	—		—		—		158		158		—		3		—		42		45
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,498		—		2,498
Other(3)(4)(5)	—		1		—		142		143		28		5		—		87		120
Total Fair Value of Plan Assets	$	177	$	873	$	23	$	772	$	1,845	$	857	$	967	$	2,568	$	196	$	4,588

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient include investments in common collective trusts.

(5)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $87 in our Netherlands plans.


	December 31, 2024
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	—	$	1	$	246	$	—	$	—	$	—	$	246
Equity Securities:
U.S.	72		—		—		—		72		15		19		—		—		34
International	72		—		—		125		197		314		—		—		18		332
Fixed Income Securities:
U.S. treasury securities	—		67		—		—		67		—		2		—		—		2
Debt security issued by government agency	—		139		—		—		139		—		670		—		—		670
Corporate bonds	—		599		—		—		599		—		236		—		—		236

Derivatives	—		(30)		—		—		(30)		—		13		—		—		13
Real estate	—		—		24		11		35		—		—		87		31		118
Private equity/venture capital	—		—		—		167		167		—		—		—		258		258
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,184		—		2,184
Other(2)(3)(4)	(3)		—		—		163		160		51		12		—		64		127
Total Fair Value of Plan Assets	$	142	$	775	$	24	$	466	$	1,407	$	626	$	952	$	2,271	$	371	$	4,220

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(4)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $64 in our Netherlands plans.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables represents a roll forward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2023	$	47	$	106	$	4	$	2,481	$	2,591
Purchases	—		—		—		1		1



Sales	(22)		—		—		(3)		(3)

Unrealized losses	(1)		(12)		(4)		(253)		(269)
Currency translation	—		(7)		—		(42)		(49)

Balance at December 31, 2024	$	24	$	87	$	—	$	2,184	$	2,271
Purchases	—		—		—		—		—

Sales	(2)		—		—		—		—



Unrealized gains (losses)	1		(31)		—		20		(11)
Acquisition(1)	—		—		—		131		131
Currency translation	—		14		—		163		177

Balance at December 31, 2025	$	23	$	70	$	—	$	2,498	$	2,568

_____________

(1)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Schedule of Allocation of Plan Assets

The target asset allocations for our worldwide defined benefit pension plans were:


	2025		2024
	U.S.	Non-U.S.	U.S.	Non-U.S.
Equity investments(1)	26%	10%	27%	9%
Fixed income investments	60%	20%	60%	22%
Real estate	6%	3%	4%	3%
Private equity/venture capital	5%	1%	7%	7%
Other(1)	3%	66%	2%	59%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash, which resulted in a negative cash position in Other.

Schedule of Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2025		Estimated 2026
U.S. Plans	$	112	$	115
Non-U.S. Plans	28		30
Total Pension Plans	$	140	$	145
Retiree Health	21		20
Total Retirement Plans	$	161	$	165

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2026	$	239	$	313	$	552	$	20
2027	221		318		539		18
2028	222		325		547		17
2029	221		333		554		15
2030	250		341		591		14
Years 2031-2035	1,072		1,801		2,873		58

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2025				2024				2023
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.3	%	4.8	%	5.6	%	4.5	%	4.9	%	4.1	%
Rate of compensation increase	—	%	2.2	%	—	%	2.3	%	—	%	2.7	%
Interest crediting rate	4.5	%	2.4	%	4.6	%	2.5	%	4.5	%	1.5	%


	Retiree Health
	2025		2024		2023
Discount rate	4.8	%	4.9	%	4.7	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2026				2025				2024				2023
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.3	%	4.8	%	5.6	%	4.5	%	4.9	%	4.1	%	5.1	%	4.5	%
Expected return on plan assets	7.5	%	5.0	%	7.8	%	4.8	%	8.1	%	4.3	%	8.1	%	4.3	%
Rate of compensation increase	—	%	2.2	%	—	%	2.3	%	—	%	2.7	%	—	%	2.9	%
Interest crediting rate	4.5	%	2.4	%	4.6	%	2.6	%	4.5	%	2.5	%	4.5	%	2.1	%


	Retiree Health
	2026		2025		2024		2023
Discount rate	4.8	%	4.9	%	4.7	%	5.0	%

_____________

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates were as follows:


	December 31,
	2025		2024
Health care cost trend rate assumed for next year	6.5	%	6.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.2	%	4.2	%
Year that the rate reaches the ultimate trend rate	2029		2028

Lessee - Maturities and Additional Information Related to Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
12 months	$ 122
24 months	96
36 months	77
48 months	60
60 months	45
Thereafter	296
Total Lease payments	696
Less: Imputed interest	369
Total Operating lease liabilities	$ 327	$ 188

Accounts Receivable, Net - Narrative (Details) - facility	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of facilities enabling the sale of accounts receivable	2
Customers \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (percentage)	6.10%	8.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventories and Equipment on Operating Leases, Net [Abstract]
Finished goods	$ 802	$ 609
Work-in-process	142	36
Raw materials	72	50
Total Inventories	$ 1,016	$ 695

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in Plan Assets:
Employer contributions	$ 161
Amounts Recognized in the Consolidated Balance Sheets:
Pension and other benefit liabilities	(1,068)	$ (1,088)
Post-retirement medical benefits	(159)	(154)
Pension Plan
Change in Benefit Obligation:
Benefit obligation - beginning	6,273
Benefit obligation - ending	6,909	6,273
Change in Plan Assets:
Fair value of plan assets - beginning	5,627
Employer contributions	140
Fair value of plan assets - ending	6,433	5,627
Net funded status	(476)	(646)
Pension Plan \| United States
Change in Benefit Obligation:
Benefit obligation - beginning	2,176	2,389
Service cost	0	0	$ 0
Interest cost	138	88
Plan participants' contributions	0	0
Actuarial loss (gain)	38	(136)
Currency exchange rate changes	0	0
Plan amendment	0	0
Benefits paid/settlements	(189)	(165)
Acquisition	399	0
Other	1	0
Benefit obligation - ending	2,563	2,176	2,389
Change in Plan Assets:
Fair value of plan assets - beginning	1,407	1,528
Actual return on plan assets	189	(56)
Employer contributions	112	100
Plan participants' contributions	0	0
Currency exchange rate changes	0	0
Benefits paid/settlements	(189)	(165)
Acquisition	326	0
Other	0	0
Fair value of plan assets - ending	1,845	1,407	1,528
Net funded status	(718)	(769)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	0	0
Accrued compensation and benefit costs	(24)	(22)
Pension and other benefit liabilities	(694)	(747)
Post-retirement medical benefits	0	0
Net Amounts Recognized	(718)	(769)
Accumulated Benefit Obligation	2,563	2,176
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)	640	700
Prior service cost (credit)	0	0
Total loss (gain) - Pre-tax	640	700
Pension Plan \| Non-U.S.
Change in Benefit Obligation:
Benefit obligation - beginning	4,097	4,567
Service cost	6	5	5
Interest cost	195	182
Plan participants' contributions	2	1
Actuarial loss (gain)	(114)	(281)
Currency exchange rate changes	350	(157)
Plan amendment	3	54
Benefits paid/settlements	(346)	(274)
Acquisition	155	0
Other	(2)	0
Benefit obligation - ending	4,346	4,097	4,567
Change in Plan Assets:
Fair value of plan assets - beginning	4,220	4,662
Actual return on plan assets	209	(42)
Employer contributions	28	27
Plan participants' contributions	2	1
Currency exchange rate changes	355	(154)
Benefits paid/settlements	(346)	(274)
Acquisition	122	0
Other	(2)	0
Fair value of plan assets - ending	4,588	4,220	4,662
Net funded status	242	123
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	578	421
Accrued compensation and benefit costs	(20)	(18)
Pension and other benefit liabilities	(316)	(280)
Post-retirement medical benefits	0	0
Net Amounts Recognized	242	123
Accumulated Benefit Obligation	4,320	4,049
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)	1,344	1,405
Prior service cost (credit)	186	177
Total loss (gain) - Pre-tax	1,530	1,582
Retiree Health
Change in Benefit Obligation:
Benefit obligation - beginning	173	193
Service cost	1	1	1
Interest cost	8	8
Plan participants' contributions	5	5
Actuarial loss (gain)	6	(3)
Currency exchange rate changes	5	(8)
Plan amendment	0	0
Benefits paid/settlements	(26)	(23)
Acquisition	7	0
Other	0	0
Benefit obligation - ending	179	173	193
Change in Plan Assets:
Fair value of plan assets - beginning	0	0
Actual return on plan assets	0	0
Employer contributions	21	18
Plan participants' contributions	5	5
Currency exchange rate changes	0	0
Benefits paid/settlements	(26)	(23)
Acquisition	0	0
Other	0	0
Fair value of plan assets - ending	0	0	$ 0
Net funded status	(179)	(173)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	0	0
Accrued compensation and benefit costs	(20)	(19)
Pension and other benefit liabilities	0	0
Post-retirement medical benefits	(159)	(154)
Net Amounts Recognized	(179)	(173)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)	(46)	(63)
Prior service cost (credit)	(53)	(66)
Total loss (gain) - Pre-tax	$ (99)	$ (129)

Financial Instruments - Narrative (Details)	3 Months Ended
Financial Instruments - Narrative (Details)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 acquisition
Derivative [Line Items]
Derivative, notional amount	$ 2,656,000,000		$ 1,410,000,000
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	175,000,000
Derivative, notional amount terminated	$ 125,000,000
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative contract, outstanding \| acquisition				2
Interest Rate Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount		$ 300,000,000

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Par value of common stock (in dollars per share)

$ 1

Common stock, annual dividends, per share, approved (in dollars per share)

$ 0.50

0.10

1.00

Common stock, quarterly dividends, per share, approved (in dollars per share)

0.125

0.25

$ 0.025

Dividends per common share (in dollars per share)

0.25

$ 0.25

0.25

$ 0.25

0.20

1.00

Dividends per preferred share (in dollars per share)

$ 20

$ 80

Capped calls tax benefit

$ 6,000,000

Convertible Senior Notes due 2030 | Convertible Debt

Principal debt

^[1]

$ 400,000,000

Debt interest rate (as percent)

^[1]

3.75%

[1]	The purchases of the capped calls in 2024 resulted in a tax benefit of approximately $6. Refer to Note 15 - Debt for additional information related to the purchases of capped calls in connection with the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The following table represents assets and liabilities' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.


	As of December 31,
	2025		2024
Assets





Derivatives	$	8	$	11
Deferred compensation investments in mutual funds	12		13
Total	$	20	$	24
Liabilities
Derivatives	$	10	$	8



Deferred compensation plan liabilities	11		11
Total	$	21	$	19

We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2.

Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Summary of Other Financial Assets and Liabilities

The estimated fair values of our other financial assets and liabilities were as follows:


	December 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	512	$	512	$	576	$	576
Accounts receivable, net	1,122		1,122		796		796
Short-term debt and current portion of long-term debt(1)	231		236		585		592
Long-term debt
Xerox Holdings Corporation	$	1,872	$	800	$	1,634	$	1,391
Xerox Corporation	2,142		1,676		1,177		989
Xerox - Other Subsidiaries(2)	2		2		3		3
Total Long-term debt	$	4,016	$	2,478	$	2,814	$	2,383

_____________

(1)Includes $121 and $388 of Xerox Corporation related party debt for the years ended December 31, 2025 and 2024 , respectively.

(2)Represents subsidiaries of Xerox Corporation.

The fair value amounts for Cash and cash equivalents and Accounts receivable, net, approximate carrying amounts due to the short maturities of these instruments. The fair value of Short-term debt, including the current portion of long-term debt, and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Lessee - Maturities and Additional Information Related to Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
12 months	$ 6
24 months	2
36 months	1
48 months	0
60 months	0
Thereafter	0
Total Lease payments	9
Less: Imputed interest	1
Total Finance Lease Liabilities	$ 8	$ 53

Lessor (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2025		2024		2023
Revenue from sales type leases	Sales	$	454	$	706	$	920


Interest income on lease receivables	Services, maintenance, rentals and other	126		151		191


Lease income - operating leases	Services, maintenance, rentals and other	171		168		161
Variable lease income	Services, maintenance, rentals and other	38		46		62
Total Lease income		$	789	$	1,071	$	1,334

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2025		2024		2023
Revenue from sales type leases	Sales	$	454	$	706	$	920


Interest income on lease receivables	Services, maintenance, rentals and other	126		151		191


Lease income - operating leases	Services, maintenance, rentals and other	171		168		161
Variable lease income	Services, maintenance, rentals and other	38		46		62
Total Lease income		$	789	$	1,071	$	1,334

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2025		2024		2023
Revenue from sales type leases	Sales	$	454	$	706	$	920


Interest income on lease receivables	Services, maintenance, rentals and other	126		151		191


Lease income - operating leases	Services, maintenance, rentals and other	171		168		161
Variable lease income	Services, maintenance, rentals and other	38		46		62
Total Lease income		$	789	$	1,071	$	1,334

Lessee - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Lessee - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Remaining terms of leases (years)	33 years
Finance lease expense	$ 13	$ 13	$ 8
Maximum
Lessee, Lease, Description [Line Items]
Finance lease maturity	6 years

Land, Buildings, Equipment and Software, Net (Tables)

12 Months Ended

Dec. 31, 2025

Land, Buildings, Equipment and Software, Net [Abstract]

Schedule of Land, Buildings and Equipment, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2025		2024
Land		$	24	$	8
Building and building equipment	25 to 50	541		669
Leasehold improvements	1 to 12	92		72
Plant machinery	5 to 12	687		771
Office furniture and equipment	3 to 15	416		411
Finance leased assets	1 to 12	29		79
Other	4 to 20	27		35
Construction in progress		38		11
Subtotal		1,854		2,056
Accumulated depreciation(1)		(1,464)		(1,805)
Land, buildings and equipment, net		$	390	$	251

_____________

(1)Depreciation expense was $75, $57 and $60 for the three years ended December 31, 2025, 2024 and 2023, respectively.

Land, Buildings, Equipment and Software, Net - Internal Use Software (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Land, Buildings, Equipment and Software, Net [Abstract]
Payments to develop software	$ 54	$ 17	$ 8
Internal use software, net	$ 146	$ 60
Internal use, useful lives, minimum, years	3 years
Internal use, useful lives, maximum, years	7 years

Preferred Stock (Details)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2025

USD ($)

class

day

vote

$ / shares

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Class of Stock [Line Items]

Number of classes of stock outstanding | class

Preferred stock, carrying value

$ 214

Preferred stock, annual dividend

^[1]

$ 14

Initial conversion price per share of common stock (in dollars per share) | $ / shares

$ 26.70

Minimum number of trading days C/S close price must exceed conversion price to trigger Pfd Stock conversion | day

Number of trading days used for measurement | day

Common Stock

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

37.4532

Preferred stock conversion to common stock, shares (in shares) | shares

6,742,000

Maximum common stock closing price, triggering conversion (in dollars per share) | $ / shares

$ 39.00

Maximum common stock closing price, percent, triggering conversion

146.10%

Series A

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

180,000

Preferred stock, aggregate liquidation value

$ 180

Preferred stock, carrying value

$ 214

Preferred stock, dividend rate, percentage

8.00%

Preferred stock, annual dividend

$ 14

Common stock, capital shares reserved for future issuance (in shares) | shares

6,742,000

Number of votes per ten shares | vote

Preferred stock, number of votes if converted | vote

674,157

[1]	Cash dividends declared on preferred stock for 2025, 2024 and 2023 were $80 per share on an annual basis and $20 per share on a quarterly basis, respectively.

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and related cost, expected cost	$ 67
Cash payments for restructuring related costs	0	$ 28	$ 26
Restructuring related reserve	$ 4	$ 4

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Year Ended December 31,
	2025		2024		2023
Primary geographical markets(1)
United States	$	3,985	$	3,437	$	3,826
Europe	1,952		1,843		1,951
Canada	464		487		554
Latin America	274		199		246
Asia Pacific	154		54		55
Other	193		201		254
Total Revenues	$	7,022	$	6,221	$	6,886

Major product and services lines
Equipment	$	1,488	$	1,378	$	1,655
Supplies, paper and other sales(2)	1,272		768		809
Maintenance agreements(4)	1,628		1,516		1,631
IT Products(2)(3)	523		232		256
Service arrangements(5)	1,731		1,853		1,984
Rental and other	254		323		360
Financing	126		151		191

Total Revenues	$	7,022	$	6,221	$	6,886

Sales channels:

Direct equipment lease(6)	$	454	$	706	$	920
Distributors & resellers(7)	1,249		973		1,044
Customer direct	1,580		699		756
Total Sales	$	3,283	$	2,378	$	2,720

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Certain prior year amounts have been reclassified in order to conform to the current year's presentation.

(3)IT products include IT hardware and software solutions sold by the IT Solutions segment.

(5)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements.

(6)Primarily reflects sales through bundled lease arrangements.

(7)Primarily reflects sales through our two-tier distribution channels.

Contract assets and liabilities: Our contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time and were $34 and $0 at December 31, 2025 and 2024, respectively. Prior to the Lexmark Acquisition, we did not have contract assets, which are short-term in nature based on the frequency of the Company's billing cycle. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for maintenance and other services to be performed and were $279 and $130 at December 31, 2025 and 2024, respectively. The majority of the balance at December 31, 2025 will be amortized to revenue over approximately the next 30 months.

The following table summarizes our contract liabilities activity:



	2025		2024		2023
Balance at January 1st	$	130	$	132	$	131
Revenue recognized(1)	(299)		(189)		(183)
Billings and customer advances	287		177		187
Foreign currency and other	(6)		(3)		(3)
Acquisition(2)	167		13		—
Balance at December 31st	$	279	$	130	$	132

__________

(1)Revenue recognized related to contract liabilities included in the January 1st beginning balance was $111, $109, $107 for the years ended December 31, 2025, 2024, and 2023, respectively.

(2)Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition in 2025 and the ITsavvy Acquisition in 2024.

Historically, with the exception of our sales-type lease arrangements, our invoices to the customer, which normally had short-term payment terms, were typically aligned to the transfer of goods or as services were rendered to our customers and therefore in most cases we recognized revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services was not required. Certain service arrangements do not qualify for the right-to-invoice practical expedient and therefore require disclosure of unsatisfied performance obligations. These obligations primarily relate to multi-year managed services arrangements and extended warranty contracts where revenue is recognized over time.

The aggregate amount of the transaction price allocated to unsatisfied performance obligations including the amounts included in contract liabilities for committed customers was $644 at December 31, 2025. The Company expects to recognize revenues over the next one to five years based upon the nature of the associated agreements. Estimated amounts are subject to change due to various factors including, but not limited to the following: contract terminations, changes in contract scope, revised estimates, unrealized revenue adjustments, and currency fluctuations.

Contract Costs:

We incur the following contract costs as part of our revenue arrangements:

•Incremental direct costs of obtaining a contract are primarily sales commissions paid to salespeople and agents in connection with the placement of equipment with post sale services arrangements. These costs are deferred and amortized to Selling Expenses on a straight-line basis over the estimated contract term, which is currently estimated to be approximately five years.

•Contract fulfillment costs are costs incurred for resources and assets that will be used to satisfy our future performance obligations included in our service arrangements. These costs are amortized over the contractual service period of the arrangement to cost of services.

•Contract inducements are capitalized and amortized as a reduction of revenue over the term of the contract.

Changes in contract costs, net are as follows:



	2025		2024		2023
Balance at January 1st,	$	138	$	136	$	135
Customer contract costs deferred	75		69		70
Amortization of customer contract costs	(67)		(64)		(69)
Other(1)	—		(3)		—
Acquisition (2)	17		—		—
Balance at December 31st,	$	163	$	138	$	136

_____________

(1)Includes currency.

(2)Includes customer contract costs related to the Lexmark Acquisition. Refer to Note 6 - Acquisitions and Divestitures for additional information

Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Xerox Corporation \| Related Party
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term related party debt	$ 121	$ 388
Nonrecurring \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	512	576
Accounts receivable, net	1,122	796
Short-term debt and current portion of long-term debt	231	585
Total Long-term debt	4,016	2,814
Nonrecurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	512	576
Accounts receivable, net	1,122	796
Short-term debt and current portion of long-term debt	236	592
Total Long-term debt	2,478	2,383
Nonrecurring \| Xerox Holdings Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,872	1,634
Nonrecurring \| Xerox Holdings Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	800	1,391
Nonrecurring \| Xerox Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	2,142	1,177
Nonrecurring \| Xerox Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,676	989
Nonrecurring \| Xerox - Other Subsidiaries \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	2	3
Nonrecurring \| Xerox - Other Subsidiaries \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	$ 2	$ 3

Segment and Geographic Area Reporting - Selected Financial Information for Reportable Segments (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting Information [Line Items]

Total Revenues

$ 7,022,000,000

$ 6,221,000,000

$ 6,886,000,000

Reconciliation to Segment Profit

Research, development and engineering expenses

230,000,000

191,000,000

229,000,000

Interest income

140,000,000

165,000,000

207,000,000

Interest expense

334,000,000

225,000,000

198,000,000

Depreciation and amortization

331,000,000

274,000,000

251,000,000

Total Assets

9,823,000,000

8,365,000,000

102,000,000

Write off of inventory

24,000,000

51,000,000

Purchase Accounting Adjustment - Fixed Assets

29,000,000

Financing interest expense

86,000,000

106,000,000

130,000,000

Reinvention costs

17,000,000

12,000,000

Transaction-related costs

34,000,000

7,000,000

Lexmark - settlement of pre-existing employment agreements

25,000,000

Lexmark Acquisition

Reconciliation to Segment Profit

102,000,000

Purchase Accounting Adjustment - Fixed Assets

29,000,000

Transaction-related costs

33,000,000

Cost of sales

Segment Reporting Information [Line Items]

Total Revenues

3,283,000,000

2,378,000,000

2,720,000,000

Reconciliation to Segment Profit

Cost of goods and services sold

2,367,000,000

1,562,000,000

1,778,000,000

Cost of services, maintenance, rentals and other

Segment Reporting Information [Line Items]

Total Revenues

^[1]

3,739,000,000

3,843,000,000

4,166,000,000

Reconciliation to Segment Profit

Cost of goods and services sold

^[1]

2,754,000,000

2,699,000,000

2,794,000,000

Operating Segments

Segment Reporting Information [Line Items]

Total Revenues

7,033,000,000

6,222,000,000

6,886,000,000

Reconciliation to Segment Profit

Research, development and engineering expenses

228,000,000

191,000,000

229,000,000

Selling, administrative and general expenses

1,576,000,000

1,518,000,000

1,696,000,000

Segment profit

248,000,000

302,000,000

389,000,000

Interest income

126,000,000

151,000,000

191,000,000

Interest expense

86,000,000

106,000,000

130,000,000

Depreciation and amortization

248,000,000

201,000,000

208,000,000

Capital expenditures

91,000,000

44,000,000

37,000,000

Total Assets

9,823,000,000

8,365,000,000

10,008,000,000

Operating Segments | Cost of sales

Reconciliation to Segment Profit

Cost of goods and services sold

2,241,000,000

1,554,000,000

1,778,000,000

Operating Segments | Cost of services, maintenance, rentals and other

Reconciliation to Segment Profit

Cost of goods and services sold

2,729,000,000

2,656,000,000

2,794,000,000

Corporate Other

Segment Reporting Information [Line Items]

Total Revenues

Reconciliation to Segment Profit

Research, development and engineering expenses

Selling, administrative and general expenses

73,000,000

94,000,000

101,000,000

Intersegment expense

Segment profit

(73,000,000)

(94,000,000)

(101,000,000)

Interest income

Interest expense

Depreciation and amortization

Capital expenditures

Total Assets

Corporate Other | Cost of sales

Reconciliation to Segment Profit

Cost of goods and services sold

Corporate Other | Cost of services, maintenance, rentals and other

Reconciliation to Segment Profit

Cost of goods and services sold

Intersegment revenue

Segment Reporting Information [Line Items]

Total Revenues

11,000,000

1,000,000

Reconciliation to Segment Profit

Intersegment expense

11,000,000

1,000,000

Print and Other

Segment Reporting Information [Line Items]

Total Revenues

6,272,000,000

5,864,000,000

6,523,000,000

Reconciliation to Segment Profit

Charge-offs, net

39,000,000

42,000,000

28,000,000

Print and Other | Operating Segments

Segment Reporting Information [Line Items]

Total Revenues

6,272,000,000

5,864,000,000

6,523,000,000

Reconciliation to Segment Profit

Research, development and engineering expenses

228,000,000

191,000,000

229,000,000

Selling, administrative and general expenses

1,402,000,000

1,366,000,000

1,547,000,000

Segment profit

279,000,000

396,000,000

485,000,000

Interest income

126,000,000

151,000,000

191,000,000

Interest expense

86,000,000

106,000,000

130,000,000

Depreciation and amortization

246,000,000

201,000,000

208,000,000

Capital expenditures

90,000,000

44,000,000

37,000,000

Total Assets

9,132,000,000

7,649,000,000

9,782,000,000

Reinvention costs

17,000,000

12,000,000

Transaction-related costs

33,000,000

5,000,000

Lexmark - settlement of pre-existing employment agreements

25,000,000

Print and Other | Operating Segments | Cost of sales

Reconciliation to Segment Profit

Cost of goods and services sold

1,820,000,000

1,357,000,000

1,556,000,000

Write off of inventory

24,000,000

8,000,000

Print and Other | Operating Segments | Cost of services, maintenance, rentals and other

Reconciliation to Segment Profit

Cost of goods and services sold

2,540,000,000

2,553,000,000

2,706,000,000

Write off of inventory

43,000,000

Print and Other | Intersegment revenue

Segment Reporting Information [Line Items]

Total Revenues

Reconciliation to Segment Profit

Intersegment expense

3,000,000

1,000,000

IT Solutions

Segment Reporting Information [Line Items]

Total Revenues

750,000,000

357,000,000

363,000,000

Reconciliation to Segment Profit

Charge-offs, net

IT Solutions | Operating Segments

Segment Reporting Information [Line Items]

Total Revenues

761,000,000

358,000,000

363,000,000

Reconciliation to Segment Profit

Research, development and engineering expenses

Selling, administrative and general expenses

101,000,000

58,000,000

48,000,000

Segment profit

42,000,000

5,000,000

Interest income

Interest expense

Depreciation and amortization

2,000,000

Capital expenditures

1,000,000

Total Assets

691,000,000

716,000,000

226,000,000

Financing interest expense

Transaction-related costs

1,000,000

2,000,000

IT Solutions | Operating Segments | Cost of sales

Reconciliation to Segment Profit

Cost of goods and services sold

421,000,000

197,000,000

222,000,000

IT Solutions | Operating Segments | Cost of services, maintenance, rentals and other

Reconciliation to Segment Profit

Cost of goods and services sold

189,000,000

103,000,000

88,000,000

IT Solutions | Intersegment revenue

Segment Reporting Information [Line Items]

Total Revenues

11,000,000

1,000,000

Reconciliation to Segment Profit

Intersegment expense

$ 8,000,000

$ 0

[1]	In 2025, certain reclassifications were made within the Consolidated Statements of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

Segment and Geographic Area Reporting - Revenue and Long-lived Assets by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 7,022	$ 6,221	$ 6,886
Long-lived assets	1,147	735
United States
Segment Reporting Information [Line Items]
Revenues	3,985	3,437	3,826
Long-lived assets	761	488
Europe
Segment Reporting Information [Line Items]
Revenues	1,952	1,843	1,951
Long-lived assets	178	194
Canada
Segment Reporting Information [Line Items]
Revenues	464	487	554
Long-lived assets	49	39
Latin America
Segment Reporting Information [Line Items]
Revenues	274	199	246
Long-lived assets	106	10
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	154	54	55
Long-lived assets	51	2
Other areas
Segment Reporting Information [Line Items]
Revenues	193	201	$ 254
Long-lived assets	$ 2	$ 2

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2025		2024		2023
Basic Loss per Share:
Net (Loss) Income	$	(1,029)	$	(1,321)	$	1
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net Loss attributable to common shareholders	$	(1,043)	$	(1,335)	$	(13)

Weighted average common shares outstanding	126,473		124,210		149,116




Basic Loss per Share:	$	(8.25)	$	(10.75)	$	(0.09)

Diluted Loss per Share:
Net (Loss) Income	$	(1,029)	$	(1,321)	$	1
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net Loss attributable to common shareholders	$	(1,043)	$	(1,335)	$	(13)

Weighted average common shares outstanding	126,473		124,210		149,116
Common shares issuable with respect to:
Stock options	—		—		—
Restricted stock and performance shares	—		—		—
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	126,473		124,210		149,116





Diluted Loss per Share:	$	(8.25)	$	(10.75)	$	(0.09)

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	127		147		231
Restricted stock and performance shares	14,340		8,623		6,711
Convertible preferred stock	6,742		6,742		6,742
Convertible notes(1)	19,196		19,196		—
Total Anti-Dilutive Securities	40,405		34,708		13,684

Dividends per Common Share	$	0.20	$	1.00	$	1.00

_____________

(1)Refer to Note 15 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Goodwill, Net and Intangible Assets, Net - Intangible Assets Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jan. 01, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,256		$ 497
Accumulated Amortization	335		261
Net Amount	921		236
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	123
2027	123
2028	123
2029	123
2030	123
Print and Other
Finite-Lived Intangible Assets [Line Items]
Net Amount	778
IT Solutions
Finite-Lived Intangible Assets [Line Items]
Net Amount	$ 143	$ 163
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	10 years
Gross Carrying Amount	$ 856		324
Accumulated Amortization	163		106
Net Amount	$ 693		218
Distribution network
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	25 years
Gross Carrying Amount	$ 123		123
Accumulated Amortization	123		123
Net Amount	$ 0		0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	8 years
Gross Carrying Amount	$ 142		38
Accumulated Amortization	28		20
Net Amount	$ 114		18
Technology and non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	7 years
Gross Carrying Amount	$ 135		12
Accumulated Amortization	21		12
Net Amount	$ 114		$ 0

Xerox Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Additional Paid-in Capital

Retained Earnings

AOCL

^[1]

Non- controlling Interests

Xerox Corporation

Xerox Holdings Shareholders' Equity

Xerox Corporation

Additional Paid-in Capital

Xerox Corporation

Retained Earnings

Xerox Corporation

AOCL

^[2]

Xerox Corporation

Non- controlling Interests

Beginning balance at Dec. 31, 2022

$ 3,353

$ 3,343

$ 1,588

$ 5,136

$ (3,537)

$ 10

$ 3,593

$ 3,583

$ 3,693

$ 3,427

$ (3,537)

$ 10

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(138)

(139)

(138)

(139)

Dividends declared to parent

(469)

Transfers to parent

(208)

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2023

2,548

2,538

1,114

4,977

(3,676)

2,778

2,768

3,485

2,959

(3,676)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(1,344)

(1,321)

(23)

(1,339)

(1,316)

(23)

Dividends declared to parent

(139)

Transfers from parent

Transactions with noncontrolling interests

(4)

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2024

1,080

1,076

1,137

3,514

(3,699)

1,296

1,292

3,487

1,504

(3,699)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(641)

(1,029)

388

(629)

(1,017)

388

Dividends declared to parent

(39)

Transfers from parent

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2025

$ 449

$ 444

$ 1,183

$ 2,444

$ (3,311)

$ 5

$ 634

$ 629

$ 3,492

$ 448

$ (3,311)

$ 5

[1]	AOCL - Accumulated other comprehensive loss.
[2]	AOCL - Accumulated other comprehensive loss.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, pre-tax	$ 45	$ 52	$ 54
Income tax benefit recognized in earnings	$ 9	$ 8	$ 10

Debt - Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 231	$ 585
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	121	388
Xerox Corporation
Debt Instrument [Line Items]
Total	109	130
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	$ 1	$ 67

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Impact of Revisions

In connection with these changes to our reportable segments, certain reclassifications were made to the Consolidated Statements of (Loss) Income as follows:


	Year Ended December 31, 2024						Year Ended December 31, 2023
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Services, maintenance, rentals and other	$	3,692	$	151	$	3,843	$	3,975	$	191	$	4,166
Financing	151		(151)		—		191		(191)		—


Cost of services, maintenance, rentals and other	$	2,593	$	106	$	2,699	$	2,664	$	130	$	2,794
Cost of financing	106		(106)		—		130		(130)		—

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(shares in thousands, unless otherwise noted)

We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (RSUs), performance share units (PSUs) and stock options (SOs). We grant stock-based compensation awards in order to continue to attract and retain qualified employees and to better align employees' interests with those of our shareholders. Each of these awards is subject to settlement with newly issued shares of Xerox Holdings Corporation's common stock. At December 31, 2025 and 2024, 3 million and 5 million shares, respectively, were available for grant of awards.

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense, pre-tax	$	45	$	52	$	54
Income tax benefit recognized in earnings	9		8		10

Restricted Stock Units

Compensation expense for RSUs is based upon the grant-date market price and is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest. RSUs granted in 2025 vest one-third on the first anniversary of the grant date, with the remainder vesting in equal quarterly installments over the subsequent two years of service. RSUs granted in 2024 and 2023 vest ratably over three years, with one-third vesting on each anniversary of the grant date.

Performance Share Units


	Award Year (Metric Weighting)
Performance Metric	2025		2024		2023
Operating income(1)	100	%	—	%	—	%
Operating income improvement(1)	—	%	100	%	—	%

Relative total shareholder return	—	%	—	%	100	%

	100	%	100	%	100	%

____________

The measures are independent of each other and depending on the achievement of these metrics, a recipient of a PSU award is entitled to receive a number of shares equal to a percentage, ranging from 0% to 200% of the PSU award granted. All PSUs granted have a three-year cliff vesting from the date of grant.

In August 2025, the Board of Directors of Xerox Holdings Corporation approved a modification to the 2025 PSUs that increased the threshold, target, and maximum operating income performance levels to reflect the inclusion of Lexmark’s estimated operating income from the July 1, 2025 acquisition date through December 31, 2025.

Performance-Based Component: This PSU component vests contingent upon meeting predetermined annual and/or cumulative performance metrics. The 2025 PSU metric vests based on the achievement of a one-year predetermined operating income goal for fiscal year 2025. The 2024 PSU metric vests contingent upon meeting predetermined annual, as well as cumulative, operating income improvement goals established for four discrete performance periods (2024, 2025 and 2026) weighted 20%, respectively, and a three-year cumulative goal (2024-2026) weighted 40%. The fair value of this PSU component is determined using the grant-date market price for the underlying stock. Compensation expense is recognized on a straight-line basis over the three-year vesting period, based on management's estimate of the number of shares expected to vest and based on achievement of the applicable performance targets. If actual results exceed the stated targets, all plan participants have the potential to earn additional shares of common stock up to a maximum over-achievement of 100% of the original grant. If the stated targets are not met, any recognized compensation cost would be reversed.

Market-Based Component: The RTSR metric, included as part of the 2025 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over a three-year performance period (2025-2027). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within the S&P 600 Information Technology Index, as approved by the Compensation and Human Capital Committee of the Board, from highest to lowest according to their respective TSRs, for the three-year performance period. Payout for this portion of the 2025 PSU will be determined based on the RTSR for the three-year measurement period, and based on this result, the RTSR modifier can increase or decrease the number of shares that ultimately vest by 15%. Final payout will be determined based on Xerox’s Operating income metric, and depending on the RTSR performance, a potential increase or decrease of 15%, with a maximum over-achievement of 100% of the original grant. The RTSR metric, included as part of the 2024 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over three equally weighted performance periods (2024, 2024-2025, and 2024-2026). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within the S&P 600 Information Technology Index, as approved by the Compensation and Human Capital Committee of the Board, from highest to lowest according to their respective TSRs, for each of the three performance periods. Payout for this portion of the 2024 PSU will be determined based on the average RTSR of the three measurement periods, and based on these results, the RTSR modifier can increase or decrease the number of shares that ultimately vest by 25%. Final payout will be determined based on the cumulative results of the four individually weighted measurement periods of Xerox’s Operating income improvement metric, and depending on the RTSR performance, a potential increase or decrease of 25%, with a maximum over-achievement of 100% of the original grant. The RTSR metric, included as part of the 2023 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over three equally weighted performance periods (2023, 2023-2024, and 2023-2025). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within two distinct market indices, as approved by the Compensation and Human Capital Committee of the Board, from highest to lowest according to their respective TSRs, for each of the three performance periods. Payout for the 2023 PSU will be determined based on the weighted average of Xerox Holdings Corporation's payout for each of the three performance periods. Payout for these portions of the PSU metrics will be determined based on total return targets. Since these metrics represent market conditions, Monte Carlo simulations were used to determine their respective grant-date fair values.

A summary of Xerox Holding's key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2025 Award			2024 Award			2023 Award
Term	3 years			3 years			3 years
Risk-free interest rate(1)	3.92		%	4.20		%	3.80		%

Volatility(2)	47.92		%	42.88		%	52.21		%
Weighted average fair value(3)	$	5.15		$	18.29		$	23.00

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Our RTSR metrics are compared against total return targets to determine the payout as follows:

2025

2024

2023

Payout Percentage

Percentile Ranking Return Targets(1)

200%

n/a

75th and above

100%

n/a

50th

50%

n/a

25th

25%

n/a

75th and above

n/a

15%

75th and above

n/a

50th

Below 25th

(15)%

25th and below

n/a

(25)%

n/a

25th and below

n/a

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Compensation expense for the market-based component of the PSU awards is recognized on a straight-line basis over the vesting period based on the fair value determined by the Monte Carlo simulation and, except in cases of employee forfeiture, cannot be reversed regardless of performance.

Note: With respect to all stock-based compensation programs, Management’s estimate of the number of shares expected to vest at the time of grant reflects an estimate for forfeitures based on our historical forfeiture rate to date. Should actual forfeitures differ from management’s estimate, the activity will be reflected in a subsequent period. In addition, RSUs, PSUs and SOs awarded to employees who are retirement-eligible at the date of grant, become retirement-eligible during the vesting period, or are terminated not-for-cause (e.g., as part of a restructuring initiative), vest based on service provided from the date of grant to the date of separation.

Summary of Stock-based Compensation Activity


	2025			2024			2023
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Restricted Stock Units
Outstanding at January 1	6,314	$	15.48	4,672	$	18.46	3,221	$	23.16
Granted(1)	8,951	5.51		4,159	14.09		3,382	16.56
Vested	(2,370)	17.78		(2,030)	19.04		(1,593)	23.73
Forfeited	(973)	8.20		(487)	17.27		(338)	19.27


Outstanding at December 31	11,922	8.13		6,314	15.48		4,672	18.46
Performance Shares
Outstanding at January 1	2,066	$	21.59	2,039	$	24.18	1,729	$	28.38
Granted(1)	1,912	4.46		1,243	13.89		940	22.97
Vested	—	—		—	—		—	—
Forfeited/Expired	(1,560)	15.67		(1,216)	17.67		(630)	33.86


Outstanding at December 31	2,418	11.87		2,066	21.59		2,039	24.18

____________

(1)RSUs and PSUs granted in 2025 reflect a higher number of shares granted, primarily due to a lower average grant-date fair value of the Company’s common stock.

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2025 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	50	1.8
Performance Shares	5		2.0
Stock Options(1)	2		1.0
Total	$	57

____________

(1)Reflects CareAR SOs granted in May 2022.

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2025
Restricted Stock Units	$	28
Performance Shares	6

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2025		December 31, 2024				December 31, 2023
Awards	Total Intrinsic Value		Tax Benefit		Total Intrinsic Value			Tax Benefit		Total Intrinsic Value		Tax Benefit
Restricted Stock Units	$	18	$	3	$	31		$	4	$	25	$	5
Performance Share Units	—		—		—			—		—		—

Income and Other Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 95	$ 140	$ 110
Additions related to current year	2	1	1
Additions related to prior years positions	0	0	57
Additions related to business acquisitions	20	0	0
Reductions related to prior years positions	(1)	0	(14)
Settlements with taxing authorities	0	(29)	(13)
Reductions related to lapse of statute of limitations	(80)	(18)	(2)
Currency	(1)
Currency		1	1
Ending balance	35	95	140
Tax positions, highly certain of realizability but with uncertainty of timing	(2)	(2)	(31)
Accruals for payment of interest and penalties	$ 6	$ 0	$ (2)

Finance Receivables, Net - Finance Receivables and Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 1,643	$ 2,032
Unearned income	(196)	(230)
Total	1,447	1,802
Residual values	0	0
Allowance for doubtful accounts	(45)	(57)	$ (92)
Finance Receivables, Net	1,402	1,745
Less: Billed portion of finance receivables, net	46	48
Less: Current portion of finance receivables not billed, net	510	608
Finance Receivables Due After One Year, Net	846	1,089
12 months	661
24 months	454
36 months	297
48 months	166
60 months	59
Thereafter	6
Total	$ 1,643	$ 2,032

Stock-Based Compensation - Measurement Inputs (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-Based Compensation Details [Line Items]
Term (years)	3 years
Weighted average fair value (in dollars per share)	$ 4.46	$ 13.89	$ 22.97
TSR
Stock-Based Compensation Details [Line Items]
Term (years)	3 years	3 years	3 years
Risk-free interest rate (percentage)	3.92%	4.20%	3.80%
volatility (percentage)	47.92%	42.88%	52.21%
Weighted average fair value (in dollars per share)	$ 5.15	$ 18.29	$ 23.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events through the date the financial statements were issued. Warrant Dividend In January 2026 the Board of Directors of Xerox Holdings Corporation approved a pro-rata distribution of warrants to holders (collectively, the Eligible Holders) of Xerox’s common stock, par value $1.00 per share (the Common Stock), Series A Convertible Perpetual Voting Preferred Stock (the Series A Preferred Stock) and 3.75% Convertible Senior Notes due 2030 (the Convertible Notes). On February 12, 2026, 77,271,234 warrants were issued and distributed, at no cost, to the Eligible Holders of record as of the close of business on February 9, 2026. Each holder of record of the Common Stock as of the Record Date received one warrant for every two shares of Xerox common stock held, rounded down to the nearest whole warrant. Holders of record of the Series A Preferred Stock and the Convertible Notes received warrants based on the same ratio in the manner determined by the charter governing the Series A Preferred Stock and the indenture governing the Convertible Notes, respectively. Each warrant entitles the holder to purchase one share of Common Stock (the Warrant Exercise Rate) at an exercise price of $8.00 per share (the Warrant Exercise Price), subject to the terms and conditions of the warrant agreement, and may be exercised (a) for cash, at any time prior to expiration of the warrants, and (b) using designated outstanding Xerox debt securities (the Designated Notes) at any time prior to the earlier of the expiration of the warrants and the termination of the right to use Designated Notes to exercise warrants. Xerox Holdings Corporation may also elect, in its sole and absolute discretion, to remove one or more or all series of its or Xerox Corporation’s notes from being “Designated Notes,” by giving notice to holders of warrants by way of press release. Such redesignation shall only be effective 20 consecutive Business Days from (and including) the date of publication of notice. The Warrant Exercise Rate is subject to certain customary anti-dilution adjustments as set forth in the warrant agreement and Xerox Holdings Corporation’s right to voluntarily increase the Warrant Exercise Rate in its sole and absolute discretion from time to time. The Warrant Exercise Price is subject to Xerox Holdings Corporation’s right to voluntarily decrease the Warrant Exercise Price in its sole and absolute discretion from time to time. The warrants have an expiration date of two years from the distribution date, unless an Early Expiration Price Condition Date (as defined below) is met, in which case the expiration will be accelerated. The warrants will be subject to early expiration if the volume-weighted average price of Xerox common stock equals or exceeds 100% of the then-applicable warrant exercise price for 20 trading days within any 30 consecutive trading day period (such final day, the Early Expiration Price Condition Date). If this condition is met, the warrants will expire at 5:00 p.m. New York City time on the business day immediately following the Early Expiration Price Condition Date or such other date as Xerox Holdings Corporation may elect in accordance with the warrant agreement. Joint Venture Arrangement On February 17, 2026 (the Closing Date), Xerox Corporation and certain investors including certain funds and accounts managed by Angelo, Gordon & Co., L.P. (collectively, TPG) entered into a joint venture arrangement (the Joint Venture) pursuant to which TPG funded $405 aggregate principal amount of senior secured term loans (the Term Loans) to, and purchased $45 of Class A Units from, XRX Brandco Holdings LLC (IPCo Holdings) (the Joint Venture Financing). The proceeds of the Joint Venture Financing were distributed by dividend from IPCo Holdings to Xerox Corporation (the Distribution) and are expected to be used for general corporate purposes and opportunistically addressing Xerox Holdings’ capital structure over time (which may include the redemption or repayment of debt). Total transaction fees and expenses of $42, including legal expenses and arranger fees, were paid by Xerox Corporation associated with the formation of the Joint Venture. In connection with the formation of the Joint Venture, Xerox Corporation contributed (the Contribution) certain intellectual property and related assets, including the trademarks in respect of the Xerox brand (collectively, the Contributed IP), to IPCo Holdings and received Class B Units of IPCo Holdings. Subsequent to the Joint Venture Financing, the Distribution and the Contribution, Xerox Corporation contributed approximately $5 in cash to the common equity capital of IPCo Holdings. Credit Agreement On the Closing Date, IPCo Holdings, as borrower, entered into a credit agreement (the Credit Agreement) with Alter Domus (US) LLC, as the administrative agent and the collateral agent, and the lending institutions from time to time party thereto, as lenders. The Term Loans are guaranteed by XRX Brandco LLC (IPCo), a wholly owned subsidiary of IPCo Holdings. Borrowings under the Term Loans will bear interest at a per annum rate equal to either (a) a base rate plus a margin of 7.125% for ABR Loans (as defined in the Credit Agreement), or (b) the applicable term SOFR rate plus a margin of 8.125% for SOFR Loans (as defined in the Credit Agreement). The Term Loans mature on the date that is the fifth anniversary of the Closing Date. The Term Loans amortize at a quarterly rate of 4.50% of the aggregate principal amount of Term Loans outstanding as of the Closing Date, with such amounts payable in equal installments, commencing following the fiscal quarter ending September 30, 2026. The remaining outstanding principal balance is due in full at maturity. The Term Loans are subject to customary voluntary and mandatory prepayment provisions, including requirements to prepay the Term Loans with the proceeds of certain indebtedness and excess cash flow. The Credit Agreement also contains customary affirmative covenants, representations and warranties and events of default for borrowers and facilities of this type, including, among others, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other indebtedness and insolvency events. In addition, the Credit Agreement includes customary negative covenants for borrowers and facilities of this type that, among other things, restrict the ability of IPCo Holdings and its subsidiaries to pay dividends or make other distributions, make investments, incur additional debt and engage in certain other activities. The obligations of IPCo Holdings and IPCo under the Credit Agreement are secured by a pledge of substantially all of their respective assets. Shared Services and License Agreement On the Closing Date, in connection with the formation of the Joint Venture, Xerox Holdings, Xerox Corporation, IPCo Holdings and IPCo entered into a Shared Services and License Agreement (the SSLA), pursuant to which (i) Xerox Holdings agreed to provide certain services to IPCo Holdings and IPCo and (ii) IPCo granted a worldwide royalty-free, non-exclusive, non-assignable, and sublicensable license in the Contributed IP to Xerox Corporation and, at the election of Xerox Holdings, certain of its subsidiaries (collectively, the Licensees). The Licensees are required to pay IPCo a royalty fee equal to 2.0% of specified consolidated revenue generated by Holdings and its subsidiaries from the Contributed IP. The royalty is payable in arrears on a quarterly basis. The obligations of the Licensees in respect of the SSLA are guaranteed by and secured by the assets of certain subsidiaries of Xerox Holdings (the SSLA Guarantee). The SSLA Guarantee contains representations and warranties and covenants limiting certain such guarantors and certain other subsidiaries of Xerox Holdings from incurring debt and liens, selling assets, making investments and limiting certain other transactions and requiring certain such guarantors and other subsidiaries to maintain at the end of each quarter a specified asset coverage ratio, generally defined as the ratio of certain assets held by such guarantors and subsidiaries to the outstanding amount of the Term Loans and Class A Units (net of cash held by IPCo Holdings). The SSLA Guarantee also contains certain events of default relating to, among others, the breach of such representations, warranties and covenants and defaults under the SSLA or SSLA Guarantee. The initial term of the SSLA is 10 years from the effective date, with automatic five-year renewal periods, provided either Xerox Holdings or IPCo may terminate the SSLA effective as of the end of the then-applicable term on 18 months’ advance notice to the other parties. In addition, the SSLA may be terminated by IPCo upon certain events of default by Xerox Holdings, including non-payment, material breach, insolvency or change of control, subject to applicable cure periods. Xerox Holdings may terminate the SSLA with IPCo’s consent or upon certain breaches by IPCo. Upon termination, the Licensees’, and their sublicensees’, rights to use the Contributed IP also cease, subject to a 90-day sell-off period for existing inventory.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Payouts (Details)	12 Months Ended
Stock-Based Compensation - Payouts (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
75th and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	15.00%	25.00%	200.00%
50th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	0.00%	0.00%	100.00%
25th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			50.00%
50th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			0.00%
n/a
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	(15.00%)	(25.00%)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplementary Financial Information

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Supplementary Financial Information

The components of Other assets and liabilities are as follows:


	December 31,
	2025		2024
Other Current Assets

Income taxes receivable	$	44	$	22
Royalties, license fees and software maintenance	30		19
Restricted cash	31		33

Prepaid expenses	112		39



Advances and deposits	14		17
Contract assets and other deferred contract costs	47		2
Other	84		80

Total Other Current Assets	$	362	$	212

Other Long-term Assets
Income taxes receivable	$	54	$	45
Prepaid pension costs	578		421


Internal use software, net	146		60

Restricted cash	22		22

Customer contract costs, net	163		139

Operating lease right-of-use assets	311		179
Deferred compensation plan investments	12		13
Investments in affiliates, at equity(1)	55		49
Investments at cost - Xerox Holdings	41		40
Other	97		89

Total Other Long-term Assets(2)	$	1,479	$	1,057

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	75	$	33
Other taxes payable	79		46
Operating lease obligations	64		45

Interest payable	69		37
Restructuring reserves	67		86



Dividends payable - Xerox Holdings(3)	13		43
Distributor and reseller rebates/commissions	447		118

Unearned income and other revenue deferrals	190		133
Administration and overhead	41		44
Other	213		199

Total Accrued Expenses and Other Current Liabilities(4)	$	1,258	$	784

Other Long-term Liabilities
Deferred taxes	$	138	$	85
Income taxes payable	26		4
Operating lease obligations	263		143

Environmental reserves	12		12
Restructuring reserves	59		23
Unearned income	109		19
Other	78		100

Total Other Long-term Liabilities	$	685	$	386

_____________

(2)Xerox's balances of $1,438 and $1,017 at December 31, 2025 and 2024, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $1,245 and $741 at December 31, 2025 and 2024, respectively, excludes dividends payable of $13 and $43, respectively.

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation. As more fully discussed in Note 20 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of the continuing litigation. Restricted cash amounts are classified in our Consolidated Balance Sheets based on when the cash will be contractually or judicially released.

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2025		2024
Cash and cash equivalents	$	512	$	576
Restricted cash
Litigation deposits in Brazil	21		20
Escrow and cash collections related to secured borrowings and receivable sales	—		13
Other restricted cash	32		22
Total Restricted cash	53		55


Cash, cash equivalents and restricted cash	$	565	$	631

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Other current assets	$	31	$	33
Other long-term assets	22		22
Total Restricted cash	$	53	$	55

Supplemental Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2025		2024		2023
Provision for receivables(1)	Operating	$	40	$	44	$	36
Provision for inventory	Operating	45		66		18

Depreciation of buildings and equipment	Operating	75		57		60
Depreciation and obsolescence of equipment on operating leases	Operating	143		117		111
Amortization of internal use software	Operating	30		27		37

Amortization of acquired intangible assets	Operating	83		73		43
Amortization of patents(2)	Operating	6		9		9
Amortization of customer contract costs(3)	Operating	67		64		69
Cost of additions to land, buildings and equipment	Investing	(37)		(27)		(29)
Cost of additions to internal use software	Investing	(54)		(17)		(8)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(13)		(30)		(5)
Common stock dividends - Xerox Holdings	Financing	(57)		(127)		(151)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(6)		(10)		(8)
Payments to noncontrolling interests	Financing	(2)		(2)		(2)

Proceeds from issuance of warrants	Financing	11		—		—
Commitment fees	Financing	(22)		—		—
Finance lease obligations payment	Financing	(10)		(10)		(7)

__________________________

(1)Provision for receivables includes adjustments for customer accommodations and contract terminations of $1, $2, and $8 for the three years ended December 31, 2025, 2024 and 2023, respectively.

(2)Amortization of patents is reported in Decrease (increase) in other current and long-term assets on the Consolidated Statements of Cash Flows.

Supplier Finance Programs

We have a program through a financial institution that enables vendors and suppliers, at their option, to receive early payment for their invoices. All outstanding amounts related to the program are recorded within Accounts payable in our Consolidated Balance Sheets, and the associated payments are included in operating activities within our Consolidated Statements of Cash Flows. The program operates in a similar manner to a purchasing card program, however with this program we directly receive invoices associated with those vendors and suppliers participating in the program and confirm and validate those invoices and the amounts due before submitting the invoices to the financial institution for early payment at a discounted amount. The financial institution subsequently invoices us for the stated or full amount of the invoices paid early and we are required to make payment within 45 days of the statement date. The overall impact of the program generally results in paying our supplier and vendor invoices consistent with their original terms. This program is generally available to all non-inventory vendors and suppliers.

Activity related to the Company's supplier finance program is as follows:



	2025		2024		2023
Balance at January 1st,	$	30	$	40	$	40
Amounts invoiced	86		110		125
Invoices paid	(98)		(120)		(125)

Balance at December 31st,	$	18	$	30	$	40

Supplementary Financial Information - Components of Other Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Current Assets
Restricted Cash and Cash Equivalent, Current, Statement of Financial Position [Extensible Enumeration]	Total Other Current Assets	Total Other Current Assets
Restricted cash	$ 31	$ 33
Total Other Current Assets	$ 362	$ 212
Other Long-term Assets
Restricted Cash and Cash Equivalent, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term assets	Total other long-term assets
Operating lease, right-of-use asset, statement of financial position [extensible list]	Total other long-term assets	Total other long-term assets
Internal use software, net	$ 146	$ 60
Restricted cash	22	22
Customer contract costs, net	163	138	$ 136	$ 135
Operating lease right-of-use assets	311	179
Total other long-term assets	$ 1,479	$ 1,057
Accrued Expenses and Other Current Liabilities
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease obligations	$ 64	$ 45
Total accrued expenses and other current liabilities	$ 1,258	$ 784
Other Long-term Liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Deferred taxes	$ 138	$ 85
Operating lease obligations	263	143
Environmental reserves	12	12
Unearned income	109	19
Total Other Long-term Liabilities	685	386
Accrued expenses and other current liabilities	1,258	784
Xerox Corporation
Other Current Assets
Total Other Current Assets	362	212
Other Long-term Assets
Total other long-term assets	1,438	1,017
Other Long-term Liabilities
Total Other Long-term Liabilities	685	386
Accrued expenses and other current liabilities	1,245	741
Other Current Assets
Other Current Assets
Income taxes receivable	44	22
Royalties, license fees and software maintenance	30	19
Prepaid expenses	112	39
Advances and deposits	14	17
Contract assets and other deferred contract costs	47	2
Other	84	80
Other Long-term Assets
Other Long-term Assets
Income taxes receivable	54	45
Prepaid pension costs	578	421
Internal use software, net	146	60
Customer contract costs, net	163	139
Deferred compensation plan investments	12	13
Investments in affiliates, at equity	55	49
Investments at cost - Xerox Holdings	41	40
Other	97	89
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Income taxes payable	75	33
Other taxes payable	79	46
Interest payable	69	37
Restructuring reserves	67	86
Dividends payable - Xerox Holdings	13	43
Distributor and reseller rebates/commissions	447	118
Unearned income and other revenue deferrals	190	133
Administration and overhead	41	44
Other	213	199
Other Long-term Liabilities
Other Long-term Liabilities
Deferred taxes	138	85
Income taxes payable	26	4
Restructuring reserves	59	23
Other	$ 78	$ 100

Finance Receivables, Net - Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Total Finance Receivables
Current Year	$ 471	$ 528
CY-1	313	605
CY-2	372	368
CY-3	205	207
CY-4	72	78
Prior	14	16
Total	1,447	1,802
Charge-offs
Charge-offs, Current year	5	2
Charge-offs, CY-1	5	23
Charge-offs, CY-2	15	11
Charge-offs, CY-3	11	8
Charge-offs, CY-4	4	5
Charge-offs, prior	3	7
Total Charge-offs	43	56
United States - Direct
Total Finance Receivables
Current Year	175	172
CY-1	120	154
CY-2	107	80
CY-3	46	64
CY-4	25	26
Prior	5	6
Total	478	502
Charge-offs
Charge-offs, Current year	0	1
Charge-offs, CY-1	1	0
Charge-offs, CY-2	3	1
Charge-offs, CY-3	2	1
Charge-offs, CY-4	1	2
Charge-offs, prior	2	2
Total Charge-offs	9	7
United States - Indirect
Total Finance Receivables
Current Year	14	72
CY-1	19	95
CY-2	48	49
CY-3	42	25
CY-4	14	6
Prior	1	0
Total	138	247
Charge-offs
Charge-offs, Current year	0	1
Charge-offs, CY-1	0	7
Charge-offs, CY-2	4	3
Charge-offs, CY-3	4	4
Charge-offs, CY-4	2	2
Charge-offs, prior	1	4
Total Charge-offs	11	21
Canada
Total Finance Receivables
Current Year	64	70
CY-1	43	37
CY-2	28	20
CY-3	12	12
CY-4	4	4
Prior	0	1
Total	151	144
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	1	9
Charge-offs, CY-2	1	1
Charge-offs, CY-3	1	0
Charge-offs, CY-4	0	0
Charge-offs, prior	0	1
Total Charge-offs	3	11
EMEA
Total Finance Receivables
Current Year	211	214
CY-1	126	319
CY-2	185	219
CY-3	104	106
CY-4	29	42
Prior	8	9
Total	663	909
Charge-offs
Charge-offs, Current year	5	0
Charge-offs, CY-1	3	7
Charge-offs, CY-2	7	6
Charge-offs, CY-3	4	3
Charge-offs, CY-4	1	1
Charge-offs, prior	0	0
Total Charge-offs	20	17
Other
Total Finance Receivables
Current Year	7
CY-1	5
CY-2	4
CY-3	1
CY-4	0
Prior	0
Total	17
Charge-offs
Charge-offs, Current year	0
Charge-offs, CY-1	0
Charge-offs, CY-2	0
Charge-offs, CY-3	0
Charge-offs, CY-4	0
Charge-offs, prior	0
Total Charge-offs	0
Low Credit Risk
Total Finance Receivables
Current Year	277	297
CY-1	170	310
CY-2	170	182
CY-3	90	96
CY-4	28	34
Prior	5	4
Total	740	923
Low Credit Risk \| United States - Direct
Total Finance Receivables
Current Year	102	93
CY-1	66	69
CY-2	48	34
CY-3	19	23
CY-4	7	10
Prior	1	1
Total	243	230
Low Credit Risk \| United States - Indirect
Total Finance Receivables
Current Year	2	40
CY-1	4	48
CY-2	10	25
CY-3	15	13
CY-4	6	3
Prior	0	0
Total	37	129
Low Credit Risk \| Canada
Total Finance Receivables
Current Year	31	33
CY-1	20	18
CY-2	13	7
CY-3	4	5
CY-4	1	1
Prior	0	0
Total	69	64
Low Credit Risk \| EMEA
Total Finance Receivables
Current Year	135	131
CY-1	76	175
CY-2	96	116
CY-3	51	55
CY-4	14	20
Prior	4	3
Total	376	500
Low Credit Risk \| Other
Total Finance Receivables
Current Year	7
CY-1	4
CY-2	3
CY-3	1
CY-4	0
Prior	0
Total	15
Average Credit Risk
Total Finance Receivables
Current Year	158	187
CY-1	104	250
CY-2	159	148
CY-3	92	88
CY-4	34	33
Prior	6	8
Total	553	714
Average Credit Risk \| United States - Direct
Total Finance Receivables
Current Year	49	51
CY-1	31	61
CY-2	41	23
CY-3	14	27
CY-4	13	9
Prior	2	2
Total	150	173
Average Credit Risk \| United States - Indirect
Total Finance Receivables
Current Year	12	29
CY-1	7	42
CY-2	25	22
CY-3	22	11
CY-4	6	3
Prior	1	0
Total	73	107
Average Credit Risk \| Canada
Total Finance Receivables
Current Year	29	32
CY-1	20	17
CY-2	13	11
CY-3	7	5
CY-4	2	2
Prior	0	1
Total	71	68
Average Credit Risk \| EMEA
Total Finance Receivables
Current Year	68	75
CY-1	45	130
CY-2	79	92
CY-3	49	45
CY-4	13	19
Prior	3	5
Total	257	366
Average Credit Risk \| Other
Total Finance Receivables
Current Year	0
CY-1	1
CY-2	1
CY-3	0
CY-4	0
Prior	0
Total	2
High Credit Risk
Total Finance Receivables
Current Year	36	44
CY-1	39	45
CY-2	43	38
CY-3	23	23
CY-4	10	11
Prior	3	4
Total	154	165
High Credit Risk \| United States - Direct
Total Finance Receivables
Current Year	24	28
CY-1	23	24
CY-2	18	23
CY-3	13	14
CY-4	5	7
Prior	2	3
Total	85	99
High Credit Risk \| United States - Indirect
Total Finance Receivables
Current Year	0	3
CY-1	8	5
CY-2	13	2
CY-3	5	1
CY-4	2	0
Prior	0	0
Total	28	11
High Credit Risk \| Canada
Total Finance Receivables
Current Year	4	5
CY-1	3	2
CY-2	2	2
CY-3	1	2
CY-4	1	1
Prior	0	0
Total	11	12
High Credit Risk \| EMEA
Total Finance Receivables
Current Year	8	8
CY-1	5	14
CY-2	10	11
CY-3	4	6
CY-4	2	3
Prior	1	1
Total	30	$ 43
High Credit Risk \| Other
Total Finance Receivables
Current Year	0
CY-1	0
CY-2	0
CY-3	0
CY-4	0
Prior	0
Total	$ 0

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	$ 138	$ 136	$ 135
Customer contract costs deferred	75	69	70
Amortization of customer contract costs	(67)	(64)	(69)
Other	0	(3)	0
Acquisition	17	0	0
Ending balance	$ 163	$ 138	$ 136

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 16,000,000	$ 17,000,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	57,000,000	92,000,000
Provision	16,000,000	17,000,000
Charge-offs, net	(31,000,000)	(51,000,000)
Other	3,000,000	(1,000,000)
Ending balance	45,000,000	57,000,000
Finance receivables collectively evaluated for impairment	$ 1,447,000,000	$ 1,802,000,000
Loss rates of customers with low credit risk, low range	1.00%
Loss rates of customers with low credit risk, high range	2.00%
Loss rates of customers with average credit risk, low range	3.00%
Loss rates of customers with average credit risk, high range	5.00%
Loss rates of customers with high credit risk, low range	6.00%
Loss rates of customers with high credit risk, high range	7.00%
United States, Canada and EMEA \| Credit Concentration Risk \| Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.10%	3.20%
United States
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 7,000,000	$ (7,000,000)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	29,000,000	58,000,000
Provision	7,000,000	(7,000,000)
Charge-offs, net	(12,000,000)	(23,000,000)
Other	0	1,000,000
Ending balance	24,000,000	29,000,000
Finance receivables collectively evaluated for impairment	616,000,000	749,000,000
Canada
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	2,000,000	10,000,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,000,000	7,000,000
Provision	2,000,000	10,000,000
Charge-offs, net	(3,000,000)	(11,000,000)
Other	1,000,000	(1,000,000)
Ending balance	5,000,000	5,000,000
Finance receivables collectively evaluated for impairment	151,000,000	144,000,000
EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	7,000,000	14,000,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	23,000,000	27,000,000
Provision	7,000,000	14,000,000
Charge-offs, net	(16,000,000)	(17,000,000)
Other	2,000,000	(1,000,000)
Ending balance	16,000,000	23,000,000
Finance receivables collectively evaluated for impairment	663,000,000	909,000,000
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	0	0
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0
Provision	0	0
Charge-offs, net	0	0
Other	0	0
Ending balance	0	0
Finance receivables collectively evaluated for impairment	$ 17,000,000	$ 0

Finance Receivables, Net

12 Months Ended

Dec. 31, 2025

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance Receivables, Net

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2025		2024
Invoiced	$	1,024	$	692
Accrued (1)	171		173
Allowance for doubtful accounts	(73)		(69)
Accounts receivable, net	$	1,122	$	796

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current products and services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2023	$	64
Provision	25
Charge-offs, net	(20)
Recoveries and Other(1)	—
Balance at December 31, 2024	$	69

Provision	23
Charge-offs, net	(23)
Acquisition(2)	3
Recoveries and Other(1)	1
Balance at December 31, 2025	$	73

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Accounts Receivable Sale Arrangements

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Accounts receivable sales(1)	$	427	$	450	$	399

_____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables, net were as follows:


	December 31,
	2025		2024
Gross receivables	$	1,643	$	2,032
Unearned income	(196)		(230)
Subtotal	1,447		1,802
Residual values	—		—
Allowance for doubtful accounts	(45)		(57)
Finance Receivables, Net	1,402		1,745
Less: Billed portion of finance receivables, net	46		48
Less: Current portion of finance receivables not billed, net	510		608
Finance Receivables Due After One Year, Net	$	846	$	1,089

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:



	December 31, 2025
12 months	$	661
24 months	454
36 months	297
48 months	166
60 months	59
Thereafter	6
Total	$	1,643

Finance Receivables - Allowance for Credit Losses and Credit Quality

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA		Other		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	—	$	92
Provision	(7)		10		14		—		17
Charge-offs, net	(23)		(11)		(17)		—		(51)
Other(1)	1		(1)		(1)		—		(1)

Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	7		2		7		—		16
Charge-offs, net	(12)		(3)		(16)		—		(31)
Other(1)	—		1		2		—		3

Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45

Finance Receivables Collectively Evaluated for Impairment:
December 31, 2024(2)(3)	$	749	$	144	$	909	$	—	$	1,802
December 31, 2025(2)(3)	$	616	$	151	$	663	$	17	$	1,447

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)As a result of the Lexmark Acquisition on July 1, 2025, Other includes amounts for Latin America, Asia Pacific and South Africa. Allowance

for doubtful credit losses in Other for the year ended December 31, 2025 was nil. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Total Finance receivables exclude the allowance for credit losses of $45 and $57 at December 31, 2025 and 2024, respectively.

We evaluate our customers based on the following credit quality indicators:

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	102	$	66	$	48	$	19	$	7	$	1	$	243
Average Credit Risk	49		31		41		14		13		2		150
High Credit Risk	24		23		18		13		5		2		85
Total	$	175	$	120	$	107	$	46	$	25	$	5	$	478
Charge-offs	$	—	$	1	$	3	$	2	$	1	$	2	$	9

United States (Indirect):
Low Credit Risk	$	2	$	4	$	10	$	15	$	6	$	—	$	37
Average Credit Risk	12		7		25		22		6		1		73
High Credit Risk	—		8		13		5		2		—		28
Total	$	14	$	19	$	48	$	42	$	14	$	1	$	138
Charge-offs	$	—	$	—	$	4	$	4	$	2	$	1	$	11

Canada
Low Credit Risk	$	31	$	20	$	13	$	4	$	1	$	—	$	69
Average Credit Risk	29		20		13		7		2		—		71
High Credit Risk	4		3		2		1		1		—		11
Total	$	64	$	43	$	28	$	12	$	4	$	—	$	151
Charge-offs	$	—	$	1	$	1	$	1	$	—	$	—	$	3

EMEA
Low Credit Risk	$	135	$	76	$	96	$	51	$	14	$	4	$	376
Average Credit Risk	68		45		79		49		13		3		257
High Credit Risk	8		5		10		4		2		1		30
Total	$	211	$	126	$	185	$	104	$	29	$	8	$	663
Charge-offs	$	5	$	3	$	7	$	4	$	1	$	—	$	20

Other(1)
Low Credit Risk	7		4		3		1		—		—		15
Average Credit Risk	—		1		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	7	$	5	$	4	$	1	$	—	$	—	$	17
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	277	$	170	$	170	$	90	$	28	$	5	$	740
Average Credit Risk	158		104		159		92		34		6		553
High Credit Risk	36		39		43		23		10		3		154
Total	$	471	$	313	$	372	$	205	$	72	$	14	$	1,447
Total Charge-offs	$	5	$	5	$	15	$	11	$	4	$	3	$	43

_____________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect):
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$	1	$	—	$	—	$	1	$	11

EMEA
Low Credit Risk	$	131	$	175	$	116	$	55	$	20	$	3	$	500
Average Credit Risk	75		130		92		45		19		5		366
High Credit Risk	8		14		11		6		3		1		43
Total	$	214	$	319	$	219	$	106	$	42	$	9	$	909
Charge-offs	$	—	$	7	$	6	$	3	$	1	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	297	$	310	$	182	$	96	$	34	$	4	$	923
Average Credit Risk	187		250		148		88		33		8		714
High Credit Risk	44		45		38		23		11		4		165
Total	$	528	$	605	$	368	$	207	$	78	$	16	$	1,802
Total Charge-offs	$	2	$	23	$	11	$	8	$	5	$	7	$	56

The aging of our billed finance receivables is as follows:


	December 31, 2025
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	18	$	5	$	4	$	27	$	451	$	478	$	35
Indirect	4		2		2		8		130		138		—
Total United States	22		7		6		35		581		616		35
Canada	3		1		—		4		147		151		4





EMEA	8		1		1		10		653		663		17
Other (1)	—		—		—		—		17		17		—
Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56


	December 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	19	$	5	$	4	$	28	$	474	$	502	$	35
Indirect	6		1		1		8		239		247		—
Total United States	25		6		5		36		713		749		35
Canada	5		1		1		7		137		144		5





EMEA	5		1		1		7		902		909		15

Total	$	35	$	8	$	7	$	50	$	1,752	$	1,802	$	55

___________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.

Sales of Finance Receivables

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Finance receivable sales - net proceeds(1)	$	357	$	752	$	1,102
Gain on sale/Commissions(2)	2		30		25

Servicing revenue(2)	$	6	$	17	$	9

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance, rentals and other as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

Secured Borrowings and Collateral

Finance Receivables, net - Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Finance receivable sales - net proceeds	$ 357	$ 752	$ 1,102
Gain on sale/Commissions	2	30	25
Servicing revenue	$ 6	$ 17	$ 9

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended			12 Months Ended
	Jul. 01, 2025	Nov. 20, 2024	Mar. 31, 2024	Dec. 31, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination [Line Items]
Settlement of pre-existing net payable							$ 43	$ 0	$ 0
Goodwill, net				$ 2,222			2,222	1,937	2,747
Transaction-related costs							34	7	0
Goodwill impairment, accumulated impairment losses				2,302			2,302	2,245	1,193	$ 1,193
Disposal group, not discontinued operation, gain (loss) on disposal							4	(47)	0
Valuation allowance, increase (decrease) in amount							1,422	136	$ 9
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Argentina And Chile Operations
Business Combination [Line Items]
Total consideration			$ 19
Disposal group, not discontinued operation, gain (loss) on disposal			(51)
Currency translation loss			40
Goodwill			10
Net assets			18
Related fees			2
Purchase price adjustment credit					$ 3
Income tax benefit			19
After-tax loss from divestitures			$ 32
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paper Business In Europe
Business Combination [Line Items]
Disposal group, not discontinued operation, gain (loss) on disposal							4	4
Discontinued Operations, Disposed of by Means Other than Sale, Donation \| PARC
Business Combination [Line Items]
Goodwill						$ 115
Net assets						13
Net charge						132
Other expenses						4
Income tax expense						40
After-tax loss from discontinued operations						$ 92
Valuation allowance, increase (decrease) in amount							20
Lexmark Acquisition
Business Combination [Line Items]
Consideration transferred	$ 768
Cash and cash equivalents	93
Settlement of pre-existing net payable	43
Accounts receivable, net	280
Other current assets	131
Deferred tax assets	25
Accrued expenses and other current liabilities	518
Other long-term liabilities	335
Goodwill, net	246
Measurement period adjustments, increase in goodwill				11
Transaction-related costs							33
Business combination, acquiree's revenue since acquisition date, actual							962
Net income (loss) of acquiree since acquisition date, actual							(119)
Intangibles, expected tax deductible amount	4
Amount expected to be deductible for tax purposes	2
Assumption of debt	323
Lexmark Acquisition \| Revision of Prior Period, Error Correction, Adjustment
Business Combination [Line Items]
Accounts receivable, net				(73)			(73)
Other current assets				20			20
Deferred tax assets				7			7
Accrued expenses and other current liabilities				(11)			(11)
Other long-term liabilities				(7)			(7)
Goodwill, net				$ 28			28
Lexmark Acquisition \| Business Combination, Pro Forma Information, Nonrecurring Adjustment, Historical Goodwill Impairment Charges
Business Combination [Line Items]
Goodwill impairment, accumulated impairment losses	$ 681
ITsavvy Acquisition Company, Inc.
Business Combination [Line Items]
Consideration transferred		$ 404
Cash and cash equivalents		34
Accounts receivable, net		58
Other current assets		15
Accrued expenses and other current liabilities		30
Other long-term liabilities		34
Goodwill, net		288
Business combination, acquiree's revenue since acquisition date, actual							451	48
Net income (loss) of acquiree since acquisition date, actual							$ 16	$ 2
Intangibles, expected tax deductible amount		59
Amount expected to be deductible for tax purposes		$ 42
Business acquisition, percentage of voting interests acquired		100.00%
ITsavvy Acquisition Company, Inc. \| Secured Promissory Notes
Business Combination [Line Items]
Debt discount		$ 10

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,022	$ 6,221	$ 6,886
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	1,488	1,378	1,655
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	1,272	768	809
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	1,628	1,516	1,631
IT Products
Disaggregation of Revenue [Line Items]
Total Revenues	523	232	256
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	1,731	1,853	1,984
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	254	323	360
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	126	151	191
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	3,283	2,378	2,720
Sales \| Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	454	706	920
Sales \| Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	1,249	973	1,044
Sales \| Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	1,580	699	756
United States
Disaggregation of Revenue [Line Items]
Total Revenues	3,985	3,437	3,826
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	1,952	1,843	1,951
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	464	487	554
Latin America
Disaggregation of Revenue [Line Items]
Total Revenues	274	199	246
Asia Pacific
Disaggregation of Revenue [Line Items]
Total Revenues	154	54	55
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 193	$ 201	$ 254

Restructuring Programs (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Cost

Restructuring and related costs, net reflect the following components for the three years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Restructuring charges, net	$	82	$	62	$	114
Asset impairment charges, net(1)	(15)		25		32
Related costs, net	(1)		25		21
Total Restructuring and related costs, net	$	66	$	112	$	167

_____________

(1)Impairments are net of cash receipts.


	Year Ended December 31,
	2025		2024		2023
Lease right of use assets(1)	$	4	$	—	$	—
Owned assets(2)	23		27		36
Asset impairments	27		27		36

Adjustments/Reversals(3)	9		(2)		(4)
Less: Proceeds from the sales of owned assets(4)	(51)		—		—
Net asset impairment (credit) charge	$	(15)	$	25	$	32

______________

(1)Primarily related to the exit and abandonment of leased facilities, net of recoveries and any potential sublease income.

(2)Primarily related to the exit and abandonment of owned facilities.

(3)Reflects adjustment and reversals of impairments taken in prior periods.

(4)Reflects proceeds on the sales of exited surplus facilities and land.

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2025		2024		2023
Retention-related severance/bonuses(1)	$	—	$	(2)	$	(2)
Contractual severance costs	(1)		(1)		—
Consulting and other costs(2)	—		28		23
Total	$	(1)	$	25	$	21

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

Schedule of Restructuring Program Activity

A summary of our restructuring program activity for the three years ended December 31, 2025, 2024 and 2023 is as follows:


	Severance Cost Prior Actions		Severance Costs Reinvention		Severance Costs Integration		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2022	$	39	$	—	$	—	$	4	$	43
Restructuring provision	21		104		—		—		125
Reversals of prior charges	(11)		—		—		—		(11)
Net Current Period Charges(1)	10		104		—		—		114
Charges against reserve and currency	(24)		—		—		(4)		(28)
Balance at December 31, 2023	$	25	$	104	$	—	$	—	$	129
Restructuring provision	2		66		—		4		72
Reversals of prior charges	(6)		(3)		—		(1)		(10)
Net Current Period Charges(1)	(4)		63		—		3		62
Charges against reserve and currency	(16)		(63)		—		(3)		(82)
Balance at December 31, 2024	$	5	$	104	$	—	$	—	$	109
Restructuring provision	—		27		92		5		124
Reversals of prior charges	(3)		(36)		(3)		—		(42)
Net Current Period Charges(1)	(3)		(9)		89		5		82


Charges against reserve and currency	(1)		(52)		(12)		—		(65)
Balance at December 31, 2025	$	1	$	43	$	77	$	5	$	126

_____________

Schedule of Reconciliation to the Consolidated Statements of Cash Flows

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2025		2024		2023
Restructuring cash payments	$	(69)	$	(78)	$	(27)

Effects of foreign currency and other non-cash items	4		(4)		(1)
Charges against reserve and currency	$	(65)	$	(82)	$	(28)

Income and Other Taxes - Allocation of Income Tax Expense Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Interperiod Allocaion [Line Items]
Income tax expense (benefit) on Loss before income taxes	$ 541	$ 105	$ (29)
Changes in defined benefit plans
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	(23)	(10)	93
Cash flow hedges
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	1	(1)	1
Translation adjustments
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	0	(8)	0
Additional Paid-in Capital
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	$ 0	$ 6	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (h)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
-Paragraph 12
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity - Narrative (Details) - $ / shares	Dec. 31, 2025	Jul. 01, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1		$ 1	$ 1	$ 1
Common stock outstanding (in shares)	128,044,000		124,435,000
Shares of Common Stock Issued (in shares)	128,044,000		124,435,000
Xerox Corporation
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, authorized (in shares)	1,000,000,000
Par value of common stock (in dollars per share)	$ 1.00
Common stock outstanding (in shares)	100,000,000
Shares of Common Stock Issued (in shares)	100,000,000
Pre-Funded Warrant \| Senior Notes due 2030
Schedule of Common Stock and Treasury Stock [Line Items]
Number of securities called by warrants or rights (in shares)		2,160,256
Exercise price of warrants or rights (in dollars per share)		$ 1.00
Exercise price of warrants or rights, prefunded (in dollars per share)		$ 0.99

Supplementary Financial Information - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 512	$ 576
Litigation deposits in Brazil	21	20
Escrow and cash collections related to secured borrowings and receivable sales	0	13
Other restricted cash	32	22
Total Restricted cash	53	55
Cash, cash equivalents and restricted cash	$ 565	$ 631

Employee Benefit Plans - Investment Strategy (Details) - Pension Plan	Dec. 31, 2025	Dec. 31, 2024
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Equity Investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	26.00%	27.00%
Equity Investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	10.00%	9.00%
Fixed income investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	60.00%	60.00%
Fixed income investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	20.00%	22.00%
Real estate \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	6.00%	4.00%
Real estate \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	3.00%	3.00%
Private equity/venture capital \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	5.00%	7.00%
Private equity/venture capital \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	1.00%	7.00%
Other \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	3.00%	2.00%
Other \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	66.00%	59.00%

Land, Buildings, Equipment and Software, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Land, Building and Equipment, net [Line Items]
Subtotal	$ 1,854	$ 2,056
Accumulated depreciation	(1,464)	(1,805)
Land, buildings and equipment, net	390	251
Depreciation expense	75	57	$ 60
Land
Land, Building and Equipment, net [Line Items]
Subtotal	24	8
Building and building equipment
Land, Building and Equipment, net [Line Items]
Subtotal	541	669
Leasehold improvements
Land, Building and Equipment, net [Line Items]
Subtotal	92	72
Plant machinery
Land, Building and Equipment, net [Line Items]
Subtotal	687	771
Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Subtotal	416	411
Finance leased assets
Land, Building and Equipment, net [Line Items]
Subtotal	29	79
Other
Land, Building and Equipment, net [Line Items]
Subtotal	27	35
Construction in progress
Land, Building and Equipment, net [Line Items]
Subtotal	$ 38	$ 11
Minimum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Minimum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	25 years
Minimum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Minimum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum \| Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Maximum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Maximum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	50 years
Maximum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	15 years
Maximum \| Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	20 years

Xerox Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net (Loss) Income	$ (1,029)	$ (1,321)	$ 1
Adjustments required to reconcile Net (loss) income to Net Cash provided by operating activities:
Depreciation and amortization	331	274	251
Provisions	85	110	54
Inventory-related purchase accounting adjustment-noncash	102	0	0
Effective settlement of a pre-existing relationship between Lexmark and Xerox	(43)	0	0
Deferred tax benefit	502	90	(68)
Net gain on sales of businesses and assets	(5)	(8)	(39)
Divestitures	(4)	47	0
PARC donation	0	0	132
Stock-based compensation	45	52	54
Goodwill impairment	0	1,058	0
Restructuring and asset impairment charges	67	87	146
Payments for restructurings	(69)	(78)	(27)
Non-service retirement-related costs	78	80	19
Contributions to retirement plans	(161)	(145)	(102)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(36)	71	(5)
(Increase) decrease in inventories	(12)	(122)	123
Increase in equipment on operating leases	(126)	(107)	(141)
Decrease in finance receivables	489	663	614
(Increase) decrease in other current and long-term assets	9	(14)	16
Increase (decrease) in accounts payable	24	(48)	(290)
Decrease (increase) in accrued compensation	(53)	(78)	48
Increase (decrease) in other current and long-term liabilities	33	(47)	(114)
Net change in income tax assets and liabilities	(26)	(50)	(12)
Net change in derivative assets and liabilities	(12)	10	13
Other operating, net	35	(13)	13
Net cash provided by operating activities	224	511	686
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(91)	(44)	(37)
Proceeds from sales of businesses and assets	79	35	43
Acquisitions, net of cash acquired	(674)	(161)	(7)
Other investing, net	(12)	(28)	(4)
Net cash used in investing activities	(698)	(198)	(5)
Cash Flows from Financing Activities
Net proceeds on short-term debt	119	0	0
Proceeds from issuance of long-term debt	1,140	907	1,396
Payments on long-term debt	(755)	(992)	(1,874)
Other financing, net	(29)	(14)	(15)
Net cash provided by (used in) financing activities	404	(271)	(1,202)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(28)	(1)
(Decrease) increase in cash, cash equivalents and restricted cash	(66)	14	(522)
Cash, cash equivalents and restricted cash at beginning of year	631	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Year	565	631	617
Xerox Corporation
Cash Flows from Operating Activities
Net (Loss) Income	(1,017)	(1,316)	1
Adjustments required to reconcile Net (loss) income to Net Cash provided by operating activities:
Depreciation and amortization	331	274	251
Provisions	85	110	54
Inventory-related purchase accounting adjustment-noncash	102	0	0
Effective settlement of a pre-existing relationship between Lexmark and Xerox	(43)	0	0
Deferred tax benefit	502	90	(68)
Net gain on sales of businesses and assets	(5)	(8)	(39)
Divestitures	(4)	47	0
PARC donation	0	0	132
Stock-based compensation	45	52	54
Goodwill impairment	0	1,058	0
Restructuring and asset impairment charges	67	87	146
Payments for restructurings	(69)	(78)	(27)
Non-service retirement-related costs	78	80	19
Contributions to retirement plans	(161)	(145)	(102)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(36)	71	(5)
(Increase) decrease in inventories	(12)	(122)	123
Increase in equipment on operating leases	(126)	(107)	(141)
Decrease in finance receivables	489	663	614
(Increase) decrease in other current and long-term assets	(3)	(19)	16
Increase (decrease) in accounts payable	24	(48)	(290)
Decrease (increase) in accrued compensation	(53)	(78)	48
Increase (decrease) in other current and long-term liabilities	33	(47)	(114)
Net change in income tax assets and liabilities	(26)	(50)	(12)
Net change in derivative assets and liabilities	(12)	10	13
Other operating, net	35	(13)	13
Net cash provided by operating activities	224	511	686
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(91)	(44)	(37)
Proceeds from sales of businesses and assets	79	35	43
Acquisitions, net of cash acquired	(674)	(161)	(7)
Other investing, net	1	(9)	1
Net cash used in investing activities	(685)	(179)	0
Cash Flows from Financing Activities
Net proceeds on short-term debt	119	0	0
Proceeds from issuance of long-term debt	1,140	907	1,396
Payments on long-term debt	(755)	(992)	(1,874)
Distributions to parent	(79)	(202)	(722)
Other financing, net	(34)	(4)	(7)
Net cash provided by (used in) financing activities	391	(291)	(1,207)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(28)	(1)
(Decrease) increase in cash, cash equivalents and restricted cash	(66)	13	(522)
Cash, cash equivalents and restricted cash at beginning of year	630	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 564	$ 630	$ 617

Basis of Presentation - Condensed Consolidated Statement of Loss (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Product Information [Line Items]

Total Revenues

$ 7,022

$ 6,221

$ 6,886

Cost of financing

106

130

Previously Reported

Product Information [Line Items]

Cost of financing

106

130

Reclassification

Product Information [Line Items]

Cost of financing

(106)

(130)

Service

Product Information [Line Items]

Total Revenues

^[1]

3,739

3,843

4,166

Cost of services, maintenance, rentals and other

^[1]

2,754

2,699

2,794

Service | Previously Reported

Product Information [Line Items]

Total Revenues

3,692

3,975

Cost of services, maintenance, rentals and other

2,593

2,664

Service | Reclassification

Product Information [Line Items]

Total Revenues

151

191

Cost of services, maintenance, rentals and other

106

130

Financing

Product Information [Line Items]

Total Revenues

$ 126

151

191

Financing | Previously Reported

Product Information [Line Items]

Total Revenues

151

191

Financing | Reclassification

Product Information [Line Items]

Total Revenues

$ (151)

$ (191)

[1]	In 2025, certain reclassifications were made within the Consolidated Statements of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

+ References

+ Details

Contingencies and Litigation

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Litigation

Legal Matters

We are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting, servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

Additionally, guarantees, indemnifications and claims may arise during the ordinary course of business from relationships with suppliers, customers and nonconsolidated affiliates, as well as through divestitures and sales of businesses, when the Company undertakes an obligation to guarantee the performance of others if specified triggering events occur. Nonperformance under a contract could trigger an obligation of the Company. These potential claims include actions based upon alleged exposures to products, real estate, intellectual property such as patents, environmental matters, and other indemnifications. The ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims. However, while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized, management does not anticipate they will have a material adverse effect on the Company's consolidated financial position or liquidity. As of December 31, 2025, we have accrued our estimate of liability incurred under our indemnification arrangements and guarantees.

Brazil Contingencies

Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. These tax matters principally relate to claims for taxes on the internal transfer of inventory, municipal service taxes on rentals and gross revenue taxes. We are disputing these tax matters and intend to vigorously defend our positions. Based on the opinion of legal counsel and current reserves for those matters deemed probable of loss, we do not believe that the ultimate resolution of these matters will materially impact our results of operations, financial position or cash flows. Below is a summary of our Brazilian tax contingencies:


	December 31, 2025		December 31, 2024
Tax contingency - unreserved	$	338	$	305
Escrow cash deposits	20		18
Surety bonds	115		88
Letters of credit	1		10
Liens on Brazilian assets	—		—

The increase in the unreserved portion of the tax contingency was primarily due to currency, as well as interest, partially offset by closed cases. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material to the financial statements as of December 31, 2025 and 2024. We routinely assess all these matters as to probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable.

Litigation

We are engaged in numerous legal actions arising in the ordinary course of our business. While there can be no assurance, as of December 31, 2025, we believe that the ultimate outcome of these other legal actions will not have a material adverse effect on our business, results of operations, financial condition or cash flows.

Guarantees, Indemnifications and Other Agreement

Indemnifications Provided as Part of Contracts and Agreements

Acquisitions/Divestitures:

We have indemnified, subject to certain deductibles and limits, the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. In addition, we customarily agree to hold the other party harmless against losses arising from a breach of representations and covenants, including such matters as adequate title to assets sold, intellectual property rights, specified environmental matters and certain income taxes arising prior to the date of acquisition. Where appropriate, an obligation for such indemnifications is recorded as a liability at the time of the acquisition or divestiture. Since the obligated amounts of these types of indemnifications are often not explicitly stated and/or are contingent on the occurrence of future events, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, we have not historically made significant payments for these indemnifications. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets are achieved post-closing. We have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. Contingent obligations related to indemnifications arising from our divestitures and contingent consideration provided for by our acquisitions are not expected to be material to our financial position, results of operations or cash flows.

Other Agreements:

We are also party to the following types of agreements pursuant to which we may be obligated to indemnify the other party with respect to certain matters:

•Guarantees on behalf of our subsidiaries with respect to real estate leases. These lease guarantees may remain in effect subsequent to the sale of the subsidiary.

•Agreements to indemnify various service providers, trustees and bank agents from any third-party claims related to their performance on our behalf, with the exception of claims that result from a third-party's own willful misconduct or gross negligence.

•Guarantees of our performance in certain sales and services contracts to our customers and indirectly the performance of third parties with whom we have subcontracted for their services. This includes indemnifications to customers for losses that may be sustained as a result of the use of our equipment at a customer's location.

In each of these circumstances, our payment is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract and such procedures also typically allow us to challenge the other party's claims. In the case of lease guarantees, we may contest the liabilities asserted under the lease. Further, our obligations under these agreements and guarantees may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments we made.

Patent Indemnifications

In most sales transactions to resellers of our products, we indemnify against possible claims of patent infringement caused by our products or solutions. In addition, we indemnify certain software providers against claims that may arise as a result of our use or our subsidiaries', customers' or resellers' use of their software in our products and solutions. These indemnities usually do not include limits on the claims, provided the claim is made pursuant to the procedures required in the sales contract.

Indemnification of Officers and Directors

The corporate by-laws of Xerox Holdings Corporation and Xerox Corporation require that, except to the extent expressly prohibited by law, we must indemnify Xerox Holdings Corporation's and Xerox Corporation's officers and directors, respectively, against judgments, fines, penalties and amounts paid in settlement, including legal fees and all appeals, incurred in connection with civil or criminal action or proceedings, as it relates to their services to Xerox Holdings Corporation and/or Xerox Corporation and their subsidiaries. Although the by-laws provide no limit on the amount of indemnification, Xerox Holdings Corporation or Xerox Corporation may have recourse against our insurance carriers for certain payments made by Xerox Holdings Corporation or Xerox Corporation. However,

certain indemnification payments (such as those related to "clawback" provisions in certain compensation arrangements) may not be covered under Xerox Holdings Corporation's and Xerox Corporation's directors' and officers' insurance coverage. Xerox Holdings Corporation and Xerox Corporation also indemnify certain fiduciaries of our employee benefit plans for liabilities incurred in their service as fiduciary whether or not they are officers of Xerox Holdings Corporation or Xerox Corporation. Finally, in connection with Xerox Holdings Corporation's and/or Xerox Corporation's acquisition of businesses, we may become contractually obligated to indemnify certain former and current directors, officers and employees of those businesses in accordance with pre-acquisition by-laws and/or indemnification agreements and/or applicable state law.

Guarantees

We have issued or provided approximately $279 of guarantees as of December 31, 2025 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil tax contingencies (see Brazil Contingencies); iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations.

In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our ABL Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 2,222	$ 1,937	$ 2,747
2025 Acquisitions
Business Combination [Line Items]
Accounts/finance receivables	346
Inventories	422
Equipment on operating lease, net	65
Land, buildings and equipment, net	243
Goodwill	248
Other assets	441
Total Assets acquired	2,528
Liabilities assumed	(1,531)
Acquisition-related debt	(323)
Total Acquisition, net of cash acquired	674
Amount expected to be deductible for tax purposes	$ 2
2024 Acquisitions
Business Combination [Line Items]
Accounts/finance receivables		58
Inventories		4
Equipment on operating lease, net		0
Land, buildings and equipment, net		5
Goodwill		286
Other assets		6
Total Assets acquired		495
Liabilities assumed		(124)
Acquisition-related debt		(210)
Total Acquisition, net of cash acquired		161
Amount expected to be deductible for tax purposes		$ 42
Customer relationships \| 2025 Acquisitions
Business Combination [Line Items]
Estimated Useful Life	10 years
Intangible assets, net	$ 530
Customer relationships \| 2024 Acquisitions
Business Combination [Line Items]
Estimated Useful Life		10 years
Intangible assets, net		$ 134
Trademarks \| 2025 Acquisitions
Business Combination [Line Items]
Estimated Useful Life	7 years
Intangible assets, net	$ 110
Trademarks \| 2024 Acquisitions
Business Combination [Line Items]
Estimated Useful Life		1 year
Intangible assets, net		$ 2
Technology \| 2025 Acquisitions
Business Combination [Line Items]
Estimated Useful Life	7 years
Intangible assets, net	$ 123
Technology \| 2024 Acquisitions
Business Combination [Line Items]
Intangible assets, net		$ 0

Xerox Corporation Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 512	$ 576
Accounts receivable (net of allowance of $73 and $69, respectively)	1,122	796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	46	48
Finance receivables, net	510	608
Inventories	1,016	695
Other current assets	362	212
Total current assets	3,568	2,935
Finance receivables due after one year (net of allowance of $42 and $55, respectively)	846	1,089
Equipment on operating leases, net	299	245
Land, buildings and equipment, net	390	251
Intangible assets, net	921	236
Goodwill, net	2,222	1,937
Deferred tax assets	98	615
Other long-term assets	1,479	1,057
Total Assets	9,823	8,365
Liabilities and Equity
Short-term debt and current portion of long-term debt	231	585
Accounts payable	1,498	1,023
Accrued compensation and benefits costs	235	227
Accrued expenses and other current liabilities	1,258	784
Total current liabilities	3,222	2,619
Long-term debt	4,016	2,814
Pension and other benefit liabilities	1,068	1,088
Post-retirement medical benefits	159	154
Other long-term liabilities	685	386
Total Liabilities	9,150	7,061
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Additional paid-in capital	1,183	1,137
Retained earnings	2,444	3,514
Accumulated other comprehensive loss	(3,311)	(3,699)
Xerox Holdings/Xerox shareholder's equity	444	1,076
Noncontrolling interests	5	4
Total Equity	449	1,080
Total Liabilities and Equity	9,823	8,365
Xerox Corporation
Assets
Cash and cash equivalents	511	575
Accounts receivable (net of allowance of $73 and $69, respectively)	1,122	796
Billed portion of finance receivables (net of allowance of $3 and $2, respectively)	46	48
Finance receivables, net	510	608
Inventories	1,016	695
Other current assets	362	212
Total current assets	3,567	2,934
Finance receivables due after one year (net of allowance of $42 and $55, respectively)	846	1,089
Equipment on operating leases, net	299	245
Land, buildings and equipment, net	390	251
Intangible assets, net	921	236
Goodwill, net	2,222	1,937
Deferred tax assets	98	615
Other long-term assets	1,438	1,017
Total Assets	9,781	8,324
Liabilities and Equity
Short-term debt and current portion of long-term debt	110	197
Accounts payable	1,498	1,023
Accrued compensation and benefits costs	235	227
Accrued expenses and other current liabilities	1,245	741
Total current liabilities	3,209	2,576
Pension and other benefit liabilities	1,068	1,088
Post-retirement medical benefits	159	154
Other long-term liabilities	685	386
Total Liabilities	9,137	7,018
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Additional paid-in capital	3,492	3,487
Retained earnings	448	1,504
Accumulated other comprehensive loss	(3,311)	(3,699)
Xerox Holdings/Xerox shareholder's equity	629	1,292
Noncontrolling interests	5	4
Total Equity	634	1,296
Total Liabilities and Equity	9,781	8,324
Xerox Corporation \| Related Party
Liabilities and Equity
Short-term related party debt	121	388
Long-term debt	1,872	1,634
Xerox Corporation \| Nonrelated Party
Liabilities and Equity
Long-term debt	$ 2,144	$ 1,180

Xerox Holdings Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 73	$ 69
Billed portion of finance receivables, allowance	3	2
Finance receivables due after one year, allowance	$ 42	$ 55

Contingencies and Litigation - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Performance Guarantee
Loss Contingencies [Line Items]
Maximum exposure, undiscounted	$ 279

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Xerox Holdings Corporation Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net (Loss) Income

$ (1,029)

$ (1,321)

$ 1

Other Comprehensive Income (Loss), Net

Translation adjustments, net

^[1]

305

(120)

191

Unrealized (losses) gains, net

^[1]

(10)

Changes in defined benefit plans, net

^[1]

(331)

Other Comprehensive Income (Loss), Net

^[1]

388

(23)

(139)

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Loss, Net

$ (641)

$ (1,344)

$ (138)

[1]	Refer to Note 24 - Other Comprehensive Income (Loss) for gross components of Other Comprehensive Income ( Loss), reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income and Other Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income and Other Taxes

Loss before income taxes was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic loss	$	(396)	$	(877)	$	(89)
Foreign (loss) income	(92)		(339)		61
Loss before Income taxes	$	(488)	$	(1,216)	$	(28)

The components of Income tax expense (benefit) were as follows:


	Year Ended December 31,
	2025		2024		2023
Federal Income Taxes
Current	$	(3)	$	(15)	$	21
Deferred	424		(44)		(65)
Foreign Income Taxes
Current	42		34		18
Deferred	(23)		149		21
State Income Taxes
Current	—		(4)		—
Deferred	101		(15)		(24)
Income tax expense (benefit)	$	541	$	105	$	(29)

A reconciliation of the U.S. federal statutory income tax rate to the consolidated income tax rate pursuant to the disclosure requirements of ASU 2023-09 was as follows:


	Year Ended December 31, 2025

	Amount		Percent
Loss before Income Taxes	$	(488)

U.S. federal statutory income tax rate	(102)		21.0	%
State and local income taxes, net of federal (national) income tax effect(1)	80		(16.4)	%
Foreign tax effects
Brazil
Changes in valuation allowances	(6)		1.2	%
Other	3		(0.6)	%
Germany	6		(1.2)	%
Switzerland
Effect of rates different than statutory	10		(2.1)	%
Other	(5)		1.0	%
United Kingdom
Changes in valuation allowances	27		(5.5)	%
Other	(6)		1.2	%
Other foreign jurisdictions	2		(0.4)	%
Effect of cross-border tax laws
Subpart F	10		(2.1)	%
GILTI	30		(6.2)	%
Other	4		(0.8)	%
Tax credits
Other	(3)		0.6	%
Changes in valuation allowances	483		(99.0)	%
Non-taxable or non-deductible items
Stock-based compensation	7		(1.4)	%
Other	7		(1.4)	%
Other Adjustments	(3)		0.6	%
Changes in unrecognized tax benefits	(3)		0.6	%

Effective Tax Rate	$	541	(110.9)	%

_____________

(1)State Taxes in Illinois, New Jersey, New York, Connecticut, Florida, Maryland, Georgia and Alabama make up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate for the years ended December 31, 2024, and 2023 was as follows:


	Year Ended December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Nondeductible expenses	(0.8)	%	(32.2)	%
Effect of tax law changes	—	%	—	%
Change in valuation allowance for deferred tax assets	(16.0)	%	15.6	%
State taxes, net of federal benefit	1.0	%	(21.9)	%
Audit and other tax return adjustments	0.6	%	83.0	%
Tax-exempt income, credits and incentives	1.1	%	59.0	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(0.5)	%	(32.3)	%
Stock-based compensation	(0.2)	%	(13.0)	%
Goodwill impairment	(15.3)	%	—	%
Divestitures	0.2	%	25.3	%
Other	0.3	%	(0.9)	%
Effective income tax rate	(8.6)	%	103.6	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

A summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 was as follows:


	Year Ended December 31, 2025

Federal	$	1
State and local	2
Foreign
Canada	21
France	8
Ireland	5
Germany	4
Switzerland	4
Other foreign	20
Total foreign	62
Total cash paid for income taxes (net of refunds)	$	65

On a consolidated basis, we paid a total of $65, $65 and $51 in income taxes to federal, foreign and state jurisdictions during the three years ended December 31, 2025, 2024 and 2023, respectively.

Income taxes were allocated to the following items:


	Year Ended December 31,
	2025		2024		2023
Income tax expense (benefit) on Loss before income taxes	$	541	$	105	$	(29)




Income tax (expense) benefit Common shareholders' equity:
Changes in defined benefit plans	(23)		(10)		93

Cash flow hedges	1		(1)		1
Translation adjustments	—		(8)		—
Additional paid-in capital	—		6		—

Unrecognized Tax Benefits and Audit Resolutions

We recognize tax liabilities when, despite our belief that our tax return positions are supportable, we believe that certain positions may not be fully sustained upon review by tax authorities. Each period, we assess uncertain tax positions for recognition, measurement and effective settlement. Benefits from uncertain tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement - the more-likely-than-not recognition threshold. Where we have determined that our tax return filing position does not satisfy the more-likely-than not recognition threshold, we have recorded no tax benefits. These assessments require the use of considerable estimates and judgments and can increase or decrease our effective tax rate, as well as impact our operating results. A difference in the ultimate resolution of uncertain tax positions from what is currently estimated could have a material impact on our results of operations and financial condition.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a variety of jurisdictions. We are also subject to ongoing tax examinations in numerous jurisdictions due to the extensive geographical scope of our operations. As a result, we have received, and may in the future receive, proposed tax adjustments and tax assessments in multiple jurisdictions. We regularly assess the likelihood of the outcomes resulting from these ongoing tax examinations as part of our continuing assessment of uncertain tax positions to determine our provision for income taxes. The specific timing of when the resolution of each tax position will be reached is uncertain.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2025		2024		2023
Balance at January 1	$	95	$	140	$	110
Additions related to current year	2		1		1
Additions related to prior years positions	—		—		57
Additions related to business acquisitions	20		—		—
Reductions related to prior years positions	(1)		—		(14)
Settlements with taxing authorities(1)	—		(29)		(13)
Reductions related to lapse of statute of limitations	(80)		(18)		(2)
Currency	(1)		1		1

Balance at December 31	$	35	$	95	$	140

_____________

(1)The majority of settlements did not result in the utilization of cash.

Included in the balances at December 31, 2025, 2024 and 2023 are $(2), $(2) and $(31), respectively, of tax positions that are highly certain of realizability but for which there is uncertainty about the timing or that they may be reduced through an indirect benefit from other taxing jurisdictions. Because of the impact of deferred tax accounting, other than for the possible incurrence of interest and penalties, the disallowance of these positions would not affect the annual effective tax rate.

Within income tax expense, we recognize interest and penalties accrued on unrecognized tax benefits, as well as interest received from favorable settlements. We had $6, $0 and $(2) accrued for the payment of interest and penalties associated with unrecognized tax benefits at December 31, 2025, 2024 and 2023, respectively.

In the U.S., we are no longer subject to U.S. federal income tax examinations for years before 2022. With respect to our major foreign jurisdictions, we are no longer subject to tax examinations by tax authorities for years before 2017.

Deferred Income Taxes

At December 31, 2025 we have not provided deferred taxes on our undistributed pre-1987 Earnings & Profits as such undistributed earnings have been determined to be indefinitely reinvested and we currently do not plan to initiate any action that would precipitate a deferred tax impact. Further, post-1986 earnings and profits associated with those foreign subsidiaries acquired in the Lexmark Acquisition have been determined to be indefinitely reinvested. Additionally, we have also not provided deferred taxes on the outside basis differences in our investments in foreign subsidiaries that are unrelated to undistributed earnings. These basis differences are also indefinitely reinvested. A determination of the unrecognized deferred taxes related to these components is not practicable.

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2025		2024
Deferred Tax Assets
Research and development	$	249	$	227
Post-retirement medical benefits	44		43

Net operating losses	1,131		322
Operating reserves, accruals and deferrals	183		232
Tax credit carryforwards	90		80
Disallowed interest expense carryforward(1)	173		23
Deferred and share-based compensation	24		22
Pension	83		122
Finance lease and installment sales	127		64
Operating lease liabilities	75		33
Other(1)	63		45
Subtotal	2,242		1,213
Valuation allowance	(1,933)		(511)
Total	$	309	$	702

Deferred Tax Liabilities


Intangibles and goodwill	180		84
Depreciation	33		—
Unremitted earnings of foreign subsidiaries	29		26
Operating lease ROU assets	72		41
Other	35		21
Total	$	349	$	172

Total Deferred tax (liability) asset, net	$	(40)	$	530

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	98	$	615
Deferred tax liabilities(2)	(138)		(85)
Total Deferred tax (liability) asset, net	$	(40)	$	530

_____________

(1)Prior year amounts have been reclassified to conform to the current year presentation.

(2)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

We record the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, where applicable, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies.

The net change in the total valuation allowance for the three years ended December 31, 2025, 2024 and 2023 was an increase of $1,422, $136 and $9, respectively. The valuation allowance relates primarily to certain net operating loss carryforwards, tax credit carryforwards and deductible temporary differences for which we have concluded it is more-likely-than-not that these items will not be realized in the ordinary course of operations.

At December 31, 2025, we had tax credit carryforwards of $90 available to offset future income taxes, of which $1 is available to carryforward indefinitely while the majority of the remaining $89 will expire in 2026, if not utilized. We also had net operating loss carryforwards for income tax purposes of $6.5 billion that will begin to expire in 2026 through 2045, if not utilized, and $1.6 billion available to offset future taxable income indefinitely.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Income and Other Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Loss before Income Taxes	$ (488,000)	$ (1,216,000)	$ (28,000)
U.S. federal statutory income tax rate	(102,000)
State and local income taxes, net of federal (national) income tax effect	80,000
Subpart F	10,000
GILTI	30,000
Other effects of cross-border tax laws	4,000
Other tax credits	(3,000)
Stock-based compensation	7,000
Other non-taxable or non-deductible items	7,000
Changes in unrecognized tax benefits	(3,000)
Income tax expense (benefit)	$ 541,000	$ 105,000	$ (29,000)
Percent
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal (national) income tax effect, percent	(16.40%)	1.00%	(21.90%)
Changes in valuation allowances		(16.00%)	15.60%
Other Adjustments		0.30%	(0.90%)
Effect of rates different than statutory		(0.50%)	(32.30%)
Subpart F	(2.10%)
GILTI	(6.20%)
Other effects of cross-border tax laws	(0.80%)
Other tax credits	0.60%
Stock-based compensation	(1.40%)
Other non-taxable or non-deductible items	(1.40%)
Changes in unrecognized tax benefits	0.60%
Nondeductible expenses		(0.80%)	(32.20%)
Effect of tax law changes		0.00%	0.00%
Audit and other tax return adjustments		0.60%	83.00%
Tax-exempt income, credits and incentives		1.10%	59.00%
Stock-based compensation		(0.20%)	(13.00%)
Goodwill impairment		(15.30%)	0.00%
Divestitures		0.20%	25.30%
Effective income tax rate	(110.90%)	(8.60%)	103.60%
Brazil
Amount
Changes in valuation allowances	$ (6,000)
Other Adjustments	$ 3,000
Percent
Changes in valuation allowances	1.20%
Other Adjustments	(0.60%)
Germany
Amount
Effect of rates different than statutory	$ 6,000
Percent
Effect of rates different than statutory	(1.20%)
Switzerland
Amount
Other Adjustments	$ (5,000)
Effect of rates different than statutory	$ 10,000
Percent
Other Adjustments	1.00%
Effect of rates different than statutory	(2.10%)
United Kingdom
Amount
Changes in valuation allowances	$ 27,000
Other Adjustments	$ (6,000)
Percent
Changes in valuation allowances	(5.50%)
Other Adjustments	1.20%
Other foreign jurisdictions
Amount
Effect of rates different than statutory	$ 2,000
Percent
Effect of rates different than statutory	(0.40%)
United States
Amount
Changes in valuation allowances	$ 483,000
Other Adjustments	$ (3,000)
Percent
Changes in valuation allowances	(99.00%)
Other Adjustments	0.60%

Restructuring Programs - Restructuring and Related Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges, net	$ 82	$ 62	$ 114
Net asset impairment (credit) charge	(15)	25	32
Related costs, net	(1)	25	21
Total Restructuring and related costs, net	$ 66	$ 112	$ 167

Segment and Geographic Area Reporting - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of reportable segments	2	2
Number of operating segments	2

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Xerox Holdings

Preferred Stock

Xerox Holdings Corporation is authorized to issue approximately 22 million shares of cumulative Preferred stock, $1.00 par value per share. Refer to Note 21 - Preferred Stock for additional information.

Common Stock

Xerox Holdings Corporation is authorized to issue 437.5 million shares of Common stock, $1.00 par value per share. At December 31, 2025, 23 million shares were reserved for issuance under our incentive compensation plans and 7 million shares were reserved for conversion of the Series A Convertible Perpetual Preferred Voting Stock.

Treasury Stock

Xerox Holdings Corporation accounts for the repurchased Common stock under the cost method and includes such Treasury stock as a component of our Common shareholders' equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors.

Icahn Share Repurchase

On September 28, 2023, Xerox Holdings Corporation entered into a share purchase agreement (the Purchase Agreement) with Carl C. Icahn and certain of his affiliates (Icahn Parties) pursuant to which the Company agreed to purchase an aggregate of approximately 34 million shares of the Company’s Common Stock, at a price of $15.84 per share, the closing price on September 27, 2023, the last full trading day prior to the execution of the Purchase Agreement, for an aggregate purchase price of approximately $542. The purchase was completed and settled on September 28, 2023 and was funded by a $555 Credit Agreement with Jefferies Finance LLC (Jefferies Finance), as the Administrative Agent, Collateral Agent and Lender. This loan was subsequently repaid in November 2023 with the proceeds from a Term Loan B Credit Facility (Refer to Note 15 – Debt for additional information regarding the Term Loan B Credit Facility). Aggregate fees associated with the share repurchase were approximately $11 and include the 1% excise tax on net share repurchases as required by the Inflation Reduction Act of 2022. The costs incurred are included as part of the cost of Treasury Stock.

The following table reflects the changes in Common and Treasury stock shares (shares in thousands). The Treasury stock repurchases in the table below include the repurchases under the current Xerox Holdings Corporation authorized share repurchase program.


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2022	155,781	—
Stock based compensation plans, net	1,608	—

Acquisition of Treasury stock	—	34,245
Cancellation of Treasury stock	(34,245)	(34,245)

Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,291	—





Balance at December 31, 2024	124,435	—
Stock based compensation plans, net	1,453	—


Exercise of warrants	2,156	—

Balance at December 31, 2025	128,044	—

Unregistered Sales of Equity Securities

In connection with the issuance of the 2030 Note, Xerox Holdings issued a pre-funded warrant (the Warrant), exercisable for 2,160,256 shares of Xerox Holdings Corporation’s common stock (Common Stock), at an exercise price of $1.00 per share, of which $0.99 was prefunded, to one of the purchasers of the 2030 Notes. The exercise price and the number of shares of common stock issuable upon exercise of the Warrant were subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events effecting the Common Stock. The Warrant was exercised during the third quarter 2025. Refer to Note 15 - Debt for additional information regarding the issuance of the 2030 Note.

Xerox

At December 31, 2025, Xerox Corporation has 1,000 authorized shares of Common stock, $1.00 par value per share, of which 100 shares are issued and outstanding and held by Xerox Holdings Corporation.

- Definition

The entire disclosure for equity.

+ References

+ Details

Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net translation adjustments (losses) gains, net of tax

^[1]

$ 305

$ (120)

$ 191

Other comprehensive loss, pre-tax

410

(4)

(233)

Other Comprehensive Income (Loss), Net

^[1]

388

(23)

(139)

Cumulative translation adjustments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net translation adjustments (losses) gains, pre-tax

305

(112)

191

Net translation adjustments (losses) gains, net of tax

305

(120)

191

Unrealized (Losses) Gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Changes in fair value of cash flow hedges losses, pre-tax

(15)

(18)

Changes in fair value of cash flow hedges losses, net of tax

(14)

(16)

Changes in cash flow hedges reclassed to earnings, pre-tax

Changes in cash flow hedges reclassed to earnings, net of tax

Other comprehensive loss, pre-tax

(11)

Other Comprehensive Income (Loss), Net

(10)

Net actuarial/prior service gains (losses)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other comprehensive loss, pre-tax

148

(400)

Other Comprehensive Income (Loss), Net

129

(3)

(300)

Prior service amortization/curtailment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other comprehensive loss, pre-tax

(4)

(7)

(10)

Other Comprehensive Income (Loss), Net

(4)

(3)

(8)

Actuarial loss amortization/settlement

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other comprehensive loss, pre-tax

Other Comprehensive Income (Loss), Net

Other (losses) gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other comprehensive loss, pre-tax

(89)

(49)

Other Comprehensive Income (Loss), Net

(89)

(49)

Changes in Defined Benefit Plans Gains (Losses)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other comprehensive loss, pre-tax

116

(424)

Other Comprehensive Income (Loss), Net

$ 93

$ 88

$ (331)

[1]	Refer to Note 24 - Other Comprehensive Income (Loss) for gross components of Other Comprehensive Income ( Loss), reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Restructuring Programs - Related Costs, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ (1)	$ 25	$ 21
Retention-related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related costs, net	0	(2)	(2)
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	(1)	(1)	0
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 0	$ 28	$ 23

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management Strategy Xerox Holdings maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management program and addresses both the corporate information technology environment and customer-facing products and services. The underlying controls of the cyber risk management program are based on recognized leading practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and the International Organization for Standardization (ISO) 27001 Information Security Management System Requirements. The Company's risk management program is primarily focused on safeguarding the organization's digital assets, ensuring continuous business operations, and minimizing the potential impact of cyber threats on the confidentiality, availability, and integrity of our systems and data. The structured risk management process is designed to comprehensively identify and assess risks, implement effective mitigation and remediation strategies, enhance overall cybersecurity resilience, and provide transparent reporting. Continuous risk assessments are conducted through internal evaluations and routine engagements with independent third-party security services organizations to systematically identify, prioritize and manage information security risks. Subsequently, risk mitigation strategies are developed and executed to address and remediate identified risks effectively through new cybersecurity initiatives and ongoing enhancements to the cybersecurity program. Regular audits and assessments, including penetration tests and attack simulations, are performed both internally and through independent third-party consultants, and internal auditors evaluate the operational effectiveness of cybersecurity controls and risk management measures. These inputs form the basis of a risk register that is integrated into the overall enterprise risk management program to further inform the Company's strategy assessing the likelihood, impact, and velocity of these risks on a forward-looking, multi-year mitigated basis. A formal process exists grounded in the enterprise risk management program where material risks, interdependencies, and the associated remediation plans that are tracked to completion at a minimum on a monthly basis are presented and discussed cross-functionally. In addition to the normal discourse on emerging risks, a focused drill down into cybersecurity risk is presented at least annually at the enterprise risk steering committee meeting. All employees and contractors play an important role in protecting the organization from cyber threats. We have implemented a formal cybersecurity training and awareness program that includes mandatory annual information security training and continuous education through various enterprise collaboration platforms. Our Cyber Defense team plays an important role in implementing our protection, detection, and response capabilities. Security incidents are evaluated, ranked by severity and prioritized for response and remediation. Our incident response process outlines actions required to triage, analyze, contain, remediate, and safely recover from cybersecurity incidents. Our incident response program ensures management is informed and involved in monitoring and addressing security and privacy incidents. The program uses a coordinated escalation model to engage relevant management and Board members as needed. It includes regular training and simulations for preparedness, with periodic updates to the Board on the program’s status and significant incidents, ensuring robust oversight and governance. Security incidents are evaluated to determine materiality as well as operational and business impacts and are reviewed for privacy impacts. Xerox Holdings has established a structured third-party risk management program, with a primary focus on assessing and mitigating potential cyber risks linked to external vendors and partners who have access to the organization's digital assets or play a role in storing and processing data. This also extends to the software supply chain supporting our products and services. A thorough due diligence process is conducted on all prospective third parties to evaluate their overall security posture and alignment with Xerox Holdings' organizational standards. Additionally, ongoing assessments are regularly conducted on selected existing vendors and partners to confirm their continuous compliance with Xerox Holdings' cybersecurity and data privacy standards and policies. Where applicable, we also include security and data privacy addendums in our third-party contracts. Xerox Holdings also engages with external managed security service providers to support certain day-to-day operational activities in addition to in-house cybersecurity staff as part of the cybersecurity program. To date, no cybersecurity incident has resulted in any material impact on our business, operations or financial results or our ability to service our customers or run our business. We maintain insurance coverage designed to mitigate our exposure to network security and privacy matters. Refer to Item 1A Risk Factors for additional discussion of risks associated with cybersecurity threats to the Company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company's risk management program is primarily focused on safeguarding the organization's digital assets, ensuring continuous business operations, and minimizing the potential impact of cyber threats on the confidentiality, availability, and integrity of our systems and data. The structured risk management process is designed to comprehensively identify and assess risks, implement effective mitigation and remediation strategies, enhance overall cybersecurity resilience, and provide transparent reporting. Continuous risk assessments are conducted through internal evaluations and routine engagements with independent third-party security services organizations to systematically identify, prioritize and manage information security risks. Subsequently, risk mitigation strategies are developed and executed to address and remediate identified risks effectively through new cybersecurity initiatives and ongoing enhancements to the cybersecurity program. Regular audits and assessments, including penetration tests and attack simulations, are performed both internally and through independent third-party consultants, and internal auditors evaluate the operational effectiveness of cybersecurity controls and risk management measures. These inputs form the basis of a risk register that is integrated into the overall enterprise risk management program to further inform the Company's strategy assessing the likelihood, impact, and velocity of these risks on a forward-looking, multi-year mitigated basis. A formal process exists grounded in the enterprise risk management program where material risks, interdependencies, and the associated remediation plans that are tracked to completion at a minimum on a monthly basis are presented and discussed cross-functionally. In addition to the normal discourse on emerging risks, a focused drill down into cybersecurity risk is presented at least annually at the enterprise risk steering committee meeting.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency concerning progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above are submitted quarterly to the Audit Committee of the Board of Directors. The Board of Directors also considers cybersecurity topics on an ad hoc basis where appropriate, including for purposes of receiving briefings on developments in cybersecurity or cybersecurity incidents and assessing and managing potentially material risks arising from cybersecurity threats. There are two committees comprised of Company leadership, including the enterprise risk management steering committee, which meets monthly, and the Xerox Holdings management audit committee, which meets at least quarterly, to discuss the current operational and security compliance metrics, cybersecurity incidents, and risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency concerning progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above are submitted quarterly to the Audit Committee of the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the President and Chief Operating Officer (COO). With more than twenty years of experience in security, the CISO began his security career serving in the United States Marine Corps (USMC), leading physical security and executive protection for Marine One. He subsequently led cybersecurity programs for U.S. Cyber Command and the Pentagon, advised Fortune 500 clients on cybersecurity and crisis response matters as an Advisory Director at PwC, and has held positions as CISO or Deputy CISO for public and private companies. The CISO has a Master of Business Administration (MBA), and is a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). He has extensive experience in multiple security domains, including security operations, incident detection and response, security architecture, identity and access management, cloud security, vulnerability and threat management, application/product security, policy, and compliance. The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency concerning progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above are submitted quarterly to the Audit Committee of the Board of Directors. The Board of Directors also considers cybersecurity topics on an ad hoc basis where appropriate, including for purposes of receiving briefings on developments in cybersecurity or cybersecurity incidents and assessing and managing potentially material risks arising from cybersecurity threats. There are two committees comprised of Company leadership, including the enterprise risk management steering committee, which meets monthly, and the Xerox Holdings management audit committee, which meets at least quarterly, to discuss the current operational and security compliance metrics, cybersecurity incidents, and risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the President and
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the President and Chief Operating Officer (COO). With more than twenty years of experience in security, the CISO began his security career serving in the United States Marine Corps (USMC), leading physical security and executive protection for Marine One. He subsequently led cybersecurity programs for U.S. Cyber Command and the Pentagon, advised Fortune 500 clients on cybersecurity and crisis response matters as an Advisory Director at PwC, and has held positions as CISO or Deputy CISO for public and private companies. The CISO has a Master of Business Administration (MBA), and is a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). He has extensive experience in multiple security domains, including security operations, incident detection and response, security architecture, identity and access management, cloud security, vulnerability and threat management, application/product security, policy, and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency concerning progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above are submitted quarterly to the Audit Committee of the Board of Directors. The Board of Directors also considers cybersecurity topics on an ad hoc basis where appropriate, including for purposes of receiving briefings on developments in cybersecurity or cybersecurity incidents and assessing and managing potentially material risks arising from cybersecurity threats. There are two committees comprised of Company leadership, including the enterprise risk management steering committee, which meets monthly, and the Xerox Holdings management audit committee, which meets at least quarterly, to discuss the current operational and security compliance metrics, cybersecurity incidents, and risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Supplementary Financial Information - Supplier Finance Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Financial Information [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Credit period (in days)	45 days
Supplier Finance Program, Obligation [Roll Forward]
Balance at January 1st,	$ 30	$ 40	$ 40
Amounts invoiced	86	110	125
Invoices paid	(98)	(120)	(125)
Balance at December 31st,	$ 18	$ 30	$ 40

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 126	$ 156	$ 169
Additions charged to expense	39	42	28
Amounts (credited) charged to other accounts	1	2	8
Acquisitions	3	0	0
Deductions and other, net of recoveries	(51)	(74)	(49)
Balance at end of period	118	126	156
Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	69	64	52
Additions charged to expense	23	25	22
Amounts (credited) charged to other accounts	1	0	6
Acquisitions	3	0	0
Deductions and other, net of recoveries	(23)	(20)	(16)
Balance at end of period	73	69	64
Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	57	92	117
Additions charged to expense	16	17	6
Amounts (credited) charged to other accounts	0	2	2
Acquisitions	0	0	0
Deductions and other, net of recoveries	(28)	(54)	(33)
Balance at end of period	45	57	92
Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	511	375	366
Additions charged to expense	618	195	(4)
Amounts (credited) charged to other accounts	(18)	(59)	13
Acquisitions	822	0	0
Balance at end of period	1,933	511	375
Xerox Corporation
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	126	156	169
Additions charged to expense	39	42	28
Amounts (credited) charged to other accounts	1	2	8
Acquisitions	3	0	0
Deductions and other, net of recoveries	(51)	(74)	(49)
Balance at end of period	118	126	156
Xerox Corporation \| Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	69	64	52
Additions charged to expense	23	25	22
Amounts (credited) charged to other accounts	1	0	6
Acquisitions	3	0	0
Deductions and other, net of recoveries	(23)	(20)	(16)
Balance at end of period	73	69	64
Xerox Corporation \| Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	57	92	117
Additions charged to expense	16	17	6
Amounts (credited) charged to other accounts	0	2	2
Acquisitions	0	0	0
Deductions and other, net of recoveries	(28)	(54)	(33)
Balance at end of period	45	57	92
Xerox Corporation \| Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	511	375	366
Additions charged to expense	618	195	(4)
Amounts (credited) charged to other accounts	(18)	(59)	13
Acquisitions	822	0	0
Balance at end of period	$ 1,933	$ 511	$ 375

Employee Benefit Plans - Defined Benefit Plans Measured Using Significant Unobservable Inputs Level 3 (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	$ 5,627
Fair value of plan assets - ending	6,433	$ 5,627
U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	1,407	1,528
Fair value of plan assets - ending	1,845	1,407
U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	35
Fair value of plan assets - ending	55	35
U.S. \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	167
Fair value of plan assets - ending	158	167
U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	24
Fair value of plan assets - ending	23	24
U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	24	47
Purchases	0	0
Sales	(2)	(22)
Unrealized losses	1	(1)
Acquisition	0
Currency translation	0	0
Fair value of plan assets - ending	23	24
U.S. \| Level 3 \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4,220	4,662
Fair value of plan assets - ending	4,588	4,220
Non-U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	118
Fair value of plan assets - ending	114	118
Non-U.S. \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	258
Fair value of plan assets - ending	45	258
Non-U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,184
Fair value of plan assets - ending	2,498	2,184
Non-U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,271	2,591
Purchases	0	1
Sales	0	(3)
Unrealized losses	(11)	(269)
Acquisition	131
Currency translation	177	(49)
Fair value of plan assets - ending	2,568	2,271
Non-U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	87	106
Purchases	0	0
Sales	0	0
Unrealized losses	(31)	(12)
Acquisition	0
Currency translation	14	(7)
Fair value of plan assets - ending	70	87
Non-U.S. \| Level 3 \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0	4
Purchases	0	0
Sales	0	0
Unrealized losses	0	(4)
Acquisition	0
Currency translation	0	0
Fair value of plan assets - ending	0	0
Non-U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,184	2,481
Purchases	0	1
Sales	0	(3)
Unrealized losses	20	(253)
Acquisition	131
Currency translation	163	(42)
Fair value of plan assets - ending	$ 2,498	$ 2,184

Xerox Holdings Corporation Consolidated Statements of (Loss) Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues

Total Revenues

$ 7,022

$ 6,221

$ 6,886

Costs and Expenses

Research, development and engineering expenses

230

191

229

Selling, administrative and general expenses

1,654

1,537

1,696

Goodwill impairment

1,058

Restructuring and related costs, net

112

167

Amortization of intangible assets

Divestitures

(4)

PARC donation

132

Other expenses, net

360

158

Total Costs and Expenses

7,510

7,437

6,914

Loss before Income Taxes

(488)

(1,216)

(28)

Income tax expense (benefit)

541

105

(29)

Net (Loss) Income

(1,029)

(1,321)

Less: Preferred stock dividends, net

(14)

Net Loss Attributable to Common Shareholders

$ (1,043)

$ (1,335)

$ (13)

Basic Loss per Share (in dollars per share)

$ (8.25)

$ (10.75)

$ (0.09)

Diluted Loss per Share (in dollars per share)

$ (8.25)

$ (10.75)

$ (0.09)

Sales

Revenues

Total Revenues

$ 3,283

$ 2,378

$ 2,720

Costs and Expenses

Cost of goods and services sold

2,367

1,562

1,778

Services, maintenance , rentals and other

Revenues

Total Revenues

^[1]

3,739

3,843

4,166

Costs and Expenses

Cost of goods and services sold

^[1]

$ 2,754

$ 2,699

$ 2,794

[1]	In 2025, certain reclassifications were made within the Consolidated Statements of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

Revenue - Contract Liabilities Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 130	$ 132	$ 131
Revenue recognized	(299)	(189)	(183)
Billings and customer advances	287	177	187
Foreign currency and other	(6)	(3)	(3)
Acquisition	167	13	0
Ending balance	279	130	132
Revenue recognized related to contract liabilities included in beginning balance	$ 111	$ 109	$ 107

Cover Page - USD ($)

12 Months Ended

Dec. 31, 2025

Feb. 28, 2026

Jun. 30, 2025

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2025

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity Registrant Name

XEROX HOLDINGS CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-39013

Entity Tax Identification Number

83-3933743

Entity Address, Address Line One

P.O. Box 4505, 401 Merritt 7

Entity Address, City or Town

Norwalk

Entity Address, State or Province

Entity Address, Postal Zip Code

06851-1056

City Area Code

203

Local Phone Number

849-5216

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 612,685,125

Entity Common Stock, Shares Outstanding

128,617,804

Documents Incorporated by Reference


Document						Part of Form 10-K in Which Incorporated
Xerox Holdings Corporation Notice of 2026 Annual Meeting of Shareholders and Proxy Statement (to be filed no later than 120 days after the close of the fiscal year covered by this report on Form 10-K)						III

Entity Central Index Key

0001770450

Document Fiscal Year Focus

2025

Document Fiscal Period Focus

Amendment Flag

false

Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Xerox Holdings Corporation Common Stock, $1 par value

Trading Symbol

XRX

Security Exchange Name

NASDAQ

Warrant

Entity Information [Line Items]

Title of 12(b) Security

Xerox Holdings Corporation Warrants to Purchase Common Stock, $1 par value

Trading Symbol

XRXDW

Security Exchange Name

NASDAQ

Xerox Corporation

Entity Information [Line Items]

Entity Registrant Name

XEROX CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-04471

Entity Tax Identification Number

16-0468020

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Non-accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Central Index Key

0000108772

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

Acquisitions

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates. There were no acquisitions for the year ended 2023.


	Year Ended December 31, 2025			Year Ended December 31, 2024
	Weighted-Average Life	Acquisitions(1)		Weighted-Average Life	Acquisitions(1)
Accounts/finance receivables		$	346		$	58

Inventories		422			4
Equipment on operating leases, net		65			—
Land, Buildings and Equipments, net		243			5
Intangible assets:
Customer relationships	10 years	530		10 years	134
Trademarks	7 years	110		1 year	2
Technology	7 years	123			—

Goodwill(2)		248			286
Other assets		441			6
Total Assets acquired		2,528			495

Liabilities assumed		(1,531)			(124)
Acquisition-related debt		(323)			(210)
Total Acquisition, net of cash acquired		$	674		$	161

_____________

(1)For additional details related to our 2025 and 2024 acquisition activity, see below.

2025 Acquisition

Lexmark Acquisition

On July 1, 2025, Xerox Corporation completed the acquisition of all of the issued and outstanding equity of Lexmark International II, LLC (Lexmark), a leading developer, manufacturer and supplier of printing, imaging, device management, managed print services (MPS), cloud services, document workflow, and technology solutions (the Lexmark Acquisition).

Total Purchase Consideration

Total consideration paid to the Seller for the net assets acquired from Lexmark was $768, which included Cash and cash equivalents acquired of $93. As part of the Lexmark Acquisition we effectively settled a pre-existing net payable of $43 with Lexmark. The settlement is presented as an operating cash outflow to reflect the nature of the underlying net liability.

Assets Acquired and Liabilities Assumed

The transaction has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) 805 — Business Combinations (ASC 805), which requires among other things, that assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. No contingent consideration was recorded by Xerox. The preliminary application of acquisition accounting to the assets acquired, and liabilities assumed, as well as the pro forma results of operations are presented below.


	July 1, 2025
Assets acquired
Cash and cash equivalents	$	93
Accounts receivable, net	280
Finance receivables, net(1)	22
Inventories	422

Other current assets	131
Finance receivables due after one year, net(1)	44
Equipment on operating lease, net	65
Land, buildings and equipment, net	243
Intangible assets, net	763
Goodwill	246
Deferred tax assets	25
Other long-term assets	266
Total Assets acquired	$	2,600

Liabilities assumed

Accounts payable	$	476
Accrued compensation and benefits costs	56
Accrued expenses and other current liabilities(2)	518
Long-term debt	323
Pension and other benefit liabilities	118
Post-retirement medical benefits	6

Other long-term liabilities(2)	335
Total Liabilities assumed	$	1,832

Net Assets acquired	$	768

_____________

(1)Comprised of sales-type lease receivables.

(2)Includes Deferred revenue accounted for in accordance with ASC 606, Revenue from Contracts with Customers.

Our estimates and assumptions are subject to change, and have already changed, within the measurement period, which is up to 12 months after the acquisition date.

During the fourth quarter 2025, adjustments were recorded to correct certain errors in the Lexmark Acquisition preliminary purchase price allocation that existed as of the acquisition date. The errors resulted from misstated balances of accounts receivable, contract assets, and contract liabilities in Lexmark's opening balance sheet as of July 1, 2025, and were subsequently reflected in the Company's Consolidated Balance Sheet as of September 30, 2025. Accordingly, Accounts receivable, net decreased by $73, Other current assets increased by $20, Deferred tax assets increased by $7, Accrued expenses and other current liabilities decreased by $11, and Other long-term liabilities decreased $7. The identified errors had an immaterial impact on the Lexmark preliminary purchase accounting through September 30, 2025. As a result of the correction, an increase of $28 was recorded to Goodwill. In addition, immaterial measurement period adjustments were also recorded which resulted in a further increase of $11 to Goodwill associated with the Lexmark Acquisition.

The allocation of the purchase price for this acquisition has been prepared on a preliminary basis, and adjustments may continue to be required as additional information becomes available. Additionally, as required by the Lexmark Agreement, Xerox provided its determination of the Closing Statement (as defined in the Lexmark Agreement) to the Lexmark Seller. The final purchase price is subject to a final working capital adjustment, which we are still finalizing.

Transaction-related expense for the Lexmark Acquisition was approximately $33 for the year ended December 31, 2025 and were recorded within Selling, administrative and general expenses.

Our Consolidated Statements of (Loss) Income includes revenue of $962, and net loss of $119 for the year ended December 31, 2025, attributable to the Lexmark Acquisition since the date of acquisition.

Intangible Assets

The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives:


	July 1, 2025		Estimated Useful Life
Customer relationships	$	530	10 years
Developed technology	123		7 years
Trademarks	110		7 years
Total Identifiable intangible assets	$	763

The customer-related intangible assets relates to customer contracts and related relationships. The customer contracts and related relationships intangible asset represents the fair value of future projected cash flows that will be derived from sales of products and services to existing customers of Lexmark. The asset was valued using a multi-period excess earnings method which estimates the present value of the after-tax cash flows attributable to the customer relationships. The present value of projected future cash flows included significant judgment and assumptions regarding projected annual revenues based on estimated customer attrition rates, projected operating margins, and the discount rate.

Developed technology represents the estimated fair value of Lexmark’s proprietary technology and is valued using the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted cash flows that are expected to be generated by the developed technology, which included judgment and assumptions regarding projected future revenues, projected expenses, and the discount rate.

Trade name and trademarks represents the estimated fair value of Lexmark’s trade name and trademarks. The fair value was determined by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted cash flows that are expected to be generated by the trade name and trademarks, which included judgment and assumptions regarding projected future revenues, projected expenses, and the discount rate.

Intangible assets of approximately $4 are deductible for tax purposes as a result of previous taxable acquisitions made by Lexmark.

Goodwill

Goodwill in the amount of $246 was recognized for this acquisition and is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, primarily expected synergies. Goodwill of approximately $2 is deductible for tax purposes as a result of previous taxable acquisitions made by Lexmark. All of the goodwill associated with the Lexmark Acquisition is allocated to our Print and Other Segment.

Debt

In conjunction with the acquisition, Xerox assumed approximately $323 of Lexmark debt that, concurrent with the closing date, was included in the renegotiated terms of Xerox's Term Loan B. The assumed debt is included in Long-term debt in the Consolidated Balance Sheet. It was determined that the fair value of the assumed debt approximated its book value and that the conversion of this debt within the Term Loan B represented a modification. Refer to Note 15 - Debt for additional information regarding debt related to the Lexmark Acquisition.

Deferred Taxes

We provided deferred taxes and recorded other tax adjustments as part of the accounting for the acquisition primarily related to the estimated fair value adjustments for acquired intangible assets, as well as the elimination of a previously recorded deferred tax liability associated with Lexmark's historical tax deductible goodwill.

2024 Acquisition

ITsavvy

On November 20, 2024, we completed the acquisition of ITsavvy Acquisition Company, Inc. (ITsavvy), a technology infrastructure solutions provider for total consideration of $404, which resulted in 100% ownership of ITsavvy.

Total Purchase Consideration

The table below details the total fair value of consideration paid for the ITsavvy Acquisition:


	November 20, 2024

Cash	$	194
Secured promissory notes due in 2025, net of $3 discount	107
Secured promissory notes due in 2026, net of $7 discount	103

Total Fair value of consideration transferred	$	404

The secured promissory notes due in 2025 (the 2025 Note), as well as the secured promissory notes due in 2026 (the 2026 Note and, together with the 2025 Note, the Notes), were issued by Xerox to the Seller at closing, net of total unamortized debt discounts of $10. For additional information related to the Notes issued in connection with the acquisition of ITsavvy, refer to Note 15 - Debt.

Assets Acquired and Liabilities Assumed

The transaction has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) 805 — Business Combinations (ASC 805), which requires among other things, that most assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. No change-in-control or contingent consideration liabilities were recorded by Xerox.


	November 20, 2024
Assets acquired
Cash and cash equivalents	$	34
Accounts receivable, net	58
Inventories	4
Other current assets	15
Land, buildings and equipment, net	5
Intangible assets, net	136
Goodwill	288
Other long-term assets	10
Total Assets acquired	$	550

Liabilities assumed

Accounts payable	$	57
Accrued compensation and benefits costs	7
Accrued expenses and other current liabilities(1)	30
Deferred tax liability	18
Other long-term liabilities(1)	34
Total Liabilities assumed	$	146

Net Assets acquired	$	404

____________

(1)Includes Deferred revenue accounted for in accordance with ASC 606 Revenue.

Transaction-related expense for the ITsavvy Acquisition were not material for the year ended December 31, 2024.

For the years ended December 31, 2025 and 2024, our Consolidated Statements of (Loss) Income include revenue of $451 and $48, respectively, and net income of $16 and $2, respectively, attributable to the ITsavvy Acquisition. Amounts for 2024 are from the date of acquisition on November 20, 2024.

Intangible Assets

The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives:


	November 20, 2024		Estimated Useful Life
Customer relationships	$	134	10 years
Trademarks	2		1 year
Total consideration transferred	$	136

The majority of customer-related intangible assets relates to customer contracts and related relationships. The customer contracts and related relationships intangible asset represents the fair value of future projected cash flows that will be derived from sales of products to existing customers of ITsavvy. The asset was valued using a multi-period excess earnings method which estimates the present value of the after-tax cash flows attributable to the customer relationships. The present value of projected future cash flows included significant judgment and assumptions regarding projected annual revenues based on estimated customer attrition rates, projected operating margins, and the discount rate.

Trademark represents the preliminary estimated fair value of the ITsavvy trade name. The fair value was determined by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the trade name. Intangible assets of approximately $59 is deductible for tax purposes as a result of previous taxable acquisitions made by ITsavvy.

Goodwill

Goodwill in the amount of $288 was recognized for this acquisition and is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, primarily expected synergies. Goodwill of approximately $42 is deductible for tax purposes as a result of previous taxable acquisitions made by ITsavvy. As a result of the ITsavvy Acquisition, we reassessed our operating and reportable segments on January 1, 2025. Accordingly, all of the goodwill associated with the ITsavvy Acquisition is allocated to our IT Solutions Segment.

Deferred Taxes

Unaudited Pro Forma Information

The unaudited pro forma results presented below are calculated in accordance with ASC 805 - Business Combinations, and include the effects of the Lexmark Acquisition and related financing transactions, as if it had been consummated as of January 1, 2024, as well as the acquisition of ITsavvy, as if it had been consummated as of January 1, 2023. ITsavvy is included in our 2025 reported results as the effective date of the acquisition was November 20, 2024. Lexmark is included in our 2025 results beginning July 1, 2025, the effective date of acquisition. Pro forma results for all periods presented below includes adjustments to align historical accounting policies and purchase accounting adjustments for amortization of intangible assets and real and personal property, the expensing of the step up of inventory to fair value, the elimination of historical goodwill impairment charges recorded by Lexmark of approximately $681 pre-tax, transaction expenses, the expense related to compensation to various employees resulting from the acquisition as well as interest expense related to debt financing. The following table summarizes the pro forma financial information:


	Year Ended December 31,
	2025		2024
Total revenue	$	7,962	$	8,620
Net loss	(968)		(1,680)

The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions and the cost of financing the acquisitions had taken place on January 1, 2024.

2023 Acquisitions

There were no material business acquisitions during 2023.

Divestitures

Sales of Argentina and Chile

In March 2024, Xerox completed the sales of its direct business operations in Argentina and Chile to Grupo Datco, a technologies and fiber optic network service provider in Latin America for a total consideration of $19. Following the transfer of ownership, the new companies operate as independent entities and Grupo Datco will continue to service Xerox devices previously sold in Argentina and Chile and is the exclusive partner for Xerox in these markets. This transaction aligns with the Company's ongoing Reinvention.

The sales resulted in a net disposal loss of $51, which included, a net currency translation loss of $40, allocated Goodwill of $10, the carrying value of the net assets of $18, and related fees of $2. During the second quarter of 2024 we recorded a purchase price adjustment credit of $3. The allocation of Goodwill was based on the relative fair value of the operations in Argentina and Chile to the total fair value for the Print and Other Segment Reporting Unit, which it was part of prior to the sales. The estimated fair values of the operations in Argentina and Chile as well as the Print and Other reporting unit are based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Xerox also recorded a net income tax benefit of $19 related to the sales, for a net after-tax loss on the sales of $32.

Donation of Palo Alto Research Center (PARC)

In April 2023, Xerox completed the donation of its Palo Alto Research Center (PARC) subsidiary to Stanford Research Institute International (SRI), a nonprofit research institute. The donation enables Xerox to focus on its core businesses and prioritize growth through its business technology solutions for customers in Print, as well as Digital Services and IT Services. The donation also allows PARC to reach its full potential through SRI’s resources and deep-tech expertise that will enable PARC to focus exclusively on the development of pioneering innovative technologies. The majority of patents held by PARC were retained by Xerox with a perpetual license to use those patents being provided to SRI. Xerox, at its option, will also continue to receive certain research services from SRI. The donation resulted in a net charge of $132 in the second quarter 2023, which includes allocated Goodwill of $115, the carrying value of the net assets associated with PARC being donated of $13, and approximately $4 of other costs and expenses related to the donation. The allocation of Goodwill was based on the relative fair value of the PARC business to the total fair value for the Print and Other Segment/Reporting Unit, which it was part of prior to the donation. The estimated fair values of the PARC business as well as the Print and Other reporting unit are based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. At the time of divestiture, Xerox also recorded a net income tax benefit of $40 related to the donation for a net after-tax loss on the donation of $92. In 2025, we concluded that certain deferred tax assets in the U.S. were not more-likely-than-not to be realized, including the benefits associated with the charitable contribution of PARC in 2023. Accordingly, a valuation allowance for the remaining deferred tax assets of $20 was recorded.

Other Divestitures

During 2025 and 2024 we sold the rights to sell paper in certain European countries. The sales resulted in a net disposal gain of $4 and $4 for the years ended December 31, 2025 and 2024, respectively.

Income and Other Taxes - Income Tax Expense (Benefit), Current Deferred, by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current federal tax expense (benefit)	$ (3)	$ (15)	$ 21
Deferred federal income tax expense (benefit)	424	(44)	(65)
Current foreign tax expense	42	34	18
Deferred foreign income tax expense (benefit)	(23)	149	21
Current state tax expense	0	(4)	0
Deferred state income tax (benefit) expense	101	(15)	(24)
Income tax expense (benefit)	$ 541	$ 105	$ (29)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans - Pension and Other Benefit Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued compensation liabilities	$ 45	$ 48
Deferred compensation liabilities	13	13
Pension and other benefit liabilities	1,068	1,088
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation plan liabilities	11	11
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension liabilities	$ 1,010	$ 1,027

Finance Receivables, Net - Finance Receivables Aging Schedule (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Total	$ 1,447	$ 1,802
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	49	50
Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,398	1,752
United States
Financing Receivable, Past Due [Line Items]
Total	616	749
United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	35	36
United States \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	581	713
Canada
Financing Receivable, Past Due [Line Items]
Total	151	144
Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	7
Canada \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	147	137
EMEA
Financing Receivable, Past Due [Line Items]
Total	663	909
EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	7
EMEA \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	653	902
Other
Financing Receivable, Past Due [Line Items]
Total	17
Other \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0
Other \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	17
Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	33	35
Current \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	22	25
Current \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	3	5
Current \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	5
Current \| Other \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0
31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	8
31-90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	6
31-90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due \| Other \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0
>90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	7
>90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	5
>90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	1
>90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>90 Days Past Due \| Other \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	56	55
>90 Days and Accruing \| United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	35	35
>90 Days and Accruing \| Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	4	5
>90 Days and Accruing \| EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	17	15
>90 Days and Accruing \| Other
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	0
Direct
Financing Receivable, Past Due [Line Items]
Total	478	502
Direct \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	27	28
Direct \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	451	474
Direct \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	18	19
Direct \| 31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	5
Direct \| >90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	4
Direct \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	35	35
Indirect
Financing Receivable, Past Due [Line Items]
Total	138	247
Indirect \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	8
Indirect \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	130	239
Indirect \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	6
Indirect \| 31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	1
Indirect \| >90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	1
Indirect \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Finance Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Finance Receivables

Finance receivables, net were as follows:


	December 31,
	2025		2024
Gross receivables	$	1,643	$	2,032
Unearned income	(196)		(230)
Subtotal	1,447		1,802
Residual values	—		—
Allowance for doubtful accounts	(45)		(57)
Finance Receivables, Net	1,402		1,745
Less: Billed portion of finance receivables, net	46		48
Less: Current portion of finance receivables not billed, net	510		608
Finance Receivables Due After One Year, Net	$	846	$	1,089

Schedule of Financing Receivables, Minimum Payments

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:



	December 31, 2025
12 months	$	661
24 months	454
36 months	297
48 months	166
60 months	59
Thereafter	6
Total	$	1,643

Schedule of Allowance for Credit Losses, Financing Receivables

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA		Other		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	—	$	92
Provision	(7)		10		14		—		17
Charge-offs, net	(23)		(11)		(17)		—		(51)
Other(1)	1		(1)		(1)		—		(1)

Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	7		2		7		—		16
Charge-offs, net	(12)		(3)		(16)		—		(31)
Other(1)	—		1		2		—		3

Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45

Finance Receivables Collectively Evaluated for Impairment:
December 31, 2024(2)(3)	$	749	$	144	$	909	$	—	$	1,802
December 31, 2025(2)(3)	$	616	$	151	$	663	$	17	$	1,447

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)As a result of the Lexmark Acquisition on July 1, 2025, Other includes amounts for Latin America, Asia Pacific and South Africa. Allowance

for doubtful credit losses in Other for the year ended December 31, 2025 was nil. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Total Finance receivables exclude the allowance for credit losses of $45 and $57 at December 31, 2025 and 2024, respectively.

Schedule of Credit Quality Indicators for Financing Receivables

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	102	$	66	$	48	$	19	$	7	$	1	$	243
Average Credit Risk	49		31		41		14		13		2		150
High Credit Risk	24		23		18		13		5		2		85
Total	$	175	$	120	$	107	$	46	$	25	$	5	$	478
Charge-offs	$	—	$	1	$	3	$	2	$	1	$	2	$	9

United States (Indirect):
Low Credit Risk	$	2	$	4	$	10	$	15	$	6	$	—	$	37
Average Credit Risk	12		7		25		22		6		1		73
High Credit Risk	—		8		13		5		2		—		28
Total	$	14	$	19	$	48	$	42	$	14	$	1	$	138
Charge-offs	$	—	$	—	$	4	$	4	$	2	$	1	$	11

Canada
Low Credit Risk	$	31	$	20	$	13	$	4	$	1	$	—	$	69
Average Credit Risk	29		20		13		7		2		—		71
High Credit Risk	4		3		2		1		1		—		11
Total	$	64	$	43	$	28	$	12	$	4	$	—	$	151
Charge-offs	$	—	$	1	$	1	$	1	$	—	$	—	$	3

EMEA
Low Credit Risk	$	135	$	76	$	96	$	51	$	14	$	4	$	376
Average Credit Risk	68		45		79		49		13		3		257
High Credit Risk	8		5		10		4		2		1		30
Total	$	211	$	126	$	185	$	104	$	29	$	8	$	663
Charge-offs	$	5	$	3	$	7	$	4	$	1	$	—	$	20

Other(1)
Low Credit Risk	7		4		3		1		—		—		15
Average Credit Risk	—		1		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	7	$	5	$	4	$	1	$	—	$	—	$	17
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	277	$	170	$	170	$	90	$	28	$	5	$	740
Average Credit Risk	158		104		159		92		34		6		553
High Credit Risk	36		39		43		23		10		3		154
Total	$	471	$	313	$	372	$	205	$	72	$	14	$	1,447
Total Charge-offs	$	5	$	5	$	15	$	11	$	4	$	3	$	43

_____________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect):
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$	1	$	—	$	—	$	1	$	11

EMEA
Low Credit Risk	$	131	$	175	$	116	$	55	$	20	$	3	$	500
Average Credit Risk	75		130		92		45		19		5		366
High Credit Risk	8		14		11		6		3		1		43
Total	$	214	$	319	$	219	$	106	$	42	$	9	$	909
Charge-offs	$	—	$	7	$	6	$	3	$	1	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	297	$	310	$	182	$	96	$	34	$	4	$	923
Average Credit Risk	187		250		148		88		33		8		714
High Credit Risk	44		45		38		23		11		4		165
Total	$	528	$	605	$	368	$	207	$	78	$	16	$	1,802
Total Charge-offs	$	2	$	23	$	11	$	8	$	5	$	7	$	56

Schedule of Aging of Billed Finance Receivables

The aging of our billed finance receivables is as follows:


	December 31, 2025
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	18	$	5	$	4	$	27	$	451	$	478	$	35
Indirect	4		2		2		8		130		138		—
Total United States	22		7		6		35		581		616		35
Canada	3		1		—		4		147		151		4





EMEA	8		1		1		10		653		663		17
Other (1)	—		—		—		—		17		17		—
Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56


	December 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	19	$	5	$	4	$	28	$	474	$	502	$	35
Indirect	6		1		1		8		239		247		—
Total United States	25		6		5		36		713		749		35
Canada	5		1		1		7		137		144		5





EMEA	5		1		1		7		902		909		15

Total	$	35	$	8	$	7	$	50	$	1,752	$	1,802	$	55

___________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.

Schedule Of Financing Receivable, Sale, Activity

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Finance receivable sales - net proceeds(1)	$	357	$	752	$	1,102
Gain on sale/Commissions(2)	2		30		25

Servicing revenue(2)	$	6	$	17	$	9

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance, rentals and other as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238
Xerox Corporation
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sales	$ 427	$ 450	$ 399

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 4	$ 0	$ 0
Owned assets	23	27	36
Asset impairments	27	27	36
Adjustments/Reversals	9	(2)	(4)
Less: Proceeds from the sales of owned assets	(51)	0	0
Net asset impairment (credit) charge	$ (15)	$ 25	$ 32

Basis of Presentation - Narrative (Details) $ in Millions	12 Months Ended
Basis of Presentation - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($) segment
Product Information [Line Items]
Number of reportable segments \| segment	2	2
Minimum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	20.00%
Maximum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	50.00%
Myriad
Product Information [Line Items]
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures \| $	$ 41	$ 40

Shareholders' Equity - Common Stock and Treasury Stock Period Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning (in shares)	124,435	123,144	155,781
Stock based compensation plans, net (in shares)	1,453	1,291	1,608
Acquisition of Treasury stock (in shares)			0
Cancellation of Treasury stock (in shares)			(34,245)
Exercise of warrants (in shares)	2,156
Balance, ending (in shares)	128,044	124,435	123,144
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning (in shares)	0	0	0
Stock based compensation plans, net (in shares)	0	0	0
Acquisition of Treasury stock (in shares)			34,245
Cancellation of Treasury stock (in shares)			(34,245)
Exercise of warrants (in shares)	0
Balance, ending (in shares)	0	0	0

Segment and Geographic Area Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Area Reporting

Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth and Reinvention strategies. As such, it was determined that there are two reportable segments - Print and Other and IT Solutions. Prior to this change, the Company had determined that there were two reportable segments - Print and Other and Xerox Financial Solutions (XFS). As a result of this change, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.

During 2024, the Company acquired ITsavvy Acquisition Company, Inc. (ITsavvy), a technology infrastructure solutions provider. As a result of this acquisition, during the first quarter of 2025, we reassessed our operating and reportable segments and determined that, based on the information provided to our CODM, as well as the CEO's management and assessment of the Company's operations, we had two operating and reportable segments - Print and Other and IT Solutions. We also determined that there were no other businesses that met the requirements to be considered separate operating segments, including our former operating/reporting segment, XFS, whose results are now included in the Print and Other operating/reporting segment.

Our Print and Other segment includes the design, development and sale of document management systems, supplies and services, as well as associated financing and technology-related offerings, digital and print-related software products and services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes the Lexmark Acquisition. In addition, the segment includes Xerox Financial Services, a global financing solutions provider, primarily enabling the sale of our equipment and services (previously reported XFS segment), which includes commissions and other payments for the exclusive right to provide lease financing for Xerox products. Refer to Note 6 - Acquisition and Divestitures, for additional information regarding the Lexmark Acquisition.

The product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers.

Our IT Solutions segment provides clients of all sizes integrated IT infrastructure solutions, delivering business outcomes through its suite of Device Lifecycle Solutions, and Managed IT Services. The IT Solutions business leverages its professional services and engineering capabilities, along with an extensive partner ecosystem to design, develop and deliver comprehensive Network and Security Solutions, and Infrastructure and Cloud Solutions. This segment provides services to clients in the U.S., Canada, the U.K., and Western Europe.

Segment Policy

We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of expenses for shared selling, administrative and general services. Certain administrative and general expenses, which primarily relate to corporate functions, as well as Xerox Holdings' investment in Myriad, are not allocated to either of our operating/reportable segments. Accordingly, they are excluded from segment expenses and segment profit, and as such, the financial results for the segments may not be indicative of the results the businesses would have on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues, significant segment expenses, and segment profit. A segment expense is considered significant when it is material to the segment, is included in the measure of segment profit, and is included in information that is regularly provided to the CODM. The CODM uses segment revenues, significant segment expenses, and segment profit to evaluate the performance of, and to allocate resources to each

segment. The CODM does not evaluate segment performance using discrete asset information, as a significant portion of the assets is managed at the total company level. Segment profit is the only measure of profitability that is used by the CODM to evaluate the performance of, and to allocate resources to each segment.

Segment revenue, significant segment expenses, segment profit, and other selected financial information for our reportable segments was as follows:


	Year Ended December 31, 2025
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	6,272	$	750	$	—	$	7,022
Intersegment net revenue(2)	—		11		—		11
Total Segment net revenue	$	6,272	$	761	$	—	$	7,033

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,820	$	421	$	—	$	2,241
Cost of services, maintenance, rentals and other(4)(5)(6)	2,540		189		—		2,729

Research, development and engineering expenses	228		—		—		228
Selling, administrative and general expenses(7)(8)	1,402		101		73		1,576
Intersegment expense(9)	3		8		—		$	11
Segment profit	$	279	$	42	$	(73)	$	248



Interest income(10)	$	126	$	—	$	—	$	126
Interest expense(4)	86		—		—		86
Depreciation and amortization	246		2		—		248

Capital expenditures	90		1		—		91
Total Assets	9,132		691		—		9,823


	Year Ended December 31, 2024
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	5,864	$	357	$	—	$	6,221
Intersegment net revenue(2)	—		1		—		1
Total Segment net revenue	$	5,864	$	358	$	—	$	6,222

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,357	$	197	$	—	$	1,554
Cost of services, maintenance, rentals and other(4)(5)(6)	2,553		103		—		2,656

Research, development and engineering expenses	191		—		—		191
Selling, administrative and general expenses(7)(8)	1,366		58		94		1,518
Intersegment expense(9)	1		—		—		1
Segment profit	$	396	$	—	$	(94)	$	302



Interest income(10)	$	151	$	—	$	—	$	151
Interest expense(4)	106		—		—		106
Depreciation and amortization	201		—		—		201

Capital expenditures	44		—		—		44
Total Assets	$	7,649	$	716	$	—	$	8,365


	Year Ended December 31, 2023
	Print and Other		IT Solutions		Corporate Other(1)		Total
External net revenue	$	6,523	$	363	$	—	$	6,886
Intersegment revenue	—		—		—		—
Total Segment net revenue	$	6,523	$	363	$	—	$	6,886

Reconciliation to Segment Profit
Cost of sales	$	1,556	$	222	$	—	$	1,778
Cost of services, maintenance, rentals and other	2,706		88		—		2,794

Research, development and engineering expenses	229		—		—		229
Selling, administrative and general expenses(7)	1,547		48		101		1,696
Intersegment expense	—		—		—		—
Segment profit	$	485	$	5	$	(101)	$	389



Interest income(10)	$	191	$	—	$	—	$	191
Interest expense(6)	130		—		—		130
Depreciation and amortization	208		—		—		208

Capital expenditures	37		—		—		37
Total Assets	$	9,782	$	226	$	—	$	10,008

_____________

(1)Certain administrative and general expenses, which primarily relate to corporate functions, are not allocated to either of our operating/reportable segments.

(2)Intersegment revenue is primarily revenue from IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

(9)Intersegment expense primarily consists of costs related to the sale of IT hardware, software solutions and services by the IT Solutions segment, to the Print and Other segment.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2025		2024		2023





Pre-tax (Loss)
Total Segment profit	$	248	$	302	$	389
Goodwill impairment(1)	—		(1,058)		—
Restructuring and related costs, net	(66)		(112)		(167)
Amortization of intangible assets	(83)		(73)		(43)
Reinvention-related costs	(17)		(12)		—
Purchase Accounting Adjustment - Fixed Assets	(29)		—		—
Purchase Accounting Adjustment - Inventory	(102)		—		—
Settlement of pre-existing employment agreements	(25)		—		—
Transaction-related costs	(34)		(7)		—
Inventory-related impact - exit of certain production print manufacturing operations(2)	(24)		(51)		—
Divestitures	4		(47)		—
PARC Donation	—		—		(132)
Other expenses, net	(360)		(158)		(75)
Total Pre-tax loss	$	(488)	$	(1,216)	$	(28)

Depreciation and Amortization
Total reported segments	$	248	$	201	$	208
Amortization of intangible assets	83		73		43
Total Depreciation and amortization	$	331	$	274	$	251

Interest Expense
Total reported segments	$	86	$	106	$	130
Corporate	248		119		68
Total Interest expense	$	334	$	225	$	198

Interest Income
Total reported segments	$	126	$	151	$	191
Corporate	14		14		16
Total Interest income	$	140	$	165	$	207

__________

(1)For the year ended December 31, 2024 we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Print and Other reporting unit.

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2025		2024		2023		2025		2024
United States	$	3,985	$	3,437	$	3,826	$	761	$	488
Europe	1,952		1,843		1,951		178		194
Canada	464		487		554		49		39
Latin America	274		199		246		106		10
Asia Pacific	154		54		55		51		2
Other areas	193		201		254		2		2
Total	$	7,022	$	6,221	$	6,886	$	1,147	$	735

_____________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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+ Details

Employee Benefit Plans - Pension Plan Assets and Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	$ 6,433	$ 5,627
Projected Benefit Obligation	6,909	6,273
Net Funded Status	(476)	(646)
United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,845	1,407	$ 1,528
Projected Benefit Obligation	2,563	2,176	2,389
Net Funded Status	(718)	(769)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	4,588	4,220	4,662
Projected Benefit Obligation	4,346	4,097	$ 4,567
Net Funded Status	242	123
U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	2,779	2,528
Projected Benefit Obligation	2,502	2,310
Net Funded Status	277	218
Netherlands
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	872	808
Projected Benefit Obligation	720	732
Net Funded Status	152	76
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	547	535
Projected Benefit Obligation	505	503
Net Funded Status	42	32
Germany
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	4	0
Projected Benefit Obligation	241	220
Net Funded Status	(237)	(220)
Other
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	386	349
Projected Benefit Obligation	378	332
Net Funded Status	8	17
Funded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,845	1,407
Projected Benefit Obligation	2,338	1,956
Net Funded Status	(493)	(549)
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	225	220
Net Funded Status	$ (225)	$ (220)

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2025		2024
Invoiced	$	1,024	$	692
Accrued (1)	171		173
Allowance for doubtful accounts	(73)		(69)
Accounts receivable, net	$	1,122	$	796

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current products and services provided.

Schedule of Allowance for Doubtful Accounts

The allowance for doubtful accounts was as follows:


Balance at December 31, 2023	$	64
Provision	25
Charge-offs, net	(20)
Recoveries and Other(1)	—
Balance at December 31, 2024	$	69

Provision	23
Charge-offs, net	(23)
Acquisition(2)	3
Recoveries and Other(1)	1
Balance at December 31, 2025	$	73

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

Schedule of Accounts Receivables Sales

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Accounts receivable sales(1)	$	427	$	450	$	399

_____________

(1)Losses on sales were not material.

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Common Stock

^[1]

Additional Paid-in Capital

Treasury Stock

Retained Earnings

AOCL

^[2]

Non- controlling Interests

Beginning balance at Dec. 31, 2022

$ 3,353

$ 3,343

$ 156

$ 1,588

$ 0

$ 5,136

$ (3,537)

$ 10

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(138)

(139)

Cash dividends declared-common

^[3]

(146)

Cash dividends declared-preferred

^[4]

(14)

Stock option and incentive plans, net

Common stock repurchased

(553)

Cancellation of treasury stock

(34)

(519)

553

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2023

2,548

2,538

123

1,114

4,977

(3,676)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(1,344)

(1,321)

(23)

Cash dividends declared-common

^[3]

(128)

Cash dividends declared-preferred

^[4]

(14)

Purchases of capped calls

^[5]

(17)

Stock option and incentive plans, net

Transactions with noncontrolling interests

(4)

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2024

1,080

1,076

124

1,137

3,514

(3,699)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(641)

(1,029)

388

Cash dividends declared-common

^[3]

(27)

Cash dividends declared-preferred

^[4]

(14)

Proceeds from issuance of warrants

^[6]

Stock option and incentive plans, net

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2025

$ 449

$ 444

$ 128

$ 1,183

$ 0

$ 2,444

$ (3,311)

$ 5

[1]	Common Stock has a par value of $1 per share.
[2]	AOCL - Accumulated other comprehensive loss.
[3]	During the first quarter of 2025, the annual cash dividend on common stock was reduced to $0.50 per share from $1.00 per share, and the quarterly cash dividend was reduced from $0.25 per share to $0.125 per share. In the second quarter of 2025, the annual cash dividend on common stock was further reduced to $0.10 per share from $0.50 per share, and the quarterly cash dividend from $0.125 per share to $0.025 per share. Cash dividends declared on common stock for 2024 and 2023 were $1.00 per share on an annual basis and $0.25 per share on a quarterly basis, respectively.
[4]	Cash dividends declared on preferred stock for 2025, 2024 and 2023 were $80 per share on an annual basis and $20 per share on a quarterly basis, respectively.
[5]	The purchases of the capped calls in 2024 resulted in a tax benefit of approximately $6. Refer to Note 15 - Debt for additional information related to the purchases of capped calls in connection with the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.
[6]	Refer to the Unregistered Sales of Equity Securities section in Note 22 - Shareholders' Equity for additional information.

Xerox Corporation Consolidated Statements of (Loss) Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues

Total Revenues

$ 7,022

$ 6,221

$ 6,886

Costs and Expenses

Research, development and engineering expenses

230

191

229

Selling, administrative and general expenses

1,654

1,537

1,696

Goodwill impairment

1,058

Restructuring and related costs, net

112

167

Amortization of intangible assets

Divestitures

(4)

PARC donation

132

Other expenses, net

360

158

Total Costs and Expenses

7,510

7,437

6,914

Loss before Income Taxes

(488)

(1,216)

(28)

Income tax expense (benefit)

541

105

(29)

Net (Loss) Income

(1,029)

(1,321)

Sales

Revenues

Total Revenues

3,283

2,378

2,720

Costs and Expenses

Cost of goods and services sold

2,367

1,562

1,778

Services, maintenance , rentals and other

Revenues

Total Revenues

^[1]

3,739

3,843

4,166

Costs and Expenses

Cost of goods and services sold

^[1]

2,754

2,699

2,794

Xerox Corporation

Revenues

Total Revenues

7,022

6,221

6,886

Costs and Expenses

Research, development and engineering expenses

230

191

229

Selling, administrative and general expenses

1,650

1,535

1,696

Goodwill impairment

1,058

Restructuring and related costs, net

112

167

Amortization of intangible assets

Divestitures

(4)

PARC donation

132

Other expenses, net

352

155

Total Costs and Expenses

7,498

7,432

6,914

Loss before Income Taxes

(476)

(1,211)

(28)

Income tax expense (benefit)

541

105

(29)

Net (Loss) Income

(1,017)

(1,316)

Xerox Corporation | Sales

Revenues

Total Revenues

3,283

2,378

2,720

Costs and Expenses

Cost of goods and services sold

2,367

1,562

1,778

Xerox Corporation | Services, maintenance , rentals and other

Revenues

Total Revenues

^[2]

3,739

3,843

4,166

Costs and Expenses

Cost of goods and services sold

^[2]

$ 2,754

$ 2,699

$ 2,794

[1]	In 2025, certain reclassifications were made within the Consolidated Statements of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.
[2]	In 2025, certain reclassifications were made within the Consolidated Statements of (Loss) Income to the prior periods in order to conform to the current period reporting. Refer to the Segments section of Note 1 - Basis of Presentation for additional information.

Xerox Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, allowance for credit loss, current	$ 73	$ 69
Billed portion of finance receivables, allowance	3	2
Finance receivables due after one year, allowance	42	55
Xerox Corporation
Accounts receivable, allowance for credit loss, current	73	69
Billed portion of finance receivables, allowance	3	2
Finance receivables due after one year, allowance	$ 42	$ 55

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Changes in Common Stock And Treasury Stock


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2022	155,781	—
Stock based compensation plans, net	1,608	—

Acquisition of Treasury stock	—	34,245
Cancellation of Treasury stock	(34,245)	(34,245)

Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,291	—





Balance at December 31, 2024	124,435	—
Stock based compensation plans, net	1,453	—


Exercise of warrants	2,156	—

Balance at December 31, 2025	128,044	—

Employee Benefit Plans - Assumed Health Care Cost (Details) - Retiree Health	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rate assumed for next year (percentage)	6.50%	6.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percentage)	4.20%	4.20%

Income and Other Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Loss before income taxes was as follows:


	Year Ended December 31,
	2025		2024		2023
Domestic loss	$	(396)	$	(877)	$	(89)
Foreign (loss) income	(92)		(339)		61
Loss before Income taxes	$	(488)	$	(1,216)	$	(28)

Schedule of Components of Income Tax Expense (Benefit)

The components of Income tax expense (benefit) were as follows:


	Year Ended December 31,
	2025		2024		2023
Federal Income Taxes
Current	$	(3)	$	(15)	$	21
Deferred	424		(44)		(65)
Foreign Income Taxes
Current	42		34		18
Deferred	(23)		149		21
State Income Taxes
Current	—		(4)		—
Deferred	101		(15)		(24)
Income tax expense (benefit)	$	541	$	105	$	(29)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated income tax rate pursuant to the disclosure requirements of ASU 2023-09 was as follows:


	Year Ended December 31, 2025

	Amount		Percent
Loss before Income Taxes	$	(488)

U.S. federal statutory income tax rate	(102)		21.0	%
State and local income taxes, net of federal (national) income tax effect(1)	80		(16.4)	%
Foreign tax effects
Brazil
Changes in valuation allowances	(6)		1.2	%
Other	3		(0.6)	%
Germany	6		(1.2)	%
Switzerland
Effect of rates different than statutory	10		(2.1)	%
Other	(5)		1.0	%
United Kingdom
Changes in valuation allowances	27		(5.5)	%
Other	(6)		1.2	%
Other foreign jurisdictions	2		(0.4)	%
Effect of cross-border tax laws
Subpart F	10		(2.1)	%
GILTI	30		(6.2)	%
Other	4		(0.8)	%
Tax credits
Other	(3)		0.6	%
Changes in valuation allowances	483		(99.0)	%
Non-taxable or non-deductible items
Stock-based compensation	7		(1.4)	%
Other	7		(1.4)	%
Other Adjustments	(3)		0.6	%
Changes in unrecognized tax benefits	(3)		0.6	%

Effective Tax Rate	$	541	(110.9)	%

_____________

(1)State Taxes in Illinois, New Jersey, New York, Connecticut, Florida, Maryland, Georgia and Alabama make up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate for the years ended December 31, 2024, and 2023 was as follows:


	Year Ended December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Nondeductible expenses	(0.8)	%	(32.2)	%
Effect of tax law changes	—	%	—	%
Change in valuation allowance for deferred tax assets	(16.0)	%	15.6	%
State taxes, net of federal benefit	1.0	%	(21.9)	%
Audit and other tax return adjustments	0.6	%	83.0	%
Tax-exempt income, credits and incentives	1.1	%	59.0	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(0.5)	%	(32.3)	%
Stock-based compensation	(0.2)	%	(13.0)	%
Goodwill impairment	(15.3)	%	—	%
Divestitures	0.2	%	25.3	%
Other	0.3	%	(0.9)	%
Effective income tax rate	(8.6)	%	103.6	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

Schedule of Income Taxes Paid by Jurisdiction

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2025		2024		2023
Provision for receivables(1)	Operating	$	40	$	44	$	36
Provision for inventory	Operating	45		66		18

Depreciation of buildings and equipment	Operating	75		57		60
Depreciation and obsolescence of equipment on operating leases	Operating	143		117		111
Amortization of internal use software	Operating	30		27		37

Amortization of acquired intangible assets	Operating	83		73		43
Amortization of patents(2)	Operating	6		9		9
Amortization of customer contract costs(3)	Operating	67		64		69
Cost of additions to land, buildings and equipment	Investing	(37)		(27)		(29)
Cost of additions to internal use software	Investing	(54)		(17)		(8)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(13)		(30)		(5)
Common stock dividends - Xerox Holdings	Financing	(57)		(127)		(151)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(6)		(10)		(8)
Payments to noncontrolling interests	Financing	(2)		(2)		(2)

Proceeds from issuance of warrants	Financing	11		—		—
Commitment fees	Financing	(22)		—		—
Finance lease obligations payment	Financing	(10)		(10)		(7)

__________________________

(1)Provision for receivables includes adjustments for customer accommodations and contract terminations of $1, $2, and $8 for the three years ended December 31, 2025, 2024 and 2023, respectively.

(2)Amortization of patents is reported in Decrease (increase) in other current and long-term assets on the Consolidated Statements of Cash Flows.

A summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 was as follows:


	Year Ended December 31, 2025

Federal	$	1
State and local	2
Foreign
Canada	21
France	8
Ireland	5
Germany	4
Switzerland	4
Other foreign	20
Total foreign	62
Total cash paid for income taxes (net of refunds)	$	65

Schedule of Allocation of Income Tax Expense (Benefit)

Income taxes were allocated to the following items:


	Year Ended December 31,
	2025		2024		2023
Income tax expense (benefit) on Loss before income taxes	$	541	$	105	$	(29)




Income tax (expense) benefit Common shareholders' equity:
Changes in defined benefit plans	(23)		(10)		93

Cash flow hedges	1		(1)		1
Translation adjustments	—		(8)		—
Additional paid-in capital	—		6		—

Schedule of Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2025		2024		2023
Balance at January 1	$	95	$	140	$	110
Additions related to current year	2		1		1
Additions related to prior years positions	—		—		57
Additions related to business acquisitions	20		—		—
Reductions related to prior years positions	(1)		—		(14)
Settlements with taxing authorities(1)	—		(29)		(13)
Reductions related to lapse of statute of limitations	(80)		(18)		(2)
Currency	(1)		1		1

Balance at December 31	$	35	$	95	$	140

_____________

(1)The majority of settlements did not result in the utilization of cash.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2025		2024
Deferred Tax Assets
Research and development	$	249	$	227
Post-retirement medical benefits	44		43

Net operating losses	1,131		322
Operating reserves, accruals and deferrals	183		232
Tax credit carryforwards	90		80
Disallowed interest expense carryforward(1)	173		23
Deferred and share-based compensation	24		22
Pension	83		122
Finance lease and installment sales	127		64
Operating lease liabilities	75		33
Other(1)	63		45
Subtotal	2,242		1,213
Valuation allowance	(1,933)		(511)
Total	$	309	$	702

Deferred Tax Liabilities


Intangibles and goodwill	180		84
Depreciation	33		—
Unremitted earnings of foreign subsidiaries	29		26
Operating lease ROU assets	72		41
Other	35		21
Total	$	349	$	172

Total Deferred tax (liability) asset, net	$	(40)	$	530

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	98	$	615
Deferred tax liabilities(2)	(138)		(85)
Total Deferred tax (liability) asset, net	$	(40)	$	530

_____________

(1)Prior year amounts have been reclassified to conform to the current year presentation.

(2)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

Restructuring Programs -Reconciliation to the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring cash payments	$ (69)	$ (78)	$ (27)
Effects of foreign currency and other non-cash items	4	(4)	(1)
Charges against reserve and currency	$ (65)	$ (82)	$ (28)

Stock-Based Compensation - Narrative (Details) shares in Millions	12 Months Ended
	Dec. 31, 2025 period index shares	Dec. 31, 2024 shares	Dec. 31, 2023
Stock-Based Compensation Details [Line Items]
Number of shares available for grant (in shares) \| shares	3	5
Performance Shares
Stock-Based Compensation Details [Line Items]
Goal period	3 years
Vesting increase (decrease) percentage	15.00%	25.00%
Performance Shares \| Performance-Based
Stock-Based Compensation Details [Line Items]
Performance share maximum overachievement	100.00%
Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Goal period	3 years	3 years	3 years
Performance Shares \| Minimum
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	0.00%
Performance Shares \| Maximum
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	200.00%
Award Date, Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche One
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Award Date, Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Two
Stock-Based Compensation Details [Line Items]
Award vesting period	2 years
Award Date, Current Fiscal Year \| Performance Shares \| Performance-Based
Stock-Based Compensation Details [Line Items]
Goal period	1 year
Award Date, Current Fiscal Year \| Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Performance share maximum overachievement	100.00%
Award performance period	3 years
Award measurement period	3 years
Vesting increase (decrease) percentage	15.00%
Award Date, Fiscal Year Before Current Fiscal Year \| Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Award vesting period	3 years
Award Date, Fiscal Year Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche One
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)		33.00%
Award Date, Fiscal Year Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Two
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Award Date, Fiscal Year Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Three
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Award Date, Fiscal Year Before Current Fiscal Year \| Performance Shares \| Performance-Based
Stock-Based Compensation Details [Line Items]
Award vesting period	3 years
Goal period	3 years
Number of performance periods	4
Performance periods, weighted percentage	20.00%
Cumulative goal, weighted percentage	40.00%
Award Date, Fiscal Year Before Current Fiscal Year \| Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Number of performance periods	3
Number of performance periods for final payout	4
Performance share maximum overachievement	100.00%
Vesting increase (decrease) percentage	25.00%
Award Date, Two Years Before Current Fiscal Year \| Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Award vesting period	3 years
Award Date, Two Years Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche One
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)			33.00%
Award Date, Two Years Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Two
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Award Date, Two Years Before Current Fiscal Year \| Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Three
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Award Date, Two Years Before Current Fiscal Year \| Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Number of performance periods	3
Number of market indices used \| index	2

Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Consolidation

The Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business.

Use of Estimates

Changes in Estimates - Methodology

Segments

In connection with these changes to our reportable segments, certain reclassifications were made to the Consolidated Statements of (Loss) Income as follows:


	Year Ended December 31, 2024						Year Ended December 31, 2023
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Services, maintenance, rentals and other	$	3,692	$	151	$	3,843	$	3,975	$	191	$	4,166
Financing	151		(151)		—		191		(191)		—


Cost of services, maintenance, rentals and other	$	2,593	$	106	$	2,699	$	2,664	$	130	$	2,794
Cost of financing	106		(106)		—		130		(130)		—

Segment Policy

New Accounting Standards and Accounting Changes

Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company.

Accounting Standard Updates to be Adopted:

Interim Reporting - Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which amends existing guidance to clarify and improve certain interim reporting requirements, including disclosures and the application of interim period accounting principles in specific circumstances. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its interim disclosures and consolidated financial statements.

Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides targeted improvements intended to simplify the application of hedge accounting, reduce complexity and cost, and enhance the transparency of hedge-related disclosures. The amendments in this update address certain hedge designation requirements and related documentation, provides targeted relief and clarity regarding methods and timing for assessing effectiveness, improves guidance related to accounting for modifications, and refines and eliminates certain disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its hedge accounting policies and consolidated financial statements.

Intangibles - Goodwill and Other - Internal Use Software

In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to "development stages". It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU permits companies to elect one of the following adoption methods to apply its amendments: a prospective transition approach, a retrospective transition approach, or a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures.

Financial Instruments - Credit Losses

In July 2025, the FASB issued ASU 2025‑05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides new optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 326. This ASU permits entities to apply a practical expedient when estimating credit losses and is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. We are currently evaluating the adoption of this standard and its impact to the Company's consolidated financial statements and related disclosures.

Income Statement

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years

beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and may be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Debt

In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

Accounting Standard Updates Recently Adopted:

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025 and should be applied either prospectively or retrospectively. The Company has adopted this standard on a prospective basis for the year ended December 31, 2025. Refer to Note 19 - Income and Other Taxes for additional information.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This ASU did not have an impact on our financial condition, results of operations, and cash flows.

Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendment was effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and are applied retrospectively to all prior periods presented in the financial statements. This ASU only requires additional disclosures, and did not have an impact on the Company’s financial condition, results of operations or cash flows. Refer to Note 4 - Segment and Geographic Area Reporting for the required disclosures effective January 1, 2024.

Liabilities

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a roll forward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a roll forward of obligations outstanding was effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - Supplementary Financial Information for the required disclosures.

Other Updates

In 2025, 2024 and 2023 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows:

•Codification Improvements: ASU 2025-12, Codification Improvements. This update is effective for our fiscal year beginning after December 15, 2026, as well as interim periods within that period. Early adoption is permitted.

•Government Grants: ASU 2025-10, Accounting for Government Grants Received by Business Entities. This update is effective for our fiscal year beginning after December 15, 2028, as well as interim periods within that period. Early adoption is permitted.

•Derivatives and Hedging and Revenue from Contracts with Customers: ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) - Derivative Scope Refinements and Scope Clarifications for Share-Based Consideration from a Customer in a Revenue Contract. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period. Early adoption is permitted.

•Compensation — Stock Compensation and Revenue from Contracts with Customers: ASU 2025-04, Compensation (Topic 718) and Revenue (Topic 606) - Amendments to SEC Paragraphs Pursuant to Clarifications to Share-Based Consideration Payable to a Customer. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

•Business Combinations and Consolidation: ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) - Amendments to SEC Paragraphs Pursuant to Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update is effective for the annual period beginning after December 15, 2026, as well as interim periods within that period.

•Codification Improvements: ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024.

•Compensation - Stock Compensation: ASU 2024-01, Compensation - Stock Compensation (Topic 718) -

Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted.

•Disclosure Improvements: ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance.

•Business Combinations: ASU 2023-05, Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025.

•Liabilities: ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023.

•Investments: ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024.

•Leases: ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024.

Revenue Recognition

Certain disclosures within the Company’s revenue recognition policies have been expanded in the current year to reflect the broader mix of customer arrangements following recent business combinations. These updates primarily relate to variations in bundled service arrangements where certain components may be separately contracted or billed. The underlying revenue recognition principles applied by the Company remain unchanged, and prior period disclosures appropriately reflected the structure of arrangements existing at that time.

We generate revenue through the sale of Print equipment, IT hardware, software and supplies and from providing maintenance, managed Print, Digital, and IT services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements and service-type warranties, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient, historically, our revenue was not included in the disclosures of unsatisfied performance obligations other than the amounts recorded as contract liabilities. Certain service arrangements do not qualify for the right-to-invoice practical expedient and therefore require disclosure of unsatisfied performance obligations. These obligations primarily relate to multi-year managed services arrangements and extended warranty contracts where revenue is recognized over time. Unsatisfied performance obligations related to MPS contracts and multi-year service-type warranties are disclosed in Note 3 - Revenue.

Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services.

More specifically, revenue related to our products and services is generally recognized as follows:

Equipment and Hardware: Revenues from the sale of equipment and IT hardware directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products and hardware are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. When training is essential to the functionality of the related equipment the equipment revenue is recorded when the obligation is satisfied.

Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement, either sales-type or operating lease or through distributors and resellers. In certain managed print services (MPS) arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed through a negotiated fixed monthly payment. Revenue allocations between the various deliverables in these MPS contracts are based upon standalone sales prices (SSP). When appropriate, we account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. Maintenance and support associated with our IT Solutions are recorded as our performance obligations are satisfied, or the fixed monthly payment. A substantial portion of our products are sold with full-service maintenance agreements. Accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant assurance-type warranty obligations, including any obligations under customer satisfaction programs. Historically, service type warranties have not been significant for the Company. Service type warranties, typically extended warranty agreements, provide customer protection beyond the latent defects existing at the time of the equipment sale. Most service-type warranties involve fixed consideration and are often paid up front resulting in a contract liability, with revenue recognized on a straight-line basis over the service period, which is typically one to four years.

Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Solutions. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements

as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is measured on an output basis such as usage or on a fixed monthly amount and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as services are performed.

Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved.

Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience.

In certain instances, we may provide lease financing to end-user customers who purchased equipment that we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. These financing arrangements are separate from the original equipment sale, and revenue on the sale to the distributor or reseller is recognized when control transfers and is not affected by any subsequent financing provided to the end-user customer.

Software: Most of our equipment within our Print and Other segment has both software and non-software components that function together to deliver the equipment's essential functionality and are therefore accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement, which are recognized as our obligations are fulfilled.

Software related revenue within our IT Solutions segment is recognized on a gross basis when we control the software prior to transfer to the customer and act as principal in the arrangement. In certain arrangements, including SaaS, cloud, security software, and software support provided directly by third-party suppliers, we do not control the software or service before it is transferred or provided to the customer and therefore act as an agent. In such arrangements, revenue is recognized on a net basis.

Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms.

Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. In certain arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed through a negotiated fixed monthly payment. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on SSP. In certain managed print services (MPS) arrangements, some components such as supplies may be separately contracted and billed, while the remaining components are billed at a negotiated fixed monthly payment. Revenue allocations between the various deliverables in these contracts are based upon SSP. Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of supplies and services. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract.

The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage is billed to the

customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements.

We establish SSP using observable inputs from standalone sales of products and services as well as observable market information, including pricing for similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price.

Other Revenue Recognition Policies

Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT).

Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income.

Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs.

Financing

Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method.

Leases and Additional Lease Payments

Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease.

We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended.

Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above.

Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less.

Allowance for Doubtful Accounts and Credit Losses

The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

The allowance for finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by geography, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as

delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups.

The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables.

Receivable Sales and Securitization

The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and are classified as Finance receivables, net. The Company continues to recognize finance income over the lives of these receivables.

We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying Statements of (Loss) Income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales.

Inventories

Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion.

Land, Buildings and Equipment on Operating Leases

Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant leasehold improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion.

Leased Assets

We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising

from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets.

Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets.

Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives.

Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses.

We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.

Operating Leases

We have operating leases for real estate and vehicles in our domestic and international operations, and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to thirty-three years and a variety of renewal and/or termination options.

Software - Internal Use and Product

We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities.

We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.

Software - Internal Use and Product

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the Company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred.

We assess Goodwill for impairment at least annually, or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. During the first quarter of 2025, the Company updated its determination of reportable segments to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, it was determined that there are two reportable segments - Print and Other, and IT Solutions. Prior to this change, the Company had two reportable segments - Print and Other, and Xerox Financial Services (XFS). Refer to Note 4 - Segment and Geographic Area Reporting for additional information regarding this change.

We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the reporting unit to its fair value. Fair value of the reporting unit is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess.

Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information.

Impairment of Long-Lived Assets

We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used).

Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives.

Pension and Post-Retirement Benefit Obligations

We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax.

Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate

of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms).

For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach.

The discount rate is used to determine the present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments.

Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants.

Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. During 2024, the legacy Xerox US pension plans became subject to restrictions on the portion of the benefit that can be paid as a lump sum (limited to 50%). Since the portion of the benefit that cannot be paid as a lump sum is paid as an annuity, the payment of 50% of the lump sum does not relieve the pension plans of the full obligation for benefits for each respective participant electing a lump sum therefore, and no settlement accounting was applied. These restrictions did not apply for all of 2024 and there is settlement accounting for full lump sums paid early in 2024, prior to restrictions. Settlement accounting will not apply in future years for which restrictions apply. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations.

Research, Development and Engineering (RD&E)

Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $52, $49 and $55 in for the years ended December 31, 2025, 2024 and 2023, respectively.

Foreign Currency Translation and Remeasurement

The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss.

The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.

Contract assets and liabilities

Lessor

Interest

Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.

Fair Value of Financial Assets and Liabilities

Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Loss per Share

The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2025		2024		2023
Basic Loss per Share:
Net (Loss) Income	$	(1,029)	$	(1,321)	$	1
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net Loss attributable to common shareholders	$	(1,043)	$	(1,335)	$	(13)

Weighted average common shares outstanding	126,473		124,210		149,116




Basic Loss per Share:	$	(8.25)	$	(10.75)	$	(0.09)

Diluted Loss per Share:
Net (Loss) Income	$	(1,029)	$	(1,321)	$	1
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net Loss attributable to common shareholders	$	(1,043)	$	(1,335)	$	(13)

Weighted average common shares outstanding	126,473		124,210		149,116
Common shares issuable with respect to:
Stock options	—		—		—
Restricted stock and performance shares	—		—		—
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	126,473		124,210		149,116





Diluted Loss per Share:	$	(8.25)	$	(10.75)	$	(0.09)

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	127		147		231
Restricted stock and performance shares	14,340		8,623		6,711
Convertible preferred stock	6,742		6,742		6,742
Convertible notes(1)	19,196		19,196		—
Total Anti-Dilutive Securities	40,405		34,708		13,684

Dividends per Common Share	$	0.20	$	1.00	$	1.00

_____________

(1)Refer to Note 15 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2026	$ 552
2027	539
2028	547
2029	554
2030	591
Years 2031-2035	2,873
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2026	20
2027	18
2028	17
2029	15
2030	14
Years 2031-2035	58
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2026	239
2027	221
2028	222
2029	221
2030	250
Years 2031-2035	1,072
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2026	313
2027	318
2028	325
2029	333
2030	341
Years 2031-2035	$ 1,801

Financial Instruments - Foreign Exchange Risk Management (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Summary of Foreign Exchange Hedging Positions [Abstract]
Average maturity of foreign exchange hedging contracts - within three months (percentage)	97.00%
Average maturity of foreign exchange hedging contracts - within three months and six months (percentage)	1.00%
Average maturity of foreign exchange hedging contracts - within six and twelve months (percentage)	2.00%
Gross Notional Value	$ 2,656	$ 1,410
Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	1,195	212
U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	289	342
Euro/U.K Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	134	337
Chinese Yuan/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	134	0
Mexican Peso/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	121	0
Philippine Peso/U.S Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	115	0
Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	100	104
U.K Pound Sterling/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	67	0
Swiss Franc/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	62	0
U.S Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	52	194
Hong Kong Dollar/ U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	51	0
Swiss Franc /Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	30	19
Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	24	52
U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	14	67
Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	21	19
All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	247	64
Foreign Exchange Contract
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(3)	(3)
Foreign Exchange Contract \| Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	1	(1)
Foreign Exchange Contract \| U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	3
Foreign Exchange Contract \| Euro/U.K Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	1
Foreign Exchange Contract \| Chinese Yuan/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Mexican Peso/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Philippine Peso/U.S Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(3)	(5)
Foreign Exchange Contract \| U.K Pound Sterling/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Swiss Franc/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| U.S Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Hong Kong Dollar/ U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Swiss Franc /Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(1)	(1)
Foreign Exchange Contract \| U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Cash Flow Hedging \| Designated as Hedging Instrument
Summary of Foreign Exchange Hedging Positions [Abstract]
Derivative assets (liabilities), at fair value, net	$ (4)	$ (1)

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities


	As of December 31,
	2025		2024
Assets





Derivatives	$	8	$	11
Deferred compensation investments in mutual funds	12		13
Total	$	20	$	24
Liabilities
Derivatives	$	10	$	8



Deferred compensation plan liabilities	11		11
Total	$	21	$	19

Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The estimated fair values of our other financial assets and liabilities were as follows:


	December 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	512	$	512	$	576	$	576
Accounts receivable, net	1,122		1,122		796		796
Short-term debt and current portion of long-term debt(1)	231		236		585		592
Long-term debt
Xerox Holdings Corporation	$	1,872	$	800	$	1,634	$	1,391
Xerox Corporation	2,142		1,676		1,177		989
Xerox - Other Subsidiaries(2)	2		2		3		3
Total Long-term debt	$	4,016	$	2,478	$	2,814	$	2,383

_____________

(1)Includes $121 and $388 of Xerox Corporation related party debt for the years ended December 31, 2025 and 2024 , respectively.

(2)Represents subsidiaries of Xerox Corporation.

Land, Buildings, Equipment and Software, Net

12 Months Ended

Dec. 31, 2025

Land, Buildings, Equipment and Software, Net [Abstract]

Land, Buildings, Equipment and Software, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2025		2024
Land		$	24	$	8
Building and building equipment	25 to 50	541		669
Leasehold improvements	1 to 12	92		72
Plant machinery	5 to 12	687		771
Office furniture and equipment	3 to 15	416		411
Finance leased assets	1 to 12	29		79
Other	4 to 20	27		35
Construction in progress		38		11
Subtotal		1,854		2,056
Accumulated depreciation(1)		(1,464)		(1,805)
Land, buildings and equipment, net		$	390	$	251

_____________

(1)Depreciation expense was $75, $57 and $60 for the three years ended December 31, 2025, 2024 and 2023, respectively.

We lease buildings, vehicles, and equipment, substantially all of which are accounted for as operating leases. Refer to Note 11 - Lessee for additional information regarding leased assets.

Internal Use Software

Additions to internal use software were $54, $17, and $8 for the three years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, capitalized costs related to internal use software, net of accumulated amortization, were $146 and $60, respectively, and are included in Other long-term assets. Useful lives of our internal use software generally vary from three to seven years. Refer to Note 14 - Supplementary Financial Information for additional information.

Lessor (Details) - USD ($) $ in Millions	12 Months Ended
Lessor (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues	Total Revenues	Total Revenues
Revenue from sales type leases	$ 454	$ 706	$ 920
Interest income on lease receivables	$ 126	$ 151	$ 191
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues	Total Revenues	Total Revenues
Lease income - operating leases	$ 171	$ 168	$ 161
Variable lease income	38	46	62
Total Lease income	789	1,071	1,334
Profit at lease commencement, sales type leases	$ 109	$ 213	$ 332

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Other long-term assets	$ 311	$ 179
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 64	$ 45
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 263	$ 143
Total Operating lease liabilities	$ 327	$ 188

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract assets	$ 34	$ 0
Contract liabilities	$ 279	$ 130	$ 132	$ 131
Contract liability amortization period (months)	30 months
Remaining performance obligation to be recognized	$ 644
Deferred incremental direct costs, amortization period (years)	5 years
Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Acquisitions and Divestitures - Consideration Paid (Details) - ITsavvy Acquisition Company, Inc. $ in Millions	Nov. 20, 2024 USD ($)
Business Combination [Line Items]
Cash	$ 194
Total Fair value of consideration transferred	404
2025 Secured Promissory Note
Business Combination [Line Items]
Secured promissory notes due in 2025 and 2026	107
Debt discount	3
2026 Secured Promissory Note
Business Combination [Line Items]
Secured promissory notes due in 2025 and 2026	103
Debt discount	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventories and Equipment on Operating Leases, Net - Estimated Minimum Future Revenues Operating Leases (Details) $ in Millions	Dec. 31, 2025 USD ($)
Inventories and Equipment on Operating Leases, Net [Abstract]
12 months	$ 135
24 months	82
36 months	52
48 months	25
60 months	6
Thereafter	2
Total	$ 302

Restructuring Programs - Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring reserve [Roll Forward]
Balance at beginning of period	$ 109	$ 129	$ 43
Restructuring provision	124	72	125
Reversals of prior charges	(42)	(10)	(11)
Net current period charges	82	62	114
Charges against reserve and currency	(65)	(82)	(28)
Balance at end of period	$ 126	$ 109	$ 129
Restructuring charges, statement of income or comprehensive income [extensible enumeration]	Restructuring and related costs, net	Restructuring and related costs, net	Restructuring and related costs, net
Severance Cost Prior Actions
Restructuring reserve [Roll Forward]
Balance at beginning of period	$ 5	$ 25	$ 39
Restructuring provision	0	2	21
Reversals of prior charges	(3)	(6)	(11)
Net current period charges	(3)	(4)	10
Charges against reserve and currency	(1)	(16)	(24)
Balance at end of period	1	5	25
Severance Costs Reinvention
Restructuring reserve [Roll Forward]
Balance at beginning of period	104	104	0
Restructuring provision	27	66	104
Reversals of prior charges	(36)	(3)	0
Net current period charges	(9)	63	104
Charges against reserve and currency	(52)	(63)	0
Balance at end of period	43	104	104
Severance Costs Integration
Restructuring reserve [Roll Forward]
Balance at beginning of period	0	0	0
Restructuring provision	92	0	0
Reversals of prior charges	(3)	0	0
Net current period charges	89	0	0
Charges against reserve and currency	(12)	0	0
Balance at end of period	77	0	0
Other Contractual Termination Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	0	0	4
Restructuring provision	5	4	0
Reversals of prior charges	0	(1)	0
Net current period charges	5	3	0
Charges against reserve and currency	0	(3)	(4)
Balance at end of period	$ 5	$ 0	$ 0

Goodwill, Net and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Beginning balance, goodwill, Gross	$ 4,182	$ 3,940	$ 4,013
Foreign currency translation	93	(29)	47
Other	1	1	0
Dispositions	0	(16)	(125)
Ending balance, goodwill, Gross	4,524	4,182	3,940
Beginning balance, accumulated impairment loss	(2,245)	(1,193)	(1,193)
Impairment loss	0	(1,058)	0
Currency	(57)	6	0
Ending balance, accumulated impairment loss	(2,302)	(2,245)	(1,193)
Beginning balance, goodwill	1,937	2,747
Ending balance, goodwill	2,222	1,937	2,747
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Argentina And Chile Operations
Goodwill [Roll Forward]
Goodwill				$ 10
Discontinued Operations, Disposed of by Means Other than Sale, Donation \| PARC
Goodwill [Roll Forward]
Dispositions			(115)
Goodwill					$ 115
Lexmark Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	246	0	0
ITSavvy Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	2	286	0
U.K. Acquisitions
Goodwill [Roll Forward]
Goodwill, acquired during period	0	0	$ 5
Print and Other
Goodwill [Roll Forward]
Beginning balance, goodwill, Gross	3,808
Foreign currency translation	91
Ending balance, goodwill, Gross	4,146	3,808
Beginning balance, accumulated impairment loss	(2,245)
Impairment loss	0
Currency	(57)
Ending balance, accumulated impairment loss	(2,302)	(2,245)
Ending balance, goodwill	1,844
Print and Other \| Lexmark Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	246
IT Solutions
Goodwill [Roll Forward]
Beginning balance, goodwill, Gross	374
Foreign currency translation	2
Ending balance, goodwill, Gross	378	374
Beginning balance, accumulated impairment loss	0
Impairment loss	0
Ending balance, accumulated impairment loss	0	$ 0
Ending balance, goodwill	378
IT Solutions \| ITSavvy Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	$ 2

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss) is comprised of the following:


	Year Ended December 31,
	2025				2024				2023
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments Gains (Losses)	$	305	$	305	$	(112)	$	(120)	$	191	$	191

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(15)		(14)		—		—		(18)		(16)
Changes in cash flow hedges reclassed to earnings(1)	4		4		10		9		18		17

Net Unrealized (Losses) Gains	(11)		(10)		10		9		—		1

Defined Benefit Plans Gains (Losses)
Net actuarial/prior service gains (losses)	148		129		3		(3)		(400)		(300)
Prior service amortization/curtailment(2)	(4)		(4)		(7)		(3)		(10)		(8)
Actuarial loss amortization/settlement(2)	61		57		73		65		35		26

Other (losses) gains(3)	(89)		(89)		29		29		(49)		(49)

Changes in Defined Benefit Plans Gains (Losses)	116		93		98		88		(424)		(331)

Other Comprehensive Income (Loss)	$	410	$	388	$	(4)	$	(23)	$	(233)	$	(139)

_____________

(1)Reclassified to Cost of sales and interest expense- refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Schedule of Accumulated Other Comprehensive Loss

AOCL is comprised of the following:


	December 31,
	2025		2024		2023
Cumulative translation adjustments	$	(1,861)	$	(2,166)	$	(2,046)
Other unrealized (losses) gains, net	(4)		6		(3)
Benefit plans net actuarial losses and prior service credits	(1,446)		(1,539)		(1,627)
Total Accumulated Other Comprehensive Loss	$	(3,311)	$	(3,699)	$	(3,676)

Shareholders' Equity - Icahn Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Sep. 28, 2023	Dec. 31, 2023	Sep. 27, 2023
Schedule of Common Stock and Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)	34
Share price (in dollars per share)			$ 15.84
Treasury stock acquired	$ 542,000,000	$ 553,000,000
Share repurchase cost	11,000,000
Jefferies Finance \| Loan Facility
Schedule of Common Stock and Treasury Stock [Line Items]
Principal debt	$ 555,000,000

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 161
Expected future employer contribution, next fiscal year	165
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	140
Expected future employer contribution, next fiscal year	145
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	21	$ 18
Expected future employer contribution, next fiscal year	20
U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	112	100
Expected future employer contribution, next fiscal year	115
U.S. \| Pension Plan \| Tax Qualified
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	89
Expected future employer contribution, next fiscal year	95
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	28	$ 27
Expected future employer contribution, next fiscal year	$ 30

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 5
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Topic 715
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Goodwill, Net and Intangible Assets, Net - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment reportingUnit	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments \| segment	2
Number of reportable segments \| segment	2	2
Number of reporting units \| reportingUnit	2
Goodwill, impairment loss, net of tax \| $		$ 1,015
Goodwill impairment \| $	$ 0	$ 1,058	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Lessee

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessee

Operating Leases


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	113	$	70	$	83
Short-term lease expense	16		14		16
Variable lease expense(1)	61		57		53
Sublease income	(1)		(1)		(1)

Total Lease expense	$	189	$	140	$	151

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2025, we had no material operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Other long-term assets(1)	$	311	$	179

Accrued expenses and other current liabilities	$	64	$	45
Other long-term liabilities	263		143
Total Operating lease liabilities	$	327	$	188

_____________

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	113		$	72		$	91
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	60		$	65		$	23
Weighted-average remaining lease term	7 years			4 years			4 years
Weighted-average discount rate(2)	19.29		%	7.70		%	6.07		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

(2)Increase in 2025 rate reflects the increase in the Company's incremental borrowing rate, as well as the remeasurement of the leases associated with the Lexmark Acquisition.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2025

12 months	$	122
24 months	96
36 months	77
48 months	60
60 months	45
Thereafter	296
Total Lease payments	696
Less: Imputed interest	369
Total Operating lease liabilities	$	327

Finance Leases

Xerox has finance leases for equipment in the U.S. and Europe, as well as for vehicles and related infrastructure, within outsourced warehouse supply arrangements, in the U.S. These leases have remaining maturities up to six years.

The lease expense associated with our finance leases was $13, $13, and $8 for the three years ended December 31, 2025, 2024 or 2023, respectively.

As of December 31, 2025, we had no additional financing leases that had not yet commenced.

Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Land, buildings and equipment, net(1)	$	11	$	55

Accrued expenses and other current liabilities	$	5	$	15
Other long-term liabilities	3		38
Total Finance lease liabilities	$	8	$	53

____________

Supplemental information related to finance leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities	$	13		$	12		$	8
Finance lease assets obtained in exchange for new lease liabilities (1)	$	—		$	42		$	7
Weighted-average remaining lease term	2 years			4 Years			2 Years
Weighted-average discount rate	9.45		%	10.53		%	7.28		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to finance lease liabilities are as follows:


	December 31, 2025
12 months	$	6
24 months	2
36 months	1
48 months	—
60 months	—
Thereafter	—
Total Lease payments	9
Less: Imputed interest	1
Total Finance Lease Liabilities	$	8

Lessee

Operating Leases


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	113	$	70	$	83
Short-term lease expense	16		14		16
Variable lease expense(1)	61		57		53
Sublease income	(1)		(1)		(1)

Total Lease expense	$	189	$	140	$	151

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2025, we had no material operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Other long-term assets(1)	$	311	$	179

Accrued expenses and other current liabilities	$	64	$	45
Other long-term liabilities	263		143
Total Operating lease liabilities	$	327	$	188

_____________

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	113		$	72		$	91
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	60		$	65		$	23
Weighted-average remaining lease term	7 years			4 years			4 years
Weighted-average discount rate(2)	19.29		%	7.70		%	6.07		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

(2)Increase in 2025 rate reflects the increase in the Company's incremental borrowing rate, as well as the remeasurement of the leases associated with the Lexmark Acquisition.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2025

12 months	$	122
24 months	96
36 months	77
48 months	60
60 months	45
Thereafter	296
Total Lease payments	696
Less: Imputed interest	369
Total Operating lease liabilities	$	327

Finance Leases

The lease expense associated with our finance leases was $13, $13, and $8 for the three years ended December 31, 2025, 2024 or 2023, respectively.

As of December 31, 2025, we had no additional financing leases that had not yet commenced.

Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Land, buildings and equipment, net(1)	$	11	$	55

Accrued expenses and other current liabilities	$	5	$	15
Other long-term liabilities	3		38
Total Finance lease liabilities	$	8	$	53

____________

Supplemental information related to finance leases is as follows:


	Year Ended December 31,
	2025			2024			2023
Cash paid for amounts included in the measurement of lease liabilities	$	13		$	12		$	8
Finance lease assets obtained in exchange for new lease liabilities (1)	$	—		$	42		$	7
Weighted-average remaining lease term	2 years			4 Years			2 Years
Weighted-average discount rate	9.45		%	10.53		%	7.28		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to finance lease liabilities are as follows:


	December 31, 2025
12 months	$	6
24 months	2
36 months	1
48 months	—
60 months	—
Thereafter	—
Total Lease payments	9
Less: Imputed interest	1
Total Finance Lease Liabilities	$	8

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2025
Equity [Abstract]
Preferred Stock	Preferred Stock Series A Convertible Perpetual Voting Preferred Stock As of December 31, 2025, Xerox Holdings Corporation had one class of preferred stock outstanding. Xerox Holdings Corporation has issued 180,000 shares of Series A Preferred Stock that have an aggregate liquidation value of $180 and a carrying value of $214. The Series A Preferred Stock pays quarterly cash dividends at a rate of 8% per year ($14 per year), on a cumulative basis. Each share of Series A Preferred Stock is convertible at any time, at the option of the holder, into 37.4532 shares of common stock of Xerox Holdings Corporation for a total of 6,742 thousand shares (reflecting an initial conversion price of approximately $26.70 per share of common stock), subject to customary anti-dilution adjustments. At December 31, 2025, 6,742 thousand shares of Common Stock were reserved for conversion of the Series A Preferred Stock. If the closing price of Xerox Holdings Corporation common stock exceeds $39.00 or 146.1% of the initial conversion price of $26.70 per share of common stock for 20 out of 30 consecutive trading days, Xerox Holdings Corporation will have the right to cause any or all of the Series A Preferred Stock to be converted into shares of common stock at the then applicable conversion rate. The Series A Preferred Stock is also convertible, at the option of the holder, upon a change in control, at the applicable conversion rate plus an additional number of shares determined by reference to the price paid for our common stock upon such change in control. In addition, upon the occurrence of certain fundamental change events, including a change in control or the delisting of Xerox Holdings Corporation's common stock, a holder of Series A Preferred Stock has the right to require Xerox Holdings Corporation to redeem any or all of the preferred stock in cash at a redemption price per share equal to the liquidation preference and any accrued and unpaid dividends up to, but not including, the redemption date. The Series A Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the contingent redemption feature. Series A Preferred Stock Voting Rights The Xerox Holdings Corporation Series A Preferred Stock votes together with the Xerox Holdings Corporation common stock, as a single class, on all matters submitted to the shareholders of Xerox Holdings Corporation, but the Xerox Holdings Corporation Series A Voting Preferred Stock is only entitled to one vote for every ten shares of Xerox Holdings Corporation common stock into which the Xerox Holdings Corporation Series A Preferred Stock is convertible (674,157 votes at December 31, 2025).

Segment and Geographic Area Reporting - Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill impairment	$ 0	$ (1,058)	$ 0
Restructuring and related costs, net	(66)	(112)	(167)
Amortization of intangible assets	(83)	(73)	(43)
Reinvention-related costs	(17)	(12)	0
Purchase Accounting Adjustment - Fixed Assets	(29)	0	0
Purchase Accounting Adjustment - Inventory	(102)	0	0
Settlement of pre-existing employment agreements	(25)	0	0
Transaction-related costs	(34)	(7)	0
Inventory-related impact - exit of certain production print manufacturing operations	(24)	(51)	0
Divestitures	4	(47)	0
PARC Donation	0	0	(132)
Other expenses, net	(360)	(158)	(75)
Total Pre-tax loss	(488)	(1,216)	(28)
Depreciation and amortization	331	274	251
Interest Expense	334	225	198
Corporate	248	119	68
Interest Income	140	165	207
Corporate Interest Income	14	14	16
Goodwill, impairment loss, net of tax		1,015
Print And Other Reporting Unit
Segment Reporting Information [Line Items]
Goodwill impairment		(1,058)
Goodwill, impairment loss, net of tax		1,015
Print and Other
Segment Reporting Information [Line Items]
Goodwill impairment	0
Operating Segments
Segment Reporting Information [Line Items]
Total Segment profit	248	302	389
Depreciation and amortization	248	201	208
Interest Expense	86	106	130
Interest Income	126	151	191
Operating Segments \| Print and Other
Segment Reporting Information [Line Items]
Total Segment profit	279	396	485
Reinvention-related costs	(17)	(12)
Settlement of pre-existing employment agreements	(25)
Transaction-related costs	(33)	(5)
Depreciation and amortization	246	201	208
Interest Expense	86	106	130
Interest Income	126	151	191
Operating Segments \| Print and Other \| Sales
Segment Reporting Information [Line Items]
Inventory-related impact - exit of certain production print manufacturing operations	(24)	(8)
Operating Segments \| Print and Other \| Service
Segment Reporting Information [Line Items]
Inventory-related impact - exit of certain production print manufacturing operations	0	(43)
Corporate
Segment Reporting Information [Line Items]
Total Segment profit	(73)	(94)	(101)
Depreciation and amortization	0	0	0
Interest Expense	0	0	0
Interest Income	$ 0	$ 0	$ 0

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Short-term borrowings were as follows:


	December 31,
	2025		2024


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	121	$	388
Xerox Corporation	109		130
Xerox - Other Subsidiaries(1)	1		67
Total	$	231	$	585

_____________

(1)Represents subsidiaries of Xerox Corporation.

We classify our debt based on the contractual maturity dates of the underlying debt instruments or as of the earliest put date available to the debt holders. We defer costs associated with debt issuance over the applicable term, or to the first put date in the case of convertible debt or debt with a put feature. These costs are amortized as interest expense in our Consolidated Statements of (Loss) Income.

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2025(1)		2025		2024
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	—	%	$	—	$	388
Senior Notes due 2026	13.00	%	18.61	%	125		—
Senior Notes due 2028	5.50	%	5.40	%	750		750
Senior Notes due 2029	8.88	%	8.88	%	500		500
Senior Notes due 2030	13.00	%	13.00	%	250		—
Convertible Senior Notes due 2030	3.75	%	3.75	%	400		400
Subtotal - Xerox Holdings Corporation					$	2,025	$	2,038
Xerox Corporation












Term Loan B due 2029(2)(3)	7.71	%	7.71	%	$	706	$	523
Secured Promissory Note due 2025(2)	—	%	—	%	—		110
Secured Promissory Note due 2026(2)	—	%	5.53	%	110		110
Senior Secured Notes due 2030(2)	10.25	%	10.50	%	400		—
Senior Secured Notes due 2031(2)	13.50	%	14.16	%	500		—
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	2,316	$	1,343
Xerox - Other Subsidiaries(2)

France					—		70
Lexmark					3		—
Subtotal Xerox - Other Subsidiaries					$	3	$	70









Principal debt balance					$	4,344	$	3,451
Xerox Holdings Corporation - Debt issuance costs					(20)		(19)
Xerox Corporation - Debt issuance costs					(39)		(11)
Xerox - Other subsidiaries - Debt issuance costs					—		—
Subtotal - Debt issuance costs					$	(59)	$	(30)
Unamortized (discount) premium					(38)		(22)



Less: current maturities					(231)		(585)
Total Long-term Debt					$	4,016	$	2,814

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts, premiums and imputed interest on issued debt.

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2026(1)		2027		2028		2029		2030		Thereafter		Total
Xerox Holdings Corporation	$	125	$	25	$	775	$	531	$	569	$	—	$	2,025
Xerox Corporation	110		51		90		565		400		1,100		2,316
Xerox - Other Subsidiaries(2)	1		1		1		—		—		—		3
Total	$	236	$	77	$	866	$	1,096	$	969	$	1,100	$	4,344

_____________

(1)Current portion of long-term debt maturities for 2026 are $110, $125, $1 and $0 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

Senior Secured and Unsecured Notes

Xerox Corporation

On April 11, 2025, Xerox Corporation and Xerox Issuer Corporation, a wholly-owned subsidiary of Xerox Corporation (Escrow Issuer), completed a private offering of (i) $400 aggregate principal amount of 10.250% Senior Secured First Lien Notes due 2030 at 99% of par (the First Lien Notes) issued by Xerox Corporation, and (ii) $400 aggregate principal amount of 13.500% Senior Secured Second Lien Notes due 2031 at 98% of par (the Second Lien Notes, issued and together with the First Lien Notes, the Notes) issued by the Escrow Issuer. The Company received net proceeds (after discount, fees and expenses) on the issuance of the First Lien Notes of $366, and net proceeds of $392 (after discount) on the issuance of the Second Lien Notes. The net proceeds of the Second Lien Notes were deposited into an escrow account upon the issuance of the Second Lien Notes and were released upon the consummation of the Lexmark Acquisition.

On May 9, 2025, the Escrow Issuer issued an additional $100 of the Second Lien Notes at 95% of par. Net proceeds (after discounts, fees and expenses) were approximately $93. The net proceeds were deposited into the escrow account, as well as $1 of accrued and unpaid interest, and a deposit of $2 by Xerox Corporation. On July 1, 2025, approximately $494 was released from escrow (including accrued interest) to fund a portion of the Lexmark Acquisition. An additional $15 of commitment and underwriting fees were paid upon the release of the proceeds from escrow. Upon consummation of the Lexmark Acquisition, the Escrow issuer was merged into Xerox Corporation and Xerox Corporation assumed the Second Lien Notes.

Net proceeds from the offering of the First Lien Notes, together with cash on hand, were used to redeem Xerox Holdings Corporation’s 5.000% Senior Notes due 2025 (2025 Notes) and to pay fees and expenses, including redemption premiums and accrued interest, in connection with the First Lien Notes offering, the Lexmark Acquisition and the related transactions.

Net proceeds from the offering of the Second Lien Notes were used to (i) fund a portion of the purchase price for the Lexmark Acquisition and the repayment of a portion of Lexmark’s outstanding debt (together with accrued interest and any applicable expenses, fees or premiums) and (ii) pay fees and expenses in connection with the Second Lien Notes offering, the Lexmark Acquisition and the related transactions.

The First Lien Notes are governed by an indenture, dated as of April 11, 2025 (the First Lien Indenture), among Xerox Corporation, Xerox Holdings Corporation (Xerox Holdings Corporation and, together with Xerox Corporation, the Company), certain of Xerox Corporation's domestic and foreign subsidiaries and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the First Lien Notes Agent). The Second Lien Notes are governed by an indenture, dated as of April 11, 2025 (the Second Lien Indenture and, together with the First Lien Indenture, the Indentures), between the Xerox Holdings Corporation, Xerox Corporation (as successor to the Escrow Issuer), certain of Xerox Corporation’s domestic and foreign subsidiaries and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the Second Lien Notes Agent).

The First Lien Notes mature on October 15, 2030 and bear interest at a rate of 10.250% per annum. The Second Lien Notes bear interest at a rate of 13.500% per annum. The First Lien Notes are unconditionally guaranteed on a senior secured basis by Xerox Holdings Corporation and certain of Xerox Corporation’s domestic and foreign subsidiaries (including, following the completion of the Lexmark Acquisition, Lexmark and certain of its domestic and foreign subsidiaries). Subject to certain exceptions and permitted liens, the First Lien Notes are secured by security interests in substantially all of the assets of the guarantors of the First Lien Notes (the Collateral) on a first-priority basis by the Collateral that is Fixed Asset Collateral (as defined in the First Lien Indenture) and on a second-priority basis by the Collateral that is Current Asset Collateral (as defined in the First Lien Indenture).

Subject to certain exceptions and permitted liens, the Second Lien Notes are secured by security interests in the same Collateral as the First Lien Notes, but on a second-priority basis by the Collateral that is Fixed Asset Collateral (as defined in the Second Lien Indenture) and on a third-priority basis by the Collateral that is Current Asset Collateral (as defined in the Second Lien Indenture).

The Indentures contain customary affirmative and negative covenants governing dividends, investments, debt, liens, and other matters of default.

Xerox Holdings Corporation

On July 1, 2025, Xerox Holdings Corporation completed an offering of (i) $125 aggregate principal amount of 13.00% Senior Unsecured Notes due June 2026 (the 2026 Notes), and ii) $250 aggregate principal amount of 13.00% Senior Notes due July 2030 (the 2030 Notes). Xerox Holdings Corporation received net proceeds (after discount, fees and expenses) on issuance of the 2026 Notes of approximately $116, and net proceeds on the

issuance of the 2030 Notes of approximately $245. In connection with the issuance of the 2030 Notes, Xerox Holdings Corporation issued a pre-funded warrant with a fair value of approximately $11 (as of the date of the issuance). Refer to Note 22 - Shareholders' Equity for additional information regarding the issuance of the pre-funded warrant.

The 2026 Notes mature on June 30, 2026 and provide the option for Xerox Holdings Corporation (at its sole discretion) to extend the maturity of approximately $62.5 of the 2026 Notes for an additional six-month period (for a 2% fee on the amount of 2026 Notes outstanding after the payment on the scheduled maturity date). The 2026 Notes bear interest at a rate of 13.00% per annum. During the extension period, the 2026 Notes will continue to bear interest at 13.00% per annum.

The 2026 Notes are governed by an indenture, dated as of July 1, 2025 (the 2026 Notes Indenture), among Xerox, Xerox Holdings Corporation, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. The 2026 Notes are unconditionally guaranteed on an unsecured basis by Xerox Corporation and certain of Xerox’s domestic and foreign subsidiaries.

Xerox used the net proceeds of the 2030 Notes to fund a portion of the purchase price for the Lexmark Acquisition and to repay a portion of Lexmark’s outstanding debt (together with accrued interest and any applicable expenses, fees or premiums) and to pay fees and expenses in connection with the Lexmark Acquisition. The net proceeds of the 2026 Notes are being used for general corporate purposes including, without limitation, funding the realization of synergies associated with the Lexmark Acquisition.

The 2030 Notes mature on July 31, 2030 and initially bear interest at a rate equal to 13.00% per annum. The initial interest rate on the 2030 Notes will increase (Interest Rate Step-Up) to the rates (on a per annum basis) set forth below for the period from and including the dates indicated below (each a Step-Up Date) to but excluding the next succeeding Step-up Date, or the stated maturity of the 2030 Notes, as applicable.


Step-Up Date	Interest Rate Step-Up
July 1, 2026	13.500	%
July 1, 2027	14.000	%
October 1, 2027	14.125	%
January 1, 2028	14.250	%
April 1, 2028	14.500	%
July 1, 2028	14.750	%
October 1, 2028	15.000	%
January 1, 2029	15.250	%
April 1, 2029	15.500	%
July 1, 2029	15.750	%
October 1, 2029	16.000	%
January 1, 2030	16.250	%
April 1, 2030	16.500	%
July 1, 2030	16.750	%

The 2030 Notes are governed by an Indenture, dated as of July 1, 2025 (the 2030 Notes Indenture), among Xerox Corporation, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes are unconditionally guaranteed on an unsecured basis by Xerox Corporation and certain of Xerox Corporation’s domestic and foreign subsidiaries (including, following the completion of the Lexmark Acquisition, Lexmark and certain of its domestic and foreign subsidiaries).

Each of the 2026 Notes Indenture and the 2030 Notes Indenture contains customary affirmative and negative covenants governing dividends, investments, debt, liens, and other matters and events of default. Net proceeds of the 2030 Notes offering were used to (i) fund a portion of the purchase price for the Lexmark Acquisition and the repayment of a portion of Lexmark’s outstanding debt (together with accrued interest and any applicable expenses, fees or premiums) and (ii) pay fees and expenses in connection with the Second Lien Notes offering, the Lexmark Acquisition and the related transactions. Net proceeds of the 2026 Notes offering are being used for general corporate purposes including, without limitation, funding the realization of synergies associated with the Lexmark Acquisition. Refer to the Debt section of Note 6 - Acquisitions and Divestitures, for additional information regarding the Lexmark Acquisition.

Term Loan B Credit Facility

In November 2023, Xerox Corporation, as borrower, Xerox Holdings Corporation, and certain of Xerox Corporation’s subsidiaries, as guarantors, entered into a first lien term loan credit agreement with Jefferies Finance LLC, as administrative agent and collateral agent (the TLB Agent), and a syndicate of lenders providing for a first lien senior secured term loan credit facility (the TLB Facility) to Xerox Corporation of $550, which was fully extended as term loans to Xerox Corporation at closing. The term loans under this facility included an aggregate original issue discount (OID) of $17 and debt issuance costs of $9 resulting in net proceeds of approximately $524. The OID and debt issuance costs were accordingly deferred and are amortized over the term of the Loans.

On July 1, 2025, Xerox Corporation made an incremental term loan borrowing of approximately $327 (Incremental Term Loans) under the TLB Facility. Substantially all of the net proceeds of the Incremental Term Loans were used to repay (through a cashless settlement) a portion of Lexmark’s assumed debt of $323. Debt issuance costs of approximately $1 were paid and deferred in connection with the issuance of the Incremental Term Loans, and will be amortized over the remaining term. Refer to the Debt section of Note 6 - Acquisitions and Divestitures, for additional information regarding the Lexmark Acquisition and the TLB Facility.

As a result of sales of finance receivables during the third quarter 2025, approximately $41 of the TLB Facility was repaid in October 2025. Refer to Note 8 - Finance Receivables, Net for additional information regarding our sales of finance receivables.

Xerox Corporation’s obligations under the TLB Facility are supported by, guarantees from the Company and certain of Xerox Corporation’s U.S., Canadian, German, Belgium, and English subsidiaries, and security interests in substantially all of the assets of the Company, and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB Facility), and security interests in the finance lease receivables of such German and Belgium subsidiaries. Liens in favor of the lenders or holders, as applicable, under the TLB, the ABL, the First Lien Notes, the Second Lien Notes and the ITsavvy Notes are subject to intercreditor agreements with the TLB Agent, ABL Agent, the First Lien Notes Agent, the Second Lien Notes Agent and ITsavvy Holdings, LLC, as the representative for the holders of the ITsavvy Notes.

At Xerox Corporation’s election, the term loans will bear interest at a per annum rate of either:

(1) a fluctuating rate equal to the highest of (A) a rate of 0.5% in excess of the “NYFRB” rate, (B) the “prime rate” and (C) a rate of 1.0% in excess of one-month Term SOFR, plus an applicable margin of 3.00%, or

(2) Term SOFR for a one-, three- or six-month interest period or (as agreed to by the Agent and the Lenders) such other period, as selected by the Company (provided that such rate shall not be less than 0.50%), plus an applicable margin of 4.00%, for Term SOFR term loans, or 3.00% for ABR term loans. There are $706 of term loans outstanding at December 31, 2025. Currently, $406 of the term loans bears interest at an average rate of 7.73%, $175 bears interest at an average rate of 7.67% through Mar 31, 2026, and the remaining $125 of the term loans bears interest at an average rate of 7.72% through January 31, 2026, at which time the interest rate will reset based on Xerox Corporation’s elections.

The remaining term loans are repayable in full at maturity in November 2029 and amortize at a quarterly rate of 7.50% per annum in 2026 and 10% per annum thereafter.

If an event of default occurs under the TLB Facility, the entire principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. The TLB Facility also contains customary excess cash flow and asset sale mandatory prepayments, reporting covenants and negative covenants governing dividends, investments, debt, liens, and other matters that are customary for similar term loan B facilities.

In October 2025, Lexmark and certain of its domestic and foreign subsidiaries became guarantors under the TLB Facility. Refer to the Debt section of Note 6 – Acquisitions and Divestitures, for additional information regarding the Lexmark Acquisition.

Revolving Credit Facility

In May 2023, Xerox Corporation, as borrower, Xerox Holdings Corporation and certain subsidiaries of Xerox Corporation, as guarantors, entered into a five-year asset-based revolving credit agreement (the ABL Facility) with Citibank, N.A., as administrative agent and collateral agent (the ABL Agent) and several lenders including Citibank N.A. The aggregate outstanding principal amount of the ABL Facility is payable in full at maturity on the earlier of May 22, 2028, and date that is 91 days prior to the final scheduled maturity date of any Material Springer Debt (as defined in the ABL Facility), and there are no scheduled principal payments prior to maturity. We deferred

approximately $7 of debt issuance costs in connection with the ABL Facility, which are being amortized over the five-year term.

In February 2024, the Company, Xerox Holdings Corporation and the Administrative Agent entered into an amendment in connection with the delivery of additional guarantees and collateral under the ABL Facility as a result of the Company’s execution of the TLB Facility, which constituted Material Springer Debt (as defined in the ABL Facility), and the execution of certain guarantees by subsidiaries of the Company in connection with the TLB.

In June 2024, Xerox Corporation and Xerox Holdings Corporation, entered into Amendment No. 2 to Credit Agreement (the Amendment) with the ABL agent, and the lenders party thereto. The Amendment amended the ABL Facility, to (i) increase the commitments of the lenders under the ABL Credit Agreement from $300 to $425 and (ii) amend the excess availability used to trigger the fixed charge coverage ratio springing covenant from an amount equal to the greater of (A) $22.5 and (B) 10% of the Line Cap (the lesser of the aggregate amount of Revolving Commitments and the then-applicable Borrowing Base), to an amount equal to the greater of (A) $31.875 and (B) 10% of the Line Cap.

Under the amended ABL Facility, Xerox Corporation may borrow up to the lesser of (x) $425 and (y) a borrowing base calculated based on accounts receivable and inventories of the loan parties thereunder as set forth in the ABL Facility. The ABL Facility includes an uncommitted accordion feature that allows Xerox Corporation to increase the facility by a total of up to $250, subject to obtaining additional commitments from existing lenders or new lending institutions. The ABL Facility also includes a $100 letter of credit subfacility. Xerox Corporation's borrowings under the ABL Facility are supported by guarantees from Xerox Holdings Corporation and certain of Xerox Corporation's U.S., Canadian, German, Belgian and English subsidiaries, and by security interests in substantially all of the assets of Xerox Corporation, Xerox Holdings Corporation, and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB Facility), and all finance lease receivables of such German and Belgian subsidiaries.

At Xerox Corporation’s election, the loans under the amended ABL Facility will bear interest at either:

(1)a fluctuating rate per annum equal to the highest of (A) Citibank’s base rate, (B) a rate of 0.5% in excess of the “NYFRB” rate, and (C) a rate of 1.0% in excess of one-month Term SOFR, provided that such fluctuating rate shall not be less than 0.0%, in each case plus an applicable margin (the loans bearing interest at such fluctuating rate, ABR Loans); or

(2)the one-, three-, or six-month period or (as agreed to by the Agent and the Lenders) such other period, as selected by the Xerox Corporation, per annum Term SOFR (plus a 0.10% credit spread adjustment), provided that such rate shall not be less than 0.0%, plus an applicable margin (the loans bearing interest at such rate Term SOFR Loans).

The applicable margin for ABR loans ranges from 0.5% to 1.0% depending on the Company’s average daily excess availability. The applicable margin for Term SOFR loans from 1.5% to 2.0% depending on the Company’s average daily excess availability.

The amended ABL Facility requires the Company to comply with a fixed charge coverage ratio of 1x, as defined in the ABL Facility, measured as of the last day of each fiscal quarter during which excess availability is less than an amount equal to the greater of (A) $31.875 and (B) 10% of the Line Cap (the lesser of the aggregate amount of revolving commitments and the then-applicable borrowing base). Based on the excess availability at December 31, 2025, the fixed charge coverage ratio measurement was not applicable. The amended ABL Facility also contains negative covenants governing dividends, investments, debt, liens, and other matters customary for similar facilities.

As of March 16, 2026 and based on our January availability calculation, we have availability of $382 before letters of credit issued under the ABL Facility of approximately $93. There are no current borrowings outstanding. Accordingly, our net availability is approximately $289. As discussed above, certain debt covenants limit our total amount of secured debt outstanding. As of the date of our filing, our capacity under the ABL was not limited by any debt covenants. Our capacity to borrow under the ABL Facility may be adversely impacted by the terms of the ABL Facility and certain other agreements that govern our debt.

If an event of default occurs under the amended ABL Facility, the entire principal amount outstanding, together with all accrued unpaid interest and other amounts owed in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods.

In October 2025, Lexmark and certain of its domestic and foreign subsidiaries became guarantors under the ABL. Refer to the Debt section of Note 6 - Acquisitions and Divestitures, for additional information regarding the Lexmark Acquisition.

Secured Promissory Notes

In connection with Xerox Corporation's acquisition of ITsavvy Acquisition Company, Inc. (ITsavvy), Xerox Corporation issued two, non-interest bearing, secured promissory notes (the 2025 ITsavvy Note and the 2026 ITsavvy Note, or the ITsavvy Notes). Each of the ITsavvy Notes had a principal amount of $110. The 2025 ITsavvy Note had a maturity date of October 8, 2025, and the 2026 ITsavvy Note had a maturity date of January 30, 2026. The 2025 ITsavvy Note has been paid in full in cash as of its maturity date. Refer to the Debt section of Note 6 - Acquisitions and Divestitures, for additional information regarding the ITsavvy and the ITsavvy Notes.

In October 2025, the U.S. Lexmark and certain of its domestic and foreign subsidiaries became guarantors under the TLB Facility. Refer to the Debt section of Note 6 - Acquisitions and Divestitures, for additional information regarding the Lexmark Acquisition.

Capped Calls

In connection with the issuance of the 2030 3.75% Convertible Senior Notes in 2024 (the 2030 Convertible Notes), the Company entered into privately negotiated capped call transactions (the Capped Calls) with certain of the initial purchasers of the 2030 Convertible Notes or their respective affiliates (the option counterparties) at a cost of approximately $23. The Capped Calls cover, subject to anti-dilution adjustments, the number of shares of the Company's common stock initially underlying the 2030 Convertible Notes. By entering into the Capped Calls, we expect to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2030 Convertible Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion of the 2030 Convertible Notes the trading price of our common stock price exceeds the conversion price of the 2030 Convertible Notes.

The initial cap price of the Capped Calls was approximately $28.34 per share, which represents a premium of 70% over the last reported sale price of our common stock of $16.67 on the NASDAQ Stock Exchange on March 6, 2024, and is subject to certain adjustments under the terms of the Capped Calls.

Under the terms of the Capped Call, a dividend payment below the Company’s $1.00 annual dividend at the time of the purchase of the Capped Call could result in an adjustment to the cap price. This adjustment is intended to preserve the original economics of the Capped Call and is permissible under ASC 815-40, and therefore, the Capped Call continues to meet the conditions for equity classification. The Capped Call cap price was reduced to $27.51 per share as a result of the reduction of our annual dividend from $1.00 to $.50 in the first quarter of 2025. In the second quarter of 2025, the annual dividend was reduced to $.10 per share. The current Capped Call cap price was reduced to $20.84 per share, which is the same as the conversion price of the 2030 Convertible Notes.

Xerox Holdings Corporation/Xerox Corporation Intercompany Loan

In March 2024, Xerox Holdings Corporation and Xerox Corporation entered into two intercompany loan agreements which mirror the terms of Xerox Holdings Corporation's 2029 and 2030 Senior Notes, including principal, interest rates, payment dates and debt issuance costs of approximately $15. As a result, Xerox Corporation recorded approximately $900 of related party debt. The proceeds of this new intercompany loan were used to partially pay down approximately $362 on the existing 2020 intercompany loan made by Xerox Holdings Corporation to Xerox Corporation.

At December 31, 2025 and 2024, the balance of the Intercompany Loan reported in Xerox Corporation’s Consolidated Balance Sheet was $1,993 and $2,022, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $36 and $31, respectively.

Secured Borrowings and Collateral

In prior years, we had entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox, where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans had variable interest rates and expected lives of approximately 2.5 years with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan.

The sales of the receivables to the SPEs were structured as "true sales at law," and we received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidated the SPEs in our financial statements. As a result, the assets of the SPEs were not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs did not have legal recourse to the Company’s general credit.

At December 31, 2024, we had borrowings of $70, which were secured by finance receivables of $58. These borrowings had an interest rate of 4.62%, and were expected to mature in 2026. During the first quarter 2025, the outstanding balance of $70 was repaid. Accordingly, there are no borrowings secured by finance receivables that are outstanding as of December 31, 2025.

Interest

Interest paid on our short-term and long-term debt amounted to $272, $214 and $201 for the years ended December 31, 2025, 2024 and 2023, respectively. Interest expense and interest income was as follows:


	Year Ended December 31,
	2025		2024		2023
Equipment financing interest(1)	$	86	$	106	$	130
Non-financing interest expense(1)(2)	248		119		68
Interest expense	$	334	$	225	$	198

Financing income(3)	$	126	$	151	$	191
Other interest income(3)	14		14		16
Interest income	$	140	$	165	$	207

_____________

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details