0001770450-26-000040 | 10-Q | XBRL Viewer

Schedule of Shareholder's Equity of Xerox

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2026	$	131	$	1,192	$	2,320	$	(3,344)	$	299	$	6	$	305

Comprehensive income, net	—		—		13		10		23		—		23
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)



Stock option and incentive plans, net	—		8		—		—		8		—		8



Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	126	$	1,141	$	3,403	$	(3,617)	$	1,053	$	4	$	1,057

Comprehensive (loss) income, net	—		—		(106)		169		63		—		63
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		13		—		13




Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2025	$	128	$	1,183	$	2,444	$	(3,311)	$	444	$	5	$	449

Comprehensive (loss), net	—		—		(92)		(23)		(115)		—		(115)
Cash dividends declared - common(3)	—		—		(7)		—		(7)		—		(7)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)


Distribution of stock warrants(5)	—		—		(12)		—		(12)		—		(12)
Stock option and incentive plans, net	3		17		—		—		20		—		20



Transactions with noncontrolling interests	—		—		—		—		—		2		2

Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2024	$	124	$	1,137	$	3,514	$	(3,699)	$	1,076	$	4	$	1,080

Comprehensive (loss) income, net	—		—		(196)		251		55		—		55
Cash dividends declared - common(3)	—		—		(21)		—		(21)		—		(21)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)



Stock option and incentive plans, net	2		17		—		—		19		—		19



Transactions with noncontrolling interests	—		—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127

____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

(3)Cash dividends declared on common stock for the three months ended June 30, 2026 and 2025 were $0.025 per share and $0.025 per share, respectively and $0.05 per share and $0.15 per share for the six months ended June 30, 2026 and 2025, respectively.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2026 and 2025 were $20.00 and $40.00 per share, respectively.

(5)Refer to the Warrant Dividend section below for additional information.

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2026	$	3,491	$	336	$	(3,344)	$	483	$	6	$	489
Comprehensive income, net	—		16		10		26		—		26


Dividends declared to parent	—		(7)		—		(7)		—		(7)

Transfers from parent	14		—		—		14		—		14



Investment from noncontrolling interests	—		—		—		—		1		1





Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	3,474	$	1,397	$	(3,617)	$	1,254	$	4	$	1,258

Comprehensive (loss) income, net	—		(104)		169		65		—		65


Dividends declared to parent	—		(6)		—		(6)		—		(6)

Transfers to parent	(6)		—		—		(6)		—		(6)







Transactions with noncontrolling interests	—		—		—		—		1		1
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2025	$	3,492	$	448	$	(3,311)	$	629	$	5	$	634


Comprehensive (loss), net	—		(89)		(23)		(112)		—		(112)


Dividends declared to parent	—		(14)		—		(14)		—		(14)

Transfers from parent	13		—		—		13		—		13






Transactions with noncontrolling interests	—		—		—		—		2		2

Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2024	$	3,487	$	1,504	$	(3,699)	$	1,292	$	4	$	1,296

Comprehensive (loss) income, net	—		(191)		251		60		—		60


Dividends declared to parent	—		(26)		—		(26)		—		(26)


Transfers to parent	(19)		—		—		(19)		—		(19)
Transactions with noncontrolling interests	—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312

_____________

(1)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

Income (Loss) per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income (Loss) per Share
Net Income (Loss)	$ 13	$ (106)	$ (92)	$ (196)
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net income (loss) available to common shareholders	$ 10	$ (109)	$ (99)	$ (203)
Weighted average common shares outstanding (in shares)	130,895	125,791	129,820	125,452
Basic Earnings (Loss) per Share (in dollars per share)	$ 0.07	$ (0.87)	$ (0.77)	$ (1.62)
Diluted Earnings (Loss) per Share:
Net Income (Loss)	$ 13	$ (106)	$ (92)	$ (196)
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net income (loss) available to common shareholders	$ 10	$ (109)	$ (99)	$ (203)
Weighted average common shares outstanding (in shares)	130,895	125,791	129,820	125,452
Common shares issuable with respect to:
Convertible preferred stock (in shares)	0	0	0	0
Adjusted Weighted average common shares outstanding (in shares)	134,788	125,791	129,820	125,452
Diluted Earnings (Loss) per Share (in dollars per share)	$ 0.07	$ (0.87)	$ (0.77)	$ (1.62)
Stock options
Common shares issuable with respect to:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	3,893	0	0	0

Employee Benefit Plans - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions	$ 160
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions	140
United States \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions	115
United States \| Qualified Plan \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions	$ 95

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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Cash and cash equivalents

XEROX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net (Loss)	$ (92)	$ (196)
Adjustments required to reconcile Net (loss) to Net cash used in operating activities:
Depreciation and amortization	201	117
Provisions	36	48
Net (gain) loss on early extinguishment of debt	(95)	4
Net loss (gain) on sales of businesses and assets	2	(5)
Divestitures	0	(4)
Stock-based compensation	18	26
Restructuring and asset impairment charges	65	10
Payments for restructurings	(40)	(33)
Non-service retirement-related costs	42	37
Contributions to retirement plans	(72)	(67)
Increase in accounts receivable and billed portion of finance receivables	(86)	(44)
Increase in inventories	(60)	(160)
Increase in equipment on operating leases	(67)	(52)
Decrease in finance receivables	157	212
(Increase) decrease in other current and long-term assets	(120)	16
(Decrease) increase in accounts payable	(30)	25
Increase (decrease) in accrued compensation	18	(51)
Increase (decrease) in other current and long-term liabilities	6	(40)
Net change in income tax assets and liabilities	6	35
Other operating, net	4	22
Net cash used in operating activities	(107)	(100)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(47)	(39)
Proceeds from sales of businesses and assets	8	30
Acquisitions, net of cash acquired	19	1
Net cash used in investing activities	(33)	(12)
Cash Flows from Financing Activities
Net payments on short term debt	(125)	0
Proceeds from issuance of long-term debt	446	889
Payments on long-term debt	(251)	(343)
Tariff receivables monetization	80	0
Other financing, net	(6)	(29)
Net cash provided by financing activities	128	459
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	7
(Decrease) increase in cash, cash equivalents and restricted cash	(13)	354
Cash, cash equivalents and restricted cash at beginning of period	565	631
Cash, Cash Equivalents and Restricted Cash at End of Period	552	985
Xerox Corporation
Cash Flows from Operating Activities
Net (Loss)	(89)	(191)
Adjustments required to reconcile Net (loss) to Net cash used in operating activities:
Depreciation and amortization	201	117
Provisions	36	48
Net (gain) loss on early extinguishment of debt	(95)	4
Net loss (gain) on sales of businesses and assets	2	(5)
Divestitures	0	(4)
Stock-based compensation	18	26
Restructuring and asset impairment charges	65	10
Payments for restructurings	(40)	(33)
Non-service retirement-related costs	42	37
Contributions to retirement plans	(72)	(67)
Increase in accounts receivable and billed portion of finance receivables	(86)	(44)
Increase in inventories	(60)	(160)
Increase in equipment on operating leases	(67)	(52)
Decrease in finance receivables	157	212
(Increase) decrease in other current and long-term assets	(123)	11
(Decrease) increase in accounts payable	(30)	25
Increase (decrease) in accrued compensation	18	(51)
Increase (decrease) in other current and long-term liabilities	6	(40)
Net change in income tax assets and liabilities	6	35
Other operating, net	4	22
Net cash used in operating activities	(107)	(100)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(47)	(39)
Proceeds from sales of businesses and assets	8	30
Acquisitions, net of cash acquired	19	1
Net cash used in investing activities	(20)	(8)
Cash Flows from Financing Activities
Net payments on short term debt	(125)	0
Proceeds from issuance of long-term debt	446	889
Payments on long-term debt	(251)	(343)
Tariff receivables monetization	80	0
Distributions to parent	(33)	(71)
Other financing, net	(3)	(23)
Net cash provided by financing activities	114	452
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	7
(Decrease) increase in cash, cash equivalents and restricted cash	(14)	351
Cash, cash equivalents and restricted cash at beginning of period	564	630
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 550	$ 981

XEROX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Assets

$ 495

$ 512

Billed portion of finance receivables, net

^[1]

1,185

1,122

^[1]

^[1]

442

510

Inventories

1,043

1,016

Other current assets

492

362

Total current assets

3,697

3,568

Equipment on operating leases, net

^[1]

732

846

283

299

Land, buildings and equipment, net

378

390

Intangible assets, net

857

921

Goodwill, net

2,234

2,222

Deferred tax assets

Other long-term assets

1,457

1,479

Total Assets

9,724

9,823

Short-term debt and current portion of long-term debt

231

Financing liability – tariff receivables monetization

Accounts payable

1,456

1,498

Accrued compensation and benefits costs

246

235

Accrued expenses and other current liabilities

1,264

1,258

Total current liabilities

3,126

3,222

Pension and other benefit liabilities

4,153

4,016

1,027

1,068

Post-retirement medical benefits

148

159

Other long-term liabilities

716

685

Total Liabilities

9,170

9,150

Commitments and Contingencies (See Note 21)

Noncontrolling Interests

Additional paid-in capital

1,200

1,183

Retained earnings

2,326

2,444

Accumulated other comprehensive loss

(3,334)

(3,311)

Xerox Holdings shareholders’ equity

323

444

Noncontrolling interests

Total Equity

330

449

Total Liabilities and Equity

9,724

9,823

Cash and cash equivalents

Assets

493

511

Billed portion of finance receivables, net

^[2]

1,185

1,122

^[2]

^[2]

442

510

Inventories

1,043

1,016

Other current assets

492

362

Total current assets

3,695

3,567

Equipment on operating leases, net

^[2]

732

846

283

299

Land, buildings and equipment, net

378

390

Intangible assets, net

857

921

Goodwill, net

2,234

2,222

Deferred tax assets

Other long-term assets

1,407

1,438

Total Assets

9,672

9,781

Short-term debt and current portion of long-term debt

110

Financing liability – tariff receivables monetization

Accounts payable

1,456

1,498

Accrued compensation and benefits costs

246

235

Accrued expenses and other current liabilities

1,254

1,245

Total current liabilities

3,116

3,209

Pension and other benefit liabilities

1,027

1,068

Post-retirement medical benefits

148

159

Other long-term liabilities

695

685

Total Liabilities

9,139

9,137

Commitments and Contingencies (See Note 21)

Noncontrolling Interests

Additional paid-in capital

3,505

3,492

Retained earnings

345

448

Accumulated other comprehensive loss

(3,334)

(3,311)

Xerox Holdings shareholders’ equity

516

629

Noncontrolling interests

Total Equity

523

634

Total Liabilities and Equity

9,672

9,781

Xerox Corporation | Related Party

Short-term related party debt

121

Xerox Corporation | Nonrelated Party

1,670

1,872

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 2,483

$ 2,144

[1]	For additional information regarding the allowance for doubtful accounts refer to Note 7 - Accounts Receivable, Net and for additional information regarding the allowance for doubtful credit losses refer to Note 8 - Finance Receivables, Net.
[2]	For additional information regarding the allowance for doubtful accounts refer to Note 7 - Accounts Receivable, Net and for additional information regarding the allowance for doubtful credit losses refer to Note 8 - Finance Receivables, Net.

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	$ 57	$ 53
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	34	31
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Restricted Cash and Cash Equivalent Item [Line Items]
Total Restricted cash	$ 23	$ 22

Accounts Receivable, Net - Accounts Receivables (Details) - USD ($)
$ in Millions

Jun. 30, 2026

Mar. 31, 2026

Dec. 31, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1]

$ 1,185

$ 1,122

Accounts Receivable

Invoiced

1,091

1,024

Accrued

168

171

Allowance for doubtful accounts

(74)

$ (73)

(73)

$ (72)

$ (68)

$ (69)

$ 1,185

$ 1,122

[1]	For additional information regarding the allowance for doubtful accounts refer to Note 7 - Accounts Receivable, Net and for additional information regarding the allowance for doubtful credit losses refer to Note 8 - Finance Receivables, Net.

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Total Finance Receivables
Current Year	$ 215	$ 471
CY-1	358	313
CY-2	246	372
CY-3	263	205
CY-4	137	72
Prior	39	14
Total	1,258	1,447
Charge-offs
Charge-offs, Current year	0	5
Charge-offs, CY-1	1	5
Charge-offs, CY-2	1	15
Charge-offs, CY-3	5	11
Charge-offs, CY-4	3	4
Charge-offs, Prior	2	3
Charge-offs, Total	12	43
United States (Direct)
Total Finance Receivables
Current Year	87	175
CY-1	124	120
CY-2	90	107
CY-3	71	46
CY-4	24	25
Prior	9	5
Total	405	478
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	0	1
Charge-offs, CY-2	1	3
Charge-offs, CY-3	2	2
Charge-offs, CY-4	0	1
Charge-offs, Prior	1	2
Charge-offs, Total	4	9
United States (Indirect)
Total Finance Receivables
Current Year	5	14
CY-1	13	19
CY-2	17	48
CY-3	33	42
CY-4	26	14
Prior	5	1
Total	99	138
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	0	0
Charge-offs, CY-2	0	4
Charge-offs, CY-3	1	4
Charge-offs, CY-4	1	2
Charge-offs, Prior	1	1
Charge-offs, Total	3	11
Canada
Total Finance Receivables
Current Year	27	64
CY-1	54	43
CY-2	34	28
CY-3	21	12
CY-4	7	4
Prior	2	0
Total	145	151
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	0	1
Charge-offs, CY-2	0	1
Charge-offs, CY-3	0	1
Charge-offs, CY-4	1	0
Charge-offs, Prior	0	0
Charge-offs, Total	1	3
EMEA
Total Finance Receivables
Current Year	94	211
CY-1	161	126
CY-2	101	185
CY-3	135	104
CY-4	79	29
Prior	23	8
Total	593	663
Charge-offs
Charge-offs, Current year	0	5
Charge-offs, CY-1	1	3
Charge-offs, CY-2	0	7
Charge-offs, CY-3	2	4
Charge-offs, CY-4	1	1
Charge-offs, Prior	0	0
Charge-offs, Total	4	20
Other
Total Finance Receivables
Current Year	2	7
CY-1	6	5
CY-2	4	4
CY-3	3	1
CY-4	1	0
Prior	0	0
Total	16	17
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	0	0
Charge-offs, CY-2	0	0
Charge-offs, CY-3	0	0
Charge-offs, CY-4	0	0
Charge-offs, Prior	0	0
Charge-offs, Total	0	0
Low Credit Risk
Total Finance Receivables
Current Year	134	277
CY-1	224	170
CY-2	139	170
CY-3	125	90
CY-4	60	28
Prior	14	5
Total	696	740
Low Credit Risk \| United States (Direct)
Total Finance Receivables
Current Year	62	102
CY-1	89	66
CY-2	57	48
CY-3	35	19
CY-4	11	7
Prior	2	1
Total	256	243
Low Credit Risk \| United States (Indirect)
Total Finance Receivables
Current Year	1	2
CY-1	2	4
CY-2	3	10
CY-3	7	15
CY-4	10	6
Prior	2	0
Total	25	37
Low Credit Risk \| Canada
Total Finance Receivables
Current Year	12	31
CY-1	26	20
CY-2	16	13
CY-3	10	4
CY-4	2	1
Prior	1	0
Total	67	69
Low Credit Risk \| EMEA
Total Finance Receivables
Current Year	58	135
CY-1	101	76
CY-2	60	96
CY-3	70	51
CY-4	36	14
Prior	9	4
Total	334	376
Low Credit Risk \| Other
Total Finance Receivables
Current Year	1	7
CY-1	6	4
CY-2	3	3
CY-3	3	1
CY-4	1	0
Prior	0	0
Total	14	15
Average Credit Risk
Total Finance Receivables
Current Year	62	158
CY-1	104	104
CY-2	74	159
CY-3	107	92
CY-4	61	34
Prior	18	6
Total	426	553
Average Credit Risk \| United States (Direct)
Total Finance Receivables
Current Year	12	49
CY-1	16	31
CY-2	14	41
CY-3	22	14
CY-4	5	13
Prior	3	2
Total	72	150
Average Credit Risk \| United States (Indirect)
Total Finance Receivables
Current Year	4	12
CY-1	11	7
CY-2	6	25
CY-3	17	22
CY-4	13	6
Prior	2	1
Total	53	73
Average Credit Risk \| Canada
Total Finance Receivables
Current Year	13	29
CY-1	24	20
CY-2	16	13
CY-3	10	7
CY-4	4	2
Prior	1	0
Total	68	71
Average Credit Risk \| EMEA
Total Finance Receivables
Current Year	32	68
CY-1	53	45
CY-2	37	79
CY-3	58	49
CY-4	39	13
Prior	12	3
Total	231	257
Average Credit Risk \| Other
Total Finance Receivables
Current Year	1	0
CY-1	0	1
CY-2	1	1
CY-3	0	0
CY-4	0	0
Prior	0	0
Total	2	2
High Credit Risk
Total Finance Receivables
Current Year	19	36
CY-1	30	39
CY-2	33	43
CY-3	31	23
CY-4	16	10
Prior	7	3
Total	136	154
High Credit Risk \| United States (Direct)
Total Finance Receivables
Current Year	13	24
CY-1	19	23
CY-2	19	18
CY-3	14	13
CY-4	8	5
Prior	4	2
Total	77	85
High Credit Risk \| United States (Indirect)
Total Finance Receivables
Current Year	0	0
CY-1	0	8
CY-2	8	13
CY-3	9	5
CY-4	3	2
Prior	1	0
Total	21	28
High Credit Risk \| Canada
Total Finance Receivables
Current Year	2	4
CY-1	4	3
CY-2	2	2
CY-3	1	1
CY-4	1	1
Prior	0	0
Total	10	11
High Credit Risk \| EMEA
Total Finance Receivables
Current Year	4	8
CY-1	7	5
CY-2	4	10
CY-3	7	4
CY-4	4	2
Prior	2	1
Total	28	30
High Credit Risk \| Other
Total Finance Receivables
Current Year	0	0
CY-1	0	0
CY-2	0	0
CY-3	0	0
CY-4	0	0
Prior	0	0
Total	$ 0	$ 0

Debt - Narrative (Details)		3 Months Ended		6 Months Ended			12 Months Ended
Debt - Narrative (Details)	Feb. 17, 2026 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2025 $ / shares	Dec. 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Aug. 06, 2026 USD ($)	May 31, 2026 USD ($)	Apr. 30, 2026 USD ($)	Jan. 31, 2026	Mar. 06, 2024 $ / shares
Debt Instrument [Line Items]
Long-term debt		$ 4,153,000,000			$ 4,153,000,000		$ 4,016,000,000
Proceeds from issuance of long-term debt					446,000,000	$ 889,000,000
Net (gain) loss on early extinguishment of debt					95,000,000	(4,000,000)
Tariff receivables monetization					80,000,000	$ 0
Financing liability – tariff receivables monetization		90,000,000			90,000,000		0
Dividends payable, amount per share (in dollars per share) \| $ / shares			$ 0.50			$ 0.10		$ 1.00
Xerox Corporation
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt					446,000,000	$ 889,000,000
Net (gain) loss on early extinguishment of debt					95,000,000	(4,000,000)
Tariff receivables monetization					80,000,000	$ 0
Financing liability – tariff receivables monetization		90,000,000			90,000,000		0
Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Long-term debt		1,670,000,000			1,670,000,000		$ 1,872,000,000
IEEPA Tariff Refund
Debt Instrument [Line Items]
Recovery of direct costs		105,000,000			105,000,000
Tariff-related refund claim sold, carrying amount		105,000,000			105,000,000
Tariff receivables monetization		80,000,000
Financing liability – tariff receivables monetization		90,000,000			90,000,000
IEEPA Tariff Refund \| Forecast
Debt Instrument [Line Items]
Interest expense, nonoperating				$ 25,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		101,000,000			101,000,000
Net (gain) loss on early extinguishment of debt		39,000,000			95,000,000
5.50% Senior Unsecured Notes Due On August 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount		$ 194,000,000			$ 194,000,000
Debt interest rate (as percent)		5.50%			5.50%
13.50 % Senior Secured Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount		$ 6,000,000			$ 6,000,000
Debt interest rate (as percent)		13.50%			13.50%
2030 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt interest rate (as percent)		3.75%			3.75%			3.75%				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			$ 27.51				$ 20.84	$ 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
ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Period prior to final scheduled maturity date for Material Springer Debt					91 days
Line of credit facility, maximum borrowing capacity		$ 425,000,000			$ 425,000,000
ABL Facility \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Current line of credit									$ 0
Remaining borrowing capacity									276,000,000
ABL Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 125,000,000	$ 100,000,000
ABL Facility \| Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity									388,000,000
Letters of credit									$ 112,000,000
Intercompany Loan \| Senior Notes \| Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Long-term debt		1,682,000,000			1,682,000,000		$ 1,993,000,000
Interest payable		28,000,000			28,000,000		$ 36,000,000
TPG \| Class A Units \| Joint Venture Arrangement
Debt Instrument [Line Items]
Common unit, mandatory cumulative redemption period	5 years
Debt instrument interest rate floor	0.03000
Initial rate spread	11.875%
TPG \| Joint Venture Financing \| Secured Debt
Debt Instrument [Line Items]
Long-term debt		450,000,000			$ 450,000,000
Payments of debt issuance costs	$ 46,000,000	$ 8,000,000
Proceeds from issuance of long-term debt	$ 404,000,000
Debt instrument periodic payment percentage	0.0450
TPG \| The Term Loans \| Secured Debt
Debt Instrument [Line Items]
Principal debt	$ 405,000,000
Term of debt (in years)	5 years
Debt instrument interest rate floor	0.03000
Initial rate spread	8.125%
XRX Brandco Holdings LLC \| Class A Units \| Joint Venture Arrangement
Debt Instrument [Line Items]
Sale of stock, consideration received on transaction	$ 45,000,000

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring and Related Activities [Abstract]
Restructuring charges, net	$ 26	$ 45	$ 9	$ 71	$ 14
Asset impairment charges, net	(5)		2	(6)	(4)
Related costs, net	2		(1)	3	(1)
Total Restructuring and related costs, net	$ 23		$ 10	$ 68	$ 9

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	$ 330	$ 305	$ 449	$ 1,127	$ 1,057	$ 1,080
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	(3,334)	$ (3,344)	(3,311)	$ (3,448)	$ (3,617)	$ (3,699)
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	(1,937)		(1,861)
Other unrealized gains (losses), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	4		(4)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	$ (1,401)		$ (1,446)

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

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Schedule of Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax
Translation Adjustments Gains (Losses)	$	1	$	1	$	229	$	229	$	(76)	$	(76)	$	334	$	334
Unrealized Gains (Losses)
Changes in fair value of cash flow hedges gains (losses)	2		2		(6)		(5)		3		3		(9)		(7)
Changes in cash flow hedges reclassed to earnings(1)	2		2		1		1		5		5		1		1

Net Unrealized Gains (Losses)	4		4		(5)		(4)		8		8		(8)		(6)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(8)		(8)		1		1		(7)		(7)		1		—
Prior service amortization(2)	—		—		(1)		—		(1)		(1)		(2)		—
Actuarial loss amortization/settlement(2)	18		17		15		13		36		34		30		27

Other (losses) gains(3)	(5)		(4)		(70)		(70)		18		19		(104)		(104)
Changes in Defined Benefit Plans Gains (Losses)	5		5		(55)		(56)		46		45		(75)		(77)

Other Comprehensive Income (Loss)	$	10	$	10	$	169	$	169	$	(22)	$	(23)	$	251	$	251

____________

(1)Reclassified to Cost of sales and interest expense - refer to Note 13 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 15 - 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:


	June 30, 2026		December 31, 2025
Cumulative translation adjustments	$	(1,937)	$	(1,861)
Other unrealized gains (losses), net	4		(4)
Benefit plans net actuarial losses and prior service credits	(1,401)		(1,446)
Total Accumulated Other Comprehensive Loss	$	(3,334)	$	(3,311)

Lessor

6 Months Ended

Jun. 30, 2026

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:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2026		2025		2026		2025
Revenue from sales type leases	Sales	$	90	$	108	$	181	$	220


Interest income on lease receivables(1)	Services, maintenance, rentals and other	25		32		52		65


Lease income - operating leases	Services, maintenance, rentals and other	37		39		77		80
Variable lease income	Services, maintenance, rentals and other	9		10		17		19
Total Lease income		$	161	$	189	$	327	$	384

__________

(1)Primarily includes interest income from sales-type leases, as well as financing leases.

Profit at lease commencement on sales-type leases was estimated to be $11 and $26 for the three months ended June 30, 2026 and 2025, respectively, and $28 and $57 for the six months ended June 30, 2026 and 2025,

respectively.

Lessor

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2026		2025		2026		2025
Revenue from sales type leases	Sales	$	90	$	108	$	181	$	220


Interest income on lease receivables(1)	Services, maintenance, rentals and other	25		32		52		65


Lease income - operating leases	Services, maintenance, rentals and other	37		39		77		80
Variable lease income	Services, maintenance, rentals and other	9		10		17		19
Total Lease income		$	161	$	189	$	327	$	384

__________

(1)Primarily includes interest income from sales-type leases, as well as financing leases.

respectively.

Shareholders’ Equity of Xerox Holdings

6 Months Ended

Jun. 30, 2026

Shareholders’ Equity of Xerox Holdings

(shares in thousands)

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2026	$	131	$	1,192	$	2,320	$	(3,344)	$	299	$	6	$	305

Comprehensive income, net	—		—		13		10		23		—		23
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)



Stock option and incentive plans, net	—		8		—		—		8		—		8



Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	126	$	1,141	$	3,403	$	(3,617)	$	1,053	$	4	$	1,057

Comprehensive (loss) income, net	—		—		(106)		169		63		—		63
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		13		—		13




Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2025	$	128	$	1,183	$	2,444	$	(3,311)	$	444	$	5	$	449

Comprehensive (loss), net	—		—		(92)		(23)		(115)		—		(115)
Cash dividends declared - common(3)	—		—		(7)		—		(7)		—		(7)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)


Distribution of stock warrants(5)	—		—		(12)		—		(12)		—		(12)
Stock option and incentive plans, net	3		17		—		—		20		—		20



Transactions with noncontrolling interests	—		—		—		—		—		2		2

Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2024	$	124	$	1,137	$	3,514	$	(3,699)	$	1,076	$	4	$	1,080

Comprehensive (loss) income, net	—		—		(196)		251		55		—		55
Cash dividends declared - common(3)	—		—		(21)		—		(21)		—		(21)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)



Stock option and incentive plans, net	2		17		—		—		19		—		19



Transactions with noncontrolling interests	—		—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127

____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2026 and 2025 were $20.00 and $40.00 per share, respectively.

(5)Refer to the Warrant Dividend section below for additional information.

Common Stock

The following is a summary of the changes in common stock shares:


						Common Stock Shares
Balance at December 31, 2025						128,044
Stock based compensation plans, net						2,732


Balance at March 31, 2026						130,776
Stock based compensation plans, net						465


Exercise of warrants						2
Balance at June 30, 2026						131,243

Warrant Dividend

In January 2026 the Board of Directors of Xerox Holdings Corporation (Xerox Holdings) 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 Holdings 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.

The warrants are classified as derivative liabilities and are remeasured at fair value at each reporting date. Changes in the fair value of the warrant liability are recognized in Other expenses (income), net in the Condensed Consolidated Statements of Income (Loss). On the date of issuance, a warrant liability of $12 was recognized in Other long-term liabilities in the Condensed Consolidated Balance Sheet. For the three and six months ended June 30, 2026, the Company recorded expense of $14 and $9, respectively. At June 30, 2026, the liability included in Other long-term liabilities was $21.

Shareholder's Equity of Xerox

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2026	$	3,491	$	336	$	(3,344)	$	483	$	6	$	489
Comprehensive income, net	—		16		10		26		—		26


Dividends declared to parent	—		(7)		—		(7)		—		(7)

Transfers from parent	14		—		—		14		—		14



Investment from noncontrolling interests	—		—		—		—		1		1





Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	3,474	$	1,397	$	(3,617)	$	1,254	$	4	$	1,258

Comprehensive (loss) income, net	—		(104)		169		65		—		65


Dividends declared to parent	—		(6)		—		(6)		—		(6)

Transfers to parent	(6)		—		—		(6)		—		(6)







Transactions with noncontrolling interests	—		—		—		—		1		1
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2025	$	3,492	$	448	$	(3,311)	$	629	$	5	$	634


Comprehensive (loss), net	—		(89)		(23)		(112)		—		(112)


Dividends declared to parent	—		(14)		—		(14)		—		(14)

Transfers from parent	13		—		—		13		—		13






Transactions with noncontrolling interests	—		—		—		—		2		2

Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2024	$	3,487	$	1,504	$	(3,699)	$	1,292	$	4	$	1,296

Comprehensive (loss) income, net	—		(191)		251		60		—		60


Dividends declared to parent	—		(26)		—		(26)		—		(26)


Transfers to parent	(19)		—		—		(19)		—		(19)
Transactions with noncontrolling interests	—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312

_____________

(1)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Contingencies and Litigation

6 Months Ended

Jun. 30, 2026

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.

Brazil Contingencies

Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. The 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:


	June 30, 2026		December 31, 2025
Tax contingency - unreserved	$	376	$	338
Escrow cash deposits	21		20
Surety bonds	97		115
Letters of credit	—		1
Liens on Brazilian assets	—		—

The increase in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily due to currency and adjustments to ongoing cases, as well as interest, all of which was partially offset by the 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 for the periods presented. We routinely assess all these matters as to the 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 June 30, 2026, 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

We have issued or provided approximately $282 of guarantees as of June 30, 2026 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 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 Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Gain (Loss)

The following table provides a summary of gains (losses) on derivative instruments in cash flow hedging relationships:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025




Derivative Loss Recognized in OCI (Effective Portion)
Foreign exchange contracts - forwards and options	$	2	$	(5)	$	3	$	(5)
Interest rate contracts	—		(1)		—		(4)
Total	$	2	$	(6)	$	3	$	(9)

Location of Derivative Gains (Losses) Reclassified from AOCL to Income (Effective Portion)
Cost of sales	$	(2)	$	(1)	$	(5)	$	(1)

Total	$	(2)	$	(1)	$	(5)	$	(1)

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

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


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Foreign exchange contracts – forwards	Other expenses (income), net – Currency (losses) gains, net	$	(18)	$	3	$	(33)	$	9

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Selected financial information for our reportable segments was as follows:


	Three months ended June 30, 2026
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	1,733	$	189	$	1,922	$	—	$	1,922
Intersegment revenue(2)	—		5		5		—		5
Total	$	1,733	$	194	$	1,927	$	—	$	1,927

Reconciliation to Segment Profit
Cost of sales(3)	$	459	$	115	$	574	$	—	$	574
Cost of services, maintenance, rentals and other(3)(4)(5)	608		42		650		—		650

Research, development and engineering expenses(3)	66		—		66		—		66
Selling, administrative and general expenses(3)(6)(7)	377		28		405		24		429
Intersegment expense(8)	3		2		5		—		5
Segment profit	$	220	$	7	$	227	$	(24)	$	203

Depreciation	$	71	$	—	$	71	$	—	$	71
Interest income(9)	25		—		25		3		28
Interest expense(5)	18		—		18		100		118


	Three months ended June 30, 2025
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	1,366	$	210	$	1,576	$	—	$	1,576
Intersegment revenue(2)	—		3		3		—		3
Total	$	1,366	$	213	$	1,579	$	—	$	1,579

Reconciliation to Segment Profit
Cost of sales	$	347	$	127	$	474	$	—	$	474
Cost of services, maintenance, rentals and other(4)(5)	593		48		641		—		641

Research, development and engineering expenses	43		—		43		—		43
Selling, administrative and general expenses(6)(7)	318		25		343		16		359
Intersegment expense(8)	—		3		3		—		3
Segment profit	$	65	$	10	$	75	$	(16)	$	59

Depreciation	$	47	$	—	$	47	$	—	$	47
Interest income(9)	32		—		32		6		38
Interest expense(5)	23		—		23		55		78


	Six months ended June 30, 2026
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	3,425	$	343	$	3,768	$	—	$	3,768
Intersegment revenue(2)	—		7		7		—		7
Total	$	3,425	$	350	$	3,775	$	—	$	3,775

Reconciliation to Segment Profit
Cost of sales(3)	$	971	$	198	$	1,169	$	—	$	1,169
Cost of services, maintenance, rentals and other(3)(4)(5)	1,258		83		1,341		—		1,341

Research, development and engineering expenses(3)	130		—		130		—		130
Selling, administrative and general expenses(3)(6)(7)	756		52		808		45		853
Intersegment expense(8)	3		4		7		—		7
Segment profit	$	307	$	13	$	320	$	(45)	$	275

Depreciation	$	140	$	1	$	141	$	—	$	141
Interest income(9)	52		—		52		6		58
Interest expense(5)	37		—		37		184		221


	Six months ended June 30, 2025
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	2,660	$	373	$	3,033	$	—	$	3,033
Intersegment revenue(2)	—		4		4		—		4
Total	$	2,660	$	377	$	3,037	$	—	$	3,037

Reconciliation to Segment Profit
Cost of sales	$	639	$	212	$	851	$	—	$	851
Cost of services, maintenance, rentals and other(4)(5)	1,190		98		1,288		—		1,288

Research, development and engineering expenses	85		—		85		—		85
Selling, administrative and general expenses(6)(7)	640		48		688		40		728
Intersegment expense(8)	—		4		4		—		4
Segment profit	$	106	$	15	$	121	$	(40)	$	81

Depreciation	$	97	$	—	$	97	$	—	$	97
Interest income(9)	65		—		65		8		73
Interest expense(5)	45		—		45		88		133

_____________

(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)The Print and Other segment excludes the impact of a fixed asset purchase accounting adjustment related to the Lexmark Acquisition of $5 and $10 to Cost of sales, $5 and $11 to Cost of services, maintenance, rentals and other, $1 and $1 to Research, development, and engineering expenses, and $1 and $1 to Selling, administrative and general expenses for the three and six months ended June 30, 2026, respectively.

(4)As a result of the exit of certain production print manufacturing operations, the Print and Other segment excludes inventory-related charges of $6 and $11 within Cost of sales, and $4 and $6 within Cost of services, maintenance, rentals and other for the three and six months ended June 30, 2025, respectively.

(5)The Print and Other segment includes equipment financing interest expense associated with the financing debt of the Company. This 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. Corporate includes Non-financing interest expense.

(6)Selling, administrative and general expenses include bad debt expense related to the Print and Other segment of $11 and $15 for the three months ended June 30, 2026 and 2025, respectively and $17 and $24 for the six months ended June 30, 2026 and 2025, respectively.

(7)For the three months ended June 30, 2026 and 2025, the Print and Other segment excludes the following costs: Transformation costs of $2 and $3, respectively and Transaction and related costs, net of $0 and $6, respectively. For the six months ended June 30, 2026 and 2025, the Print and Other segment excludes the following costs: Transformation costs of $4 and $9, respectively and Transaction and related costs, net of $4 and $9, respectively.

(8)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.

(9)Print and Other includes financing income, which is included in Services, maintenance rentals and other. This is fully allocated to the Print and Other segment in support of its financing business. No financing income is allocated to the IT Solutions segment, as the segment has no finance assets.

(10)The prior year presentation has been updated to conform with the current year's presentation.

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025





Pre-tax Income (Loss)
Total Segment Profit	$	227	$	75	$	320	$	121
Corporate	(24)		(16)		(45)		(40)
Restructuring and related costs, net	(23)		(10)		(68)		(9)
Amortization of intangible assets	(30)		(10)		(60)		(20)
Transformation-related costs(1)	(2)		(3)		(4)		(9)
Purchase Accounting Adjustment - Fixed Assets	(12)		—		(23)		—


Transaction-related costs	—		(6)		(4)		(9)
Inventory-related impact - exit of certain production print manufacturing operations	—		(10)		—		(17)
Divestiture	—		—		—		4
Non-financing interest expense	(100)		(55)		(184)		(88)
Other expenses (income), net	(5)		(25)		26		(60)
Total Pre-tax Income (loss)	$	31	$	(60)	$	(42)	$	(127)

Depreciation and Amortization
Total reported segments	$	71	$	47	$	141	$	97
Amortization of intangible assets	30		10		60		20
Total Depreciation and amortization	$	101	$	57	$	201	$	117

__________

(1)In the first quarter of 2026, Xerox Holdings Corporation renamed “Reinvention-related costs” to “Transformation-related costs.” This change in terminology did not affect the nature of the costs.

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Restructuring and Related Activities [Abstract]

Restructuring Programs (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Restructuring and Related Cost

Restructuring and related costs, net reflect the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restructuring charges, net	$	26	$	9	$	71	$	14
Asset impairment charges, net(1)	(5)		2		(6)		(4)
Related costs, net	2		(1)		3		(1)
Total Restructuring and related costs, net	$	23	$	10	$	68	$	9

______________

(1)Impairments for the three and six months ended June 30, 2026 and 2025, respectively, are net of cash receipts.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease right of use assets(1)	$	—	$	—	$	—	$	4
Owned assets(2)	—		2		—		11
Asset impairments	—		2		—		15


Less: Proceeds from the sales of owned assets(3)	(5)		—		(6)		(19)
Net asset impairment (credit) charge	$	(5)	$	2	$	(6)	$	(4)

_____________

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Contractual severance costs	$	2	$	(1)	$	3	$	(1)

Total	$	2	$	(1)	$	3	$	(1)

Schedule of Restructuring Program Activity

A summary of our restructuring program activity is as follows:


	Severance Costs Prior Actions		Severance Costs Reinvention		Severance Costs Integration		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2025	$	1	$	43	$	77	$	5	$	126
Restructuring provision	—		—		56		—		56
Reversals of prior charges	—		(2)		(9)		—		(11)
Net current period charges(1)	—		(2)		47		—		45
Charges against reserve and currency	—		(1)		(26)		—		(27)
Balance at March 31, 2026	$	1	$	40	$	98	$	5	$	144
Restructuring provision	—		—		31		—		31
Reversals of prior charges	—		—		(5)		—		(5)
Net current period charges(1)	—		—		26		—		26
Charges against reserve and currency	—		(3)		(17)		—		(20)
Balance at June 30, 2026	$	1	$	37	$	107	$	5	$	150

______________

(1)Represents net amount recognized within the Condensed Consolidated Statements of Income (Loss) for the period 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 (now referred to as Transformation) 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 will be paid upon the exercise of an early termination clause in 2027.

Schedule of Reconciliation to the Consolidated Statements of Cash Flows

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


	Six Months Ended June 30,
		2026		2025
Restructuring cash payments		$	(40)	$	(33)

Effects of foreign currency and other non-cash items		(7)		6
Charges against reserve and currency		$	(47)	$	(27)

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2026		December 31, 2025
Invoiced	$	1,091	$	1,024
Accrued(1)	168		171
Allowance for doubtful accounts	(74)		(73)
Accounts receivable, net	$	1,185	$	1,122

_____________

(1)Accrued receivables include 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:


	2026		2025
Balance at January 1st	$	73	$	69
Provision	3		4
Charge-offs, net	(3)		(6)
Recoveries and other(1)	—		1
Balance at March 31st	$	73	$	68
Provision	8		8
Charge-offs	(5)		(7)
Recoveries and other(1)	(2)		3
Balance at June 30th	$	74	$	72

_____________

(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.

Schedule of Accounts Receivables Sales

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Accounts receivable sales(1)	$	121	$	111	$	212	$	196

____________

(1)Losses on sales were not material.

Income (Loss) per Share - Anti-Dilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	126,448	44,592	130,341	44,592
Dividends per Common Share (in dollars per share)	$ 0.025	$ 0.025	$ 0.05	$ 0.15
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	119	132	119	132
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	17,927	18,522	21,820	18,522
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	6,742	6,742	6,742	6,742
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	19,196	19,196	19,196	19,196
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Anti-Dilutive Securities (in shares)	82,464	0	82,464	0

Lessor (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2026		2025		2026		2025
Revenue from sales type leases	Sales	$	90	$	108	$	181	$	220


Interest income on lease receivables(1)	Services, maintenance, rentals and other	25		32		52		65


Lease income - operating leases	Services, maintenance, rentals and other	37		39		77		80
Variable lease income	Services, maintenance, rentals and other	9		10		17		19
Total Lease income		$	161	$	189	$	327	$	384

__________

(1)Primarily includes interest income from sales-type leases, as well as financing leases.

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2026		2025		2026		2025
Revenue from sales type leases	Sales	$	90	$	108	$	181	$	220


Interest income on lease receivables(1)	Services, maintenance, rentals and other	25		32		52		65


Lease income - operating leases	Services, maintenance, rentals and other	37		39		77		80
Variable lease income	Services, maintenance, rentals and other	9		10		17		19
Total Lease income		$	161	$	189	$	327	$	384

__________

(1)Primarily includes interest income from sales-type leases, as well as financing leases.

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2026		2025		2026		2025
Revenue from sales type leases	Sales	$	90	$	108	$	181	$	220


Interest income on lease receivables(1)	Services, maintenance, rentals and other	25		32		52		65


Lease income - operating leases	Services, maintenance, rentals and other	37		39		77		80
Variable lease income	Services, maintenance, rentals and other	9		10		17		19
Total Lease income		$	161	$	189	$	327	$	384

__________

(1)Primarily includes interest income from sales-type leases, as well as financing leases.

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring and related cost, expected cost	$ 78
Cash payments for restructuring related costs	3	$ 0
Restructuring related reserve	$ 4		$ 4

Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [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. 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 unaudited Condensed 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 unaudited Condensed Consolidated Financial Statements for each registrant.

The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2025 Annual Report on Form 10-K (the 2025 Annual Report), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2025 Annual Report.

In our opinion, all adjustments necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. The condensed balance sheet at December 31, 2025, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

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

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

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 and certain other investors 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 IPCo Holdings to Xerox and are expected to be used for general corporate purposes.

In connection with the formation of the Joint Venture, Xerox Corporation contributed (the Contribution) certain intellectual property and related assets, including the trademarks associated with 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 of the proceeds of the Joint Venture from IPCo Holdings to Xerox Corporation, and the Contribution, Xerox Corporation contributed approximately $5 in cash to the common equity capital of IPCo Holdings. IPCo Holdings was formed as an intellectual property holding and licensing entity designed to manage, protect and monetize the Contributed IP.

Xerox evaluated IPCo Holdings under ASC 810, Consolidation, and determined that it is a variable interest entity (VIE) as IPCo Holdings is thinly capitalized and its equity holders lack substantive decision-making rights and participation in residual returns. Xerox also determined that it is the primary beneficiary, as it has the power to direct the activities that most significantly impact IPCo Holdings’ economic performance through its Class B ownership and governance rights and retains a potentially significant residual economic interest. Accordingly, Xerox Corporation began consolidating IPCo Holdings in its Condensed Consolidated Financial Statements in the first quarter of 2026,

with all intercompany balances and transactions eliminated in consolidation. At June 30, 2026, total assets and liabilities of IPCo Holdings were $908 and $458, respectively.

The activities that most significantly impact IPCo Holdings’ economic performance include the management, protection, enforcement, licensing and monetization of the Contributed IP, including activities under the Shared Services and License Agreement described below.

The assets of IPCo Holdings and its subsidiary are generally not available to satisfy the obligations of Xerox Corporation or Xerox Holdings Corporation, except to the extent distributed or otherwise made available in accordance with the Joint Venture agreements. The obligations of IPCo Holdings under the Term Loans are secured by substantially all assets of IPCo Holdings and IPCo, including specified intellectual property assets, equity interests and related collateral.

Cash and cash equivalents received by IPCo Holdings and XRX Brandco LLC (IPCo) are required to be deposited into a reserve account and may be used only for specified purposes, including payments on the Term Loans, payments or distributions in respect of the Class A Units, permitted overhead and other transactions permitted under the Joint Venture financing documents.

The carrying amounts and classification of IPCo Holdings’ consolidated assets and liabilities are included in the Company’s Condensed Consolidated Balance Sheet. Such assets principally include the Contributed IP and restricted cash or cash held by IPCo Holdings and IPCo, and such liabilities principally include the Term Loans and related obligations.

The Company’s exposure to IPCo Holdings includes its retained Class B Units, its rights and obligations under the SSLA, guarantees and collateral support provided by certain subsidiaries of Xerox Holdings, and its obligation to pay royalties under the SSLA. The Company has not provided financial or other support to IPCo Holdings that it was not contractually required to provide.

Creditors and beneficial interest holders of IPCo Holdings have recourse to IPCo Holdings and IPCo assets and to the specific guarantees and collateral support provided under the SSLA Guarantee and related financing documents, but do not have recourse to the general credit of Xerox Corporation or Xerox Holdings Corporation except as expressly provided under those contractual arrangements.

Refer to Note 12 - Debt for additional information regarding the Joint Venture Financing.

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 licenses to 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 quarterly based on the specified consolidated revenue and is eliminated in consolidation along with royalty income recognized by IPCo. The royalty fees are required to be deposited into a reserve account and may be used only for specified purposes under the Joint Venture financing documents, including payments of interest and amortization on the Term Loans and payments or distributions in respect of the Class A Units. 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 SSLA also contains certain minimum revenue covenants and other provisions that could require Xerox Holdings or its subsidiaries to provide additional support or payments to IPCo Holdings or IPCo in specified circumstances. Any such amounts would be eliminated in consolidation to the extent payable to consolidated entities.

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.

Because IPCo Holdings is consolidated, royalty expense recognized by Xerox Corporation and royalty income recognized by IPCo, as well as related intercompany balances, are eliminated in consolidation. Amounts payable to holders of the Term Loans and Class A Units that are not eliminated in consolidation are reflected in the Company’s Condensed Consolidated Financial Statements based on their respective classification.

Goodwill

Interim Impairment Evaluation

We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As of June 30, 2026, we determined that we did not have a triggering event requiring a quantitative assessment of Goodwill. If the Company's future performance varies from current expectations, assumptions, and estimates, including assumptions related to current macro-economic uncertainties, interest rates, inflationary pressure on product and labor costs, execution of Transformation (formerly Reinvention), and geopolitical uncertainty, the impairment analysis could be impacted and result in a reduction of the underlying cash flows used to estimate fair values resulting in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments throughout the remainder of 2026 including updates to our forecasts as well as discount rates and our market capitalization, and as a result, an update of our assessment and related estimates may be required in the future.

Change in Presentation

During 2026, the Company revised the presentation of its Condensed Consolidated Statements of Income (Loss) to separately present Non-financing interest expense, which was previously included within Other expenses (income), net. Management believes that separate presentation of these captions provides more meaningful information to investors regarding the Company’s performance. Prior period amounts have been reclassified to conform to the current period presentation.

The reclassification for Non-financing interest expense impacted the Condensed Consolidated Statements of Income (Loss) of both Xerox Holdings Corporation and Xerox Corporation, however, the reclassification had no impact on previously reported Total Costs and expenses, or Net Income (Loss), and is as follows:


	Three months ended June 30, 2025						Six months ended June 30, 2025
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Non-financing interest expense	$	—	$	55	$	55	$	—	$	88	$	88
Other expense (income), net - Xerox Holdings Corporation	80		(55)		25		148		(88)		60
Other expense (income) , net - Xerox Corporation	78		(55)		23		144		(88)		56

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Goodwill	Goodwill Interim Impairment Evaluation We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As of June 30, 2026, we determined that we did not have a triggering event requiring a quantitative assessment of Goodwill. If the Company's future performance varies from current expectations, assumptions, and estimates, including assumptions related to current macro-economic uncertainties, interest rates, inflationary pressure on product and labor costs, execution of Transformation (formerly Reinvention), and geopolitical uncertainty, the impairment analysis could be impacted and result in a reduction of the underlying cash flows used to estimate fair values resulting in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments throughout the remainder of 2026 including updates to our forecasts as well as discount rates and our market capitalization, and as a result, an update of our assessment and related estimates may be required in the future.
Accounting Standard Updates to be Adopted and Recently Adopted	Accounting Standard Updates to be Adopted: Environmental Credits and Environmental Credit Obligations In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes guidance on the recognition, measurement, presentation, and disclosure of environmental credits and related environmental credit obligations. Under the new guidance, qualifying environmental credits are generally recognized at cost and subsequently measured based on their intended use, while environmental credit obligations are recognized as incurred. The ASU also expands annual disclosure requirements for environmental credit assets, obligations, and related activities. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Retrospective adoption through a cumulative-effect adjustment to the opening balance of Retained earnings is required. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. 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. 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 should 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. Accounting Standard Updates Recently Adopted: 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. We adopted this update prospectively in 2026 and the adoption did not have a material impact on the Company's consolidated financial statements and related 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. We adopted this update prospectively in 2026; there were no events or transactions related to our 3.75% Convertible Senior Notes due in 2030 in the first half of 2026 that were affected by this update.
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.
Fair Value of Financial Assets and Liabilities	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. The fair value of the warrant liability is determined using the market approach in accordance with ASC 820, and is based on quoted market prices for the identical warrants in an active market at the measurement date, which are derived from observable market prices rather than a valuation model. Accordingly, no unobservable inputs or management assumptions are used in determining the fair value. 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.

Supplementary Financial Information (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Financial Information [Abstract]

Schedule of Restricted Cash

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


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	495	$	512
Restricted cash

Litigation deposits in Brazil	23		21

Other restricted cash	34		32
Total Restricted cash	57		53
Cash, cash equivalents and restricted cash	$	552	$	565

Schedule of Restricted Cash Balance Sheet Location

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


	June 30, 2026		December 31, 2025
Other current assets	$	34	$	31
Other long-term assets	23		22
Total Restricted cash	$	57	$	53

Schedule of Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Six Months Ended June 30,
			2026		2025
Provision for receivables	Operating		$	17	$	27
Provision for inventory	Operating		19		21
Depreciation of buildings and equipment	Operating		43		27
Depreciation and obsolescence of equipment on operating leases	Operating		80		59
Amortization of internal use software	Operating		18		11

Amortization of acquired intangible assets	Operating		60		20

Amortization of customer contract costs(1)	Operating		36		33

Cost of additions to land, buildings and equipment	Investing		(26)		(9)
Cost of additions to internal use software	Investing		(21)		(30)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing		(13)		(4)
Common stock dividends - Xerox Holdings	Financing		(9)		(51)
Preferred stock dividends - Xerox Holdings	Financing		(7)		(7)





Commitment fees	Financing		—		(15)

_____________

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

Schedule of Supplier Finance Program

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



	2026		2025
Balance at January 1st	$	18	$	30
Amounts invoiced	18		22
Invoices paid	(18)		(33)
Balance at March 31st	$	18	$	19
Amounts invoiced	21		22
Invoices paid	(26)		(21)
Balance at June 30th	$	13	$	20

Shareholders’ Equity of Xerox Holdings (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Shareholder's Equity of Xerox Holdings

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2026	$	131	$	1,192	$	2,320	$	(3,344)	$	299	$	6	$	305

Comprehensive income, net	—		—		13		10		23		—		23
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)



Stock option and incentive plans, net	—		8		—		—		8		—		8



Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	126	$	1,141	$	3,403	$	(3,617)	$	1,053	$	4	$	1,057

Comprehensive (loss) income, net	—		—		(106)		169		63		—		63
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		13		—		13




Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2025	$	128	$	1,183	$	2,444	$	(3,311)	$	444	$	5	$	449

Comprehensive (loss), net	—		—		(92)		(23)		(115)		—		(115)
Cash dividends declared - common(3)	—		—		(7)		—		(7)		—		(7)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)


Distribution of stock warrants(5)	—		—		(12)		—		(12)		—		(12)
Stock option and incentive plans, net	3		17		—		—		20		—		20



Transactions with noncontrolling interests	—		—		—		—		—		2		2

Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2024	$	124	$	1,137	$	3,514	$	(3,699)	$	1,076	$	4	$	1,080

Comprehensive (loss) income, net	—		—		(196)		251		55		—		55
Cash dividends declared - common(3)	—		—		(21)		—		(21)		—		(21)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)



Stock option and incentive plans, net	2		17		—		—		19		—		19



Transactions with noncontrolling interests	—		—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127

____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2026 and 2025 were $20.00 and $40.00 per share, respectively.

(5)Refer to the Warrant Dividend section below for additional information.

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2026	$	3,491	$	336	$	(3,344)	$	483	$	6	$	489
Comprehensive income, net	—		16		10		26		—		26


Dividends declared to parent	—		(7)		—		(7)		—		(7)

Transfers from parent	14		—		—		14		—		14



Investment from noncontrolling interests	—		—		—		—		1		1





Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	3,474	$	1,397	$	(3,617)	$	1,254	$	4	$	1,258

Comprehensive (loss) income, net	—		(104)		169		65		—		65


Dividends declared to parent	—		(6)		—		(6)		—		(6)

Transfers to parent	(6)		—		—		(6)		—		(6)







Transactions with noncontrolling interests	—		—		—		—		1		1
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2025	$	3,492	$	448	$	(3,311)	$	629	$	5	$	634


Comprehensive (loss), net	—		(89)		(23)		(112)		—		(112)


Dividends declared to parent	—		(14)		—		(14)		—		(14)

Transfers from parent	13		—		—		13		—		13






Transactions with noncontrolling interests	—		—		—		—		2		2

Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2024	$	3,487	$	1,504	$	(3,699)	$	1,292	$	4	$	1,296

Comprehensive (loss) income, net	—		(191)		251		60		—		60


Dividends declared to parent	—		(26)		—		(26)		—		(26)


Transfers to parent	(19)		—		—		(19)		—		(19)
Transactions with noncontrolling interests	—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312

_____________

(1)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

Schedule of Treasury Stock Purchases

The following is a summary of the changes in common stock shares:


						Common Stock Shares
Balance at December 31, 2025						128,044
Stock based compensation plans, net						2,732


Balance at March 31, 2026						130,776
Stock based compensation plans, net						465


Exercise of warrants						2
Balance at June 30, 2026						131,243

Income (Loss) per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Income (Loss) per Share

(Loss) per Share

(shares in thousands)

The following table sets forth the computation of basic and diluted income (loss) per share of Xerox Holdings Corporation's common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Income (Loss) per Share
Net Income (Loss)	$	13	$	(106)	$	(92)	$	(196)
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	10	$	(109)	$	(99)	$	(203)

Weighted average common shares outstanding	130,895		125,791		129,820		125,452




Basic Earnings (Loss) per Share	$	0.07	$	(0.87)	$	(0.77)	$	(1.62)

Diluted Earnings (Loss) per Share:
Net Income (Loss)	$	13	$	(106)	$	(92)	$	(196)
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	10	$	(109)	$	(99)	$	(203)

Weighted average common shares outstanding	130,895		125,791		129,820		125,452
Common shares issuable with respect to:
Stock options	—		—		—		—
Restricted stock and performance shares	3,893		—		—		—
Convertible preferred stock	—		—		—		—


Adjusted weighted average common shares outstanding	134,788		125,791		129,820		125,452




Diluted Earnings (Loss) per Share	$	0.07	$	(0.87)	$	(0.77)	$	(1.62)

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:
Stock options	119		132		119		132
Restricted stock and performance shares	17,927		18,522		21,820		18,522
Convertible preferred stock	6,742		6,742		6,742		6,742
Convertible notes	19,196		19,196		19,196		19,196
Warrants	82,464		—		82,464		—
Total Anti-Dilutive Securities	126,448		44,592		130,341		44,592

Dividends per Common Share	$	0.025	$	0.025	$	0.050	$	0.150

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Debt Instrument [Line Items]

Equipment financing interest

$ 18

$ 23

$ 37

$ 45

Intercompany Loan | Senior Notes | Xerox Corporation

^[1],[2]

100

184

Interest expense

118

221

133

Financing income

Other interest income

Interest income

Debt Instrument [Line Items]

Interest expense

$ 35

$ 29

$ 72

$ 59

[1]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information
[2]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information.

Acquisition (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended		9 Months Ended	12 Months Ended
Acquisition (Details) - USD ($) $ in Millions	Jul. 01, 2025	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Transaction-related costs		$ 0			$ 6	$ 4	$ 9
Lexmark Acquisition
Business Combination [Line Items]
Consideration transferred	$ 749
Cash and cash equivalents	$ 93
Decrease of the total consideration paid			$ 19
Increase in goodwill, net						28			$ 11
Transaction-related costs		0			$ 5	$ 4	$ 7
Lexmark Acquisition \| Revision of Prior Period, Error Correction, Adjustment
Business Combination [Line Items]
Decrease to accounts receivable								$ 81
Increase in other current assets								15
Increase in deferred tax assets								7
Decrease to accrued expenses and other liabilities								11
Decrease to other long-term liabilities								7
Increase in goodwill, net		$ 13		$ 28				$ 41

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable
Accounts Receivable Sales Arrangements [Abstract]
Accounts receivable sales	$ 121	$ 111	$ 212	$ 196

Employee Benefit Plans

6 Months Ended

Jun. 30, 2026

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

Employee Benefit Plans

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


	Three months ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2026		2025		2026		2025		2026		2025
Service cost	$	—	$	—	$	2	$	1	$	1	$	—
Interest cost(1)	32		29		50		49		2		2
Expected return on plan assets(1)	(27)		(22)		(53)		(53)		—		—
Recognized net actuarial loss (gain)(1)	6		4		15		15		(3)		(3)
Amortization of prior service cost (credit)(1)	—		—		3		2		(3)		(3)


Other(1)	—		—		(1)		—		—		—
Defined benefit plans	11		11		16		14		(3)		(4)
Defined contribution plans	5		(3)		6		4		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	16	$	8	$	22	$	18	$	(3)	$	(4)










	Six Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2026		2025		2026		2025		2026		2025
Service cost	$	—	$	—	$	4	$	2	$	1	$	—
Interest cost(1)	64		57		101		95		4		4
Expected return on plan assets(1)	(54)		(44)		(107)		(102)		—		—
Recognized net actuarial loss (gain)(1)	11		9		30		27		(5)		(6)
Amortization of prior service cost (credit)(1)	—		—		5		4		(6)		(6)

Other(1)	—		—		(1)		—		—		—
Net Periodic Defined Benefit Cost (Credit)	21		22		32		26		(6)		(8)
Defined contribution plans	10		—		12		10		n/a		n/a
Total Employee Benefit Plans Cost (Credit)	$	31	$	22	$	44	$	36	$	(6)	$	(8)

_____________

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

Contributions

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


	Six Months Ended June 30,				Year Ended December 31,
	2026(1)		2025		Estimated 2026(1)		2025
U.S. plans	$	52	$	44	$	115	$	112
Non-U.S. plans	11		12		25		28
Total Pension plans	63		56		140		140
Retiree Health	9		11		20		21
Total Retirement plans	$	72	$	67	$	160	$	161

_____________

(1)Contributions amounts for the six months ended June 30, 2026, as well as full year estimated contributions for 2026, include legacy Lexmark for the entire period. Contributions for 2025 reflect those contributions made for legacy Lexmark beginning July 1, 2025, the date of the Lexmark Acquisition. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

Approximately $95 of the estimated 2026 contributions for our U.S. plans are for our tax-qualified defined benefit plans.

The entire disclosure for retirement benefits.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-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

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Inventories and Equipment on Operating Leases, Net [Abstract]

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Recurring - Level 2 - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Derivatives	$ 12	$ 8
Deferred compensation plan investments in mutual funds	13	12
Total	25	20
Liabilities
Derivatives	22	10
Warrant	21	0
Deferred compensation plan liabilities	12	11
Total	$ 55	$ 21

Inventories and Equipment on Operating Leases, Net (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Inventories by Major Category

The following is a summary of Inventories by major category:


	June 30, 2026		December 31, 2025
Finished goods	$	840	$	802
Work-in-process	132		142
Raw materials	71		72
Total Inventories	$	1,043	$	1,016

Schedule of Equipment on Operating Leases and Related Accumulated Depreciation

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


	June 30, 2026		December 31, 2025
Equipment on operating leases	$	960	$	979
Accumulated depreciation	(677)		(680)
Equipment on operating leases, net	$	283	$	299

Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - Accounts Receivable - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 73	$ 73	$ 68	$ 69	$ 73	$ 69
Provision	8	3	8	4
Charge-offs, net		(3)		(6)
Recoveries and other	(2)	0	3	1
Charge-offs	(5)		(7)
Ending balance	$ 74	$ 73	$ 72	$ 68	$ 74	$ 72

Contingencies and Litigation (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

Below is a summary of our Brazilian tax contingencies:


	June 30, 2026		December 31, 2025
Tax contingency - unreserved	$	376	$	338
Escrow cash deposits	21		20
Surety bonds	97		115
Letters of credit	—		1
Liens on Brazilian assets	—		—

Finance Receivables, Net

6 Months Ended

Jun. 30, 2026

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance Receivables, Net

Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2026		December 31, 2025
Invoiced	$	1,091	$	1,024
Accrued(1)	168		171
Allowance for doubtful accounts	(74)		(73)
Accounts receivable, net	$	1,185	$	1,122

_____________

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

The allowance for doubtful accounts was as follows:


	2026		2025
Balance at January 1st	$	73	$	69
Provision	3		4
Charge-offs, net	(3)		(6)
Recoveries and other(1)	—		1
Balance at March 31st	$	73	$	68
Provision	8		8
Charge-offs	(5)		(7)
Recoveries and other(1)	(2)		3
Balance at June 30th	$	74	$	72

_____________

(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.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for doubtful 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.

Accounts Receivable Sales 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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Accounts receivable sales(1)	$	121	$	111	$	212	$	196

____________

(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:


	June 30, 2026		December 31, 2025
Gross receivables	$	1,429	$	1,643
Unearned income	(171)		(196)
Subtotal	1,258		1,447
Residual values	—		—



Allowance for doubtful credit losses(1)	(44)		(45)
Finance receivables, net	1,214		1,402
Less: Billed portion of finance receivables, net	40		46
Less: Current portion of finance receivables not billed, net	442		510
Finance receivables due after one year, net	$	732	$	846

____________

(1)Reflects the allowance for doubtful credit losses related to (i) Billed portion of finance receivables of $3 and $3, and (ii) the current and non-current portions of finance receivables of $41 and $42 as of June 30, 2026 and December 31, 2025, respectively.

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 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.

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.5% at June 30, 2026 and 3.1% at December 31, 2025.

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 macro-economic 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 doubtful credit losses as well as the related investment in finance receivables were as follows:


	United States		Canada		EMEA		Other(2)		Total
Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45
Provision	—		—		2		—		2
Charge-offs, net	(1)		—		(1)		—		(2)
Other(1)	—		—		—		—		—
Balance at March 31, 2026	$	23	$	5	$	17	$	—	$	45
Provision	2		1		1		—		4
Charge-offs, net	(2)		(1)		(2)		—		(5)
Other(1)	—		—		—		—		—
Balance at June 30, 2026	$	23	$	5	$	16	$	—	$	44






Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	(1)		1		5		—		5
Charge-offs, net	(3)		(1)		(6)		—		(10)
Other(1)	—		—		1		—		1
Balance at March 31, 2025	$	25	$	5	$	23	$	—	$	53
Provision	5		—		3		—		8
Charge-offs, net	(3)		—		(4)		—		(7)
Other(1)	(1)		1		1		—		1
Balance at June 30, 2025	$	26	$	6	$	23	$	—	$	55

_____________

(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 finance receivables of Latin America, Asia Pacific and South Africa. However, the related allowance for doubtful credit losses of the Other geography for the three and six months ended June 30, 2026 was nil. Refer to Note 6 - Acquisition for additional information regarding the Lexmark Acquisition.

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:


	June 30, 2026
	2026		2025		2024		2023		2022		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	62	$	89	$	57	$	35	$	11	$	2	$	256
Average Credit Risk	12		16		14		22		5		3		72
High Credit Risk	13		19		19		14		8		4		77
Total	$	87	$	124	$	90	$	71	$	24	$	9	$	405
Charge-offs	$	—	$	—	$	1	$	2	$	—	$	1	$	4

United States (Indirect)
Low Credit Risk	$	1	$	2	$	3	$	7	$	10	$	2	$	25
Average Credit Risk	4		11		6		17		13		2		53
High Credit Risk	—		—		8		9		3		1		21
Total	$	5	$	13	$	17	$	33	$	26	$	5	$	99
Charge-offs	$	—	$	—	$	—	$	1	$	1	$	1	$	3

Canada
Low Credit Risk	$	12	$	26	$	16	$	10	$	2	$	1	$	67
Average Credit Risk	13		24		16		10		4		1		68
High Credit Risk	2		4		2		1		1		—		10
Total	$	27	$	54	$	34	$	21	$	7	$	2	$	145
Charge-offs	$	—	$	—	$	—	$	—	$	1	$	—	$	1

EMEA
Low Credit Risk	$	58	$	101	$	60	$	70	$	36	$	9	$	334
Average Credit Risk	32		53		37		58		39		12		231
High Credit Risk	4		7		4		7		4		2		28
Total	$	94	$	161	$	101	$	135	$	79	$	23	$	593
Charge-offs	$	—	$	1	$	—	$	2	$	1	$	—	$	4

Other
Low Credit Risk	$	1	$	6	$	3	$	3	$	1	$	—	$	14
Average Credit Risk	1		—		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	2	$	6	$	4	$	3	$	1	$	—	$	16
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	134	$	224	$	139	$	125	$	60	$	14	$	696
Average Credit Risk	62		104		74		107		61		18		426
High Credit Risk	19		30		33		31		16		7		136
Total	$	215	$	358	$	246	$	263	$	137	$	39	$	1,258
Total Charge-offs	$	—	$	1	$	1	$	5	$	3	$	2	$	12


	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
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

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 uncollectibility 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:


	June 30, 2026
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	15	$	5	$	3	$	23	$	382	$	405	$	29
Indirect	3		1		1		5		94		99		—






Total United States	18		6		4		28		476		504		29
Canada	3		1		1		5		140		145		5





EMEA	6		3		1		10		583		593		19
Other	—		—		—		—		16		16		—
Total	$	27	$	10	$	6	$	43	$	1,215	$	1,258	$	53

	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	—		—		—		—		17		17		—




Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Finance receivable sales - net proceeds(1)	$	80	$	36	$	122	$	111
Gain on sale/Commissions(2)	—		4		4		9

Servicing revenue(2)	$	2	$	1	$	4	$	3

_____________

(1)Cash proceeds are reported in Net cash used in operating activities.

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

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following table represents assets and liabilities measured at fair value on a recurring basis. With the exception of the warrants, whose basis for the measurement of fair value is Level 1 - Quoted Prices, the basis for measurement at fair value for all other assets and liabilities is Level 2 – Significant Other Observable Inputs.


	June 30, 2026		December 31, 2025
Assets
Derivatives(1)	$	12	$	8





Deferred compensation plan investments in mutual funds	13		12
Total	$	25	$	20
Liabilities
Derivatives(1)	$	22	$	10




Warrant(2)	21		—
Deferred compensation plan liabilities	12		11
Total	$	55	$	21

____________

(1)Includes foreign currency derivative contracts. Refer to Note 13 - Financial Instruments for additional information regarding these derivatives.

(2)Refer to Note 16 - Shareholders' Equity of Xerox Holdings for additional information regarding the Warrant Dividend.

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:


	June 30, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	495	$	495	$	512	$	512
Accounts receivable, net	1,185		1,185		1,122		1,122
Short-term debt and current portion of long-term debt(1)	70		74		231		236
Long-term Debt
Xerox Holdings Corporation	1,670		845		1,872		800
Xerox Corporation	2,096		1,613		2,142		1,676
Xerox - Other Subsidiaries(2)	387		391		2		2
Long-term debt	$	4,153	$	2,849	$	4,016	$	2,478

____________

(1)Includes $12 and $121 of Xerox Corporation related party debt for the period ended June 30, 2026 and December 31, 2025 respectively.

(2)Represents subsidiaries of Xerox Corporation

Segment Reporting - Reportable Segments (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Segment Reporting [Line Items]

Total Segment Profit

$ 203

$ 59

$ 275

$ 81

Corporate

(24)

(16)

(45)

(40)

(23)

(10)

(68)

(9)

Transformation-related cost

(30)

(10)

(60)

(20)

(2)

(3)

(4)

(9)

Purchase Accounting Adjustment - Fixed Assets

(12)

(23)

Transaction-related costs

(6)

(4)

(9)

(10)

(17)

Divestiture

^[1],[2]

(100)

(55)

(184)

(88)

Total Pre-tax Income (loss)

^[1]

(5)

(25)

(60)

(60)

(42)

(127)

Depreciation and amortization

101

201

117

Depreciation and amortization

Total reported segments

Segment Reporting [Line Items]

Total Segment Profit

227

320

121

$ 71

$ 47

$ 141

$ 97

[1]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information
[2]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information.

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,922	$ 1,576	$ 3,768	$ 3,033
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	387	336	765	620
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	469	176	906	344
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	425	379	842	747
IT products
Disaggregation of Revenue [Line Items]
Total Revenues	140	153	245	258
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	421	439	843	868
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	55	61	115	131
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	25	32	52	65
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	996	665	1,916	1,222
Sales \| Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	90	108	181	220
Sales \| Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	523	238	1,048	447
Sales \| Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	383	319	687	555
United States
Disaggregation of Revenue [Line Items]
Total Revenues	1,051	930	2,052	1,780
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	531	438	1,060	840
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	132	108	258	211
Latin America
Disaggregation of Revenue [Line Items]
Total Revenues	97	46	186	87
Asia Pacific
Disaggregation of Revenue [Line Items]
Total Revenues	58	10	106	23
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 53	$ 44	$ 106	$ 92

Shareholder's Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	$ 305	$ 1,057	$ 449	$ 1,080
Comprehensive (loss) income, net	23	63	(115)	55
Transactions with noncontrolling interests	1	1	2	2
Distributions to noncontrolling interests				(1)
Balance at end of period	330	1,127	330	1,127
Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	489	1,258	634	1,296
Comprehensive (loss) income, net	26	65	(112)	60
Dividends declared to parent	(7)	(6)	(14)	(26)
Transfers from parent	14		13
Transfers to parent		(6)		(19)
Transactions with noncontrolling interests	1	1	2	2
Distributions to noncontrolling interests				(1)
Balance at end of period	523	1,312	523	1,312
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	299	1,053	444	1,076
Comprehensive (loss) income, net	23	63	(115)	55
Balance at end of period	323	1,122	323	1,122
Xerox Holdings Shareholders’ Equity \| Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	483	1,254	629	1,292
Comprehensive (loss) income, net	26	65	(112)	60
Dividends declared to parent	(7)	(6)	(14)	(26)
Transfers from parent	14		13
Transfers to parent		(6)		(19)
Balance at end of period	516	1,307	516	1,307
Additional Paid-in Capital
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	1,192	1,141	1,183	1,137
Balance at end of period	1,200	1,154	1,200	1,154
Additional Paid-in Capital \| Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,491	3,474	3,492	3,487
Transfers from parent	14		13
Transfers to parent		(6)		(19)
Balance at end of period	3,505	3,468	3,505	3,468
Retained Earnings
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	2,320	3,403	2,444	3,514
Comprehensive (loss) income, net	13	(106)	(92)	(196)
Balance at end of period	2,326	3,290	2,326	3,290
Retained Earnings \| Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	336	1,397	448	1,504
Comprehensive (loss) income, net	16	(104)	(89)	(191)
Dividends declared to parent	(7)	(6)	(14)	(26)
Balance at end of period	345	1,287	345	1,287
AOCL
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,344)	(3,617)	(3,311)	(3,699)
Comprehensive (loss) income, net	10	169	(23)	251
Balance at end of period	(3,334)	(3,448)	(3,334)	(3,448)
AOCL \| Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,344)	(3,617)	(3,311)	(3,699)
Comprehensive (loss) income, net	10	169	(23)	251
Balance at end of period	(3,334)	(3,448)	(3,334)	(3,448)
Non-controlling Interests
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	6	4	5	4
Transactions with noncontrolling interests	1	1	2	2
Distributions to noncontrolling interests				(1)
Balance at end of period	7	5	7	5
Non-controlling Interests \| Xerox Corporation
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	6	4	5	4
Transactions with noncontrolling interests	1	1	2	2
Distributions to noncontrolling interests				(1)
Balance at end of period	$ 7	$ 5	$ 7	$ 5

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Basis of Presentation - Condensed Consolidated Statement of Loss (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

^[1],[2]

$ 100

$ 55

$ 184

$ 88

^[1]

(26)

^[2]

$ 4

$ (27)

Previously Reported

Previously Reported | Xerox Corporation

148

144

Reclassification

Reclassification | Xerox Corporation

(55)

(88)

$ (55)

$ (88)

[1]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information
[2]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information.

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2026		December 31, 2025
Invoiced	$	1,091	$	1,024
Accrued(1)	168		171
Allowance for doubtful accounts	(74)		(73)
Accounts receivable, net	$	1,185	$	1,122

_____________

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

The allowance for doubtful accounts was as follows:


	2026		2025
Balance at January 1st	$	73	$	69
Provision	3		4
Charge-offs, net	(3)		(6)
Recoveries and other(1)	—		1
Balance at March 31st	$	73	$	68
Provision	8		8
Charge-offs	(5)		(7)
Recoveries and other(1)	(2)		3
Balance at June 30th	$	74	$	72

_____________

(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.

assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

Accounts Receivable Sales Arrangements

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Accounts receivable sales(1)	$	121	$	111	$	212	$	196

____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables, net were as follows:


	June 30, 2026		December 31, 2025
Gross receivables	$	1,429	$	1,643
Unearned income	(171)		(196)
Subtotal	1,258		1,447
Residual values	—		—



Allowance for doubtful credit losses(1)	(44)		(45)
Finance receivables, net	1,214		1,402
Less: Billed portion of finance receivables, net	40		46
Less: Current portion of finance receivables not billed, net	442		510
Finance receivables due after one year, net	$	732	$	846

____________

Finance Receivables – Allowance for Credit Losses and Credit Quality

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.5% at June 30, 2026 and 3.1% at December 31, 2025.

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


	United States		Canada		EMEA		Other(2)		Total
Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45
Provision	—		—		2		—		2
Charge-offs, net	(1)		—		(1)		—		(2)
Other(1)	—		—		—		—		—
Balance at March 31, 2026	$	23	$	5	$	17	$	—	$	45
Provision	2		1		1		—		4
Charge-offs, net	(2)		(1)		(2)		—		(5)
Other(1)	—		—		—		—		—
Balance at June 30, 2026	$	23	$	5	$	16	$	—	$	44






Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	(1)		1		5		—		5
Charge-offs, net	(3)		(1)		(6)		—		(10)
Other(1)	—		—		1		—		1
Balance at March 31, 2025	$	25	$	5	$	23	$	—	$	53
Provision	5		—		3		—		8
Charge-offs, net	(3)		—		(4)		—		(7)
Other(1)	(1)		1		1		—		1
Balance at June 30, 2025	$	26	$	6	$	23	$	—	$	55

_____________

(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.

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


	June 30, 2026
	2026		2025		2024		2023		2022		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	62	$	89	$	57	$	35	$	11	$	2	$	256
Average Credit Risk	12		16		14		22		5		3		72
High Credit Risk	13		19		19		14		8		4		77
Total	$	87	$	124	$	90	$	71	$	24	$	9	$	405
Charge-offs	$	—	$	—	$	1	$	2	$	—	$	1	$	4

United States (Indirect)
Low Credit Risk	$	1	$	2	$	3	$	7	$	10	$	2	$	25
Average Credit Risk	4		11		6		17		13		2		53
High Credit Risk	—		—		8		9		3		1		21
Total	$	5	$	13	$	17	$	33	$	26	$	5	$	99
Charge-offs	$	—	$	—	$	—	$	1	$	1	$	1	$	3

Canada
Low Credit Risk	$	12	$	26	$	16	$	10	$	2	$	1	$	67
Average Credit Risk	13		24		16		10		4		1		68
High Credit Risk	2		4		2		1		1		—		10
Total	$	27	$	54	$	34	$	21	$	7	$	2	$	145
Charge-offs	$	—	$	—	$	—	$	—	$	1	$	—	$	1

EMEA
Low Credit Risk	$	58	$	101	$	60	$	70	$	36	$	9	$	334
Average Credit Risk	32		53		37		58		39		12		231
High Credit Risk	4		7		4		7		4		2		28
Total	$	94	$	161	$	101	$	135	$	79	$	23	$	593
Charge-offs	$	—	$	1	$	—	$	2	$	1	$	—	$	4

Other
Low Credit Risk	$	1	$	6	$	3	$	3	$	1	$	—	$	14
Average Credit Risk	1		—		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	2	$	6	$	4	$	3	$	1	$	—	$	16
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	134	$	224	$	139	$	125	$	60	$	14	$	696
Average Credit Risk	62		104		74		107		61		18		426
High Credit Risk	19		30		33		31		16		7		136
Total	$	215	$	358	$	246	$	263	$	137	$	39	$	1,258
Total Charge-offs	$	—	$	1	$	1	$	5	$	3	$	2	$	12


	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
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

The aging of our billed finance receivables is as follows:


	June 30, 2026
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	15	$	5	$	3	$	23	$	382	$	405	$	29
Indirect	3		1		1		5		94		99		—






Total United States	18		6		4		28		476		504		29
Canada	3		1		1		5		140		145		5





EMEA	6		3		1		10		583		593		19
Other	—		—		—		—		16		16		—
Total	$	27	$	10	$	6	$	43	$	1,215	$	1,258	$	53

	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	—		—		—		—		17		17		—




Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56

Sales of Finance Receivables

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Finance receivable sales - net proceeds(1)	$	80	$	36	$	122	$	111
Gain on sale/Commissions(2)	—		4		4		9

Servicing revenue(2)	$	2	$	1	$	4	$	3

_____________

(1)Cash proceeds are reported in Net cash used in operating activities.

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

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative, notional amount	$ 2,509		$ 2,509			$ 2,656
Average maturity of foreign exchange hedging contracts - within three months (percentage)	93.00%		93.00%
Average maturity of foreign exchange hedging contracts - within three months and six months (percentage)	3.00%		3.00%
Average maturity of foreign exchange hedging contracts - within six and twelve months (percentage)	4.00%		4.00%
Total accumulated other comprehensive gain	$ 330	$ 1,127	$ 330	$ 1,127	$ 305	449	$ 1,057	$ 1,080
Collateral already posted, aggregate fair value	1		1
Foreign currency transaction losses, before tax	8	$ 1	13	$ 1
Other unrealized gains (losses), net
Derivative [Line Items]
Total accumulated other comprehensive gain	4		4			(4)
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	3		3			(4)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ (14)		$ (14)			$ 2

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity Registrant Name	XEROX HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-39013
Entity Tax Identification Number	83-3933743
Entity Address, Address Line One	P.O. Box 4505
Entity Address, Address Line Two	401 Merritt 7
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851-1059
City Area Code	(203)
Local Phone Number	849-5216
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,314,511
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
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
Warrants
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	NY
Entity File Number	001-04471
Entity Tax Identification Number	16-0468020
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
Entity Shell Company	false
Entity Central Index Key	0000108772

Shareholders’ Equity of Xerox Holdings - Common Stock (Details) - Common Stock Shares - shares shares in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	131,243	130,776	128,044
Stock based compensation plans, net (in shares)	465	2,732
Exercise of warrants (in shares)	2
Ending balance (in shares)	131,243	130,776

Number of share options (or share units) exercised during the current period.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Schedule of Basic and Diluted Income (Loss) Per Share

Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted income (loss) per share of Xerox Holdings Corporation's common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Income (Loss) per Share
Net Income (Loss)	$	13	$	(106)	$	(92)	$	(196)
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	10	$	(109)	$	(99)	$	(203)

Weighted average common shares outstanding	130,895		125,791		129,820		125,452




Basic Earnings (Loss) per Share	$	0.07	$	(0.87)	$	(0.77)	$	(1.62)

Diluted Earnings (Loss) per Share:
Net Income (Loss)	$	13	$	(106)	$	(92)	$	(196)
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	10	$	(109)	$	(99)	$	(203)

Weighted average common shares outstanding	130,895		125,791		129,820		125,452
Common shares issuable with respect to:
Stock options	—		—		—		—
Restricted stock and performance shares	3,893		—		—		—
Convertible preferred stock	—		—		—		—


Adjusted weighted average common shares outstanding	134,788		125,791		129,820		125,452




Diluted Earnings (Loss) per Share	$	0.07	$	(0.87)	$	(0.77)	$	(1.62)

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:
Stock options	119		132		119		132
Restricted stock and performance shares	17,927		18,522		21,820		18,522
Convertible preferred stock	6,742		6,742		6,742		6,742
Convertible notes	19,196		19,196		19,196		19,196
Warrants	82,464		—		82,464		—
Total Anti-Dilutive Securities	126,448		44,592		130,341		44,592

Dividends per Common Share	$	0.025	$	0.025	$	0.050	$	0.150

Restructuring Programs

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring Programs

In connection with our ongoing Transformation activities, we engage in restructuring actions in order to reduce our cost structure and realign it to the changing nature of our business. Our restructuring actions are currently related to our efforts to integrate and consolidate certain operations of the legacy Xerox and Lexmark businesses following the Lexmark Acquisition in 2025, as well as our prior restructuring programs, including Reinvention (now referred to as Transformation). 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.

Restructuring and related costs, net reflect the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restructuring charges, net	$	26	$	9	$	71	$	14
Asset impairment charges, net(1)	(5)		2		(6)		(4)
Related costs, net	2		(1)		3		(1)
Total Restructuring and related costs, net	$	23	$	10	$	68	$	9

______________

(1)Impairments for the three and six months ended June 30, 2026 and 2025, respectively, are net of cash receipts.

Restructuring Charges, Net

Restructuring charges, net primarily relate to the Print and Other segment for all restructuring programs, as amounts related to the IT Solutions segment were immaterial for the three and six months ended June 30, 2026. A summary of our restructuring program activity is as follows:


	Severance Costs Prior Actions		Severance Costs Reinvention		Severance Costs Integration		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2025	$	1	$	43	$	77	$	5	$	126
Restructuring provision	—		—		56		—		56
Reversals of prior charges	—		(2)		(9)		—		(11)
Net current period charges(1)	—		(2)		47		—		45
Charges against reserve and currency	—		(1)		(26)		—		(27)
Balance at March 31, 2026	$	1	$	40	$	98	$	5	$	144
Restructuring provision	—		—		31		—		31
Reversals of prior charges	—		—		(5)		—		(5)
Net current period charges(1)	—		—		26		—		26
Charges against reserve and currency	—		(3)		(17)		—		(20)
Balance at June 30, 2026	$	1	$	37	$	107	$	5	$	150

______________

At June 30, 2026, we expect to pay $78 of the restructuring reserve over the next twelve months.

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


	Six Months Ended June 30,
		2026		2025
Restructuring cash payments		$	(40)	$	(33)

Effects of foreign currency and other non-cash items		(7)		6
Charges against reserve and currency		$	(47)	$	(27)

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. Asset impairment charges incurred during 2025 related to the impairment of an operating lease ROU asset, as well as the sale of a facility. Both the impairment and sale are associated with strategic actions associated with Reinvention.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease right of use assets(1)	$	—	$	—	$	—	$	4
Owned assets(2)	—		2		—		11
Asset impairments	—		2		—		15


Less: Proceeds from the sales of owned assets(3)	(5)		—		(6)		(19)
Net asset impairment (credit) charge	$	(5)	$	2	$	(6)	$	(4)

_____________

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

Related Costs, Net

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Contractual severance costs	$	2	$	(1)	$	3	$	(1)

Total	$	2	$	(1)	$	3	$	(1)

For the six months ended June 30, 2026 and 2025 cash paid for restructuring related costs was $3 and $0, respectively, and the restructuring related costs reserve was $4 and $4 at June 30, 2026 and December 31, 2025, respectively. The balance at June 30, 2026 is expected to be paid over the next twelve months.

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 2	$ (1)	$ 3	$ (1)
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 2	$ (1)	$ 3	$ (1)

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.

Fair Value of Financial Assets and Liabilities

Basis of Presentation - Narrative (Details) - USD ($)	Feb. 17, 2026	Jun. 30, 2026	Dec. 31, 2025
Valuation Allowance [Line Items]
Payments to acquire interest in joint venture	$ 5,000,000
Total Assets		$ 9,724,000,000	$ 9,823,000,000
Total Liabilities		9,170,000,000	$ 9,150,000,000
Shared Services And License Agreement
Valuation Allowance [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
Variable Interest Entity, Primary Beneficiary
Valuation Allowance [Line Items]
Total Assets		908,000,000
Total Liabilities		$ 458,000,000
TPG \| The Term Loans \| Secured Debt
Valuation Allowance [Line Items]
Principal debt	$ 405,000,000
XRX Brandco Holdings LLC \| Joint Venture Arrangement \| Class A Units
Valuation Allowance [Line Items]
Sale of stock, consideration received on transaction	$ 45,000,000

Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]


	June 30, 2026		December 31, 2025
Assets
Derivatives(1)	$	12	$	8





Deferred compensation plan investments in mutual funds	13		12
Total	$	25	$	20
Liabilities
Derivatives(1)	$	22	$	10




Warrant(2)	21		—
Deferred compensation plan liabilities	12		11
Total	$	55	$	21

____________

(1)Includes foreign currency derivative contracts. Refer to Note 13 - Financial Instruments for additional information regarding these derivatives.

(2)Refer to Note 16 - Shareholders' Equity of Xerox Holdings for additional information regarding the Warrant Dividend.

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.

The fair value of the warrant liability is determined using the market approach in accordance with ASC 820, and is based on quoted market prices for the identical warrants in an active market at the measurement date, which are derived from observable market prices rather than a valuation model. Accordingly, no unobservable inputs or management assumptions are used in determining the fair value.

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:


	June 30, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	495	$	495	$	512	$	512
Accounts receivable, net	1,185		1,185		1,122		1,122
Short-term debt and current portion of long-term debt(1)	70		74		231		236
Long-term Debt
Xerox Holdings Corporation	1,670		845		1,872		800
Xerox Corporation	2,096		1,613		2,142		1,676
Xerox - Other Subsidiaries(2)	387		391		2		2
Long-term debt	$	4,153	$	2,849	$	4,016	$	2,478

____________

(1)Includes $12 and $121 of Xerox Corporation related party debt for the period ended June 30, 2026 and December 31, 2025 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.

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.

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

Schedule of Interest Income and Interest Expense Disclosure

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Interest expense and income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Equipment financing interest(1)	$	18	$	23	$	37	$	45
Non-financing interest expense(2)	100		55		184		88
Interest expense	$	118	$	78	$	221	$	133

Financing income(3)	$	25	$	32	$	52	$	65
Other interest income(3)	3		6		6		8
Interest income	$	28	$	38	$	58	$	73

____________

(1)Equipment financing interest is included in Cost of services, maintenance, rentals and other in the Condensed Consolidated Statements of Income (Loss).

(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $35 and $29 for the three months ended June 30, 2026 and 2025, respectively and $72 and $59 for the six months ended June 30, 2026 and 2025.

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

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2026

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

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:


	Three months ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2026		2025		2026		2025		2026		2025
Service cost	$	—	$	—	$	2	$	1	$	1	$	—
Interest cost(1)	32		29		50		49		2		2
Expected return on plan assets(1)	(27)		(22)		(53)		(53)		—		—
Recognized net actuarial loss (gain)(1)	6		4		15		15		(3)		(3)
Amortization of prior service cost (credit)(1)	—		—		3		2		(3)		(3)


Other(1)	—		—		(1)		—		—		—
Defined benefit plans	11		11		16		14		(3)		(4)
Defined contribution plans	5		(3)		6		4		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	16	$	8	$	22	$	18	$	(3)	$	(4)










	Six Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2026		2025		2026		2025		2026		2025
Service cost	$	—	$	—	$	4	$	2	$	1	$	—
Interest cost(1)	64		57		101		95		4		4
Expected return on plan assets(1)	(54)		(44)		(107)		(102)		—		—
Recognized net actuarial loss (gain)(1)	11		9		30		27		(5)		(6)
Amortization of prior service cost (credit)(1)	—		—		5		4		(6)		(6)

Other(1)	—		—		(1)		—		—		—
Net Periodic Defined Benefit Cost (Credit)	21		22		32		26		(6)		(8)
Defined contribution plans	10		—		12		10		n/a		n/a
Total Employee Benefit Plans Cost (Credit)	$	31	$	22	$	44	$	36	$	(6)	$	(8)

_____________

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

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:


	Six Months Ended June 30,				Year Ended December 31,
	2026(1)		2025		Estimated 2026(1)		2025
U.S. plans	$	52	$	44	$	115	$	112
Non-U.S. plans	11		12		25		28
Total Pension plans	63		56		140		140
Retiree Health	9		11		20		21
Total Retirement plans	$	72	$	67	$	160	$	161

_____________

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Summary of Derivative Instruments Gains (Losses) [Abstract]

Derivative Loss Recognized in OCI (Effective Portion)

^[1]

$ 4

$ (4)

$ 8

$ (6)

Cash Flow Hedges | Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold

Summary of Derivative Instruments Gains (Losses) [Abstract]

Location of Derivative Gains (Losses) Reclassified from AOCL to Income (Effective Portion)

(2)

(1)

(5)

(1)

Total

Summary of Derivative Instruments Gains (Losses) [Abstract]

Derivative Loss Recognized in OCI (Effective Portion)

(6)

(9)

Location of Derivative Gains (Losses) Reclassified from AOCL to Income (Effective Portion)

(2)

(1)

(5)

(1)

Foreign exchange contracts - forwards and options | Cash Flow Hedges

Summary of Derivative Instruments Gains (Losses) [Abstract]

Derivative Loss Recognized in OCI (Effective Portion)

(5)

Interest rate contracts | Cash Flow Hedges

Summary of Derivative Instruments Gains (Losses) [Abstract]

Derivative Loss Recognized in OCI (Effective Portion)

$ 0

$ (1)

$ 0

$ (4)

[1]	Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Supplementary Financial Information

6 Months Ended

Jun. 30, 2026

Supplemental Financial Information [Abstract]

Supplementary Financial Information

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation. As discussed in Note 21 - 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 Condensed Consolidated Balance Sheets based on when the cash will be contractually or judicially released.

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


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	495	$	512
Restricted cash

Litigation deposits in Brazil	23		21

Other restricted cash	34		32
Total Restricted cash	57		53
Cash, cash equivalents and restricted cash	$	552	$	565

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


	June 30, 2026		December 31, 2025
Other current assets	$	34	$	31
Other long-term assets	23		22
Total Restricted cash	$	57	$	53

Supplemental Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Six Months Ended June 30,
			2026		2025
Provision for receivables	Operating		$	17	$	27
Provision for inventory	Operating		19		21
Depreciation of buildings and equipment	Operating		43		27
Depreciation and obsolescence of equipment on operating leases	Operating		80		59
Amortization of internal use software	Operating		18		11

Amortization of acquired intangible assets	Operating		60		20

Amortization of customer contract costs(1)	Operating		36		33

Cost of additions to land, buildings and equipment	Investing		(26)		(9)
Cost of additions to internal use software	Investing		(21)		(30)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing		(13)		(4)
Common stock dividends - Xerox Holdings	Financing		(9)		(51)
Preferred stock dividends - Xerox Holdings	Financing		(7)		(7)





Commitment fees	Financing		—		(15)

_____________

Supplier Finance Program

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 Condensed Consolidated Balance Sheets, and the associated payments are included in operating activities within our Condensed 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:



	2026		2025
Balance at January 1st	$	18	$	30
Amounts invoiced	18		22
Invoices paid	(18)		(33)
Balance at March 31st	$	18	$	19
Amounts invoiced	21		22
Invoices paid	(26)		(21)
Balance at June 30th	$	13	$	20

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

Employee Benefit Plans - Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost	$ 1	$ 0	$ 1	$ 0
Interest cost	2	2	4	4
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss (gain)	(3)	(3)	(5)	(6)
Amortization of prior service cost (credit)	(3)	(3)	(6)	(6)
Other	0	0	0	0
Net Periodic Defined Benefit Cost (Credit)	(3)	(4)	(6)	(8)
Total Employee Benefit Plans Cost (Credit)	(3)	(4)	(6)	(8)
U.S. Plans \| Pension Benefits
Components of Net Periodic Benefit Costs:
Service cost	0	0	0	0
Interest cost	32	29	64	57
Expected return on plan assets	(27)	(22)	(54)	(44)
Recognized net actuarial loss (gain)	6	4	11	9
Amortization of prior service cost (credit)	0	0	0	0
Other	0	0	0	0
Net Periodic Defined Benefit Cost (Credit)	11	11	21	22
Defined contribution plans	5		10	0
Defined contribution plans		(3)
Total Employee Benefit Plans Cost (Credit)	16	8	31	22
Non-U.S. Plans \| Pension Benefits
Components of Net Periodic Benefit Costs:
Service cost	2	1	4	2
Interest cost	50	49	101	95
Expected return on plan assets	(53)	(53)	(107)	(102)
Recognized net actuarial loss (gain)	15	15	30	27
Amortization of prior service cost (credit)	3	2	5	4
Other	(1)	0	(1)	0
Net Periodic Defined Benefit Cost (Credit)	16	14	32	26
Defined contribution plans	6	4	12	10
Total Employee Benefit Plans Cost (Credit)	$ 22	$ 18	$ 44	$ 36

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Primary geographical markets(1):
United States	$	1,051	$	930	$	2,052	$	1,780
Europe	531		438		1,060		840
Canada	132		108		258		211
Latin America	97		46		186		87
Asia Pacific	58		10		106		23
Other	53		44		106		92
Total Revenues	$	1,922	$	1,576	$	3,768	$	3,033

Major product and services lines:
Equipment	$	387	$	336	$	765	$	620
Supplies, paper and other sales	469		176		906		344
Maintenance agreements(2)	425		379		842		747
IT products(3)	140		153		245		258
Service arrangements(4)	421		439		843		868
Rental and other	55		61		115		131
Financing	25		32		52		65

Total Revenues	$	1,922	$	1,576	$	3,768	$	3,033

Sales channels:

Direct equipment lease(5)	$	90	$	108	$	181	$	220
Distributors & resellers(6)	523		238		1,048		447
Customer direct	383		319		687		555
Total Sales	$	996	$	665	$	1,916	$	1,222

_____________

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

(2)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.

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

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

(5)Primarily reflects sales through bundled lease arrangements.

(6)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 were $39 and $34 at June 30, 2026 and December 31, 2025, respectively. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed, were approximately $270 and $279 at June 30, 2026 and December 31, 2025, respectively. The majority of the balance at June 30, 2026 will be amortized to revenue over the next 30 months. The following table summarizes our contract liabilities activity:


	2026		2025
Balance at January 1st	$	279	$	130
Revenue recognized(1)	(76)		(59)
Billings and customer advances(2)	68		63
Foreign currency and other	—		(4)
Acquisition(3)	—		22
Balance at March 31st	$	271	$	152
Revenue recognized(1)	(79)		(76)
Billings and customer advances(2)	72		61
Foreign currency and other	1		—
Acquisition(3)	5		—
Balance at June 30th	$	270	$	137

_____________

(1)Reflects amounts included in the January 1st beginning balance.

(2)Excludes revenue recognized during the period.

(3)2026 relates to Lexmark Acquisition-related activity and 2025 relates to ITSavvy acquisition-related activity.

Our unsatisfied performance 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 $596 at June 30, 2026. The Company expects to recognize these 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, which 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:



	2026		2025
Balance at January 1st,	$	163	$	139
Customer contract costs deferred	17		17
Amortization of customer contract costs	(17)		(16)
Other(1)	(3)		—
Balance at March 31st,	$	160	$	140
Customer contract costs deferred	12		18
Amortization of customer contract costs	(18)		(17)
Other(1)	1		2
Balance at June 30th,	$	155	$	143

_____________

(1)Includes currency

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.

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.

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Accounts Receivable, Net - Narrative (Details)	Jun. 30, 2026 facility
Receivables [Abstract]
Number of facilities enabling the sale of accounts receivable	2

Supplementary Financial Information - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 495	$ 512
Litigation deposits in Brazil	23	21
Other restricted cash	34	32
Total Restricted cash	57	53
Cash, cash equivalents and restricted cash	$ 552	$ 565	$ 985	$ 631

Supplementary Financial Information - Narrative (Details)	Jun. 30, 2026
Supplemental Financial Information [Abstract]
Credit period (in days)	45 days

Recent Accounting Pronouncements (Details)	Jun. 30, 2026	Jan. 31, 2026	Dec. 31, 2024
2030 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt interest rate (as percent)	3.75%	3.75%	3.75%

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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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance Receivables, Net - Finance Receivables (Details) - USD ($)
$ in Millions

Jun. 30, 2026

Mar. 31, 2026

Dec. 31, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Gross receivables

$ 1,429

$ 1,643

Unearned income

(171)

(196)

Total

1,258

1,447

Residual values

Allowance for doubtful credit losses

(44)

$ (45)

(45)

$ (55)

$ (53)

$ (57)

Less: Billed portion of finance receivables, net

1,214

1,402

Less: Current portion of finance receivables not billed, net

^[1]

442

510

Billed portion of finance receivable

^[1]

732

846

Current and noncurrent portion of finance receivable

$ 41

$ 42

[1]	For additional information regarding the allowance for doubtful accounts refer to Note 7 - Accounts Receivable, Net and for additional information regarding the allowance for doubtful credit losses refer to Note 8 - Finance Receivables, Net.

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Contract assets	$ 39		$ 34
Contract liabilities	$ 270	$ 271	$ 279	$ 137	$ 152	$ 130
Contract liability amortization period (months)	30 months
Remaining performance obligation to be recognized	$ 596
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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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/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
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Revenue - Schedule of Contract Liabilities Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 271	$ 279	$ 152	$ 130
Revenue recognized	(79)	(76)	(76)	(59)
Billings and customer advances	72	68	61	63
Foreign currency and other	1	0	0	(4)
Acquisition	5	0	0	22
Ending balance	$ 270	$ 271	$ 137	$ 152

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues

$ 1,922

$ 1,576

$ 3,768

$ 3,033

Research, development and engineering expenses

131

Selling, administrative and general expenses

432

368

862

746

Divestitures

(4)

^[1],[2]

100

184

Income (Loss) before Income Taxes

^[1]

(26)

Total Costs and Expenses

1,891

1,636

3,810

3,160

(60)

(42)

(127)

Income tax expense

Less: Preferred stock dividends, net

(106)

(92)

(196)

(3)

(7)

Net Income (Loss) attributable to Common Shareholders

$ 10

$ (109)

$ (99)

$ (203)

Basic Income (Loss) per Share (in dollars per share)

$ 0.07

$ (0.87)

$ (0.77)

$ (1.62)

Diluted Income (Loss) per Share (in dollars per share)

$ 0.07

$ (0.87)

$ (0.77)

$ (1.62)

Sales

Revenues

$ 996

$ 665

$ 1,916

$ 1,222

Services, maintenance, rentals and other

579

480

1,179

862

Revenues

926

911

1,852

1,811

Cash and cash equivalents

$ 655

$ 645

$ 1,352

$ 1,294

[1]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information
[2]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information.

Segment Reporting - Selected Financial Information for Reportable Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total Revenues	$ 1,922,000,000	$ 1,576,000,000	$ 3,768,000,000	$ 3,033,000,000
Reconciliation to Segment Profit
Research, development and engineering expenses, adjusted	66,000,000		130,000,000
Research, development and engineering expenses	67,000,000	43,000,000	131,000,000	85,000,000
Selling, administrative and general expenses	429,000,000	359,000,000	853,000,000	728,000,000
Segment profit	203,000,000	59,000,000	275,000,000	81,000,000
Depreciation	101,000,000	57,000,000	201,000,000	117,000,000
Interest income	28,000,000	38,000,000	58,000,000	73,000,000
Interest expense	118,000,000	78,000,000	221,000,000	133,000,000
Purchase Accounting Adjustment - Fixed Assets	12,000,000	0	23,000,000	0
Write off of inventory	0	10,000,000	0	17,000,000
Cost of financing	18,000,000	23,000,000	37,000,000	45,000,000
Transformation costs	2,000,000	3,000,000	4,000,000	9,000,000
Transaction-related costs	0	6,000,000	4,000,000	9,000,000
Lexmark Acquisition
Reconciliation to Segment Profit
Transaction-related costs	0	5,000,000	4,000,000	7,000,000
Lexmark Acquisition \| Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Reconciliation to Segment Profit
Purchase Accounting Adjustment - Fixed Assets	1,000,000		1,000,000
Lexmark Acquisition \| Income Statement Location [Axis]: xrx:ResearchDevelopmentAndEngineeringExpenses
Reconciliation to Segment Profit
Purchase Accounting Adjustment - Fixed Assets	1,000,000		1,000,000
Cost of sales
Segment Reporting [Line Items]
Total Revenues	996,000,000	665,000,000	1,916,000,000	1,222,000,000
Reconciliation to Segment Profit
Cost of goods and services sold	574,000,000	474,000,000	1,169,000,000	851,000,000
Cost of sales \| Lexmark Acquisition
Reconciliation to Segment Profit
Purchase Accounting Adjustment - Fixed Assets	5,000,000		10,000,000
Cost of services, maintenance, rentals and other
Segment Reporting [Line Items]
Total Revenues	926,000,000	911,000,000	1,852,000,000	1,811,000,000
Reconciliation to Segment Profit
Cost of goods and services sold	650,000,000	641,000,000	1,341,000,000	1,288,000,000
Cost of services, maintenance, rentals and other \| Lexmark Acquisition
Reconciliation to Segment Profit
Purchase Accounting Adjustment - Fixed Assets	5,000,000		11,000,000
Operating Segments
Segment Reporting [Line Items]
Total Revenues	1,927,000,000	1,579,000,000	3,775,000,000	3,037,000,000
Reconciliation to Segment Profit
Research, development and engineering expenses, adjusted	66,000,000		130,000,000
Research, development and engineering expenses		43,000,000		85,000,000
Selling, administrative and general expenses	405,000,000	343,000,000	808,000,000	688,000,000
Segment profit	227,000,000	75,000,000	320,000,000	121,000,000
Depreciation	71,000,000	47,000,000	141,000,000	97,000,000
Interest income	25,000,000	32,000,000	52,000,000	65,000,000
Interest expense	18,000,000	23,000,000	37,000,000	45,000,000
Operating Segments \| Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	574,000,000	474,000,000	1,169,000,000	851,000,000
Operating Segments \| Cost of services, maintenance, rentals and other
Reconciliation to Segment Profit
Cost of goods and services sold	650,000,000	641,000,000	1,341,000,000	1,288,000,000
Corporate
Segment Reporting [Line Items]
Total Revenues	0	0	0	0
Reconciliation to Segment Profit
Research, development and engineering expenses, adjusted	0		0
Research, development and engineering expenses		0		0
Selling, administrative and general expenses	24,000,000	16,000,000	45,000,000	40,000,000
Intersegment expense	0	0	0	0
Segment profit	(24,000,000)	(16,000,000)	(45,000,000)	(40,000,000)
Depreciation	0	0	0	0
Interest income	3,000,000	6,000,000	6,000,000	8,000,000
Interest expense	100,000,000	55,000,000	184,000,000	88,000,000
Corporate \| Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	0	0	0	0
Corporate \| Cost of services, maintenance, rentals and other
Reconciliation to Segment Profit
Cost of goods and services sold	0	0	0	0
Intersegment revenue
Segment Reporting [Line Items]
Total Revenues	5,000,000	3,000,000	7,000,000	4,000,000
Reconciliation to Segment Profit
Intersegment expense	5,000,000	3,000,000	7,000,000	4,000,000
Print and Other
Segment Reporting [Line Items]
Total Revenues	1,733,000,000	1,366,000,000	3,425,000,000	2,660,000,000
Print and Other \| Operating Segments
Segment Reporting [Line Items]
Total Revenues	1,733,000,000	1,366,000,000	3,425,000,000	2,660,000,000
Reconciliation to Segment Profit
Research, development and engineering expenses, adjusted	66,000,000		130,000,000
Research, development and engineering expenses		43,000,000		85,000,000
Selling, administrative and general expenses	377,000,000	318,000,000	756,000,000	640,000,000
Segment profit	220,000,000	65,000,000	307,000,000	106,000,000
Depreciation	71,000,000	47,000,000	140,000,000	97,000,000
Interest income	25,000,000	32,000,000	52,000,000	65,000,000
Interest expense	18,000,000	23,000,000	37,000,000	45,000,000
Charge-offs, net	11,000,000	15,000,000	17,000,000	24,000,000
Transformation costs	2,000,000	3,000,000	4,000,000	9,000,000
Transaction-related costs	0	6,000,000	4,000,000	9,000,000
Print and Other \| Operating Segments \| Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	459,000,000	347,000,000	971,000,000	639,000,000
Write off of inventory		6,000,000		11,000,000
Print and Other \| Operating Segments \| Cost of services, maintenance, rentals and other
Reconciliation to Segment Profit
Cost of goods and services sold	608,000,000	593,000,000	1,258,000,000	1,190,000,000
Write off of inventory		4,000,000		6,000,000
Print and Other \| Intersegment revenue
Segment Reporting [Line Items]
Total Revenues	0	0	0	0
Reconciliation to Segment Profit
Intersegment expense	3,000,000	0	3,000,000	0
IT Solutions
Segment Reporting [Line Items]
Total Revenues	189,000,000	210,000,000	343,000,000	373,000,000
IT Solutions \| Operating Segments
Segment Reporting [Line Items]
Total Revenues	194,000,000	213,000,000	350,000,000	377,000,000
Reconciliation to Segment Profit
Research, development and engineering expenses, adjusted	0		0
Research, development and engineering expenses		0		0
Selling, administrative and general expenses	28,000,000	25,000,000	52,000,000	48,000,000
Segment profit	7,000,000	10,000,000	13,000,000	15,000,000
Depreciation	0	0	1,000,000	0
Interest income	0	0	0	0
Interest expense	0	0	0	0
Cost of financing	0	0	0	0
IT Solutions \| Operating Segments \| Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	115,000,000	127,000,000	198,000,000	212,000,000
IT Solutions \| Operating Segments \| Cost of services, maintenance, rentals and other
Reconciliation to Segment Profit
Cost of goods and services sold	42,000,000	48,000,000	83,000,000	98,000,000
IT Solutions \| Intersegment revenue
Segment Reporting [Line Items]
Total Revenues	5,000,000	3,000,000	7,000,000	4,000,000
Reconciliation to Segment Profit
Intersegment expense	$ 2,000,000	$ 3,000,000	$ 4,000,000	$ 4,000,000

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 45	$ 45	$ 53	$ 57	$ 45
Provision	4	2	8	5
Charge-offs, net	(5)	(2)	(7)	(10)
Other	0	0	1	1
Ending balance	44	45	55	53	$ 44
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
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	23	24	25	29	$ 24
Provision	2	0	5	(1)
Charge-offs, net	(2)	(1)	(3)	(3)
Other	0	0	(1)	0
Ending balance	23	23	26	25	23
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5	5	5	5	5
Provision	1	0	0	1
Charge-offs, net	(1)	0	0	(1)
Other	0	0	1	0
Ending balance	5	5	6	5	5
EMEA
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	17	16	23	23	16
Provision	1	2	3	5
Charge-offs, net	(2)	(1)	(4)	(6)
Other	0	0	1	1
Ending balance	16	17	23	23	16
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0	0
Provision	0	0	0	0
Charge-offs, net	0	0	0	0
Other	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
shares in Thousands, $ in Millions

Jun. 30, 2026

Dec. 31, 2025

Assets

$ 495

$ 512

Billed portion of finance receivables, net

^[1]

1,185

1,122

^[1]

^[1]

442

510

Inventories

1,043

1,016

Other current assets

492

362

Total current assets

3,697

3,568

Equipment on operating leases, net

^[1]

732

846

283

299

Land, buildings and equipment, net

378

390

Intangible assets, net

857

921

Goodwill, net

2,234

2,222

Deferred tax assets

Other long-term assets

1,457

1,479

Total Assets

9,724

9,823

Short-term debt and current portion of long-term debt

231

Financing liability – tariff receivables monetization

Accounts payable

1,456

1,498

Accrued compensation and benefits costs

246

235

Accrued expenses and other current liabilities

1,264

1,258

Total current liabilities

3,126

3,222

Pension and other benefit liabilities

4,153

4,016

1,027

1,068

Post-retirement medical benefits

148

159

Other long-term liabilities

716

685

Total Liabilities

9,170

9,150

Commitments and Contingencies (See Note 21)

Noncontrolling Interests

Convertible Preferred Stock

214

Common stock

131

128

Additional paid-in capital

1,200

1,183

Retained earnings

2,326

2,444

Accumulated other comprehensive loss

(3,334)

(3,311)

Xerox Holdings shareholders’ equity

323

444

Noncontrolling interests

Total Equity

330

449

Total Liabilities and Equity

$ 9,724

$ 9,823

Number Of Authorized Shares Not Disclosed

true

Shares of Common Stock Issued (in shares)

131,243

128,044

Shares of Common Stock Outstanding (in shares)

131,243

128,044

[1]	For additional information regarding the allowance for doubtful accounts refer to Note 7 - Accounts Receivable, Net and for additional information regarding the allowance for doubtful credit losses refer to Note 8 - Finance Receivables, Net.

Acquisition	6 Months Ended
Acquisition	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisition	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 consideration paid to the Seller for the net assets acquired from Lexmark was $749, which included Cash and cash equivalents acquired of $93, as well as a working capital adjustment, which was finalized during the first quarter 2026, resulting in a decrease of $19 to the total consideration paid. During fourth quarter 2025 and second quarter 2026, 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. Accordingly, Accounts receivable, net decreased by $81, Other current assets increased by $15, Deferred tax assets increased by $7, Accrued expenses and other liabilities decreased by $11 and Other long-term liabilities decreased by $7. The identified errors had an immaterial impact on the Lexmark preliminary purchase accounting. As a result of the correction of errors, we recorded a total increase of $41 to Goodwill associated with the Lexmark Acquisition, of which $13 was recorded during second quarter 2026, and $28 was recorded during fourth quarter 2025. In addition, during 2026 and 2025, the Company recorded immaterial measurement period adjustments to the opening balance sheet which resulted in further increases to Goodwill of $28 and $11, respectively. The allocation of the purchase price for this acquisition was finalized during the second quarter 2026. Transaction expense for the Lexmark Acquisition was approximately $0 and $5 for the three months ended June 30, 2026 and 2025, respectively, and $4 and $7 for the six months ended June 30, 2026 and 2025, respectively, and was recorded in the Condensed Consolidated Statements of Income (Loss) in Selling, administrative and general expenses.

The entire disclosure for business combination.

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	58.10%	(76.70%)	(119.00%)	(54.30%)
Income tax expense	$ 18	$ 46	$ 50	$ 69

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 960	$ 979
Accumulated depreciation	(677)	(680)
Equipment on operating leases, net	$ 283	$ 299

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Restructuring Programs -Reconciliation to the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Restructuring and Related Activities [Abstract]
Restructuring cash payments			$ (40)	$ (33)
Effects of foreign currency and other non-cash items			(7)	6
Charges against reserve and currency	$ (20)	$ (27)	$ (47)	$ (27)

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

Our reportable segments - Print and Other and IT Solutions - are aligned to how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies and are consistent with how we manage the business and view the markets we serve.

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. In addition, the segment includes Xerox Financial Services, a global financing solutions provider, primarily enabling the sale of our equipment and services, which includes commissions and other payments for the exclusive right to provide lease financing for Xerox products.

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.

Selected financial information for our reportable segments was as follows:


	Three months ended June 30, 2026
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	1,733	$	189	$	1,922	$	—	$	1,922
Intersegment revenue(2)	—		5		5		—		5
Total	$	1,733	$	194	$	1,927	$	—	$	1,927

Reconciliation to Segment Profit
Cost of sales(3)	$	459	$	115	$	574	$	—	$	574
Cost of services, maintenance, rentals and other(3)(4)(5)	608		42		650		—		650

Research, development and engineering expenses(3)	66		—		66		—		66
Selling, administrative and general expenses(3)(6)(7)	377		28		405		24		429
Intersegment expense(8)	3		2		5		—		5
Segment profit	$	220	$	7	$	227	$	(24)	$	203

Depreciation	$	71	$	—	$	71	$	—	$	71
Interest income(9)	25		—		25		3		28
Interest expense(5)	18		—		18		100		118


	Three months ended June 30, 2025
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	1,366	$	210	$	1,576	$	—	$	1,576
Intersegment revenue(2)	—		3		3		—		3
Total	$	1,366	$	213	$	1,579	$	—	$	1,579

Reconciliation to Segment Profit
Cost of sales	$	347	$	127	$	474	$	—	$	474
Cost of services, maintenance, rentals and other(4)(5)	593		48		641		—		641

Research, development and engineering expenses	43		—		43		—		43
Selling, administrative and general expenses(6)(7)	318		25		343		16		359
Intersegment expense(8)	—		3		3		—		3
Segment profit	$	65	$	10	$	75	$	(16)	$	59

Depreciation	$	47	$	—	$	47	$	—	$	47
Interest income(9)	32		—		32		6		38
Interest expense(5)	23		—		23		55		78


	Six months ended June 30, 2026
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	3,425	$	343	$	3,768	$	—	$	3,768
Intersegment revenue(2)	—		7		7		—		7
Total	$	3,425	$	350	$	3,775	$	—	$	3,775

Reconciliation to Segment Profit
Cost of sales(3)	$	971	$	198	$	1,169	$	—	$	1,169
Cost of services, maintenance, rentals and other(3)(4)(5)	1,258		83		1,341		—		1,341

Research, development and engineering expenses(3)	130		—		130		—		130
Selling, administrative and general expenses(3)(6)(7)	756		52		808		45		853
Intersegment expense(8)	3		4		7		—		7
Segment profit	$	307	$	13	$	320	$	(45)	$	275

Depreciation	$	140	$	1	$	141	$	—	$	141
Interest income(9)	52		—		52		6		58
Interest expense(5)	37		—		37		184		221


	Six months ended June 30, 2025
	Print and Other		IT Solutions		Total Reportable Segments(10)		Corporate(1)		Total
External revenue	$	2,660	$	373	$	3,033	$	—	$	3,033
Intersegment revenue(2)	—		4		4		—		4
Total	$	2,660	$	377	$	3,037	$	—	$	3,037

Reconciliation to Segment Profit
Cost of sales	$	639	$	212	$	851	$	—	$	851
Cost of services, maintenance, rentals and other(4)(5)	1,190		98		1,288		—		1,288

Research, development and engineering expenses	85		—		85		—		85
Selling, administrative and general expenses(6)(7)	640		48		688		40		728
Intersegment expense(8)	—		4		4		—		4
Segment profit	$	106	$	15	$	121	$	(40)	$	81

Depreciation	$	97	$	—	$	97	$	—	$	97
Interest income(9)	65		—		65		8		73
Interest expense(5)	45		—		45		88		133

_____________

(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.

(8)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)The prior year presentation has been updated to conform with the current year's presentation.

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025





Pre-tax Income (Loss)
Total Segment Profit	$	227	$	75	$	320	$	121
Corporate	(24)		(16)		(45)		(40)
Restructuring and related costs, net	(23)		(10)		(68)		(9)
Amortization of intangible assets	(30)		(10)		(60)		(20)
Transformation-related costs(1)	(2)		(3)		(4)		(9)
Purchase Accounting Adjustment - Fixed Assets	(12)		—		(23)		—


Transaction-related costs	—		(6)		(4)		(9)
Inventory-related impact - exit of certain production print manufacturing operations	—		(10)		—		(17)
Divestiture	—		—		—		4
Non-financing interest expense	(100)		(55)		(184)		(88)
Other expenses (income), net	(5)		(25)		26		(60)
Total Pre-tax Income (loss)	$	31	$	(60)	$	(42)	$	(127)

Depreciation and Amortization
Total reported segments	$	71	$	47	$	141	$	97
Amortization of intangible assets	30		10		60		20
Total Depreciation and amortization	$	101	$	57	$	201	$	117

__________

The entire disclosure for segment reporting.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Xerox Corporation \| Related Party
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term related party debt	$ 12	$ 121
Nonrecurring \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	495	512
Accounts receivable, net	1,185	1,122
Short-term debt and current portion of long-term debt	70	231
Long-term debt	4,153	4,016
Nonrecurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	495	512
Accounts receivable, net	1,185	1,122
Short-term debt and current portion of long-term debt	74	236
Long-term debt	2,849	2,478
Nonrecurring \| Xerox Holdings Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,670	1,872
Nonrecurring \| Xerox Holdings Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	845	800
Nonrecurring \| Xerox Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,096	2,142
Nonrecurring \| Xerox Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,613	1,676
Nonrecurring \| Xerox - Other Subsidiaries \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	387	2
Nonrecurring \| Xerox - Other Subsidiaries \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 391	$ 2

Financial Instruments

6 Months Ended

Jun. 30, 2026

Financial Instruments

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 and six months ended June 30, 2026 and 2025, respectively.

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

•Forecasted purchases and sales in foreign currency

At June 30, 2026 and December 31, 2025, we had outstanding forward exchange and purchased option contracts with gross notional values of $2,509 and $2,656 respectively, with terms of less than 12 months. At June 30, 2026, approximately 93% of the contracts mature within three months, 3% mature in three to six months and 4% in six to twelve months.

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 and certain revenue transactions that have a high probability of occurring. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The amount of ineffectiveness recorded in the Condensed Consolidated Statements of Income (Loss) for these designated cash flow hedges was not material for the three and six months ended June 30, 2026 and 2025, respectively. The net asset (liability) fair value of these contracts was $3 and $(4) as of June 30, 2026 and December 31, 2025, respectively. The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

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 (losses).

Designated Derivative Instruments Gains (Losses)

The following table provides a summary of gains (losses) on derivative instruments in cash flow hedging relationships:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025




Derivative Loss Recognized in OCI (Effective Portion)
Foreign exchange contracts - forwards and options	$	2	$	(5)	$	3	$	(5)
Interest rate contracts	—		(1)		—		(4)
Total	$	2	$	(6)	$	3	$	(9)

Location of Derivative Gains (Losses) Reclassified from AOCL to Income (Effective Portion)
Cost of sales	$	(2)	$	(1)	$	(5)	$	(1)

Total	$	(2)	$	(1)	$	(5)	$	(1)

At June 30, 2026, net after-tax gain of $4 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity.

Refer to Note 14 - Fair Value of Financial Assets and Liabilities for additional information related to the fair value of our derivative instruments.

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 June 30, 2026, the Company had collateral of $1 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 (liability) asset fair value of these contracts was $(14) and $2 as of June 30, 2026 and December 31, 2025, respectively.

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


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Foreign exchange contracts – forwards	Other expenses (income), net – Currency (losses) gains, net	$	(18)	$	3	$	(33)	$	9

Currency losses, net were $8 and $1 for the three months ended June 30, 2026 and 2025, respectively and $13 and $1 for the six months ended June 30, 2026 and 2025, 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 (income), net.

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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Financing Receivable, after Allowance for Credit Loss [Abstract]

Lessor - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Lessor - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Profit at lease commencement, sales type leases	$ 11	$ 26	$ 28	$ 57

Finance Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Finance Receivables

Finance receivables, net were as follows:


	June 30, 2026		December 31, 2025
Gross receivables	$	1,429	$	1,643
Unearned income	(171)		(196)
Subtotal	1,258		1,447
Residual values	—		—



Allowance for doubtful credit losses(1)	(44)		(45)
Finance receivables, net	1,214		1,402
Less: Billed portion of finance receivables, net	40		46
Less: Current portion of finance receivables not billed, net	442		510
Finance receivables due after one year, net	$	732	$	846

____________

Schedule of Allowance for Credit Losses, Financing Receivables

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


	United States		Canada		EMEA		Other(2)		Total
Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45
Provision	—		—		2		—		2
Charge-offs, net	(1)		—		(1)		—		(2)
Other(1)	—		—		—		—		—
Balance at March 31, 2026	$	23	$	5	$	17	$	—	$	45
Provision	2		1		1		—		4
Charge-offs, net	(2)		(1)		(2)		—		(5)
Other(1)	—		—		—		—		—
Balance at June 30, 2026	$	23	$	5	$	16	$	—	$	44






Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	(1)		1		5		—		5
Charge-offs, net	(3)		(1)		(6)		—		(10)
Other(1)	—		—		1		—		1
Balance at March 31, 2025	$	25	$	5	$	23	$	—	$	53
Provision	5		—		3		—		8
Charge-offs, net	(3)		—		(4)		—		(7)
Other(1)	(1)		1		1		—		1
Balance at June 30, 2025	$	26	$	6	$	23	$	—	$	55

_____________

(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.

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:


	June 30, 2026
	2026		2025		2024		2023		2022		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	62	$	89	$	57	$	35	$	11	$	2	$	256
Average Credit Risk	12		16		14		22		5		3		72
High Credit Risk	13		19		19		14		8		4		77
Total	$	87	$	124	$	90	$	71	$	24	$	9	$	405
Charge-offs	$	—	$	—	$	1	$	2	$	—	$	1	$	4

United States (Indirect)
Low Credit Risk	$	1	$	2	$	3	$	7	$	10	$	2	$	25
Average Credit Risk	4		11		6		17		13		2		53
High Credit Risk	—		—		8		9		3		1		21
Total	$	5	$	13	$	17	$	33	$	26	$	5	$	99
Charge-offs	$	—	$	—	$	—	$	1	$	1	$	1	$	3

Canada
Low Credit Risk	$	12	$	26	$	16	$	10	$	2	$	1	$	67
Average Credit Risk	13		24		16		10		4		1		68
High Credit Risk	2		4		2		1		1		—		10
Total	$	27	$	54	$	34	$	21	$	7	$	2	$	145
Charge-offs	$	—	$	—	$	—	$	—	$	1	$	—	$	1

EMEA
Low Credit Risk	$	58	$	101	$	60	$	70	$	36	$	9	$	334
Average Credit Risk	32		53		37		58		39		12		231
High Credit Risk	4		7		4		7		4		2		28
Total	$	94	$	161	$	101	$	135	$	79	$	23	$	593
Charge-offs	$	—	$	1	$	—	$	2	$	1	$	—	$	4

Other
Low Credit Risk	$	1	$	6	$	3	$	3	$	1	$	—	$	14
Average Credit Risk	1		—		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	2	$	6	$	4	$	3	$	1	$	—	$	16
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	134	$	224	$	139	$	125	$	60	$	14	$	696
Average Credit Risk	62		104		74		107		61		18		426
High Credit Risk	19		30		33		31		16		7		136
Total	$	215	$	358	$	246	$	263	$	137	$	39	$	1,258
Total Charge-offs	$	—	$	1	$	1	$	5	$	3	$	2	$	12


	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
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

Schedule of Aging of Billed Finance Receivables

The aging of our billed finance receivables is as follows:


	June 30, 2026
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	15	$	5	$	3	$	23	$	382	$	405	$	29
Indirect	3		1		1		5		94		99		—






Total United States	18		6		4		28		476		504		29
Canada	3		1		1		5		140		145		5





EMEA	6		3		1		10		583		593		19
Other	—		—		—		—		16		16		—
Total	$	27	$	10	$	6	$	43	$	1,215	$	1,258	$	53

	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	—		—		—		—		17		17		—




Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56

Schedule of Financing Receivable Sale Activity

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Finance receivable sales - net proceeds(1)	$	80	$	36	$	122	$	111
Gain on sale/Commissions(2)	—		4		4		9

Servicing revenue(2)	$	2	$	1	$	4	$	3

_____________

(1)Cash proceeds are reported in Net cash used in operating activities.

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

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Primary geographical markets(1):
United States	$	1,051	$	930	$	2,052	$	1,780
Europe	531		438		1,060		840
Canada	132		108		258		211
Latin America	97		46		186		87
Asia Pacific	58		10		106		23
Other	53		44		106		92
Total Revenues	$	1,922	$	1,576	$	3,768	$	3,033

Major product and services lines:
Equipment	$	387	$	336	$	765	$	620
Supplies, paper and other sales	469		176		906		344
Maintenance agreements(2)	425		379		842		747
IT products(3)	140		153		245		258
Service arrangements(4)	421		439		843		868
Rental and other	55		61		115		131
Financing	25		32		52		65

Total Revenues	$	1,922	$	1,576	$	3,768	$	3,033

Sales channels:

Direct equipment lease(5)	$	90	$	108	$	181	$	220
Distributors & resellers(6)	523		238		1,048		447
Customer direct	383		319		687		555
Total Sales	$	996	$	665	$	1,916	$	1,222

_____________

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

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

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

(5)Primarily reflects sales through bundled lease arrangements.

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

Schedule of Contract Liabilities Activity

The following table summarizes our contract liabilities activity:


	2026		2025
Balance at January 1st	$	279	$	130
Revenue recognized(1)	(76)		(59)
Billings and customer advances(2)	68		63
Foreign currency and other	—		(4)
Acquisition(3)	—		22
Balance at March 31st	$	271	$	152
Revenue recognized(1)	(79)		(76)
Billings and customer advances(2)	72		61
Foreign currency and other	1		—
Acquisition(3)	5		—
Balance at June 30th	$	270	$	137

_____________

(1)Reflects amounts included in the January 1st beginning balance.

(2)Excludes revenue recognized during the period.

(3)2026 relates to Lexmark Acquisition-related activity and 2025 relates to ITSavvy acquisition-related activity.

Schedule of Capitalized Contract Cost

Changes in contract costs, net are as follows:



	2026		2025
Balance at January 1st,	$	163	$	139
Customer contract costs deferred	17		17
Amortization of customer contract costs	(17)		(16)
Other(1)	(3)		—
Balance at March 31st,	$	160	$	140
Customer contract costs deferred	12		18
Amortization of customer contract costs	(18)		(17)
Other(1)	1		2
Balance at June 30th,	$	155	$	143

_____________

(1)Includes currency

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Inventories and Equipment on Operating Leases, Net [Abstract]
Contingent rental revenue on operating leases	$ 9	$ 10	$ 17	$ 19

Lessor - Schedule of Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Revenue from sales type leases	$ 90	$ 108	$ 181	$ 220
Interest income on lease receivables	25	32	52	65
Lease income - operating leases	37	39	77	80
Variable lease income	9	10	17	19
Total Lease income	$ 161	$ 189	$ 327	$ 384

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 0	$ 0	$ 0	$ 4
Owned assets	0	2	0	11
Asset impairments	0	2	0	15
Less: Proceeds from the sales of owned assets	(5)	0	(6)	(19)
Net asset impairment (credit) charge	$ (5)	$ 2	$ (6)	$ (4)

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant, nor were they expected to have any significant impact on the Company. Accounting Standard Updates to be Adopted: Environmental Credits and Environmental Credit Obligations In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes guidance on the recognition, measurement, presentation, and disclosure of environmental credits and related environmental credit obligations. Under the new guidance, qualifying environmental credits are generally recognized at cost and subsequently measured based on their intended use, while environmental credit obligations are recognized as incurred. The ASU also expands annual disclosure requirements for environmental credit assets, obligations, and related activities. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Retrospective adoption through a cumulative-effect adjustment to the opening balance of Retained earnings is required. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. 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. 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 should 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. Accounting Standard Updates Recently Adopted: 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. We adopted this update prospectively in 2026 and the adoption did not have a material impact on the Company's consolidated financial statements and related 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. We adopted this update prospectively in 2026; there were no events or transactions related to our 3.75% Convertible Senior Notes due in 2030 in the first half of 2026 that were affected by this update.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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XEROX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Statement [Line Items]

Other Comprehensive Income (Loss) Income, Net

$ 13

$ (106)

$ (92)

$ (196)

Translation adjustments, net

^[1]

229

(76)

334

Unrealized gains (losses), net

^[1]

(4)

(6)

Changes in defined benefit plans, net

^[1]

(56)

(77)

Other Comprehensive Income (Loss), Net

^[1]

169

(23)

251

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

Comprehensive Income (Loss) , Net

(115)

Statement [Line Items]

Other Comprehensive Income (Loss) Income, Net

(104)

(89)

(191)

Translation adjustments, net

^[2]

229

(76)

334

Unrealized gains (losses), net

^[2]

(4)

(6)

Changes in defined benefit plans, net

^[2]

(56)

(77)

Other Comprehensive Income (Loss), Net

^[2]

169

(23)

251

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

Comprehensive Income (Loss) , Net

$ 26

$ 65

$ (112)

$ 60

[1]	Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.
[2]	Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Financial Instruments - Derivatives Not Designated as Hedging Instruments Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Foreign exchange contracts - forwards and options \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ (18)	$ 3	$ (33)	$ 9

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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XEROX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues

$ 1,922

$ 1,576

$ 3,768

$ 3,033

Research, development and engineering expenses

131

Selling, administrative and general expenses

432

368

862

746

Divestitures

(4)

^[1],[2]

100

184

Income (Loss) before Income Taxes

^[1]

(26)

Total Costs and Expenses

1,891

1,636

3,810

3,160

(60)

(42)

(127)

Income tax expense

(106)

(92)

(196)

Sales

Revenues

996

665

1,916

1,222

Services, maintenance, rentals and other

579

480

1,179

862

Revenues

926

911

1,852

1,811

655

645

1,352

1,294

Revenues

1,922

1,576

3,768

3,033

Research, development and engineering expenses

131

Selling, administrative and general expenses

430

368

860

745

Divestitures

(4)

Income (Loss) before Income Taxes

^[2]

(27)

Total Costs and Expenses

1,888

1,634

3,807

3,155

(58)

(39)

(122)

Income tax expense

Xerox Corporation | Sales

(104)

(89)

(191)

Revenues

996

665

1,916

1,222

Xerox Corporation | Services, maintenance, rentals and other

579

480

1,179

862

Revenues

926

911

1,852

1,811

Statement of Comprehensive Income [Abstract]

$ 655

$ 645

$ 1,352

$ 1,294

[1]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information
[2]	Prior year amounts have been reclassified to conform to the current year's presentation. Refer to Note 1 - Basis of Presentation for additional information.

Finance Receivables, Net- Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Financing Receivable, after Allowance for Credit Loss [Abstract]
Finance receivable sales - net proceeds	$ 80	$ 36	$ 122	$ 111
Gain on sale/Commissions	0	4	4	9
Servicing revenue	$ 2	$ 1	$ 4	$ 3

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Other Comprehensive Income (Loss) Income, Net

$ 13

$ (106)

$ (92)

$ (196)

Translation adjustments, net

^[1]

229

(76)

334

Unrealized gains (losses), net

^[1]

(4)

(6)

Changes in defined benefit plans, net

^[1]

(56)

(77)

Other Comprehensive Income (Loss), Net

^[1]

169

(23)

251

Comprehensive Income (Loss) , Net

$ 23

$ 63

$ (115)

$ 55

[1]	Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

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.

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

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Publisher FASB
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

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-Topic 220
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Reference 51: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 65
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-Subparagraph (f)(4)
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Second quarter 2026 effective tax rate was 58.1% and resulted in tax expense of $18. This rate was higher than the U.S. federal statutory tax rate of 21.0% primarily due to Xerox's inability to benefit from certain current year losses and expenses, as well as the geographical mix of earnings. Second quarter 2025 effective tax rate was (76.7)% and resulted in tax expense of $46 on a pre-tax (loss). This rate was higher than the U.S. federal statutory tax rate of 21.0%, primarily due to not benefitting from certain current year losses and expenses, as well as the geographical mix of earnings. The effective tax rate for the six months ended June 30, 2026 was (119.0)% and resulted in tax expense of $50 on a pre-tax (loss). This rate was higher than the U.S. federal statutory tax rate of 21.0% primarily due to Xerox's inability to benefit from certain current year losses and expenses, as well as the geographical mix of earnings. The effective tax rate for the six months ended June 30, 2025 was (54.3)% and resulted in tax expense of $69 on a pre-tax (loss). This rate was higher than the U.S. federal statutory tax rate of 21.0% primarily due to the establishment of a valuation allowance in the first quarter 2025 against certain deferred tax assets as well as not benefiting from certain current year losses and expenses and the geographical mix of earnings. The effective tax rate is based on nonrecurring events as well as recurring factors, including the taxation of foreign income. In addition, the effective tax rate will change based on discrete or other nonrecurring events that may not be predictable.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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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
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Shareholder's Equity of Xerox

6 Months Ended

Jun. 30, 2026

Shareholder's Equity of Xerox

Shareholders’ Equity of Xerox Holdings

(shares in thousands)

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2026	$	131	$	1,192	$	2,320	$	(3,344)	$	299	$	6	$	305

Comprehensive income, net	—		—		13		10		23		—		23
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)



Stock option and incentive plans, net	—		8		—		—		8		—		8



Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	126	$	1,141	$	3,403	$	(3,617)	$	1,053	$	4	$	1,057

Comprehensive (loss) income, net	—		—		(106)		169		63		—		63
Cash dividends declared - common(3)	—		—		(4)		—		(4)		—		(4)
Cash dividends declared - preferred(4)	—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		13		—		13




Transactions with noncontrolling interests	—		—		—		—		—		1		1


Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2025	$	128	$	1,183	$	2,444	$	(3,311)	$	444	$	5	$	449

Comprehensive (loss), net	—		—		(92)		(23)		(115)		—		(115)
Cash dividends declared - common(3)	—		—		(7)		—		(7)		—		(7)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)


Distribution of stock warrants(5)	—		—		(12)		—		(12)		—		(12)
Stock option and incentive plans, net	3		17		—		—		20		—		20



Transactions with noncontrolling interests	—		—		—		—		—		2		2

Balance at June 30, 2026	$	131	$	1,200	$	2,326	$	(3,334)	$	323	$	7	$	330


	Common Stock(1)		Additional Paid-in Capital		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2024	$	124	$	1,137	$	3,514	$	(3,699)	$	1,076	$	4	$	1,080

Comprehensive (loss) income, net	—		—		(196)		251		55		—		55
Cash dividends declared - common(3)	—		—		(21)		—		(21)		—		(21)
Cash dividends declared - preferred(4)	—		—		(7)		—		(7)		—		(7)



Stock option and incentive plans, net	2		17		—		—		19		—		19



Transactions with noncontrolling interests	—		—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	126	$	1,154	$	3,290	$	(3,448)	$	1,122	$	5	$	1,127

____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2026 and 2025 were $20.00 and $40.00 per share, respectively.

(5)Refer to the Warrant Dividend section below for additional information.

Common Stock

The following is a summary of the changes in common stock shares:


						Common Stock Shares
Balance at December 31, 2025						128,044
Stock based compensation plans, net						2,732


Balance at March 31, 2026						130,776
Stock based compensation plans, net						465


Exercise of warrants						2
Balance at June 30, 2026						131,243

Warrant Dividend

Shareholder's Equity of Xerox

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2026	$	3,491	$	336	$	(3,344)	$	483	$	6	$	489
Comprehensive income, net	—		16		10		26		—		26


Dividends declared to parent	—		(7)		—		(7)		—		(7)

Transfers from parent	14		—		—		14		—		14



Investment from noncontrolling interests	—		—		—		—		1		1





Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2025	$	3,474	$	1,397	$	(3,617)	$	1,254	$	4	$	1,258

Comprehensive (loss) income, net	—		(104)		169		65		—		65


Dividends declared to parent	—		(6)		—		(6)		—		(6)

Transfers to parent	(6)		—		—		(6)		—		(6)







Transactions with noncontrolling interests	—		—		—		—		1		1
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2025	$	3,492	$	448	$	(3,311)	$	629	$	5	$	634


Comprehensive (loss), net	—		(89)		(23)		(112)		—		(112)


Dividends declared to parent	—		(14)		—		(14)		—		(14)

Transfers from parent	13		—		—		13		—		13






Transactions with noncontrolling interests	—		—		—		—		2		2

Balance at June 30, 2026	$	3,505	$	345	$	(3,334)	$	516	$	7	$	523


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2024	$	3,487	$	1,504	$	(3,699)	$	1,292	$	4	$	1,296

Comprehensive (loss) income, net	—		(191)		251		60		—		60


Dividends declared to parent	—		(26)		—		(26)		—		(26)


Transfers to parent	(19)		—		—		(19)		—		(19)
Transactions with noncontrolling interests	—		—		—		—		2		2
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2025	$	3,468	$	1,287	$	(3,448)	$	1,307	$	5	$	1,312

_____________

(1)Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

The entire disclosure for equity.

Inventories and Equipment on Operating Leases, Net [Abstract]

Inventories and Equipment on Operating Leases, Net

6 Months Ended

Jun. 30, 2026

Inventories and Equipment on Operating Leases, Net

The following is a summary of Inventories by major category:


	June 30, 2026		December 31, 2025
Finished goods	$	840	$	802
Work-in-process	132		142
Raw materials	71		72
Total Inventories	$	1,043	$	1,016

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

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


	June 30, 2026		December 31, 2025
Equipment on operating leases	$	960	$	979
Accumulated depreciation	(677)		(680)
Equipment on operating leases, net	$	283	$	299

Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, were $9 and $10 for the three months ended June 30, 2026 and 2025, respectively, and $17 and $19 for the six months ended June 30, 2026 and 2025, respectively.

Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Other Comprehensive Income (Loss)

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax
Translation Adjustments Gains (Losses)	$	1	$	1	$	229	$	229	$	(76)	$	(76)	$	334	$	334
Unrealized Gains (Losses)
Changes in fair value of cash flow hedges gains (losses)	2		2		(6)		(5)		3		3		(9)		(7)
Changes in cash flow hedges reclassed to earnings(1)	2		2		1		1		5		5		1		1

Net Unrealized Gains (Losses)	4		4		(5)		(4)		8		8		(8)		(6)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(8)		(8)		1		1		(7)		(7)		1		—
Prior service amortization(2)	—		—		(1)		—		(1)		(1)		(2)		—
Actuarial loss amortization/settlement(2)	18		17		15		13		36		34		30		27

Other (losses) gains(3)	(5)		(4)		(70)		(70)		18		19		(104)		(104)
Changes in Defined Benefit Plans Gains (Losses)	5		5		(55)		(56)		46		45		(75)		(77)

Other Comprehensive Income (Loss)	$	10	$	10	$	169	$	169	$	(22)	$	(23)	$	251	$	251

____________

(1)Reclassified to Cost of sales and interest expense - refer to Note 13 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 15 - 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:


	June 30, 2026		December 31, 2025
Cumulative translation adjustments	$	(1,937)	$	(1,861)
Other unrealized gains (losses), net	4		(4)
Benefit plans net actuarial losses and prior service credits	(1,401)		(1,446)
Total Accumulated Other Comprehensive Loss	$	(3,334)	$	(3,311)

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 72	$ 67	$ 161
Defined benefit plan, expected future employer contributions	160
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	63	56	140
Defined benefit plan, expected future employer contributions	140
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	9	11	21
Defined benefit plan, expected future employer contributions	20
U.S. Plans \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	52	44	112
Defined benefit plan, expected future employer contributions	115
Non-U.S. Plans \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	11	$ 12	$ 28
Defined benefit plan, expected future employer contributions	$ 25

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net (Loss)	$ (92)	$ (196)
Adjustments required to reconcile Net (loss) to Net cash used in operating activities:
Depreciation and amortization	201	117
Provisions	36	48
Net (gain) loss on early extinguishment of debt	(95)	4
Net loss (gain) on sales of businesses and assets	2	(5)
Divestitures	0	(4)
Stock-based compensation	18	26
Restructuring and asset impairment charges	65	10
Payments for restructurings	(40)	(33)
Non-service retirement-related costs	42	37
Contributions to retirement plans	(72)	(67)
Increase in accounts receivable and billed portion of finance receivables	(86)	(44)
Increase in inventories	(60)	(160)
Increase in equipment on operating leases	(67)	(52)
Decrease in finance receivables	157	212
(Increase) decrease in other current and long-term assets	(120)	16
(Decrease) increase in accounts payable	(30)	25
Increase (decrease) in accrued compensation	18	(51)
Increase (decrease) in other current and long-term liabilities	6	(40)
Net change in income tax assets and liabilities	6	35
Other operating, net	4	22
Net cash used in operating activities	(107)	(100)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(47)	(39)
Proceeds from sales of businesses and assets	8	30
Acquisitions, net of cash acquired	19	1
Other investing, net	(13)	(4)
Net cash used in investing activities	(33)	(12)
Cash Flows from Financing Activities
Net payments on short term debt	(125)	0
Proceeds from issuance of long-term debt	446	889
Payments on long-term debt	(251)	(343)
Tariff receivables monetization	80	0
Dividends	(16)	(58)
Other financing, net	(6)	(29)
Net cash provided by financing activities	128	459
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	7
(Decrease) increase in cash, cash equivalents and restricted cash	(13)	354
Cash, cash equivalents and restricted cash at beginning of period	565	631
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 552	$ 985

Restructuring Programs - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 144	$ 126		$ 126
Restructuring provision	31	56
Reversals of prior charges	(5)	(11)
Net current period charges	26	45	$ 9	71	$ 14
Charges against reserve and currency	(20)	(27)		(47)	$ (27)
Balance at end of period	150	144		150
Severance Costs Prior Actions
Restructuring Reserve [Roll Forward]
Balance at beginning of period	1	1		1
Restructuring provision	0	0
Reversals of prior charges	0	0
Net current period charges	0	0
Charges against reserve and currency	0	0
Balance at end of period	1	1		1
Severance Costs Reinvention
Restructuring Reserve [Roll Forward]
Balance at beginning of period	40	43		43
Restructuring provision	0	0
Reversals of prior charges	0	(2)
Net current period charges	0	(2)
Charges against reserve and currency	(3)	(1)
Balance at end of period	37	40		37
Severance Costs Integration
Restructuring Reserve [Roll Forward]
Balance at beginning of period	98	77		77
Restructuring provision	31	56
Reversals of prior charges	(5)	(9)
Net current period charges	26	47
Charges against reserve and currency	(17)	(26)
Balance at end of period	107	98		107
Other Contractual Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	5	5		5
Restructuring provision	0	0
Reversals of prior charges	0	0
Net current period charges	0	0
Charges against reserve and currency	0	0
Balance at end of period	$ 5	$ 5		$ 5

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Supplemental Financial Information [Abstract]
Provision for receivables					$ 17	$ 27
Provision for inventory					19	21
Depreciation of buildings and equipment					43	27
Depreciation and obsolescence of equipment on operating leases					80	59
Amortization of internal use software					18	11
Amortization of acquired intangible assets	$ 30		$ 10		60	20
Amortization of customer contract costs	$ 18	$ 17	$ 17	$ 16	36	33
Cost of additions to land, buildings and equipment					(26)	(9)
Cost of additions to internal use software					(21)	(30)
Payments to acquire noncontrolling interests - Xerox Holdings					(13)	(4)
Common stock dividends - Xerox Holdings					(9)	(51)
Preferred stock dividends - Xerox Holdings					(7)	(7)
Commitment fees					$ 0	$ (15)

Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Prior Period Adjustments

Prior period amounts have been reclassified to conform to the current period presentation.


	Three months ended June 30, 2025						Six months ended June 30, 2025
	Previously Reported		Reclassification		As Reported		Previously Reported		Reclassification		As Reported
Non-financing interest expense	$	—	$	55	$	55	$	—	$	88	$	88
Other expense (income), net - Xerox Holdings Corporation	80		(55)		25		148		(88)		60
Other expense (income) , net - Xerox Corporation	78		(55)		23		144		(88)		56

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Total	$ 1,258	$ 1,447
Financing receivable, 90 days or more past due, still accruing	53	56
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	43	49
Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	27	33
Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	10	9
Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	6	7
Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,215	1,398
United States
Financing Receivable, Past Due [Line Items]
Total	504	616
Financing receivable, 90 days or more past due, still accruing	29	35
United States \| Direct
Financing Receivable, Past Due [Line Items]
Total	405	478
Financing receivable, 90 days or more past due, still accruing	29	35
United States \| Indirect
Financing Receivable, Past Due [Line Items]
Total	99	138
Financing receivable, 90 days or more past due, still accruing	0	0
United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	28	35
United States \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	18	22
United States \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	6	7
United States \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	4	6
United States \| Billed Revenues \| Direct
Financing Receivable, Past Due [Line Items]
Total	23	27
United States \| Billed Revenues \| Direct \| Current
Financing Receivable, Past Due [Line Items]
Total	15	18
United States \| Billed Revenues \| Direct \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	5	5
United States \| Billed Revenues \| Direct \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	3	4
United States \| Billed Revenues \| Indirect
Financing Receivable, Past Due [Line Items]
Total	5	8
United States \| Billed Revenues \| Indirect \| Current
Financing Receivable, Past Due [Line Items]
Total	3	4
United States \| Billed Revenues \| Indirect \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	2
United States \| Billed Revenues \| Indirect \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	2
United States \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	476	581
United States \| Unbilled \| Direct
Financing Receivable, Past Due [Line Items]
Total	382	451
United States \| Unbilled \| Indirect
Financing Receivable, Past Due [Line Items]
Total	94	130
Canada
Financing Receivable, Past Due [Line Items]
Total	145	151
Financing receivable, 90 days or more past due, still accruing	5	4
Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	4
Canada \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	3	3
Canada \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	1
Canada \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	0
Canada \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	140	147
EMEA
Financing Receivable, Past Due [Line Items]
Total	593	663
Financing receivable, 90 days or more past due, still accruing	19	17
EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	10
EMEA \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	6	8
EMEA \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	3	1
EMEA \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	1
EMEA \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	583	653
Other
Financing Receivable, Past Due [Line Items]
Total	16	17
Financing receivable, 90 days or more past due, still accruing	0	0
Other \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	0
Other \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	0	0
Other \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Other \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	0	0
Other \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	$ 16	$ 17

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	$ 160	$ 163	$ 140	$ 139	$ 163	$ 139
Customer contract costs deferred	12	17	18	17
Amortization of customer contract costs	(18)	(17)	(17)	(16)	(36)	(33)
Other	1	(3)	2	0
Ending balance	$ 155	$ 160	$ 143	$ 140	$ 155	$ 143

Contingencies and Litigation - Brazil Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 376	$ 338
Escrow cash deposits	21	20
Surety bonds	97	115
Letters of credit	0	1
Liens on Brazilian assets	$ 0	$ 0

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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Finance Receivables, Net - Narrative (Details)	6 Months Ended	12 Months Ended
Finance Receivables, Net - Narrative (Details)	Jun. 30, 2026	Dec. 31, 2025
United States, Canada and EMEA \| Financing Receivable \| Credit Concentration Risk
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.50%	3.10%

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.

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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-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph c
-Publisher SEC

Supplementary Financial Information - Our Supplier Finance Program Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Supplier Finance Program, Obligation [Roll Forward]
Beginning balance	$ 18	$ 18	$ 19	$ 30
Amounts invoiced	21	18	22	22
Invoices paid	(26)	(18)	(21)	(33)
Ending balance	$ 13	$ 18	$ 20	$ 19

Shareholders’ Equity of Xerox Holdings - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Feb. 12, 2026 USD ($) d day $ / shares shares	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jan. 31, 2026 $ / shares	Dec. 31, 2024
Class of Stock [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
Dividends, warrants distributed per share of common stock held, ratio	0.50
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
Warrant liability, noncurrent \| $	$ 12	$ 21	$ 21
Increase in fair value of warrant liability \| $		$ 14	$ 9
2030 Convertible Notes \| Convertible Debt
Class of Stock [Line Items]
Debt interest rate (as percent)		3.75%	3.75%	3.75%	3.75%

Shareholders’ Equity of Xerox Holdings - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 31, 2026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 305	$ 1,057	$ 449	$ 1,080
Comprehensive (loss) income, net	23	63	(115)	55
Cash dividends declared - common	(4)	(4)	(7)	(21)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Distribution of stock warrants			(12)
Stock option and incentive plans, net	8	13	20	19
Transactions with noncontrolling interests	1	1	2	2
Balance at end of period	$ 330	$ 1,127	$ 330	$ 1,127
Par value of common stock (in dollars per share)					$ 1.00
Dividends per common share (in dollars per share)	$ 0.025	$ 0.025	$ 0.05	$ 0.15
Dividends per preferred share (in dollars per share)	$ 20.00	$ 40.00	$ 20.00	$ 40.00
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 299	$ 1,053	$ 444	$ 1,076
Comprehensive (loss) income, net	23	63	(115)	55
Cash dividends declared - common	(4)	(4)	(7)	(21)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Distribution of stock warrants			(12)
Stock option and incentive plans, net	8	13	20	19
Balance at end of period	323	1,122	323	1,122
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	131	126	128	124
Stock option and incentive plans, net			3	2
Balance at end of period	$ 131	126	$ 131	126
Par value of common stock (in dollars per share)	$ 1		$ 1
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,192	1,141	$ 1,183	1,137
Stock option and incentive plans, net	8	13	17	17
Balance at end of period	1,200	1,154	1,200	1,154
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	2,320	3,403	2,444	3,514
Comprehensive (loss) income, net	13	(106)	(92)	(196)
Cash dividends declared - common	(4)	(4)	(7)	(21)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Distribution of stock warrants			(12)
Balance at end of period	2,326	3,290	2,326	3,290
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,344)	(3,617)	(3,311)	(3,699)
Comprehensive (loss) income, net	10	169	(23)	251
Balance at end of period	(3,334)	(3,448)	(3,334)	(3,448)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	6	4	5	4
Transactions with noncontrolling interests	1	1	2	2
Balance at end of period	$ 7	$ 5	$ 7	$ 5

Contingencies and Litigation - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted	$ 282

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Joint Venture Financing

As discussed in Note 1 - Basis of Presentation, on February 17, 2026, Xerox and certain investors entered a joint venture arrangement pursuant to which the investors funded $405 aggregate principal amount of senior secured five-year Term Loans to, and purchased $45 of Class A Units from, XRX Brandco Holdings LLC (IPCo Holdings) which is a consolidated VIE. The Class A Units have a mandatory cumulative redemption expected in five years and as a result we have classified these instruments, as well as the Term Loans, as indebtedness totaling approximately $450 in the Condensed Consolidated Balance Sheet.

Transaction costs of $46 were paid at closing resulting in net proceeds of $404. The costs include amounts paid to lenders at closing representing transaction fees associated with underwriting, structuring, and committing capital, legal fees in connection with the debt financing, and advisory fees, as well as debt discounts. During the second quarter 2026, additional transaction costs of $8 for legal fees and expenses related to the joint venture arrangement were incurred. Transaction costs have been accounted for as debt issuance cost and discounts and will be amortized to interest expense over the five-year term. Amounts paid for the formation of the Joint Venture and for other general activities were not significant.

The Term Loans are guaranteed by a wholly owned subsidiary of IPCo Holdings, XRX Brandco LLC (IPCo) whose assets include royalty fees collected on the Contributed IP. The Term Loans bear interest at a per annum rate equal to the term SOFR rate, with a floor of 3.000% plus a margin of 8.125%. The Class A Units carry a per annum rate equal to the term SOFR rate, with a floor of 3.000% plus a margin of 11.875%. Both the Term Loans and the Class A Units amortize at a quarterly rate of 4.50% of the aggregate amount 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 balance is due in full at maturity.

This indebtedness is subject to customary voluntary and mandatory prepayment provisions, including requirements to prepay with the proceeds of certain indebtedness and excess cash flow. The Credit Agreement 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.

Early Redemptions of Debt

During 2026, the Company repurchased approximately $194 of its 5.50% Senior Unsecured Notes due August 2028 and $6 of its 13.50% Senior Secured Notes due 2031 for an aggregate purchase price of approximately $101. In connection with these transactions, a net gain was recognized on the early extinguishment of the debt of approximately $39 and $95 for the three and six months ended June 30, 2026, respectively, which was recorded to Other expenses (income), net in the Condensed Consolidated Statement of Income (Loss).

Financing Liability – Tariff Receivables Monetization

On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA). In addition, on March 4, 2026, the U.S. Court of International Trade (CIT) ruled that U.S. Customs and Border Protection (CBP) must return the IEEPA tariffs that were collected from February 4, 2025 through February 24, 2026. On April 20, 2026, the CBP launched the Consolidated Administration and Processing of Entries (CAPE) system to facilitate returns of previously paid tariffs, and at that time the Company determined that the return of the IEEPA tariffs was estimable and probable, and tariff receivables were recorded within the Condensed Consolidated Balance Sheet in Other current assets. A corresponding reduction to Cost of Sales of $105 was recorded in the Condensed Consolidated Statement of Income (Loss) for the three and six months ended June 30, 2026, respectively. The accounting for the return of the IEEPA tariff applies the loss recovery model, and the receivables represents recovery of tariff costs that were previously paid.

During the second quarter of 2026, the Company entered into a sale agreement to sell its rights to certain tariff receivables with a carrying amount of $105, for cash consideration of approximately $80. The cash consideration received is reported as a financing transaction in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2026. Imputed interest expense of approximately $25 will be recorded to Other expenses (income), net through December 31, 2026, our current estimate of when we will receive all of the refunds and subsequently transfer those refunds to the purchaser. Any cash received associated with the tariff receivable will be deposited and held in a restricted cash account until repayment is made to the purchaser. At June 30, 2026, a liability of $90 was recorded on the Condensed Consolidated Balance Sheet in Financing liability – tariff receivables monetization, reflecting the cash consideration received and the accrual of imputed interest.

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 in 2025 was reduced to $20.84 per share, which is the same as the conversion price of the 2030 Convertible Notes.

Revolving Credit Facility

Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation, have a revolving credit facility (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 a date that is 91 days prior to the final scheduled maturity date of any Material Springer Debt (as defined in the ABL Facility credit agreement), and there are no scheduled principal

payments prior to maturity. The ABL Facility has commitments from the lenders of $425. In May 2026, the Company entered into Amendment No. 3 to the Credit Agreement which, among other things, increased the letter of credit sublimit from $100 to $125.

As of August 6, 2026, and based on our June availability calculation, we have availability of $388 before letters of credit issued under the ABL Facility of approximately $112. There are no current borrowings outstanding. Accordingly, our net availability is approximately $276. 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 indebtedness.

Xerox Holdings Corporation/Xerox Corporation Intercompany Loan

At June 30, 2026 and December 31, 2025, the balance of the Xerox Holdings Corporation Intercompany Loan reported in Xerox Corporation’s Condensed Consolidated Balance Sheet was $1,682 and $1,993, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $28 and $36, respectively.

Interest Expense and Income

Interest expense and income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Equipment financing interest(1)	$	18	$	23	$	37	$	45
Non-financing interest expense(2)	100		55		184		88
Interest expense	$	118	$	78	$	221	$	133

Financing income(3)	$	25	$	32	$	52	$	65
Other interest income(3)	3		6		6		8
Interest income	$	28	$	38	$	58	$	73

____________

(1)Equipment financing interest is included in Cost of services, maintenance, rentals and other in the Condensed Consolidated Statements of Income (Loss).

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.

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