Xerox posts Q3 2023 GAAP net income of US$49M, or US$0.28 per share on Q3 revenue of US$1.65B, which is down 5.7% year-over-year

October 24, 2023 (press release) –

Financial Summary

Q3 2023

• Revenue of $1.65 billion, down 5.7 percent, or 7.4 percent in constant currency.
• GAAP net income of $49 million, or $0.28 per share, up $432 million or $2.76 per share, year-over-year, respectively.
• Adjusted net income of $77 million, or $0.46 per share, up $44 million or $0.27 per share, year-over-year, respectively.
• Adjusted operating margin of 4.1 percent, up 40 basis points year-over-year.
• Operating cash flow of $124 million, up $132 million year-over-year.
• Free cash flow of $112 million, up $130 million year-over-year.
• Announces Reinvention, expected to deliver improvement in adjusted operating income of at least $300 million by 2026.

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