On this page of StockholderLetter.com we present the latest annual shareholder letter from Xerox Holdings Corp — ticker symbol XRX. Reading current and past XRX letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  4/6/2023 XRX Stockholder Letter
 •  4/4/2024 XRX Stockholder Letter
 •  4/9/2025 XRX Stockholder Letter
 •  More "Computer Peripherals" Category Stockholder Letters
 •  XRX Benford's Law Stock Score = 100

XRX Shareholder/Stockholder Letter Transcript:

Table of Contents
Letter to the Shareholders
Board of Directors
Officers
2025 Form 10-K Insert
FYI

Shareholders ,
As we reflect on 2025, it   s clear the year marked a defining turning
point for our company. Despite the impact of tariffs, government
shutdowns and a challenging macroeconomic environment, we
entered 2026 with a stronger operating foundation, more robust
offering portfolio and greater capabilities, having completed the
acquisition of Lexmark and the integration of ITsavvy.
Your continued support throughout this period of significant
transformation has been essential to our progress. We are deeply
grateful for your partnership.
CONTINUING REINVENTION & STRENGTHENING
OUR CORE
S T R AT E G I C M I L E S T O N E S : L E X M A R K & I T S O L U T I O N S
I N T E G R AT I O N
In 2025, the foundational work of our Reinvention created
the capacity to overcome significant secular headwinds
while strengthening our business. We simplified processes,
modernized operations, and aligned our organization around
what clients value most     assistance navigating rapidly
changing workplace demands, from a partner they know
and trust.
Two major accomplishments this year played essential
roles in strengthening the company and accelerating our
transformation:
As part of this progress, we continued our shift from a printfirst company to a software-enabled, services-led business
built to improve productivity, strengthen security and deliver
measurable outcomes. We are executing this shift at a
time when AI is reshaping workflow automation, content
management, threat detection, analytics and service delivery.
To meet this shift headon, we are embedding intelligent
capabilities across our offerings so clients can move faster,
operate more securely, and gain clearer insight, with an
emphasis on responsible deployment, data protection and
tangible results.
We advanced this work while operating through a period of
macro uncertainty, including volatile tariff policies, increased
product costs and ongoing global supply chain and energyrelated pressures. Throughout these conditions, we
maintained executional discipline, protected service levels,
and sustained momentum across our strategic priorities.
THE ACQUISITION OF LEXMARK
The Lexmark acquisition expanded our reach, broadened
our product portfolio, and deepened our presence in key
market segments. Lexmark   s strengths in A4 devices, channel
distribution, embedded solutions, and internal manufacturing
have enhanced our competitiveness and fortified our position
with enterprise and midmarket clients. This integration improves
quality, secures supply, accelerates innovation cycles, and
strengthens our long-term cost position.
T H E I N T E G R AT I O N O F X E R O X I T S O L U T I O N S
The full integration of ITsavvy, now operating as the core
platform within Xerox IT Solutions, represents one of our most
significant mix-shift accelerators to date. By unifying ITsavvy
and our legacy IT Solutions business under one operating model
and embedding these capabilities directly into our go-to-market
approach, we have strengthened our ability to compete in a
total addressable market estimated to be nearly ten times
the size of traditional print. This positions us to deepen client
relationships and build recurring revenue streams that support
predictable, sustainable growth.

ENTERING 2026 WITH ALL THE PIECES IN PLACE
In 2026, we will continue to optimize our commercial operations,
leverage the capabilities of our acquired businesses, and drive
additional efficiencies through our Global Business Services
organization. Our priorities remain clear: stabilize revenue,
expand margins, and reduce debt as quickly as possible. Every
operational, commercial, and strategic decision we make is
aligned to these goals.
The foundation we built over the past several years has brought
us to this point. Every process we simplified, every route to
market we unified, and every growth engine we invested in has
strengthened the company and prepared us for the next stage
of performance. We   ve entered 2026 a stronger company fully
prepared to achieve sustainable growth.
The future is now. And together, we are ready to win it.
Regards.
Scott Letier
Chairman of the Board
Louie Pastor
Chief Executive Officer

B OA R D O F D I R E C TO R S
Scott Letier
Louie Pastor
John G. Bruno
Tami A. Erwin
Priscilla Hung
Chairman of Xerox
Holdings, Chief Investment
Officer and Managing
Director, Deason Capital
Services, LLC
Chief Executive Officer,
Xerox Holdings
Corporation
Chief Executive Officer of
the National Veterinary
Associates Group
Former Executive Vice
President and Group CEO,
Verizon Business Group
Former President and
Chief Operating Officer,
Guidewire Software
Nichelle Maynard-Elliot
Edward G. McLaughlin
John J. Roese
Amy Schwetz
Former Executive Director,
Mergers and Acquisitions,
for Praxair, Inc.
President and Chief
Technology Officer,
Mastercard
Chief Technology Officer
and Chief AI Officer,
Dell Technologies
Senior Vice President and
Chief Financial Officer,
Flowserve
OFFICERS
Louie Pastor
Chief Executive Officer
Chuck Butler
Executive Vice President
and Chief Financial Officer
Flor Col  n
Executive Vice President and Chief Legal
Officer and Corporate Secretary
Jacques-Edouard Gueden
Executive Vice President
and Chief Revenue Officer
Munu Gandhi
President IT Solutions
William Twomey
Vice President and Chief Accounting Officer
Stuart Kirk
Vice President and Treasurer
Eric Risi
Assistant Secretary

4/7/2026 Letter Continued (Full PDF)

 

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