Xerox sees 2025 revenue growth in low single-digits from 2024 revenue of $6.22B

Consensus for 2025 revenue is $6.12B. Sees 2025 adjusted operating margin of at least 5.0%, free cash flow of $350M-$400M. Guidance does not include any impact from the pending acquisition of Lexmark. Guidance further excludes potential adverse effects of tariff and trade policy, and the resultant impact on the macroeconomic outlook for the second half of the year, as tariff rates and trade policy remain fluid and unpredictable. Currently expects minimal tariff-related impacts to our financial results in Q2. The company is working with supplier partners to minimize tariff-related cost increases and will monitor client sentiment and demand in response to price increases or surcharges used to mitigate the financial impact of future tariffs.