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Xerox’s Bonds Drop by Nearly 3 Points on Weak Results
August 1, 2025
Xerox Holdings reported an adjusted loss per share of $0.64, sharply missing the forecasted EPS of $0.07 in their 2Q2025 results. Operationally, revenues remained flat YoY while the adjusted operating income margin fell by 170bp to 3.7% and its debt-to-equity ratio stood at 3.33x. Despite completing the acquisition of Lexmark and expanding its sales program, Xerox’s performance was weighed down by negative free cash flow of $30mn and a debt load of $3.9bn.
Although Xerox forecasts 16–17% revenue growth in 2025, its financial health remains mixed, with strong relative value but weak growth prospects. The significant earnings miss led to a 22% drop in the company’s stock price, with its dollar bonds also tumbling by 2-3 points.
Its 8.875% 2029s dropped by 2.7 points to 66 cents on the dollar, yielding 21.26%.
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