New York, May 28, 2026, 10:34 EDT
- Xerox shares rose roughly 2.6% to $3.18 in early trading.
- Shareholders approved another 15 million shares for the equity plan, the company said in a Wednesday 8-K.
- Xerox shares are in play as investors track the company’s efforts on debt reduction, the Lexmark transaction, and cash flow goals for later this year.
Xerox Holdings shares rose early Thursday after a fresh SEC filing showed the office-technology firm’s latest share count, putting a spotlight on the company’s turnaround push.
Xerox (XRX.OQ) was last up 8 cents at $3.18 on Nasdaq. About 1.6 million shares changed hands, putting the market cap at $416 million. Shares traded between $3.05 and $3.23 for the day. The Nasdaq Composite and S&P 500 were flat.
Xerox shares are below $4, so new share authorizations can hit existing holders harder. On May 27, the company filed that shareholders approved adding 15 million more shares to the 2024 Equity and Performance Incentive Plan.
Xerox’s reserve stands at about 11.5% of the 130.8 million shares outstanding as of April 30, a recent SEC filing shows. The company isn’t issuing those shares yet, but the move opens up more room for equity awards down the line. Existing holders would take a hit from dilution if Xerox does release the new shares.
Xerox’s plan amendment cleared, but the vote wasn’t unanimous. The company reported 46.5 million in favor, 15.9 million against, and 915,269 abstentions. Broker non-votes came to 24.9 million. Xerox filed an S-8 to register 15 million more shares, on top of the 19.9 million shares already registered under the plan.
Xerox posted first quarter revenue of $1.85 billion, up 26.7% with Lexmark helping. The company reported a GAAP net loss of $105 million, or 84 cents a share. Adjusted operating income was $72 million. Free cash flow was negative $165 million. Results come ahead of the equity-plan vote.
Xerox CEO Louie Pastor said in April the company wants to stabilize revenue, improve profit, and cut leverage. On the earnings call, Pastor told Loop Capital’s Ananda Baruah the plan “doesn’t need to change” but said there needs to be more “rigor and focus.” Xerox Corporation
Xerox CFO Chuck Butler told analysts he expects margin and cash flow to improve later this year, with the fourth quarter typically the company’s strongest for revenue. Butler said integration savings should grow each quarter.
Xerox is doubling down on print, agreeing to buy Lexmark for $1.5 billion, Reuters reported. The deal is meant to give Xerox a bigger push in A4 color printing and help it take on HP and Canon. Zeus Kerravala, principal analyst at ZK Research, said any cost savings could help the core business. “Xerox has set themselves up for the future,” he said. Reuters
Pressure from shareholders is on the rise. This month, STARTEEPO Invest and Frantisek Bostl disclosed a 5.15% stake in Xerox and said they might reach out to management and the board to discuss business, operations, strategy, and future plans.
Xerox isn’t out of the woods yet. The company ended the first quarter with $637 million in cash and restricted cash, and total debt stands at $4.4 billion. Executives say they’re banking on better cash flow for the rest of 2026. But higher memory or oil prices, weaker print demand, or delays in Lexmark savings could keep leverage elevated and make it harder to sell more shares.
