Xerox Holdings Corp (XRX) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Technology · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $8.25 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 25.4% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 30.5% | What is left after maintaining the business. |
Spread between highest and lowest: 5 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $0.20 ÷ diluted EPS $-8.25
- Operating cash flow — dividends paid $57.0m ÷ operating cash flow $224.0m
- Free cash flow — dividends paid $57.0m ÷ (operating cash flow $224.0m − capex $37.0m)
Where the figures came from
- 10-K filed 2026-03-17 · accession
0001770450-26-000009
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS $0.20 filed as declared, but dividends paid imply $0.45 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.