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News from Xerox Holdings Corporation xerox ™ Xerox Holdings Corporation 201 Merritt 7 Norwalk , CT 06851-1056 Xerox Releases Second - Quarter Results Company reports higher revenue , EPS and free cash flow while increasing investments in targeted growth areas Financial Summary • $ 1.79 billion of revenue , up 22.4 percent year - over - year or 18.1 percent in constant currency . • GAAP earnings per share ( EPS ) of $ 0.46 , up $ 0.35 year - over - year , and adjusted EPS of $ 0.47 , up $ 0.32 year - over - year . • Adjusted operating margin of 7.0 percent , up 280 basis points year - over - year . • $ 214 million of operating cash flow , up $ 180 million year - over - year . • $ 198 million of free cash flow , up $ 183 million year - over - year . NORWALK , Conn . , July 27 , 2021 - Xerox Holdings Corporation ( NYSE : XRX ) today announced 2021 second - quarter results . " We saw growing demand for our products and services in the second quarter . Increased equipment sales and print volumes in many regions are consistent with a continuing , gradual return to the office and give us confidence to reaffirm our revenue and cash flow guidance for the year , " said Xerox Vice Chairman and CEO John Visentin . “ Over the past 18 months , our team has successfully managed through an unprecedented level of uncertainty to continue delivering value to our clients . This focus will continue in the second half of the year as we manage through global supply chain disruption while investing for sustainable , long - term growth . ” Second - Quarter Key Financial Results : B / ( W ) ( in millions , except per share data ) Q2 2021 Q2 2020 YOY % Change YOY Revenue Gross Margin RD & E % $ 1,793 35.6 % $ 1,465 38.5 % $ 328 ( 290 ) bps 22.4 % AC 18.1 % CC1 4.4 % SAG % 24.2 % 5.2 % 29.1 % 80 bps 490 bps Pre - Tax Income $ 99 $ 35 $ 64 182.9 % Pre - Tax Income Margin 5.5 % 2.4 % 310 bps Operating Income - Adjusted¹ $ 126 $ 62 $ 64 103.2 % Operating Margin - Adjusted¹ 7.0 % 4.2 % 280 bps GAAP Earnings per Share $ 0.46 $ 0.11 $ 0.35 318.2 % Earnings Per Share - Adjusted¹ $ 0.47 $ 0.15 $ 0.32 ( 1 ) Refer to the " Non - GAAP Financial Measures " section of this release for a discussion of these non - GAAP measures and their reconciliation to the reported GAAP measures . 1