施乐 2025年度报告

FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended: December 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from: ______to: ________________________________________________________ New YorkNew York(State or other jurisdiction of incorporation ororganization) (Commission File Number) P.O. Box 4505, 401 Merritt 7Norwalk, Connecticut 06851-1056(Address of principal executive offices and Zip Code) 203-849-5216 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Xerox Holdings Corporation Common Stock,$1 par valueXerox Holdings Corporation Warrants toPurchase Common Stock, $1 par value(Title of each class) Nasdaq Global Select Market XRX Securities registered pursuant to Section 12(g) of the Act:None____________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Xerox Holdings CorporationYes☐No☒ Xerox CorporationYes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Xerox Holdings CorporationYes☐No☒ Xerox CorporationYes☐No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90days. Xerox Holdings CorporationYes☒No☐ Xerox CorporationYes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files). Xerox Holdings CorporationYes☒No☐Xerox CorporationYes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Xerox Holdings Corporation Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act. Xerox Holdings Corporation Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport. Xerox Holdings Corporation☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements. Xerox Holdings Corporation☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant's executive officers during the relevant recovery periodpursuant to § 240.10D-1(b). Xerox Holdings Corporation☐ Xerox Corporation☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Xerox Holdings CorporationYes☐No☒ Xerox CorporationYes☐No The aggregate market value of the voting stock of the registrant held by non-affiliates as of June30, 2025 was$612,685,125. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicabledate: ClassOutstanding at February 28, 2026Xerox Holdings Corporation Common Stock, $1 par value128,617,804 DOCUMENTS INCORPORATED BY REFERENCE Portions of the following document are incorporated herein by reference: Part of Form 10-K in Which Incorporated Xerox Holdings Corporation Notice of 2026 Annual Meeting of Shareholders andProxy Statement (to be filed no later than 120 days after the close of the fiscal yearcovered by this report on Form 10-K) III Cautionary Statement Regarding Forward-Looking Statements This combined Annual Report on Form 10-K (Form 10-K), and other written or oral statements made from time to time bymanagement contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 that involvecertain risks and uncertainties. The words