Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO Letter
SHELTON, Conn.--( BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the fourth quarter and full year 2025. In conjunction with this announcement, CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter’s CEO letter please click here.
Pitney Bowes delivered strong earnings and cash flow performance in 2025.
Financial Highlights:
The following tables summarize the Company’s financial highlights for the fourth quarter and full year 2025:
Fourth Quarter
($ millions except EPS)
2025
2024
$ Change
% Change
Revenue
$478
$516
($38)
(7%)
GAAP EPS
$0.17
($0.21)
$0.38
>100%
Adj. EPS 1
$0.45
$0.32
$0.13
40%
GAAP Net Income
$27
($37)
$65
>100%
Adj. EBIT 1
$132
$114
$18
15%
Cash from Operations
$222
$132
$90
68%
Free Cash Flow 1
$212
$142
$70
50%
Full Year
($ millions except EPS)
2025
2024
$ Change
% Change
Revenue
$1,893
$2,027
($134)
(7%)
GAAP EPS
$0.84
($1.12)
$1.95
>100%
Adj. EPS 1
$1.35
$0.82
$0.53
64%
GAAP Net Income
$145
($204)
$348
>100%
Adj. EBIT 1
$461
$385
$76
20%
Cash from Operations
$383
$276
$107
39%
Free Cash Flow 1
$358
$290
$68
24%
1 Adjusted EPS, Adjusted EBIT, and Free Cash Flow are non-GAAP measures. Definitions for these metrics can be found in the Use of Non-GAAP Measures section. Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules.
Update on Capital Allocation
Business Segment Reporting
SendTech Solutions
SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Fourth Quarter
Full Year
($ millions)
2025
2024
% Change
2025
2024
% Change
Revenue
$318
$337
(6%)
$1,256
$1,354
(7%)
Adj. Segment EBITDA
$124
$103
20%
$458
$431
6%
Adj. Segment EBIT
$113
$91
24%
$412
$385
7%
SendTech revenue decline in the fourth quarter was driven by the impact of prior year product migration and a decrease in the mailing install base. The product migration concluded at the end of 2024, and the Company expects segment year-over-year revenue decline to be less steep going forward. Shipping-related revenues declined 5% year-over-year in the fourth quarter.
SendTech achieved increased Adjusted EBITDA and EBIT through disciplined cost management. Gross margin expanded 180 basis points in the fourth quarter due to cost optimization actions and a shift to higher margin revenue streams. In the fourth quarter, operating expenses declined $28 million year-over-year primarily from cost reduction initiatives.
Presort Services
Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.
Fourth Quarter
Full Year
($ millions)
2025
2024
% Change
2025
2024
% Change
Revenue
$160
$180
(11%)
$637
$663
(4%)
Adj. Segment EBITDA
$51
$61
(16%)
$202
$202
0%
Adj. Segment EBIT
$42
$52
(20%)
$165
$166
(0%)
Revenue decline in the fourth quarter was driven by a 10% reduction in volumes due to previously communicated client losses and market decline. Total volume sorted in the fourth quarter 2025 was 3.4 billion pieces of mail.
Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue and reduced operating leverage from lower volumes. This decline was partially offset by improved operating expenses and a favorable $5 million prior period accounting adjustment.
2026 Full-Year Outlook
Pitney Bowes provides the following guidance for Revenue, Adjusted EBIT, Adjusted EPS and Free Cash Flow in 2026.
$ millions, except EPS
Low
High
Revenue
$1,760
$1,860
Adjusted EBIT
$410
$460
Adjusted EPS
$1.40
$1.60
Free Cash Flow
$340
$370
***As a reminder, to read and/or download a copy of this quarter’s CEO letter, please click here***
Q4 and Full Year 2025 Earnings Conference Call
Management will discuss the Company’s results in a webcast tomorrow, February 18, 2026, at 8:00 a.m. ET. Instructions for accessing the earnings results call are available on the Investor Relations page of the Company’s website at www.pitneybowes.com.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com.
Adjusted Segment EBIT
Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level. Adjusted Segment EBIT includes segment revenues and related costs and expenses attributable to the segment, but excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to a business segment. We also report Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance, which is calculated as Adjusted Segment EBIT plus depreciation and amortization expense of the segment.
Use of Non-GAAP Measures
Pitney Bowes’ financial results are reported in accordance with generally accepted accounting principles (GAAP). Pitney Bowes also discloses certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS) and free cash flow.
Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, foreign currency gains and losses on intercompany loans, certain costs associated with the Ecommerce Restructuring, gains and losses on debt redemptions and other unusual items that we believe are not indicative to our core business operations.
Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides better insight into the amount of cash available for other discretionary uses.
Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at: https://www.investorrelations.pitneybowes.com/. We do not provide a reconciliation of forward‑looking non‑GAAP measures to the most comparable GAAP measures because items necessary for such reconciliation are not available on a reasonable basis without unreasonable efforts.
Forward-Looking Statements
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third party suppliers’ ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.
2025
2024
2025
2024
$
307,700
$
327,922
$
1,206,031
$
1,260,612
90,927
106,613
364,709
430,845
78,998
81,586
321,889
335,141
477,625
516,121
1,892,629
2,026,598
148,391
157,672
594,898
639,039
52,666
61,646
212,366
244,198
13,632
19,202
61,503
81,061
140,956
148,269
621,567
717,894
3,505
9,492
15,278
31,957
41,618
12,056
58,660
76,915
26,181
26,771
101,460
110,094
2,097
90,774
7,543
89,044
10,202
38,436
26,830
88,723
439,248
564,318
1,700,105
2,078,925
38,377
(48,197
)
192,524
(52,327
)
11,040
(6,134
)
47,827
(154,829
)
27,337
(42,063
)
144,697
102,502
-
4,690
-
(306,099
)
$
27,337
$
(37,373
)
$
144,697
$
(203,597
)
$
0.17
$
(0.23
)
$
0.84
$
0.57
-
0.03
-
(1.71
)
$
0.17
$
(0.21
)
$
0.84
$
(1.13
)
$
0.17
$
(0.23
)
$
0.84
$
0.56
-
0.03
-
(1.68
)
$
0.17
$
(0.21
)
$
0.84
$
(1.12
)
157,534
182,006
173,040
182,526
$284,887
$469,726
12,232
16,374
168,099
159,951
496,446
535,608
66,241
59,836
3,143
10,429
69,451
66,030
1,100,499
1,317,954
185,913
218,657
24,054
24,587
605,129
610,316
746,687
721,003
14,741
15,780
106,996
113,357
95,412
99,773
289,520
276,089
$3,168,951
$3,397,516
$845,378
$873,626
582,630
645,860
28,396
26,912
17,150
53,250
69,075
70,131
5,210
2,948
1,547,839
1,672,727
1,975,888
1,866,458
72,665
49,187
278
13,770
99,757
100,804
71,000
57,977
203,884
215,026
3,971,311
3,975,949
270,338
270,338
2,655,703
2,671,868
(789,132
)
(839,171
)
(2,939,269
)
(2,681,468
)
(802,360
)
(578,433
)
$3,168,951
$3,397,516
2025
2024
$
144,697
$
(203,597
)
-
306,099
111,575
114,485
13,234
13,182
(8,907
)
19,373
14,151
16,524
7,226
12,907
14,072
10,892
58,392
76,915
(41,338
)
(86,024
)
(25,931
)
(24,907
)
-
91,339
11,066
13,192
21,944
(10,241
)
268
10,000
38,405
(173,710
)
8,241
(12,954
)
(13,999
)
31,983
107,223
60,342
(5,566
)
2,260
817
996
(62,028
)
47,348
(6,806
)
(35,070
)
(3,479
)
(4,882
)
383,257
276,452
-
(47,282
)
383,257
229,170
(66,278
)
(72,403
)
(34,772
)
(30,099
)
28,345
76,563
8,907
(17,234
)
(61,200
)
(9,467
)
(2,200
)
-
2,101
10,969
(125,097
)
(41,671
)
-
(7,385
)
(125,097
)
(49,056
)
1,005,000
-
(934,316
)
(233,930
)
(50,208
)
(10,458
)
(51,059
)
(35,956
)
(17,271
)
(13,688
)
(24,702
)
-
(378,361
)
-
5,559
(4,568
)
(445,358
)
(298,600
)
-
(6,855
)
(445,358
)
(305,455
)
2,359
(4,987
)
(184,839
)
(130,328
)
469,726
600,054
$
284,887
$
469,726
2025
2024
2025
2024
$317,897
$336,562
(6%)
$1,256,001
$1,354,032
(7%)
159,728
179,555
(11%)
636,628
662,587
(4%)
477,625
516,117
(7%)
1,892,629
2,016,619
(6%)
-
4
(100%)
-
9,979
(100%)
$477,625
$516,121
(7%)
$1,892,629
$2,026,598
(7%)
2025
2024
$
112,848
$
10,923
$
123,771
$
90,833
$
12,146
$
102,979
24
%
20
%
41,932
9,380
51,312
52,228
9,103
61,331
(20
%)
(16
%)
$
154,780
$
20,303
175,083
$
143,061
$
21,249
164,310
8
%
7
%
-
(677
)
(20,303
)
(21,249
)
(22,804
)
(27,946
)
(41,618
)
(12,056
)
(36,485
)
(41,708
)
10,362
(8,750
)
-
(91,339
)
(710
)
23,724
(4,584
)
(2,820
)
(20,564
)
(29,686
)
$
38,377
$
(48,197
)
2025
2024
$
412,189
$
45,525
$
457,714
$
384,751
$
45,867
$
430,618
7
%
6
%
165,277
37,029
202,306
165,784
35,825
201,609
(0
%)
0
%
$
577,466
$
82,554
660,020
$
550,535
$
81,692
632,227
5
%
4
%
-
(12,821
)
(82,554
)
(81,692
)
(116,173
)
(152,503
)
(58,392
)
(76,915
)
(149,156
)
(173,694
)
(14,072
)
(10,892
)
-
(91,339
)
(21,944
)
10,243
(12,179
)
(17,110
)
(268
)
(10,000
)
(12,758
)
(67,831
)
$
192,524
$
(52,327
)
Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, foreign currency gains and losses from the revaluation of intercompany loans and other items that are not allocated to a business segment.
Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment.
2025
2024
2025
2024
$27,337
($37,373
)
$144,697
($203,597
)
-
(4,690
)
-
306,099
11,040
(6,134
)
47,827
(154,829
)
38,377
(48,197
)
192,524
(52,327
)
41,618
12,056
58,392
76,915
-
91,339
-
91,339
710
(23,724
)
21,944
(10,243
)
4,584
2,820
12,179
17,110
-
-
268
10,000
20,564
29,686
12,758
67,831
(10,362
)
8,750
14,072
10,892
95,491
72,730
312,137
211,517
25,255
14,322
77,743
61,254
$70,236
$58,408
$234,394
$150,263
$95,491
$72,730
$312,137
$211,517
36,485
41,708
149,156
173,694
131,976
114,438
461,293
385,211
27,072
28,588
111,575
114,485
$159,048
$143,026
$572,868
$499,696
$0.17
($0.21
)
$0.84
($1.12
)
-
(0.03
)
-
1.68
0.20
0.05
0.25
0.32
-
0.37
-
0.37
0.00
(0.10
)
0.10
(0.04
)
0.02
0.01
0.05
0.07
(0.05
)
0.04
0.06
0.05
0.10
0.12
0.06
0.28
-
-
-
0.06
-
0.05
-
0.05
-
-
-
(0.90
)
$0.45
$0.32
$1.35
$0.82
$221,699
$131,837
$383,257
$276,452
(20,251
)
(22,182
)
(66,278
)
(72,403
)
10,495
32,104
41,338
86,024
$211,943
$141,759
$358,317
$290,073