US Market News
4月前
Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO LetterFebruary 17, 2026 4:22 PM
Business Wire
Delivered Strong Earnings and Cash Flow Performance in 2025, Reflecting Continued Focus on Accretive Capital Allocation, Disciplined Cost Management and Improved Operational Execution
Deployed Significant Cash Flow into Repurchasing 12.6 million shares for $127 million and Reducing $114 million of Principal Debt in Q4 2025
Releases Full-Year 2026 Guidance and New CEO Letter, which Summarizes Recent Progress and Go-Forward Priorities
Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the fourth quarter and full year 2025. In conjunction with this announcement, CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter’s CEO letter please click here.
Financial Highlights:
The following tables summarize the Company’s financial highlights for the fourth quarter and full year 2025:
Fourth Quarter
($ millions except EPS)
2025
2024
$ Change
% Change
Revenue
$478
$516
($38)
(7%)
GAAP EPS
$0.17
($0.21)
$0.38
>100%
Adj. EPS1
$0.45
$0.32
$0.13
40%
GAAP Net Income
$27
($37)
$65
>100%
Adj. EBIT1
$132
$114
$18
15%
Cash from Operations
$222
$132
$90
68%
Free Cash Flow1
$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. EPS1
$1.35
$0.82
$0.53
64%
GAAP Net Income
$145
($204)
$348
>100%
Adj. EBIT1
$461
$385
$76
20%
Cash from Operations
$383
$276
$107
39%
Free Cash Flow1
$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
In Q4, the Company repurchased 12.6 million shares for $127 million. From January 1, 2026 through February 13, 2026, the Company repurchased an additional 1.2 million shares for $12 million. As a result of the successful execution of the share repurchase program, Pitney Bowes’ Board of Directors (the “Board”) recently increased the Company’s repurchase authorization by $250 million. As of February 13, 2026, there was $359 million in capacity remaining under the authorization.
In Q4, the Company reduced principal debt by $114 million through a combination of a tender offer for the 2037 and 2043 Notes, open market repurchases of the Term Loan B and 2027 Notes, and scheduled amortization payments.
The Board approved a regular quarterly dividend of $0.09 per share, payable on March 30, 2026, to shareholders of record as of February 27, 2026.
In Q4, the Company entered into buy-in contracts with insurance carriers to transfer the risk associated with approximately $875 million of projected benefit obligations from the Company’s U.S. Qualified and Canadian Qualified Pension Plans.
Business Segment Reporting
SendTech Solutions
SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Fourth Quarter
Full Year
($ 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.
Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue:
Services
$
307,700
$
327,922
$
1,206,031
$
1,260,612
Products
90,927
106,613
364,709
430,845
Financing and other
78,998
81,586
321,889
335,141
Total revenue
477,625
516,121
1,892,629
2,026,598
Costs and expenses:
Cost of services
148,391
157,672
594,898
639,039
Cost of products
52,666
61,646
212,366
244,198
Cost of financing and other
13,632
19,202
61,503
81,061
Selling, general and administrative
140,956
148,269
621,567
717,894
Research and development
3,505
9,492
15,278
31,957
Restructuring charges
41,618
12,056
58,660
76,915
Interest expense, net
26,181
26,771
101,460
110,094
Other components of net pension and postretirement cost
2,097
90,774
7,543
89,044
Other expense
10,202
38,436
26,830
88,723
Total costs and expenses
439,248
564,318
1,700,105
2,078,925
Income (loss) from continuing operations before taxes
38,377
(48,197
)
192,524
(52,327
)
Provision (benefit) for income taxes
11,040
(6,134
)
47,827
(154,829
)
Income (loss) from continuing operations
27,337
(42,063
)
144,697
102,502
Income (loss) from discontinued operations, net of tax
-
4,690
-
(306,099
)
Net income (loss)
$
27,337
$
(37,373
)
$
144,697
$
(203,597
)
Basic earnings (loss) per share:
Continuing operations
$
0.17
$
(0.23
)
$
0.84
$
0.57
Discontinued operations
-
0.03
-
(1.71
)
Net income (loss)
$
0.17
$
(0.21
)
$
0.84
$
(1.13
)
Diluted earnings (loss) per share:
Continuing operations
$
0.17
$
(0.23
)
$
0.84
$
0.56
Discontinued operations
-
0.03
-
(1.68
)
Net income (loss)
$
0.17
$
(0.21
)
$
0.84
$
(1.12
)
Weighted-average shares used in diluted earnings per share
157,534
182,006
173,040
182,526
The sum of the earnings per share amounts may not equal the totals due to rounding.
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)
Assets
December 31,
2025
December 31,
2024
Current assets:
Cash and cash equivalents
$284,887
$469,726
Short-term investments
12,232
16,374
Accounts and other receivables, net
168,099
159,951
Short-term finance receivables, net
496,446
535,608
Inventories
66,241
59,836
Current income taxes
3,143
10,429
Other current assets and prepayments
69,451
66,030
Total current assets
1,100,499
1,317,954
Property, plant and equipment, net
185,913
218,657
Rental property and equipment, net
24,054
24,587
Long-term finance receivables, net
605,129
610,316
Goodwill
746,687
721,003
Intangible assets, net
14,741
15,780
Operating lease assets
106,996
113,357
Noncurrent income taxes
95,412
99,773
Other assets
289,520
276,089
Total assets
$3,168,951
$3,397,516
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable and accrued liabilities
$845,378
$873,626
Customer deposits at Pitney Bowes Bank
582,630
645,860
Current operating lease liabilities
28,396
26,912
Current portion of long-term debt
17,150
53,250
Advance billings
69,075
70,131
Current income taxes
5,210
2,948
Total current liabilities
1,547,839
1,672,727
Long-term debt
1,975,888
1,866,458
Deferred taxes on income
72,665
49,187
Tax uncertainties and other income tax liabilities
278
13,770
Noncurrent operating lease liabilities
99,757
100,804
Noncurrent customer deposits at Pitney Bowes Bank
71,000
57,977
Other noncurrent liabilities
203,884
215,026
Total liabilities
3,971,311
3,975,949
Stockholders' deficit:
Common stock
270,338
270,338
Retained earnings
2,655,703
2,671,868
Accumulated other comprehensive loss
(789,132
)
(839,171
)
Treasury stock, at cost
(2,939,269
)
(2,681,468
)
Total stockholders' deficit
(802,360
)
(578,433
)
Total liabilities and stockholders' deficit
$3,168,951
$3,397,516
PITNEY BOWES INC.
STATEMENTS OF CASH FLOWS
DECEMBER 2025
(Dollars in thousands)
Year Ended December 31,
2025
2024
Cash Flows From Operating Activities:
Net income (loss)
$
144,697
$
(203,597
)
Loss from discontinued operations
-
306,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
111,575
114,485
Allowance for doubtful accounts and credit losses
13,234
13,182
Allowance for DIP Facility
(8,907
)
19,373
Stock-based compensation
14,151
16,524
Amortization of debt fees
7,226
12,907
Loss on debt refinancing
14,072
10,892
Restructuring charges
58,392
76,915
Restructuring payments
(41,338
)
(86,024
)
Pension contributions and retiree medical payments
(25,931
)
(24,907
)
Pension settlement charge
-
91,339
Loss on sale/disposal of fixed assets
11,066
13,192
Loss (gain) on revaluation of intercompany loans
21,944
(10,241
)
Impairment charges
268
10,000
Deferred tax provision (benefit)
38,405
(173,710
)
Other, net
8,241
(12,954
)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivables
(13,999
)
31,983
Finance receivables
107,223
60,342
Inventories
(5,566
)
2,260
Other current assets
817
996
Accounts payable and accrued liabilities
(62,028
)
47,348
Income taxes
(6,806
)
(35,070
)
Advance billings
(3,479
)
(4,882
)
Net cash from operating activities - continuing operations
383,257
276,452
Net cash from operating activities - discontinued operations
-
(47,282
)
Net cash from operating activities
383,257
229,170
Cash Flows From Investing Activities:
Capital expenditures
(66,278
)
(72,403
)
Purchase of investment securities
(34,772
)
(30,099
)
Proceeds from sales / maturities of investment securities
28,345
76,563
DIP Facility reimbursement (disbursement)
8,907
(17,234
)
Net investment in loans receivables
(61,200
)
(9,467
)
Acquisitions
(2,200
)
-
Other investing activities
2,101
10,969
Net cash from investing activities - continuing operations
(125,097
)
(41,671
)
Net cash from investing activities - discontinued operations
-
(7,385
)
Net cash from investing activities
(125,097
)
(49,056
)
Cash Flows From Financing Activities:
Proceeds from issuance of long-term debt
1,005,000
-
Payments to redeem long-term debt
(934,316
)
(233,930
)
Change in customer deposits at PB Bank
(50,208
)
(10,458
)
Dividends paid to stockholders
(51,059
)
(35,956
)
Premium and fees paid to redeem/refinance debt
(17,271
)
(13,688
)
Capped call payment
(24,702
)
-
Common stock repurchases
(378,361
)
-
Other financing activities
5,559
(4,568
)
Net cash from financing activities - continuing operations
(445,358
)
(298,600
)
Net cash from financing activities - discontinued operations
-
(6,855
)
Net cash from financing activities
(445,358
)
(305,455
)
Effect of exchange rate changes on cash and cash equivalents
2,359
(4,987
)
Change in cash and cash equivalents
(184,839
)
(130,328
)
Cash and cash equivalents at beginning of period
469,726
600,054
Cash and cash equivalents at end of period
$
284,887
$
469,726
Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
Sending Technology Solutions
$317,897
$336,562
(6%)
$1,256,001
$1,354,032
(7%)
Presort Services
159,728
179,555
(11%)
636,628
662,587
(4%)
Total reportable segments
477,625
516,117
(7%)
1,892,629
2,016,619
(6%)
Other
-
4
(100%)
-
9,979
(100%)
Total revenue
$477,625
$516,121
(7%)
$1,892,629
$2,026,598
(7%)
Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)
Three Months Ended December 31,
2025
2024
% change
Adjusted
Segment
EBIT (1)
D&A
Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT (1)
D&A
Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT
Adjusted
Segment
EBITDA
Sending Technology Solutions
$
112,848
$
10,923
$
123,771
$
90,833
$
12,146
$
102,979
24
%
20
%
Presort Services
41,932
9,380
51,312
52,228
9,103
61,331
(20
%)
(16
%)
Total reportable segments
$
154,780
$
20,303
175,083
$
143,061
$
21,249
164,310
8
%
7
%
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)
-
(677
)
Depreciation and amortization - reportable segments
(20,303
)
(21,249
)
Corporate expenses
(22,804
)
(27,946
)
Restructuring charges
(41,618
)
(12,056
)
Interest expense, net
(36,485
)
(41,708
)
Gain (loss) on debt transactions
10,362
(8,750
)
Pension settlement charge
-
(91,339
)
Foreign currency (loss) gain on intercompany loans
(710
)
23,724
Transaction and Strategic review costs
(4,584
)
(2,820
)
Charges in connection with Ecommerce Restructuring
(20,564
)
(29,686
)
Income (loss) from continuing operations before taxes
$
38,377
$
(48,197
)
Year Ended December 31,
2025
2024
% change
Adjusted
Segment
EBIT (1)
D&A
Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT (1)
D&A
Adjusted
Segment
EBITDA
Adjusted
Segment
EBIT
Adjusted
Segment
EBITDA
Sending Technology Solutions
$
412,189
$
45,525
$
457,714
$
384,751
$
45,867
$
430,618
7
%
6
%
Presort Services
165,277
37,029
202,306
165,784
35,825
201,609
(0
%)
0
%
Total reportable segments
$
577,466
$
82,554
660,020
$
550,535
$
81,692
632,227
5
%
4
%
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)
-
(12,821
)
Depreciation and amortization - reportable segments
(82,554
)
(81,692
)
Corporate expenses
(116,173
)
(152,503
)
Restructuring charges
(58,392
)
(76,915
)
Interest expense, net
(149,156
)
(173,694
)
Loss on debt transactions
(14,072
)
(10,892
)
Pension settlement charge
-
(91,339
)
Foreign currency (loss) gain on intercompany loans
(21,944
)
10,243
Transaction and Strategic review costs
(12,179
)
(17,110
)
Impairment charge
(268
)
(10,000
)
Charges in connection with Ecommerce Restructuring
(12,758
)
(67,831
)
Income (loss) from continuing operations before taxes
$
192,524
$
(52,327
)
(1)
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.
(2)
Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment.
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Reconciliation of reported net income (loss) to adjusted net income, adjusted EBIT and adjusted EBITDA
Net income (loss) - GAAP
$27,337
($37,373
)
$144,697
($203,597
)
(Income) loss from discontinued operations, net of tax
-
(4,690
)
-
306,099
Provision (benefit) for income taxes
11,040
(6,134
)
47,827
(154,829
)
Income (loss) from continuing operations before taxes
38,377
(48,197
)
192,524
(52,327
)
Restructuring charges
41,618
12,056
58,392
76,915
Pension settlement charge
-
91,339
-
91,339
Foreign currency loss (gain) on intercompany loans
710
(23,724
)
21,944
(10,243
)
Transaction and Strategic review costs
4,584
2,820
12,179
17,110
Impairment charge
-
-
268
10,000
Charges in connection with Ecommerce Restructuring
20,564
29,686
12,758
67,831
(Gain) loss on debt transactions
(10,362
)
8,750
14,072
10,892
Adjusted net income before tax
95,491
72,730
312,137
211,517
Adjusted tax provision
25,255
14,322
77,743
61,254
Adjusted net income
$70,236
$58,408
$234,394
$150,263
Adjusted net income before tax
$95,491
$72,730
$312,137
$211,517
Interest, net
36,485
41,708
149,156
173,694
Adjusted EBIT
131,976
114,438
461,293
385,211
Depreciation and amortization
27,072
28,588
111,575
114,485
Adjusted EBITDA
$159,048
$143,026
$572,868
$499,696
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share
Diluted earnings (loss) per share - GAAP
$0.17
($0.21
)
$0.84
($1.12
)
(Income) loss from discontinued operations, net of tax
-
(0.03
)
-
1.68
Restructuring charges
0.20
0.05
0.25
0.32
Pension settlement charge
-
0.37
-
0.37
Foreign currency loss (gain) on intercompany loans
0.00
(0.10
)
0.10
(0.04
)
Transaction and Strategic review costs
0.02
0.01
0.05
0.07
(Gain) loss on debt transactions
(0.05
)
0.04
0.06
0.05
Charges in connection with Ecommerce Restructuring
0.10
0.12
0.06
0.28
Asset impairment charge
-
-
-
0.06
Tax on settlement of investment securities
-
0.05
-
0.05
Tax benefit from affiliate reorganization
-
-
-
(0.90
)
Adjusted diluted earnings per share
$0.45
$0.32
$1.35
$0.82
The sum of the earnings per share amounts may not equal the totals due to rounding.
Reconciliation of reported net cash from operating activities to free cash flow
Net cash from operating activities - continuing operations
$221,699
$131,837
$383,257
$276,452
Capital expenditures
(20,251
)
(22,182
)
(66,278
)
(72,403
)
Restructuring payments
10,495
32,104
41,338
86,024
Free cash flow
$211,943
$141,759
$358,317
$290,073
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217119288/en/
For Investors:
Alex Brown
investorrelations@pb.com
Original: Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO Letter
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