Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO Letter
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 $114 million of Principal Debt in Q4 2025
Releases Full-Year 2026 Guidance and New CEO Letter, which Summarizes Recent Progress and Go-Forward Priorities
SHELTON, Conn.–(BUSINESS WIRE)–
Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the fourth quarter and full year 2025. In conjunction with this announcement, CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter’s CEO letter please click here.
Financial Highlights:
The following tables summarize the Company’s financial highlights for the fourth quarter and full year 2025:
|
|
Fourth Quarter |
|||
|
($ 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
[email protected]
KEYWORDS: Connecticut United States North America
INDUSTRY KEYWORDS: Technology Finance Fintech Transport Electronic Commerce Business Professional Services Software Logistics/Supply Chain Management
MEDIA: