Pitney Bowes Discloses Financial Results for Third Quarter 2025 and Issues CEO Letter

Delivered Earnings Growth and Sustained Meaningful Capital Returns to Shareholders

Increases Share Repurchase Authorization to $500M Following More Than $280M in YTD Share Buybacks, While Also Increasing Dividend for Fourth Straight Quarter

Makes Significant Progress on First Phase of Strategic Review, Including Identifying New Operational Efficiencies and Identifies $50 Million to $60 Million in Additional Cost Savings

Releases CEO Letter Detailing New Initiatives, Quarterly Performance and Go-Forward Outlook

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 third quarter of 2025. In conjunction with this announcement, Pitney Bowes’ CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives.

Q3 2025 Financial Highlights

  • Revenue was $460 million, down 8% year over year
  • GAAP EPS was $0.30, an improvement of $1.06 year over year
  • Adjusted EPS was $0.31, an improvement of $0.10 year over year
  • GAAP net income of $52 million, an improvement of $190 million year over year
  • Adjusted EBIT was $107 million, an improvement of $5 million year over year
  • GAAP cash from operating activities was $67 million, an improvement of $1 million year over year
  • Free Cash Flow was $60 million, and excluded $9 million of restructuring payments

Earnings per share results are summarized in the table below:

 

Third Quarter

 

2025

2024

GAAP EPS

$0.30

($0.75)

Loss from discontinued operations, net of tax

-

$1.42

Restructuring charges

$0.01

$0.13

Foreign currency loss / (gain) on intercompany loans

($0.02)

$0.08

Transaction and strategic review costs

$0.02

$0.01

Loss on debt redemption/refinancing

-

$0.01

(Benefit) / costs in connection with Ecommerce exit

($0.01)

$0.16

Asset impairment charge

-

$0.05

Tax benefit from affiliate reorganization

-

($0.89)

Adjusted EPS

$0.31

$0.21

Note: Amounts may not foot due to rounding.

Q3 2025 CEO Commentary & Letter

To read and/or download a copy of this quarter’s CEO letter please click here.

Q3 2025 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.

 

Third Quarter

($ millions)

2025

2024

% Change

Reported

Revenue

$311

$331

(6%)

Adj. Segment EBITDA

$112

$112

0%

Adj. Segment EBIT

$101

$102

(1%)

SendTech revenue declined due to the impact of prior year product migration and a decrease in the mailing install base.

Adjusted Segment EBITDA was flat year-over-year. The decline in Adjusted Segment EBIT was driven by lower revenue and was partially offset by 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.

 

Third Quarter

($ millions)

2025

2024

% Change

Reported

Revenue

$149

$166

(11%)

Adj. Segment EBITDA

$42

$55

(24%)

Adj. Segment EBIT

$33

$46

(29%)

Lower volumes due to client losses tied to a prior rigid pricing strategy under former management and broader market decline drove the decrease in revenue.

Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue and reduced operating leverage from lower volumes.

2025 Full-Year Outlook

Pitney Bowes now expects to achieve near the low end of previously disclosed guidance range for Revenue, Adjusted EBIT and Free Cash Flow. The Company also now expects to achieve near the midpoint of its previously disclosed guidance range for Adjusted EPS. For reference, the Company’s previously disclosed guidance ranges are:

$ millions, except EPS

Low

High

Revenue

$1,900

$1,950

Adjusted EBIT

$450

$465

Adjusted EPS

$1.20

$1.40

Free Cash Flow

$330

$370

Q3 2025 Earnings Conference Call

Management will discuss the Company’s results in a webcast today at 5:00 p.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 revenue growth on a constant currency basis, 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.

Revenue growth on a constant currency basis excludes the impact of changes in currency exchange rates from the prior period under comparison. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate. We believe that excluding the impacts of currency exchange rates provides a better understanding of the underlying revenue performance.

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 other reports filed with the Securities and Exchange Commission during 2025. 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 September 30, Nine Months Ended September 30,

 

2025

 

 

2024

 

 

2025

 

2024

 

Revenue:
Services

$

289,476

 

$

312,747

 

$

898,331

$

932,690

 

Products

 

89,712

 

 

101,846

 

 

273,782

 

324,232

 

Financing and other

 

80,487

 

 

84,870

 

 

242,891

 

253,555

 

Total revenue

 

459,675

 

 

499,463

 

 

1,415,004

 

1,510,477

 

 
Costs and expenses:
Cost of services

 

146,394

 

 

158,690

 

 

446,507

 

481,367

 

Cost of products

 

54,294

 

 

59,126

 

 

159,700

 

182,552

 

Cost of financing and other

 

14,708

 

 

20,174

 

 

47,871

 

61,859

 

Selling, general and administrative

 

144,154

 

 

189,989

 

 

480,611

 

569,625

 

Research and development

 

3,409

 

 

7,580

 

 

11,773

 

22,465

 

Restructuring charges

 

1,836

 

 

30,694

 

 

17,042

 

64,859

 

Interest expense, net

 

26,072

 

 

27,764

 

 

75,279

 

83,323

 

Other components of net pension and postretirement cost

 

1,645

 

 

(961

)

 

5,446

 

(1,730

)

Other (income) expense

 

(981

)

 

50,287

 

 

16,628

 

50,287

 

Total costs and expenses

 

391,531

 

 

543,343

 

 

1,260,857

 

1,514,607

 

 
Income (loss) from continuing operations before taxes

 

68,144

 

 

(43,880

)

 

154,147

 

(4,130

)

Provision (benefit) for income taxes

 

16,181

 

 

(166,466

)

 

36,787

 

(148,695

)

Income from continuing operations

 

51,963

 

 

122,586

 

 

117,360

 

144,565

 

Loss from discontinued operations, net of tax

 

-

 

 

(261,058

)

 

-

 

(310,789

)

Net income (loss)

$

51,963

 

$

(138,472

)

$

117,360

$

(166,224

)

 
Basic earnings (loss) per share:
Continuing operations

$

0.31

 

$

0.68

 

$

0.66

$

0.81

 

Discontinued operations

 

-

 

 

(1.45

)

 

-

 

(1.74

)

Net income (loss)

$

0.31

 

$

(0.77

)

$

0.66

$

(0.93

)

 
Diluted earnings (loss) per share:
Continuing operations

$

0.30

 

$

0.67

 

$

0.66

$

0.79

 

Discontinued operations

 

-

 

 

(1.42

)

 

-

 

(1.70

)

Net income (loss)

$

0.30

 

$

(0.75

)

$

0.66

$

(0.91

)

 
Weighted-average shares used in diluted earnings per share

 

170,370

 

 

183,838

 

 

178,375

 

182,445

 

 
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 September 30,

2025
December 31,

2024
Current assets:
Cash and cash equivalents

$

320,994

 

$

469,726

 

Short-term investments

 

14,978

 

 

16,374

 

Accounts and other receivables, net

 

161,696

 

 

159,951

 

Short-term finance receivables, net

 

497,573

 

 

535,608

 

Inventories

 

75,699

 

 

59,836

 

Current income taxes

 

4,313

 

 

10,429

 

Other current assets and prepayments

 

74,290

 

 

66,030

 

Total current assets

 

1,149,543

 

 

1,317,954

 

Property, plant and equipment, net

 

184,043

 

 

218,657

 

Rental property and equipment, net

 

22,605

 

 

24,587

 

Long-term finance receivables, net

 

624,496

 

 

610,316

 

Goodwill

 

746,525

 

 

721,003

 

Intangible assets, net

 

16,019

 

 

15,780

 

Operating lease assets

 

107,457

 

 

113,357

 

Noncurrent income taxes

 

101,738

 

 

99,773

 

Other assets

 

302,785

 

 

276,089

 

Total assets

$

3,255,211

 

$

3,397,516

 

 
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable and accrued liabilities

$

698,686

 

$

873,626

 

Customer deposits at Pitney Bowes Bank

 

602,189

 

 

645,860

 

Current operating lease liabilities

 

27,030

 

 

26,912

 

Current portion of long-term debt

 

16,150

 

 

53,250

 

Advance billings

 

72,766

 

 

70,131

 

Current income taxes

 

4,909

 

 

2,948

 

Total current liabilities

 

1,421,730

 

 

1,672,727

 

Long-term debt

 

2,087,966

 

 

1,866,458

 

Deferred taxes on income

 

70,165

 

 

49,187

 

Tax uncertainties and other income tax liabilities

 

724

 

 

13,770

 

Noncurrent operating lease liabilities

 

94,260

 

 

100,804

 

Noncurrent customer deposits at Pitney Bowes Bank

 

46,000

 

 

57,977

 

Other noncurrent liabilities

 

195,904

 

 

215,026

 

Total liabilities

 

3,916,749

 

 

3,975,949

 

 
Stockholders' deficit:
Common stock

 

270,338

 

 

270,338

 

Retained earnings

 

2,657,001

 

 

2,671,868

 

Accumulated other comprehensive loss

 

(765,354

)

 

(839,171

)

Treasury stock, at cost

 

(2,823,523

)

 

(2,681,468

)

Total stockholders' deficit

 

(661,538

)

 

(578,433

)

Total liabilities and stockholders' deficit

$

3,255,211

 

$

3,397,516

 

Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)
 
Three Months Ended September 30, Nine Months Ended September 30,

2025

2024

% Change

2025

2024

% Change
 
 
Sending Technology Solutions

$

310,782

 

$

331,376

(6

%)

$

938,104

 

$

1,017,470

(8

%)

Presort Services

 

148,893

 

 

166,367

(11

%)

 

476,900

 

 

483,032

(1

%)

Total reportable segments

 

459,675

 

 

497,743

(8

%)

 

1,415,004

 

 

1,500,502

(6

%)

Other

 

-

 

 

1,720

(100

%)

 

-

 

 

9,975

(100

%)

Total revenue, as reported

 

459,675

 

 

499,463

(8

%)

 

1,415,004

 

 

1,510,477

(6

%)

Impact of currency on revenue

 

(2,101

)

 

(2,652

)

Total revenue, constant currency

$

457,574

 

$

499,463

(8

%)

$

1,412,352

 

$

1,510,477

(6

%)

Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)
 
Three Months Ended September 30,

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

$

101,059

$

11,190

$

112,249

 

$

101,980

$

10,294

$

112,274

 

(1

%)

(0

%)

Presort Services

 

32,626

 

9,242

 

41,868

 

 

46,179

 

9,008

 

55,187

 

(29

%)

(24

%)

Total reportable segments

$

133,685

$

20,432

 

154,117

 

$

148,159

$

19,302

 

167,461

 

(10

%)

(8

%)

 
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)

 

-

 

 

(7,312

)

Depreciation and amortization - reportable segments

 

(20,432

)

 

(19,302

)

Corporate expenses

 

(26,350

)

 

(38,062

)

Restructuring charges

 

(1,836

)

 

(30,694

)

Interest expense, net

 

(37,287

)

 

(43,859

)

Loss on debt redemption/refinancing

 

(82

)

 

(2,142

)

Foreign currency gain (loss) on intercompany loans

 

3,390

 

 

(18,831

)

Transaction and Strategic review costs

 

(4,439

)

 

(2,994

)

Asset impairment charge

 

-

 

 

(10,000

)

Benefit (charge) in connection with Ecommerce Restructuring

 

1,063

 

 

(38,145

)

 
Income (loss) from continuing operations before taxes

$

68,144

 

$

(43,880

)

 
 
 
Nine Months Ended September 30,

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

$

299,341

$

34,602

$

333,943

 

$

293,917

$

33,721

$

327,638

 

2

%

2

%

Presort Services

 

123,345

 

27,649

 

150,994

 

 

113,556

 

26,722

 

140,278

 

9

%

8

%

Total reportable segments

$

422,686

$

62,251

 

484,937

 

$

407,473

$

60,443

 

467,916

 

4

%

4

%

 
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)

 

-

 

 

(12,142

)

Depreciation and amortization - reportable segments

 

(62,251

)

 

(60,443

)

Corporate expenses

 

(93,369

)

 

(124,557

)

Restructuring charges

 

(17,042

)

 

(64,859

)

Interest expense, net

 

(112,671

)

 

(131,986

)

Loss on debt redemption/refinancing

 

(24,446

)

 

(2,142

)

Foreign currency loss on intercompany loans

 

(21,234

)

 

(13,481

)

Transaction and Strategic review costs

 

(7,595

)

 

(14,291

)

Asset impairment charge

 

-

 

 

(10,000

)

Benefit (charge) in connection with Ecommerce Restructuring

 

7,818

 

 

(38,145

)

 
Income (loss) from continuing operations before taxes

$

154,147

 

$

(4,130

)

 
 

(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

September 30,
Nine Months Ended

September 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 
Reconciliation of reported net income (loss) to adjusted EBIT and adjusted EBITDA
Net income (loss)

$

51,963

 

$

(138,472

)

$

117,360

 

$

(166,224

)

Loss from discontinued operations, net of tax

 

-

 

 

261,058

 

 

-

 

 

310,789

 

Provision for income taxes

 

16,181

 

 

(166,466

)

 

36,787

 

 

(148,695

)

Income (loss) from continuing operations before taxes

 

68,144

 

 

(43,880

)

 

154,147

 

 

(4,130

)

Restructuring charges

 

1,836

 

 

30,694

 

 

17,042

 

 

64,859

 

Foreign currency (gain) loss on intercompany loans

 

(3,390

)

 

18,831

 

 

21,234

 

 

13,481

 

Transaction and Strategic review costs

 

4,439

 

 

2,994

 

 

7,595

 

 

14,291

 

Asset impairment charge

 

-

 

 

10,000

 

 

-

 

 

10,000

 

(Benefit) charge in connection with Ecommerce Restructuring

 

(1,063

)

 

38,145

 

 

(7,818

)

 

38,145

 

Loss on debt redemption/refinancing

 

82

 

 

2,142

 

 

24,446

 

 

2,142

 

Adjusted net income before tax

 

70,048

 

 

58,926

 

 

216,646

 

 

138,788

 

Interest, net

 

37,287

 

 

43,859

 

 

112,671

 

 

131,986

 

Adjusted EBIT

 

107,335

 

 

102,785

 

 

329,317

 

 

270,774

 

Depreciation and amortization

 

27,418

 

 

28,564

 

 

84,503

 

 

85,897

 

Adjusted EBITDA

$

134,753

 

$

131,349

 

$

413,820

 

$

356,671

 

 
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share
Diluted earnings (loss) per share

$

0.30

 

$

(0.75

)

$

0.66

 

#

$

(0.91

)

Loss from discontinued operations, net of tax

 

-

 

 

1.42

 

 

-

 

 

1.70

 

Restructuring charges

 

0.01

 

 

0.13

 

 

0.07

 

 

0.27

 

Foreign currency (gain) loss on intercompany loans

 

(0.02

)

 

0.08

 

 

0.09

 

 

0.06

 

Transaction and Strategic review costs

 

0.02

 

 

0.01

 

 

0.03

 

 

0.06

 

Loss on debt redemption/refinancing

 

-

 

 

0.01

 

 

0.10

 

 

0.01

 

(Benefit) charge in connection with Ecommerce Restructuring

 

(0.01

)

 

0.16

 

 

(0.03

)

 

0.16

 

Asset impairment charge

 

-

 

 

0.05

 

 

0.06

 

Tax benefit from affiliate reorganization

 

-

 

 

(0.89

)

 

(0.90

)

Adjusted diluted earnings per share

$

0.31

 

$

0.21

 

$

0.92

 

$

0.50

 

 
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

$

66,848

 

$

65,721

 

$

161,557

 

$

144,616

 

Capital expenditures

 

(15,797

)

 

(19,438

)

 

(46,027

)

 

(50,221

)

Restructuring payments

 

9,325

 

 

27,222

 

 

30,843

 

 

53,919

 

Free cash flow

$

60,376

 

$

73,505

 

$

146,373

 

$

148,314

 

 

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TSLA  440.10
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