# PITNEY BOWES INC /DE/ (PBI)

Informational only - not investment advice.

CIK: 0000078814
SIC: 3579 Office Machines, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3579 Office Machines, NEC](/industry/3579/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=78814
Filing source: https://www.sec.gov/Archives/edgar/data/78814/000162828026009650/pbi-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001628280-26-009921 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000078814.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,892,629,000 USD | 2025 | verified |
| Net income | 144,697,000 USD | 2025 | verified |
| Assets | 3,168,951,000 USD | 2025 | verified |
| Free cash flow | 316,979,000 USD | 2025 | computed |
| Net margin | 7.65% | 2025 | computed |
| Revenue YoY | -6.61% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-802,360,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | PBI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 7.6% | 7.7% | 50 | 110 |
| Revenue growth | -6.6% | 5.8% | 7 | 111 |
| FCF margin | 16.7% | 9.6% | 76 | 103 |
| ROA | 4.6% | 5.6% | 42 | 111 |
| Current ratio | 0.71 | 2.02 | 0 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1892629000 | USD | 2025 | 2026-02-20 |
| Net income | 144697000 | USD | 2025 | 2026-02-20 |
| Assets | 3168951000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000078814.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,981,323,000 | 2,784,007,000 | 3,211,522,000 | 3,205,125,000 | 3,554,075,000 | 3,673,561,000 | 2,482,883,000 | 2,078,925,000 | 2,026,598,000 | 1,892,629,000 |
| Net income | 92,805,000 | 243,528,000 | 241,811,000 | 194,319,000 | -180,376,000 | -1,351,000 | 36,940,000 | -385,627,000 | -203,597,000 | 144,697,000 |
| Diluted EPS | 0.49 | 1.30 | 1.28 | 1.10 | -1.05 | -0.01 | 0.21 | -2.20 | -1.12 | 0.84 |
| Operating cash flow | 496,122,000 | 454,158,000 | 344,652,000 | 267,883,000 | 301,972,000 | 301,515,000 | 175,039,000 | 80,091,000 | 229,170,000 | 383,257,000 |
| Capital expenditures | 159,232,000 | 118,247,000 | 137,810,000 | 137,253,000 | 104,987,000 | 184,042,000 | 82,629,000 | 78,109,000 | 72,403,000 | 66,278,000 |
| Dividends paid | 140,608,000 | 139,490,000 | 140,498,000 | 35,361,000 | 34,291,000 | 34,800,000 | 34,718,000 | 35,215,000 | 35,956,000 | 51,059,000 |
| Assets | 5,837,133,000 | 6,634,606,000 | 5,938,419,000 | 5,469,958,000 | 5,224,363,000 | 4,958,871,000 | 4,741,355,000 | 4,272,185,000 | 3,397,516,000 | 3,168,951,000 |
| Liabilities | 5,940,793,000 | 6,498,859,000 | 5,836,577,000 | 5,180,804,000 | 5,153,742,000 | 4,846,239,000 | 4,680,702,000 | 4,640,761,000 | 3,975,949,000 | 3,971,311,000 |
| Stockholders' equity | -103,660,000 | 30,553,000 | 101,842,000 | 289,154,000 | 70,621,000 | 112,632,000 | 60,653,000 | -368,576,000 | -578,433,000 | -802,360,000 |
| Cash and cash equivalents | 764,522,000 | 1,009,021,000 | 867,262,000 | 924,442,000 | 921,450,000 | 732,480,000 | 668,331,000 | 600,054,000 | 469,726,000 | 284,887,000 |
| Free cash flow | 336,890,000 | 335,911,000 | 206,842,000 | 130,630,000 | 196,985,000 | 117,473,000 | 92,410,000 | 1,982,000 | 156,767,000 | 316,979,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 3.11% | 8.75% | 7.53% | 6.06% | -5.08% | -0.04% | 1.49% | -18.55% | -10.05% | 7.65% |
| Return on assets | 1.59% | 3.67% | 4.07% | 3.55% | -3.45% | -0.03% | 0.78% | -9.03% | -5.99% | 4.57% |
| Current ratio | 1.00 | 1.37 | 1.43 | 1.42 | 1.13 | 1.09 | 1.04 | 1.08 | 0.79 | 0.71 |

## As-reported value updates

20 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/PBI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000078814.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.03 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.04 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.81 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 783,751,000 | -12,519,000 | -0.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 871,578,000 | -223,836,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 830,509,000 | -2,885,000 | -0.02 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 793,170,000 | -24,867,000 | -0.14 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 499,463,000 | -138,472,000 | -0.75 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 516,121,000 | -37,373,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 493,420,000 | 35,422,000 | 0.19 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 461,909,000 | 29,975,000 | 0.17 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 459,675,000 | 51,963,000 | 0.30 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 477,625,000 | 27,337,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 477,413,000 | 58,138,000 | 0.39 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 451,498,000 | 49,908,000 | 0.36 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from PBI's latest 10-K: [/company/PBI/business/](/company/PBI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from PBI's latest 10-K: [/company/PBI/risk-factors/](/company/PBI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/78814/000162828026050908/pbi-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties disclosed or incorporated by reference in our filings with the Securities and Exchange Commission ("SEC"). Other factors which could cause future financial 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

•accelerated or sudden decline in physical mail or shipping volumes

•the loss of some of our larger clients

•periods of difficult economic conditions impacting the company and our clients, including inflation and rising prices, changes in interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown

•our ability to compete successfully

•changes in banking regulations, major bank failures, the loss of our Industrial Bank charter or limitations on our banking activities

•changes in government contracting regulations and compliance challenges

•changes in labor and transportation availability and costs

•global supply chain issues adversely impacting our third-party suppliers' ability to provide us with products and services

•changes in trade policies, tariffs and regulations

•changes in senior management and Board of Directors, loss of key employees and ability to attract and retain employees

•expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers

•inability to comply with data privacy and protection laws and regulations

•interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers

•changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or future interest rate increases that may adversely impact our ability to access capital markets at reasonable costs

•our indebtedness, including Convertible Notes, and the impact of any conversion, repurchase or redemption of the Convertible Notes

•our success at managing customer credit risk

•changes in foreign currency exchange rates

•the risks and uncertainties associated with the Ecommerce Restructuring

•changes in tax rates, laws or regulations

•inability to protect our intellectual property rights and intellectual property infringement claims

•our success in developing and marketing new products and services and obtaining regulatory approvals, if required

•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer

•shareholder activism

Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2025 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.

30

RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["","","","","","Favorable/(Unfavorable)"],["","2026","","2025","","% Change"],["Total revenue","$","451,498","","","$","461,909","","","(2)","%"],["Total cost of revenue","209,222","","","214,383","","","2","%"],["Selling, general and administrative","128,746","","","170,542","","","25","%"],["Research and development","3,383","","","3,601","","","6","%"],["Restructuring charges","3,337","","","13,806","","","76","%"],["Interest expense, net","28,580","","","24,937","","","(15)","%"],["Other components of pension and postretirement cost","12,256","","","1,947","","","(100%)"],["Other expense (income)","483","","","(6,578)","","","(100%)"],["Income before taxes","65,491","","","39,271","","","67","%"],["Provision for income taxes","15,583","","","9,296","","","(68)","%"],["Net income","$","49,908","","","$","29,975","","","66","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,"],["","","","","","Favorable/(Unfavorable)"],["","2026","","2025","","% Change"],["Total revenue","$","928,911","","","$","955,329","","","(3)","%"],["Total cost of revenue","426,852","","","438,682","","","3","%"],["Selling, general and administrative","262,123","","","336,457","","","22","%"],["Research and development","7,177","","","8,364","","","14","%"],["Restructuring charges","8,449","","","15,206","","","44","%"],["Interest expense, net","54,572","","","49,207","","","(11)","%"],["Other components of pension and postretirement cost","23,290","","","3,801","","","(100%)"],["Other expense","483","","","17,609","","","97","%"],["Income before taxes","145,965","","","86,003","","","70","%"],["Provision for income taxes","37,919","","","20,606","","","(84)","%"],["Net income","$","108,046","","","$","65,397","","","65","%"]]
[[/GREPCENT_TABLE]]

In the Condensed Consolidated Statements of Operations, we allocate a portion of total interest expense to finance interest expense which is included in Cost of financing and other. The amount of total interest expense allocated to finance interest expense is based on the average outstanding finance receivables and our overall effective interest rate for the period. For segment reporting purposes, finance interest expense is excluded from segment results.

SEGMENT RESULTS

Our segments include SendTech Solutions and Presort Services. Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, including finance interest expense, taxes, corporate expenses, restructuring charges and other items not allocated to the segments.

Effective January 1, 2026, we are excluding from Adjusted segment EBIT expense related to U.S. and Canada pension plans that we have taken steps to terminate. Prior periods were not recast.

31

SendTech Solutions

Within SendTech Solutions, we offer physical and digital shipping and mailing technology solutions and other applications to help companies simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We also offer financing options for the purchase or lease of Pitney Bowes' or other manufacturers’ equipment or to provide working capital. We also offer an unsecured revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage.

Financial results for the SendTech Solutions segment was as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["","","","","","Favorable/(Unfavorable)"],["","2026","","2025","","% change"],["Services","$","141,949","","","$","140,230","","","1","%"],["Products","87,523","","","90,880","","","(4)","%"],["Financing and other","79,458","","","80,606","","","(1)","%"],["Total revenue","308,930","","","311,716","","","(1)","%"],["Cost of services","50,259","","","48,072","","","(5)","%"],["Cost of products","41,443","","","54,487","","","24","%"],["Cost of financing and other","3,396","","","3,094","","","(10)","%"],["Total costs of revenue","95,098","","","105,653","","","10","%"],["Gross margin","213,832","","","206,063","","","4","%"],["Gross margin %","69.2","%","","66.1","%"],["Selling, general and administrative","84,034","","","99,193","","","15","%"],["Research and development","3,703","","","3,716","","","\u2014","%"],["Other components of pension and post retirement cost","3,417","","","1,899","","","(80)","%"],["Adjusted Segment EBIT","$","122,678","","","$","101,255","","","21","%"]]
[[/GREPCENT_TABLE]]

SendTech Solutions revenue decreased $3 million in the second quarter of 2026 compared to the prior year period. Products revenue declined $3 million primarily due to a decline in our international portfolio. Financing and other revenue declined $1 million compared to the prior year period. Services revenue increased $2 million compared to the prior year period primarily driven by higher volumes in a cross-border services contract, which was partially offset by a declining meter population.

Gross margin increased $8 million and gross margin percentage increased to 69.2% from 66.1% compared to the prior year period primarily driven by favorable product mix and a $5 million tariff refund in 2026.

Selling, general and administrative ("SG&A") expense declined $15 million compared to the prior period primarily driven by lower employee-related expenses of $6 million, lower professional and outsourcing fees of $2 million, lower marketing expenses of $2 million, lower depreciation and amortization expense of $2 million and lower equipment maintenance expense of $1 million.

Adjusted segment EBIT was $123 million in the second quarter of 2026 compared to $101 million for the prior year period.

32

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,"],["","","","","","Favorable/(Unfavorable)"],["","2026","","2025","","% change"],["Services","$","285,053","","","$","280,848","","","1","%"],["Products","176,173","","","184,070","","","(4)","%"],["Financing and other","161,651","","","162,404","","","\u2014","%"],["Total revenue","622,877","","","627,322","","","(1)","%"],["Cost of services","100,392","","","99,291","","","(1)","%"],["Cost of products","90,122","","","105,406","","","15","%"],["Cost of financing and other","6,608","","","6,986","","","5","%"],["Total costs of revenue","197,122","","","211,683","","","7","%"],["Gross margin","425,755","","","415,639","","","2","%"],["Gross margin %","68.4","%","","66.3","%"],["Selling, general and administrative","174,998","","","205,044","","","15","%"],["Research and development","7,706","","","8,607","","","10","%"],["Other components of pension and post retirement costs","6,843","","","3,706","","","(85)","%"],["Adjusted Segment EBIT","$","236,208","","","$","198,282","","","19","%"]]
[[/GREPCENT_TABLE]]

SendTech Solutions revenue decreased $4 million in the first half of 2026 compared to the prior year period. Revenue in the first quarter of 2025 includes an unfavorable adjustment of $4 million related to prior periods. Products revenue declined $8 million primarily due to customers opting to extend leases of their existing advanced-technology equi

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/78814/000162828026009650/pbi-20251231.htm
Complete FY 2025 MD&A: /company/PBI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

The following discussion of our financial condition and operating results should be read in conjunction with our risk factors, consolidated financial statements and related notes. This discussion includes forward-looking statements based on management's current expectations, estimates and projections and involves risks and uncertainties. Actual results may differ significantly from those currently expressed. A detailed discussion of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements is outlined under "Forward-Looking Statements" and "Item 1A. Risk Factors" in this Form 10-K. All table amounts are presented in thousands of dollars.

RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","","","","","Favorable/(Unfavorable)"],["","2025","","2024","","Actual % Change"],["Total revenue","$","1,892,629","","","$","2,026,598","","","(7)","%"],["Total cost of revenue","868,767","","","964,298","","","10","%"],["Selling, general and administrative","621,567","","","717,894","","","13","%"],["Research and development","15,278","","","31,957","","","52","%"],["Restructuring charges","58,660","","","76,915","","","24","%"],["Interest expense, net","101,460","","","110,094","","","8","%"],["Other components of net pension and postretirement cost","7,543","","","89,044","","","92","%"],["Other expense","26,830","","","88,723","","","70","%"],["Income (loss) from continuing operations before income taxes","192,524","","","(52,327)","","","100%"],["Provision (benefit) for income taxes","47,827","","","(154,829)","","","(100%)"],["Income from continuing operations","144,697","","","102,502","","","41","%"],["Loss from discontinued operations, net of tax","\u2014","","","(306,099)","","","100","%"],["Net income (loss)","$","144,697","","","$","(203,597)","","","100%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","","","","","Favorable/(Unfavorable)"],["","2024","","2023","","Actual % Change"],["Total revenue","$","2,026,598","","","$","2,078,925","","","(3)","%"],["Total cost of revenue","964,298","","","1,048,315","","","8","%"],["Selling, general and administrative","717,894","","","781,609","","","8","%"],["Research and development","31,957","","","29,486","","","(8)","%"],["Restructuring charges","76,915","","","52,412","","","(47)","%"],["Goodwill impairment","\u2014","","","123,574","","","100","%"],["Interest expense, net","110,094","","","98,769","","","(11)","%"],["Other components of net pension and postretirement cost","89,044","","","(8,256)","","","(100%)"],["Other expense (income)","88,723","","","(3,064)","","","(100%)"],["Loss from continuing operations before income taxes","(52,327)","","","(43,920)","","","(19)","%"],["(Benefit) provision for income taxes","(154,829)","","","17,347","","","100%"],["Income (loss) from continuing operations","102,502","","","(61,267)","","","100%"],["Loss from discontinued operations, net of tax","(306,099)","","","(324,360)","","","6","%"],["Net loss","$","(203,597)","","","$","(385,627)","","","47","%"]]
[[/GREPCENT_TABLE]]

Refer to Segment Results and Consolidated Expenses sections for detailed information.

17

CHANGES IN REPORTING

We recast our reporting presentation of revenue and cost of revenue to better align with our offerings. We now report Services revenue and Cost of services, which includes the previously reported Business services and Support services, Products revenue and Cost of products, which includes the previously reported Equipment sales and Supplies, and Financing and other revenue and Cost of financing and other, which includes the previously reported Financing and Rentals.

We recast our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment due to a change in how these functions are now managed.

We recast our segment reporting to report the revenue and related expenses of a cross-border services contract in our SendTech Solutions reporting segment, which was previously reported in Other operations.

Prior periods presented in this Form 10-K have been recast to conform to the current period presentation.

SEGMENT RESULTS

We operate in two segments: SendTech Solutions and Presort Services. Management measures segment profitability and performance as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, taxes, corporate expenses, restructuring charges and other items not allocated to the segments.

In the Consolidated Statements of Operations, we allocate a portion of total interest expense to finance interest expense, included in Cost of financing and other. For segment reporting, we exclude the allocated finance interest expense from the determination of adjusted segment EBIT.

SendTech Solutions

SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance Company and other manufacturers' equipment and product purchases, a revolving credit solution that allows clients to make meter rental payments and purchase postage, services and supplies, an interest-bearing deposit solution to clients that prefer to prepay postage and meet working capital needs.

Financial performance for the SendTech Solutions segment was as follows:

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","","","","","Favorable/(Unfavorable)"],["","2025","","2024","","% change"],["Services","$","569,403","","","$","588,046","","","(3)","%"],["Products","364,709","","","430,845","","","(15)","%"],["Financing and other","321,889","","","335,141","","","(4)","%"],["Total revenue","1,256,001","","","1,354,032","","","(7)","%"],["Cost of services","196,143","","","218,108","","","10","%"],["Cost of products","212,366","","","244,203","","","13","%"],["Cost of financing and other","13,807","","","17,461","","","21","%"],["Total costs of revenue","422,316","","","479,772","","","12","%"],["Gross margin","833,685","","","874,260","","","(5)","%"],["Gross margin %","66.4","%","","64.6","%"],["Selling, general and administrative","398,230","","","461,737","","","14","%"],["Research and development","15,968","","","29,883","","","47","%"],["Other components of pension and post retirement costs","7,298","","","(2,111)","","","(100%)"],["Adjusted Segment EBIT","$","412,189","","","$","384,751","","","7","%"]]
[[/GREPCENT_TABLE]]

SendTech Solutions revenue decreased $98 million in 2025 compared to 2024. Products revenue declined $66 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment, the impact of

18

the prior year product migration and a significant deal in the prior year. Services revenue declined $19 million primarily due to the declining meter population. Financing and other revenue declined $13 million driven by the impact of the prior year product migration and mix of business. Revenue in 2025 includes an unfavorable adjustment of $4 million related to prior periods (see Note 1 to the Consolidated Financial Statements for further information).

Gross margin declined $41 million compared to the prior year. The impact of lower revenue was partially offset by headcount reductions and other cost savings initiatives resulting in an increase in gross margin percentage to 66.4% from 64.6%.

Selling, general and administrative ("SG&A") expense declined $64 million and research and development ("R&D") expense declined $14 million, primarily driven by lower employee-related expenses and overall cost savings initiatives.

Adjusted segment EBIT was $412 million in 2025, which includes the $4 million charge from the unfavorable revenue adjustment related to prior periods compared to $385 million for the prior year.

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","","","","","Favorable/(Unfavorable)"],["","2024","","2023","","% change"],["Services","$","588,046","","","$","595,319","","","(1)","%"],["Products","430,845","","","471,448","","","(9)","%"],["Financing and other","335,141","","","339,097","","","(1)","%"],["Total revenue","1,354,032","","","1,405,864","","","(4)","%"],["Cost of services","218,108","","","232,975","","","6","%"],["Cost of products","244,203","","","265,360","","","8","%"],["Cost of financing and other","17,461","","","19,407","","","10","%"],["Total costs of revenue","479,772","","","517,742","","","7","%"],["Gross margin","874,260","","","888,122","","","(2)","%"],["Gross margin %","64.6","%","","63.2","%"],["Selling, general and administrative","461,737","","","485,080","","","5","%"],["Research and development","29,883","","","29,905","","","\u2014","%"],["Other components of pension and post retirement costs","(2,111)","","","(2,245)","","","(6)","%"],["Adjusted Segment EBIT","$","384,751","","","$","375,382","","","2","%"]]
[[/GREPCENT_TABLE]]

SendTech Solutions revenue decreased $52 million in 2024 compared to 2023. Products revenue declined $41 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. Services revenue declined $7 million primarily due to the declining meter population and continuing shift to cloud-enabled products, which was partially offset by an increase in our shipping subscriptions, including enterprise subscriptions and growth in digital delivery services due to client mix.

Gross margin declined $14 million primarily due to the decline in revenue; however, gross margin percentage increased to 64.6% from 63.2% compared to the prior year. The increase in gross margin percentage was primarily driven by improvements in gross margin due to growth in enterprise shipping subscriptions and digital delivery services.

SG&A expense declined $23 million, primarily driven by lower employee-related expenses of $17 million due to savings from the 2023 and 2024 Plans, lower credit loss provision of $4 million and lower expenses driven by overall cost savings initiatives, partially offset by higher professional and outsourcing fees of $13 million.

Adjusted segment EBIT was $385 million in 2024 compared to $375 million in 2023.

19

Presort Services

Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, First Class Flats, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Financial performance for the Presort Services segment was as follows:

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","","","","","Favorable/(Unfavorable)"],["","2025","","2024","","% Change"],["Services","$","636,628","","","$","662,587","","","(4)","%"],["Cost of services","398,771","","","417,741","","","5","%"],["Gross Margin","237,857","","","244,846","","","(3)","%"],["Gross Margin %","37.4","%","","37.0","%"],["Selling, general and administrative","72,391","","","78,860","","","8","%"],["Other components of net pension and postretirement cost","189","","","202","","","6","%"],["Adjusted segment EBIT","$","165,277","","","$","165,784","","","\u2014","%"]]
[[/GREPCENT_TABLE]]

Revenue decreased $26 million in 2025 compared to 2024 primarily due to a 7% decline in total mail volumes driven by client losses and a broader market decline, partially mitigated by pricing actions. The processing of First Class Mail and First Class Flats, Marketing Mail Flats/Bound Printed Matter and Marketing Mail contributed revenue decreases of $15 million, $6 million

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/PBI/mda/fy2025/
All MD&A years: /company/PBI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/PBI/mda/fy2024/): filed 2025-02-21; accession 0000078814-25-000015 (https://www.sec.gov/Archives/edgar/data/78814/000007881425000015/pbi-20241231.htm)
- [FY 2023 MD&A](/company/PBI/mda/fy2023/): filed 2024-02-20; accession 0000078814-24-000004 (https://www.sec.gov/Archives/edgar/data/78814/000007881424000004/pbi-20231231.htm)
- [FY 2022 MD&A](/company/PBI/mda/fy2022/): filed 2023-02-17; accession 0000078814-23-000012 (https://www.sec.gov/Archives/edgar/data/78814/000007881423000012/pbi-20221231.htm)
- [FY 2021 MD&A](/company/PBI/mda/fy2021/): filed 2022-02-22; accession 0000078814-22-000004 (https://www.sec.gov/Archives/edgar/data/78814/000007881422000004/pbi-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3579 Office Machines, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/PBI.md · JSON record: /company/PBI.json · verified financials: /company/PBI/financials.json / /company/PBI/financials.csv · machine TOC for the whole site: /llms.txt