Pitney Bowes (PBI) Financials

$15.66 +0.32 (+2.05%)

As of 10:22 AM Eastern

Annual Income Statements for Pitney Bowes

This table shows Pitney Bowes' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	408	93	244	2,668	194	-180	-1.35	37	-386	-204	145
Consolidated Net Income / (Loss)	426	112	244	242	194	-180	-1.35	37	-386	-204	145
Net Income / (Loss) Continuing Operations	421	95	180	2,608	40	-190	3.51	146	-61	103	145
Total Pre-Tax Income	611	202	194	2,614	27	-183	-7.42	189	-44	-52	193
Total Operating Income	604	-35	312	2,729	162	-78	89	240	55	58	294
Total Gross Profit	2,019	1,421	1,456	3,847	1,283	1,149	1,122	1,153	1,114	1,143	1,085
Total Revenue	3,578	2,656	2,784	5,637	3,205	3,554	3,674	2,483	2,079	2,027	1,893
Operating Revenue	3,578	2,656	2,784	5,637	3,205	3,554	3,674	2,483	2,079	2,027	1,893
Total Cost of Revenue	1,559	1,235	1,328	1,790	1,923	2,405	2,552	1,330	965	883	807
Operating Cost of Revenue	1,559	1,235	1,328	1,790	1,923	2,405	2,552	1,330	965	883	807
Total Operating Expenses	1,416	1,456	1,144	1,118	1,121	1,227	1,033	913	1,059	1,086	791
Selling, General & Admin Expense	1,280	1,140	1,029	1,003	1,004	963	924	786	782	718	622
Research & Development Expense	110	107	61	59	51	38	47	35	29	32	15
Other Operating Expenses / (Income)	-	-	5.41	22	-4.23	-1.71	1.01	92	75	170	69
Impairment Charge	0.00	148	-	0.00	0.00	198	0.00	0.00	124	0.00	0.00
Restructuring Charge	26	60	45	26	70	21	19	17	52	77	59
Other Special Charges / (Income)	-	-	3.86	7.96	-	8.15	42	-17	-3.06	89	27
Total Other Income / (Expense), net	7.26	237	-118	-115	-135	-106	-97	-52	-99	-110	-101
Interest Expense	88	89	118	115	111	106	97	52	99	110	101
Income Tax Expense	190	107	14	6.42	-13	7.12	-11	43	17	-155	48
Net Income / (Loss) Discontinued Operations	5.27	17	63	60	154	10	-4.86	-109	-324	-306	0.00
Basic Earnings per Share	$2.04	$0.49	$1.31	$1.29	$1.10	($1.05)	($0.01)	$0.21	($2.20)	($1.13)	$0.84
Weighted Average Basic Shares Outstanding	199.84M	187.95M	186.33M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Diluted Earnings per Share	$2.03	$0.49	$1.30	$1.28	$1.10	($1.05)	($0.01)	$0.21	($2.20)	($1.12)	$0.84
Weighted Average Diluted Shares Outstanding	199.84M	187.95M	186.33M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Weighted Average Basic & Diluted Shares Outstanding	199.84M	187.95M	186.33M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Cash Dividends to Common per Share	$0.75	$0.75	$0.75	$0.75	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.30

This table shows Pitney Bowes' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-13	-224	-2.89	-25	-138	-37	35	30	52	27	58
Consolidated Net Income / (Loss)	-13	-224	-2.89	-25	-138	-37	35	30	52	27	58
Net Income / (Loss) Continuing Operations	18	70	32	-10	123	7.67	35	30	52	27	58
Total Pre-Tax Income	27	91	48	-7.85	-44	21	47	39	68	38	80
Total Operating Income	44	86	75	20	-16	7.71	89	64	94	65	119
Total Gross Profit	272	286	294	250	261	298	287	248	244	324	273
Total Revenue	503	-35	521	490	499	-97	493	462	460	478	477
Operating Revenue	503	-35	521	490	499	-97	493	462	460	478	477
Total Cost of Revenue	231	-321	227	239	238	-395	207	214	215	153	205
Operating Cost of Revenue	231	-321	227	239	238	-395	207	214	215	153	205
Total Operating Expenses	228	200	219	230	278	290	198	183	150	260	153
Selling, General & Admin Expense	183	134	187	193	190	92	166	171	144	141	133
Research & Development Expense	7.72	1.00	7.63	7.26	7.58	5.79	4.76	3.60	3.41	3.51	3.79
Other Operating Expenses / (Income)	24	47	21	-0.38	-0.96	144	1.85	1.95	1.65	64	11
Restructuring Charge	14	12	3.77	30	31	10	1.40	14	1.84	42	5.11
Other Special Charges / (Income)	0.00	-	0.00	0.00	50	38	24	-6.58	-0.98	10	0.00
Total Other Income / (Expense), net	-17	5.17	-27	-28	-28	13	-42	-25	-26	-26	-39
Interest Expense	17	-5.17	27	28	28	-13	42	25	26	26	39
Income Tax Expense	9.12	21	16	2.27	-166	13	11	9.30	16	11	22
Basic Earnings per Share	($0.07)	($1.28)	($0.02)	($0.14)	($0.77)	($0.20)	$0.19	$0.17	$0.31	$0.17	$0.40
Weighted Average Basic Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Diluted Earnings per Share	($0.07)	($1.28)	($0.02)	($0.14)	($0.75)	($0.21)	$0.19	$0.17	$0.30	$0.18	$0.39
Weighted Average Diluted Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Weighted Average Basic & Diluted Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Cash Dividends to Common per Share	$0.05	-	$0.05	$0.05	$0.05	-	$0.06	$0.07	$0.08	-	$0.09

This table details how cash moves in and out of Pitney Bowes' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-403	124	201	-114	57	-2.99	-189	-63	-68	-130	-185
Net Cash From Operating Activities	523	496	454	345	268	302	302	175	80	229	383
Net Cash From Continuing Operating Activities	523	403	401	353	259	340	302	341	235	276	383
Net Income / (Loss) Continuing Operations	426	95	180	182	40	-190	3.51	146	-61	103	145
Consolidated Net Income / (Loss)	426	112	244	242	194	-180	-1.35	37	-386	-204	145
Net Income / (Loss) Discontinued Operations	-	17	63	60	154	10	-4.86	-109	-324	-306	0.00
Depreciation Expense	173	174	127	148	159	161	163	111	113	114	112
Amortization Expense	-	-	-	6.77	10	11	7.16	8.67	11	13	7.23
Non-Cash Adjustments To Reconcile Net Income	-82	182	69	113	146	294	65	1.36	182	216	98
Changes in Operating Assets and Liabilities, net	5.11	-48	25	-97	-96	65	63	74	-9.07	-170	21
Net Cash From Discontinued Operating Activities	-	93	53	-7.92	9.27	-38	-	-166	-155	-47	0.00
Net Cash From Investing Activities	-303	-116	-621	286	458	-76	-155	-24	-124	-49	-125
Net Cash From Continuing Investing Activities	-303	-114	-616	-48	-213	-73	-153	18	-99	-42	-125
Purchase of Property, Plant & Equipment	-167	-159	-118	-138	-137	-105	-184	-83	-78	-72	-66
Acquisitions	-394	-38	-483	-10	-22	-6.61	-15	-5.14	0.00	0.00	-2.20
Purchase of Investments	-274	-213	-133	-84	-153	-601	-81	-90	-48	-40	-96
Sale and/or Maturity of Investments	207	287	114	176	109	635	99	79	25	77	28
Other Investing Activities, net	-17	-9.09	5.20	8.17	-8.91	4.64	0.00	4.26	1.61	-6.27	11
Net Cash From Discontinued Investing Activities	-	-1.60	-5.63	335	670	-2.50	-1.77	-42	-25	-7.39	0.00
Net Cash From Financing Activities	-579	-230	368	-745	-670	-235	-330	-198	-30	-305	-445
Net Cash From Continuing Financing Activities	-579	-230	368	-745	-670	-235	-330	-188	-22	-299	-445
Repayment of Debt	-519	-468	-965	-626	-936	-1,144	-1,506	-136	-340	-252	-946
Repurchase of Common Equity	-132	-497	0.00	0.00	-105	0.00	0.00	-13	0.00	0.00	-378
Payment of Dividends	-168	-159	-139	-140	-35	-34	-35	-35	-35	-36	-51
Issuance of Debt	241	895	1,472	0.00	390	917	1,196	0.00	267	0.00	1,005
Other Financing Activities, net	-	-	-	21	16	26	15	-3.99	86	-10	-75
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-9.62	-8.00	-6.86	0.00
Effect of Exchange Rate Changes	-44	-27	-	-	2.05	6.10	-4.86	-16	5.73	-4.99	2.36

This table details how cash moves in and out of Pitney Bowes' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	17	43	-85	74	-28	-92	-146	-39	36	-36	18
Net Cash From Operating Activities	26	94	-13	93	14	134	-17	111	67	222	44
Net Cash From Continuing Operating Activities	112	163	-1.02	93	64	132	-17	111	67	222	44
Net Income / (Loss) Continuing Operations	150	-62	32	-25	172	-42	35	30	52	27	58
Consolidated Net Income / (Loss)	-13	-224	-2.89	-25	-138	-37	35	30	52	27	58
Depreciation Expense	4.73	28	29	41	4.28	29	28	29	27	27	26
Amortization Expense	3.19	3.09	3.07	3.10	3.30	3.45	2.15	1.45	1.72	1.91	1.96
Non-Cash Adjustments To Reconcile Net Income	-69	113	-4.56	35	92	90	29	32	4.44	33	-1.37
Changes in Operating Assets and Liabilities, net	23	80	-60	39	-207	52	-112	19	-19	132	-40
Net Cash From Investing Activities	-35	-29	-12	-16	-39	17	-46	-29	-36	-15	-9.29
Net Cash From Continuing Investing Activities	-7.37	-31	-6.20	-16	-27	14	-46	-29	-36	-15	-9.29
Purchase of Property, Plant & Equipment	4.42	-28	-14	-21	-9.13	-22	-17	-13	-16	-20	-16
Acquisitions	-	-	0.00	-	-	-	-2.20	-	-	-	0.00
Purchase of Investments	-17	-13	-16	-7.49	-3.68	-12	-41	-28	-28	0.80	-0.97
Sale and/or Maturity of Investments	4.01	9.29	24	13	12	28	13	5.19	5.31	4.50	7.30
Other Investing Activities, net	0.85	0.27	0.80	-	-27	20	1.54	7.51	1.57	0.38	0.23
Net Cash From Financing Activities	30	-28	-58	-2.37	-7.21	-237	-85	-123	6.11	-243	-16
Net Cash From Continuing Financing Activities	36	-26	-56	-2.37	-0.36	-237	-85	-123	6.11	-243	-16
Repayment of Debt	-258	-14	-18	-22	-7.27	-203	-807	-19	-12	-108	-6.87
Repurchase of Common Equity	-	-	0.00	-	-	-	-15	-75	-162	-127	-136
Payment of Dividends	-8.81	-8.89	-8.83	-8.95	-9.06	-9.11	-11	-13	-13	-14	-13
Issuance of Debt	-	-	0.00	-	-	-	775	-	230	-	148
Other Financing Activities, net	36	-2.23	-29	29	16	-26	-27	-16	-37	5.44	-8.33
Effect of Exchange Rate Changes	-5.04	6.04	-2.15	-0.55	3.88	-6.15	1.34	1.99	-0.71	-0.27	-0.46

This table presents Pitney Bowes' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,123	5,837	6,687	5,938	5,467	5,224	4,959	4,741	4,272	3,398	3,169
Total Current Assets	2,325	2,325	2,830	2,698	2,236	2,113	1,892	1,798	2,058	1,318	1,100
Cash & Equivalents	640	765	1,009	867	924	921	732	670	600	470	285
Short-Term Investments	127	38	49	59	116	19	14	11	22	16	12
Note & Lease Receivable	918	894	828	653	630	568	561	565	564	536	496
Accounts Receivable	477	456	427	372	373	389	335	344	200	160	168
Inventories, net	89	93	41	62	68	71	79	84	63	60	66
Prepaid Expenses	67	69	83	75	102	120	157	116	76	66	69
Current Deferred & Refundable Income Taxes	6.58	11	58	5.95	5.57	23	14	8.79	0.56	10	3.14
Plant, Property, & Equipment, net	330	315	374	399	376	391	464	448	24	243	210
Total Noncurrent Assets	3,468	3,197	3,484	2,842	2,855	2,721	2,603	2,495	2,191	1,836	1,858
Noncurrent Note & Lease Receivables	761	673	652	636	625	605	587	627	653	610	605
Goodwill	1,746	1,571	1,775	1,332	1,324	1,152	1,135	1,067	734	721	747
Intangible Assets	187	165	272	213	191	160	132	78	20	16	15
Noncurrent Deferred & Refundable Income Taxes	70	75	60	65	72	71	68	47	61	100	95
Other Noncurrent Operating Assets	703	713	725	596	642	732	680	677	722	389	397
Total Liabilities & Shareholders' Equity	6,123	5,837	6,687	5,938	5,467	5,224	4,959	4,741	4,272	3,398	3,169
Total Liabilities	5,648	5,941	6,499	5,837	5,181	5,154	4,846	4,681	4,641	3,976	3,971
Total Current Liabilities	2,279	2,328	2,069	1,890	1,570	1,870	1,728	1,728	1,898	1,673	1,548
Short-Term Debt	461	614	271	200	20	216	25	33	59	53	17
Accounts Payable	1,448	1,379	1,459	1,348	794	881	923	907	829	874	845
Customer Deposits	-	-	-	-	591	617	632	628	640	646	583
Current Deferred Revenue	353	300	258	117	102	115	99	105	76	70	69
Current Deferred & Payable Income Tax Liabilities	17	34	8.82	15	17	2.88	9.02	2.10	6.52	2.95	5.21
Other Current Liabilities	-	-	-	35	36	39	40	53	30	27	28
Total Noncurrent Liabilities	3,369	3,613	4,430	3,947	3,611	3,283	3,118	2,953	2,742	2,303	2,423
Long-Term Debt	2,490	2,750	3,559	3,066	2,720	2,348	2,299	2,173	2,087	1,866	1,976
Noncurrent Deferred & Payable Income Tax Liabilities	274	266	351	293	313	318	318	287	231	63	73
Other Noncurrent Operating Liabilities	605	597	519	588	578	617	501	493	425	374	375
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	179	-104	189	102	286	71	113	61	-369	-578	-802
Total Preferred & Common Equity	179	-104	189	102	286	71	113	61	-369	-578	-802
Total Common Equity	179	-104	189	102	286	71	113	61	-369	-578	-802
Common Stock	485	471	462	445	422	392	326	323	270	270	270
Retained Earnings	5,156	5,108	5,230	5,280	5,439	5,205	5,169	5,126	3,078	2,672	2,656
Treasury Stock	-4,573	-4,743	-4,711	-4,674	-4,735	-4,688	-4,602	-4,553	-2,866	-2,681	-2,939
Accumulated Other Comprehensive Income / (Loss)	-889	-940	-792	-949	-840	-839	-780	-836	-851	-839	-789

This table presents Pitney Bowes' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,593	4,531	4,423	4,423	4,103	4,078	3,648	3,270	3,239	3,255	3,147
Total Current Assets	1,710	1,589	1,615	1,618	1,582	1,606	1,486	1,185	1,126	1,150	1,129
Cash & Equivalents	597	512	542	558	516	590	562	324	285	321	303
Short-Term Investments	10	16	19	22	22	22	14	16	16	15	11
Note & Lease Receivable	551	551	560	550	547	542	531	526	507	498	482
Accounts Receivable	288	271	273	289	307	266	189	160	155	162	159
Inventories, net	90	94	93	84	79	77	72	65	79	76	63
Prepaid Expenses	147	126	117	109	110	101	100	92	83	74	110
Current Deferred & Refundable Income Taxes	27	19	11	6.39	0.99	7.85	20	0.98	1.30	4.31	2.68
Plant, Property, & Equipment, net	456	439	428	416	393	22	24	229	216	207	204
Total Noncurrent Assets	2,427	2,503	2,381	2,389	2,128	2,450	2,138	1,856	1,897	1,899	1,814
Noncurrent Note & Lease Receivables	597	637	640	641	638	626	622	624	639	624	571
Goodwill	1,046	1,070	952	945	729	728	737	730	749	747	743
Intangible Assets	79	74	70	66	58	54	17	18	17	16	14
Noncurrent Deferred & Refundable Income Taxes	56	45	45	55	59	58	91	101	104	102	93
Other Noncurrent Operating Assets	648	678	674	681	643	985	670	383	389	410	394
Total Liabilities & Shareholders' Equity	4,593	4,531	4,423	4,423	4,103	4,078	3,648	3,270	3,239	3,255	3,147
Total Liabilities	4,601	4,471	4,499	4,548	4,495	4,506	4,167	3,806	3,776	3,917	4,041
Total Current Liabilities	1,599	1,799	1,857	1,641	1,625	1,678	1,685	1,489	1,489	1,422	1,818
Short-Term Debt	27	262	265	57	58	57	56	14	15	16	364
Accounts Payable	766	800	812	794	784	843	853	744	743	699	767
Customer Deposits	663	595	639	643	600	629	671	625	609	602	574
Current Deferred Revenue	94	87	83	88	89	86	74	75	76	73	73
Current Deferred & Payable Income Tax Liabilities	2.05	0.98	2.93	1.82	34	1.56	1.47	3.53	19	4.91	11
Other Current Liabilities	46	54	54	58	60	61	29	27	27	27	29
Total Noncurrent Liabilities	3,003	2,672	2,642	2,907	2,870	2,828	2,482	2,317	2,287	2,495	2,222
Long-Term Debt	2,190	1,911	1,885	2,102	2,076	2,065	2,052	1,899	1,882	2,088	1,774
Noncurrent Deferred & Payable Income Tax Liabilities	305	292	262	260	219	208	69	65	54	71	82
Other Noncurrent Operating Liabilities	508	470	496	546	575	555	360	353	352	336	366
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8.28	60	-75	-125	-392	-428	-519	-536	-537	-662	-894
Total Preferred & Common Equity	-8.28	60	-75	-125	-392	-428	-519	-536	-537	-662	-894
Total Common Equity	-8.28	60	-75	-125	-392	-428	-519	-536	-537	-662	-894
Common Stock	323	323	323	323	270	270	270	270	270	270	270
Retained Earnings	5,128	5,061	4,909	4,872	3,027	2,949	2,748	2,652	2,670	2,657	2,689
Treasury Stock	-4,554	-4,504	-4,499	-4,483	-2,826	-2,782	-2,717	-2,646	-2,713	-2,824	-3,061
Accumulated Other Comprehensive Income / (Loss)	-905	-820	-808	-838	-864	-866	-821	-812	-764	-765	-792

This table displays calculated financial ratios and metrics derived from Pitney Bowes' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.37%	-25.78%	4.83%	102.49%	-43.15%	10.89%	3.36%	-32.41%	-16.27%	-2.52%	-6.61%
EBITDA Growth	21.04%	-46.68%	-5.67%	557.88%	-89.35%	-69.45%	176.41%	38.84%	-60.37%	-2.88%	122.94%
EBIT Growth	33.77%	-58.37%	7.20%	775.69%	-94.96%	-156.39%	215.27%	168.74%	-91.95%	-41.77%	408.91%
NOPAT Growth	-0.77%	-103.93%	1,870.82%	839.81%	-91.13%	-122.50%	215.27%	196.49%	-92.70%	-41.77%	446.41%
Net Income Growth	21.07%	-73.76%	117.73%	-0.71%	-19.64%	-192.82%	99.25%	2,834.27%	-1,143.93%	47.20%	171.07%
EPS Growth	23.78%	-75.86%	165.31%	-1.54%	-14.06%	-195.45%	99.05%	2,200.00%	-1,147.62%	49.09%	175.00%
Operating Cash Flow Growth	-20.55%	-5.14%	-8.46%	-24.11%	-22.27%	12.73%	-0.15%	-41.95%	-54.24%	186.14%	67.24%
Free Cash Flow Firm Growth	-71.89%	-19.48%	-73.24%	6,840.16%	-91.90%	-17.09%	-70.46%	329.26%	147.32%	-95.46%	180.17%
Invested Capital Growth	7.61%	-7.52%	9.79%	-25.42%	-1.73%	-14.33%	-0.30%	-6.20%	-44.48%	-2.81%	4.49%
Revenue Q/Q Growth	-1.30%	-23.17%	-12.09%	97.87%	-49.27%	5.15%	60.22%	-31.28%	-31.22%	-38.13%	-1.99%
EBITDA Q/Q Growth	15.62%	-32.30%	-59.94%	6,368.14%	-91.33%	-47.91%	121.71%	25.75%	30.96%	325.26%	45.67%
EBIT Q/Q Growth	22.15%	-41.91%	-66.51%	1,860.01%	-95.94%	-983.81%	106.55%	114.83%	180.42%	104.78%	82.03%
NOPAT Q/Q Growth	5.31%	-104.89%	-36.34%	1,804.77%	-92.96%	-983.81%	101.97%	73.59%	180.42%	104.78%	92.50%
Net Income Q/Q Growth	5.90%	-60.95%	163.81%	-8.40%	186.26%	-651.03%	-107.75%	15.76%	-148.00%	47.80%	80.90%
EPS Q/Q Growth	6.84%	-64.23%	170.83%	-8.57%	205.56%	-517.65%	-110.00%	16.67%	-150.00%	48.86%	86.67%
Operating Cash Flow Q/Q Growth	-14.58%	6.02%	-14.36%	-9.81%	-0.18%	9.11%	-7.79%	85.09%	-47.60%	21.85%	29.46%
Free Cash Flow Firm Q/Q Growth	-52.58%	-22.66%	-92.90%	1,176.48%	-93.26%	24.89%	102.28%	94.23%	447.08%	-88.10%	709.66%
Invested Capital Q/Q Growth	-0.82%	-11.49%	6.20%	-25.41%	-2.62%	-8.60%	2.75%	-1.06%	-39.47%	-15.69%	-19.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.44%	53.51%	52.30%	68.24%	40.02%	32.34%	30.54%	46.45%	52.62%	55.56%	57.35%
EBITDA Margin	24.36%	17.50%	15.75%	51.17%	9.59%	2.64%	7.06%	14.51%	6.87%	6.84%	21.81%
Operating Margin	16.87%	-1.31%	11.20%	48.42%	5.05%	-2.18%	2.44%	9.68%	0.93%	0.56%	15.53%
EBIT Margin	19.52%	10.95%	11.20%	48.42%	4.29%	-2.18%	2.44%	9.68%	0.93%	0.56%	15.53%
Profit (Net Income) Margin	11.91%	4.21%	8.75%	4.29%	6.06%	-5.08%	-0.04%	1.49%	-18.55%	-10.05%	7.65%
Tax Burden Percent	69.79%	55.43%	125.73%	9.25%	726.92%	98.37%	18.22%	19.58%	878.02%	389.09%	75.16%
Interest Burden Percent	87.46%	69.40%	62.15%	95.77%	19.42%	236.25%	-8.29%	78.46%	-226.85%	-464.18%	65.49%
Effective Tax Rate	31.07%	53.01%	7.05%	0.25%	-49.11%	0.00%	0.00%	22.77%	0.00%	0.00%	24.84%
Return on Invested Capital (ROIC)	16.23%	-0.64%	11.24%	115.57%	12.10%	-2.96%	3.70%	11.34%	1.10%	0.91%	25.27%
ROIC Less NNEP Spread (ROIC-NNEP)	16.71%	4.76%	9.41%	3.35%	9.48%	-10.56%	-0.30%	1.75%	-27.70%	-14.86%	20.40%
Return on Net Nonoperating Assets (RNNOA)	84.24%	60.87%	562.44%	50.96%	88.08%	-98.17%	-5.18%	31.29%	249.37%	42.09%	-46.23%
Return on Equity (ROE)	100.46%	60.23%	573.68%	166.53%	100.18%	-101.13%	-1.47%	42.64%	250.47%	43.00%	-20.96%
Cash Return on Invested Capital (CROIC)	8.89%	7.18%	1.90%	144.70%	13.85%	12.47%	4.00%	17.74%	58.30%	3.76%	20.88%
Operating Return on Assets (OROA)	11.07%	4.86%	4.98%	43.23%	2.41%	-1.45%	1.76%	4.96%	0.43%	0.29%	8.95%
Return on Assets (ROA)	6.75%	1.87%	3.89%	3.83%	3.41%	-3.37%	-0.03%	0.76%	-8.56%	-5.31%	4.41%
Return on Common Equity (ROCE)	30.30%	12.17%	573.66%	166.53%	100.18%	-101.13%	-1.47%	42.64%	250.47%	43.00%	-20.96%
Return on Equity Simple (ROE_SIMPLE)	238.54%	-107.90%	129.15%	237.44%	67.92%	-255.41%	-1.20%	60.90%	104.63%	35.20%	0.00%
Net Operating Profit after Tax (NOPAT)	416	-16	290	2,723	241	-54	63	186	14	7.89	221
NOPAT Margin	11.63%	-0.62%	10.41%	48.30%	7.53%	-1.53%	1.70%	7.48%	0.65%	0.39%	11.67%
Net Nonoperating Expense Percent (NNEP)	-0.48%	-5.40%	1.82%	112.23%	2.62%	7.60%	4.00%	9.59%	28.79%	15.77%	4.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.20%	0.76%	0.59%	18.56%
Cost of Revenue to Revenue	43.56%	46.49%	47.70%	31.76%	59.98%	67.66%	69.46%	53.55%	47.38%	44.44%	42.65%
SG&A Expenses to Revenue	35.77%	42.93%	36.98%	17.79%	31.32%	27.10%	25.16%	31.64%	37.60%	35.42%	32.84%
R&D to Revenue	3.08%	4.04%	2.19%	1.04%	1.60%	1.08%	1.27%	1.43%	1.42%	1.58%	0.81%
Operating Expenses to Revenue	39.57%	54.82%	41.11%	19.83%	34.96%	34.52%	28.11%	36.76%	51.69%	55.00%	41.81%
Earnings before Interest and Taxes (EBIT)	698	291	312	2,729	138	-78	89	240	19	11	294
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	872	465	438	2,885	307	94	259	360	143	139	413
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.68	0.00	7.92	8.47	1.95	12.88	9.06	9.90	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.73	0.72	0.54	0.15	0.17	0.26	0.28	0.24	0.36	0.65	0.90
Price to Earnings (P/E)	6.43	20.49	6.14	0.32	2.87	0.00	0.00	16.26	0.00	0.00	11.75
Dividend Yield	5.63%	7.33%	9.37%	16.32%	6.12%	3.81%	3.45%	5.79%	4.74%	2.78%	3.31%
Earnings Yield	15.55%	4.88%	16.30%	309.32%	34.80%	0.00%	0.00%	6.15%	0.00%	0.00%	8.51%
Enterprise Value to Invested Capital (EV/IC)	1.92	1.82	1.58	1.59	1.14	1.50	1.54	1.34	2.58	3.21	3.80
Enterprise Value to Revenue (EV/Rev)	1.43	1.68	1.53	0.57	0.70	0.71	0.71	0.86	1.09	1.35	1.79
Enterprise Value to EBITDA (EV/EBITDA)	5.85	9.60	9.73	1.11	7.35	26.99	10.01	5.90	15.88	19.77	8.23
Enterprise Value to EBIT (EV/EBIT)	7.31	15.35	13.69	1.17	16.40	0.00	29.03	8.84	117.13	243.21	11.55
Enterprise Value to NOPAT (EV/NOPAT)	12.27	0.00	14.73	1.18	9.35	0.00	41.48	11.44	167.33	347.45	15.37
Enterprise Value to Operating Cash Flow (EV/OCF)	9.76	9.00	9.39	9.29	8.43	8.39	8.62	12.14	28.32	11.96	8.86
Enterprise Value to Free Cash Flow (EV/FCFF)	22.38	24.32	86.87	0.94	8.17	11.06	38.39	7.31	3.16	84.06	18.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.21	-32.46	20.31	32.07	9.58	36.31	20.63	36.36	-5.82	-3.32	-2.48
Long-Term Debt to Equity	5.24	-26.53	18.88	30.11	9.51	33.25	20.41	35.82	-5.66	-3.23	-2.46
Financial Leverage	5.04	12.77	59.74	15.22	9.29	9.30	17.47	17.90	-9.00	-2.83	-2.27
Leverage Ratio	14.87	32.20	147.52	43.48	29.40	29.97	55.57	55.98	-29.27	-8.10	-4.76
Compound Leverage Factor	13.01	22.35	91.68	41.64	5.71	70.81	-4.61	43.92	66.40	37.59	-3.11
Debt to Total Capital	86.13%	103.18%	95.31%	96.98%	90.54%	97.32%	95.38%	97.32%	120.74%	143.13%	167.39%
Short-Term Debt to Total Capital	13.46%	18.84%	6.74%	5.93%	0.66%	8.20%	1.02%	1.45%	3.32%	3.97%	1.44%
Long-Term Debt to Total Capital	72.67%	84.34%	88.56%	91.05%	89.88%	89.12%	94.36%	95.88%	117.42%	139.16%	165.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.22%	-3.18%	4.69%	3.02%	9.46%	2.68%	4.62%	2.68%	-20.74%	-43.13%	-67.39%
Debt to EBITDA	3.38	7.24	8.74	1.13	8.92	27.32	8.96	6.12	15.03	13.84	4.83
Net Debt to EBITDA	2.50	5.51	6.32	0.81	5.53	17.30	6.08	4.23	10.67	10.34	4.11
Long-Term Debt to EBITDA	2.86	5.92	8.12	1.06	8.85	25.01	8.86	6.03	14.62	13.46	4.79
Debt to NOPAT	7.09	-205.68	13.22	1.20	11.35	-47.20	37.10	11.88	158.35	243.28	9.02
Net Debt to NOPAT	5.25	-156.60	9.57	0.86	7.04	-29.89	25.18	8.21	112.44	181.67	7.68
Long-Term Debt to NOPAT	5.98	-168.12	12.29	1.13	11.26	-43.22	36.71	11.70	154.00	236.53	8.94
Altman Z-Score	2.43	2.04	1.94	3.96	2.27	2.19	2.43	2.30	1.65	1.78	2.16
Noncontrolling Interest Sharing Ratio	69.84%	79.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.00	1.37	1.43	1.42	1.13	1.10	1.04	1.08	0.79	0.71
Quick Ratio	0.95	0.92	1.12	1.03	1.30	1.01	0.95	0.92	0.73	0.71	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	228	184	49	3,409	276	229	68	290	718	33	183
Operating Cash Flow to CapEx	456.22%	350.47%	384.08%	250.09%	195.17%	287.63%	163.83%	211.84%	102.54%	316.52%	578.26%
Free Cash Flow to Firm to Interest Expense	2.60	2.06	0.42	29.54	2.49	2.17	0.70	5.61	11.35	0.51	1.80
Operating Cash Flow to Interest Expense	5.97	5.58	3.85	2.99	2.42	2.86	3.11	3.38	1.27	3.60	3.78
Operating Cash Flow Less CapEx to Interest Expense	4.66	3.99	2.85	1.79	1.18	1.86	1.21	1.78	0.03	2.46	3.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.44	0.44	0.89	0.56	0.66	0.72	0.51	0.46	0.53	0.58
Accounts Receivable Turnover	7.83	5.70	6.31	14.11	8.60	9.32	10.15	7.32	7.65	11.25	11.54
Inventory Turnover	17.95	13.60	19.89	34.75	29.46	34.42	34.01	16.38	13.42	14.66	12.81
Fixed Asset Turnover	11.63	8.24	8.09	14.60	8.27	9.26	8.59	5.44	8.81	15.19	8.35
Accounts Payable Turnover	1.03	0.87	0.94	1.28	1.80	2.87	2.83	1.45	1.13	1.06	0.94
Days Sales Outstanding (DSO)	46.61	64.05	57.85	25.86	42.44	39.16	35.96	49.85	47.74	32.44	31.63
Days Inventory Outstanding (DIO)	20.33	26.84	18.35	10.50	12.39	10.60	10.73	22.28	27.19	24.90	28.50
Days Payable Outstanding (DPO)	353.77	417.91	390.01	286.14	203.31	127.07	128.97	251.12	321.73	345.07	388.62
Cash Conversion Cycle (CCC)	-286.83	-327.02	-313.81	-249.78	-148.49	-77.30	-82.28	-178.99	-246.80	-287.74	-328.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,658	2,458	2,699	2,013	1,978	1,695	1,690	1,585	880	855	894
Invested Capital Turnover	1.40	1.04	1.08	2.39	1.61	1.94	2.17	1.52	1.69	2.34	2.16
Increase / (Decrease) in Invested Capital	188	-200	241	-686	-35	-283	-5.04	-105	-705	-25	38
Enterprise Value (EV)	5,103	4,463	4,267	3,201	2,258	2,534	2,598	2,125	2,268	2,742	3,397
Market Capitalization	2,623	1,901	1,494	862	558	910	1,021	601	744	1,308	1,701
Book Value per Share	$0.91	($0.56)	$1.01	$0.54	$1.67	$0.41	$0.64	$0.35	($2.09)	($3.18)	($4.99)
Tangible Book Value per Share	($8.90)	($9.91)	($9.95)	($7.69)	($7.19)	($7.17)	($6.56)	($6.23)	($6.37)	($7.24)	($9.72)
Total Capital	3,426	3,261	4,019	3,367	3,026	2,635	2,436	2,266	1,777	1,341	1,191
Total Debt	2,951	3,365	3,830	3,266	2,740	2,564	2,324	2,205	2,146	1,920	1,993
Total Long-Term Debt	2,490	2,750	3,559	3,066	2,720	2,348	2,299	2,173	2,087	1,866	1,976
Net Debt	2,183	2,562	2,772	2,339	1,699	1,624	1,577	1,524	1,524	1,434	1,696
Capital Expenditures (CapEx)	115	142	118	138	137	105	184	83	78	72	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-260	-191	-26	81	-354	-482	-558	-578	-404	-788	-727
Debt-free Net Working Capital (DFNWC)	507	612	1,032	1,007	686	458	189	103	219	-302	-430
Net Working Capital (NWC)	46	-2.44	761	808	666	242	164	70	160	-355	-447
Net Nonoperating Expense (NNE)	-10	-128	46	2,481	47	126	64	149	399	211	76
Net Nonoperating Obligations (NNO)	2,183	2,562	2,510	1,911	1,692	1,624	1,577	1,524	1,248	1,434	1,696
Total Depreciation and Amortization (D&A)	173	174	127	155	170	171	170	120	123	127	119
Debt-free, Cash-free Net Working Capital to Revenue	-7.27%	-7.19%	-0.93%	1.43%	-11.04%	-13.57%	-15.19%	-23.29%	-19.42%	-38.86%	-38.43%
Debt-free Net Working Capital to Revenue	14.18%	23.05%	37.07%	17.87%	21.42%	12.89%	5.14%	4.15%	10.51%	-14.88%	-22.73%
Net Working Capital to Revenue	1.29%	-0.09%	27.34%	14.33%	20.79%	6.81%	4.47%	2.83%	7.68%	-17.51%	-23.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.04	$0.49	$1.40	$1.19	$1.10	($1.06)	($0.01)	$0.21	($2.20)	($1.13)	$0.84
Adjusted Weighted Average Basic Shares Outstanding	191.56M	186.40M	186.78M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Adjusted Diluted Earnings per Share	$2.03	$0.49	$1.39	$1.19	$1.10	($1.06)	($0.01)	$0.21	($2.20)	($1.12)	$0.84
Adjusted Weighted Average Diluted Shares Outstanding	191.56M	186.40M	186.78M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	191.56M	186.40M	186.78M	188.24M	171.15M	173.27M	174.86M	174.18M	176.53M	182.79M	149.94M
Normalized Net Operating Profit after Tax (NOPAT)	434	122	335	2,756	162	105	105	186	135	124	285
Normalized NOPAT Margin	12.12%	4.58%	12.03%	48.90%	5.06%	2.94%	2.86%	7.48%	6.47%	6.11%	15.07%
Pre Tax Income Margin	17.07%	7.60%	6.96%	46.37%	0.83%	-5.16%	-0.20%	7.60%	-2.11%	-2.58%	10.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.97	3.27	2.64	23.66	1.24	-0.73	0.92	4.64	0.31	0.18	2.90
NOPAT to Interest Expense	4.75	-0.18	2.46	23.60	2.18	-0.51	0.65	3.59	0.21	0.12	2.18
EBIT Less CapEx to Interest Expense	6.67	1.68	1.64	22.46	0.00	-1.73	-0.98	3.05	-0.93	-0.96	2.24
NOPAT Less CapEx to Interest Expense	3.44	-1.78	1.45	22.40	0.94	-1.51	-1.25	1.99	-1.02	-1.01	1.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.52%	142.28%	57.28%	58.10%	18.20%	-19.01%	-2,575.87%	93.98%	-9.13%	-17.66%	35.29%
Augmented Payout Ratio	70.42%	586.86%	57.28%	58.10%	72.23%	-19.01%	-2,575.87%	130.38%	-9.13%	-17.66%	296.77%

This table displays calculated financial ratios and metrics derived from Pitney Bowes' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	299,885,396.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	299,885,396.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-39.46%	76.02%	-0.48%	2.15%	-0.71%	-174.84%	-5.34%	-5.68%	-7.97%	-7.46%	-3.24%
EBITDA Growth	-32.77%	-17.10%	44.30%	122.48%	-139.11%	-66.10%	-5.01%	81.64%	683.49%	781.84%	23.43%
EBIT Growth	29.35%	-43.87%	108.73%	83.33%	-163.52%	-91.02%	-5.22%	214.76%	684.61%	401.31%	34.74%
NOPAT Growth	57.96%	-41.28%	-188.93%	83.33%	-167.22%	-95.65%	6.53%	243.22%	736.85%	406.61%	28.43%
Net Income Growth	-328.16%	-3,655.21%	62.71%	82.43%	-1,006.09%	83.30%	1,327.80%	220.54%	137.53%	173.15%	64.13%
EPS Growth	-333.33%	-3,300.00%	50.00%	82.72%	-971.43%	83.59%	1,050.00%	221.43%	140.00%	185.71%	105.26%
Operating Cash Flow Growth	170.88%	-43.31%	68.46%	211,131.82%	-44.44%	43.06%	-32.28%	20.35%	353.33%	64.86%	364.73%
Free Cash Flow Firm Growth	190.84%	254.46%	12,454.81%	355.31%	137.02%	-96.42%	-60.09%	-83.76%	-104.76%	-21.85%	-17.45%
Invested Capital Growth	-9.25%	-44.48%	-29.42%	-28.49%	-30.22%	-2.81%	-13.83%	-2.15%	9.09%	4.49%	-10.29%
Revenue Q/Q Growth	-35.22%	-106.98%	-4.71%	-4.50%	-37.03%	-119.33%	611.08%	-6.39%	-0.48%	3.90%	-0.04%
EBITDA Q/Q Growth	154.95%	126.93%	160.36%	-78.43%	-195.61%	296.71%	155.31%	-6.96%	30.65%	-24.17%	57.01%
EBIT Q/Q Growth	132.12%	96.43%	126.26%	-142.00%	-22.41%	127.76%	820.43%	-9.57%	46.74%	-31.48%	84.73%
NOPAT Q/Q Growth	130.35%	128.82%	88.81%	1.41%	-22.41%	114.80%	1,769.10%	-8.94%	46.59%	-35.99%	87.36%
Net Income Q/Q Growth	91.15%	-1,687.97%	98.71%	-761.94%	-456.85%	73.01%	194.78%	-15.38%	73.35%	-47.39%	112.67%
EPS Q/Q Growth	91.36%	-1,728.57%	98.44%	-600.00%	-435.71%	72.00%	190.48%	-10.53%	76.47%	-40.00%	116.67%
Operating Cash Flow Q/Q Growth	58,845.45%	263.67%	-113.34%	841.35%	-84.53%	836.35%	-112.40%	767.83%	-39.99%	231.65%	-80.08%
Free Cash Flow Firm Q/Q Growth	94.17%	335.38%	69.52%	-14.48%	1.08%	-93.42%	698.29%	-67.18%	-128.19%	137.29%	2,436.86%
Invested Capital Q/Q Growth	-3.97%	-39.47%	4.30%	-10.09%	-6.29%	-15.69%	21.30%	2.10%	4.48%	-19.25%	4.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.04%	0.00%	34.15%	33.62%	55.57%	0.00%	54.54%	53.59%	53.14%	67.93%	57.09%
EBITDA Margin	10.27%	0.00%	11.80%	2.66%	-4.05%	0.00%	20.57%	20.44%	26.83%	19.58%	30.76%
Operating Margin	8.70%	0.00%	6.51%	-2.86%	-5.56%	0.00%	14.39%	13.90%	20.50%	13.52%	24.98%
EBIT Margin	8.70%	0.00%	6.51%	-2.86%	-5.56%	0.00%	14.39%	13.90%	20.50%	13.52%	24.98%
Profit (Net Income) Margin	-2.49%	0.00%	-0.35%	-3.14%	-27.72%	0.00%	7.18%	6.49%	11.30%	5.72%	12.18%
Tax Burden Percent	-46.49%	-245.73%	-29.82%	64.32%	315.57%	-181.93%	75.80%	76.33%	76.25%	71.23%	72.24%
Interest Burden Percent	61.56%	106.02%	17.90%	170.33%	157.93%	266.31%	65.82%	61.16%	72.33%	59.45%	67.48%
Effective Tax Rate	33.85%	22.94%	129.82%	0.00%	0.00%	62.67%	24.20%	23.67%	23.75%	28.77%	27.76%
Return on Invested Capital (ROIC)	11.38%	0.00%	-4.35%	-5.06%	-10.34%	0.00%	19.45%	19.53%	28.46%	20.84%	34.42%
ROIC Less NNEP Spread (ROIC-NNEP)	8.78%	0.00%	-3.54%	-5.64%	-17.99%	0.00%	18.29%	18.30%	27.26%	19.65%	32.77%
Return on Net Nonoperating Assets (RNNOA)	-209.92%	0.00%	34.48%	34.73%	86.91%	0.00%	-62.46%	-58.94%	-76.23%	-44.53%	-77.88%
Return on Equity (ROE)	-198.54%	0.00%	30.13%	29.67%	76.58%	0.00%	-43.01%	-39.41%	-47.77%	-23.69%	-43.46%
Cash Return on Invested Capital (CROIC)	8.60%	58.30%	21.12%	24.35%	22.21%	3.76%	15.32%	5.52%	2.13%	20.88%	35.26%
Operating Return on Assets (OROA)	5.83%	0.00%	4.92%	-2.21%	-4.52%	0.00%	7.80%	7.49%	11.47%	7.79%	14.61%
Return on Assets (ROA)	-1.67%	0.00%	-0.26%	-2.42%	-22.50%	0.00%	3.89%	3.50%	6.32%	3.30%	7.12%
Return on Common Equity (ROCE)	-198.54%	0.00%	30.13%	29.67%	76.58%	0.00%	-43.01%	-39.41%	-47.77%	-23.69%	-43.46%
Return on Equity Simple (ROE_SIMPLE)	124.29%	0.00%	97.05%	61.72%	75.17%	0.00%	30.84%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	29	66	-16	-16	-19	2.88	54	49	72	46	86
NOPAT Margin	5.75%	0.00%	-1.94%	-2.00%	-3.89%	0.00%	10.91%	10.61%	15.63%	9.63%	18.05%
Net Nonoperating Expense Percent (NNEP)	2.60%	20.92%	-0.82%	0.58%	7.65%	3.00%	1.16%	1.23%	1.20%	1.19%	1.65%
Return On Investment Capital (ROIC_SIMPLE)	-	3.72%	-	-	-	0.21%	3.91%	3.60%	4.98%	3.86%	6.92%
Cost of Revenue to Revenue	45.96%	0.00%	65.85%	66.38%	44.43%	0.00%	45.46%	46.41%	46.86%	32.07%	42.91%
SG&A Expenses to Revenue	36.33%	0.00%	26.03%	27.74%	38.04%	0.00%	33.63%	36.92%	31.36%	29.51%	27.94%
R&D to Revenue	1.53%	0.00%	1.14%	1.15%	1.52%	0.00%	0.97%	0.78%	0.74%	0.73%	0.79%
Operating Expenses to Revenue	45.34%	0.00%	27.65%	36.48%	61.14%	0.00%	40.15%	39.69%	32.65%	54.41%	32.11%
Earnings before Interest and Taxes (EBIT)	44	86	54	-23	-28	7.71	71	64	94	65	119
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	52	117	98	21	-20	40	101	94	123	94	147
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.17	0.36	0.23	0.28	0.39	0.65	0.83	1.00	1.02	0.90	0.88
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.55	11.75	9.90
Dividend Yield	6.91%	4.74%	5.87%	3.96%	2.81%	2.78%	2.32%	2.11%	2.72%	3.31%	2.99%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.07%	8.51%	10.10%
Enterprise Value to Invested Capital (EV/IC)	1.44	2.58	1.95	2.23	2.77	3.21	3.11	3.37	3.37	3.80	3.74
Enterprise Value to Revenue (EV/Rev)	0.69	1.09	0.72	0.74	0.86	1.35	1.61	1.81	1.93	1.79	1.86
Enterprise Value to EBITDA (EV/EBITDA)	19.15	15.88	0.00	234.07	0.00	19.77	24.21	20.33	13.17	8.23	7.90
Enterprise Value to EBIT (EV/EBIT)	0.00	117.13	0.00	0.00	0.00	243.21	438.21	69.83	23.11	11.55	10.72
Enterprise Value to NOPAT (EV/NOPAT)	0.00	167.33	0.00	0.00	0.00	347.45	626.01	99.76	32.52	15.37	14.49
Enterprise Value to Operating Cash Flow (EV/OCF)	13.66	28.32	22.01	12.09	14.96	11.96	14.34	14.65	12.61	8.86	7.84
Enterprise Value to Free Cash Flow (EV/FCFF)	15.90	3.16	7.64	7.63	10.26	84.06	18.80	60.43	165.51	18.61	10.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-17.25	-5.82	-5.44	-4.96	-4.06	-3.32	-3.57	-3.53	-3.18	-2.48	-2.39
Long-Term Debt to Equity	-16.80	-5.66	-5.29	-4.83	-3.96	-3.23	-3.54	-3.51	-3.16	-2.46	-1.99
Financial Leverage	-23.91	-9.00	-9.75	-6.16	-4.83	-2.83	-3.41	-3.22	-2.80	-2.27	-2.38
Leverage Ratio	-67.59	-29.27	-25.98	-16.89	-12.53	-8.10	-7.94	-7.59	-5.85	-4.76	-4.49
Compound Leverage Factor	-41.61	-31.03	-4.65	-28.77	-19.79	-21.57	-5.23	-4.64	-4.23	-2.83	-3.03
Debt to Total Capital	106.15%	120.74%	122.53%	125.25%	132.64%	143.13%	138.91%	139.47%	145.86%	167.39%	171.79%
Short-Term Debt to Total Capital	2.78%	3.32%	3.34%	3.38%	3.55%	3.97%	1.03%	1.11%	1.12%	1.44%	29.24%
Long-Term Debt to Total Capital	103.37%	117.42%	119.19%	121.87%	129.08%	139.16%	137.88%	138.36%	144.74%	165.95%	142.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-6.15%	-20.74%	-22.53%	-25.25%	-32.64%	-43.13%	-38.91%	-39.47%	-45.86%	-67.39%	-71.79%
Debt to EBITDA	19.79	15.03	-20.36	205.89	-34.26	13.84	14.35	10.79	7.43	4.83	4.85
Net Debt to EBITDA	14.48	10.67	-15.22	146.52	-24.91	10.34	11.80	9.08	6.24	4.11	4.14
Long-Term Debt to EBITDA	19.28	14.62	-19.80	200.33	-33.34	13.46	14.24	10.71	7.37	4.79	4.03
Debt to NOPAT	-128.07	158.35	-10.97	-18.44	-12.77	243.28	371.09	52.95	18.33	9.02	8.90
Net Debt to NOPAT	-93.68	112.44	-8.21	-13.12	-9.28	181.67	305.15	44.55	15.40	7.68	7.59
Long-Term Debt to NOPAT	-124.71	154.00	-10.67	-17.94	-12.43	236.53	368.34	52.53	18.19	8.94	7.38
Altman Z-Score	2.32	1.70	1.96	1.90	2.05	1.78	1.97	2.01	2.03	1.93	1.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	1.08	0.97	0.96	0.88	0.79	0.80	0.76	0.81	0.71	0.62
Quick Ratio	0.86	0.73	0.86	0.85	0.77	0.71	0.69	0.65	0.70	0.62	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	177	771	486	415	420	28	220	72	-20	7.60	193
Operating Cash Flow to CapEx	0.00%	337.13%	-62.76%	439.32%	157.34%	606.25%	-98.77%	834.80%	423.17%	1,094.76%	278.65%
Free Cash Flow to Firm to Interest Expense	10.53	0.00	10.94	26.01	26.08	0.00	9.08	2.90	-0.78	0.29	4.97
Operating Cash Flow to Interest Expense	1.54	0.00	-0.28	5.82	0.89	0.00	-0.69	4.47	2.56	8.47	1.14
Operating Cash Flow Less CapEx to Interest Expense	1.80	0.00	-0.73	4.49	0.33	0.00	-1.38	3.93	1.96	7.69	0.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.46	0.76	0.77	0.81	0.53	0.54	0.54	0.56	0.58	0.58
Accounts Receivable Turnover	10.49	7.65	11.27	12.16	13.72	11.25	8.55	9.35	11.02	11.54	11.77
Inventory Turnover	22.34	13.42	25.87	26.50	28.74	14.66	12.49	11.23	11.54	12.81	12.61
Fixed Asset Turnover	6.93	8.81	7.85	14.57	14.89	15.19	6.43	16.52	16.77	8.35	8.68
Accounts Payable Turnover	2.49	1.13	2.82	2.71	2.71	1.06	1.18	1.10	1.10	0.94	1.07
Days Sales Outstanding (DSO)	34.80	47.74	32.37	30.01	26.60	32.44	42.68	39.03	33.12	31.63	31.01
Days Inventory Outstanding (DIO)	16.34	27.19	14.11	13.77	12.70	24.90	29.23	32.51	31.62	28.50	28.94
Days Payable Outstanding (DPO)	146.69	321.73	129.40	134.72	134.51	345.07	310.59	331.59	332.95	388.62	342.39
Cash Conversion Cycle (CCC)	-95.56	-246.80	-82.92	-90.94	-95.21	-287.74	-238.68	-260.05	-268.20	-328.48	-282.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,454	880	1,204	1,082	1,014	855	1,037	1,059	1,107	894	931
Invested Capital Turnover	1.98	1.69	2.24	2.53	2.65	2.34	1.78	1.84	1.82	2.16	1.91
Increase / (Decrease) in Invested Capital	-148	-705	-502	-431	-439	-25	-167	-23	92	38	-107
Enterprise Value (EV)	2,088	2,268	2,347	2,413	2,813	2,742	3,227	3,573	3,732	3,397	3,481
Market Capitalization	510	744	751	902	1,280	1,308	1,654	1,977	1,964	1,701	1,657
Book Value per Share	($0.71)	($2.09)	($2.19)	($2.39)	($2.89)	($3.18)	($2.93)	($2.96)	($3.84)	($4.99)	($5.96)
Tangible Book Value per Share	($6.46)	($6.37)	($6.60)	($6.76)	($7.09)	($7.24)	($7.02)	($7.18)	($8.27)	($9.72)	($11.01)
Total Capital	2,033	1,777	1,742	1,694	1,590	1,341	1,377	1,360	1,443	1,191	1,245
Total Debt	2,158	2,146	2,134	2,122	2,109	1,920	1,913	1,897	2,104	1,993	2,138
Total Long-Term Debt	2,102	2,087	2,076	2,065	2,052	1,866	1,899	1,882	2,088	1,976	1,774
Net Debt	1,579	1,524	1,596	1,510	1,533	1,434	1,573	1,596	1,768	1,696	1,824
Capital Expenditures (CapEx)	-4.42	28	20	21	9.13	22	17	13	16	20	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-546	-404	-523	-627	-717	-788	-630	-649	-592	-727	-639
Debt-free Net Working Capital (DFNWC)	34	219	15	-15	-142	-302	-290	-348	-256	-430	-325
Net Working Capital (NWC)	-23	160	-43	-72	-198	-355	-304	-363	-272	-447	-689
Net Nonoperating Expense (NNE)	41	290	-13	8.98	119	40	18	19	20	19	28
Net Nonoperating Obligations (NNO)	1,579	1,248	1,596	1,510	1,533	1,434	1,573	1,596	1,768	1,696	1,824
Total Depreciation and Amortization (D&A)	7.92	31	44	44	7.58	32	30	30	29	29	28
Debt-free, Cash-free Net Working Capital to Revenue	-18.06%	-19.42%	-16.04%	-19.13%	-21.90%	-38.86%	-31.52%	-32.91%	-30.66%	-38.43%	-34.06%
Debt-free Net Working Capital to Revenue	1.11%	10.51%	0.45%	-0.46%	-4.33%	-14.88%	-14.51%	-17.64%	-13.26%	-22.73%	-17.33%
Net Working Capital to Revenue	-0.76%	7.68%	-1.33%	-2.21%	-6.06%	-17.51%	-15.22%	-18.41%	-14.09%	-23.64%	-36.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	($1.28)	($0.02)	($0.14)	($0.77)	($0.20)	$0.19	$0.17	$0.31	$0.17	$0.40
Adjusted Weighted Average Basic Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Adjusted Diluted Earnings per Share	($0.07)	($1.28)	($0.02)	($0.14)	($0.75)	($0.21)	$0.19	$0.17	$0.30	$0.18	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	176.33M	176.53M	178.88M	179.51M	181.70M	182.79M	181.25M	172.12M	160.92M	149.94M	135.44M
Normalized Net Operating Profit after Tax (NOPAT)	38	76	41	6.40	37	39	73	55	72	83	90
Normalized NOPAT Margin	7.59%	0.00%	4.92%	0.81%	7.46%	0.00%	14.84%	11.80%	15.77%	17.36%	18.82%
Pre Tax Income Margin	5.35%	0.00%	1.16%	-4.87%	-8.79%	0.00%	9.47%	8.50%	14.82%	8.04%	16.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.60	0.00	1.22	-1.42	-1.73	0.00	2.93	2.57	3.61	2.47	3.07
NOPAT to Interest Expense	1.72	0.00	-0.36	-1.00	-1.21	0.00	2.22	1.97	2.76	1.76	2.22
EBIT Less CapEx to Interest Expense	2.86	0.00	0.77	-2.75	-2.29	0.00	2.23	2.04	3.01	1.69	2.67
NOPAT Less CapEx to Interest Expense	1.98	0.00	-0.81	-2.32	-1.78	0.00	1.52	1.43	2.15	0.98	1.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-22.53%	-9.13%	-9.28%	-13.43%	-9.16%	-17.66%	-23.05%	-37.83%	57.53%	35.29%	31.90%
Augmented Payout Ratio	-22.53%	-9.13%	-9.28%	-13.43%	-9.16%	-17.66%	-32.13%	-119.56%	372.30%	296.77%	329.97%

Financials Breakdown Chart

Key Financial Trends

Pitney Bowes (PBI) has posted a sequence of quarterly results in 2025 that show improving cash flow and profitability trends, following a period of more mixed results in 2023–2024. Below is a concise, investor-focused summary of the key trends drawn from the last four years of quarterly statements (income statement, cash flow, and balance sheet).

Strong operating cash flow in late 2025: Net cash from continuing operating activities reached about $221.7 million in Q4 2025, reversing Q1 2025 weakness and signaling stronger cash generation going into 2026.
Positive quarterly net income to common shareholders in 2025: Net income attributable to common shareholders was positive across several 2025 quarters, with Q3 2025 at about $51.96 million (EPS of $0.31) and Q4 2025 at about $27.34 million (EPS of $0.17).
Gross margin improved in Q4 2025: Total Gross Profit of $324.44 million on Operating Revenue of $477.63 million yields a gross margin around 68%, a notable expansion versus earlier quarters in 2025.
Free cash flow strength in Q4 2025: After capex of about $20.3 million, free cash flow in Q4 2025 was roughly $201 million (approximate calculation: CFO $221.7M minus capex $20.3M). This supports liquidity on the cash side despite investing activity.

Revenue level and margin context: In 2025, quarterly Operating Revenue runs around the mid-$400s to high-$400s millions, with gross margins in the mid-to-upper range and some variability; this suggests a stabilizing but still modest top-line trend vs. peak levels seen in earlier years.
Investing cash flow remains negative: Across 2025 quarters, net cash used for investing activities remains a cash outflow due to capital expenditures and portfolio investments, consistent with ongoing investment activity.
Assets and liabilities at a multiyear level: By 2025 Q3, total assets were around $3.25B and total liabilities about $3.92–$3.95B, indicating a leveraged but manageable balance sheet profile in the context of a stable, asset-light operations model.

2025 financing outflows remain substantial: Net cash from financing activities in Q4 2025 was a large outflow (about $243 million), driven by debt repayments and treasury activity, which can pressure liquidity if not offset by operating cash and financing choices.
Longer-term revenue decline vs 2022–2023 peaks: The four-year window shows materially higher revenue levels in 2022–2023 than in 2024–2025 quarters, signaling ongoing structural challenges in top-line growth that investors should monitor.
Earnings volatility persists: Some quarters over the four-year span show negative or very low net income (for example, certain 2023–2024 periods), underscoring earnings volatility and execution risk in the near term.

05/14/26 09:43 AM ETAI Generated. May Contain Errors.

Pitney Bowes Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pitney Bowes' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pitney Bowes' net income appears to be on a downward trend, with a most recent value of $144.70 million in 2025, falling from $426.32 million in 2015. The previous period was -$203.60 million in 2024. View Pitney Bowes' forecast to see where analysts expect Pitney Bowes to go next.

Pitney Bowes' total operating income in 2025 was $293.98 million, based on the following breakdown:

Total Gross Profit: $1.09 billion
Total Operating Expenses: $791.38 million

Over the last 10 years, Pitney Bowes' total revenue changed from $3.58 billion in 2015 to $1.89 billion in 2025, a change of -47.1%.

Pitney Bowes' total liabilities were at $3.97 billion at the end of 2025, a 0.1% decrease from 2024, and a 29.7% decrease since 2015.

In the past 10 years, Pitney Bowes' cash and equivalents has ranged from $284.89 million in 2025 to $1.01 billion in 2017, and is currently $284.89 million as of their latest financial filing in 2025.

Over the last 10 years, Pitney Bowes' book value per share changed from 0.91 in 2015 to -4.99 in 2025, a change of -649.7%.

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Financial statements for NYSE:PBI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Pitney Bowes (PBI) Financials

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Pitney Bowes (PBI) Financials

Annual Income Statements for Pitney Bowes

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Quarterly Cash Flow Statements for Pitney Bowes

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Quarterly Balance Sheets for Pitney Bowes

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Quarterly Metrics And Ratios for Pitney Bowes

Financials Breakdown Chart

Key Financial Trends

Pitney Bowes Financials - Frequently Asked Questions

When does Pitney Bowes' fiscal year end?

How has Pitney Bowes' net income changed over the last 10 years?

What is Pitney Bowes' operating income?

How has Pitney Bowes' revenue changed over the last 10 years?

How much debt does Pitney Bowes have?

How much cash does Pitney Bowes have?

How has Pitney Bowes' book value per share changed over the last 10 years?

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