NYSE: PBI
PITNEY BOWES INC /DE/CIK 0000078814 · SIC 3579 · Office Machines, NEC
Pitney Bowes Inc. ("we, us, our, or the company") 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… About this business →
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Pitney Bowes Q2 net income jumps 66.5% to $49.9M, but Presort margin collapses to 26.3%
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Pitney Bowes adds La Vonda Williams to Board, assigns to Strategic Review Committee
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Pitney Bowes redeems $347M of 2027 notes, upsizes term loan by $150M
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Pitney Bowes extends credit facilities to 2031, adds stepped-down leverage covenants
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PBI Q1 net income up 64% to $58.1M on cost cuts; revenue down 3%; Presort margin falls 610bp
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Pitney Bowes raises 2026 guidance, returns $565M via buybacks, doubles dividend to $0.10
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Unaudited; in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue: | ||||
| Services | 284,517 | 290,423 | 591,087 | 608,855 |
| Products | 87,523 | 90,880 | 176,173 | 184,070 |
| Financing and other | 79,458 | 80,606 | 161,651 | 162,404 |
| Total revenue | 451,498 | 461,909 | 928,911 | 955,329 |
| Costs and expenses: | ||||
| Cost of services | 155,356 | 144,240 | 311,511 | 300,113 |
| Cost of products | 41,442 | 54,487 | 90,122 | 105,406 |
| Cost of financing and other | 12,424 | 15,656 | 25,219 | 33,163 |
| Selling, general and administrative | 128,746 | 170,542 | 262,123 | 336,457 |
| Research and development | 3,383 | 3,601 | 7,177 | 8,364 |
| Restructuring charges | 3,337 | 13,806 | 8,449 | 15,206 |
| Interest expense, net | 28,580 | 24,937 | 54,572 | 49,207 |
| Other components of net pension and postretirement cost | 12,256 | 1,947 | 23,290 | 3,801 |
| Other expense (income) | 483 | (6,578) | 483 | 17,609 |
| Total costs and expenses | 386,007 | 422,638 | 782,946 | 869,326 |
| Income before taxes | 65,491 | 39,271 | 145,965 | 86,003 |
| Provision for income taxes | 15,583 | 9,296 | 37,919 | 20,606 |
| Net income | 49,908 | 29,975 | 108,046 | 65,397 |
| Basic net income per share | 0.37 | 0.17 | 0.76 | 0.36 |
| Diluted net income per share | 0.36 | 0.17 | 0.75 | 0.36 |
Condensed Consolidated Balance Sheets (Unaudited)
(Unaudited; in thousands, except per share amount)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents (includes $14,982 and $38,851, respectively, reported at fair value) | 266,833 | 284,887 |
| Short-term investments (includes $1,724 and $1,715, respectively, reported at fair value) | 11,920 | 12,232 |
| Accounts and other receivables (net of allowance of $6,136 and $7,507, respectively) | 147,898 | 168,099 |
| Short-term finance receivables (net of allowance of $10,322 and $14,206, respectively) | 468,702 | 496,446 |
| Inventories | 62,880 | 66,241 |
| Current income taxes | 2,419 | 3,143 |
| Other current assets and prepayments (net of allowance of $10,466 in both 2026 and 2025) | 79,223 | 69,451 |
| Total current assets | 1,039,875 | 1,100,499 |
| Property, plant and equipment, net | 175,555 | 185,913 |
| Rental property and equipment, net | 22,526 | 24,054 |
| Long-term finance receivables (net of allowance of $6,524 and $4,370 respectively) | 550,602 | 605,129 |
| Goodwill | 740,417 | 746,687 |
| Intangible assets, net | 12,949 | 14,741 |
| Operating lease assets | 103,268 | 106,996 |
| Noncurrent income taxes | 89,953 | 95,412 |
| Other assets (includes $181,188 and $185,111, respectively, reported at fair value) | 284,440 | 289,520 |
| Total assets | 3,019,585 | 3,168,951 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 743,248 | 845,378 |
| Customer deposits at Pitney Bowes Bank | 546,503 | 582,630 |
| Current operating lease liabilities | 29,935 | 28,396 |
| Current portion of long-term debt | 23,138 | 17,150 |
| Advance billings | 71,689 | 69,075 |
| Current income taxes | 3,122 | 5,210 |
| Total current liabilities | 1,417,635 | 1,547,839 |
| Long-term debt | 2,010,756 | 1,975,888 |
| Deferred taxes on income | 97,581 | 72,665 |
| Tax uncertainties and other income tax liabilities | 161 | 278 |
| Noncurrent operating lease liabilities | 93,825 | 99,757 |
| Noncurrent customer deposits at Pitney Bowes Bank | 71,000 | 71,000 |
| Other noncurrent liabilities | 191,906 | 203,884 |
| Total liabilities | 3,882,864 | 3,971,311 |
| Commitments and contingencies (See Note 13) | ||
| Stockholders’ deficit: | ||
| Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued) | 270,338 | 270,338 |
| Retained earnings | 2,698,586 | 2,655,703 |
| Accumulated other comprehensive loss | (790,426) | (789,132) |
| Treasury stock, at cost (133,283 and 119,634 shares, respectively) | (3,041,777) | (2,939,269) |
| Total stockholders’ deficit | (863,279) | (802,360) |
| Total liabilities and stockholders’ deficit | 3,019,585 | 3,168,951 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited; in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 108,046 | 65,397 |
| Adjustments to reconcile net income or loss to net cash from operating activities: | ||
| Depreciation and amortization | 49,328 | 57,086 |
| Allowance for credit losses | 4,529 | 5,161 |
| Change in allowance for DIP Facility | — | (8,024) |
| Stock-based compensation | 13,072 | 12,287 |
| Amortization of debt fees | 3,977 | 3,599 |
| Loss on debt redemption/refinancing | 1,116 | 24,364 |
| Restructuring charges | 8,449 | 15,206 |
| Restructuring payments | (28,898) | (21,518) |
| Loss on disposal of assets | 6,750 | 5,430 |
| (Gain) loss on revaluation of intercompany loans | (5,771) | 24,624 |
| Other, net | 9,818 | (11,556) |
| Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
| Accounts and other receivables | 17,602 | 4,820 |
| Finance receivables | 71,746 | 71,202 |
| Inventories | 3,124 | (17,705) |
| Other current assets and prepayments | (8,622) | (5,356) |
| Accounts payable and accrued liabilities | (84,114) | (142,328) |
| Current and noncurrent income taxes | 23,654 | 8,706 |
| Advance billings | 3,266 | 3,314 |
| Net cash from operating activities | 197,072 | 94,709 |
| Cash flows from investing activities: | ||
| Capital expenditures | (34,331) | (30,230) |
| Purchases of investment securities | (7,041) | (7,603) |
| Proceeds from sales/maturities of investment securities | 11,060 | 18,530 |
| Net investment in loan receivables | 3,362 | (61,650) |
| DIP Facility reimbursement | — | 8,024 |
| Acquisition | — | (2,200) |
| Other investing activities, net | 233 | 1,029 |
| Net cash from investing activities | (26,717) | (74,100) |
| Cash flows from financing activities: | ||
| Borrowings under revolving credit facility | 96,700 | — |
| Proceeds from the issuance of debt | 300,000 | 775,000 |
| Principal payments of debt | (356,073) | (804,442) |
| Premiums and fees paid to redeem/refinance debt | (5,651) | (20,598) |
| Dividends paid to stockholders | (26,891) | (23,606) |
| Customer deposits at Pitney Bowes Bank | (36,127) | (42,923) |
| Proceeds from stock option exercise | 36,384 | 7,344 |
| Common stock repurchases | (188,446) | (90,274) |
| Other financing activities, net | (7,403) | (8,993) |
| Net cash from financing activities | (187,507) | (208,492) |
| Effect of exchange rate changes on cash and cash equivalents | (902) | 3,334 |
| Change in cash and cash equivalents | (18,054) | (184,549) |
| Cash and cash equivalents at beginning of period | 284,887 | 469,726 |
| Cash and cash equivalents at end of period | 266,833 | 285,177 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited; in thousands, except per share amounts); (Unaudited; in thousands, except per share amount); (Unaudited; in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About PITNEY BOWES INC /DE/
Source: Item 1 (Business) from the 10-K filed February 19, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
General
Pitney Bowes Inc. ("we, us, our, or the company") 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.
Business Segments
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 equipment. Digital delivery services enables clients to reduce transportation and logistics costs, select the best carrier based on need and cost, improve delivery times and track packages in real-time. Powered by our shipping APIs, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers that can be easily integrated into any web application such as online shopping carts or ecommerce sites and provide guaranteed delivery times and flexible payment options.
Through our wholly owned subsidiary, The Pitney Bowes Bank ("the Bank"), we offer financing alternatives that enable clients to finance 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.
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Presort Services
We are the largest workshare partner of the United States Postal Service ("USPS") and national outsource provider of mail sortation services that allow clients to qualify volumes of First-Class Mail, First Class Flats, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal workshare discounts. Using our proprietary technology, we provide clients with end-to-end solutions from pick up to delivery into the postal system network, improving mail delivery and enhancing total mail value including optimizing postage savings.
Other
Other represents amounts of the prior Global Ecommerce segment that did not qualify for discontinued operations treatment, primarily related to operations that were dissolved or sold and certain shared services functions. In August 2024, we exited from the Global Ecommerce business through an orderly wind-down of these operations. See Note 4 to the Consolidated Financial Statements for further information.
Sales and Services
We market our products, solutions and services through a direct and inside sales force, global and regional partner channels, direct mailings and digital channels. We provide call-center, online and on-site support services for our products and solutions. Support services are primarily provided under maintenance contracts.
Competition
SendTech Solutions
We face competition from other mail equipment and solutions providers and those that offer online shipping and mailing products and services solutions. We differentiate ourselves through the breadth of our physical and digital offerings, including cloud-based software platforms designed to support complex, high-volume, multi-carrier shipping and mailing operations, an open platform architecture; competitive pricing; available financing and payment solutions; product reliability; support services; and our extensive knowledge of the shipping and mailing industry.
Our financing operations face competition, in varying degrees, from large, diversified financial institutions, leasing companies, commercial finance companies, commercial banks and smaller specialized firms. We believe what differentiates us from our competitors is the breadth of our financing and payment solutions and our ability to seamlessly integrate these solutions into our clients' shipping and mailing operations.
Presort Services
We face competition from regional and local presort providers, cooperatives of multiple local presort providers, consolidators and service bureaus that offer presort solutions as part of a larger bundle of outsourcing services. We also face competition from large mailers that have sufficient volumes and the capability to sort their own mailings in-house and could use excess capacity to offer presort services to others. The principal competitive factors include price, innovative service, delivery speed, tracking and reporting, industry expertise and economies of scale. Our competitive advantages include our national network of processing centers handling
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upwards of 15 billion mail pieces annually including a proprietary Mail Exchange program affording clients maximized postage discounts, improved deliverability, and proven business continuity protocols. Clients benefit from our industry expertise at all levels through local Mail Design Professional certified support resources, allowing greater access to programs like United States Postal Service ("USPS") Promotions and Incentives, saving additional costs on mailing and increasing impact of their mail. Additionally, a dedicated postal relations team ensures rapid resolution for quality and compliance. With a fleet of over 350 drivers and vehicles, we provide clients flexible logistics including a unique USPS long-haul partnership made possible by our significant scale and processing volumes, ensuring improved delivery performance and additional safeguards for participating mail, particularly during peak seasons. Our proprietary Presort Services Account offers mail management capabilities from pick-up to invoicing including tracking, reporting, and data ingestion assuring mailers complete visibility and chain of custody. Our competitive capabilities collectively result in unexpected value for mailers.
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