Pitney Bowes Inc. (PBI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.47	$0.47	0.0%	—	$477.4M	—
Q4 25	$0.39	$0.45	+15.4%	—	$477.6M	—
Q3 25	$0.32	$0.31	-3.1%	—	$459.7M	—
Q2 25	$0.28	$0.27	-3.6%	—	$461.9M	—
Q1 25	$0.28	$0.19	-32.1%	—	$493.4M	—
Q4 24	$0.16	$0.32	+100.0%	—	$516.1M	—
Q3 24	$0.14	$0.21	+50.0%	—	$499.5M	—
Q2 24	-$0.07	$0.03	+142.9%	—	$793.2M	—
Q1 24	-$0.04	-$0.01	+75.0%	—	$830.5M	—
Q4 23	$0.02	$0.07	+250.0%	—	$871.6M	—
Q3 23	-$0.01	-$0.02	-100.0%	—	—	—
Q2 23	—	-$0.01	—	—	—	—
Q1 23	$0.08	$0.06	-25.0%	—	—	—
Q4 22	$0.03	$0.02	-33.3%	—	—	—
Q3 22	$0.03	$0.08	+166.7%	—	—	—
Q2 22	$0.11	$0.06	-45.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.84	—	—	$1.9B	—
FY24	—	-$1.13	—	—	$2B	—
FY23	—	-$2.2	—	—	$3.3B	—
FY22	—	$0.21	—	—	$3.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$2.8B	$3.2B	$3.2B	$3.6B	$3.7B	$3.5B	$3.3B	$2B	$1.9B
YoY change	-16.7%	-6.62%	+15.4%	-0.2%	+10.9%	+3.36%	-3.69%	-7.68%	-38%	-6.61%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	2.8B	3.2B	3.2B	3.6B	3.7B	3.5B	3.3B	2B	1.9B
Cost of revenue	1.2B	1.3B	1.7B	1.9B	2.4B	2.5B	2.4B	2.2B	964.3M	868.8M
Gross profit	1.8B	1.5B	1.5B	1.3B	1.2B	1.2B	1.1B	1.1B	1.1B	1B
Gross margin	60.6%	54%	45.6%	41.4%	33.7%	31.8%	32%	33.2%	52.4%	54.1%
Research & development	107.4M	60.9M	58.5M	51.3M	38.4M	46.8M	43.7M	41.4M	32M	15.3M
Selling, general & administrative	1.1B	1B	1B	1B	963.3M	924.2M	905.6M	897.3M	717.9M	621.6M
Operating expenses	1.2B	1.1B	1.1B	1.1B	1B	970.9M	949.2M	938.7M	749.9M	636.8M
Operating income	559.8M	412M	404.2M	272M	195.9M	198.1M	183.1M	146.7M	312.4M	387M
Operating margin	18.8%	14.8%	12.6%	8.49%	5.51%	5.39%	5.17%	4.49%	15.4%	20.4%
Non-operating income, net	-213.8M	-54.1M	-56.3M	-89.7M	-225.3M	-61.6M	-1.4M	-389.4M	-254.7M	-93M
Pretax income	201.8M	193.7M	188.1M	26.7M	-183.4M	-7.4M	39.9M	-406.5M	-52.3M	192.5M
Income tax	107M	13.7M	6.4M	-13.1M	7.1M	-10.9M	2.9M	-20.9M	-154.8M	47.8M
Net income	111.8M	243.5M	241.8M	194.3M	-180.4M	-1.4M	36.9M	-385.6M	-203.6M	144.7M
Net margin	3.75%	8.75%	7.53%	6.06%	-5.08%	-0.04%	1.04%	-11.8%	-10%	7.65%
EBITDA	728.5M	529.5M	530.2M	435.3M	358.2M	360M	342.6M	315.4M	337.9M	491M
EPS	0.51	1.4	1.19	1.1	-1.06	-0.01	0.21	-2.2	-1.13	0.84
Diluted EPS	0.5	1.39	1.19	1.1	-1.06	-0.01	0.21	-2.2	-1.13	0.84

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	503M	871.6M	830.5M	793.2M	499.5M	516.1M	493.4M	461.9M	459.7M	477.6M	477.4M	451.5M
Cost of revenue	231.2M	583M	546.9M	542.5M	238M	238.5M	224.3M	214.4M	215.4M	214.7M	217.6M	209.2M
Gross profit	271.8M	288.6M	283.6M	250.7M	261.5M	277.6M	269.1M	247.5M	244.3M	262.9M	259.8M	242.3M
Gross margin	54%	33.1%	34.2%	31.6%	52.4%	53.8%	54.5%	53.6%	53.1%	55.1%	54.4%	53.7%
Research & development	7.7M	10.3M	9.5M	9.1M	7.6M	9.5M	4.8M	3.6M	3.4M	3.5M	3.8M	3.4M
Selling, general & administrative	182.7M	223.2M	215.8M	219.6M	190M	148.3M	167.8M	172.5M	145.8M	135.5M	144.4M	141M
Operating expenses	190.5M	233.5M	225.3M	228.7M	197.6M	157.8M	172.5M	176.1M	149.2M	139M	148.2M	144.4M
Operating income	81.4M	55.1M	58.4M	21.9M	63.9M	119.8M	96.6M	71.4M	95.1M	123.9M	111.6M	97.9M
Operating margin	16.2%	6.33%	7.03%	2.77%	12.8%	23.2%	19.6%	15.5%	20.7%	25.9%	23.4%	21.7%
Non-operating income, net	-11.3M	-237.4M	-4.3M	-31.8M	-80M	-141.3M	-25.6M	-7.2M	-855K	-59.4M	-5.1M	-3.8M
Pretax income	26.9M	-227.9M	9.7M	-38.7M	-43.9M	-48.2M	46.7M	39.3M	68.1M	38.4M	80.5M	65.5M
Income tax	9.1M	-4M	12.6M	-13.8M	-166.5M	-6.1M	11.3M	9.3M	16.2M	11M	22.3M	15.6M
Net income	-12.5M	-223.8M	-2.9M	-24.9M	-138.5M	-37.4M	35.4M	30M	52M	27.3M	58.1M	49.9M
Net margin	-2.49%	-25.7%	-0.35%	-3.14%	-27.7%	-7.24%	7.18%	6.49%	11.3%	5.72%	12.2%	11.1%
EBITDA	88.8M	97.7M	99.2M	74.7M	93.4M	57.7M	100.7M	106.8M	122.5M	143.4M	137.2M	121.1M
EPS	-0.07	-1.27	-0.02	-0.14	-0.77	—	0.19	0.17	0.31	—	0.4	0.37
Diluted EPS	-0.07	-1.27	-0.02	-0.14	-0.77	—	0.19	0.17	0.3	—	0.39	0.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.8B	2.1B	1.1B	713M	1.1B	—	—	772.8M	1.3B	1.8B	2.2B
Enterprise value	5.4B	4.9B	3.6B	2.6B	2.9B	—	—	2.6B	2.9B	3.6B	4.1B
Shares outstanding	186.9M	186.7M	188M	176.9M	171.3M	135.1M	175.9M	175.6M	179.5M	171.6M	171.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.4	8.57	4.59	3.67	—	—	—	—	—	12.5	13.4
P/S	0.95	0.75	0.35	0.22	0.3	—	—	0.24	0.64	0.96	1.21
P/B	-27.4	11.1	10.9	2.49	14.9	—	—	-2.1	-2.25	-2.26	-2.59
EV/EBITDA	7.41	9.18	6.81	6.03	8.09	—	—	8.35	8.47	7.41	7.86
EV/Sales	1.81	1.75	1.12	0.82	0.82	—	—	0.81	1.41	1.92	2.21
Earnings yield	3.94%	11.7%	21.8%	27.3%	—	—	—	—	—	7.98%	7.47%
FCF yield	11.9%	16.1%	18.6%	18.3%	18.7%	—	—	-3.03%	12.1%	17.5%	10.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.11

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.6%	54%	45.6%	41.4%	33.7%	31.8%	32%	33.2%	52.4%	54.1%	53.7%
Operating margin	18.8%	14.8%	12.6%	8.49%	5.51%	5.39%	5.17%	4.49%	15.4%	20.4%	21.7%
Net margin	3.75%	8.75%	7.53%	6.06%	-5.08%	-0.04%	1.04%	-11.8%	-10%	7.65%	10%
ROE	-107.9%	129.2%	237.4%	67.9%	-255.4%	-1.2%	60.9%	104.6%	35.2%	-18%	-18%
ROA	1.92%	3.64%	4.07%	3.55%	-3.45%	-0.03%	0.78%	-9.03%	-5.99%	4.57%	8.41%
ROIC	10.7%	12.9%	15%	12.4%	10.2%	10.3%	8.91%	9.83%	31.8%	28.5%	31.3%
Return on tangible assets	4.73%	9.39%	8.49%	7.97%	-6.94%	-0.06%	1.51%	-14.4%	-10.6%	8.79%	12.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1	1.37	1.43	1.42	1.13	1.09	1.04	0.98	0.79	0.71	0.73
Quick ratio	0.96	1.35	1.39	1.38	1.09	1.05	0.99	0.94	0.75	0.67	0.69
Debt / equity	-32.5	20.3	33.6	10.3	39.4	22.7	41.6	-6.74	-3.54	-2.64	-0.02
Debt / assets	0.58	0.57	0.58	0.54	0.53	0.52	0.53	0.58	0.6	0.67	0.71
Net debt / EBITDA	3.52	5.24	4.71	4.39	5.15	5.03	5.38	5.9	4.62	3.71	3.58
Interest coverage	2.4	2.18	2.18	1.17	-0.19	0.95	1.28	-1.48	0.52	2.9	3.36
Effective tax rate	53%	7.05%	3.41%	0%	0%	0%	7.37%	0%	0%	24.8%	25.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16	14.9	17.1	18.1	20.8	27.2	20.1	18.6	11.3	11	12.3
EPS (basic)	0.51	1.4	1.19	1.1	-1.06	-0.01	0.21	-2.2	-1.13	0.84	0.84
EPS (diluted)	0.5	1.39	1.19	1.1	-1.06	-0.01	0.21	-2.2	-1.13	0.84	1.23
Book value per share	-0.55	1.01	0.54	1.62	0.41	0.83	0.34	-2.1	-3.22	-4.68	-6.3
FCF per share	1.8	1.8	1.1	0.74	1.15	0.87	0.29	-0.13	0.87	1.85	2.99
Cash per share	4.3	5.67	4.93	5.88	5.49	5.53	3.87	3.55	2.71	1.73	2.03
Capex per share	—	—	—	—	—	—	—	—	—	0.39	0.51

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.5%	3.77%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	17.3%	14.5%
Payout ratio	125.7%	57.3%	58.1%	18.2%	-19%	-2.6K%	94%	-9.13%	-17.7%	35.3%	29.3%
Dividend yield	4.95%	6.68%	12.6%	4.96%	3.25%	—	—	4.56%	2.77%	2.81%	2.44%

Yield

2.44%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.10

ex-dividend Aug 10, 2026

Payout ratio

29%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.10
May 18, 2026	$0.10
Feb 27, 2026	$0.09

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$503M	$871.6M	$830.5M	$793.2M	$499.5M	$516.1M	$493.4M	$461.9M	$459.7M	$477.6M	$477.4M	$451.5M
YoY change	-39.5%	-4.08%	-0.48%	+2.15%	-0.71%	-40.8%	-40.6%	-41.8%	-7.97%	-7.46%	-3.24%	-2.25%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	803M	1.1B	926.7M	1B	940.4M	746.9M	681.2M	623.2M	486.1M	297.1M
Receivables	1.3B	1.3B	1B	1B	957.3M	334.6M	343.6M	342.2M	160M	168.1M
Inventory	92.7M	40.8M	62.3M	68.3M	71.5M	78.6M	83.7M	70.1M	59.8M	66.2M
Total current assets	2.3B	2.8B	2.7B	2.2B	2.1B	1.9B	1.8B	1.7B	1.3B	1.1B
Property, plant & equipment	317.2M	350.7M	411.2M	427M	427.8M	672.4M	744.3M	717.2M	356.6M	317M
Goodwill & intangibles	3.5B	4.1B	3.1B	3B	2.6B	2.5B	2.3B	1.6B	1.5B	1.5B
Total assets	5.8B	6.7B	5.9B	5.5B	5.2B	5B	4.7B	4.3B	3.4B	3.2B
Accounts payable	293.5M	284.9M	280.9M	282.1M	295.2M	311M	315.4M	282.4M	239.7M	230M
Short-term debt	614.5M	271.1M	234.7M	56.2M	255.2M	65M	85.3M	119M	80.2M	45.5M
Total current liabilities	2.3B	2.1B	1.9B	1.6B	1.9B	1.7B	1.7B	1.7B	1.7B	1.5B
Long-term debt	2.8B	3.6B	3.2B	2.9B	2.5B	2.5B	2.4B	2.4B	2B	2.1B
Total liabilities	5.9B	6.5B	5.8B	5.2B	5.2B	4.8B	4.7B	4.6B	4B	4B
Shareholders' equity	-103.7M	188.6M	101.8M	286.1M	70.6M	112.6M	60.7M	-368.6M	-578.4M	-802.4M
Total debt	3.4B	3.8B	3.4B	3B	2.8B	2.6B	2.5B	2.5B	2B	2.1B
Net debt	2.6B	2.8B	2.6B	2B	1.9B	1.8B	1.9B	1.9B	1.6B	1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	579.4M	623.2M	538M	612M	575.5M	486.1M	340M	300.8M	336M	297.1M	314M	278.8M
Receivables	288.6M	342.2M	307.2M	266.2M	188.8M	160M	160.3M	155.3M	161.7M	168.1M	158.6M	147.9M
Inventory	83.8M	70.1M	78.7M	76.5M	71.6M	59.8M	65.1M	79M	75.7M	66.2M	62.6M	62.9M
Total current assets	1.6B	1.7B	1.6B	1.6B	1.5B	1.3B	1.2B	1.1B	1.1B	1.1B	1.1B	1B
Property, plant & equipment	726.3M	717.2M	697.6M	679.4M	374M	356.6M	342.1M	329.4M	314.1M	317M	312.1M	301.3M
Goodwill & intangibles	2B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total assets	4.4B	4.3B	4.1B	4.1B	3.6B	3.4B	3.3B	3.2B	3.3B	3.2B	3.1B	3B
Accounts payable	793.6M	282.4M	784M	843.1M	852.6M	239.7M	743.8M	742.8M	698.7M	230M	767M	743.2M
Short-term debt	114.8M	119M	118.2M	118.4M	85.7M	80.2M	41.5M	42.4M	43.2M	45.5M	393.3M	53.1M
Total current liabilities	1.6B	1.7B	1.6B	1.7B	1.7B	1.7B	1.5B	1.5B	1.4B	1.5B	1.8B	1.4B
Long-term debt	2.4B	2.4B	2.3B	2.3B	2.2B	2B	2B	2B	2.2B	2.1B	1.9B	2.1B
Total liabilities	4.5B	4.6B	4.5B	4.5B	4.2B	4B	3.8B	3.8B	3.9B	4B	4B	3.9B
Shareholders' equity	-125.1M	-368.6M	-392.4M	-427.9M	-518.9M	-578.4M	-535.9M	-536.8M	-661.5M	-802.4M	-893.6M	-863.3M
Total debt	2.5B	2.5B	2.5B	2.4B	2.3B	2B	2B	2B	2.2B	2.1B	2.3B	2.2B
Net debt	1.9B	1.9B	2B	1.9B	1.7B	1.6B	1.7B	1.7B	1.9B	1.8B	2B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	94.8M	180M	181.7M	39.9M	-190.5M	3.5M	36.9M	-385.6M	102.5M	144.7M
Depreciation & amortization	174.1M	126.8M	148.5M	159.1M	160.6M	162.9M	163.8M	160.4M	114.5M	111.6M
Stock-based compensation	14.9M	24.4M	21M	23.1M	17.5M	20.9M	16.6M	9.6M	16.5M	14.2M
Change in working capital	108M	71.5M	-103.9M	-58.4M	7M	47.4M	-36.2M	32.2M	55.6M	78.2M
Operating cash flow	356.7M	420.1M	322.6M	183.7M	-10.3M	191.4M	170.1M	-230.2M	71.1M	383.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	-66.3M
Investing cash flow	45.3M	-497.5M	89.6M	-75.3M	31.8M	30.6M	100.6M	-20M	30.7M	-125.1M
Dividends paid	-140.6M	-139.5M	-140.5M	-35.4M	-34.3M	-34.8M	-34.7M	-35.2M	-36M	-51.1M
Share repurchases	-197.3M	0	0	-105M	0	0	-13.4M	0	0	-378.4M
Financing cash flow	-319.5M	367.7M	-745.4M	-670.3M	-235.4M	-330.4M	-198.1M	-31.3M	-298.6M	-420.7M
Net change in cash	82.5M	290.3M	-333.2M	-561.9M	-213.9M	-108.5M	72.5M	-281.4M	-196.7M	-162.5M
Free cash flow	336.9M	335.9M	206.8M	130.6M	197M	117.5M	51.1M	-23.4M	156.8M	317M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	52M	27.3M	58.1M	49.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	27.4M	27.1M	25.6M	23.7M
Stock-based compensation	—	—	—	—	—	—	—	—	2.8M	-887K	3.3M	9.8M
Change in working capital	—	—	—	—	—	—	—	—	19.3M	-6.1M	65.6M	45.1M
Operating cash flow	—	—	—	—	—	—	—	—	66.8M	221.7M	44.2M	152.9M
Capital expenditure	—	—	—	—	—	—	—	—	-15.8M	-20.3M	-15.8M	-18.5M
Investing cash flow	—	—	—	—	—	—	—	—	-36.4M	-14.6M	-9.3M	-17.4M
Dividends paid	—	—	—	—	—	—	—	—	-13.3M	-14.2M	-13.3M	-13.6M
Share repurchases	—	—	—	—	—	—	—	—	-161.5M	-126.6M	-135.6M	-52.8M
Financing cash flow	—	—	—	—	—	—	—	—	13.4M	-218.3M	-16.4M	-207.5M
Net change in cash	—	—	—	—	—	—	—	—	43.9M	-11.1M	18.4M	-72M
Free cash flow	30.3M	68.6M	-26.9M	76.1M	-4.7M	112.3M	-33.6M	98M	51.1M	201.4M	28.3M	134.4M

Date	Ratio
Jan 20, 1998	2:1
Jun 3, 1992	2:1
Nov 14, 1986	2:1
May 24, 1983	2:1

Pitney Bowes Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history