Pitney Bowes Discloses Financial Results for Third Quarter 2025 and Issues CEO Letter
STAMFORD, Conn.--( BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the third quarter of 2025. In conjunction with this announcement, Pitney Bowes’ CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives.
Q3 2025 Financial Highlights
Earnings per share results are summarized in the table below:
Third Quarter
2025
2024
GAAP EPS
$0.30
($0.75)
Loss from discontinued operations, net of tax
-
$1.42
Restructuring charges
$0.01
$0.13
Foreign currency loss / (gain) on intercompany loans
($0.02)
$0.08
Transaction and strategic review costs
$0.02
$0.01
Loss on debt redemption/refinancing
-
$0.01
(Benefit) / costs in connection with Ecommerce exit
($0.01)
$0.16
Asset impairment charge
-
$0.05
Tax benefit from affiliate reorganization
-
($0.89)
Adjusted EPS
$0.31
$0.21
Note: Amounts may not foot due to rounding.
Q3 2025 CEO Commentary & Letter
To read and/or download a copy of this quarter’s CEO letter please click here.
Q3 2025 Business Segment Reporting
SendTech Solutions
SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Third Quarter
($ millions)
2025
2024
% Change
Reported
Revenue
$311
$331
(6%)
Adj. Segment EBITDA
$112
$112
0%
Adj. Segment EBIT
$101
$102
(1%)
SendTech revenue declined due to the impact of prior year product migration and a decrease in the mailing install base.
Adjusted Segment EBITDA was flat year-over-year. The decline in Adjusted Segment EBIT was driven by lower revenue and was partially offset by cost reduction initiatives.
Presort Services
Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.
Third Quarter
($ millions)
2025
2024
% Change
Reported
Revenue
$149
$166
(11%)
Adj. Segment EBITDA
$42
$55
(24%)
Adj. Segment EBIT
$33
$46
(29%)
Lower volumes due to client losses tied to a prior rigid pricing strategy under former management and broader market decline drove the decrease in revenue.
Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue and reduced operating leverage from lower volumes.
2025 Full-Year Outlook
Pitney Bowes now expects to achieve near the low end of previously disclosed guidance range for Revenue, Adjusted EBIT and Free Cash Flow. The Company also now expects to achieve near the midpoint of its previously disclosed guidance range for Adjusted EPS. For reference, the Company’s previously disclosed guidance ranges are:
$ millions, except EPS
Low
High
Revenue
$1,900
$1,950
Adjusted EBIT
$450
$465
Adjusted EPS
$1.20
$1.40
Free Cash Flow
$330
$370
Q3 2025 Earnings Conference Call
Management will discuss the Company’s results in a webcast today at 5:00 p.m. ET. Instructions for accessing the earnings results call are available on the Investor Relations page of the Company’s website at www.pitneybowes.com.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com.
Adjusted Segment EBIT
Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level. Adjusted Segment EBIT includes segment revenues and related costs and expenses attributable to the segment, but excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to a business segment. We also report Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance, which is calculated as Adjusted Segment EBIT plus depreciation and amortization expense of the segment.
Use of Non-GAAP Measures
Pitney Bowes’ financial results are reported in accordance with generally accepted accounting principles (GAAP). Pitney Bowes also discloses certain non-GAAP measures, such as revenue growth on a constant currency basis, adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS) and free cash flow.
Revenue growth on a constant currency basis excludes the impact of changes in currency exchange rates from the prior period under comparison. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate. We believe that excluding the impacts of currency exchange rates provides a better understanding of the underlying revenue performance.
Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, foreign currency gains and losses on intercompany loans, certain costs associated with the Ecommerce Restructuring, gains and losses on debt redemptions and other unusual items that we believe are not indicative to our core business operations.
Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides better insight into the amount of cash available for other discretionary uses.
Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at: https://www.investorrelations.pitneybowes.com/. We do not provide a reconciliation of forward‑looking non‑GAAP measures to the most comparable GAAP measures because items necessary for such reconciliation are not available on a reasonable basis without unreasonable efforts.
Forward-Looking Statements
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third party suppliers’ ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the Securities and Exchange Commission during 2025. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.
2025
2024
2025
2024
$
289,476
$
312,747
$
898,331
$
932,690
89,712
101,846
273,782
324,232
80,487
84,870
242,891
253,555
459,675
499,463
1,415,004
1,510,477
146,394
158,690
446,507
481,367
54,294
59,126
159,700
182,552
14,708
20,174
47,871
61,859
144,154
189,989
480,611
569,625
3,409
7,580
11,773
22,465
1,836
30,694
17,042
64,859
26,072
27,764
75,279
83,323
1,645
(961
)
5,446
(1,730
)
(981
)
50,287
16,628
50,287
391,531
543,343
1,260,857
1,514,607
68,144
(43,880
)
154,147
(4,130
)
16,181
(166,466
)
36,787
(148,695
)
51,963
122,586
117,360
144,565
-
(261,058
)
-
(310,789
)
$
51,963
$
(138,472
)
$
117,360
$
(166,224
)
$
0.31
$
0.68
$
0.66
$
0.81
-
(1.45
)
-
(1.74
)
$
0.31
$
(0.77
)
$
0.66
$
(0.93
)
$
0.30
$
0.67
$
0.66
$
0.79
-
(1.42
)
-
(1.70
)
$
0.30
$
(0.75
)
$
0.66
$
(0.91
)
170,370
183,838
178,375
182,445
$
320,994
$
469,726
14,978
16,374
161,696
159,951
497,573
535,608
75,699
59,836
4,313
10,429
74,290
66,030
1,149,543
1,317,954
184,043
218,657
22,605
24,587
624,496
610,316
746,525
721,003
16,019
15,780
107,457
113,357
101,738
99,773
302,785
276,089
$
3,255,211
$
3,397,516
$
698,686
$
873,626
602,189
645,860
27,030
26,912
16,150
53,250
72,766
70,131
4,909
2,948
1,421,730
1,672,727
2,087,966
1,866,458
70,165
49,187
724
13,770
94,260
100,804
46,000
57,977
195,904
215,026
3,916,749
3,975,949
270,338
270,338
2,657,001
2,671,868
(765,354
)
(839,171
)
(2,823,523
)
(2,681,468
)
(661,538
)
(578,433
)
$
3,255,211
$
3,397,516
2025
2024
2025
2024
$
310,782
$
331,376
(6
%)
$
938,104
$
1,017,470
(8
%)
148,893
166,367
(11
%)
476,900
483,032
(1
%)
459,675
497,743
(8
%)
1,415,004
1,500,502
(6
%)
-
1,720
(100
%)
-
9,975
(100
%)
459,675
499,463
(8
%)
1,415,004
1,510,477
(6
%)
(2,101
)
(2,652
)
$
457,574
$
499,463
(8
%)
$
1,412,352
$
1,510,477
(6
%)
2025
2024
% change
$
101,059
$
11,190
$
112,249
$
101,980
$
10,294
$
112,274
(1
%)
(0
%)
32,626
9,242
41,868
46,179
9,008
55,187
(29
%)
(24
%)
$
133,685
$
20,432
154,117
$
148,159
$
19,302
167,461
(10
%)
(8
%)
-
(7,312
)
(20,432
)
(19,302
)
(26,350
)
(38,062
)
(1,836
)
(30,694
)
(37,287
)
(43,859
)
(82
)
(2,142
)
3,390
(18,831
)
(4,439
)
(2,994
)
-
(10,000
)
1,063
(38,145
)
$
68,144
$
(43,880
)
2025
2024
% change
$
299,341
$
34,602
$
333,943
$
293,917
$
33,721
$
327,638
2
%
2
%
123,345
27,649
150,994
113,556
26,722
140,278
9
%
8
%
$
422,686
$
62,251
484,937
$
407,473
$
60,443
467,916
4
%
4
%
-
(12,142
)
(62,251
)
(60,443
)
(93,369
)
(124,557
)
(17,042
)
(64,859
)
(112,671
)
(131,986
)
(24,446
)
(2,142
)
(21,234
)
(13,481
)
(7,595
)
(14,291
)
-
(10,000
)
7,818
(38,145
)
$
154,147
$
(4,130
)
(1)
Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, foreign currency gains and losses from the revaluation of intercompany loans and other items that are not allocated to a business segment.
(2)
Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment.
2025
2024
2025
2024
$
51,963
$
(138,472
)
$
117,360
$
(166,224
)
-
261,058
-
310,789
16,181
(166,466
)
36,787
(148,695
)
68,144
(43,880
)
154,147
(4,130
)
1,836
30,694
17,042
64,859
(3,390
)
18,831
21,234
13,481
4,439
2,994
7,595
14,291
-
10,000
-
10,000
(1,063
)
38,145
(7,818
)
38,145
82
2,142
24,446
2,142
70,048
58,926
216,646
138,788
37,287
43,859
112,671
131,986
107,335
102,785
329,317
270,774
27,418
28,564
84,503
85,897
$
134,753
$
131,349
$
413,820
$
356,671
$
0.30
$
(0.75
)
$
0.66
$
(0.91
)
-
1.42
-
1.70
0.01
0.13
0.07
0.27
(0.02
)
0.08
0.09
0.06
0.02
0.01
0.03
0.06
-
0.01
0.10
0.01
(0.01
)
0.16
(0.03
)
0.16
-
0.05
0.06
-
(0.89
)
(0.90
)
$
0.31
$
0.21
$
0.92
$
0.50
$
66,848
$
65,721
$
161,557
$
144,616
(15,797
)
(19,438
)
(46,027
)
(50,221
)
9,325
27,222
30,843
53,919
$
60,376
$
73,505
$
146,373
$
148,314