Pitney Bowes Financials
Pitney Bowes (PBI) reported $1.9B in revenue for fiscal year 2025, down 6.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Pitney Bowes’ main operating shift is cash extraction from a shrinking revenue base, while the balance sheet stays tight.
From FY2023 to FY2025, revenue slipped from$2.08B to$1.89B , so the cash rebound did not come from renewed scale. Over the same span, operating cash flow rose from$80.1M to$383.3M as SG&A was cut sharply, meaning the business has been resized to pull more cash from each remaining sales dollar.
The balance sheet is still liability-led: FY2025 ended with
FY2025’s earnings quality looks better than FY2024 because free cash flow reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Pitney Bowes's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Pitney Bowes, and counted as zero in the overall score.
Pitney Bowes's revenue declined 6.6% year-over-year, from $2.0B to $1.9B. This contraction results in a growth score of 19/100.
Pitney Bowes's current ratio of 0.71 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Pitney Bowes converts 16.8% of revenue into free cash flow ($317.0M). This strong cash generation earns a score of 69/100.
Not available for Pitney Bowes, and counted as zero in the overall score.
Pitney Bowes passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Pitney Bowes generates $2.65 in operating cash flow ($383.3M OCF vs $144.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Pitney Bowes generated $1.9B in revenue in fiscal year 2025. This represents a decrease of 6.6% from the prior year.
Pitney Bowes reported $144.7M in net income in fiscal year 2025. This represents an increase of 171.1% from the prior year.
Pitney Bowes earned $0.84 per diluted share (EPS) in fiscal year 2025. This represents an increase of 175.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Pitney Bowes generated $317.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 102.2% from the prior year.
Pitney Bowes held $284.9M in cash against $2.0B in long-term debt as of fiscal year 2025.
Pitney Bowes paid $0.30 per share in dividends in fiscal year 2025. This represents an increase of 50.0% from the prior year.
Margins & Returns
Pitney Bowes's net profit margin was 7.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Pitney Bowes invested $15.3M in research and development in fiscal year 2025. This represents a decrease of 52.2% from the prior year.
Pitney Bowes spent $378.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Pitney Bowes invested $66.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 8.5% from the prior year.
PBI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $1.9B-6.6% | $2.0B-2.5% | $2.1B-16.3% | $2.5B-32.4% | $3.7B+3.4% | $3.6B+10.9% | $3.2B-0.2% | $3.2B+15.4% | $2.8B-6.6% | $3.0B-16.7% | $3.6B-6.4% | $3.8B+0.8% | $3.8B-0.8% | $3.8B-5.1% | $4.0B |
| Cost of Revenue | N/A | N/A | $964.3M-8.0% | $1.0B | N/A | $2.6B+6.1% | $2.4B+25.1% | $1.9B+7.4% | $1.8B+25.0% | $1.4B-5.4% | $1.5B-2.8% | $1.6B-7.3% | $1.7B+1.8% | $1.7B+4.3% | $1.6B | N/A |
| Gross Profit | N/A | N/A | $1.1B+3.1% | $1.0B | N/A | $1.1B-2.4% | $1.1B-10.4% | $1.3B-9.7% | $1.4B+5.2% | $1.4B-7.9% | $1.5B-27.4% | $2.0B-5.7% | $2.1B0.0% | $2.1B-4.5% | $2.2B | N/A |
| R&D Expenses | $14.1M | $15.3M-52.2% | $32.0M+8.4% | $29.5M-16.9% | $35.5M-24.2% | $46.8M+21.9% | $38.4M-25.1% | $51.3M-12.4% | $58.5M-3.8% | $60.9M-43.3% | $107.4M-2.5% | $110.2M+0.2% | $109.9M-0.4% | $110.4M-3.4% | $114.3M-11.5% | $129.2M |
| SG&A Expenses | $547.2M | $621.6M-13.4% | $717.9M-8.2% | $781.6M-0.5% | $785.5M-15.0% | $924.2M-4.1% | $963.3M-4.1% | $1.0B+0.1% | $1.0B-2.6% | $1.0B-9.7% | $1.1B-10.9% | $1.3B-7.1% | $1.4B-2.9% | $1.4B-4.7% | $1.5B-5.4% | $1.6B |
| Interest Expense | -$106.8M | -$101.5M-192.2% | $110.1M+9.6% | $100.4M+11.6% | $90.0M-7.1% | $96.9M-8.4% | $105.8M-4.6% | $110.9M-3.9% | $115.4M-2.2% | $118.0M+32.6% | $89.0M+1.6% | $87.6M-3.6% | $90.9M-16.8% | $109.3M-5.2% | $115.2M-0.1% | $115.4M |
| Income Tax | $65.1M | $47.8M+130.9% | -$154.8M-992.5% | $17.3M-59.6% | $43.0M+493.3% | -$10.9M-253.4% | $7.1M+154.3% | -$13.1M-304.6% | $6.4M-53.0% | $13.7M-87.2% | $107.0M-43.6% | $189.8M+68.2% | $112.8M+44.7% | $78.0M-31.8% | $114.3M+304.2% | $28.3M |
| Net Income | $187.3M | $144.7M+171.1% | -$203.6M+47.2% | -$385.6M-1143.9% | $36.9M+2834.3% | -$1.4M+99.3% | -$180.4M-192.8% | $194.3M-19.6% | $241.8M-0.7% | $243.5M+162.4% | $92.8M-77.3% | $407.9M+22.2% | $333.8M+133.7% | $142.8M-67.9% | $445.2M-27.9% | $617.5M |
| EPS (Diluted) | — | $0.84+175.0% | -$1.12+49.1% | -$2.20-1147.6% | $0.21+2200.0% | -$0.01+99.0% | -$1.05-195.5% | $1.10-14.1% | $1.28-1.5% | $1.30+165.3% | $0.49-75.9% | $2.03+23.8% | $1.64+134.3% | $0.70-68.3% | $2.21-27.5% | $3.05 |
Not reported in any period shown, so not listed: Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PBI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.2B-6.7% | $3.4B-20.5% | $4.3B-9.9% | $4.7B-4.4% | $5.0B-5.1% | $5.2B-4.5% | $5.5B-7.9% | $5.9B-10.5% | $6.6B+13.7% | $5.8B-4.7% | $6.1B-5.5% | $6.5B-4.4% | $6.8B-13.8% | $7.9B-3.5% | $8.1B |
| Current Assets | $1.1B-16.5% | $1.3B-36.0% | $2.1B+14.5% | $1.8B-5.0% | $1.9B-10.4% | $2.1B-5.5% | $2.2B-17.1% | $2.7B-4.7% | $2.8B+21.7% | $2.3B0.0% | $2.3B-15.9% | $2.8B-2.6% | $2.8B-11.6% | $3.2B-1.5% | $3.3B |
| Cash & Equivalents | $284.9M-39.4% | $469.7M-21.7% | $600.1M-10.2% | $668.3M-8.8% | $732.5M-20.5% | $921.5M-0.3% | $924.4M+6.6% | $867.3M-14.0% | $1.0B+32.0% | $764.5M+19.4% | $640.2M-38.6% | $1.0B+18.5% | $880.7M-2.3% | $901.8M+5.3% | $856.2M |
| Inventory | $66.2M+10.7% | $59.8M-5.1% | $63.0M-24.7% | $83.7M+6.5% | $78.6M+9.9% | $71.5M+4.7% | $68.3M+9.6% | $62.3M+52.8% | $40.8M-56.0% | $92.7M+4.4% | $88.8M+4.7% | $84.8M-18.1% | $103.6M-42.4% | $179.7M+0.6% | $178.6M |
| Accounts Receivable | $168.1M+5.1% | $160.0M-20.1% | $200.2M-41.7% | $343.6M+2.7% | $334.6M-14.0% | $389.2M+4.2% | $373.5M+0.5% | $371.8M-12.9% | $427.0M-6.3% | $455.5M-4.4% | $476.6M+9.0% | $437.3M-6.9% | $469.8M-35.5% | $728.3M+0.6% | $723.6M |
| Goodwill | $746.7M+3.6% | $721.0M-1.8% | $734.4M-13.7% | $851.3M-25.0% | $1.1B-1.5% | $1.2B-13.0% | $1.3B-0.6% | $1.3B-0.1% | $1.3B-4.7% | $1.4B-19.8% | $1.7B+4.4% | $1.7B-3.6% | $1.7B-18.8% | $2.1B-0.5% | $2.1B |
| Total Liabilities | $4.0B-0.1% | $4.0B-14.3% | $4.6B-0.9% | $4.7B-3.4% | $4.8B-6.0% | $5.2B-0.5% | $5.2B-11.2% | $5.8B-10.2% | $6.5B+9.4% | $5.9B+5.2% | $5.6B-7.8% | $6.1B-2.3% | $6.3B-15.7% | $7.4B-5.7% | $7.9B |
| Current Liabilities | $1.5B-7.5% | $1.7B-11.9% | $1.9B+9.9% | $1.7B0.0% | $1.7B-7.6% | $1.9B+19.2% | $1.6B-16.9% | $1.9B-8.7% | $2.1B-11.1% | $2.3B+2.1% | $2.3B-1.6% | $2.3B+3.9% | $2.2B-22.6% | $2.9B-6.9% | $3.1B |
| Long-Term Debt | $2.0B+5.9% | $1.9B-10.6% | $2.1B-3.9% | $2.2B-5.5% | $2.3B-2.1% | $2.3B-13.7% | $2.7B-11.3% | $3.1B-13.9% | $3.6B+29.4% | $2.8B+10.5% | $2.5B-14.9% | $2.9B-12.5% | $3.3B-8.1% | $3.6B-1.1% | $3.7B |
| Total Equity | -$802.4M-38.7% | -$578.4M-56.9% | -$368.6M-707.7% | $60.7M-46.1% | $112.6M+59.5% | $70.6M-75.6% | $289.2M+183.9% | $101.8M+233.3% | $30.6M+129.5% | -$103.7M-158.0% | $178.7M+131.3% | $77.3M-62.3% | $205.2M+61.0% | $127.4M+673.6% | -$22.2M |
| Retained Earnings | $2.7B-0.6% | $2.7B-13.2% | $3.1B-39.9% | $5.1B-0.8% | $5.2B-0.7% | $5.2B-4.3% | $5.4B+3.0% | $5.3B+1.0% | $5.2B+2.4% | $5.1B-0.9% | $5.2B+5.3% | $4.9B+3.9% | $4.7B-1.0% | $4.8B+3.5% | $4.6B |
PBI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $485.6M | $383.3M+67.2% | $229.2M+186.1% | $80.1M-54.2% | $175.0M-41.9% | $301.5M-0.2% | $302.0M+12.7% | $267.9M-22.3% | $344.7M-24.1% | $454.2M-8.5% | $496.1M-5.1% | $523.0M-20.6% | $658.3M+5.4% | $624.8M-5.4% | $660.2M-30.4% | $949.0M |
| Capital Expenditures | $70.4M | $66.3M-8.5% | $72.4M-7.3% | $78.1M-5.5% | $82.6M-55.1% | $184.0M+75.3% | $105.0M-23.5% | $137.3M-0.4% | $137.8M+16.5% | $118.2M-25.7% | $159.2M-4.5% | $166.7M-9.0% | $183.3M+33.3% | $137.5M-22.1% | $176.6M+13.2% | $156.0M |
| Free Cash Flow | $415.2M | $317.0M+102.2% | $156.8M+7809.5% | $2.0M-97.9% | $92.4M-21.3% | $117.5M-40.4% | $197.0M+50.8% | $130.6M-36.8% | $206.8M-38.4% | $335.9M-0.3% | $336.9M-5.4% | $356.2M-25.0% | $475.0M-2.5% | $487.3M+0.8% | $483.6M-39.0% | $793.0M |
| Investing Cash Flow | -$77.7M | -$125.1M-155.0% | -$49.1M+60.5% | -$124.1M-411.3% | -$24.3M+84.4% | -$155.3M-105.1% | -$75.7M-116.5% | $457.6M+59.8% | $286.3M+146.1% | -$621.4M-437.7% | -$115.6M+61.9% | -$303.2M-96.0% | -$154.7M-164.1% | $241.2M+378.0% | -$86.7M+26.1% | -$117.4M |
| Financing Cash Flow | -$424.4M | -$445.4M-45.8% | -$305.5M-918.1% | -$30.0M+84.9% | -$198.1M+40.0% | -$330.4M-40.4% | -$235.4M+64.9% | -$670.3M+10.1% | -$745.4M-302.7% | $367.7M+260.2% | -$229.5M+60.3% | -$578.7M-85.6% | -$311.8M+64.1% | -$868.1M-67.1% | -$519.6M-14.2% | -$455.0M |
| Dividends Paid | $54.3M | $51.1M+42.0% | $36.0M+2.1% | $35.2M+1.4% | $34.7M-0.2% | $34.8M+1.5% | $34.3M-3.0% | $35.4M-74.8% | $140.5M+0.7% | $139.5M-0.8% | $140.6M-6.3% | $150.1M-1.0% | $151.6M-19.7% | $188.8M-37.2% | $300.6M+0.3% | $299.6M |
| Share Buybacks | $476.5M | $378.4M | $0 | $0-100.0% | $13.4M | $0 | $0-100.0% | $105.0M | $0 | $0-100.0% | $197.3M+49.8% | $131.7M+163.4% | $50.0M | $0 | $0-100.0% | $100.0M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PBI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 52.4%+2.9pp | 49.6% | N/A | 30.5%-1.8pp | 32.3%-7.7pp | 40.0%-4.2pp | 44.3%-4.3pp | 48.5%-0.7pp | 49.2%-7.3pp | 56.4%+0.4pp | 56.0%-0.4pp | 56.5%-2.2pp | 58.6% | N/A |
| Net Margin | 7.6%+17.7pp | -10.1%+8.5pp | -18.6%-20.0pp | 1.5%+1.5pp | 0.0%+5.0pp | -5.1%-11.1pp | 6.1%-1.5pp | 7.5%-1.2pp | 8.8%+5.6pp | 3.1%-8.3pp | 11.4%+2.7pp | 8.7%+5.0pp | 3.8%-7.9pp | 11.6%-3.7pp | 15.3% |
| Return on Equity | N/A | N/A | N/A | 60.9%+62.1pp | -1.2%+254.2pp | -255.4%-322.6pp | 67.2%-170.2pp | 237.4%-559.6pp | 797.1% | N/A | 228.3%-203.7pp | 432.0%+362.4pp | 69.6%-279.8pp | 349.4% | N/A |
| Return on Assets | 4.6%+10.6pp | -6.0%+3.0pp | -9.0%-9.8pp | 0.8%+0.8pp | 0.0%+3.4pp | -3.5%-7.0pp | 3.5%-0.5pp | 4.1%+0.4pp | 3.7%+2.1pp | 1.6%-5.1pp | 6.7%+1.5pp | 5.1%+3.0pp | 2.1%-3.5pp | 5.7%-1.9pp | 7.6% |
| Current Ratio | 0.71-0.1x | 0.79-0.3x | 1.080.0x | 1.04-0.1x | 1.090.0x | 1.13-0.3x | 1.420.0x | 1.43+0.1x | 1.37+0.4x | 1.000.0x | 1.02-0.2x | 1.19-0.1x | 1.27+0.2x | 1.12+0.1x | 1.05 |
| Debt-to-Equity | N/A | N/A | N/A | 35.82+15.4x | 20.41-12.8x | 33.25+23.8x | 9.41-20.7x | 30.11-86.4x | 116.50 | N/A | 13.93-24.0x | 37.89+21.6x | 16.31-12.3x | 28.59 | N/A |
| FCF Margin | 16.8%+9.0pp | 7.7%+7.6pp | 0.1%-3.6pp | 3.7%+0.5pp | 3.2%-2.3pp | 5.5%+1.5pp | 4.1%-2.4pp | 6.4%-5.6pp | 12.1%+0.8pp | 11.3%+1.3pp | 10.0%-2.5pp | 12.4%-0.4pp | 12.8%+0.2pp | 12.7%-7.0pp | 19.7% |
Not reported in any period shown, so not listed: Operating Margin.
Note: Shareholder equity is negative (-$802.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Pitney Bowes Ranks
Frequently Asked Questions
What is Pitney Bowes's annual revenue?
Pitney Bowes (PBI) reported $1.9B in total revenue for fiscal year 2025. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pitney Bowes's revenue growing?
Pitney Bowes (PBI) revenue declined by 6.6% year-over-year, from $2.0B to $1.9B in fiscal year 2025.
Is Pitney Bowes profitable?
Yes, Pitney Bowes (PBI) reported a net income of $144.7M in fiscal year 2025, with a net profit margin of 7.6%.
How much debt does Pitney Bowes have?
As of fiscal year 2025, Pitney Bowes (PBI) had $284.9M in cash and equivalents against $2.0B in long-term debt.
What is Pitney Bowes's net profit margin?
Pitney Bowes (PBI) had a net profit margin of 7.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Pitney Bowes pay dividends?
Yes, Pitney Bowes (PBI) paid $0.30 per share in dividends during fiscal year 2025.
What is Pitney Bowes's free cash flow?
Pitney Bowes (PBI) generated $317.0M in free cash flow during fiscal year 2025. This represents a 102.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pitney Bowes's operating cash flow?
Pitney Bowes (PBI) generated $383.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pitney Bowes's total assets?
Pitney Bowes (PBI) had $3.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Pitney Bowes's capital expenditures?
Pitney Bowes (PBI) invested $66.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Pitney Bowes spend on research and development?
Pitney Bowes (PBI) invested $15.3M in research and development during fiscal year 2025.
What is Pitney Bowes's current ratio?
Pitney Bowes (PBI) had a current ratio of 0.71 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Pitney Bowes's return on assets (ROA)?
Pitney Bowes (PBI) had a return on assets of 4.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Pitney Bowes's debt-to-equity ratio negative or not reported?
Pitney Bowes (PBI) has negative shareholder equity of -$802.4M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Pitney Bowes's Piotroski F-Score?
Pitney Bowes (PBI) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pitney Bowes's earnings high quality?
Pitney Bowes (PBI) has an earnings quality ratio of 2.65x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Pitney Bowes?
Pitney Bowes (PBI) scores 16 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.