[10-Q] Pitney Bowes Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Pitney Bowes (PBI) Q2-25 10-Q highlights

Total revenue fell 5.7% YoY to $461.9 m as lower Products (-16%) and Financing (-4%) outweighed a 2% gain in Presort Services. Despite the top-line contraction, cost controls and lower interest expense drove a sharp earnings swing: income from continuing operations reached $30.0 m vs. a $10.1 m loss in Q2-24, equal to diluted EPS of $0.17 (vs. -$0.06). Six-month EPS rose to $0.36.

Margins/segment mix

• Company gross margin expanded ~260 bp to 49.6% on service and financing cost reductions.
• Adjusted segment EBIT up 11% to $137.2 m; SendTech EBIT +5% to $101.3 m; Presort EBIT +33% to $35.9 m.
• Restructuring charges fell to $13.8 m from $30.4 m.

Cash & balance sheet

• Operating cash flow YTD improved to $94.7 m (vs. $78.9 m).
• Cash fell to $285 m from $470 m at 12/24, mainly from $90 m share repurchases, $24 m debt-refinancing costs and $23.6 m dividends.
• Long-term debt edged higher to $1.88 bn; net debt increased given lower cash.
• Stockholders’ deficit narrowed to $-537 m (vs. -$578 m) on FX gains and OCI improvements.

Strategic & accounting items

• Global Ecommerce wind-down completed; no discontinued-ops loss in 2025 (Q2-24 loss $14.7 m).
• $4 m revenue overstatement corrected in Q1-25; deemed immaterial.

Outlook signals: Future performance obligations in SendTech total $676 m, suggesting multi-year service visibility, but revenue pressure in Products remains a headwind. Upcoming FASB expense-disaggregation rules (effective 2026) will expand disclosures but no impact forecast.

Positive

• Returned to profitability with Q2-25 EPS $0.17 vs. prior-year loss.
• Adjusted segment EBIT up 11% despite revenue decline, showing cost discipline.
• Operating cash flow rose 19% YoY to $94.7 m.
• Global Ecommerce wind-down completed, eliminating discontinued-ops drag.
• Stockholders’ deficit narrowed by $42 m, aided by FX and OCI gains.

Negative

• Total revenue fell 5.7%, with Products down 16%.
• Cash balance down $185 m since year-end, partly due to buybacks.
• Net debt effectively higher as long-term debt remains $1.88 bn.
• Ongoing restructuring charges of $13.8 m continue to pressure cash.
• Product line weakness may signal persistent demand challenges.

Insights

Equity Analyst

TL;DR – Profitability returned despite revenue dip; cash depletion and leverage still concerns.

PBI converted a 6% sales decline into positive EPS through aggressive cost and interest-expense management. Segment EBIT growth, especially in Presort, highlights operating leverage once volume stabilises. Adjusted EBIT margin reached 29.7% in SendTech and 23.9% in Presort, both improvements YoY. Nevertheless, the $185 m cash burn YTD (largely discretionary buybacks and debt costs) pushed net leverage higher; long-term debt/EBITDA remains >4×. The Global Ecommerce exit removes a loss-making segment, but recurring revenue erosion in Products and continued restructuring outlays temper the turnaround. Overall impact: modestly positive for equity holders if management reins in capital returns until cash rebuilds.

Credit Analyst

TL;DR – Credit metrics stable; liquidity cushion thinner after buybacks.

Interest coverage improved to 2.6× (EBIT/interest) from 1.4×, aided by lower coupons post-refinancing. However, cash balance shrank 39% to $285 m while gross debt stayed at ~$1.9 bn. The $775 m debt issue and $804 m repayment neutralised maturity cliffs but incurred $24 m of redemption fees. Bank deposit run-off (-$44 m) modestly reduced funding diversification. Rating agencies will view the swing to positive FCF favourably, yet shareholder distributions of >$110 m in a deficit equity position constrain any near-term upgrade potential.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 1-03579

PITNEY BOWES INC.

(Exact name of registrant as specified in its charter)

State of incorporation: Delaware I.R.S. Employer Identification No. 06-0495050

Address of Principal Executive Offices:

3001 Summer Street,

Stamford,

Connecticut

06926

Telephone Number:

(203)

356-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $1 par value per share

PBI

New York Stock Exchange

6.7% Notes due 2043

PBI.PRB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

þ

Accelerated filer

☐

Non-accelerated filer

o

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of July 25, 2025, 172,122,996 shares of common stock, par value $1 per share, of the registrant were outstanding.

PITNEY BOWES INC.

INDEX

						Page Number
Part I - Financial Information:
Item 1:			Financial Statements
			Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024			3
			Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024			4
			Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024			5
			Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024			6
			Notes to Condensed Consolidated Financial Statements			7
Item 2:			Management’s Discussion and Analysis of Financial Condition and Results of Operations			29
Item 3:			Quantitative and Qualitative Disclosures about Market Risk			38
Item 4:			Controls and Procedures			38
Part II - Other Information:
Item 1:			Legal Proceedings			39
Item 1A:			Risk Factors			39
Item 2:			Unregistered Sales of Equity Securities and Use of Proceeds			39
Item 3:			Defaults Upon Senior Securities			39
Item 4:			Mine Safety Disclosures			39
Item 5:			Other Information			39
Item 6:			Exhibits			40
Signatures						41

2

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share amounts)

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Revenue:
Services			$	290,423					$	297,253					$	608,855					$	619,943
Products			90,880						108,262						184,070						222,386
Financing and other			80,606						84,230						162,404						168,685
Total revenue			461,909						489,745						955,329						1,011,014
Costs and expenses:
Cost of services			144,240						158,196						300,113						322,677
Cost of products			54,487						60,672						105,406						123,426
Cost of financing and other			15,656						20,398						33,163						41,685
Selling, general and administrative			170,542						192,804						336,457						379,636
Research and development			3,601						7,259						8,364						14,885
Restructuring charges			13,806						30,399						15,206						34,165
Interest expense, net			24,937						28,253						49,207						55,559
Other components of net pension and postretirement cost			1,947						(382)						3,801						(769)
Other (income) expense			(6,578)						—						17,609						—
Total costs and expenses			422,638						497,599						869,326						971,264
Income (loss) from continuing operations before taxes			39,271						(7,854)						86,003						39,750
Provision for income taxes			9,296						2,271						20,606						17,771
Income (loss) from continuing operations			29,975						(10,125)						65,397						21,979
Loss from discontinued operations, net of tax			—						(14,742)						—						(49,731)
Net income (loss)			$	29,975					$	(24,867)					$	65,397					$	(27,752)
Basic earnings (loss) per share:
Continuing operations			$	0.17					$	(0.06)					$	0.36					$	0.12
Discontinued operations			—						(0.08)						—						(0.28)
Net income (loss)			$	0.17					$	(0.14)					$	0.36					$	(0.16)
Diluted earnings (loss) per share:
Continuing operations			$	0.17					$	(0.06)					$	0.36					$	0.12
Discontinued operations			—						(0.08)						—						(0.27)
Net income (loss)			$	0.17					$	(0.14)					$	0.36					$	(0.15)

`

See Notes to Condensed Consolidated Financial Statements

3

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in thousands)

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Net income (loss)			$	29,975					$	(24,867)					$	65,397					$	(27,752)
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $238, $(158), $333 and $(654), respectively			41,459						(5,018)						61,008						(20,417)
Net unrealized loss on cash flow hedges, net of tax of $(559) and $(972), respectively in 2024			—						(1,676)						—						(2,917)
Net unrealized gain (loss) on investment securities, net of tax of $221, $(8), $1,161 and $(312), respectively			703						(25)						3,698						(992)
Amortization of pension and postretirement costs, net of tax of $1,699, $1,654, $3,365 and $3,282, respectively			5,137						5,007						10,189						10,048
Other comprehensive income (loss), net of tax			47,299						(1,712)						74,895						(14,278)
Comprehensive income (loss)			$	77,274					$	(26,579)					$	140,292					$	(42,030)

See Notes to Condensed Consolidated Financial Statements

4

PITNEY BOWES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands, except per share amount)

			June 30, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents (includes $77,001 and $140,125, respectively, reported at fair value)			$	285,177					$	469,726
Short-term investments (includes $3,922 and $3,926, respectively, reported at fair value)			15,606						16,374
Accounts and other receivables (net of allowance of $7,653 and $7,723, respectively)			155,317						159,951
Short-term finance receivables (net of allowance of $13,103 and $13,302, respectively)			506,989						535,608
Inventories			79,001						59,836
Current income taxes			1,300						10,429
Other current assets and prepayments (net of allowance of $11,349 and $19,373, respectively)			82,600						66,030
Total current assets			1,125,990						1,317,954
Property, plant and equipment, net			193,264						218,657
Rental property and equipment, net			23,004						24,587
Long-term finance receivables (net of allowance of $6,683 and $8,374 respectively)			638,625						610,316
Goodwill			748,530						721,003
Intangible assets, net			16,767						15,780
Operating lease assets			113,136						113,357
Noncurrent income taxes			103,767						99,773
Other assets (includes $165,921 and $173,525, respectively, reported at fair value)			275,755						276,089
Total assets			$	3,238,838					$	3,397,516
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities			$	742,804					$	873,626
Customer deposits at Pitney Bowes Bank			608,937						645,860
Current operating lease liabilities			27,276						26,912
Current portion of long-term debt			15,150						53,250
Advance billings			76,231						70,131
Current income taxes			18,508						2,948
Total current liabilities			1,488,906						1,672,727
Long-term debt			1,881,565						1,866,458
Deferred taxes on income			41,063						49,187
Tax uncertainties and other income tax liabilities			12,538						13,770
Noncurrent operating lease liabilities			100,244						100,804
Noncurrent customer deposits at Pitney Bowes Bank			51,977						57,977
Other noncurrent liabilities			199,354						215,026
Total liabilities			3,775,647						3,975,949
Commitments and contingencies (See Note 14)
Stockholders’ deficit:
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued)			270,338						270,338
Retained earnings			2,669,992						2,671,868
Accumulated other comprehensive loss			(764,276)						(839,171)
Treasury stock, at cost (95,116 and 87,932 shares, respectively)			(2,712,863)						(2,681,468)
Total stockholders’ deficit			(536,809)						(578,433)
Total liabilities and stockholders’ deficit			$	3,238,838					$	3,397,516

See Notes to Condensed Consolidated Financial Statements

5

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

			Six Months Ended June 30,
			2025						2024
Cash flows from operating activities:
Net income (loss)			$	65,397					$	(27,752)
Loss from discontinued operations, net of tax			—						49,731
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization			57,086						57,332
Allowance for credit losses			5,161						7,321
Reduction in allowance for DIP Facility			(8,024)						—
Stock-based compensation			12,287						6,093
Amortization of debt fees			3,599						6,167
Loss on debt redemption/refinancing			24,364						—
Restructuring charges			15,206						34,165
Restructuring payments			(21,518)						(26,697)
Pension contributions and retiree medical payments			(18,129)						(17,300)
Loss on sale of assets			5,430						4,195
Loss (gain) on revaluation of intercompany loans			24,624						(5,350)
Other, net			6,573						4,411
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables			4,820						27,099
Finance receivables			71,202						42,412
Inventories			(17,705)						(5,676)
Other current assets and prepayments			(5,356)						(22,793)
Accounts payable and accrued liabilities			(142,328)						(41,194)
Current and noncurrent income taxes			8,706						(14,134)
Advance billings			3,314						865
Net cash from operating activities - continuing operations			94,709						78,895
Net cash from operating activities - discontinued operations			—						1,050
Net cash from operating activities			94,709						79,945
Cash flows from investing activities:
Capital expenditures			(30,230)						(30,783)
Purchases of investment securities			(7,603)						(19,909)
Proceeds from sales/maturities of investment securities			18,530						36,377
Net investment in loan receivables			(61,650)						(3,892)
DIP Facility reimbursement			8,024						—
Acquisition			(2,200)						—
Other investing activities, net			1,029						804
Net cash from investing activities - continuing operations			(74,100)						(17,403)
Net cash from investing activities - discontinued operations			—						(10,310)
Net cash from investing activities			(74,100)						(27,713)
Cash flows from financing activities:
Proceeds from the issuance of debt			775,000						—
Principal payments of debt			(804,442)						(28,266)
Premiums and fees paid to redeem/refinance debt			(20,598)						—
Dividends paid to stockholders			(23,606)						(17,785)
Customer deposits at Pitney Bowes Bank			(42,923)						(612)
Common stock repurchases			(90,274)						—
Other financing activities, net			(1,649)						(8,850)
Net cash from financing activities - continuing operations			(208,492)						(55,513)
Net cash from financing activities - discontinued operations			—						(5,294)
Net cash from financing activities			(208,492)						(60,807)
Effect of exchange rate changes on cash and cash equivalents			3,334						(2,689)
Change in cash and cash equivalents			(184,549)						(11,264)
Cash and cash equivalents at beginning of period			469,726						600,054
Cash and cash equivalents at end of period			$	285,177					$	588,790

See Notes to Condensed Consolidated Financial Statements

6

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation

Description of Business

Pitney Bowes Inc. (we, us, our, or the company) is a technology-driven company that provides SaaS 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.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2024 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2025. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2024 (2024 Annual Report).

Effective April 1, 2025, we revised our segment reporting to report the revenue and related expenses of a cross-border services contract in our SendTech Solutions reporting segment, which was previously reported in Other. Prior periods have been recast to conform to the current period presentation. Other operations now includes the revenue and related expenses of prior operations and shared services of the Global Ecommerce reporting segment that did not qualify for discontinued operations treatment.

Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue to better align with our offerings. We now report Services revenue and Cost of services, which includes the previously reported Business services and Support services, Products revenue and Cost of products, which includes the previously reported Equipment sales and Supplies and Financing and other revenue and Cost of financing and other, which includes the previously reported Financing and Rentals. Additionally, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment due to a change in how these functions are now managed. Prior periods have been recast to conform to the current period presentation.

As a result of the wind-down of a majority of the Global Ecommerce reportable segment in August 2024, certain revenues and expenses for the three and six months ended June 30, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. See Note 4 for further information.

During the first quarter of 2025, we identified an error and recorded an out of period adjustment of $4 million to correct an overstatement of revenue in prior periods. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods prior to 2025 and is not expected to be material to the 2025 annual period.

During the first quarter of 2024, we identified an error and recorded an out of period adjustment of $5 million to correct an understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment was not material to the consolidated financial statements for any interim or annual periods.

Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures, including the rate reconciliation and taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We currently do not expect the adoption of this standard to have a material impact on our disclosures.

7

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

2. Revenue

Disaggregated Revenue

The following tables disaggregate our revenue by source and timing of recognition:

			Three Months Ended June 30, 2025
			SendTech Solutions			Presort Services						Revenue from services and products			Revenue from leasing transactions and financing			Total consolidated revenue
Major service/product lines
Services			$	140,230		$	150,193					$	290,423		$	—		$	290,423
Products			54,149			—						54,149			36,731			90,880
Financing and other			—			—						—			80,606			80,606
Subtotal			194,379			150,193						344,572			$	117,337		$	461,909
Revenue from leasing transactions and financing			117,337			—						117,337
Total revenue			$	311,716		$	150,193					$	461,909
Timing of revenue recognition from services and products
Services/products transferred at a point in time			$	69,650		$	—					$	69,650
Services/products transferred over time			124,729			150,193						274,922
Total			$	194,379		$	150,193					$	344,572

			Three Months Ended June 30, 2024
			SendTech Solutions			Presort Services			Other			Revenue from services and products			Revenue from leasing transactions and financing			Total consolidated revenue
Major service/product lines
Services			$	146,781		$	146,858		$	3,614		$	297,253		$	—		$	297,253
Products			56,441			—			—			56,441			51,821			108,262
Financing and other			—			—			—			—			84,230			84,230
Subtotal			203,222			146,858			3,614			353,694			$	136,051		$	489,745
Revenue from leasing transactions and financing			136,051			—			—			136,051
Total revenue			$	339,273		$	146,858		$	3,614		$	489,745
Timing of revenue recognition from services and products
Services/products transferred at a point in time			$	71,694		$	—		$	—		$	71,694
Services/products transferred over time			131,528			146,858			3,614			282,000
Total			$	203,222		$	146,858		$	3,614		$	353,694

8

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

			Six Months Ended June 30, 2025
			SendTech Solutions			Presort Services						Revenue from services and products			Revenue from leasing transactions and financing			Total consolidated revenue
Major service/product lines
Services			$	280,848		$	328,007					$	608,855		$	—		$	608,855
Products			107,401			—						107,401			76,669			184,070
Financing and other			—			—						—			162,404			162,404
Subtotal			388,249			328,007						716,256			$	239,073		$	955,329
Revenue from leasing transactions and financing			239,073			—						239,073
Total revenue			$	627,322		$	328,007					$	955,329
Timing of revenue recognition from services and products
Services/products transferred at a point in time			$	136,053		$	—					$	136,053
Services/products transferred over time			252,196			328,007						580,203
Total			$	388,249		$	328,007					$	716,256

			Six Months Ended June 30, 2024
			SendTech Solutions			Presort Services			Other			Revenue from products and services			Revenue from leasing transactions and financing			Total consolidated revenue
Major service/product lines
Services			$	295,023		$	316,665		$	8,255		$	619,943		$	—		$	619,943
Products			117,895			—			—			117,895			104,491			222,386
Financing and other			—			—			—			—			168,685			168,685
Subtotal			412,918			316,665			8,255			737,838			$	273,176		$	1,011,014
Revenue from leasing transactions and financing			273,176			—			—			273,176
Total revenue			$	686,094		$	316,665		$	8,255		$	1,011,014
Timing of revenue recognition from services and products
Services/products transferred at a point in time			$	148,159		$	—		$	—		$	148,159
Services/products transferred over time			264,759			316,665			8,255			589,679
Total			$	412,918		$	316,665		$	8,255		$	737,838

Our performance obligations for revenue from services and products are as follows:

Services revenue includes revenues from digital shipping and mailing technology solutions and the maintenance, professional and subscription services related to those solutions, mail processing services and cross-border solutions. Revenues for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription services is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period. Revenue for maintenance and subscription services is recognized ratably over the contract period, which ranges from one to five years, and revenue for professional services is recognized when services are provided.

Products revenue generally includes the sale of mailing and shipping equipment and related supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment.

9

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Financing and other revenue includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Pitney Bowes Bank.

Advance Billings from Contracts with Customers

			Balance sheet location						June 30, 2025						December 31, 2024						Increase/ (decrease)
Advance billings, current			Advance billings						$	67,351					$	63,732					$	3,619
Advance billings, noncurrent			Other noncurrent liabilities						$	418					$	159					$	259

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to maintenance services on mailing equipment. Revenue recognized during the period includes $46 million of advance billings at the beginning of the period. Current advance billings shown above at June 30, 2025 and December 31, 2024 does not include $9 million and $6 million, respectively, from leasing transactions.

Future Performance Obligations

Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:

						Remainder of 2025						2026						2027-2030						Total
SendTech Solutions						$	134,071					$	221,393					$	320,647					$	676,111

The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.

10

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

3. Segment Information

Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Other operations includes the revenue and related expenses of prior operations and shared services of the Global Ecommerce reporting segment that did not qualify for discontinued operations treatment.

Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to our segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to income or loss from continuing operations before taxes.

			Revenue
			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
SendTech Solutions			$	311,716					$	339,273					$	627,322					$	686,094
Presort Services			150,193						146,858						328,007						316,665
Total segment revenue			461,909						486,131						955,329						1,002,759
Other			—						3,614						—						8,255
Total revenue			$	461,909					$	489,745					$	955,329					$	1,011,014

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
SendTech Solutions
Revenue			$	311,716					$	339,273					$	627,322					$	686,094
Less:
Cost of revenue			105,653						120,647						211,683						244,491
Operating expenses			104,808						122,603						217,357						249,666
Adjusted segment EBIT			$	101,255					$	96,023					$	198,282					$	191,937
Presort Services
Revenue			$	150,193					$	146,858					$	328,007					$	316,665
Less:
Cost of revenue			96,153						100,800						200,787						208,127
Operating expenses			18,100						19,010						36,501						41,161
Adjusted segment EBIT			$	35,940					$	27,048					$	90,719					$	67,377

11

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

			Adjusted Segment EBIT
			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
SendTech Solutions			$	101,255					$	96,023					$	198,282					$	191,937
Presort Services			35,940						27,048						90,719						67,377
Total adjusted segment EBIT			137,195						123,071						289,001						259,314
Reconciliation of adjusted segment EBIT to income or loss from continuing operations before taxes:
Other operations			—						(4,121)						—						(4,831)
Interest expense, net			(37,499)						(44,218)						(75,384)						(88,127)
Corporate expenses			(34,902)						(44,293)						(67,019)						(86,495)
Restructuring charges			(13,806)						(30,399)						(15,206)						(34,165)
Gain (loss) on debt redemption/refinancing			282						—						(24,364)						—
Foreign currency (loss) gain on intercompany loans			(17,029)						712						(24,624)						5,350
Benefit in connection with Ecommerce Restructuring			6,296						—						6,755						—
Transaction and Strategic review costs			(1,266)						(8,606)						(3,156)						(11,296)
Income (loss) from continuing operations before taxes			$	39,271					$	(7,854)					$	86,003					$	39,750

4. Discontinued Operations

On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests.

Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors and therefore, the Ecommerce Debtors were deconsolidated. We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.

On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors’ Third Amended Joint Plan of Liquidation (the “Plan”) and on December 9, 2024, the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors.

In connection with the GEC Chapter 11 Cases, we provided a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") to the Ecommerce Debtors and provided initial funding of $28 million. Through June 30, 2025, we've received repayments of $19 million. The remaining unpaid balance on the DIP Facility is fully reserved and future repayments will be recorded as income.

We account for the investment in the Ecommerce Debtors using the equity method, but have ascribed a fair value of our economic interest in the Ecommerce Debtors of zero. We do not anticipate receiving any recovery or distribution from our economic equity interest and remain exposed to the economic risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility.

12

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Discontinued operations for the three and six months ended June 30, 2024 is comprised of the following:

			Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
Revenue			$	303,426					$	612,666
Cost of revenue			303,225						618,167
Selling, general and administrative			27,200						56,566
Other			3,809						6,671
Total costs and expenses			334,234						681,404
Loss from discontinued operations before taxes			(30,808)						(68,738)
Tax benefit			(16,066)						(19,007)
Loss from discontinued operations, net of tax			$	(14,742)					$	(49,731)

5. Earnings per Share (EPS)

The calculation of basic and diluted EPS is presented below. The sum of the EPS amounts may not equal the totals due to rounding.

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Numerator:
Income (loss) from continuing operations			$	29,975					$	(10,125)					$	65,397					$	21,979
Loss from discontinued operations, net of tax			—						(14,742)						—						(49,731)
Net income (loss)			$	29,975					$	(24,867)					$	65,397					$	(27,752)
Denominator:
Weighted-average shares used in basic EPS			179,708						178,696						181,115						177,872
Dilutive effect of common stock equivalents (1)			1,297						—						1,593						3,470
Weighted-average shares used in diluted EPS			181,005						178,696						182,708						181,342
Basic earnings (loss) per share:
Continuing operations			$	0.17					$	(0.06)					$	0.36					$	0.12
Discontinued operations			—						(0.08)						—						(0.28)
Net income (loss)			$	0.17					$	(0.14)					$	0.36					$	(0.16)
Diluted earnings (loss) per share:
Continuing operations			$	0.17					$	(0.06)					$	0.36					$	0.12
Discontinued operations			—						(0.08)						—						(0.27)
Net income (loss)			$	0.17					$	(0.14)					$	0.36					$	(0.15)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:			4,646						7,128						4,646						7,204

(1) Due to the net loss from continuing operations for the three months ended June 30, 2024, an additional 2.4 million of common stock equivalents were also excluded from the calculation of diluted earnings per share.

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.

13

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

6. Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:

			June 30, 2025						December 31, 2024
Raw materials			$	31,064					$	20,405
Supplies and service parts			20,931						15,095
Finished products			27,006						24,336
Total inventories			$	79,001					$	59,836

7. Finance Assets and Lessor Operating Leases

Finance Assets

Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.

Finance receivables consisted of the following:

			June 30, 2025																		December 31, 2024
			North America						International						Total						North America						International						Total
Sales-type lease receivables
Gross finance receivables			$	901,674					$	123,527					$	1,025,201					$	946,294					$	120,109					$	1,066,403
Unguaranteed residual values			34,589						6,273						40,862						36,361						5,890						42,251
Unearned income			(255,916)						(37,881)						(293,797)						(257,971)						(34,674)						(292,645)
Allowance for credit losses			(11,549)						(2,063)						(13,612)						(12,659)						(2,324)						(14,983)
Net investment in sales-type lease receivables			668,798						89,856						758,654						712,025						89,001						801,026
Loan receivables
Loan receivables			373,881						19,253						393,134						334,717						16,874						351,591
Allowance for credit losses			(6,011)						(163)						(6,174)						(6,549)						(144)						(6,693)
Net investment in loan receivables			367,870						19,090						386,960						328,168						16,730						344,898
Net investment in finance receivables			$	1,036,668					$	108,946					$	1,145,614					$	1,040,193					$	105,731					$	1,145,924

Maturities of gross finance receivables at June 30, 2025 were as follows:

			Sales-type Lease Receivables																		Loan Receivables
			North America						International						Total						North America						International						Total
Remainder 2025			$	180,046					$	38,541					$	218,587					$	198,622					$	19,253					$	217,875
2026			309,301						38,219						347,520						63,356						—						63,356
2027			220,116						24,834						244,950						53,212						—						53,212
2028			126,609						14,151						140,760						35,110						—						35,110
2029			55,801						6,093						61,894						19,154						—						19,154
Thereafter			9,801						1,689						11,490						4,427						—						4,427
Total			$	901,674					$	123,527					$	1,025,201					$	373,881					$	19,253					$	393,134

14

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Aging of Receivables

The aging of gross finance receivables was as follows:

			June 30, 2025
			Sales-type Lease Receivables												Loan Receivables
			North America						International						North America						International						Total
Past due amounts 0 - 90 days			$	892,743					$	121,074					$	371,206					$	19,175					$	1,404,198
Past due amounts > 90 days			8,931						2,453						2,675						78						14,137
Total			$	901,674					$	123,527					$	373,881					$	19,253					$	1,418,335

			December 31, 2024
			Sales-type Lease Receivables												Loan Receivables
			North America						International						North America						International						Total
Past due amounts 0 - 90 days			$	932,948					$	117,908					$	331,411					$	16,809					$	1,399,076
Past due amounts > 90 days			13,346						2,201						3,306						65						18,918
Total			$	946,294					$	120,109					$	334,717					$	16,874					$	1,417,994

Allowance for Credit Losses

We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

Activity in the allowance for credit losses for finance receivables was as follows:

			Sales-type Lease Receivables												Loan Receivables
			North America						International						North America						International						Total
Balance at January 1, 2025			$	12,659					$	2,324					$	6,549					$	144					$	21,676
Amounts charged to expense			618						(149)						1,752						108						2,329
Write-offs			(2,940)						(432)						(2,744)						(107)						(6,223)
Recoveries			1,122						75						447						—						1,644
Other			90						245						7						18						360
Balance at June 30, 2025			$	11,549					$	2,063					$	6,011					$	163					$	19,786
			Sales-type Lease Receivables												Loan Receivables
			North America						International						North America						International						Total
Balance at January 1, 2024			$	13,942					$	2,786					$	6,346					$	153					$	23,227
Amounts charged to expense			422						(81)						2,839						275						3,455
Write-offs			(2,134)						(402)						(2,836)						(268)						(5,640)
Recoveries			886						130						873						—						1,889
Other			(20)						(148)						(1)						(3)						(172)
Balance at June 30, 2024			$	13,096					$	2,285					$	7,221					$	157					$	22,759

15

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The table below shows write-offs of gross finance receivables by year of origination.

			June 30, 2025
			Sales Type Lease Receivables																																				Loan Receivables						Total
			2025						2024						2023						2022						2021						Prior
Write-offs			$	459					$	373					$	696					$	890					$	595					$	359					$	2,851					$	6,223

			June 30, 2024
			Sales Type Lease Receivables																																				Loan Receivables						Total
			2024						2023						2022						2021						2020						Prior
Write-offs			$	63					$	542					$	914					$	487					$	312					$	218					$	3,104					$	5,640

Credit Quality

The extension and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow-up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.

Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.

•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.

•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.

We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.

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PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.

			June 30, 2025
			Sales Type Lease Receivables																																				Loan Receivables						Total
			2025						2024						2023						2022						2021						Prior
Low			$	78,579					$	167,817					$	179,071					$	132,733					$	85,432					$	94,947					$	325,798					$	1,064,377
Medium			15,081						36,313						31,234						24,149						15,512						14,530						35,999						172,818
High			1,561						3,216						2,870						2,409						1,621						1,946						5,318						18,941
Not Scored			40,180						37,704						28,644						18,136						7,880						3,636						26,019						162,199
Total			$	135,401					$	245,050					$	241,819					$	177,427					$	110,445					$	115,059					$	393,134					$	1,418,335
			December 31, 2024
			Sales Type Lease Receivables																																				Loan Receivables						Total
			2024						2023						2022						2021						2020						Prior
Low			$	188,847					$	210,547					$	163,892					$	104,269					$	66,673					$	42,586					$	273,736					$	1,050,550
Medium			31,970						31,839						26,652						19,180						10,556						10,512						34,376						165,085
High			4,633						4,488						3,753						2,415						2,038						684						11,826						29,837
Not Scored			49,835						38,659						28,250						17,131						5,400						1,594						31,653						172,522
Total			$	275,285					$	285,533					$	222,547					$	142,995					$	84,667					$	55,376					$	351,591					$	1,417,994

Lease Income

Lease income from sales-type leases, excluding variable lease payments, was as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Profit recognized at commencement			$	18,062					$	27,245					$	37,818					$	54,206
Interest income			38,237						38,045						76,000						76,012
Total lease income from sales-type leases			$	56,299					$	65,290					$	113,818					$	130,218

Lessor Operating Leases

We also lease mailing equipment under operating leases with terms of one to five years. Revenue from operating leases for the three and six months ended June 30, 2025 was $14 million and $29 million, respectively, and revenue from operating leases for the three and six months ended June 30, 2024 was $17 million and $33 million, respectively. Maturities of operating leases are as follows:

Remainder 2025			$	11,039
2026			19,252
2027			14,809
2028			7,058
2029			4,078
Thereafter			1,850
Total			$	58,086

17

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

8. Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:

			June 30, 2025																		December 31, 2024
			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer relationships			$	46,899					$	(31,362)					$	15,537					$	43,569					$	(29,179)					$	14,390
Software & technology			3,163						(1,933)						1,230						2,944						(1,554)						1,390
Total intangible assets			$	50,062					$	(33,295)					$	16,767					$	46,513					$	(30,733)					$	15,780

Amortization expense was $1 million for each of the three months ended June 30, 2025 and 2024 and $2 million for each of the six months ended June 30, 2025 and 2024.

Future amortization expense as of June 30, 2025 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Remainder 2025			$	2,258
2026			3,730
2027			3,460
2028			2,771
2029			1,689
Thereafter			2,859
Total			$	16,767

Goodwill

Changes in the carrying value of goodwill by reporting segment are shown in the table below.

															December 31, 2024																		Currency impact						June 30, 2025
SendTech Solutions															$	497,240																	$	27,527					$	524,767
Presort Services															223,763																		—						223,763
Total goodwill															$	721,003																	$	27,527					$	748,530

18

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

9. Fair Value Measurements and Derivative Instruments

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

			June 30, 2025
			Level 1						Level 2						Level 3						Total
Assets:
Money market funds			$	6,884					$	77,001					$	—					$	83,885
Equity securities			—						11,941						—						11,941
Commingled fixed income securities			1,666						524						—						2,190
Government and related securities			2,377						12,786						—						15,163
Corporate debt securities			—						43,299						—						43,299
Mortgage-backed / asset-backed securities			—						90,366						—						90,366
Total assets			$	10,927					$	235,917					$	—					$	246,844

			December 31, 2024
			Level 1						Level 2						Level 3						Total
Assets:
Money market funds			$	6,435					$	140,125					$	—					$	146,560
Equity securities			—						12,518						—						12,518
Commingled fixed income securities			1,612						534						—						2,146
Government and related securities			2,334						13,410						—						15,744
Corporate debt securities			—						42,159						—						42,159
Mortgage-backed / asset-backed securities			—						98,464						—						98,464
Total assets			$	10,381					$	307,210					$	—					$	317,591

Investment Securities

The valuation of investment securities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:

•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.

19

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.

•Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.

•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.

•Mortgage-Backed / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Available-For-Sale Securities

Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the six months ended June 30, 2025 or 2024.

Available-for-sale securities consisted of the following:

			June 30, 2025
			Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value
Government and related securities			$	21,384					$	1					$	(6,222)					$	15,163
Corporate debt securities			49,876						—						(6,577)						43,299
Commingled fixed income securities			1,860						—						(194)						1,666
Mortgage-backed / asset-backed securities			111,460						—						(21,094)						90,366
Total			$	184,580					$	1					$	(34,087)					$	150,494

			December 31, 2024
			Amortized cost												Gross unrealized losses						Estimated fair value
Government and related securities			$	21,432											$	(5,688)					$	15,744
Corporate debt securities			50,367												(8,208)						42,159
Commingled fixed income securities			1,835												(223)						1,612
Mortgage-backed / asset-backed securities			123,289												(24,825)						98,464
Total			$	196,923											$	(38,944)					$	157,979

The fair value of available-for-sale securities is reported on our Condensed Consolidated Balance Sheet as follows:

															June 30, 2025						December 31, 2024
Short-term investments															$	3,922					$	3,926
Other assets															146,572						154,053
Total															$	150,494					$	157,979

20

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Investment securities in a loss position were as follows:

			June 30, 2025												December 31, 2024
			Fair Value						Gross unrealized losses						Fair Value						Gross unrealized losses
Greater than 12 continuous months
Government and related securities			$	15,163					$	6,222					$	15,744					$	5,688
Corporate debt securities			43,299						6,577						39,845						8,206
Commingled fixed income securities			1,666						194						—						—
Mortgage-backed / asset-backed securities			90,366						21,094						98,464						24,825
Total			$	150,494					$	34,087					$	154,053					$	38,719
Less than 12 continuous months
Corporate debt securities			$	—					$	—					$	2,314					$	2
Commingled fixed income securities			—						—						1,612						223
Total			$	—					$	—					$	3,926					$	225

At June 30, 2025, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at June 30, 2025 were as follows:

			Amortized cost						Estimated fair value
Within 1 year			$	4,115					$	3,922
After 1 year through 5 years			21,035						18,947
After 5 years through 10 years			25,984						22,729
After 10 years			133,446						104,896
Total			$	184,580					$	150,494

Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.

Held-to-Maturity Securities

Certain investment securities are classified as held-to-maturity and include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years. Held-to-maturity securities at June 30, 2025 and December 31, 2024 totaled $104 million and $203 million, respectively.

Derivative Instruments

We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes. We did not enter into any derivative instruments during the six months ended June 30, 2025.

Interest Rate Swaps

At June 30, 2024, we had outstanding interest rate swap agreements that effectively converted $200 million of variable rate debt to fixed rates. These swaps were designated as cash flow hedges. The swaps were recorded at fair value at the end of each reporting period with the change in fair value reflected in AOCL. For the three months ended June 30, 2024, the amount recognized in AOCL was a loss of $2 million and the amount reclassified from AOCL to earnings was a gain of $3 million. For the six months ended June 30, 2024, the amount recognized in AOCL was a loss of $4 million and the amount reclassified from AOCL to earnings was a gain of $5 million.

21

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities is presented above. The inputs used to estimate the fair value of debt included recently executed transactions and market price quotations (Level 2 inputs within the fair value hierarchy).

The carrying value and estimated fair value of debt was as follows:

			June 30, 2025						December 31, 2024
Carrying value			$	1,896,715					$	1,919,708
Fair value			$	1,811,613					$	1,823,430

10. Restructuring Charges

Activity in our restructuring reserves was as follows:

			2024 Plan
Balance at January 1, 2025			$	23,164
Amounts charged to expense			15,206
Cash payments			(21,518)
Noncash activity			(1,396)
Balance at June 30, 2025			$	15,456

			2024 Plan						2023 Plan						Total
Balance at January 1, 2024			$	—					$	26,128					$	26,128
Amounts charged to expense - continuing operations			24,065						10,100						34,165
Amounts charged to expense - discontinued operations			1,472						521						1,993
Cash payments			—						(26,697)						(26,697)
Noncash activity			—						(875)						(875)
Balance at June 30, 2024			$	25,537					$	9,177					$	34,714

Components of restructuring expense were as follows:

									Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
									2024 Plan												2024 Plan						2023 Plan						Total
Severance									$	12,978											$	24,065					$	6,069					$	30,134
Facilities and other									828												—						265						265
Total									$	13,806											$	24,065					$	6,334					$	30,399
									Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
									2024 Plan												2024 Plan						2023 Plan						Total
Severance									$	13,810											$	24,065					$	8,939					$	33,004
Facilities and other									1,396												—						1,161						1,161
Total									$	15,206											$	24,065					$	10,100					$	34,165

Components of restructuring expense in discontinued operations primarily included severance charges.

At the end of the second quarter of 2025, the 2024 Plan was officially completed. Under the 2024 Plan, we eliminated approximately 3,200 positions and incurred cumulative charges of $89 million.

22

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

11. Debt

Total debt consisted of the following:

			Interest rate						June 30, 2025						December 31, 2024
Term loan due March 2026			SOFR + 2.25%						$	—					$	235,000
Notes due March 2027			6.875%						367,500						380,000
Notes due March 2028			SOFR + 6.90%						—						96,563
Term loan due March 2028			SOFR + 4.0%						—						433,125
Term loan due March 2028			SOFR + 2.35%						158,000						—
Notes due March 2029			7.25%						326,000						350,000
Term loan due March 2032			SOFR + 3.75%						613,463						—
Notes due January 2037			5.25%						35,841						35,841
Notes due March 2043			6.70%						425,000						425,000
Principal amount									1,925,804						1,955,529
Less: unamortized costs, net									29,089						35,821
Total debt									1,896,715						1,919,708
Less: current portion long-term debt									15,150						53,250
Long-term debt									$	1,881,565					$	1,866,458

In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other (income) expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds from the new term loans were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $8 million in connection with this refinance in other (income) expense.

During 2025, we also purchased an aggregate $37 million of the Notes due March 2027 and Notes due March 2029.

Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At June 30, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.

The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027, the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available liquidity or refinance through the capital markets.

23

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

12. Pensions and Other Benefit Programs

The components of net periodic benefit (income) cost were as follows:

			Defined Benefit Pension Plans																								Nonpension Postretirement Benefit Plans
			United States												Foreign
			Three Months Ended												Three Months Ended												Three Months Ended
			June 30,												June 30,												June 30,
			2025						2024						2025						2024						2025						2024
Service cost			$	7					$	12					$	291					$	184					$	70					$	93
Interest cost			13,523						14,966						5,929						5,167						1,040						1,135
Expected return on plan assets			(18,650)						(21,909)						(6,731)						(6,402)						—						—
Amortization of prior service (credit) cost			(5)						(5)						78						73						—						—
Amortization of net actuarial loss (gain)			5,072						4,972						2,309						1,913						(618)						(292)
Net periodic benefit (income) cost			$	(53)					$	(1,964)					$	1,876					$	935					$	492					$	936
Contributions to benefit plans			$	1,416					$	1,252					$	806					$	380					$	3,236					$	3,901
			Defined Benefit Pension Plans																								Nonpension Postretirement Benefit Plans
			United States												Foreign
			Six Months Ended												Six Months Ended												Six Months Ended
			June 30,												June 30,												June 30,
			2025						2024						2025						2024						2025						2024
Service cost			$	13					$	24					$	569					$	372					$	140					$	185
Interest cost			27,045						29,932						11,537						10,368						2,078						2,271
Expected return on plan assets			(37,300)						(43,818)						(13,113)						(12,852)						—						—
Amortization of prior service (credit) cost			(10)						(10)						151						147						—						—
Amortization of net actuarial loss (gain)			10,143						9,944						4,492						3,836						(1,222)						(587)
Net periodic benefit (income) cost			$	(109)					$	(3,928)					$	3,636					$	1,871					$	996					$	1,869
Contributions to benefit plans			$	3,029					$	2,321					$	8,162					$	7,378					$	6,938					$	7,601

13. Income Taxes

The effective tax rate for the three months ended June 30, 2025 is 23.7% and includes a benefit of $2 million for the resolution of tax matters. The effective tax rate for the six months ended June 30, 2025 is 24.0% and includes a benefit of $2 million for the vesting of restricted stock and a benefit of $2 million for the resolution of tax matters.

For the three months ended June 30, 2024, we recorded a tax provision of $2 million on a pre-tax loss of $8 million primarily due to restructuring charges as a result of the 2024 Plan. For the six months ended June 30, 2024, we recorded a tax provision of $18 million on pre-tax income of $40 million primarily due to restructuring charges as a result of the 2024 Plan and a charge of $2 million for the vesting of restricted stock.

The One Big Beautiful Bill Act was enacted on July 4, 2025, and we do not expect any material impact to our tax provision. On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and as a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 35% of our unrecognized tax benefits.

With regard to U.S. Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2019. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2019 except for a specific issue under current exam, and France, Germany and the U.K. are closed through 2019, 2017 and 2022, respectively. We also have other less significant tax filings currently subject to examination.

24

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

14. Commitments and Contingencies

From time to time, in the ordinary course of business as well as in connection with our recent GEC Chapter 11 cases, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others.

On October 1, 2024, one of the Ecommerce Debtors filed a complaint against Trilogy Leasing Co., LLC (“Trilogy”) in the United States Bankruptcy Court for the Southern District of Texas seeking to recharacterize certain Equipment Supplements to which they are parties as disguised financings ("Recharacterization Proceeding"). On October 8, 2024, we filed a motion to intervene in support of the Ecommerce Debtors' position, which the court granted on April 1, 2025. The case is now proceeding.

On November 7, 2024, Trilogy and its parent company Kingsbridge Holdings, LLC brought suit against us in the Circuit Court of Cook County, Illinois, alleging that we are liable for certain Equipment Supplements that were executed by the Ecommerce Debtors and by Pitney Bowes Presort Services, LLC. On December 16, 2024, we removed the litigation to the Northern District of Illinois based on diversity jurisdiction and subsequently filed a motion to dismiss, and to the extent not dismissed, stay the action pending the conclusion of the Recharacterization Proceeding. On July 15, 2025, the Northern District of Illinois court granted, in part, and denied, in part, the relief sought.

In addition, on May 9, 2025, Mitsubishi (the assignee of certain Equipment Supplements by Trilogy and/or Kingsbridge Holdings, LLC) brought an action in Superior Court of the State of Delaware, raising claims that are a subset of the claims in the Illinois Action. We have filed a motion to dismiss, and to the extent not dismissed, stay that action pending the conclusion of the Recharacterization Proceeding.

Due to uncertainties inherent in litigation, any actions could have a material adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our financial position, results of operations or cash flows.

15. Stockholders’ Deficit

Changes in stockholders’ deficit were as follows:

															Common stock												Retained earnings						Accumulated other comprehensive loss						Treasury stock						Total deficit
Balance at April 1, 2025															$	270,338											$	2,651,715					$	(811,575)					$	(2,646,362)					$	(535,884)
Net income															—												29,975						—						—						29,975
Other comprehensive income															—												—						47,299						—						47,299
Dividends paid ($0.07 per common share)															—												(12,626)						—						—						(12,626)
Issuance of common stock															—												(8,676)						—						8,773						97
Stock-based compensation expense															—												9,604						—						—						9,604
Repurchase of common stock															—												—						—						(75,274)						(75,274)
Balance at June 30, 2025															$	270,338											$	2,669,992					$	(764,276)					$	(2,712,863)					$	(536,809)

															Common stock												Retained earnings						Accumulated other comprehensive loss						Treasury stock						Total deficit
Balance at April 1, 2024															$	270,338											$	3,027,030					$	(863,811)					$	(2,825,912)					$	(392,355)
Net loss															—												(24,867)						—						—						(24,867)
Other comprehensive loss															—												—						(1,712)						—						(1,712)
Dividends paid ($0.05 per common share)															—												(8,953)						—						—						(8,953)
Issuance of common stock															—												(48,428)						—						44,249						(4,179)
Stock-based compensation expense															—												4,177						—						—						4,177
Balance at June 30, 2024															$	270,338											$	2,948,959					$	(865,523)					$	(2,781,663)					$	(427,889)

25

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

															Common stock												Retained earnings						Accumulated other comprehensive loss						Treasury stock						Total deficit
Balance at January 1, 2025															$	270,338											$	2,671,868					$	(839,171)					$	(2,681,468)					$	(578,433)
Net income															—												65,397						—						—						65,397
Other comprehensive income															—												—						74,895						—						74,895
Dividends paid ($0.13 per common share)															—												(23,606)						—						—						(23,606)
Issuance of common stock															—												(55,954)						—						58,879						2,925
Stock-based compensation expense															—												12,287						—						—						12,287
Repurchase of common stock															—												—						—						(90,274)						(90,274)
Balance at June 30, 2025															$	270,338											$	2,669,992					$	(764,276)					$	(2,712,863)					$	(536,809)

															Common stock												Retained earnings						Accumulated other comprehensive loss						Treasury stock						Total deficit
Balance at January 1, 2024															$	270,338											$	3,077,988					$	(851,245)					$	(2,865,657)					$	(368,576)
Net loss															—												(27,752)						—						—						(27,752)
Other comprehensive loss															—												—						(14,278)						—						(14,278)
Dividends paid ($0.10 per common share)															—												(17,785)						—						—						(17,785)
Issuance of common stock															—												(90,059)						—						83,994						(6,065)
Stock-based compensation expense															—												6,567						—						—						6,567
Balance at June 30, 2024															$	270,338											$	2,948,959					$	(865,523)					$	(2,781,663)					$	(427,889)

26

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

16. Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:

			Gain (Loss) Reclassified from AOCL
			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Cash flow hedges
Interest expense, net			$	—					$	2,584					$	—					$	5,175
Income tax provision			—						646						—						1,294
Net of tax			$	—					$	1,938					$	—					$	3,881
Available-for-sale securities
Financing revenue			$	—					$	(487)					$	(505)					$	(1,135)
Income tax benefit			—						(122)						(126)						(284)
Net of tax			$	—					$	(365)					$	(379)					$	(851)
Pension and postretirement benefit plans
Prior service costs			$	(73)					$	(68)					$	(141)					$	(137)
Actuarial losses			(6,763)						(6,593)						(13,413)						(13,193)
Total before tax			(6,836)						(6,661)						(13,554)						(13,330)
Income tax benefit			(1,699)						(1,654)						(3,365)						(3,282)
Net of tax			$	(5,137)					$	(5,007)					$	(10,189)					$	(10,048)

Changes in AOCL, net of tax were as follows:

									Available for sale securities						Pension and postretirement benefit plans						Foreign currency adjustments						Total
Balance at January 1, 2025									$	(29,597)					$	(704,818)					$	(104,756)					$	(839,171)
Other comprehensive income before reclassifications									3,319						—						61,008						64,327
Reclassifications into earnings									379						10,189						—						10,568
Net other comprehensive income									3,698						10,189						61,008						74,895
Balance at June 30, 2025									$	(25,899)					$	(694,629)					$	(43,748)					$	(764,276)

			Cash flow hedges						Available for sale securities						Pension and postretirement benefit plans						Foreign currency adjustments						Total
Balance at January 1, 2024			$	6,962					$	(33,463)					$	(757,452)					$	(67,292)					$	(851,245)
Other comprehensive income (loss) before reclassifications			964						(1,843)						—						(20,417)						(21,296)
Reclassifications into earnings			(3,881)						851						10,048						—						7,018
Net other comprehensive (loss) income			(2,917)						(992)						10,048						(20,417)						(14,278)
Balance at June 30, 2024			$	4,045					$	(34,455)					$	(747,404)					$	(87,709)					$	(865,523)

27

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

17. Supplemental Financial Statement Information

Activity in the allowance for credit losses, other than finance receivables (see Note 7 for further information) is presented below.

															Six Months Ended June 30,
															2025						2024
Balance at beginning of year															$	27,096					$	5,292
Amounts charged to expense															(5,192)						3,866
Write-offs, recoveries and other															(2,902)						(1,289)
Balance at end of period															$	19,002					$	7,869
Accounts and other receivables															$	7,653					$	7,869
Other current assets and prepayments															11,349						—
Total															$	19,002					$	7,869

Interest expense, net

Interest expense, net for the three months ended June 30, 2025 and 2024 includes $1 million and $3 million of interest income, respectively and interest expense, net for the six months ended June 30, 2025 and 2024 includes $3 million and $7 million of interest income, respectively.

Supplemental cash flow information is as follows:

			Six Months Ended June 30,
			2025						2024
Cash interest paid			$	71,923					$	85,539
Cash income tax payments (refunds), net			$	11,859					$	31,323
Noncash activity
Capital assets obtained under capital lease obligations			$	1,313					$	9,090

28

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties disclosed or incorporated by reference in our filings with the Securities and Exchange Commission ("SEC"). Other factors which could cause future financial 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

•accelerated or sudden decline in physical mail or shipping volumes

•the loss of 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 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

•loss of key employees and accumulated knowledge and ability to attract and retain employees

•changes in government contracting regulations and inability to comply

•inability to protect our intellectual property rights and intellectual property infringement claims

•our success in developing and marketing new products and services and obtaining regulatory approvals, if required

•changes within our senior management and Board of Directors

•expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers

•inability to comply with data privacy and protection laws and regulations

•interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers

•changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or future interest rate increases that adversely impact our ability to access capital markets at reasonable costs

•our success at managing customer credit risk

•the risks and uncertainties associated with the Ecommerce Restructuring

•changes in banking regulations, major bank failures or the loss of our Industrial Bank charter

•changes in tax rates, laws or regulations

•changing expectations and regulations in the areas of Environmental, Social and Governance ("ESG")

•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer

•shareholder activism

Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2024 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.

29

Ecommerce Restructuring

On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.

As a result of the Ecommerce Restructuring, certain revenues and expenses for the three and six months ended June 30, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of Global Ecommerce in continuing operations is now reported as "Other" and includes the revenue and related expenses of prior operations and shared services. See Note 4 for further information.

Outlook

Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations and a higher mix of lease extensions versus new equipment sales and leases. We expect this decline to be partially offset by growth in our shipping offerings, particularly our SaaS solutions. The shift to lease extensions will result in declining equipment sales in the near term, but more stable and continued cash flows over the lease term.

Within Presort Services, we expect revenue growth to be roughly flat compared to prior year as volume declines are partially offset by pricing actions and we expect margin increases from continued improvements in efficiencies and productivity.

The U.S. government's announced tariffs on goods imported into the United States continues to be volatile, uncertain and different for each country of origin. We continuously assess the potential impact these tariffs may have on our operations and are considering various mitigating actions.

30

RESULTS OF OPERATIONS

OVERVIEW OF CONSOLIDATED RESULTS

Constant Currency

In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate.

Financial Results Summary - Three Months Ended June 30:

			Three Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % Change						Constant Currency % change
Total revenue			$	461,909					$	489,745					(6)		%				(6)		%
Cost of revenue			214,383						239,266						10		%
Operating expenses			208,255						258,333						19		%
Income (loss) from continuing operations before taxes			39,271						(7,854)						>100%
Provision for income taxes			9,296						2,271						>(100%)
Income (loss) from continuing operations			29,975						(10,125)						>100%
Loss from discontinued operations, net of tax			—						(14,742)						100		%
Net income (loss)			$	29,975					$	(24,867)					>100%

Revenue decreased $28 million in the second quarter of 2025 compared to the prior year period due to lower products revenue of $17 million, lower services revenue of $7 million and lower financing and other revenue of $4 million.

Costs of revenue decreased $25 million due to lower cost of services of $14 million, lower cost of products of $6 million and lower cost of financing and other of $5 million.

Total operating expenses decreased $50 million compared to the prior year period primarily due to:

•lower selling, general and administrative (SG&A) expense of $22 million primarily due to lower employee-related expenses of $19 million driven by actions taken under the 2024 Plan, lower professional and outsourcing fees of $12 million and lower insurance expense of $5 million driven by cost savings initiatives, partially offset by higher non-cash foreign currency revaluation losses on intercompany loans of $18 million;

•lower restructuring charges of $17 million driven by a larger number of actions taken under the 2024 Plan in the prior year;

•lower research and development (R&D) expense of $4 million primarily due to cost savings initiatives; and

•other income in the second quarter of 2025 primarily due to a benefit in connection with the Ecommerce Restructuring.

See Note 13 for more information regarding our tax provision.

As a result of the above, net income for the second quarter of 2025 was $30 million compared to a loss of $25 million in the prior year period. Net loss for the second quarter of 2024 includes a loss from discontinued operations, net of tax of $15 million. See Note 4 for more information.

31

Financial Results Summary - Six Months Ended June 30:

			Six Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % Change						Constant Currency % change
Total revenue			$	955,329					$	1,011,014					(6)		%				(6)		%
Cost of revenue			438,682						487,788						10		%
Operating expenses			430,644						483,476						11		%
Income from continuing operations before taxes			86,003						39,750						>100%
Provision for income taxes			20,606						17,771						(16)		%
Income from continuing operations			65,397						21,979						>100%
Loss from discontinued operations, net of tax			—						(49,731)						100		%
Net income (loss)			$	65,397					$	(27,752)					>100%

Revenue decreased $56 million in the first half of 2025 compared to the prior year period due to lower products revenue of $38 million, lower services revenue of $11 million and lower financing and other revenue of $6 million.

Costs of revenue decreased $49 million primarily due to lower cost of services of $23 million, lower cost of products of $18 million and lower cost of financing and other of $9 million.

Total operating expenses decreased $53 million compared to the prior year period primarily due to:

•lower SG&A expense of $43 million primarily due to lower employee-related expenses of $44 million driven by actions taken under the 2024 Plan, lower professional and outsourcing fees of $15 million and lower insurance expense of $10 million, partially offset by higher non-cash foreign currency revaluation losses on intercompany loans of $30 million;

•lower restructuring charges of $19 million driven by a larger number of actions taken under the 2024 Plan in the prior year;

•lower R&D expense of $7 million primarily due to cost savings initiatives; partially offset by

•other expense in the first half of 2025 of $18 million, primarily due to a $24 million loss on the redemption/refinancing of debt and a benefit of $7 million in connection with the Ecommerce Restructuring.

See Note 13 for more information regarding our tax provision.

As a result of the above, net income for the first half of 2025 was $65 million compared to a loss of $28 million in the prior year period. Net loss for the first half of 2024 includes a loss from discontinued operations, net of tax of $50 million. See Note 4 for more information.

.

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SEGMENT RESULTS

Effective April 1, 2025, we revised our segment reporting to report the revenue and related expenses of a cross-border services contract in our SendTech Solutions reporting segment, which was previously reported in Other. Prior periods have been recast to conform to the current period presentation.

Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue in order to better align with our offerings. Additionally, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment due to a change in how these functions are now managed. Prior periods have been recast to conform to the current period presentation.

We allocate a portion our total interest expense to finance interest expense, included in Cost of financing and other in our Condensed Consolidated Statements of Operations.

Management measures segment profitability and performance as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, including finance interest expense, taxes, corporate expenses, restructuring charges and other items not allocated to the 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 and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.

Financial performance for the SendTech Solutions segment was as follows:

			Three Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % change						Constant Currency % change
Services			$	140,230					$	146,781					(4)		%				(5)		%
Products			90,880						108,262						(16)		%				(17)		%
Financing and other			80,606						84,230						(4)		%				(5)		%
Total revenue			311,716						339,273						(8)		%				(9)		%
Cost of services			48,072						55,542						13		%
Cost of products			54,487						60,672						10		%
Cost of financing and other			3,094						4,433						30		%
Total costs of revenue			105,653						120,647						12		%
Gross margin			206,063						218,626						(6)		%
Gross margin %			66.1		%				64.4		%
Selling, general and administrative			99,193						115,597						14		%
Research and development			3,716						7,534						51		%
Other components of pension and post retirement cost			1,899						(528)						>(100%)
Adjusted Segment EBIT			$	101,255					$	96,023					5		%

SendTech Solutions revenue decreased $28 million in the second quarter of 2025 compared to the prior year period. Products revenue declined $17 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment and the impact of the prior year product migration. Services revenue declined $7 million primarily due to the declining meter population, which was partially offset by growth in our shipping subscriptions. Financing and other revenue declined $4 million primarily driven by the impact of the prior year product migration and mix of business.

33

Gross margin declined $13 million compared to the prior year period primarily driven by lower revenue; however, gross margin percentage increased to 66.1% from 64.4% driven by headcount reductions and other cost savings initiatives.

SG&A expense declined $16 million and R&D expense declined $4 million, primarily driven by overall cost savings initiatives.

Adjusted segment EBIT was $101 million in the second quarter of 2025 compared to $96 million for the prior year period.

			Six Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % change						Constant Currency % change
Services			$	280,848					$	295,023					(5)		%				(5)		%
Products			184,070						222,386						(17)		%				(17)		%
Financing and other			162,404						168,685						(4)		%				(4)		%
Total revenue			627,322						686,094						(9)		%				(9)		%
Cost of services			99,291						111,948						11		%
Cost of products			105,406						123,426						15		%
Cost of financing and other			6,986						9,117						23		%
Total costs of revenue			211,683						244,491						13		%
Gross margin			415,639						441,603						(6)		%
Gross margin %			66.3		%				64.4		%
Selling, general and administrative			205,044						235,371						13		%
Research and development			8,607						15,360						44		%
Other components of pension and post retirement costs			3,706						(1,065)						>(100%)
Adjusted Segment EBIT			$	198,282					$	191,937					3		%

SendTech Solutions revenue decreased $59 million in the first half of 2025 compared to the prior year period, which includes an unfavorable adjustment of $4 million related to prior periods (see Note 1 for more information). Products revenue declined $38 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment, the impact of the prior year product migration and a significant deal in the prior year. Services revenue declined $14 million primarily due to the declining meter population, which was partially offset by growth in our shipping subscriptions. Financing and other revenue declined $6 million by the impact of the prior year product migration and mix of business.

Gross margin declined $26 million compared to the prior year period primarily driven by lower revenue; however, gross margin percentage increased to 66.3% from 64.4% driven by headcount reductions and other cost savings initiatives.

SG&A expense declined $30 million and R&D expense declined $7 million, primarily driven by lower employee-related expenses and overall cost savings initiatives.

Adjusted segment EBIT was $198 million in the first half of 2025, which includes the $4 million charge from the unfavorable revenue adjustment related to prior periods compared to $192 million for the prior year period.

34

Presort Services

Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Financial performance for the Presort Services segment was as follows:

			Three Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % Change						Constant Currency % change
Services			$	150,193					$	146,858					2		%				2		%
Cost of services			96,153						100,800						5		%
Gross Margin			54,040						46,058						17		%
Gross Margin %			36.0		%				31.4		%
Selling, general and administrative			18,053						18,960						5		%
Other components of net pension and postretirement cost			47						50						6		%
Adjusted segment EBIT			$	35,940					$	27,048					33		%

Revenue increased $3 million in the second quarter of 2025 compared to the prior year period primarily due to pricing actions despite a 6% decline in total mail volumes. The processing of First Class Mail contributed the revenue increase of $3 million.

Gross margin increased $8 million and gross margin percentage increased to 36.0% from 31.4% in the prior period primarily due to higher revenue and $2 million in savings as a result of the 2024 Plan.

SG&A expense declined $1 million compared to the prior year period.

Adjusted segment EBIT was $36 million in the second quarter of 2025 compared to $27 million in the prior year period.

			Six Months Ended June 30,
															Favorable/(Unfavorable)
			2025						2024						Actual % Change						Constant Currency % change
Services			$	328,007					$	316,665					4		%				4		%
Cost of services			200,787						208,127						4		%
Gross Margin			127,220						108,538						17		%
Gross Margin %			38.8		%				34.3		%
Selling, general and administrative			36,406						41,061						11		%
Other components of net pension and postretirement costs			95						100						5		%
Adjusted segment EBIT			$	90,719					$	67,377					35		%

Revenue increased $11 million in the first half of 2025 compared to the prior year period primarily due to pricing actions despite a 4% decline in total mail volumes. The processing of First Class Mail contributed a revenue increase of $17 million, which was partially offset by a revenue decrease from Marketing Mail Flats/Bound Printed Matter of $6 million. Prior year revenue includes a $5 million favorable adjustment related to prior periods. See Note 1 for more information.

Gross margin increased $19 million and gross margin percentage increased to 38.8% from 34.3% in the prior period primarily due to higher revenue, lower transportation costs of $2 million driven by lane optimization and $3 million in savings as a result of the 2024 Plan.

35

SG&A expense declined $5 million compared to the prior year period driven primarily by lower credit loss provision of $2 million and lower employee related expenses of $1 million.

Adjusted segment EBIT was $91 million in the first half of 2025 compared to $67 million in the prior year period, which includes the $5 million benefit from the favorable revenue adjustment.

CORPORATE EXPENSES

The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, human resources, legal and information technology.

Corporate expenses were as follows:

									Three Months Ended June 30,
																																	Favorable/(Unfavorable)
																					2025						2024						Actual % change
Corporate expenses																					$	34,902					$	44,293					21		%

Corporate expenses for the second quarter of 2025 decreased $9 million compared to the prior year period primarily due to lower salary expense of $17 million and lower variable compensation expense of $5 million driven by actions taken under the 2024 Plan and lower insurance expense of $5 million driven by cost savings initiatives, partially offset by higher non-cash foreign currency revaluation losses on intercompany loans of $18 million.

									Six Months Ended June 30,
																																	Favorable/(Unfavorable)
																					2025						2024						Actual % change
Corporate expenses																					$	67,019					$	86,495					23		%

Corporate expenses for the first half of 2025 decreased $19 million compared to the prior year period primarily due to lower salary expense of $28 million and lower variable compensation expense of $8 million driven by actions taken under the 2024 Plan, lower insurance expense of $10 million driven by cost savings initiatives and $6 million lower expenses related to historical businesses that did not qualify for discontinued operations, partially offset by higher non-cash foreign currency revaluation losses on intercompany loans of $30 million.

36

LIQUIDITY AND CAPITAL RESOURCES

Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. At June 30, 2025, we had cash, cash equivalents and short-term investments of $301 million, which includes $40 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs for the next 12 months. Our future capital requirements will depend on many factors, including our strategic plans, investments and potential stock repurchases.

Cash Flow Summary

Changes in cash and cash equivalents were as follows:

			2025						2024						Change
Net cash from operating activities			$	94,709					$	79,945					$	14,764
Net cash from investing activities			(74,100)						(27,713)						(46,387)
Net cash from financing activities			(208,492)						(60,807)						(147,685)
Effect of exchange rate changes on cash and cash equivalents			3,334						(2,689)						6,023
Change in cash and cash equivalents			$	(184,549)					$	(11,264)					$	(173,285)

Operating Activities

Cash flows from operating activities for the first half of 2025 improved $15 million compared to the prior year period driven primarily by higher income offset by higher variable compensation and incentive award payments and declines in customer deposit balances.

Investing Activities

Cash flows from investing activities for the first half of 2025 declined $46 million compared to the prior year period primarily due to higher investments in loan receivables of $58 million, lower cash from investment activities of $6 million and $2 million for an acquisition, partially offset by lower cash outflows from discontinued operations of $10 million and DIP Facility repayments of $8 million.

Financing Activities

Cash flows from financing activities for the first half of 2025 declined $148 million compared to the prior year period primarily due to repurchases of our common stock of $90 million, lower cash from changes in customer account deposits at PB Bank of $42 million, fees paid to redeem and refinance debt of $21 million and higher dividend payments of $6 million.

We paid dividends of $24 million in the first half of 2025. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.

Debt and Financing Activities

In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other (income) expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds from the new term loans were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $8 million in connection with this refinance in other (income) expense. During 2025, we also purchased an aggregate $37 million of the Notes due March 2027 and Notes due March 2029.

Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At June 30, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.

37

The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available liquidity or refinance through the capital markets.

In connection with the GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, agreed to provide funding to the Ecommerce Debtors through a DIP Facility. We provided initial funding of $28 million and, have received repayments of $19 million. The remaining balance on the DIP Facility is fully reserved and any future repayments will be recorded as income in the period received.

While we are focused on reducing our leverage and interest costs, we may incur additional debt or issue additional equity securities in the future.

Off-Balance Sheet Arrangements

At June 30, 2025, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters

There have been no significant changes to the regulatory matters disclosed in our 2024 Annual Report.

Critical Accounting Estimates

There have been no significant changes to the Critical Accounting Estimates disclosed in our 2024 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

There were no material changes to the disclosures made in our 2024 Annual Report.

Item 4: Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.

With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of June 30, 2025.

38

PART II. OTHER INFORMATION

Item 1: Legal Proceedings

See Note 14 to the Condensed Consolidated Financial Statements.

Item 1A: Risk Factors

There were no material changes to the risk factors identified in Item 1A of our 2024 Annual Report.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Equity Securities

On February 11, 2025, our Board of Directors authorized a new $150 million share repurchase program. Further, in July 2025, our Board of Directors authorized an increase in the program to $400 million. Subject to limitations in our New Credit Agreement, purchases by the Company under the new share repurchase program may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. The following table provides information about purchases of our common stock during the three months ended June 30, 2025:

			Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs						Approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands)
Beginning balance																					$135,000
April 2025			1,319,150						$	8.29					1,319,150						$124,071
May 2025			1,565,765						$	9.65					1,565,765						$108,965
June 2025			4,700,827						$	10.47					4,700,827						$59,726
			7,585,742						$	9.92					7,585,742

From July 1, 2025 through July 25, 2025, we purchased an additional 3,475,960 shares for a total of $40 million.

Item 3: Defaults Upon Senior Securities

None.

Item 4: Mine Safety Disclosures

Not applicable.

Item 5: Other Information

On May 22, 2025, Mr. Kurt Wolf, upon his appointment as the Company's Chief Executive Officer, terminated the Rule 10b5-1 trading arrangement he had previously adopted as a director. Mr. Wolf's Rule 10b5-1 trading arrangement was scheduled to expire on May 25, 2025 and related to shares held directly by Hestia Capital Partners, LP ("Hestia Capital"), Helios I, LP ("Helios") and separately managed accounts. Mr. Wolf is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital and Helios, and (b) Hestia LLC, the investment manager of Hestia Capital, Helios and the separately managed accounts. For additional information on his plan, refer to Item 5. Other Information in the Company's Quarterly Report on Form 10-Q for the three month period ended September 30, 2024. No other director of officer of the Company, adopted, terminated or otherwise modified a "Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K, during the three months ended June 30, 2025.

39

Item 6: Exhibits

Exhibit Number			Description						Exhibit Number in this Form 10-Q
3.1			Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3.2 to the Form 8-K filed with the Commission on May 8, 2024)						3.2
3.2			Pitney Bowes Inc. Amended and Restated By-laws effective May 6, 2024 (incorporated by reference to Exhibit 3.4 to the Form 8-K filed with the Commission on May 8, 2024)						3.4
10.1*			Employment Letter, dated as of May 21, 2025, between Pitney Bowes Inc. and Kurt Wolf (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on May 22, 2025)						10.1
10.2*			Form of Stock Option Award Agreement under 2024 Stock Plan for Kurt Wolf (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on May 22, 2025)						10.2
10.3*			Transition Agreement, dated as of May 19, 2025, between Pitney Bowes Inc. and Lance Rosenzweig (incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on May 22, 2025)						10.3
10.4*			Pitney Bowes Inc. 2024 Stock Plan as amended through May 13, 2025						10.4
31.1			Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended						31.1
31.2			Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended						31.2
32.1			Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350						32.1
32.2			Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350						32.2
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document
104			The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101).

* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

40

Signatures  

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						PITNEY BOWES INC.
Date:			July 31, 2025
						/s/ Paul Evans
						Paul Evans
						Executive Vice President and Chief Financial Officer
						(Duly Authorized Officer, Principal Financial Officer)
						/s/ Lauren Thomas DeFina
						Lauren Thomas DeFina
						Vice President and Chief Accounting Officer
						(Duly Authorized Officer, Principal Accounting Officer)

41

FAQ

How did Pitney Bowes (PBI) perform financially in Q2 2025?

PBI generated $461.9 m revenue (-5.7% YoY) and $29.975 m net income from continuing operations, equal to diluted EPS of $0.17.

Which segment drove profitability for PBI in the quarter?

SendTech Solutions delivered $101.3 m adjusted EBIT, while Presort Services contributed $35.9 m; both improved YoY.

What is Pitney Bowes’ current cash and debt position?

As of June 30 2025, cash stood at $285 m (down from $470 m), and long-term debt was $1.88 bn with $15 m current maturities.

Why did cash decline during the first half of 2025?

Key uses were $90 m share repurchases, $23.6 m dividends, and $20.6 m debt-refinancing premiums, offsetting positive operating cash flow.

Is the Global Ecommerce segment still affecting results?

No. Following the 2024 wind-down and Chapter 11 process, Global Ecommerce results are deconsolidated; 2025 shows no discontinued-ops loss.