Pitney Bowes (PBI) financial statements
Pitney Bowes reported revenue of $1.9B in fiscal 2025, down 4.9% a year over 9 years.
Net income was $145M and the operating margin 10.2%, against 6.8% in 2016.
Free cash flow was $317M, and the company returned $51M in dividends.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pitney Bowes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $2.8B | $2.6B | $3.2B | $3.6B | $3.7B | $2.5B | $2.1B | $2.0B | $1.9B |
| Cost of revenue | $1.5B | $1.4B | $1.8B | $1.9B | $2.4B | $2.6B | — | $1.0B | $964M | — |
| Research and development | $107M | $61M | $59M | $51M | $38M | $47M | $35M | $29M | $32M | $15M |
| Selling, general and admin | $1.1B | $1.0B | $1.0B | $1.0B | $963M | $924M | $786M | $782M | $718M | $622M |
| Operating income | $202M | $194M | -$394M | $27M | -$183M | -$7M | $189M | -$44M | -$52M | $193M |
| Interest expense | $89M | $118M | $115M | $111M | $106M | $97M | $90M | $100M | — | — |
| Pre-tax income | $202M | $194M | $188M | $27M | -$183M | -$7M | $189M | -$44M | -$52M | $193M |
| Income tax | $107M | $14M | $6M | -$13M | $7M | -$11M | $43M | $17M | -$155M | $48M |
| Net income | $93M | $261M | $242M | $194M | -$180M | -$1M | $37M | -$386M | -$204M | $145M |
| EPS (diluted) | $0.49 | $1.30 | $1.28 | $1.10 | -$1.05 | -$0.01 | $0.21 | -$2.20 | -$1.12 | $0.84 |
| Diluted shares | 189M | 187M | 188M | 177M | 172M | 179M | 177M | 176M | 183M | 173M |
| Operating margin | 6.8% | 7.0% | -15.0% | 0.8% | -5.2% | -0.2% | 7.6% | -2.1% | -2.6% | 10.2% |
| Net margin | 3.1% | 9.4% | 9.2% | 6.1% | -5.1% | -0.0% | 1.5% | -18.5% | -10.0% | 7.6% |
Balance sheet
Fiscal years, from Pitney Bowes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $803M | $1.1B | $927M | $1.0B | $940M | $747M | $680M | $622M | $486M | $297M |
| Receivables | $456M | $427M | $372M | $373M | $389M | $335M | $344M | $200M | $160M | $168M |
| Inventory | $93M | $41M | $62M | $68M | $71M | $79M | $84M | $63M | $60M | $66M |
| Total current assets | $2.3B | $2.8B | $2.7B | $2.2B | $2.1B | $1.9B | $1.8B | $2.1B | $1.3B | $1.1B |
| Property, plant and equipment | $315M | $374M | $399M | $376M | $391M | $429M | $421M | $254M | $219M | $186M |
| Goodwill | $1.4B | $1.3B | $1.3B | $1.3B | $1.2B | $1.1B | $851M | $734M | $721M | $747M |
| Total assets | $5.8B | $6.6B | $5.9B | $5.5B | $5.2B | $5.0B | $4.7B | $4.3B | $3.4B | $3.2B |
| Total current liabilities | $2.3B | $2.1B | $1.9B | $1.6B | $1.9B | $1.7B | $1.7B | $1.9B | $1.7B | $1.5B |
| Long-term debt | $2.8B | $3.6B | $3.1B | $2.7B | $2.3B | $2.3B | $2.2B | $2.1B | $1.9B | $2.0B |
| Total liabilities | $5.9B | $6.5B | $5.8B | $5.2B | $5.2B | $4.8B | $4.7B | $4.6B | $4.0B | $4.0B |
| Shareholders' equity | -$104M | $31M | $102M | $289M | $71M | $113M | $61M | -$369M | -$578M | -$802M |
| Net debt | $2.6B | $2.8B | $2.4B | $1.8B | $1.6B | $1.6B | $1.5B | $1.5B | $1.4B | $1.7B |
Cash flow
Fiscal years, from Pitney Bowes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $496M | $454M | $345M | $268M | $302M | $302M | $175M | $80M | $229M | $383M |
| Capital spending | $159M | $118M | $138M | $137M | $105M | $184M | $83M | $78M | $72M | $66M |
| Free cash flow | $337M | $336M | $207M | $131M | $197M | $117M | $92M | $2M | $157M | $317M |
| Stock-based compensation | $15M | $24M | $21M | $23M | $17M | $21M | $16M | $9M | $17M | $14M |
| Dividends paid | $141M | $139M | $140M | $35M | $34M | $35M | $35M | $35M | $36M | $51M |
| Net borrowing | $434M | $472M | -$570M | -$540M | $917M | $1.2B | $0 | $267M | $0 | $1.0B |
| Free cash flow margin | 11.3% | 12.1% | 7.9% | 4.1% | 5.5% | 3.2% | 3.7% | 0.1% | 7.7% | 16.7% |
| Dividends per share | $0.74 | $0.74 | $0.75 | $0.20 | $0.20 | $0.19 | $0.20 | $0.20 | $0.20 | $0.30 |
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Open PBI in InvestinglyQuestions
What was Pitney Bowes's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Pitney Bowes generate?
$317M in fiscal 2025 (operating cash flow minus capital spending).
From Pitney Bowes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.