While free cash flow reached a peak of $213.3 million in 2025Q4, the erratic nature of cash conversion is highlighted by an OCF/NI ratio that fluctuated from -3.17 in 2024Q4 to 8.54 in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 455.95M | 365.99M | 229.17M | 79.47M | 175.98M | 301.51M | 301.97M | 267.88M | 344.65M | 495.81M | 490.69M | 514.64M | 655.53M | 624.82M | 660.19M | 920.19M | 952.11M | 824.07M | 990.44M | 1.06B | -286.57M | 539.59M | 944.64M | 851.26M | 502.56M | 1.04B | 872.24M | 981.1M | 772M | 710.6M | 691.5M |
| Operating CF Margin % | - | 19.34% | 11.31% | 3.82% | 4.97% | 8.21% | 8.5% | 8.36% | 10.73% | 13.97% | 16.46% | 14.39% | 17.16% | 16.14% | 13.47% | 17.43% | 17.55% | 14.8% | 15.82% | 17.3% | -4.98% | 10.05% | 19.05% | 18.6% | 11.4% | 25.13% | 22.48% | 25.74% | 22.06% | 18.47% | 18.71% |
| Operating CF Growth % | 811.7% | 59.7% | 188.38% | -54.84% | -41.63% | -0.15% | 12.73% | -22.27% | -30.49% | 1.04% | -4.65% | -21.49% | 4.91% | -5.36% | -28.26% | -3.35% | 15.54% | -16.8% | -6.6% | 470.05% | -153.11% | -42.88% | 10.97% | 69.39% | -51.49% | 18.76% | -11.1% | 27.09% | 8.64% | 2.76% | 19.95% |
| Net Income | 167.41M | 144.7M | 102.5M | -385.63M | 36.94M | 3.51M | -190.49M | 39.86M | 181.71M | 220.54M | 92.81M | 343.63M | 301.7M | 26.14M | 179.69M | 405.85M | 310.7M | 444.91M | 419.79M | 366.78M | 105.35M | 508.61M | 480.53M | 498.12M | 475.75M | 488.34M | 627.23M | 636.21M | 576.39M | 526.1M | 469.4M |
| Depreciation & Amortization | 108.89M | 111.58M | 114.48M | 160.43M | 163.82M | 162.86M | 160.63M | 159.14M | 148.46M | 182.34M | 178.49M | 173.31M | 198.09M | 211.24M | 255.56M | 272.14M | 303.65M | 338.89M | 379.12M | 383.14M | 363.26M | 331.96M | 306.75M | 288.81M | 264.25M | 317.45M | 321.16M | 412.1M | 361.3M | 300.1M | 278.2M |
| Stock-Based Compensation | 15.63M | 0 | 16.52M | 9.6M | 16.63M | 20.86M | 17.48M | 23.15M | 21.04M | 24.39M | 14.88M | 21.05M | 17.45M | 14.92M | 18.23M | 18.69M | 20.11M | 22.52M | 26.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 38.41M | 38.41M | -173.71M | -50.81M | 3.69M | -19.88M | 15.28M | 4.81M | 64.06M | -23.88M | 3.94M | 40.18M | 1.45M | -33.77M | -93M | 34.36M | 154.67M | 0 | 0 | 162.92M | 0 | 185.63M | 210.69M | 140.51M | 323.43M | 196.34M | 135.21M | 158.8M | 64.8M | 185.5M | 106.3M |
| Other Non-Cash Items | 5.99M | 55.15M | 66.39M | 362.87M | -27.43M | 29.02M | 197.21M | 77.26M | 37.69M | 53.35M | 200.58M | -82.2M | 55.31M | 238.1M | 38.78M | 251.61M | -119.56M | -218.59M | 87.3M | 51.51M | -530.56M | -286.43M | -38.74M | -51.4M | -307.98M | 187.47M | -27M | -43.11M | -94K | -100K | -45.3M |
| Working Capital Changes | 119.61M | 16.16M | 102.98M | -16.99M | -17.66M | 105.15M | 101.87M | -36.34M | -108.31M | 39.09M | 0 | 18.66M | 81.52M | 168.19M | 260.93M | -62.46M | 282.54M | 236.33M | 77.83M | 96.12M | -224.62M | -200.18M | -14.58M | -24.77M | -252.9M | -153.72M | -184.35M | -182.9M | -230.4M | -301M | -117.1M |
| Change in Receivables | 66.11M | 93.22M | 92.33M | 22.79M | -29.3M | 37.5M | 23.27M | 21.14M | 9.25M | 105.4M | 44.02M | -13.84M | 45.51M | 58.98M | -3.07M | 58.95M | 43.2M | 291M | 4.02M | -46.62M | -46.62M | -87.65B | -51.09B | -21.56B | 12.83B | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.74M | -5.57M | 2.26M | 14.29M | -4.94M | -8.01M | 1.58M | -5.18M | 93K | 5.57M | -7M | -7.62M | 9.1M | 67.19M | -599K | -12.83M | -11.91M | 12.19M | 2.02M | 7.71M | -142K | -7.83M | 17.08M | 19.02M | -24.63M | 61.3M | -71.18M | 11.3M | -11.5M | 30.5M | 35.3M |
| Change in Payables | 6.1M | -62.03M | 47.35M | -43.11M | 18.58M | 77.53M | 94.85M | 0 | -3.18M | -14.08M | -64.88M | -111.95M | -51.08M | -95.84M | -47.02M | -12.87M | 28.77M | -127.26M | -76.88M | 42.23M | 42.23M | 3.32B | 15.38B | -4.87B | -1.69B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -88.85M | -125.1M | -49.06M | -122.83M | -24.27M | -155.25M | -75.69M | 457.55M | 309.13M | -663.02M | -115.55M | -303.19M | -143.26M | 250.74M | -86.73M | -88.62M | -301.49M | -171.97M | -234.12M | -726.34M | 719.47M | -472.19M | -772.19M | -34M | -300.91M | -839.52M | 144.32M | -537.5M | 77.3M | 219.4M | -344.2M |
| Capital Expenditures | -65.24M | -66.28M | -72.4M | -102.88M | -124.84M | -184.04M | -104.99M | -137.25M | -137.81M | -170.99M | -160.83M | -166.75M | -180.56M | -137.51M | -176.59M | -155.98M | -119.77M | -166.73M | -237.31M | -264.66M | -327.88M | -291.55M | -316.98M | -285.68M | -224.83M | -256.2M | -268.58M | -304.9M | -407.6M | -244.1M | -272M |
| CapEx % of Revenue | 3.48% | 3.5% | 3.57% | 4.95% | 3.53% | 5.01% | 2.95% | 4.28% | 4.29% | 4.82% | 5.39% | 4.66% | 4.73% | 3.55% | 3.6% | 2.96% | 2.21% | 2.99% | 3.79% | 4.32% | 5.7% | 5.43% | 6.39% | 6.24% | 5.1% | 6.21% | 6.92% | 8% | 11.65% | 6.35% | 7.36% |
| Acquisitions | -2.2M | -2.2M | 0 | 0 | 106.45M | -15M | -6.61M | -22.1M | -10.48M | -482.85M | -37.84M | -104.48M | 102.39M | 389.68M | 0 | 0 | -77.54M | 0 | -67.69M | -594.11M | -230.63M | -294.18M | -427.29M | -22.46M | -127.04M | -578.95M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 51.11M | 11.01M | -23.12M | -26.46M | -25.74M | 21.35M | 19.93M | 645.55M | 351.29M | 2.38M | 8.58M | 35.25M | -17.25M | -24.68M | 105.47M | 135.14M | 18.28M | 1.66M | 33.36M | 92.27M | 1.17B | 40.04M | -26.17M | 274.14M | 50.96M | -4.37M | 425.83M | -233.3M | 486.6M | 463.9M | -72.7M |
| Cash from Financing | -388.56M | -428.09M | -305.45M | -31.27M | -198.08M | -330.37M | -235.37M | -670.3M | -766.42M | 367.75M | -224.1M | -570.73M | -311.84M | -868.06M | -519.64M | -455.02M | -579.97M | -625.86M | -741.86M | -204.37M | -439.7M | -127.86M | -193.59M | -850.65M | -122.75M | -162.85M | -1.07B | -314M | -858.8M | -927.5M | -299.4M |
| Debt Issued (Net) | 107.57M | 70.68M | -233.93M | -56.14M | -124.1M | -250.23M | -189.11M | -540.2M | -570.18M | 472.11M | 433.74M | -275.12M | -91.33M | -667.59M | -210M | -50M | -170.79M | -242.15M | -125.39M | 376.9M | 69.74M | 291.98M | 215.35M | -422.13M | 439.93M | 280.38M | -149.02M | 340.7M | -92.5M | -166.8M | 20M |
| Equity Issued (Net) | -363.36M | -378.36M | 0 | 0 | -13.45M | 0 | 0 | -105M | 0 | 0 | -197.27M | -131.72M | -50M | 0 | 9.31M | -87.06M | -88.58M | -66.67M | -323.08M | -292.48M | -224.39M | -166.64M | -117.53M | -147.66M | -265.32M | -269.16M | -624.03M | -381.8M | -518.9M | -529.4M | -113.3M |
| Dividends Paid | -53.4M | -51.06M | -35.96M | -35.22M | -34.72M | -34.8M | -34.29M | -35.36M | -140.5M | -139.49M | -140.61M | -150.11M | -151.61M | -188.85M | -300.58M | -299.58M | -301.46M | -297.56M | -291.61M | -288.79M | -285.05M | -284.35M | -282.26M | -280.87M | -282.23M | -285.16M | -292.74M | -272.9M | -247.5M | -231.4M | -206.1M |
| Share Repurchases | -499.01M | -378.36M | 0 | 0 | -13.45M | 0 | 0 | -105M | 0 | 0 | -197.27M | -131.72M | -50M | 0 | 0 | -100M | -100M | -375M | -333.23M | -400M | -400M | -258.8M | -200M | -200M | -300.09M | -299.95M | -663.99M | -438.2M | -578.5M | -662.8M | -144.5M |
| Other Financing | -79.38M | -69.35M | -35.57M | 60.09M | -25.82M | -45.34M | -11.97M | 10.27M | -55.74M | 35.13M | -319.96M | -13.77M | -18.91M | -11.62M | -18.38M | -18.38M | -19.14M | -19.48M | -1.78M | 0 | 0 | 31.15M | -9.15M | 0 | -15.14M | 111.09M | 0 | 0 | 100K | 100K | 0 |
| Net Change in Cash | -20.91M | -184.84M | -130.33M | -68.93M | -62.5M | -188.97M | -2.99M | 57.18M | -141.76M | 244.5M | 124.33M | -403.25M | 171.34M | -5.47M | 57.04M | 371.88M | 71.63M | 36.07M | -505K | 138.07M | -4.41M | -72.71M | 22.41M | -21.34M | 83.57M | 33.33M | -56.02M | 128.6M | -11.4M | 1.9M | 49.9M |
| Free Cash Flow | 390.71M | 299.71M | 156.77M | -23.41M | 51.14M | 117.47M | 196.99M | 130.63M | 206.84M | 324.82M | 329.86M | 348.31M | 474.97M | 487.31M | 483.6M | 764.21M | 832.34M | 657.34M | 753.13M | 795.81M | -614.45M | 248.04M | 627.66M | 565.58M | 277.73M | 779.68M | 603.67M | 676.2M | 359.5M | 459.3M | 367.9M |
| FCF Margin % | 20.82% | 15.84% | 7.74% | -1.13% | 1.45% | 3.2% | 5.54% | 4.08% | 6.44% | 9.15% | 11.06% | 9.74% | 12.43% | 12.59% | 9.86% | 14.48% | 15.34% | 11.8% | 12.03% | 12.98% | -10.68% | 4.62% | 12.66% | 12.36% | 6.3% | 18.91% | 15.55% | 17.74% | 10.27% | 11.94% | 9.96% |
| FCF Growth % | 168.06% | 91.18% | 769.66% | -145.77% | -56.46% | -40.36% | 50.8% | -36.85% | -36.32% | -1.53% | -5.3% | -26.67% | -2.53% | 0.77% | -36.72% | -8.19% | 26.62% | -12.72% | -5.36% | 229.52% | -347.72% | -60.48% | 10.98% | 103.65% | -64.38% | 29.16% | -10.73% | 88.09% | -21.73% | 24.84% | 115.4% |
| FCF per Share | 2.48 | 1.73 | 0.86 | -0.13 | 0.29 | 0.66 | 1.15 | 0.74 | 1.10 | 1.73 | 1.75 | 1.73 | 2.33 | 2.40 | 2.40 | 3.77 | 4.03 | 3.17 | 3.59 | 3.60 | -2.73 | 1.07 | 2.68 | 2.29 | 1.15 | 3.15 | 2.34 | 2.49 | 1.29 | 1.64 | 1.24 |
| FCF Conversion (FCF/Net Income) | 2.33x | 2.53x | 22.37x | -0.21x | 4.76x | 85.98x | -1.59x | 20.15x | 1.90x | 1.90x | 4.39x | 1.26x | 1.96x | 4.37x | 1.48x | 1.49x | 3.26x | 1.95x | 2.36x | 2.89x | -0.53x | 1.14x | 1.97x | 1.71x | 1.06x | 2.12x | 1.40x | 1.54x | 1.34x | 1.35x | 1.47x |
| Interest Paid | 70.59M | 0 | 167.89M | 164.05M | 134.25M | 124.08M | 151.86M | 157.71M | 171.12M | 169.28M | 150.57M | 165.29M | 180.25M | 199.5M | 190.89M | 202.16M | 191.88M | 195.26M | 235.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 19.62M | 0 | 45.48M | 22.63M | 14.55M | 4.34M | 20.18M | 27.11M | 25.91M | 53.25M | 127.3M | 138.88M | 203.19M | 224.43M | 206.28M | 44.53M | 231.55M | 197.93M | 164.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Secular mail volume decline
According to reported financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating from a low of -3.17 in 2024Q4 to a high of 8.54 in 2025Q4, suggesting significant non-cash adjustments and working capital timing impacts.
The extreme variance in the OCF/NI ratio indicates that reported net income is a poor proxy for the company's actual cash-generating capability. Investors should monitor whether the recent stabilization in cash conversion reflects a permanent improvement in earnings quality or merely the temporary impact of restructuring-related accounting charges.
As indicated by recent quarterly data, free cash flow has exhibited erratic performance, swinging from a deficit of $33.6 million in 2025Q1 to a peak of $213.3 million in 2025Q4, largely driven by the aggressive wind-down of the capital-intensive Global Ecommerce segment and associated working capital releases.
The inconsistent FCF trajectory suggests that the company is still in the process of normalizing its cash profile following the exit from loss-making logistics operations. While the recent positive FCF figures are encouraging, the sustainability of these levels remains uncertain until the core SendTech and Presort segments demonstrate consistent, organic cash generation.
Based on the provided cash flow tables, working capital changes have been a primary driver of liquidity, most notably the $266 million inflow in 2024Q4, which appears to be a direct result of liquidating assets or optimizing payables during the strategic restructuring of the logistics business.
The heavy reliance on working capital swings to bolster cash flow suggests that operational cash generation is not yet self-sustaining. Analysts should investigate whether these inflows are repeatable or if they represent a one-time liquidation of inventory and receivables that will not recur in future periods.
As reported in recent filings, the company has prioritized significant share repurchases, totaling $161.5 million in 2025Q3 alone, even while maintaining a strained balance sheet and navigating a secular decline in its core mailing business, which warrants further investigation into the long-term capital allocation strategy.
The decision to return substantial capital to shareholders through buybacks while the business is undergoing a major restructuring appears aggressive and may limit the company's financial flexibility. Investors should monitor whether this capital deployment strategy is sustainable given the ongoing need to invest in digital transformation and debt reduction.
Quick answers to the most common questions about buying PBI stock.
Pitney Bowes Inc. (PBI) generated $366.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pitney Bowes Inc. (PBI) generated $299.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pitney Bowes Inc. (PBI) spent $66.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Pitney Bowes Inc. (PBI) returned $51.1M to shareholders via cash dividends and spent $378.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.