The company has successfully improved operating leverage by reducing SG&A expenses to $133.4 million in 2026Q1, helping to drive gross margins up from 50.9% in 2023Q4 to 57.1% in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 1.88B | 1.89B | 2.03B | 2.08B | 3.54B | 3.67B | 3.55B | 3.21B | 3.21B | 3.55B | 2.98B | 3.58B | 3.82B | 3.87B | 4.9B | 5.28B | 5.42B | 5.57B | 6.26B | 6.13B | 5.75B | 5.37B | 4.96B | 4.58B | 4.41B | 4.12B | 3.88B | 3.81B | 3.5B | 3.85B | 3.7B |
| Revenue Growth % | -6.11% | -6.61% | -2.52% | -41.24% | -3.68% | 3.35% | 10.89% | -0.2% | -9.54% | 19.08% | -16.65% | -6.37% | -1.29% | -21.06% | -7.11% | -2.69% | -2.6% | -11.07% | 2.16% | 6.58% | 7.17% | 8.26% | 8.32% | 3.79% | 6.97% | 6.23% | 1.82% | 8.92% | -9.03% | 4.09% | 3.96% |
| Cost of Goods Sold | 849.3M | 868.77M | 964.3M | 1.05B | 2.46B | 2.55B | 2.4B | 1.92B | 1.79B | 1.72B | 1.23B | 1.56B | 1.68B | 1.7B | 2.43B | 2.61B | 2.68B | 2.74B | 2.98B | 2.87B | 2.66B | 2.48B | 2.24B | 2.03B | 1.99B | 1.89B | 1.13B | 1.06B | 995.4M | 1.18B | 1.18B |
| COGS % of Revenue | - | 45.9% | 47.58% | 50.43% | 69.47% | 69.46% | 67.66% | 59.98% | 55.75% | 48.52% | 41.23% | 43.59% | 43.99% | 43.86% | 49.62% | 49.53% | 49.37% | 49.16% | 47.56% | 46.83% | 46.28% | 46.26% | 45.21% | 44.28% | 45.05% | 45.86% | 29.02% | 27.69% | 28.44% | 30.75% | 31.98% |
| Gross Profit | 1.03B | 1.02B | 1.06B | 1.03B | 1.08B | 1.12B | 1.15B | 1.28B | 1.42B | 1.83B | 1.75B | 2.02B | 2.14B | 2.17B | 2.47B | 2.66B | 2.75B | 2.83B | 3.28B | 3.26B | 3.09B | 2.88B | 2.72B | 2.55B | 2.42B | 2.23B | 2.75B | 2.76B | 2.5B | 2.66B | 2.51B |
| Gross Margin % | 54.74% | 54.1% | 52.42% | 49.57% | 30.53% | 30.54% | 32.34% | 40.02% | 44.25% | 51.48% | 58.77% | 56.41% | 56.01% | 56.14% | 50.38% | 50.47% | 50.63% | 50.84% | 52.44% | 53.17% | 53.72% | 53.74% | 54.79% | 55.72% | 54.95% | 54.14% | 70.98% | 72.31% | 71.56% | 69.25% | 68.02% |
| Gross Profit Growth % | - | -3.62% | 3.07% | -4.6% | -3.7% | -2.41% | -10.39% | -9.74% | -22.23% | 4.31% | -13.17% | -5.69% | -1.53% | -12.04% | -7.26% | -3.01% | -2.99% | -13.79% | 0.77% | 5.48% | 7.13% | 6.18% | 6.51% | 5.24% | 8.58% | -18.98% | -0.06% | 10.07% | -6% | 5.97% | 3.81% |
| Operating Expenses | 658.27M | 636.85M | 749.85M | 807.1M | 921M | 966.39M | 1.01B | 1.06B | 1.03B | 1.37B | 1.04B | 1.38B | 1.48B | 1.53B | 1.73B | 1.86B | 1.89B | 1.98B | 2.15B | 2.09B | 1.93B | 1.82B | 1.67B | 2.55B | 2.42B | 1.5B | 1.76B | 2.76B | 2.5B | 2.66B | 2.51B |
| OpEx % of Revenue | - | 33.65% | 37% | 38.82% | 26.03% | 26.31% | 28.34% | 33.09% | 32.01% | 38.63% | 34.85% | 38.67% | 38.84% | 39.44% | 35.31% | 35.3% | 34.93% | 35.59% | 34.4% | 34.14% | 33.55% | 33.93% | 33.61% | 55.72% | 54.95% | 36.46% | 45.34% | 72.31% | 71.56% | 69.25% | 68.02% |
| Selling, General & Admin | 589.03M | 621.57M | 717.89M | 777.61M | 877.34M | 919.62M | 968.85M | 1.01B | 969.48M | 1.23B | 1.14B | 1.27B | 1.37B | 1.42B | 1.59B | 1.71B | 1.74B | 1.8B | 1.95B | 1.91B | 1.76B | 1.66B | 1.51B | 1.4B | 1.48B | 1.37B | 1.32B | 1.29B | 1.23B | 1.37B | 1.42B |
| SG&A % of Revenue | - | 32.84% | 35.42% | 37.4% | 24.8% | 25.04% | 27.26% | 31.49% | 30.19% | 34.7% | 38.24% | 35.59% | 35.96% | 36.58% | 32.51% | 32.49% | 32.05% | 32.32% | 31.11% | 31.11% | 30.67% | 30.84% | 30.38% | 30.52% | 33.64% | 33.24% | 33.95% | 33.85% | 35.21% | 35.56% | 38.48% |
| Research & Development | 14.31M | 15.28M | 31.96M | 29.49M | 43.66M | 46.78M | 38.38M | 51.26M | 58.52M | 129.77M | 107.38M | 110.16M | 109.93M | 110.41M | 136.91M | 148.65M | 156.37M | 182.19M | 205.62M | 185.66M | 165.37M | 165.75M | 159.84M | 147.26M | 141.27M | 133.1M | 120.49M | 108.9M | 100.81M | 89.5M | 0 |
| R&D % of Revenue | - | 0.81% | 1.58% | 1.42% | 1.23% | 1.27% | 1.08% | 1.6% | 1.82% | 3.66% | 3.6% | 3.08% | 2.88% | 2.85% | 2.79% | 2.82% | 2.88% | 3.27% | 3.28% | 3.03% | 2.88% | 3.09% | 3.22% | 3.22% | 3.2% | 3.23% | 3.1% | 2.86% | 2.88% | 2.33% | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.77M | 208.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01B | 798.6M | 0 | 321.16M | 412.1M | 1.17B | 300.1M | 278.2M |
| Operating Income | 369.05M | 387.02M | 312.45M | 223.51M | 159.32M | 155.44M | 142.32M | 222.41M | 393.18M | 456.1M | 572.49M | 634.56M | 655.95M | 646.5M | 739.25M | 800.33M | 851.47M | 849.1M | 1.13B | 1.17B | 1.16B | 1.06B | 1.05B | 1.01B | 798.6M | 728.6M | 995.23M | 945.05M | 809.78M | 906.5M | 813.7M |
| Operating Margin % | 19.67% | 20.45% | 15.42% | 10.75% | 4.5% | 4.23% | 4% | 6.94% | 12.24% | 12.85% | 19.2% | 17.74% | 17.17% | 16.7% | 15.08% | 15.16% | 15.7% | 15.25% | 18.04% | 19.03% | 20.17% | 19.81% | 21.18% | 21.99% | 18.11% | 17.67% | 25.64% | 24.79% | 23.14% | 23.57% | 22.02% |
| Operating Income Growth % | - | 23.87% | 39.79% | 40.29% | 2.5% | 9.22% | -36.01% | -43.43% | -13.8% | -20.33% | -9.78% | -3.26% | 1.46% | -12.55% | -7.63% | -6.01% | 0.28% | -24.85% | -3.12% | 0.53% | 9.11% | 1.24% | 4.37% | 26% | 9.61% | -26.79% | 5.31% | 16.7% | -10.67% | 11.4% | -2.85% |
| EBITDA | 452.3M | 498.59M | 426.93M | 336.24M | 323.14M | 318.3M | 302.94M | 381.55M | 541.64M | 638.44M | 750.98M | 807.87M | 854.03M | 841.41M | 994.81M | 1.07B | 1.16B | 1.19B | 1.51B | 1.55B | 1.53B | 1.4B | 1.36B | 1.3B | 1.06B | 1.05B | 1.32B | 1.36B | 1.17B | 1.21B | 1.09B |
| EBITDA Margin % | 24.1% | 26.34% | 21.07% | 16.17% | 9.13% | 8.67% | 8.52% | 11.9% | 16.87% | 17.98% | 25.19% | 22.59% | 22.36% | 21.74% | 20.29% | 20.32% | 21.3% | 21.33% | 24.1% | 25.28% | 26.68% | 26% | 27.37% | 28.3% | 24.1% | 25.37% | 33.92% | 35.61% | 33.47% | 31.37% | 29.55% |
| EBITDA Growth % | 7.11% | 16.78% | 26.97% | 4.05% | 1.52% | 5.07% | -20.6% | -29.56% | -15.16% | -14.99% | -7.04% | -5.41% | 1.5% | -15.42% | -7.24% | -7.16% | -2.77% | -21.27% | -2.6% | 0.96% | 9.99% | 2.81% | 4.78% | 21.85% | 1.61% | -20.54% | -3% | 15.89% | -2.94% | 10.5% | -1.56% |
| D&A (Non-Cash Add-back) | 83.25M | 111.58M | 114.48M | 112.72M | 163.82M | 162.86M | 160.63M | 159.14M | 148.46M | 182.34M | 178.49M | 173.31M | 198.09M | 194.91M | 255.56M | 272.14M | 303.65M | 338.89M | 379.12M | 383.14M | 374.53M | 331.96M | 306.75M | 288.81M | 264.25M | 317.45M | 321.16M | 412.1M | 361.33M | 300.1M | 278.2M |
| EBIT | 222.98M | 293.98M | 67.89M | 64.56M | 130.41M | 89.11M | -77.62M | 138.05M | 303.5M | 393.94M | 364.02M | 697.51M | 524.46M | 507.8M | 698.7M | 508.1M | 636.79M | 793.38M | 942.52M | 911.25M | 1.14B | 1B | 876.57M | 1.01B | 798.6M | 728.6M | 995.23M | 945.05M | 809.78M | 906.5M | 813.7M |
| Net Interest Income | -77.19M | -101.46M | -110.09M | -162.05M | -139.09M | -143.94M | -153.91M | -155.56M | -159.76M | -164.16M | -144.21M | -159.37M | -169.45M | -186.99M | -184.68M | -197.27M | -201.32M | -203.91M | -216.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.98M | 5.79M | 2.59M | 4.95M | 12.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 103.18M | 101.46M | 110.09M | 162.05M | 139.09M | 143.94M | 153.91M | 155.56M | 159.76M | 164.16M | 144.21M | 159.37M | 169.45M | 186.99M | 192.66M | 203.06M | 203.91M | 208.85M | 229.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -142.78M | -194.49M | -364.78M | -267.44M | -119.44M | -162.85M | -325.69M | -195.27M | -205.06M | -173.11M | -370.7M | -23.74M | -224.75M | -243.33M | -134.64M | -386.05M | -316.89M | -155.93M | -416.7M | -505.5M | -245.57M | -251.53M | -350.77M | -285.17M | -179.15M | 37.78M | -192.38M | -121.11M | -151.12M | -158M | -156.5M |
| Pretax Income | 226.27M | 192.52M | -52.33M | -43.92M | 39.88M | -7.42M | -183.37M | 27.14M | 188.12M | 282.99M | 201.79M | 610.83M | 431.2M | 403.18M | 604.61M | 414.28M | 534.58M | 693.18M | 713.18M | 660.71M | 914.49M | 811.67M | 699.45M | 721.09M | 619.45M | 766.38M | 802.85M | 823.94M | 658.66M | 748.5M | 657.2M |
| Pretax Margin % | 12.06% | 10.17% | -2.58% | -2.11% | 1.13% | -0.2% | -5.16% | 0.85% | 5.86% | 7.97% | 6.77% | 17.08% | 11.29% | 10.42% | 12.33% | 7.85% | 9.86% | 12.45% | 11.39% | 10.78% | 15.9% | 15.12% | 14.11% | 15.76% | 14.05% | 18.59% | 20.69% | 21.62% | 18.82% | 19.46% | 17.78% |
| Income Tax | 58.85M | 47.83M | -154.83M | 17.35M | 2.94M | -10.92M | 7.12M | -13.01M | 6.42M | 21.65M | 106.97M | 189.78M | 112.81M | 83.07M | 150.31M | 44.59M | 205.77M | 240.15M | 244.93M | 280.22M | 335M | 328.6M | 218.92M | 226.24M | 181.74M | 252.06M | 239.72M | 260.95M | 215.51M | 256.1M | 204.6M |
| Effective Tax Rate % | 26.01% | 24.84% | 295.89% | -39.5% | 7.37% | 147.3% | -3.88% | -47.92% | 3.41% | 7.65% | 53.01% | 31.07% | 26.16% | 20.6% | 24.86% | 10.76% | 38.49% | 34.65% | 34.34% | 42.41% | 36.63% | 40.48% | 31.3% | 31.38% | 29.34% | 32.89% | 29.86% | 31.67% | 32.72% | 34.22% | 31.13% |
| Net Income | 167.41M | 144.7M | 10.24M | -385.63M | 36.94M | 3.51M | -190.49M | 13.3M | 181.2M | 261.34M | 111.85M | 407.94M | 333.75M | 142.84M | 445.16M | 617.48M | 292.38M | 423.44M | 419.79M | 366.78M | 539.43M | 473.24M | 480.53M | 498.12M | 475.75M | 488.34M | 622.54M | 636.21M | 576.39M | 526.1M | 469.4M |
| Net Margin % | 8.92% | 7.65% | 0.51% | -18.55% | 1.04% | 0.1% | -5.36% | 0.41% | 5.64% | 7.36% | 3.75% | 11.4% | 8.74% | 3.69% | 9.08% | 11.7% | 5.39% | 7.6% | 6.7% | 5.98% | 9.38% | 8.82% | 9.69% | 10.88% | 10.79% | 11.85% | 16.04% | 16.69% | 16.47% | 13.68% | 12.7% |
| Net Income Growth % | 244.81% | 1312.37% | 102.66% | -1143.93% | 953.32% | 101.84% | -1532.69% | -92.66% | -30.66% | 133.65% | -72.58% | 22.23% | 133.66% | -67.91% | -27.91% | 111.19% | -30.95% | 0.87% | 14.45% | -32.01% | 13.99% | -1.52% | -3.53% | 4.7% | -2.58% | -21.56% | -2.15% | 10.38% | 9.56% | 12.08% | -19.5% |
| Net Income (Continuing) | 167.41M | 144.7M | 102.5M | -61.27M | 36.94M | 3.51M | -190.49M | 40.15M | 181.71M | 261.34M | 94.81M | 421.05M | 318.38M | 320.11M | 454.31M | 369.7M | 328.81M | 453.02M | 468.25M | 380.49M | 579.49M | 483.07M | 480.53M | 494.85M | 437.71M | 514.32M | 563.13M | 562.99M | 443.15M | 492.4M | 452.6M |
| Discontinued Operations | 0 | 0 | -92.26M | -324.36M | 0 | 0 | 0 | -26.85M | -505K | 0 | 17.04M | 5.27M | 33.75M | -158.9M | 9.23M | 266.16M | -18.1M | -8.11M | -27.7M | 5.53M | -26.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 296.37M | 296.37M | 296.37M | 296.37M | 296.37M | 296.37M | 296.37M | 0 | 0 | 0 | 0 | 0 | 310M | 310M | 310M | 310M | 310M | 310.1M | 300M | 0 |
| EPS (Diluted) | 1.06 | 0.84 | -1.13 | -2.20 | 0.21 | 0.02 | -1.12 | 0.23 | 1.19 | 1.39 | 0.49 | 2.03 | 1.64 | 0.79 | 2.21 | 3.05 | 1.41 | 2.04 | 2.00 | 1.66 | 0.47 | 2.19 | 1.97 | 2.02 | 1.97 | 1.97 | 2.41 | 2.34 | 2.06 | 1.88 | 1.59 |
| EPS Growth % | 208.7% | 174.34% | 48.64% | -1147.62% | 971.43% | 101.75% | -586.96% | -80.67% | -14.39% | 183.67% | -75.86% | 23.78% | 107.59% | -64.25% | -27.54% | 116.31% | -30.88% | 2% | 20.48% | 253.19% | -78.54% | 11.17% | -2.48% | 2.54% | 0% | -18.26% | 2.99% | 13.59% | 9.57% | 18.24% | -18.04% |
| EPS (Basic) | - | 0.84 | -1.13 | -2.20 | 0.21 | 0.02 | -1.06 | 0.24 | 1.19 | 1.40 | 0.51 | 2.04 | 1.65 | 0.70 | 2.22 | 3.06 | 1.42 | 2.05 | 2.01 | 1.68 | 0.47 | 2.22 | 2.00 | 2.04 | 1.99 | 1.99 | 2.43 | 2.38 | 2.10 | 1.88 | 1.59 |
| Diluted Shares Outstanding | 157.53M | 173.04M | 182.53M | 175.64M | 177.25M | 179.1M | 171.52M | 177.45M | 188.38M | 187.44M | 188.97M | 200.94M | 203.96M | 202.96M | 201.37M | 202.77M | 206.75M | 207.32M | 209.7M | 221.22M | 225.44M | 232.09M | 234.13M | 246.54M | 241.45M | 247.89M | 258.32M | 271.76M | 279.71M | 279.67M | 295.96M |
| Basic Shares Outstanding | 157.56M | 173.04M | 179.51M | 175.64M | 173.91M | 173.91M | 171.52M | 176.25M | 187.28M | 186.33M | 185.76M | 199.84M | 201.99M | 201.61M | 200.39M | 201.98M | 205.97M | 206.73M | 208.43M | 218.44M | 222.47M | 228.83M | 231.11M | 244.12M | 239.02M | 245.4M | 256.19M | 267.19M | 274.38M | 279.67M | 295.96M |
| Dividend Payout Ratio | - | 35.29% | 350.96% | - | 93.98% | 992.3% | - | 265.95% | 77.54% | 53.37% | 125.71% | 36.8% | 45.43% | 132.21% | 67.52% | 48.52% | 103.1% | 70.27% | 69.47% | 78.74% | 52.84% | 60.07% | 58.72% | 56.39% | 59.32% | 58.39% | 47.02% | 42.89% | 42.94% | 43.98% | 43.91% |
Secular mail volume decline
As reported in recent financial filings, Pitney Bowes has experienced a consistent revenue decline, with the most recent quarter showing a 3.2% year-over-year contraction to $477.4 million, reflecting the ongoing structural challenges within its core mailing and logistics segments as the company attempts to pivot.
The persistent negative growth trajectory suggests that the company is struggling to offset the secular decline in physical mail volumes through its remaining service offerings. Investors should monitor whether the strategic exit from the Global Ecommerce segment will eventually allow for a stabilization of the top line or if the core business remains in a terminal decline phase.
Based on the provided income statement data, Pitney Bowes achieved a gross margin of 57.1% in 2026Q1, marking a notable improvement from the 50.9% level observed in 2023Q4, which appears to reflect the successful shedding of lower-margin logistics operations and a shift toward higher-margin recurring revenue streams.
The expansion in gross margins indicates that management's efforts to prioritize the SendTech segment are yielding tangible results in terms of profitability per dollar of revenue. This trend suggests that the company is successfully focusing on its most defensible and high-margin assets while reducing exposure to capital-intensive, low-margin logistics activities.
According to the latest quarterly figures, the company has demonstrated improved operating leverage, with operating income reaching $80.5 million in 2026Q1, as SG&A expenses were successfully reduced to $133.4 million from the $198.4 million peak observed in the final quarter of 2023.
The reduction in SG&A costs relative to gross profit suggests that the company is effectively rightsizing its overhead to match its current revenue scale. This discipline appears to be a critical component of the turnaround strategy, as it allows the firm to protect operating margins despite the ongoing top-line pressure.
While recent quarters show positive net income, the historical volatility—including a $223.8 million loss in 2023Q4—warrants caution, as the current profitability appears heavily reliant on aggressive cost-cutting and non-recurring items rather than sustainable growth in the underlying business segments.
Short-term improvements in EPS may mask the underlying reality that the core business is shrinking, and the reliance on cost-cutting has a finite limit. Investors should remain skeptical of the current earnings quality until the company demonstrates an ability to generate consistent, organic growth in its core SendTech and Presort segments.
Quick answers to the most common questions about buying PBI stock.
For fiscal year 2025, Pitney Bowes Inc. (PBI) reported total revenue of $1.89B. This represents a 48.8% decline compared to $3.70B in 1996.
Pitney Bowes Inc. (PBI) is profitable, generating $144.7M in net income for the fiscal year ending 2025 with a net profit margin of 7.6%.
Pitney Bowes Inc. (PBI) reported an operating income of $387.0M, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Pitney Bowes Inc. (PBI) generated $1.02B in gross profit for the year, representing a gross profit margin of 54.1%. This demonstrates the company's core pricing power and production efficiency.