Gross margin of 54.2% and operating margin of 22.6% in Q3 2026 show profitability improving from a 10.3% operating margin in Q2 2024, but revenue declining 6.6% year over year to $456.2M warrants close monitoring.
Pitney Bowes Inc. (PBI) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 1.86B | 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 % | -3.54% | -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 | 850.41M | 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 | 1.01B | 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 % | 54.35% | 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 | 575.72M | 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 | 560.12M | 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 | 14.06M | 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 | 436.58M | 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 % | 23.44% | 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 | 535.72M | 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 % | 28.76% | 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 % | 8% | 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) | 99.13M | 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 | 361.17M | 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 | -106.74M | -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 | 106.74M | 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 | -182.15M | -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 | 254.43M | 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 % | 13.66% | 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 | 66.39M | 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 % | 26.09% | 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 | 188.05M | 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 % | 10.1% | 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 % | 150.79% | 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) | 188.05M | 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) | 1.34 | 0.84 | 0.06 | -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 % | 182.22% | 1300% | 102.73% | -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 | 0.06 | -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 | 140.73M | 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 | 136.77M | 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% |
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.
Key Metrics
Top Statement Risk
Secular mail volume decline
Metrics are mathematically derived from official filings.
Top Line Contracting as Mail Declines
Based on reported quarterly figures, PBI's revenue fell 6.6% year over year in the most recent quarter to $456.2M, extending a pattern of contraction across the ten-quarter window tied to secular mail volume decline.
The consistent negative year-over-year revenue prints suggest that volume erosion in First-Class and Marketing Mail is outpacing any offsetting gains from pricing or software and financing revenue. Revenue has moved in a narrow $450M to $500M band rather than inflecting, which implies the business is being managed for profitability rather than top-line recovery. Investors should monitor whether SendTech's transition to digital shipping can stabilize the revenue base within the next several reporting periods.
Gross Margin Holds Above Peers
As reported in financial statements, PBI's gross margin of 54.2% in the latest quarter sits far above peers Quad/Graphics at 18.4% and Ensign Group at 15.8%, reflecting the mix weight of SendTech's recurring revenue.
The structural gap versus peers suggests PBI's gross profit is driven by high-margin financing, software, and leasing revenue rather than commodity processing economics. Gross margin has moved within roughly 51% to 55% across the period, indicating resilience despite falling volumes. The durability of this mix advantage depends on the SendTech base continuing to offset the lower-margin Presort operations.
Operating Leverage Driven by SG&A Cuts
Based on EDBL-style reported figures, PBI's operating margin rose from 10.3% in Q2 2024 to 22.6% in Q3 2026 while SG&A declined from $192.8M to $139.2M, indicating overhead reduction as the primary margin lever.
Operating income expanding faster than gross profit points to meaningful SG&A efficiency rather than revenue growth, which is a sign of disciplined cost management. This pattern may reflect the wind-down of the Global Ecommerce segment removing loss-making overhead. Whether this efficiency is structural or partly the result of one-time reductions warrants further investigation.
Net Income Swings Obscure Core Trend
According to recent SEC filings, PBI's EPS swung from a loss of $0.20 in Q4 2024 to $0.37 in Q3 2026, but the path includes large non-operating and restructuring-related movements that make the trend harder to read.
The gap between operating margin and net margin in several quarters suggests significant below-the-line items such as interest expense, impairments, or discontinued operations effects. The stock-based compensation figures are modest relative to earnings, so they do not appear to be the driver of volatility. Analysts should adjust for one-time charges before relying on the recent EPS run-rate as sustainable.
Margin Gains May Not Persist
Based on reported figures, the recent earnings beat relies on a revenue base that is still declining, and the margin expansion may be vulnerable if mail volumes fall faster than cost cuts can offset.
The bear case centers on the possibility that operating margin improvement reflects cost removal that has a finite ceiling, while the top line continues to shrink. Continued revenue contraction could erode the fixed-cost absorption of the Presort network, pressuring margins from the other direction. Investors should treat the raised guidance with caution until revenue stabilization is demonstrated.