Detailed financial statements for Pitney Bowes Inc. (PBI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Pitney Bowes Inc. (PBI) operates as a prominent global provider of shipping and mailing services. The company delivers a comprehensive array of technology, logistics, and financial solutions to a varied client base, including small and medium-sized businesses, major corporations, retailers, and government agencies, spanning the United States, Canada, and international markets.
Analysis Summary
Pitney Bowes Inc. reported revenue of $1.89B in the most recent fiscal year, growing at a 5-year CAGR of -11.8%.
Trailing-twelve-month margins: gross margin 54.3%, operating margin 23.4%, net margin 10.1%. Free cash flow grew at 8.8% CAGR over 5 years.
At $16.01 (closing price, November 4, 2026), PBI trades at a P/E of 12.61 and an ROE of -22.15%. Market capitalisation stands at $2.2B.
Balance sheet quality for PBI: debt-to-equity ratio of -2.40, current ratio of 0.70 over the last 12 months, net debt of $1.92B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $299.7M represents 207% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.98B | $3.55B | $3.21B | $3.21B | $3.55B | $3.67B | $3.54B | $2.08B | $2.03B | $1.89B |
| Cost of Revenue | $1.23B | $1.72B | $1.79B | $1.92B | $2.40B | $2.55B | $2.46B | $1.05B | $964.3M | $868.8M |
| Gross Profit | $1.75B | $1.83B | $1.42B | $1.28B | $1.15B | $1.12B | $1.08B | $1.03B | $1.06B | $1.02B |
| Research & Development | $107.4M | $129.8M | $58.5M | $51.3M | $38.4M | $46.8M | $43.7M | $29.5M | $32.0M | $15.3M |
| Selling, General & Admin | $1.14B | $1.23B | $969.5M | $1.01B | $968.9M | $919.6M | $877.3M | $777.6M | $717.9M | $621.6M |
| Operating Expenses | $1.04B | $1.37B | $1.03B | $1.06B | $1.01B | $966.4M | $921.0M | $807.1M | $749.9M | $636.8M |
| Operating Income | $572.5M | $456.1M | $393.2M | $222.4M | $142.3M | $155.4M | $159.3M | $223.5M | $312.4M | $387.0M |
| EBITDA | $542.5M | $576.3M | $452.0M | $297.2M | $83.0M | $252.0M | $294.2M | $177.3M | $182.4M | $405.6M |
| Interest Expense | $144.2M | $164.2M | $159.8M | $155.6M | $153.9M | $143.9M | $139.1M | $162.1M | $110.1M | $101.5M |
| Pre-tax Income | $201.8M | $283.0M | $188.1M | $27.1M | -$183.4M | -$7.4M | $39.9M | -$43.9M | -$52.3M | $192.5M |
| Income Tax | $107.0M | $21.6M | $6.4M | -$13.0M | $7.1M | -$10.9M | $2.9M | $17.3M | -$154.8M | $47.8M |
| Net Income | $111.8M | $261.3M | $181.2M | $13.3M | -$190.5M | $3.5M | $36.9M | -$385.6M | $10.2M | $144.7M |
| EPS | $0.51 | $1.40 | $1.19 | $0.24 | -$1.06 | $0.02 | $0.21 | -$2.20 | $0.06 | $0.84 |
| EPS (Diluted) | $0.49 | $1.39 | $1.19 | $0.23 | -$1.12 | $0.02 | $0.21 | -$2.20 | $0.06 | $0.84 |
| Shares Outstanding (Diluted) | 189.0 M | 187.4 M | 188.4 M | 177.4 M | 171.5 M | 179.1 M | 177.3 M | 175.6 M | 182.5 M | 173.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $477.6M | $477.4M | $451.5M | $456.2M |
| Gross Profit | $262.9M | $259.8M | $242.3M | $247.3M |
| Operating Income | $123.9M | $111.6M | $97.9M | $103.2M |
| EBITDA | $91.6M | $132.1M | $117.8M | $118.8M |
| Net Income | $27.3M | $58.1M | $49.9M | $52.7M |
| EPS | $0.17 | $0.37 | $0.37 | $0.39 |
| EPS (Diluted) | $0.17 | $0.37 | $0.36 | $0.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $764.5M | $1.01B | $867.3M | $924.4M | $921.5M | $732.5M | $670.0M | $600.1M | $469.7M | $284.9M |
| Short-term Investments | $38.4M | $49.0M | $59.4M | $115.9M | $19.0M | $14.4M | $11.2M | $22.2M | $16.4M | $12.2M |
| Receivables | $1.36B | $524.4M | $371.8M | $373.5M | $980.5M | $909.2M | $917.3M | $764.3M | $706.0M | $667.7M |
| Inventory | $92.7M | $89.7M | $62.3M | $68.3M | $71.5M | $78.6M | $83.7M | $63.0M | $59.8M | $66.2M |
| Total Current Assets | $2.33B | $2.64B | $2.70B | $2.24B | $2.11B | $1.89B | $1.80B | $2.06B | $1.32B | $1.10B |
| Property, Plant & Equipment | $502.7M | $557.5M | $588.2M | $618.2M | $631.6M | $672.4M | $744.3M | $404.2M | $356.6M | $317.0M |
| Goodwill | $1.57B | $1.95B | $1.33B | $1.32B | $1.15B | $1.14B | $1.07B | $734.4M | $721.0M | $746.7M |
| Intangible Assets | $165.2M | $272.2M | $213.2M | $190.6M | $159.8M | $132.4M | $77.9M | $20.4M | $15.8M | $14.7M |
| Total Assets | $5.84B | $6.68B | $5.94B | $5.47B | $5.22B | $4.96B | $4.74B | $4.27B | $3.40B | $3.17B |
| Accounts Payable | $293.5M | $284.9M | $280.9M | $282.1M | $295.2M | $311.0M | $315.4M | $829.4M | $239.7M | $845.4M |
| Short-term Debt | $614.5M | $271.1M | $199.5M | $20.1M | $259.9M | $24.7M | $32.8M | $58.9M | $53.2M | $45.5M |
| Total Current Liabilities | $2.33B | $2.07B | $1.89B | $1.57B | $1.87B | $1.73B | $1.73B | $1.90B | $1.67B | $1.55B |
| Long-term Debt | $2.75B | $3.56B | $3.07B | $2.72B | $2.35B | $2.30B | $2.17B | $2.09B | $1.87B | $2.08B |
| Total Liabilities | $5.94B | $6.49B | $5.84B | $5.18B | $5.15B | $4.85B | $4.68B | $4.64B | $3.98B | $3.97B |
| Retained Earnings | $5.11B | $5.23B | $5.28B | $5.44B | $5.21B | $5.17B | $5.13B | $3.08B | $2.67B | $2.66B |
| Total Equity | -$103.7M | $188.6M | $101.8M | $286.1M | $70.6M | $112.6M | $60.7M | -$368.6M | -$578.4M | -$802.4M |
| Total Debt | $3.36B | $3.83B | $3.43B | $2.95B | $2.81B | $2.56B | $2.52B | $2.30B | $2.05B | $2.22B |
| Net Debt | $2.56B | $2.77B | $2.50B | $1.91B | $1.87B | $1.81B | $1.84B | $1.68B | $1.56B | $1.92B |
| Working Capital | -$2.4M | $567.2M | $807.7M | $666.4M | $242.1M | $164.1M | $70.2M | $159.6M | -$354.8M | -$447.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $284.9M | $302.9M | $266.8M | $268.5M |
| Total Assets | $3.17B | $3.15B | $3.02B | $2.99B |
| Total Liabilities | $3.97B | $4.04B | $3.88B | $3.83B |
| Total Equity | -$802.4M | -$893.6M | -$863.3M | -$836.7M |
| Total Debt | $2.22B | $2.27B | $2.16B | $2.00B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $92.8M | $220.5M | $181.7M | $39.9M | -$190.5M | $3.5M | $36.9M | -$385.6M | $102.5M | $144.7M |
| Depreciation & Amortization | $178.5M | $182.3M | $148.5M | $159.1M | $160.6M | $162.9M | $163.8M | $112.7M | $114.5M | $111.6M |
| Stock-based Compensation | $14.9M | $24.4M | $21.0M | $23.1M | $17.5M | $20.9M | $16.6M | $9.6M | $16.5M | 0 |
| Change in Working Capital | 0 | $39.1M | -$108.3M | -$36.3M | $101.9M | $105.1M | -$17.7M | -$17.0M | $103.0M | $16.2M |
| Operating Cash Flow | $490.7M | $495.8M | $344.7M | $267.9M | $302.0M | $301.5M | $176.0M | $79.5M | $229.2M | $366.0M |
| Capital Expenditure | -$160.8M | -$171.0M | -$137.8M | -$137.3M | -$105.0M | -$184.0M | -$124.8M | -$102.9M | -$72.4M | -$66.3M |
| Acquisitions | -$37.8M | -$482.9M | -$10.5M | -$22.1M | -$6.6M | -$15.0M | $106.5M | 0 | 0 | -$2.2M |
| Stock Repurchased | -$197.3M | 0 | 0 | -$105.0M | 0 | 0 | -$13.4M | 0 | 0 | -$378.4M |
| Dividends Paid | -$140.6M | -$139.5M | -$140.5M | -$35.4M | -$34.3M | -$34.8M | -$34.7M | -$35.2M | -$36.0M | -$51.1M |
| Free Cash Flow | $329.9M | $324.8M | $206.8M | $130.6M | $197.0M | $117.5M | $51.1M | -$23.4M | $156.8M | $299.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $233.6M | $44.2M | $147.3M | $156.8M |
| Capital Expenditure | -$20.3M | -$15.8M | -$18.5M | -$10.7M |
| Free Cash Flow | $213.3M | $28.3M | $128.8M | $146.1M |
| Dividends Paid | -$14.2M | -$13.3M | -$13.6M | -$13.7M |
| Stock-based Compensation | 0 | 0 | $13.1M | $3.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.1% | -9.5% | -0.2% | +10.9% | +3.3% | -3.7% | -41.2% | -2.5% | -6.6% | |
| Net Income Growth (YoY) | +133.7% | -30.7% | -92.7% | -1,532.7% | +101.8% | +953.3% | -1,143.9% | +102.7% | +1,312.4% | |
| EPS Growth (YoY) | +174.5% | -15.0% | -79.8% | -541.7% | +101.9% | +939.6% | -1,147.6% | +102.7% | +1,300.0% | |
| Shares Change (YoY) | -0.8% | +0.5% | -5.8% | -3.3% | +4.4% | -1.0% | -0.9% | +3.9% | -5.2% | |
| FCF Growth (YoY) | -1.5% | -36.3% | -36.8% | +50.8% | -40.4% | -56.5% | -145.8% | +769.7% | +91.2% | |
| Gross Margin | 58.8% | 51.5% | 44.3% | 40.0% | 32.3% | 30.5% | 30.5% | 49.6% | 52.4% | 54.1% |
| Operating Margin | 19.2% | 12.8% | 12.2% | 6.9% | 4.0% | 4.2% | 4.5% | 10.8% | 15.4% | 20.4% |
| EBITDA Margin | 18.2% | 16.2% | 14.1% | 9.3% | 2.3% | 6.9% | 8.3% | 8.5% | 9.0% | 21.4% |
| Net Margin | 3.8% | 7.4% | 5.6% | 0.4% | -5.4% | 0.1% | 1.0% | -18.5% | 0.5% | 7.6% |
| FCF Margin | 11.1% | 9.1% | 6.4% | 4.1% | 5.5% | 3.2% | 1.4% | -1.1% | 7.7% | 15.8% |
| Effective Tax Rate | 53.0% | 7.7% | 3.4% | -47.9% | -3.9% | 147.3% | 7.4% | -39.5% | 295.9% | 24.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.75 | $1.73 | $1.10 | $0.74 | $1.15 | $0.66 | $0.29 | -$0.13 | $0.86 | $1.73 |
| Dividends Per Share | $0.74 | $0.74 | $0.75 | $0.20 | $0.20 | $0.19 | $0.20 | $0.20 | $0.20 | $0.30 |
| Shares Outstanding (Basic) | 185.8 M | 186.3 M | 187.3 M | 176.3 M | 171.5 M | 173.9 M | 173.9 M | 175.6 M | 179.5 M | 173.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -22.15% |
| Return on Invested Capital | 20.83% |
| Return on Assets | 6.28% |
| Gross Margin | 54.35% |
| Operating Margin | 23.44% |
| Net Margin | 10.10% |
Financial Health
| Debt / Equity | -2.40 |
| Current Ratio | 0.70 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.78 | 7.99 | 4.97 | 16.79 | -5.81 | 328.22 | 18.10 | -2.00 | 120.67 | 12.58 |
| P/B | -27.22 | 11.05 | 10.87 | 2.48 | 14.96 | 10.24 | 10.90 | -2.10 | -2.25 | -2.28 |
| P/S | 0.95 | 0.59 | 0.34 | 0.22 | 0.30 | 0.31 | 0.19 | 0.37 | 0.64 | 0.97 |
| Gross Margin | 58.8% | 51.5% | 44.3% | 40.0% | 32.3% | 30.5% | 30.5% | 49.6% | 52.4% | 54.1% |
| Operating Margin | 19.2% | 12.8% | 12.2% | 6.9% | 4.0% | 4.2% | 4.5% | 10.8% | 15.4% | 20.4% |
| Net Margin | 3.8% | 7.4% | 5.6% | 0.4% | -5.4% | 0.1% | 1.0% | -18.5% | 0.5% | 7.6% |
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Explore sector: Industrials · Integrated Freight & Logistics
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