Stocks PBI Financial statements
Financial statementsPITNEY BOWES INC /DE/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PITNEY BOWES INC /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,981 | 2,784 | 3,212 | 3,205 | 3,554 | 3,674 | 2,483 | 2,079 | 2,027 | 1,893 |
| Cost of revenue | 1,515 | 1,433 | 1,790 | 1,922 | 2,405 | 2,552 | 1,048 | 964 | ||
| Gross profit | 1,467 | 1,351 | 1,421 | 1,283 | 1,149 | 1,122 | 1,031 | 1,062 | ||
| Research and development | 107 | 60.9 | 58.5 | 51.3 | 38.4 | 46.8 | 35.5 | 29.5 | 32 | 15.3 |
| Selling, general and administrative | 1,140 | 1,029 | 1,003 | 1,004 | 963 | 924 | 786 | 782 | 718 | 622 |
| Operating expenses | 1,646 | 1,469 | 1,233 | 1,256 | 1,333 | 1,129 | 1,075 | 1,115 | ||
| Interest expense | 89 | 118 | 115 | 111 | 106 | 96.9 | 90 | 100 | ||
| Pre-tax income | 202 | 194 | 212 | 26.7 | -183 | -7.42 | 189 | -43.9 | -52.3 | 193 |
| Income tax | 107 | 13.7 | 6.42 | -13.1 | 7.12 | -10.9 | 43 | 17.3 | -155 | 47.8 |
| Income from continuing operations | 75.8 | 180 | 182 | 39.9 | -190 | 3.51 | 146 | -61.3 | 103 | 145 |
| Net income | 92.8 | 244 | 242 | 194 | -180 | -1.35 | 36.9 | -386 | -204 | 145 |
| EPS, basic | 0.46 | 1.31 | 1.29 | 1.10 | -1.05 | -0.01 | 0.21 | -2.20 | -1.13 | 0.84 |
| EPS, diluted | 0.46 | 1.30 | 1.28 | 1.10 | -1.05 | -0.01 | 0.21 | -2.20 | -1.12 | 0.84 |
| Shares, basic (weighted) | 201 | 186 | 187 | 176 | 172 | 174 | 174 | 176 | 180 | 172 |
| Shares, diluted (weighted) | 202 | 187 | 188 | 177 | 172 | 179 | 177 | 176 | 183 | 173 |
| Dividend per share | 0.70 | 0.75 | 0.75 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.30 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 765 | 1,009 | 867 | 924 | 921 | 732 | 668 | 600 | 470 | 285 |
| Short-term investments | 38.4 | 49 | 59.4 | 116 | 19 | 14.4 | 11.2 | 22.2 | 16.4 | 12.2 |
| Receivables | 456 | 427 | 372 | 373 | 389 | 335 | 344 | 200 | 160 | 168 |
| Inventory | 92.7 | 40.8 | 62.3 | 68.3 | 71.5 | 78.6 | 83.7 | 63 | 59.8 | 66.2 |
| Other current assets | 68.6 | 83.3 | 74.8 | 102 | 120 | 157 | 116 | 76 | 66 | 69.5 |
| Total current assets | 2,325 | 2,830 | 2,698 | 2,236 | 2,113 | 1,892 | 1,798 | 2,058 | 1,318 | 1,100 |
| Property, plant and equipment | 315 | 374 | 399 | 376 | 391 | 429 | 421 | 254 | 219 | 186 |
| Lease right-of-use assets | 153 | 201 | 202 | 208 | 296 | 126 | 113 | 107 | ||
| Goodwill | 1,400 | 1,334 | 1,332 | 1,324 | 1,152 | 1,135 | 851 | 734 | 721 | 747 |
| Intangible assets | 165 | 272 | 213 | 191 | 160 | 132 | 77.9 | 20.4 | 15.8 | 14.7 |
| Long-term investments | 426 | 436 | 311 | 239 | 364 | 333 | 260 | 250 | 190 | 205 |
| Other non-current assets | 525 | 541 | 397 | 400 | 492 | 471 | 380 | 341 | 276 | 290 |
| Total assets | 5,837 | 6,635 | 5,938 | 5,470 | 5,224 | 4,959 | 4,741 | 4,272 | 3,398 | 3,169 |
| Accounts payable | 294 | 285 | 281 | 282 | 295 | 311 | 315 | 274 | 240 | 230 |
| Deferred revenue | 112 | 92.5 | 106 | 92.9 | 105 | 76.3 | 70.1 | 69.1 | ||
| Short-term debt | 614 | 271 | 200 | 20.1 | 216 | 24.7 | 32.8 | 58.9 | 53.3 | 17.2 |
| Total current liabilities | 2,328 | 2,069 | 1,890 | 1,570 | 1,870 | 1,728 | 1,728 | 1,898 | 1,673 | 1,548 |
| Long-term debt | 2,750 | 3,559 | 3,066 | 2,720 | 2,348 | 2,299 | 2,173 | 2,087 | 1,866 | 1,976 |
| Lease liabilities | 125 | 178 | 180 | 192 | 266 | 127 | 101 | 99.8 | ||
| Other non-current liabilities | 597 | 519 | 462 | 401 | 437 | 309 | 228 | 224 | 215 | 204 |
| Total liabilities | 5,941 | 6,499 | 5,837 | 5,181 | 5,154 | 4,846 | 4,681 | 4,641 | 3,976 | 3,971 |
| Total debt | 3,365 | 3,830 | 3,266 | 2,740 | 2,564 | 2,324 | 2,205 | 2,146 | 1,920 | 1,993 |
| Paid-in capital | 148 | 138 | 121 | 98.7 | 68.5 | 2.49 | 0 | |||
| Retained earnings | 5,108 | 5,230 | 5,280 | 5,439 | 5,205 | 5,169 | 5,126 | 3,078 | 2,672 | 2,656 |
| Treasury stock | -4,743 | -4,711 | -4,674 | -4,735 | -4,688 | -4,602 | -4,553 | -2,866 | -2,681 | -2,939 |
| Other comprehensive income | -940 | -792 | -949 | -840 | -839 | -780 | -836 | -851 | -839 | -789 |
| Shareholders' equity | -104 | 30.6 | 102 | 289 | 70.6 | 113 | 60.7 | -369 | -578 | -802 |
| Total equity | -104 | 30.6 | 102 | 289 | 70.6 | 113 | 60.7 | -369 | -578 | -802 |
| Total liabilities and equity | 5,837 | 6,687 | 5,938 | 5,467 | 5,224 | 4,959 | 4,741 | 4,272 | 3,398 | 3,169 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 112 | 244 | 242 | 195 | -180 | -1.35 | 36.9 | -386 | -204 | 145 |
| Depreciation and amortization | 174 | 127 | 148 | 159 | 161 | 163 | 111 | 113 | 114 | 112 |
| Stock-based compensation | 14.9 | 24.4 | 21 | 23.1 | 17.5 | 20.9 | 16.3 | 8.86 | 16.5 | 14.2 |
| Deferred income tax | 3.47 | -1.41 | 64.1 | 4.81 | 15.3 | -19.9 | 5.95 | -35.8 | -174 | 38.4 |
| Change in receivables | 27.8 | -7.17 | -53.8 | -8.03 | -47.2 | 37.5 | -14.4 | 25.4 | 32 | -14 |
| Change in inventory | -2.88 | -0.21 | -1.44 | -5.18 | 1.58 | -8.01 | -3.39 | 18.2 | 2.26 | -5.57 |
| Change in payables | -97.8 | -18.7 | -4.37 | 22.1 | 94.9 | 57.8 | 49.4 | -16.4 | 47.3 | -62 |
| Cash from operations | 496 | 454 | 345 | 268 | 302 | 302 | 175 | 80.1 | 229 | 383 |
| Capital expenditures | -159 | -118 | -138 | -137 | -105 | -184 | -82.6 | -78.1 | -72.4 | -66.3 |
| Acquisitions | -37.8 | -483 | -10.5 | -22.1 | -6.61 | -15 | -5.14 | 0 | 0 | -2.2 |
| Purchases of investments | -213 | -125 | -82.2 | -137 | -597 | -74.9 | -8.86 | -18.9 | -30.1 | -34.8 |
| Cash from investing | -116 | -621 | 286 | 458 | -75.7 | -155 | -24.3 | -124 | -49.1 | -125 |
| Debt issued | 895 | 1,437 | 0 | 390 | 917 | 1,196 | 0 | 267 | 0 | 1,005 |
| Debt repaid | -371 | -965 | -570 | -930 | ||||||
| Share buybacks | -197 | 0 | 0 | -105 | 0 | 0 | -13.4 | 0 | 0 | -378 |
| Dividends paid | -141 | -139 | -140 | -35.4 | -34.3 | -34.8 | -34.7 | -35.2 | -36 | -51.1 |
| Cash from financing | -230 | 368 | -745 | -670 | -235 | -330 | -198 | -30 | -305 | -445 |
| Exchange rate effect | -26.7 | 44 | -25.4 | 2.05 | 6.1 | -4.86 | -16.1 | 5.7 | ||
| Net change in cash | 124 | 244 | -140 | 57.2 | -2.99 | -189 | -63.4 | -68.3 | -130 | -185 |
| Free cash flow | 337 | 336 | 207 | 131 | 197 | 117 | 92.4 | 1.98 | 157 | 317 |
| Interest paid | 151 | 169 | 171 | 158 | 152 | 124 | 134 | 164 | 168 | 142 |
| Income taxes paid | 127 | 53.2 | 25.9 | 27.1 | 20.2 | 4.34 | 14.6 | 22.6 | 45.5 | 16.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 13.5% | Pre-tax income / revenue. |
| Net margin | 10.0% | Net income / revenue. |
| FCF margin | 22.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 26.0% | Cash from operations / revenue. |
| Effective tax rate | 25.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 6.2% | Net income / average total assets. |
| R&D / revenue | 0.8% | Research and development expense / revenue. |
| SG&A / revenue | 29.3% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.8% | Capital expenditures / revenue. |
| D&A / revenue | 5.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -6.6% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -8.7% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -11.8% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income CAGR, 3y | 57.6% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 3y | 58.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 67.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 29.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 4.9% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 102.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 50.8% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 10.0% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 50.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 14.5% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 8.4% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -6.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -12.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -9.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -5.2% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -0.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 0.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.73x | Current assets / current liabilities. |
| Quick ratio | 0.30x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.20x | (Cash + short-term investments) / current liabilities. |
| Debt / assets | 67.4% | Total debt / total assets. |
| Liabilities / assets | 128.6% | Total liabilities / total assets. |
| Net debt | $1.76B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Working capital | -$377.8M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 24.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.62B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.62x | Revenue / average total assets. |
| Fixed asset turnover | 10.6x | Revenue / average property, plant and equipment. |
| Receivables turnover | 12.6x | Revenue / average receivables. |
| Days sales outstanding | 29 days | 365 x average receivables / revenue. |
| FCF conversion | 221.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 14.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.35 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $13.42 | Revenue / diluted weighted shares. |
| FCF per share | $2.99 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $3.49 | Cash from operations / diluted weighted shares. |
| Book value per share | -$6.21 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$11.63 | Tangible book value / shares outstanding. |
| Cash per share | $2.00 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 29.0% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 13.1% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 114.8% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.25B | Share price x shares outstanding. |
| Enterprise value | $4.00B | Market cap + total debt - cash - short-term investments. |
| P/E | 12.0x | Market cap / net income. Only when net income is positive. |
| P/S | 1.20x | Market cap / revenue. |
| P/FCF | 5.41x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 4.62x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.14x | Enterprise value / revenue. |
| EV/FCF | 9.63x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 18.5% | Free cash flow / market cap. |
| Earnings yield | 8.3% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.4% | Dividends paid over the period / market cap. |
| Shareholder yield | 23.6% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.20x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was PITNEY BOWES INC /DE/'s revenue in fiscal 2025?
PITNEY BOWES INC /DE/ reported revenue of $1.89B for fiscal 2025, 6.6% lower than the year before.
Was PITNEY BOWES INC /DE/ profitable in fiscal 2025?
Yes. Net income was $144.7M, a net margin of 7.6%.
How much free cash flow did PITNEY BOWES INC /DE/ generate in fiscal 2025?
Cash from operations of $383.3M minus capital expenditures of $66.3M left free cash flow of $317.0M.