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Pitney Bowes Inc (PBI) stock

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NYSE: PBI NYSE Office Services & Supplies Next results ~January 21, 2027

C+ Fundamentals grade

Pitney Bowes Inc is a US-listed company in the office services & supplies industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$19

Cash-flow model

Base case. Range ~$11–$29 across our lower- and higher-growth cases (-1.9%–8.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 17% below our base value.

Price used: $15.43, November 3, 2026

Pitney Bowes Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 4 selling4 purchases and 69 sales by directors and officers, last 12 monthsInsider trades
  • Funds162 adding, 157 cuttingOf 51 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Pitney Bowes files

10-Q filed October 29: Pitney Bowes

Rating: Sell to Hold Model value +66.1%

Revenue for the twelve months to September 2026 was $1.86bn, down 3.5% on a year earlier, a smaller fall than the 5.3% decline a quarter earlier. Free-cash-flow margin rose to 27.1% from 11.8% a year earlier. The diluted share count is down 19.2% on a year earlier, which lifts each remaining share. Our model value rises from $11.30 to $18.77 a share, against a share price of $16.20. The rating changes from Sell to Hold.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Pitney Bowes

Pitney Bowes generated $1.86bn in revenue over the twelve months to June 2026, a 3.5% decline on the prior year and an improvement on the 5.3% drop recorded a quarter earlier. Free-cash-flow margin, meanwhile, climbed to 27.1% from 11.8% a year earlier. A 19.2% reduction in the diluted share count over the same period has boosted the economic interest attached to each remaining share. Despite these operational gains, our model value has slipped from $12.20 to $11.30 a share. That now sits well below the current share price of $17.44, a gap wide enough to move our rating from Hold to Sell.

10-Q on SEC EDGAR

Where Pitney Bowes stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.87bn, down 5.3% on a year earlier, a smaller fall than the 6.1% decline a quarter earlier. Free-cash-flow margin rose to 22.3% from 8.7% a year earlier. The diluted share count is down 16.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 4 financial-health checks. Our cash-flow model value is $12.20 a share, against a share price of $17.27.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Pitney Bowes Inc's trailing-twelve-month revenue fell 3.5% year on year, with a free-cash-flow margin of 27.1%. Where it stands out: free-cash-flow margin of 27.1% ranks 1 of 6 office services & supplies companies we cover. Where it lags: revenue growth of -3.5% ranks 6 of 6 office services & supplies companies we cover.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$11–$29 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 10.1%, up 6.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 27.1% of revenue turned into free cash flow, against a median of 7.0% for office services & supplies companies we cover.
  • Shrinking share count. Diluted shares fell 19.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 3.5% over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 62.2% ranks 6 of 6 office services & supplies companies we cover (median 31.7%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.42 against an average estimate of $0.35: beat by 18.3%
Revenue
$456m, down 0.8% on a year earlier
Share reaction
-4.8% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.39

Pitney Bowes' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.3%
  • 1 week-10.8%
  • 1 month-8.0%
  • This year+55.7%
  • 1 year+61.7%
  • 5 years+156.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Net margin
10.1%
EPS (TTM, diluted)
$1.29

Growth

Revenue growth
−3.5%
Change in growth rate
+1.8 pts
Share count change
−19.2%

Cash

Free cash flow (TTM)
$505M
FCF margin
27.1%
Stock pay % of revenue
0.9%

Earnings

Last results
October 28, 2026
Next results (est.)
January 21, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Insider trade
  4. Agreement
  5. Announcement
  6. Insider trade
  7. Announcement
  8. Insider trade
  9. Results
  10. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Pitney Bowes Inc valuation models and calculator

What the price is pricing in

The share price implies about 0.3% a year of cash-flow growth for five years.That is faster than the -12.7% a year revenue growth Pitney Bowes has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in0.3%
  • Last 12 months-3.5%
  • 3 years a year9.8%
  • 5 years a year-12.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($15.43, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$19
Price used
$15.43close November 3, 2026
Implied change
▲ +21%
Uncertainty
High

How we got here: a discounted-cash-flow model of Pitney Bowes Inc's free cash flow after stock-based pay with after-tax interest added back ($253M, FY2026 Q3 TTM), growing 0.1% and 1.9% in the next two years (forecasts, guidance and its record), then back to 3.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$29 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Pitney Bowes Inc's free cash flow after stock-based pay ( $253M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Pitney Bowes Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$11–$29 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$11–$29 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pitney Bowes Inc with Office Services & Supplies in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $14$24$36$52$73$101
8.5% $8$15$24$35$51$70
10% $5$10$17$25$37$52

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.57$9.66$7.56$4.34$3.09$4.96$5.48$3.30$4.03$6.88$10.36$16.12
Market value$2.5bn$1.8bn$1.4bn$818m$548m$851m$981m$585m$709m$1.3bn$1.8bn$2.4bn
+ Net debt (− = net cash)$2.3bn$2.6bn$2.9bn$2.4bn$1.8bn$1.7bn$1.6bn$1.6bn$1.6bn$1.5bn$1.7bn$1.6bn
Enterprise value$4.8bn$4.4bn$4.3bn$3.2bn$2.4bn$2.5bn$2.6bn$2.2bn$2.3bn$2.7bn$3.5bn$4.0bn
Multiples
Price / sales 0.7x0.6x0.5x0.3x0.2x0.2x0.3x0.2x0.3x0.6x0.9x1.3x
Price / earnings 6.2x19.7x5.8x3.4x2.8x——15.8x——12.4x12.5x
Price / free cash flow 7.1x5.4x4.2x4.0x4.2x4.3x8.3x6.3xn/m8.0x5.7x4.7x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard Pitney Bowes's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.8% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 51.7%, moving by 8.2 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Net margin has been a median 1.5%; its worst year was -19.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.7% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (56 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.67 +24% $1.8bn −3%
Next $1.80 +8% $1.8bn −1%

Next year's EPS estimate has moved +0.8% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.5% on 90 days ago. In the last 30 days, 4 analysts raised Pitney Bowes Inc's forecast and 0 cut it.

Consensus EPS forecast Pitney Bowes Inc, last 90 days
$1.65 $1.70 $1.75 $1.80 $1.85 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.66 Current fiscal year, 60 days ago: $1.68 Current fiscal year, 30 days ago: $1.68 Current fiscal year, 7 days ago: $1.68 Current fiscal year, Now: $1.67 $1.67 Next fiscal year, 90 days ago: $1.79 Next fiscal year, 60 days ago: $1.82 Next fiscal year, 30 days ago: $1.82 Next fiscal year, 7 days ago: $1.82 Next fiscal year, Now: $1.80 $1.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.66$1.79
60 days ago $1.68$1.82
30 days ago $1.68$1.82
7 days ago $1.68$1.82
Now $1.67$1.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.35 $0.42 +18.3%
Jun 2026 $0.33 $0.43 +32.3%
Mar 2026 $0.47 $0.47 +0.7%
Dec 2025 $0.39 $0.45 +16.6%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Pitney Bowes Inc's revenue by +0.1% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.6%, weight 65%) and the company's own record (+3.1%, weight 35%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold480%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145

Counts of recommendations published by analysts covering Pitney Bowes Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
0.03
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
1.7%
of shares
Employees
6,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +68.1%

$9.59 on October 31, 2025 to $16.12

ThenNowEffect
Revenue (last 12 months) $2.0bn $1.9bn −5.3%
P/S multiple 0.9x 1.3x +48.0%
Share count 184m 153m +20.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +333.2%

$3.72 on November 3, 2023 to $16.12

ThenNowEffect
Revenue (last 12 months) $1.7bn $1.9bn +7.6%
P/S multiple 0.4x 1.3x +250.4%
Share count 176m 153m +14.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PBI+10%−40%+22%+71%+50%+56%
Industry peers (median)+11%−30%+30%+8%−16%+21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PBI25%33%58%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PBI−53%−64%−39%−20%−28%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 89% from April 18, 2016 to April 3, 2020. Getting back needed a 836% gain, reached on April 21, 2026, 2209 days after the low.

Price behaviour

52-week range
$8.84 – $18.40
From 52-week high
−12.4%
vs 50-day average
−4.8%
vs 200-day average
+9.0%
Volatility (1 year)
33%
Beta vs S&P 500
0.65

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.8%
After a week
8 up, 3 down
typical move ±11.8%
After a month
8 up, 3 down
typical move ±12.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −4.8% 0.0% — —
July 29, 2026 +1.7% +0.1% +2.6% −2.6%
May 5, 2026 −1.5% +2.2% +0.3% +10.4%
April 21, 2026 +15.4% +0.4% +19.9% +16.7%
February 17, 2026 +8.5% +0.7% +3.7% −3.6%
October 29, 2025 −14.9% −1.1% −19.6% −15.6%
July 30, 2025 −1.8% −0.5% −1.5% +4.8%
May 7, 2025 +4.0% +1.1% +3.9% +17.2%
February 11, 2025 +10.7% −0.2% +21.9% +4.0%
January 23, 2025 +15.8% +0.3% +21.0% +45.8%
November 7, 2024 −3.7% +1.2% −7.7% +0.8%
August 8, 2024 +11.3% +2.8% +27.8% +15.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Pitney Bowes Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Pitney Bowes Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Pitney Bowes Inc
$1.8B $1.9B $2B $2.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.1B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B Revenue (TTM), FY26 Q3: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.1B
FY24 Q1 $2.1B
FY24 Q2 $2B
FY24 Q3 $2B
FY24 Q4 $2B
FY25 Q1 $2B
FY25 Q2 $2B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
FY26 Q3 $1.9B
Revenue growth, TTM YoY Pitney Bowes Inc
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -16.3% Revenue growth, TTM YoY, FY24 Q1: -2.5% Revenue growth, TTM YoY, FY24 Q2: 17.7% Revenue growth, TTM YoY, FY24 Q3: 44.9% Revenue growth, TTM YoY, FY24 Q4: -2.5% Revenue growth, TTM YoY, FY25 Q1: -2.6% Revenue growth, TTM YoY, FY25 Q2: -3.4% Revenue growth, TTM YoY, FY25 Q3: -5.2% Revenue growth, TTM YoY, FY25 Q4: -6.6% Revenue growth, TTM YoY, FY26 Q1: -6.1% Revenue growth, TTM YoY, FY26 Q2: -5.3% Revenue growth, TTM YoY, FY26 Q3: -3.5% -3.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -16.3%
FY24 Q1 -2.5%
FY24 Q2 17.7%
FY24 Q3 44.9%
FY24 Q4 -2.5%
FY25 Q1 -2.6%
FY25 Q2 -3.4%
FY25 Q3 -5.2%
FY25 Q4 -6.6%
FY26 Q1 -6.1%
FY26 Q2 -5.3%
FY26 Q3 -3.5%
FCF margin (TTM) Pitney Bowes Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.1% FCF margin (TTM), FY24 Q1: 2.1% FCF margin (TTM), FY24 Q2: 7.1% FCF margin (TTM), FY24 Q3: 5.4% FCF margin (TTM), FY24 Q4: 7.7% FCF margin (TTM), FY25 Q1: 7.5% FCF margin (TTM), FY25 Q2: 8.7% FCF margin (TTM), FY25 Q3: 11.8% FCF margin (TTM), FY25 Q4: 16.7% FCF margin (TTM), FY26 Q1: 20.2% FCF margin (TTM), FY26 Q2: 22.3% FCF margin (TTM), FY26 Q3: 27.1% 27.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.1%
FY24 Q1 2.1%
FY24 Q2 7.1%
FY24 Q3 5.4%
FY24 Q4 7.7%
FY25 Q1 7.5%
FY25 Q2 8.7%
FY25 Q3 11.8%
FY25 Q4 16.7%
FY26 Q1 20.2%
FY26 Q2 22.3%
FY26 Q3 27.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5,569 5,260 4,125 3,824 3,791 3,822 3,578 2,981 2,784 3,212 3,205 3,554 3,674 2,483 2,079 2,027 1,893 1,863
Gross profit 2,831 2,747 — — 2,141 2,141 2,019 1,467 1,351 1,421 1,283 1,149 1,122 — 1,031 1,062 — —
Net income 423 292 617 445 143 334 408 93 244 242 194 −180 −1 37 −386 −204 145 188
Diluted EPS $2.04 $1.41 $3.05 $2.21 $0.70 $1.64 $2.03 $0.49 $1.30 $1.28 $1.10 −$1.05 −$0.01 $0.21 −$2.20 −$1.12 $0.84 $1.29
Growth (year on year)
Revenue −11.1% −5.5% −21.6% −7.3% −0.8% +0.8% −6.4% −16.7% −6.6% +15.4% −0.2% +10.9% +3.4% −32.4% −16.3% −2.5% −6.6% −3.5%
Net income +0.9% −31.0% +111.2% −27.9% −67.9% +133.7% +22.2% −77.3% +162.4% −0.7% −19.6% −192.8% — — — — — +135.1%
Diluted EPS +2.0% −30.9% +116.3% −27.5% −68.3% +134.3% +23.8% −75.9% +165.3% −1.5% −14.1% −195.5% — — — — — +191.0%
Margins
Gross margin 50.8% 52.2% — — 56.5% 56.0% 56.4% 49.2% 48.5% 44.3% 40.0% 32.3% 30.5% — 49.6% 52.4% — —
Net margin 7.6% 5.6% 15.0% 11.6% 3.8% 8.7% 11.4% 3.1% 8.7% 7.5% 6.1% −5.1% −0.0% 1.5% −18.5% −10.0% 7.6% 10.1%
Free-cash-flow margin 11.8% 15.8% 19.2% 12.6% 12.9% 12.4% 10.0% 11.3% 12.1% 6.4% 4.1% 5.5% 3.2% 3.7% 0.1% 7.7% 16.7% 27.1%
Cash flow
Cash from operations 824 952 949 660 625 658 523 496 454 345 268 302 302 175 80 229 383 570
Capital spending 167 120 156 177 138 183 167 159 118 138 137 105 184 83 78 72 66 65
Free cash flow 657 832 793 484 487 475 356 337 336 207 131 197 117 92 2 157 317 505
Stock-based pay 23 20 19 18 15 17 21 15 24 21 23 17 21 16 9 17 14 16
Free cash flow after stock pay 635 812 774 465 472 458 335 322 312 186 107 180 97 76 −7 140 303 489
Balance sheet
Cash 413 484 856 902 881 1,043 640 765 1,009 867 924 921 732 668 600 470 285 269
Total debt 4,440 4,293 7,368 7,285 3,346 3,252 2,952 3,381 3,866 3,296 2,766 2,610 2,365 2,240 2,189 1,956 2,026 1,918
Net debt (negative = net cash) 4,027 3,808 6,512 6,383 2,466 2,209 2,312 2,616 2,857 2,429 1,842 1,689 1,632 1,572 1,589 1,486 1,741 1,650
Diluted shares 207m 207m 203m 201m 203m 204m 201m 189m 187m 188m 177m 172m 179m 177m 176m 183m 173m 146m
Returned to shareholders
Dividends 298 −301 −300 301 189 152 150 141 139 140 35 34 35 35 35 36 51 55
Buybacks 0 100 100 0 0 50 132 197 0 0 105 0 0 13 0 0 378 332
Total returned 298 −201 −200 301 189 202 282 338 139 140 140 34 35 48 35 36 429 387

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · September 30, 2026
What it owns · $3.0bn
Short-term assets $1.0bnLonger-term assets $1.9bn
What it owes, and who funded it · $3.8bn
Short-term liabilities $1.5bnLonger-term liabilities $2.3bnShareholders' equity $-837m
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $2.3bn of longer-dated liabilities.
  • More cash than debt $269m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $570m of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Pitney Bowes Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$332M
Dividends (TTM)
$54.8M
Returned to shareholders
77%
of free cash flow
Buybacks, last 3 fiscal years
$378M
Diluted share count
−19.2%
year over year
Total shareholder yield
17.1%
dividends 2.4% + buybacks 14.7% of market value
Dividend payout ratio
29%
of net income paid out
R&D spending
0.8%
of revenue
Sales & admin spending
29.1%
of revenue
Days sales outstanding
32 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in office services & supplies
Last 12 months unless stated PBI BRC ACCO MLKN HNI EHGO Median
Revenue, last 12 months $1.9bn $1.7bn $1.6bn $3.8bn $4.4bn $16m $1.8bn
Revenue growth, last 12 months −3.5% 9.8% 1.5% 1.2% 70.1% 21.1% 5.7%
Revenue growth, 3-year average 9.8% 7.7% −5.3% −1.0% 25.7% — 7.7%
Revenue growth, latest quarter −0.8% 10.0% −0.9% −3.4% 120.7% — −0.8%
Gross margin 52.4% 51.7% 33.2% 39.5% 41.0% 15.1% 40.2%
Operating margin — 15.9% 5.8% 5.2% 2.0% −73.5% 5.2%
Operating margin, 3-year average — 16.5% 1.4% 3.8% 5.7% — 4.7%
Net margin 10.1% 12.4% 4.2% 2.6% 0.1% −69.4% 3.4%
Cash from operations / revenue 30.6% 14.7% 8.3% 6.3% 4.6% −34.8% 7.3%
Free-cash-flow margin 27.1% 11.6% 7.0% 3.0% 0.1% −35.6% 5.0%
Free-cash-flow margin, 3-year average 14.8% 11.6% 6.1% 3.2% 4.9% — 6.1%
Stock pay / revenue 0.9% 1.4% 0.8% 0.7% 1.0% 9.2% 0.9%
Change in share count −19.2% −0.7% 3.0% 1.2% 26.7% 52.0% 2.1%

Median of all 6 companies we cover in office services & supplies. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 office services & supplies companies
Measure Company Peer median Rank
Revenue growth Growth -3.5% 9.8% 6 of 6
Change in growth rate Growth +1.8pp +2.2pp 4 of 6
Net margin Profitability 10.1% 4.2% 2 of 6
Free-cash-flow margin Cash generation 27.1% 7.0% 1 of 6
Stock pay as % of revenue Cash generation 0.9% 1.0% 3 of 6
Long-term debt as % of assets Balance sheet 62.2% 31.7% 6 of 6
Change in share count Balance sheet -19.2% 3.0% 1 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Sales and Services $1.4B ▼ 5.1%
Services $1.2B ▼ 4.3%
Products $365M ▼ 15.4%
Financing and Other $322M ▼ 4.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $1.6B 84.3% ▼ 6.2%
Outside the US $298M 15.7% ▼ 8.6%

From Pitney Bowes Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.1B
Institutions reporting
349
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
69 / 39

Top buyers and sellers, Q2 2026: 162 institutions bought and 157 sold ; the biggest buyer was Two Sigma Investments, LP (+2.3M shares) and the biggest seller Hestia Capital Management, LLC (−4.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $220M 12.6M 10.3% ▼ 14.2%
Vanguard Portfolio Management LLC $135M 7.7M 6.3% ▼ 8.2%
LSV Asset Management $126M 7.2M 5.9% ▲ 13.7%
State Street Corp $108M 6.2M 5.1% ▼ 4.1%
Vanguard Capital Management LLC $95.2M 5.4M 4.5% ▼ 10.3%
D. E. Shaw & Co., Inc. $66.8M 3.8M 3.1% ▲ 81.5%
Geode Capital Management, LLC $61.7M 3.5M 2.9% ▼ 6.2%
Permit Capital, LLC $61.3M 3.5M 2.9% 0.0%
Hestia Capital Management, LLC $59.6M 3.4M 2.8% ▼ 58.3%
Goldman Sachs Group Inc $52.4M 3.0M 2.5% ▼ 6.4%
Two Sigma Investments, LP $50.4M 2.9M 2.4% ▲ 409.6%
Dimensional Fund Advisors LP $42.6M 2.4M 2.0% ▲ 4.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pitney Bowes Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $104,085 4 trades by 2 insiders, last 12 months Insider sales History → $92.4M 69 trades by 4 insiders · 100% under pre-set plans
Net ▼ $92.3M net selling
Insider Date Trade Shares Price Value
Wolf Kurt James President & CEO November 2, 2026 Sell pre-set plan 13,500 $16.23 $219,119
Wolf Kurt James President & CEO November 2, 2026 Sell pre-set plan 136,500 $16.23 $2.2M
Wolf Kurt James President & CEO October 29, 2026 Sell pre-set plan 4,637 $17.45 $80,925
Wolf Kurt James President & CEO October 29, 2026 Sell pre-set plan 46,880 $17.45 $818,150
Wolf Kurt James President & CEO October 1, 2026 Sell pre-set plan 13,500 $16.16 $218,106
Wolf Kurt James President & CEO October 1, 2026 Sell pre-set plan 136,500 $16.16 $2.2M
Wolf Kurt James President & CEO September 17, 2026 Sell pre-set plan 21,737 $17.43 $378,876
Wolf Kurt James President & CEO September 17, 2026 Sell pre-set plan 2,150 $17.43 $37,474
Wolf Kurt James President & CEO September 16, 2026 Sell pre-set plan 23,088 $17.43 $402,424
Wolf Kurt James President & CEO September 16, 2026 Sell pre-set plan 2,283 $17.43 $39,793
Wolf Kurt James President & CEO September 15, 2026 Sell pre-set plan 136,500 $17.31 $2.4M
Wolf Kurt James President & CEO September 15, 2026 Sell pre-set plan 13,500 $17.31 $233,685

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Pitney Bowes Inc disclosed in the last 12 months; 2 earlier trades on record.

  • Virginia Foxx(R-NC 5):Sale (full), $15,001 - $50,000, traded February 2, 2015, filed March 9, 2015
  • Virginia Foxx(R-NC 5):Purchase, $15,001 - $50,000, traded December 10, 2014, filed January 8, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 5, 2026
  • April 21, 2026
  • February 17, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Pitney Bowes Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Pitney Bowes Inc in brief

What does Pitney Bowes Inc do?
Pitney Bowes Inc is a US-listed company in the office services & supplies industry. Its financial year ends in December.
What is Pitney Bowes Inc's stock ticker?
Pitney Bowes Inc trades under the ticker PBI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pitney Bowes Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pitney Bowes Inc reported revenue of $1.9B, 3.5% lower than a year earlier, according to its SEC filings.
What is Pitney Bowes Inc's free cash flow?
Pitney Bowes Inc's free-cash-flow margin is 27.1% of revenue over the trailing twelve months, ranking 1 of the 6 office services & supplies companies we cover.
What is Pitney Bowes Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Pitney Bowes Inc's free cash flow after stock-based pay gives ~$19 per share in the base case, and ~$11–$29 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Pitney Bowes Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and LSV Asset Management. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Pitney Bowes Inc buying back stock, and does it pay a dividend?
Pitney Bowes Inc spent $332M on share repurchases over the trailing twelve months, and its diluted share count fell 19.2% over the year.
What is Pitney Bowes Inc's market cap?
On November 2, 2026, Pitney Bowes Inc's market capitalisation was about $2.4B, with a price-to-earnings ratio of 12.5 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does Pitney Bowes Inc pay a dividend?
Yes: Pitney Bowes Inc paid $54.8M in dividends over the trailing twelve months, a dividend yield of 2.41% and a payout ratio of 29.1%.
Who are Pitney Bowes Inc's competitors?
In our Office Services & Supplies peer group, the companies closest to Pitney Bowes Inc are Brady Corp, Acco Brands Corp, Millerknoll, Inc., HNI Corp and Eshallgo Inc. The side-by-side comparison below sets their revenue, margins and growth against Pitney Bowes Inc's.
Are insiders buying or selling Pitney Bowes Inc stock?
Over the last 12 months, Pitney Bowes Inc's directors and officers reported 4 open-market purchases and 69 sales on Form 4. The insider trading page charts every trade.
When is Pitney Bowes Inc's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Pitney Bowes Inc announces its own schedule.