Pitney Bowes Announces Financial Results for First Quarter 2026 and Issues CEO Letter

Published: 2026-05-05 16:12:05 ET PBI

Reports Complete Q1 Results Consistent with Strong Pre-Announced Financials and Reaffirms Upgraded Guidance Repurchased 17.2 Million Shares for $186 Million Year-to-Date Through May 1, 2026 Increases Quarterly Dividend from $0.09 to $0.10 per Share, Marking the Fifth Increase in the Past Six Quarters

Published on 05/05/2026 at 04:12 pm EDT

Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the first quarter of 2026. In conjunction with this announcement, CEO Kurt Wolf has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter’s CEO letter, please click here.

Financial Highlights: The following table summarizes the Company’s financial highlights for the first quarter 2026:

First Quarter

($ millions, except EPS)

2026

2025

$ Change

% Change

Revenue

$477

$493

($16)

(3%)

GAAP EPS

$0.39

$0.19

$0.20

>100%

Adj. EPS1

$0.47

$0.33

$0.14

42%

GAAP Net Income

$58

$35

$23

64%

Adj. EBIT1

$130

$120

$11

Cash from Operations

$44

($17)

$61

>100%

Free Cash Flow1

$44

($20)

$64

>100%

1 Adjusted EPS, Adjusted EBIT, and Free Cash Flow are non-GAAP measures. Definitions for these metrics can be found in the Use of Non-GAAP Measures section. Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules.

Update on Capital Allocation

Business Segment Reporting

SendTech Solutions SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

First Quarter

($ millions)

2026

2025

$ Change

% Change

Revenue

$314

$316

($2)

(1%)

Adj. Segment EBITDA

$123

$109

$15

14%

Adj. Segment EBIT

$114

$97

$17

17%

SendTech revenue performance was impacted by the anticipated continuation of mailing-related declines, which were partially offset by growth across digital mailing and shipping solutions as well as the Pitney Bowes Bank. The decline in mailing-related revenues moderated in the quarter, driven by strong sales execution and the lapping of difficult comparisons from the prior IMI product migration. Year-over-year comparisons also benefited by approximately 1 percentage point from an unfavorable prior-year accounting adjustment and another 1 percentage point from currency.

SendTech achieved higher Adjusted EBITDA and EBIT supported by leadership’s continued focus on cost management. In the first quarter, operating expenses declined $14 million year-over-year.

Presort Services Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

First Quarter

($ millions)

2026

2025

$ Change

% Change

Revenue

$163

$178

($14)

(8%)

Adj. Segment EBITDA

$48

$64

($16)

(25%)

Adj. Segment EBIT

$39

$55

($16)

(28%)

Presort revenue decline in the first quarter was driven by a 6% reduction in volumes due to previously communicated client losses and market decline as well as a 2% decline driven by mix change. Total volume sorted in the quarter was 3.6 billion pieces of mail.

Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue with margins contracting from reduced operating leverage from lower volumes and a shift in mix to lower-margin products.

2026 Full-Year Outlook

Pitney Bowes reaffirmed its updated and improved guidance announced in the April 21, 2026, Press Release. Strong first quarter results combined with improving sales trends drove the increase in guidance. Updated guidance for Revenue, Adjusted EBIT, Adjusted EPS and Free Cash Flow in 2026 is as follows:

$ millions, except EPS

Low

High

Revenue

$1,800

$1,860

Adjusted EBIT

$425

$465

Adjusted EPS

$1.50

$1.65

Free Cash Flow

$345

$380

***As a reminder, to read and/or download a copy of this quarter’s CEO letter, please click here***

Q1 2026 Earnings Conference Call

Management will discuss the Company’s results in a webcast tomorrow, May 6, 2026, at 8:00 a.m. ET. Instructions for accessing the earnings results call are available on the Investor Relations page of the Company’s website at www.pitneybowes.com.

About Pitney Bowes

Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com.

Adjusted Segment EBIT

Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level. Adjusted Segment EBIT includes segment revenues and related costs and expenses attributable to the segment, but excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to a business segment. Effective January 1, 2026, we are also excluding expense related to the U.S. and Canada pension plans as we have taken steps to terminate these plans. We also report Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance, which is calculated as Adjusted Segment EBIT plus depreciation and amortization expense of the segment.

Use of Non-GAAP Measures

Pitney Bowes’ financial results are reported in accordance with generally accepted accounting principles (GAAP). Pitney Bowes also discloses certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS) and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, foreign currency gains and losses on intercompany loans, certain costs associated with the Ecommerce Restructuring, gains and losses on debt redemptions and other unusual items that we believe are not indicative to our core business operations, including expense related to the U.S. and Canada pension plans that we have taken steps to terminate.

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides better insight into the amount of cash available for other discretionary uses.

Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's website at: https://www.investorrelations.pitneybowes.com/. We do not provide a reconciliation of forward-looking non-GAAP measures to the most comparable GAAP measures because items necessary for such reconciliation are not available on a reasonable basis without unreasonable efforts.

Forward-Looking Statements

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third-party suppliers’ ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2025 and subsequent reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.

Three Months Ended March 31,

2026

2025

306,570

318,432

88,650

93,190

82,193

81,798

477,413

493,420

156,155

155,873

48,680

50,919

12,795

17,507

133,377

165,915

3,794

4,763

5,112

1,400

25,992

24,270

11,034

1,854

24,187

396,939

446,688

80,474

46,732

22,336

11,310

58,138

35,422

0.40

0.19

0.39

0.19

147,742

184,773

302,876

284,887

11,142

12,232

158,587

168,099

481,566

496,446

62,611

66,241

2,684

3,143

109,884

69,451

1,129,350

1,100,499

180,344

185,913

23,307

24,054

571,147

605,129

742,882

746,687

13,845

14,741

108,408

106,996

92,868

95,412

285,157

289,520

3,147,308

3,168,951

766,989

845,378

574,302

582,630

29,306

28,396

363,952

17,150

72,531

69,075

11,409

5,210

1,818,489

1,547,839

1,774,240

1,975,888

81,762

72,665

161

278

100,727

99,757

71,000

194,501

203,884

4,040,880

3,971,311

270,338

2,689,224

2,655,703

(792,299

)

(789,132

)

(3,060,835

)

(2,939,269

)

(893,572

)

(802,360

)

3,147,308

3,168,951

YEAR-TO-DATE

2026

2025

58,138

35,422

25,641

28,324

3,288

1,978

(1,539

)

3,278

2,683

1,956

2,152

24,646

5,112

1,400

(15,201

)

(13,106

)

(10,543

)

(12,671

)

2,382

5,106

(4,882

)

7,595

11,840

4,779

7,339

(131

)

43,550

34,586

3,502

(4,807

)

(8,324

)

(4,326

)

(102,495

)

(141,282

)

15,684

8,382

3,890

4,130

44,155

(16,679

)

(15,846

)

(16,887

)

(2,757

)

(3,910

)

7,299

13,345

1,783

(37,423

)

1,539

(2,200

)

233

(9,288

)

(45,536

)

147,750

775,000

(3,538

)

(787,187

)

(20,598

)

(13,319

)

(10,980

)

(8,327

)

(26,766

)

(135,647

)

(15,000

)

(3,336

)

465

(16,417

)

(85,066

)

(461

)

1,342

17,989

(145,939

)

284,887

469,726

302,876

323,787

Three Months Ended March 31,

2026

2025

% Change

313,947

315,606

163,466

177,814

477,413

493,420

Three Months Ended March 31,

2026

2025

% change

Adjusted Segment EBIT

D&A

Adjusted Segment EBITDA

Adjusted Segment EBIT

D&A

Adjusted Segment EBITDA

Adjusted Segment EBIT

Adjusted Segment EBITDA

113,530

9,875

123,405

97,027

11,680

108,707

39,178

8,736

47,914

54,779

9,269

64,048

(28

(25

152,708

18,611

171,319

151,806

20,949

172,755

(18,611

)

(20,949

)

(35,575

)

(37,885

)

(22,331

)

(32,117

)

(5,112

)

(1,400

)

(24,646

)

4,882

(7,595

)

(7,554

)

(6,544

)

(1,890

)

459

80,474

46,732

Three Months Ended March 31,

2026

2025

58,138

35,422

22,336

11,310

80,474

46,732

5,112

1,400

(4,882

)

7,595

24,646

7,554

6,544

1,890

(459

)

94,802

81,804

25,860

20,113

68,942

61,691

94,802

81,804

35,575

37,885

130,377

119,689

25,641

28,324

156,018

148,013

0.39

0.19

0.03

0.01

(0.02

)

0.03

0.10

0.04

0.03

0.01

0.47

0.33

44,155

16,679

)

(15,846

)

(16,887

)

15,201

13,106

43,510

20,460

)

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