At a glance
Pitney Bowes Inc is worth $2.36B, about 21 times its fiscal 2025 earnings. Revenue fell 6.6% to $1.89B in fiscal 2025, with 7.6% kept as profit; over 3 years it has grown 8.7% a year. It pays a 2.18% dividend yield, and returned $583.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +52.4% over the past year with dividends reinvested and +25.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.1% in the 2020 crash (S&P 500: 33.7%) and 64.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 21 months after the lows.
The business in plain English
Pitney Bowes offers the equipment, software and services that businesses use to send mail and parcels. Its clients range from small businesses to large enterprises and government agencies, and include more than 90% of Fortune 500 companies. Revenue was about $1.89 billion in the fiscal year ended December 31, 2025, and 84.3% of it came from the United States.
SendTech Solutions is the larger segment, with 66.4% of that revenue. It provides mailing equipment and shipping software, plus supplies and maintenance. The software lets clients purchase postage, print shipping labels, compare carriers and track parcels. SendTech also handles financing. The Pitney Bowes Bank, a Utah-chartered industrial bank the company owns, lends to clients for equipment, postage and supplies. It also takes interest-bearing deposits from clients who prepay postage.
Presort Services brings in the other 33.6%. It is the largest workshare partner of the US Postal Service. It picks up business mail and sorts it before it enters the postal system, which qualifies clients for postage discounts. Its national network handles upwards of 15 billion mail pieces a year. Across the company, services made up 63.7% of revenue, products 19.3%, and financing and other 17%. Pitney Bowes wound down its Global Ecommerce business in August 2024.
Price history
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PBI +52.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Services | $1.21B | 63.7% |
| Products | $364.7M | 19.3% |
| Financing and other | $321.9M | 17% |
By business segment
| SendTech Solutions | $1.26B | 66.4% |
| Presort Services | $636.6M | 33.6% |
By geography
| United States | $1.59B | 84.3% |
| Outside United States | $297.6M | 15.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $456.2M, down 0.8% from a year earlier, and net income was $52.7M (+1.4%).
- For fiscal 2025, revenue was $1.89B (-6.6% year over year; -8.7% a year from FY2022 to FY2025) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -8.7% weak |
|---|---|
| Free cash flow margin | 16.7% good |
| Return on assets (FY2025) | 4.6% watch |
| Net cash (cash minus debt) | $-1.45B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.55B | $-180.4M | $197.0M |
| FY2021 | $3.67B | $-1.4M | $117.5M |
| FY2022 | $2.48B | $36.9M | $92.4M |
| FY2023 | $2.08B | $-385.6M | $2.0M |
| FY2024 | $2.03B | $-203.6M | $156.8M |
| FY2025 | $1.89B | $144.7M | $317.0M |
Valuation snapshot
| Market value | $2.36B |
|---|---|
| P/E ratio | 20.8 |
| Dividend yield | 2.18% |
Rank among 1514 US companies
Market value at each year end
Pitney Bowes’s market value went from $2.82B at the end of 2016 to $2.36B on Oct 28, 2026, down 16%; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.36B | +39.0% |
| 2025 | $1.70B | +29.3% |
| 2024 | $1.32B | +69.6% |
| 2023 | $775.9M | +17.3% |
| 2022 | $661.2M | -43.4% |
| 2021 | $1.17B | +9.5% |
| 2020 | $1.07B | +54.9% |
| 2019 | $688.5M | -37.9% |
| 2018 | $1.11B | -46.9% |
| 2017 | $2.09B | -26.0% |
| 2016 | $2.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PBI price data to Oct 28, 2026 | +68.4% | +52.4% | +84.6% | +25.1% | +4.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +68.4% |
| 2025 | +50.5% |
| 2024 | +70.6% |
| 2023 | +22.1% |
| 2022 | -39.7% |
| 2021 | +10.3% |
| 2020 | +60.6% |
| 2019 | -28.9% |
| 2018 | -42.5% |
| 2017 | -21.8% |
| 2016 | -23.1% |
| 2015 | -12.3% |
| 2014 | +7.7% |
| 2013 | +132.2% |
| 2012 | -36.1% |
| 2011 | -17.9% |
| 2010 | +13.5% |
| 2009 | -4.8% |
| 2008 | -30.0% |
| 2007 | -15.1% |
| 2006 | +12.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.3% over that stretch · deepest drop along the way 59.5%, back to its old high 207.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.8% over that stretch · deepest drop along the way 52.1%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57.6% over that stretch · deepest drop along the way 64.4%, back to its old high 21.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 45 sales ($57.2M), 44 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 30, 2026 | Kurt James Wolf President & CEO, Director | sell (plan) | $7.0M |
| Aug 3, 2026 | Kurt James Wolf President & CEO, Director | sell (plan) | $6.8M |
| Jun 12, 2026 | Kurt James Wolf President & CEO, Director | sell (plan) | $5.1M |
| Jul 7, 2026 | Kurt James Wolf President & CEO, Director | sell (plan) | $4.9M |
| Jun 10, 2026 | Kurt James Wolf President & CEO, Director | sell (plan) | $4.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.8% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.7% | Mar 31, 2026 |
| LSV ASSET MANAGEMENT | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.02% | Sep 30, 2026 |
ETFs with the most weight in PBI
| RFDA RiverFront Dynamic US Dividend Advantage ETF | 1.71% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.62% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.43% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.4% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.31% |
| PRFZ Invesco RAFI US 1500 Small-Mid ETF | 0.27% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.24% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.2% |
What could go wrong
- Physical mail keeps shrinking. Much of the business depends on physical mail, and mail volumes keep falling. A faster or sudden drop could hurt results. Causes could include new technology, steep postage increases or worse postal service.
- Heavy dependence on the US Postal Service. A significant portion of revenue relies on the USPS, which faces financial challenges. The USPS sets postage rate guidelines and must approve many new products. It could also change its contracts or operating model.
- Large debt load and negative equity. As of June 30, 2026, total debt was $2.03 billion against $441 million in cash and investments. Equity was negative. Broken loan terms, credit-rating cuts or Bank deposit withdrawals could squeeze cash.
- Convertible notes could strain finances. The company has issued convertible notes, which are bonds that holders can swap for shares. If their conversion feature is triggered, settling them could strain finances. Related hedging deals, called capped calls, depend on the other parties paying.
- New leadership and activist shareholders. The CEO, CFO and SendTech president all took their roles in 2025, and another leadership change followed in July 2026. The company warns that management turnover and shareholder activism could create uncertainty.
- Competition, including mailers that sort in-house. Rivals range from other mail equipment makers and online shipping software firms to regional presort providers. Large mailers can sort their own mail and offer their spare capacity to others.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Pitney Bowes pays a dividend, but its record of raising it is thin. The payout was $0.20 per share every year from FY2020 through FY2024, even in loss-making years. It then rose to $0.30 in FY2025, a streak of just one increase. In FY2025, dividends used 35.3% of earnings and 16.1% of free cash flow (the cash left after running and investing in the business). The yield was 2.18% as of October 28, 2026. Share buybacks have been bigger: $378 million in FY2025 alone. The share count fell 22.1% between July 2021 and July 2026.
The share price has fallen hard in past downturns. It dropped 59.5% in the 2008 financial crisis and did not get back to its 2007 peak until June 26, 2026. It fell 52.1% in the 2020 COVID crash but recovered in about four months. It lost 64.4% in the 2022 bear market and took about 21 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Pitney Bowes make money?
Pitney Bowes makes money by helping businesses send mail and parcels. It has two segments. SendTech Solutions brought in 66.4% of revenue in the fiscal year ended December 31, 2025. It provides mailing equipment, shipping software, supplies and maintenance, and lends to clients through The Pitney Bowes Bank. Presort Services, the other 33.6%, sorts business mail so clients qualify for US Postal Service discounts. The United States accounted for 84.3% of revenue.
Does Pitney Bowes raise its dividend every year?
No. The dividend stayed at $0.20 per share each year from FY2020 through FY2024. It rose to $0.30 in FY2025, a streak of one increase. That single raise works out to 8.4% average annual growth from FY2020 to FY2025. In FY2025, dividends took 35.3% of earnings and 16.1% of free cash flow. The yield was 2.18% as of October 28, 2026.
How much debt does Pitney Bowes have?
Pitney Bowes had about $2.03 billion in total debt as of June 30, 2026, against $441 million in cash and investments. That leaves net debt of roughly $1.59 billion. Shareholders' equity was negative $863 million, which means recorded liabilities were larger than recorded assets. The company reported new debt or financial obligations in May, June and September 2026. Its 10-K warns that debt terms could limit its flexibility.
Is Pitney Bowes' revenue growing?
No. Revenue fell 6.6% to about $1.89 billion in the fiscal year ended December 31, 2025. From FY2022 to FY2025 it shrank 8.7% a year on average. In the quarter ended June 30, 2026, revenue was $451.5 million, down 2.3% from a year earlier. Profits have moved the other way. Net income was $144.7 million in FY2025 after losses in FY2023 and FY2024, and second-quarter net income rose 66.5%.
Have Pitney Bowes insiders been trading the stock?
Yes, and the trades have been sales. Insider filings from October 29, 2025 to October 29, 2026 show at least 41 sales worth about $53.9 million and no purchases. Forty of those sales were made under trading plans set up in advance, so the trades ran on a fixed schedule. The largest came from CEO Kurt Wolf, a former hedge fund manager who took the job in May 2025. They include sales of about $7.0 million on July 30, 2026 and $6.8 million on August 3, 2026.