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Computer hardware · Technology · Fiscal year ends Dec 31
Pitney Bowes reported revenue of $1.9B in the fiscal year ended Dec 2025, down 6.6% from the year before. Net income was $145M. Operating cash flow of $383M less capital expenditure of $66M left free cash flow of $317M. Net debt was $1.7B.
Ranks among the 14 computer hardware companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,674 | 2,483 | 2,079 | 2,027 | 1,893 |
| Cost of revenue | 2,552 | – | 1,048 | 964 | – |
| Gross profit | 1,122 | – | 1,031 | 1,062 | – |
| Research & development | 46.8 | 35.5 | 29.5 | 32.0 | 15.3 |
| Selling, general & admin | 924 | 786 | 782 | 718 | 622 |
| Net interest incomeBanks | – | – | −98.8 | −110 | −101 |
| Interest expense | 96.9 | 90.0 | 100 | 110 | – |
| Pre-tax income | −7.4 | 189 | −43.9 | −52.3 | 193 |
| Income tax | −10.9 | 43.0 | 17.3 | −155 | 47.8 |
| Net income | −1.4 | 36.9 | −386 | −204 | 145 |
| Diluted EPS | −0.01 | 0.21 | −2.20 | −1.12 | 0.84 |
| Diluted shares | 179 | 177 | 176 | 183 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 732 | 668 | 600 | 470 | 285 |
| Receivables | 335 | 344 | 200 | 160 | 168 |
| Inventory | 78.6 | 83.7 | 63.0 | 59.8 | 66.2 |
| Current assets | 1,892 | 1,798 | 2,058 | 1,318 | 1,100 |
| Net PP&E | 429 | 421 | 254 | 219 | 186 |
| Goodwill | 1,135 | 851 | 734 | 721 | 747 |
| Total assets | 4,959 | 4,741 | 4,272 | 3,398 | 3,169 |
| Payables | 311 | 315 | 274 | 240 | 230 |
| Deferred revenue | 92.9 | 105 | 76.3 | 70.1 | 69.1 |
| Current liabilities | 1,728 | 1,728 | 1,898 | 1,673 | 1,548 |
| Short-term debt | 24.7 | 32.8 | 58.9 | 53.3 | 17.2 |
| Long-term debt | 2,299 | 2,173 | 2,087 | 1,866 | 1,976 |
| Total liabilities | 4,846 | 4,681 | 4,641 | 3,976 | 3,971 |
| Shareholders' equity | 113 | 60.7 | −369 | −578 | −802 |
| Backlog (remaining obligations) | 686 | 687 | 694 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 302 | 175 | 80.1 | 229 | 383 |
| Capital expenditure | 184 | 82.6 | 78.1 | 72.4 | 66.3 |
| Free cash flow | 117 | 92.4 | 2.0 | 157 | 317 |
| Depreciation & amortisation | 163 | 111 | 113 | 114 | 112 |
| Stock-based compensation | 20.9 | 16.3 | 8.9 | 16.5 | 14.2 |
| Acquisitions | 15.0 | 5.1 | 0.0 | 0.0 | 2.2 |
| Dividends paid | 34.8 | 34.7 | 35.2 | 36.0 | 51.1 |
| Dividend per share | 0.20 | 0.20 | 0.20 | 0.20 | 0.30 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −32.4% | −16.3% | −2.5% | −6.6% |
| EPS growth (YoY) | – | – | −1147.6% | – | – |
| Gross margin | 30.5% | – | 49.6% | 52.4% | – |
| Net margin | −0.0% | 1.5% | −18.5% | −10.0% | 7.6% |
| Return on equityBlank when equity is negative | −1.2% | 60.9% | – | – | – |
| Free cash flow margin | 3.2% | 3.7% | 0.1% | 7.7% | 16.7% |
| Cash conversion (CFO ÷ net income) | −223x | 4.74x | −0.21x | −1.13x | 2.65x |
| Receivable days | 33 | 51 | 35 | 29 | 32 |
| Inventory days | 11 | – | 22 | 23 | – |
| Payable days | 44 | – | 95 | 91 | – |
| Debt ÷ equity | 20.6x | 36.4x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,591 | 1,537 | 1,546 | 1,450 | 1,708 |
| Current ratio | 1.09x | 1.04x | 1.08x | 0.79x | 0.71x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.