PITNEY BOWES INC /DE/PBI
PITNEY BOWES INC /DE/ Revenue Disclosure
Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:
| Year Ended December 31, 2025 | |||||||||||||||||
| SendTech Solutions | Presort Services | Revenue from services and products | Revenue from leasing transactions and financing | Total consolidated revenue | |||||||||||||
| Revenue from services and products | |||||||||||||||||
| Services | $ | 569,403 | $ | 636,628 | $ | 1,206,031 | $ | — | $ | 1,206,031 | |||||||
| Products | 212,768 | — | 212,768 | 151,941 | 364,709 | ||||||||||||
| Financing and other | — | — | — | 321,889 | 321,889 | ||||||||||||
| Subtotal | 782,171 | 636,628 | 1,418,799 | $ | 473,830 | $ | 1,892,629 | ||||||||||
| Revenue from leasing transactions and financing | 473,830 | — | 473,830 | ||||||||||||||
| Total revenue | $ | 1,256,001 | $ | 636,628 | $ | 1,892,629 | |||||||||||
| Timing of revenue recognition from services and products | |||||||||||||||||
| Services/products transferred at a point in time | $ | 274,178 | $ | — | $ | 274,178 | |||||||||||
| Services/products transferred over time | 507,993 | 636,628 | 1,144,621 | ||||||||||||||
| Total | $ | 782,171 | $ | 636,628 | $ | 1,418,799 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||
| SendTech Solutions | Presort Services | Other operations | Revenue from services and products | Revenue from leasing transactions and financing | Total consolidated revenue | |||||||||||||||
| Revenue from services and products | ||||||||||||||||||||
| Services | $ | 588,046 | $ | 662,587 | $ | 9,979 | $ | 1,260,612 | $ | — | $ | 1,260,612 | ||||||||
| Products | 233,960 | — | — | 233,960 | 196,885 | 430,845 | ||||||||||||||
| Financing and other | — | — | — | — | 335,141 | 335,141 | ||||||||||||||
| Subtotal | 822,006 | 662,587 | 9,979 | 1,494,572 | $ | 532,026 | $ | 2,026,598 | ||||||||||||
| Revenue from leasing transactions and financing | 532,026 | — | — | 532,026 | ||||||||||||||||
| Total revenue | $ | 1,354,032 | $ | 662,587 | $ | 9,979 | $ | 2,026,598 | ||||||||||||
| Timing of revenue recognition from services and products | ||||||||||||||||||||
| Services/products transferred at a point in time | $ | 296,691 | $ | — | $ | — | $ | 296,691 | ||||||||||||
| Services/products transferred over time | 525,315 | 662,587 | 9,979 | 1,197,881 | ||||||||||||||||
| Total | $ | 822,006 | $ | 662,587 | $ | 9,979 | $ | 1,494,572 | ||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||
| SendTech Solutions | Presort Services | Other operations | Revenue from services and products | Revenue from leasing transactions and financing | Total consolidated revenue | |||||||||||||||
| Revenue from services and products | ||||||||||||||||||||
| Services | $ | 595,319 | $ | 617,599 | $ | 55,462 | $ | 1,268,380 | $ | — | $ | 1,268,380 | ||||||||
| Products | 235,853 | — | — | 235,853 | 235,595 | 471,448 | ||||||||||||||
| Financing and other | — | — | — | — | 339,097 | 339,097 | ||||||||||||||
| Subtotal | 831,172 | 617,599 | 55,462 | 1,504,233 | $ | 574,692 | $ | 2,078,925 | ||||||||||||
| Revenue from leasing transactions and financing | 574,692 | — | — | 574,692 | ||||||||||||||||
| Total revenue | $ | 1,405,864 | $ | 617,599 | $ | 55,462 | $ | 2,078,925 | ||||||||||||
| Timing of revenue recognition from services and products | ||||||||||||||||||||
| Services/products transferred at a point in time | $ | 306,415 | $ | — | $ | — | $ | 306,415 | ||||||||||||
| Services/products transferred over time | 524,757 | 617,599 | 55,462 | 1,197,818 | ||||||||||||||||
| Total | $ | 831,172 | $ | 617,599 | $ | 55,462 | $ | 1,504,233 | ||||||||||||
Our performance obligations for revenue from products and services are as follows:
Services revenue includes revenues from digital shipping and mailing technology solutions and the maintenance, professional and subscription services related to those solutions, mail processing services and cross-border solutions. Revenues for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from to five years and contain annual renewal options. Revenue for shipping subscription services is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period. Revenue for maintenance and subscription services is recognized ratably over the contract period, which ranges from to five years, and revenue for professional services is recognized when services are provided.
Products revenue generally includes the sale of mailing and shipping equipment and related supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment.
includes revenue from sales-type and operating leases, finance income, fees and investment income, gains and losses at the Pitney Bowes Bank.
Advance Billings from Contracts with Customers
| Balance Sheet Location | December 31, 2025 | December 31, 2024 | Increase/ (decrease) | ||||||||||||||||||||
| Advance billings, current | Advance billings | $ | 63,528 | $ | 63,732 | $ | (204) | ||||||||||||||||
| Advance billings, noncurrent | Other noncurrent liabilities | $ | 102 | $ | 159 | $ | (57) | ||||||||||||||||
Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to maintenance services on mailing equipment. Revenue recognized during the twelve months ended December 31, 2025 includes $52 million of advance billings at the beginning of the period. Current advance billings at both December 31, 2025 and 2024 also includes $6 million from leasing transactions.
Future Performance Obligations
Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:
| 2026 | 2027 | 2028-2030 | Total | ||||||||||||||||||||
| SendTech Solutions | $ | 249,451 | $ | 185,279 | $ | 207,734 | $ | 642,464 | |||||||||||||||
These amounts do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 20, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.