PITNEY BOWES INC /DE/PBI
PITNEY BOWES INC /DE/ Segments Disclosure
Segment Information
Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, First Class Flats, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Other operations in 2024 and 2023 includes the revenue and related expenses of the operations and shared services of the former Global Ecommerce reporting segment that did not qualify for discontinued operations treatment. .
Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to income or loss from continuing operations before income taxes.
| Revenue | |||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
SendTech Solutions | $ | 1,256,001 | $ | 1,354,032 | $ | 1,405,864 | |||||||||||
| Presort Services | 636,628 | 662,587 | 617,599 | ||||||||||||||
Total segment revenue | 1,892,629 | 2,016,619 | 2,023,463 | ||||||||||||||
Other operations | — | 9,979 | 55,462 | ||||||||||||||
| Total revenue | $ | 1,892,629 | $ | 2,026,598 | $ | 2,078,925 | |||||||||||
| Geographic data: | |||||||||||||||||
| United States | $ | 1,594,983 | $ | 1,700,864 | $ | 1,712,079 | |||||||||||
| Outside United States | 297,646 | 325,734 | 366,846 | ||||||||||||||
| Total revenue | $ | 1,892,629 | $ | 2,026,598 | $ | 2,078,925 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| SendTech Solutions | |||||||||||||||||
| Revenue | $ | 1,256,001 | $ | 1,354,032 | $ | 1,405,864 | |||||||||||
| Less: | |||||||||||||||||
| Cost of revenue | 422,316 | 479,772 | 517,742 | ||||||||||||||
Operating expenses | 421,496 | 489,509 | 512,740 | ||||||||||||||
| Adjusted segment EBIT | $ | 412,189 | $ | 384,751 | $ | 375,382 | |||||||||||
| Presort Services | |||||||||||||||||
| Revenue | $ | 636,628 | $ | 662,587 | $ | 617,599 | |||||||||||
| Less: | |||||||||||||||||
Cost of revenue | 398,771 | 417,741 | 432,229 | ||||||||||||||
Operating expenses | 72,580 | 79,062 | 74,458 | ||||||||||||||
| Adjusted segment EBIT | $ | 165,277 | $ | 165,784 | $ | 110,912 | |||||||||||
Adjusted Segment EBIT | |||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
SendTech Solutions | $ | 412,189 | $ | 384,751 | $ | 375,382 | |||||||||||
Presort Services | 165,277 | 165,784 | 110,912 | ||||||||||||||
| Total adjusted segment EBIT | 577,466 | 550,535 | 486,294 | ||||||||||||||
| Reconciling items: | |||||||||||||||||
Other operations | — | (12,821) | (2,625) | ||||||||||||||
Interest expense, net | (149,156) | (173,694) | (162,050) | ||||||||||||||
Corporate expenses | (116,173) | (152,503) | (175,951) | ||||||||||||||
Restructuring charges | (58,392) | (76,915) | (52,412) | ||||||||||||||
Pension settlement | — | (91,339) | — | ||||||||||||||
Impairment charges | (268) | (10,000) | (123,574) | ||||||||||||||
(Loss) gain on debt redemption/refinancing | (14,072) | (10,892) | 3,064 | ||||||||||||||
Proxy solicitation fees | — | — | (10,905) | ||||||||||||||
| Foreign currency (loss) gain on intercompany loans | (21,944) | 10,243 | (5,761) | ||||||||||||||
Charges in connection with Ecommerce Restructuring | (12,758) | (67,831) | — | ||||||||||||||
| Transaction and Strategic review costs | (12,179) | (17,110) | — | ||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 192,524 | $ | (52,327) | $ | (43,920) | |||||||||||
| Depreciation and amortization | |||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
SendTech Solutions | 45,524 | 45,868 | 46,979 | ||||||||||||||
Presort Services | 37,029 | 35,825 | 33,642 | ||||||||||||||
Total reportable segments | 82,553 | 81,693 | 80,621 | ||||||||||||||
| Corporate | 29,022 | 32,276 | 30,119 | ||||||||||||||
Other operations | — | 516 | 1,984 | ||||||||||||||
| Total depreciation and amortization | $ | 111,575 | $ | 114,485 | $ | 112,724 | |||||||||||
| Capital expenditures | |||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
SendTech Solutions | $ | 42,573 | $ | 44,351 | $ | 44,975 | |||||||||||
Presort Services | 14,026 | 11,011 | 11,182 | ||||||||||||||
Total reportable segments | 56,599 | 55,362 | 56,157 | ||||||||||||||
| Corporate | 9,679 | 13,829 | 18,099 | ||||||||||||||
Other operations | — | 3,212 | 3,853 | ||||||||||||||
Total capital expenditures | $ | 66,278 | $ | 72,403 | $ | 78,109 | |||||||||||
| Assets | |||||||||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
SendTech Solutions | $ | 1,963,310 | $ | 1,981,753 | $ | 2,081,199 | |||||||||||
| Presort Services | 485,877 | 478,420 | 500,757 | ||||||||||||||
Total reportable segments | 2,449,187 | 2,460,173 | 2,581,956 | ||||||||||||||
| Cash and cash equivalents | 284,887 | 469,726 | 600,054 | ||||||||||||||
| Short-term investments | 12,232 | 16,374 | 22,166 | ||||||||||||||
| Long-term investments | 204,876 | 190,436 | 250,240 | ||||||||||||||
| Other corporate assets | 217,769 | 260,807 | 285,328 | ||||||||||||||
Assets of discontinued operations | — | — | 532,441 | ||||||||||||||
| Consolidated assets | $ | 3,168,951 | $ | 3,397,516 | $ | 4,272,185 | |||||||||||
| Identifiable long-lived assets: | |||||||||||||||||
| United States | $ | 303,039 | $ | 345,457 | $ | 390,471 | |||||||||||
| Outside United States | 13,924 | 11,143 | 13,682 | ||||||||||||||
| Total | $ | 316,963 | $ | 356,600 | $ | 404,153 | |||||||||||
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 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.