Pitney Bowes (PBI)
Market Price (9/27/2026): $16.39 | Market Cap: $2.2 BilSector: Industrials | Industry: Office Services & Supplies
Pitney Bowes (PBI)
Market Price (9/27/2026): $16.39Market Cap: $2.2 BilSector: IndustrialsIndustry: Office Services & Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 19% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Automation & Robotics. Themes include Direct-to-Consumer Brands, Last-Mile Delivery, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.99, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.6%, Rev Chg QQuarterly Revenue Change % is -2.3% Key risksPBI key risks include [1] a significant debt burden restricting financial flexibility, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 19% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Automation & Robotics. Themes include Direct-to-Consumer Brands, Last-Mile Delivery, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.99, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.6%, Rev Chg QQuarterly Revenue Change % is -2.3% |
| Key risksPBI key risks include [1] a significant debt burden restricting financial flexibility, Show more. |
Qualitative Assessment
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Updated on 9/23/2026
Pitney Bowes (PBI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Performance with Conservative Revenue Outlook. Pitney Bowes reported strong adjusted earnings per share (EPS) of $0.43 for fiscal Q2 2026 (ending June 30, 2026), significantly beating the consensus estimate of $0.34 by $0.10. This outperformance was largely driven by lower operating expenses and enhanced profitability in the SendTech Solutions segment, including a $5 million tariff refund. However, total revenue for the quarter declined 2.4% year-over-year to $451.5 million, falling below some analyst estimates. While the company raised its full-year 2026 adjusted EBIT, adjusted EPS, and adjusted free cash flow guidance, it only reaffirmed its full-year revenue outlook at $1.80-$1.86 billion, signaling ongoing top-line challenges that likely counterbalanced the earnings beat.
2. Persistent Headwinds in Presort Services Offset by SendTech Improvements. The Presort Services segment continued to face difficulties, with its revenue decreasing by 5% year-over-year to $143 million and total mail volume declining 3% due to market contraction and previously disclosed client losses. The segment's profitability was further eroded by an approximate $6 million impact from higher fuel and transportation costs during fiscal Q2 2026. These pressures in Presort Services largely offset the operational improvements and margin expansion observed in the SendTech Solutions segment, which recorded a 21% increase in adjusted EBIT.
Show more
Pitney Bowes (PBI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Performance with Conservative Revenue Outlook. Pitney Bowes reported strong adjusted earnings per share (EPS) of $0.43 for fiscal Q2 2026 (ending June 30, 2026), significantly beating the consensus estimate of $0.34 by $0.10. This outperformance was largely driven by lower operating expenses and enhanced profitability in the SendTech Solutions segment, including a $5 million tariff refund. However, total revenue for the quarter declined 2.4% year-over-year to $451.5 million, falling below some analyst estimates. While the company raised its full-year 2026 adjusted EBIT, adjusted EPS, and adjusted free cash flow guidance, it only reaffirmed its full-year revenue outlook at $1.80-$1.86 billion, signaling ongoing top-line challenges that likely counterbalanced the earnings beat.
2. Persistent Headwinds in Presort Services Offset by SendTech Improvements. The Presort Services segment continued to face difficulties, with its revenue decreasing by 5% year-over-year to $143 million and total mail volume declining 3% due to market contraction and previously disclosed client losses. The segment's profitability was further eroded by an approximate $6 million impact from higher fuel and transportation costs during fiscal Q2 2026. These pressures in Presort Services largely offset the operational improvements and margin expansion observed in the SendTech Solutions segment, which recorded a 21% increase in adjusted EBIT.
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Updated on 9/23/2026
Pitney Bowes (PBI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Performance with Conservative Revenue Outlook. Pitney Bowes reported strong adjusted earnings per share (EPS) of $0.43 for fiscal Q2 2026 (ending June 30, 2026), significantly beating the consensus estimate of $0.34 by $0.10. This outperformance was largely driven by lower operating expenses and enhanced profitability in the SendTech Solutions segment, including a $5 million tariff refund. However, total revenue for the quarter declined 2.4% year-over-year to $451.5 million, falling below some analyst estimates. While the company raised its full-year 2026 adjusted EBIT, adjusted EPS, and adjusted free cash flow guidance, it only reaffirmed its full-year revenue outlook at $1.80-$1.86 billion, signaling ongoing top-line challenges that likely counterbalanced the earnings beat.
2. Persistent Headwinds in Presort Services Offset by SendTech Improvements. The Presort Services segment continued to face difficulties, with its revenue decreasing by 5% year-over-year to $143 million and total mail volume declining 3% due to market contraction and previously disclosed client losses. The segment's profitability was further eroded by an approximate $6 million impact from higher fuel and transportation costs during fiscal Q2 2026. These pressures in Presort Services largely offset the operational improvements and margin expansion observed in the SendTech Solutions segment, which recorded a 21% increase in adjusted EBIT.
3. Strategic Capital Allocation and Debt Reduction Weighed Against Valuation Concerns. During the period, Pitney Bowes actively engaged in capital management, reducing its debt by over $200 million since fiscal Q1 2026 and repurchasing 4.5 million shares for $53 million in fiscal Q2 2026. The company also initiated tender offers for up to $50 million of its outstanding notes to optimize its debt structure, accepting $46,467,050 in notes by September 18, 2026. Despite these positive financial actions and a strong year-to-date stock return of over 59% in 2026, market sentiment indicated that much of the company's improvements might already be factored into its valuation, leading some analysts to suggest the stock was nearing or at its fair value. This balanced outlook on valuation tempered further significant upward movement in the stock price.
Show less
Pitney Bowes (PBI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Performance with Conservative Revenue Outlook. Pitney Bowes reported strong adjusted earnings per share (EPS) of $0.43 for fiscal Q2 2026 (ending June 30, 2026), significantly beating the consensus estimate of $0.34 by $0.10. This outperformance was largely driven by lower operating expenses and enhanced profitability in the SendTech Solutions segment, including a $5 million tariff refund. However, total revenue for the quarter declined 2.4% year-over-year to $451.5 million, falling below some analyst estimates. While the company raised its full-year 2026 adjusted EBIT, adjusted EPS, and adjusted free cash flow guidance, it only reaffirmed its full-year revenue outlook at $1.80-$1.86 billion, signaling ongoing top-line challenges that likely counterbalanced the earnings beat.
2. Persistent Headwinds in Presort Services Offset by SendTech Improvements. The Presort Services segment continued to face difficulties, with its revenue decreasing by 5% year-over-year to $143 million and total mail volume declining 3% due to market contraction and previously disclosed client losses. The segment's profitability was further eroded by an approximate $6 million impact from higher fuel and transportation costs during fiscal Q2 2026. These pressures in Presort Services largely offset the operational improvements and margin expansion observed in the SendTech Solutions segment, which recorded a 21% increase in adjusted EBIT.
3. Strategic Capital Allocation and Debt Reduction Weighed Against Valuation Concerns. During the period, Pitney Bowes actively engaged in capital management, reducing its debt by over $200 million since fiscal Q1 2026 and repurchasing 4.5 million shares for $53 million in fiscal Q2 2026. The company also initiated tender offers for up to $50 million of its outstanding notes to optimize its debt structure, accepting $46,467,050 in notes by September 18, 2026. Despite these positive financial actions and a strong year-to-date stock return of over 59% in 2026, market sentiment indicated that much of the company's improvements might already be factored into its valuation, leading some analysts to suggest the stock was nearing or at its fair value. This balanced outlook on valuation tempered further significant upward movement in the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 2.3% change in PBI stock from 5/31/2026 to 9/26/2026 was primarily driven by a 12.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.01 | 16.38 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,877 | 1,866 | -0.6% |
| Net Income Margin (%) | 8.9% | 10.0% | 12.5% |
| P/E Multiple | 14.0 | 12.0 | -14.8% |
| Shares Outstanding (Mil) | 147 | 137 | 7.4% |
| Cumulative Contribution | 2.3% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PBI | 2.3% | |
| Market (SPY) | 2.2% | 15.4% |
| Sector (XLI) | -1.3% | -0.8% |
Fundamental Drivers
The 54.5% change in PBI stock from 2/28/2026 to 9/26/2026 was primarily driven by a 31.3% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.60 | 16.38 | 54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,893 | 1,866 | -1.4% |
| Net Income Margin (%) | 7.6% | 10.0% | 31.3% |
| P/E Multiple | 11.4 | 12.0 | 4.6% |
| Shares Outstanding (Mil) | 156 | 137 | 14.1% |
| Cumulative Contribution | 54.5% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PBI | 54.5% | |
| Market (SPY) | 13.0% | 22.6% |
| Sector (XLI) | -3.3% | 5.4% |
Fundamental Drivers
The 39.3% change in PBI stock from 8/31/2025 to 9/26/2026 was primarily driven by a 31.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.76 | 16.38 | 39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,971 | 1,866 | -5.3% |
| P/S Multiple | 1.1 | 1.2 | 11.9% |
| Shares Outstanding (Mil) | 180 | 137 | 31.5% |
| Cumulative Contribution | 39.3% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PBI | 39.3% | |
| Market (SPY) | 20.9% | 27.8% |
| Sector (XLI) | 13.6% | 11.8% |
Fundamental Drivers
The 449.9% change in PBI stock from 8/31/2023 to 9/26/2026 was primarily driven by a 426.2% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.98 | 16.38 | 449.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,295 | 1,866 | -18.7% |
| P/S Multiple | 0.2 | 1.2 | 426.2% |
| Shares Outstanding (Mil) | 176 | 137 | 28.5% |
| Cumulative Contribution | 449.9% |
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| PBI | 449.9% | |
| Market (SPY) | 77.8% | 34.8% |
| Sector (XLI) | 64.4% | 30.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PBI Return | 10% | -40% | 22% | 71% | 50% | 58% | 230% |
| Peers Return | 30% | -30% | 75% | 28% | 5% | 16% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| PBI Win Rate | 25% | 33% | 58% | 58% | 67% | 67% | |
| Peers Win Rate | 62% | 47% | 65% | 48% | 53% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PBI Max Drawdown | -53% | -64% | -39% | -20% | -28% | -13% | |
| Peers Max Drawdown | -23% | -45% | -25% | -25% | -35% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IRM, FDX, UPS, XPO, SHOP. See PBI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | PBI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.9% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.1% | -9.5% |
| % Gain to Breakeven | 33.5% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.4% | 7.1% |
| Time to Breakeven | 194 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.2% | -24.5% |
| % Gain to Breakeven | 179.6% | 32.4% |
| Time to Breakeven | 640 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.6% | -33.7% |
| % Gain to Breakeven | 106.5% | 50.9% |
| Time to Breakeven | 122 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 22 days | 105 days |
In The Past
Pitney Bowes's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.9% gain to breakeven.
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| Event | PBI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.9% | -18.8% |
| % Gain to Breakeven | 36.9% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.1% | -9.5% |
| % Gain to Breakeven | 33.5% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.2% | -6.7% |
| % Gain to Breakeven | 47.4% | 7.1% |
| Time to Breakeven | 194 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.2% | -24.5% |
| % Gain to Breakeven | 179.6% | 32.4% |
| Time to Breakeven | 640 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.6% | -33.7% |
| % Gain to Breakeven | 106.5% | 50.9% |
| Time to Breakeven | 122 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.5% | -3.7% |
| % Gain to Breakeven | 39.9% | 3.9% |
| Time to Breakeven | 3036 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.3% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -36.6% | -6.8% |
| % Gain to Breakeven | 57.6% | 7.3% |
| Time to Breakeven | 3749 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.8% | -53.4% |
| % Gain to Breakeven | 103.4% | 114.4% |
| Time to Breakeven | 1788 days | 1085 days |
In The Past
Pitney Bowes's stock fell -26.9% during the 2025 US Tariff Shock. Such a loss loss requires a 36.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pitney Bowes (PBI)
Pitney Bowes (PBI) is a long-standing shipping and mailing company that offers technology, logistics, and financial services to help organizations manage their mail and parcel operations. The company's core business revolves around enabling efficient and cost-effective shipping and mailing for a diverse client base, domestically and internationally.
The company operates through three main segments, each addressing specific client needs. Its Global Ecommerce segment provides essential services for online retail, including domestic parcel delivery, cross-border shipping solutions, and digital delivery. The Presort Services segment specializes in mail sortation, allowing clients to qualify for postal work-sharing discounts on large volumes of first-class, marketing, and bound mail.
Additionally, the SendTech Solutions segment offers a comprehensive suite of physical and digital mailing and shipping technology, equipment, financing, and supplies for sending, tracking, and receiving letters, parcels, and flats. Pitney Bowes serves a broad range of customers, including small and medium-sized businesses, large enterprises, retailers, and government clients across the United States and various international markets.
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Here are a few analogies for Pitney Bowes:
- Like a blend of Stamps.com for business mail solutions and a specialized DHL for international e-commerce parcels.
- Think of it as the USPS for businesses, offering optimized mail sortation, shipping technology, and cross-border e-commerce logistics.
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- Global Ecommerce Services: This segment offers domestic parcel shipping, international cross-border solutions, and digital tools to manage and optimize delivery processes.
- Presort Services: This segment provides mail sortation services, enabling clients to qualify for postal work sharing discounts on bulk mailings.
- SendTech Solutions: This segment delivers physical and digital technology solutions, financing, and supplies for all aspects of sending, tracking, and receiving mail and parcels.
AI Analysis | Feedback
Pitney Bowes (PBI) primarily sells its technology, logistics, and financial services to other companies and organizations, rather than to individuals.
The provided background information does not list specific names of Pitney Bowes' major customer companies. Instead, it describes the broad categories of clients that Pitney Bowes serves. These categories include:
- Small and medium sized businesses
- Large enterprises
- Retailers
- Government clients
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- United States Postal Service
- FedEx (FDX)
- UPS (UPS)
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Kurt Wolf, Chief Executive Officer
Kurt Wolf was appointed Chief Executive Officer of Pitney Bowes in May 2025, having previously served as a sitting director on the company's board. He is recognized as an architect of Pitney Bowes' turnaround and a significant shareholder, with a background as an operating executive, entrepreneur, and strategic consultant. Wolf also served on the board of directors for GameStop Corp. alongside Paul Evans, where they collaborated on initiatives to recapitalize the balance sheet and reduce debt.
Paul Evans, Executive Vice President, Chief Financial Officer and Treasurer
Paul Evans was appointed Executive Vice President, Chief Financial Officer, and Treasurer in July 2025, after serving on Pitney Bowes' board of directors since 2024. He is an experienced public company finance executive with a history of overseeing financial initiatives and transformations. Prior to Pitney Bowes, Evans held various leadership roles, including Interim CEO at Hill International, CFO of Sevan Multi-Site Solutions, CFO at MYR Group, Inc., CEO at Conex Energy Corporation, and Treasurer and Corporate Officer at NorthWestern Energy, Inc. He also served as a director on the boards of Hill International and GameStop Corp.
Todd Everett, Executive Vice President and President, Sending Technology Solutions
Todd Everett is the Executive Vice President and President of Sending Technology Solutions at Pitney Bowes. Prior to this role, he was the CEO of Newgistics, an e-commerce and retail logistics company, which Pitney Bowes acquired in 2017. Everett joined Newgistics in 2005 as Director of Operations and became its CEO in 2015, continuing to lead the company post-acquisition within Pitney Bowes' corporate framework.
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The key risks to Pitney Bowes (PBI) are:
- Declining Physical Mail Volumes: Pitney Bowes faces a significant challenge due to the ongoing decline in physical mail volumes, which directly impacts its core Presort Services and SendTech Solutions segments. This long-term trend, coupled with the company's financial performance being tied to the United States Postal Service's (USPS) ability to offer competitive services, poses a persistent headwind to revenue growth.
- Intense Competition and Market Disruption: The company operates in highly competitive mailing and shipping industries, facing numerous rivals including established players like FedEx and UPS, as well as digital-native entrants such as Stamps.com, Shopify, and Amazon Logistics. This competitive landscape leads to significant pricing pressure and necessitates continuous innovation to maintain market share and relevance.
- High Debt Load and Financial Health Concerns: Pitney Bowes carries a substantial amount of debt, which has been highlighted as a concern affecting its financial flexibility, profitability, and cash flow. Managing this debt burden and improving cash flow are critical for the company to invest in strategic transformations and navigate ongoing market challenges.
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- Proliferation of cloud-native, software-only shipping and mailing platforms. These platforms offer integrated, often subscription-based alternatives to traditional physical mailing equipment and dedicated software, allowing businesses to manage postage, shipping labels, and carrier integration entirely online. This shift directly challenges Pitney Bowes' physical SendTech solutions (mailing machines, meters, supplies) and associated services by providing a modern, often more flexible and cost-effective method for outbound mail and parcels.
- Growing vertical integration of logistics by major e-commerce platforms and large retailers. Large online marketplaces and retailers are increasingly developing and expanding their own comprehensive fulfillment and delivery networks, not only for their direct sales but also for third-party sellers on their platforms. This trend directly competes with Pitney Bowes' Global Ecommerce segment by offering end-to-end logistics solutions, potentially reducing the demand for external parcel and cross-border services among their mutual business clients.
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Pitney Bowes (symbol: PBI) operates in several addressable markets for its main products and services, primarily focusing on Presort Services and SendTech Solutions. The company announced its exit from the Global Ecommerce segment by early 2025 to prioritize its core offerings.
Presort Services
This segment provides mail sortation services to help clients achieve postal work-sharing discounts. The addressable market is related to postal automation systems and broader postal services:
- The global postal automation systems market was valued at approximately USD 0.76 billion in 2023 and is projected to reach USD 1.38 billion by 2032, growing at a CAGR of 6.9%. North America held the largest share of this market, accounting for around 46.08% in 2023. Another estimate places the global postal automation system market size at USD 903.7 million in 2024, with a projected CAGR of 7.0% from 2025 to 2030. North America dominated globally with over 41% revenue share in 2024.
- The broader global postal services market was estimated at USD 262.1 billion in 2024 and is anticipated to reach USD 301.2 billion by 2033, exhibiting a CAGR of 1.5%.
SendTech Solutions
This segment offers physical and digital mailing and shipping technology solutions, financing, services, and supplies for sending, tracking, and receiving letters, parcels, and flats. The addressable markets include:
- Shipping Software Market: The global shipping software market size was USD 13.01 billion in 2023 and is projected to reach USD 28.07 billion by 2032, with a CAGR of 8.94%. North America is the largest market in this segment. Another report estimates the global shipping software market size at USD 14.26 billion in 2025, forecast to reach USD 22.23 billion in 2030, growing at a CAGR of 9.29%. North America retained the largest regional footprint.
- Domestic Courier, Express, and Parcel (CEP) Market: The global domestic courier, express, and parcel market was valued at USD 412.68 billion in 2024 and is projected to reach USD 893.34 billion by 2033, with a CAGR of 8.96%. The United States alone constitutes a significant portion, with a market size of USD 150 billion in 2024.
- Delivery as a Service Market: The global delivery as a service market size was valued at USD 545.64 billion in 2024 and is projected to grow from USD 597.12 billion in 2025 to USD 1,172.67 billion by 2032, exhibiting a CAGR of 10.12%. North America held the largest share of this market, approximately 34.95% in 2024.
- Digitally Delivered Services Market: The global digitally delivered services market was valued at USD 4.24 trillion in 2023 and is expected to reach USD 9.97 trillion by 2033, growing at a CAGR of 8.93%. North America holds the largest market share in this category, accounting for approximately 38% in 2024.
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Pitney Bowes (PBI) is focusing on several key areas to drive future revenue growth over the next 2-3 years, primarily by optimizing its core businesses and investing in strategic opportunities.
- Growth in SendTech's SaaS Shipping Technology: The company is prioritizing a shift into shipping solutions and specific growth goals in SaaS shipping technology within its SendTech Solutions segment. This business has shown strong year-over-year growth.
- Pricing and Mix Optimization in Presort Services: Pitney Bowes expects to drive revenue growth in its Presort Services segment through higher revenue per piece, achieved via pricing strategies, and a more attractive mail class mix.
- Stabilization and Future Growth from SendTech Product Migration: The completion of the product migration to new IMI (Intelligent Mail Indicator) technology in SendTech, which had caused near-term revenue softness, is anticipated to lead to a less steep year-over-year revenue decline going forward, providing a more stable base for future growth.
- Strategic Focus on Core, Higher-Margin Businesses and Efficient Capital Allocation: By winding down the Global Ecommerce segment and executing company-wide cost reduction programs, Pitney Bowes aims to enhance profitability and simplify its business model. This strategic streamlining is intended to free up capital for investment in high-return organic growth opportunities across its remaining core segments.
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Capital Allocation Decisions for Pitney Bowes (PBI)
Share Repurchases
- Pitney Bowes repurchased 37,039,845 shares for $390.77 million under a buyback program announced on February 11, 2025.
- In the fourth quarter of 2025, the company repurchased 12.6 million shares for $127 million, contributing to approximately 20% of outstanding shares repurchased during 2025.
- As of February 13, 2026, the Board of Directors increased the share repurchase authorization by $250 million, with $359 million in capacity remaining.
Share Issuance
- In August 2025, Pitney Bowes completed a private placement offering of $230 million aggregate principal amount of 1.50% convertible senior notes due 2030, resulting in net proceeds of approximately $221.4 million.
- The company launched a $200 million 7.250% senior unsecured notes due 2029 offering.
- A $150 million fixed income offering of 7.250% senior unsecured notes due March 15, 2029, was completed.
Capital Expenditures
- Pitney Bowes' capital expenditures for the full year 2025 were $66.278 million, and for 2024, they were $72.403 million.
- The company makes significant capital investments in new products and services to meet evolving customer needs, improve and grow its business, and remain competitive.
- Ongoing investments are focused on digital transformation, operational efficiencies, and automation, which are expected to yield further improvements in net margins and free cash flow through cost reductions and modernization.
Peer Outperformance in Office Services & Supplies
PBI has outperformed 100% of its 8 Office Services & Supplies peers over 5Y. Office Services & Supplies ranks 19th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Office Services & Supplies constituents that PBI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 8 industry peers · 49.6% return
3Y
100%
of 8 industry peers · 513.3% return
5Y
100%
of 8 industry peers · 160.9% return
No Office Services & Supplies peer with a comparable growth profile has beaten PBI by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Office Services & Supplies is PBI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 4.3% | 110.6% | 183.4% | FIX 2185% · STRL 2110% · CDNL 2055% |
| Marine Transportation | 9 | 72.3% | 97.9% | 148.9% | HOS 43005% · ASC 465% · MATX 188% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 5.4% | 46.5% | 121.9% | CAT 348% · ALSN 240% · WAB 229% |
| Aerospace & Defense | 55 | -7.5% | 70.5% | 76.3% | ATI 980% · FTAI 863% · HWM 615% |
| Rail Transportation | 7 | 19.3% | 61.1% | 50.3% | FSTR 137% · CSX 64% · RAIL 53% |
| Trading Companies & Distributors | 19 | 4.4% | 36.4% | 47.5% | DXPE 535% · AIT 278% · WCC 217% |
| Industrial Machinery & Supplies & Components | 72 | 11.1% | 53.8% | 43.7% | CRS 1139% · PSIX 1112% · EROC 624% |
| Diversified Support Services | 33 | 16.3% | 34.2% | 31.9% | LIME 3297% · TH 422% · WLFC 352% |
| Cargo Ground Transportation | 16 | 33.0% | -0.3% | 24.8% | XPO 234% · R 212% · CVLG 133% |
| Electrical Components & Equipment | 41 | 7.0% | 58.4% | 22.0% | POWL 2282% · BE 1336% · VRT 954% |
| Building Products | 34 | -12.4% | 2.4% | 18.2% | LMB 633% · GFF 387% · PPIH 315% |
| Industrial Conglomerates | 17 | 9.4% | 5.0% | -3.2% | RCMT 504% · CSW 136% · DD 72% |
| Passenger Ground Transportation | 3 | -32.0% | 44.0% | -5.1% | UBER 47% · CAR -5% · LYFT -73% |
| Agricultural & Farm Machinery | 17 | 4.5% | 0.8% | -8.1% | BLBD 173% · DE 109% · GENC 55% |
| Environmental & Facilities Services | 30 | -15.4% | 19.5% | -8.6% | CECO 895% · ADUR 437% · GEO 335% |
| Research & Consulting Services | 13 | -16.9% | -26.7% | -14.0% | HURN 201% · CRAI 76% · GRNQ 69% |
| Data Processing & Outsourced Services | 6 | -34.1% | -15.1% | -29.8% | EXLS 40% · BR 7% · G -27% |
| Passenger Airlines | 11 | 19.0% | 22.6% | -33.2% | LTM 2741% · UAL 132% · DAL 101% |
| Office Services & Supplies ← | 9 | 15.7% | 19.6% | -36.0% | PBI 161% · TILE 138% · HNI 49% |
| Air Freight & Logistics | 12 | -20.3% | -22.2% | -39.1% | CHRW 85% · FDX 74% · EXPD 60% |
| Human Resource & Employment Services | 21 | 4.2% | -19.7% | -39.1% | BBSI 66% · ADP 46% · PAYX 9% |
| Security & Alarm Services | 10 | -22.8% | 22.3% | -45.9% | CIX 157% · MG 114% · NL 73% |
| Airport Services | 3 | -75.0% | -78.5% | -68.2% | JOBY -37% · ASLE -68% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Pitney Bowes Stock Surges 38%, With A 11-Day Winning Spree | 04/28/2026 | |
| Pitney Bowes Earnings Notes | 12/16/2025 | |
| How Low Can Pitney Bowes Stock Really Go? | 10/17/2025 | |
| Pitney Bowes vs Verizon Communications: Which Is A Better Investment? | 08/18/2025 | |
| Pitney Bowes vs Owens-Corning: Which Is A Better Investment? | 08/18/2025 | |
| How Does Pitney Bowes Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than PBI Stock: Pay Less Than Pitney Bowes To Get More From EIX, AA | 08/12/2025 | |
| Pitney Bowes (PBI) EBITDA Comparison | 08/08/2025 | |
| Pitney Bowes (PBI) Operating Cash Flow Comparison | 08/08/2025 | |
| Pitney Bowes (PBI) Debt Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 06/09/2026 | |
| 11-Day Rally Sends Pitney Bowes Stock Up 38% | 04/28/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.81 |
| Mkt Cap | 50.9 |
| Rev LTM | 10,921 |
| Op Inc LTM | 1,962 |
| FCF LTM | 1,470 |
| FCF 3Y Avg | 1,027 |
| CFO LTM | 2,016 |
| CFO 3Y Avg | 1,601 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 12.9% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 22.0% |
| Op Inc Chg 3Y Avg | 17.5% |
| Op Mgn LTM | 13.8% |
| Op Mgn 3Y Avg | 12.0% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 15.3% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 6.5% |
| FCF/Rev 3Y Avg | 4.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| SendTech Solutions | 1,256 | 1,354 | 1,406 | 1,519 | 1,398 |
| Presort Services | 637 | 663 | 618 | 602 | 573 |
| Other | 0 | 10 | 55 | 362 | |
| Global Ecommerce | 1,703 | ||||
| Total | 1,893 | 2,027 | 2,079 | 2,483 | 3,674 |
| $ Mil | 2003 | 2002 | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|
| Global Mailing | 947 | 894 | 860 | 847 | |
| Enterprise Solutions | 75 | 83 | 77 | 73 | |
| Capital Services | 71 | 76 | 73 | 62 | 51 |
| Mailing and Integrated Logistics | 798 | ||||
| Office Solutions | 242 | ||||
| Total | 1,093 | 1,053 | 1,010 | 982 | 1,091 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| SendTech Solutions | 1,963 | 1,982 | 2,081 | 2,063 | 2,013 |
| Presort Services | 486 | 478 | 501 | 510 | 479 |
| Cash and cash equivalents | 285 | 470 | 600 | 668 | 732 |
| Other corporate assets | 218 | 261 | 285 | 536 | 354 |
| Long-term investments | 205 | 190 | 250 | 260 | 333 |
| Short-term investments | 12 | 16 | 22 | 11 | 14 |
| Assets of discontinued operations | 0 | 0 | 532 | 693 | |
| Global Ecommerce | 1,032 | ||||
| Total | 3,169 | 3,398 | 4,272 | 4,741 | 4,959 |
Price Behavior
Price Behavior
| Market Price | $16.38 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -11.0% | |
| 50 Days | 200 Days | |
| DMA Price | $17.19 | $13.92 |
| DMA Trend | up | down |
| Distance from DMA | -4.7% | 17.6% |
| 3M | 1YR | |
| Volatility | 27.5% | 34.6% |
| Downside Capture | 137.09 | 60.45 |
| Upside Capture | 54.03 | 95.83 |
| Correlation (SPY) | 17.6% | 28.8% |
PBI Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.28 | 0.86 | 0.34 | 0.59 | 0.79 | 1.13 |
| Up Beta | 1.20 | 1.11 | 0.22 | 0.25 | 0.69 | 0.93 |
| Down Beta | -2.74 | -1.00 | -0.63 | 0.40 | 1.02 | 1.19 |
| Up Capture | 131% | 102% | 88% | 130% | 86% | 346% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 32 | 74 | 133 | 372 |
| Down Capture | 260% | 146% | 63% | 34% | 67% | 100% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 21 | 30 | 50 | 113 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBI | |
|---|---|---|---|---|
| PBI | 41.0% | 34.7% | 1.03 | - |
| Sector ETF (XLI) | 13.0% | 17.2% | 0.54 | 10.8% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 28.9% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | -6.3% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -14.5% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 12.9% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBI | |
|---|---|---|---|---|
| PBI | 23.4% | 51.1% | 0.59 | - |
| Sector ETF (XLI) | 12.9% | 17.6% | 0.56 | 38.0% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 40.9% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 1.2% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 6.5% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 37.6% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBI | |
|---|---|---|---|---|
| PBI | 3.9% | 64.9% | 0.32 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 37.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 36.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -0.3% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 12.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 31.5% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 2.7% | 3.6% | -1.6% |
| 5/5/2026 | -3.3% | -1.5% | 8.4% |
| 2/17/2026 | 8.6% | 3.8% | -3.5% |
| 10/29/2025 | -10.5% | -15.4% | -11.8% |
| 7/30/2025 | -0.2% | 0.2% | 6.6% |
| 5/7/2025 | 5.1% | 5.0% | 18.5% |
| 2/11/2025 | 11.7% | 23.0% | 4.9% |
| 11/7/2024 | -5.8% | -9.8% | -1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 9.0% | 5.0% | 8.1% |
| Median Negative | -10.5% | -13.5% | -9.1% |
| Max Positive | 25.6% | 28.1% | 37.4% |
| Max Negative | -28.5% | -21.9% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 2.7% | 3.6% | -1.6% |
| 5/5/2026 | -3.3% | -1.5% | 8.4% |
| 2/17/2026 | 8.6% | 3.8% | -3.5% |
| 10/29/2025 | -10.5% | -15.4% | -11.8% |
| 7/30/2025 | -0.2% | 0.2% | 6.6% |
| 5/7/2025 | 5.1% | 5.0% | 18.5% |
| 2/11/2025 | 11.7% | 23.0% | 4.9% |
| 11/7/2024 | -5.8% | -9.8% | -1.4% |
| 8/8/2024 | 10.7% | 27.1% | 14.9% |
| 5/2/2024 | 24.7% | 23.5% | 30.0% |
| 2/1/2024 | 1.0% | -5.4% | 2.8% |
| 11/2/2023 | 25.6% | 28.1% | 37.4% |
| 8/3/2023 | -10.0% | -7.6% | -12.2% |
| 5/4/2023 | -11.9% | -4.9% | 7.8% |
| 1/31/2023 | -0.5% | 2.5% | 7.5% |
| 11/1/2022 | 9.0% | 2.9% | 24.7% |
| 7/28/2022 | -17.6% | -21.0% | -21.6% |
| 4/28/2022 | 23.4% | 18.3% | 6.3% |
| 2/1/2022 | -15.4% | -21.9% | -17.3% |
| 11/3/2021 | 7.0% | 6.4% | -4.1% |
| 8/3/2021 | -3.2% | 1.4% | -6.3% |
| 4/30/2021 | -14.5% | -13.5% | -3.5% |
| 2/2/2021 | -19.2% | -13.6% | -19.5% |
| 10/30/2020 | -28.5% | -21.5% | -22.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 9.0% | 5.0% | 8.1% |
| Median Negative | -10.5% | -13.5% | -9.1% |
| Max Positive | 25.6% | 28.1% | 37.4% |
| Max Negative | -28.5% | -21.9% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBIT | Reported | 445.00 Mil | 460.00 Mil | 3.4% | Raised | Guidance: 445.00 Mil for 2026 | ||
| 2026 Revenue | Reported | 1.80 Bil | 1.83 Bil | 0 | Affirmed | Guidance: 1.83 Bil for 2026 | ||
| 2026 Adjusted EPS | Reported | 1.55 | 1.62 | 3.2% | Raised | Guidance: 1.57 for 2026 | ||
| 2026 Adjusted Free Cash Flow | Reported | 360.00 Mil | 385.00 Mil | 6.2% | Raised | Guidance: 362.50 Mil for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBIT | Reported | 425.00 Mil | 445.00 Mil | 465.00 Mil | 2.3% | Raised | Guidance: 435.00 Mil for 2026 | |
| 2026 Revenue | Reported | 1.80 Bil | 1.83 Bil | 1.86 Bil | 1.1% | Raised | Guidance: 1.81 Bil for 2026 | |
| 2026 Adjusted EPS | Reported | 1.5 | 1.57 | 1.65 | 5.0% | Raised | Guidance: 1.5 for 2026 | |
| 2026 Free Cash Flow | Reported | 345.00 Mil | 362.50 Mil | 380.00 Mil | 2.1% | Raised | Guidance: 355.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBIT | Reported | 410.00 Mil | 435.00 Mil | 460.00 Mil | -4.9% | Lower New | Actual: 457.50 Mil for 2025 | |
| 2026 Revenue | Reported | 1.76 Bil | 1.81 Bil | 1.86 Bil | -6.0% | Lower New | Actual: 1.93 Bil for 2025 | |
| 2026 Adjusted EPS | Reported | 1.4 | 1.5 | 1.6 | 15.4% | Higher New | Actual: 1.3 for 2025 | |
| 2026 Free Cash Flow | Reported | 340.00 Mil | 355.00 Mil | 370.00 Mil | 1.4% | Higher New | Actual: 350.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EBIT | Reported | 450.00 Mil | 457.50 Mil | 465.00 Mil | 0 | Affirmed | Guidance: 457.50 Mil for 2025 | |
| 2025 Revenue | Reported | 1.90 Bil | 1.93 Bil | 1.95 Bil | 0 | Affirmed | Guidance: 1.93 Bil for 2025 | |
| 2025 Adjusted EPS | Reported | 1.2 | 1.3 | 1.4 | 0 | Affirmed | Guidance: 1.3 for 2025 | |
| 2025 Free Cash Flow | Reported | 330.00 Mil | 350.00 Mil | 370.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2025 | |
Insider Activity
Updated 9/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.43 | 21,737 | 378,876 | 17,773,214 | Form |
| 2 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 9172026 | 17.43 | 2,150 | 37,474 | 1,827,030 | Form |
| 3 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.43 | 23,088 | 402,401 | 18,151,049 | Form |
| 4 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 9172026 | 17.43 | 2,283 | 39,790 | 1,864,398 | Form |
| 5 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.31 | 136,500 | 2,363,088 | 18,428,901 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.43 | 21,737 | 378,876 | 17,773,214 | Form |
| 2 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 9172026 | 17.43 | 2,150 | 37,474 | 1,827,030 | Form |
| 3 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.43 | 23,088 | 402,401 | 18,151,049 | Form |
| 4 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 9172026 | 17.43 | 2,283 | 39,790 | 1,864,398 | Form |
| 5 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 9172026 | 17.31 | 136,500 | 2,363,088 | 18,428,901 | Form |
| 6 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 9172026 | 17.31 | 13,500 | 233,712 | 1,891,405 | Form |
| 7 | Everett, Todd A | EVP and President of SendTech | Direct | Sell | 9112026 | 16.89 | 10,000 | 168,950 | 1,453,781 | Form |
| 8 | Pfeiffer, Deborah | EVP & Pres, Presort Services | Direct | Sell | 9092026 | 17.11 | 20,000 | 342,240 | 1,355,664 | Form |
| 9 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 8312026 | 17.42 | 361 | 6,289 | 20,921,699 | Form |
| 10 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 8312026 | 17.42 | 36 | 627 | 2,138,375 | Form |
| 11 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 8312026 | 17.42 | 1,747 | 30,433 | 20,927,987 | Form |
| 12 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 8312026 | 17.42 | 173 | 3,014 | 2,139,002 | Form |
| 13 | Everett, Todd A | EVP and President of SendTech | Direct | Sell | 8062026 | 18.07 | 25,000 | 451,700 | 1,735,395 | Form |
| 14 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 8032026 | 18.11 | 376,072 | 6,808,784 | 30,835,060 | Form |
| 15 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 8032026 | 18.11 | 37,194 | 673,397 | 2,226,245 | Form |
| 16 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 8032026 | 17.53 | 192,450 | 3,373,648 | 36,448,306 | Form |
| 17 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 8032026 | 17.53 | 19,033 | 333,648 | 2,807,552 | Form |
| 18 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 8032026 | 18.23 | 391,703 | 7,139,545 | 41,405,141 | Form |
| 19 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 8032026 | 18.23 | 38,740 | 706,112 | 3,266,086 | Form |
| 20 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 7072026 | 17.10 | 287,815 | 4,922,788 | 45,553,921 | Form |
| 21 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 7072026 | 17.10 | 28,465 | 486,865 | 3,727,475 | Form |
| 22 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 7072026 | 16.91 | 50,834 | 859,857 | 49,918,939 | Form |
| 23 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 7072026 | 16.91 | 5,027 | 85,032 | 4,167,771 | Form |
| 24 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 7072026 | 16.83 | 136,500 | 2,296,749 | 50,511,618 | Form |
| 25 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 7072026 | 16.83 | 13,500 | 227,151 | 4,230,427 | Form |
| 26 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 6122026 | 17.40 | 293,774 | 5,110,493 | 54,597,311 | Form |
| 27 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 6122026 | 17.40 | 29,055 | 505,441 | 4,608,583 | Form |
| 28 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 6122026 | 17.02 | 191,893 | 3,266,403 | 58,424,134 | Form |
| 29 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 6122026 | 17.02 | 18,978 | 323,044 | 5,004,076 | Form |
| 30 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 6122026 | 16.93 | 255,816 | 4,331,221 | 61,360,738 | Form |
| 31 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 6122026 | 16.93 | 25,301 | 428,371 | 5,298,641 | Form |
| 32 | Pfeiffer, Deborah | EVP & Pres, Presort Services | Direct | Sell | 5292026 | 16.06 | 18,750 | 301,106 | 1,571,020 | Form |
| 33 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 5282026 | 15.67 | 221,984 | 3,479,377 | 84,325,822 | Form |
| 34 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 5282026 | 15.67 | 21,954 | 344,107 | 5,301,825 | Form |
| 35 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 5262026 | 15.62 | 36,833 | 575,405 | 87,513,897 | Form |
| 36 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 5262026 | 15.62 | 3,643 | 56,911 | 5,627,201 | Form |
| 37 | Pfeiffer, Deborah | EVP & Pres, Presort Services | Direct | Sell | 5222026 | 15.48 | 23,075 | 357,247 | 1,804,861 | Form |
| 38 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 5082026 | 15.69 | 354,136 | 5,554,977 | 88,450,185 | Form |
| 39 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 5082026 | 15.69 | 35,025 | 549,402 | 5,707,398 | Form |
| 40 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 5082026 | 15.59 | 543,474 | 8,474,934 | 93,453,813 | Form |
| 41 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 5082026 | 15.59 | 53,750 | 838,178 | 6,220,104 | Form |
| 42 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 5082026 | 14.58 | 879,571 | 12,823,565 | 95,296,514 | Form |
| 43 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 5082026 | 14.58 | 86,990 | 1,268,257 | 6,599,018 | Form |
| 44 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 4212026 | 14.25 | 169 | 2,408 | 403,688 | Form |
| 45 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 4172026 | 12.53 | 1,387 | 17,374 | 356,970 | Form |
| 46 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 4172026 | 12.00 | 651 | 7,812 | 358,620 | Form |
| 47 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 4132026 | 11.50 | 693 | 7,970 | 351,164 | Form |
| 48 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 4022026 | 11.14 | 36,326 | 404,563 | 82,591,758 | Form |
| 49 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 4022026 | 11.14 | 3,593 | 40,015 | 6,009,726 | Form |
| 50 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 4022026 | 11.06 | 145,863 | 1,613,391 | 82,429,946 | Form |
| 51 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 4022026 | 11.06 | 14,426 | 159,566 | 6,008,457 | Form |
| 52 | Rosenthal, Brent D | Direct | Buy | 3172026 | 10.22 | 4,000 | 40,900 | 92,025 | Form | |
| 53 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 3122026 | 10.38 | 136,500 | 1,416,460 | 78,846,189 | Form |
| 54 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 3122026 | 10.38 | 13,500 | 140,090 | 5,786,599 | Form |
| 55 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 3032026 | 10.60 | 271 | 2,873 | 328,271 | Form |
| 56 | Freemen-Bosworth, Lauren | EVP/Gen Counsel & Corp Sec | Direct | Sell | 3032026 | 10.70 | 28,253 | 302,307 | 334,268 | Form |
| 57 | Brimm, Peter C | Direct | Buy | 3022026 | 10.79 | 4,000 | 43,140 | 177,952 | Form | |
| 58 | Wolf, Kurt James | President & CEO | Hestia Capital Partners, LP | Sell | 2242026 | 10.30 | 136,500 | 1,406,632 | 79,705,754 | Form |
| 59 | Wolf, Kurt James | President & CEO | Separately Managed Accounts | Sell | 2242026 | 10.30 | 13,500 | 139,118 | 5,885,567 | Form |
| 60 | Rosenthal, Brent D | Direct | Buy | 11252025 | 10.00 | 2,000 | 20,002 | 50,006 | Form | |
| 61 | Brimm, Peter C | Direct | Buy | 10312025 | 10.16 | 12,500 | 126,995 | 126,995 | Form | |
| 62 | Rosenthal, Brent D | Direct | Buy | 9052025 | 11.97 | 3,000 | 35,910 | 35,910 | Form |
Investor Activity (13F)
Updated Sep 27, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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