120 added · 107 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
RESULTS OF OPERATIONS Years Ended December 31, Favorable/(Unfavorable) 2025 2024 Actual % Change Total revenue $ 1,892,629 $ 2,026,598 (7) % Total cost of revenue 868,767 964,298 10 % Selling, general and administrative 621,567 717,894 13 % Research and development 15,278 31,957 52 % Restructuring charges 58,660 76,915 24 % Interest expense, net 101,460 110,094 8 % Other components of net pension and postretirement cost 7,543 89,044 92 % Other expense 26,830 88,723 70 % Income (loss) from continuing operations before income taxes 192,524 (52,327) >100% Provision (benefit) for income taxes 47,827 (154,829) >(100%) Income from continuing operations 144,697 102,502 41 % Loss from discontinued operations, net of tax — (306,099) 100 % Net income (loss) $ 144,697 $ (203,597) >100% Years Ended December 31, Favorable/(Unfavorable) 2024 2023 Actual % Change Total revenue $ 2,026,598 $ 2,078,925 (3) % Total cost of revenue 964,298 1,048,315 8 % Selling, general and administrative 717,894 781,609 8 % Research and development 31,957 29,486 (8) % Restructuring charges 76,915 52,412 (47) % Goodwill impairment — 123,574 100 % Interest expense, net 110,094 98,769 (11) % Other components of net pension and postretirement cost 89,044 (8,256) >(100%) Other expense (income) 88,723 (3,064) >(100%) Loss from continuing operations before income taxes (52,327) (43,920) (19) % (Benefit) provision for income taxes (154,829) 17,347 >100% Income (loss) from continuing operations 102,502 (61,267) >100% Loss from discontinued operations, net of tax (306,099) (324,360) 6 % Net loss $ (203,597) $ (385,627) 47 % Refer to Segment Results and Consolidated Expenses sections for detailed information. 17 CHANGES IN REPORTING We recast our reporting presentation of revenue and cost of revenue to better align with our offerings.
Other expense (income) Other expense (income) declined $62 million in 2025 compared to 2024 primarily due to lower charges in connection with the Ecommerce Restructuring of $55 million and a $10 million prior year asset impairment, partially offset by a higher loss on the redemption/refinancing of debt of $3 million.
Other expense (income) increased $92 million in 2024 compared to 2023 due to $67 million of charges related to the Ecommerce Restructuring, a $14 million increase in debt redemption/refinancing costs and a $10 million asset impairment charge.
Deferred Incentive Savings Plan (as amended and restated effective September 11, 2023) Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579) 10(l)* Pitney Bowes Director Equity Deferral plan dated November 8, 2013 (effective May 12, 2014) Incorporated by reference to Exhibit 10(o) to Form 10-K filed with the Commission on February 22, 2016 (Commission file number 1-3579) 10(m)* Pitney Bowes Executive Equity Deferral Plan as amended November 5, 2024 Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579) 10(n) Transition Agreement, dated as of May 19, 2025, between Pitney Bowes Inc. and Lance Rosenzweig Incorporated by reference to Exhibit 10. 3 to the Form 8-K filed with the Commission on May 22 , 202 5 (Commission file number 1-3579) 10(o) Separation Agreement, dated as of August 17, 2025, between Pitney Bowes Inc. and Robert Gold Incorporated by reference to Exhibit 10. 1 to the Form 8-K filed with the Commission on August 21 , 202 5 (Commission file number 1-3579) 10(p) Separation Agreement, dated as of September 25, 2025, between Pitney Bowes Inc. and Shemin Nurmohamed Incorporated by reference to Exhibit 10. 1 to the Form 8-K filed with the Commission on S eptember 26 , 202 5 (Commission file number 1-3579) 10(q) Separation Agreement, dated as of February 11, 2025, by and between the Company and John Witek Incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579) 10(r) Employment Letter, dated as of May 21, 2025, between Pitney Bowes Inc. and Kurt Wolf Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on Ma y 22 , 202 5 (Commission file number 1-3579) 10(s) Form of Stock Option Award Agreement under 2024 Stock Plan for Kurt Wolf Incorporated by reference to Exhibit 10. 2 to the Form 8-K filed with the Commission on May 22 , 202 5 (Commission file number 1-3579) 10(t) Employment Letter, dated as of July 28, 2025, between Pitney Bowes Inc. and Paul Evans Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on July 30 , 202 5 (Commission file number 1-3579) 10(u) Additional Letter, dated as of July 28, 2025, between Pitney Bowes Inc. and Paul Evans Incorporated by reference to Exhibit 10. 2 to the Form 8-K filed with the Commission on July 30, 2025 (Commission file number 1-3579) 10(v) Offer Letter, executed as of February 10, 2025, between Bob Gold and Pitney Bowes Inc.
Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579) 10(w) Letter Agreement, dated as of February 17, 2026, between Pitney Bowes Inc. and Kurt Wolf E xhibit 10(w) 10(x) Form of Indemnification Agreement Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed with the Commission on May 2, 2024 (Commission file number 1-3579) 33 PART IV Reg.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Years Ended December 31, 2025 2024 2023 Revenue: Services $ 1,206,031 $ 1,260,612 $ 1,268,380 Products 364,709 430,845 471,448 Financing and other 321,889 335,141 339,097 Total revenue 1,892,629 2,026,598 2,078,925 Costs and expenses: Cost of services 594,898 639,039 698,316 Cost of products 212,366 244,198 267,104 Cost of financing and other 61,503 81,061 82,895 Selling, general and administrative 621,567 717,894 781,609 Research and development 15,278 31,957 29,486 Restructuring charges 58,660 76,915 52,412 Goodwill impairment — — 123,574 Interest expense, net 101,460 110,094 98,769 Other components of net pension and postretirement cost 7,543 89,044 ( 8,256 ) Other expense (income) 26,830 88,723 ( 3,064 ) Total costs and expenses 1,700,105 2,078,925 2,122,845 Income (loss) from continuing operations before income taxes 192,524 ( 52,327 ) ( 43,920 ) Provision (benefit) for income taxes 47,827 ( 154,829 ) 17,347 Income (loss) from continuing operations 144,697 102,502 ( 61,267 ) Loss from discontinued operations, net of tax — ( 306,099 ) ( 324,360 ) Net income (loss) $ 144,697 $ ( 203,597 ) $ ( 385,627 ) Basic earnings (loss) per share attributable to common stockholders (1) : Continuing operations $ 0.84 $ 0.57 $ ( 0.35 ) Discontinued operations — ( 1.71 ) ( 1.85 ) Net income (loss) $ 0.84 $ ( 1.13 ) $ ( 2.20 ) Diluted earnings (loss) per share attributable to common stockholders (1) : Continuing operations $ 0.84 $ 0.56 $ ( 0.35 ) Discontinued operations — ( 1.68 ) ( 1.85 ) Net income (loss) $ 0.84 $ ( 1.12 ) $ ( 2.20 ) (1) The sum of the earnings per share amounts may not equal the totals due to rounding.
The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report in this Form 10-K.
Financial performance for the SendTech Solutions segment was as follows: Years Ended December 31, Favorable/(Unfavorable) 2025 2024 % change Services $ 569,403 $ 588,046 (3) % Products 364,709 430,845 (15) % Financing and other 321,889 335,141 (4) % Total revenue 1,256,001 1,354,032 (7) % Cost of services 196,143 218,108 10 % Cost of products 212,366 244,203 13 % Cost of financing and other 13,807 17,461 21 % Total costs of revenue 422,316 479,772 12 % Gross margin 833,685 874,260 (5) % Gross margin % 66.4 % 64.6 % Selling, general and administrative 398,230 461,737 14 % Research and development 15,968 29,883 47 % Other components of pension and post retirement costs 7,298 (2,111) >(100%) Adjusted Segment EBIT $ 412,189 $ 384,751 7 % SendTech Solutions revenue decreased $98 million in 2025 compared to 2024.
Years Ended December 31, Favorable/(Unfavorable) 2024 2023 % change Services $ 588,046 $ 595,319 (1) % Products 430,845 471,448 (9) % Financing and other 335,141 339,097 (1) % Total revenue 1,354,032 1,405,864 (4) % Cost of services 218,108 232,975 6 % Cost of products 244,203 265,360 8 % Cost of financing and other 17,461 19,407 10 % Total costs of revenue 479,772 517,742 7 % Gross margin 874,260 888,122 (2) % Gross margin % 64.6 % 63.2 % Selling, general and administrative 461,737 485,080 5 % Research and development 29,883 29,905 — % Other components of pension and post retirement costs (2,111) (2,245) (6) % Adjusted Segment EBIT $ 384,751 $ 375,382 2 % SendTech Solutions revenue decreased $52 million in 2024 compared to 2023.
Financial performance for the Presort Services segment was as follows: Years Ended December 31, Favorable/(Unfavorable) 2025 2024 % Change Services $ 636,628 $ 662,587 (4) % Cost of services 398,771 417,741 5 % Gross Margin 237,857 244,846 (3) % Gross Margin % 37.4 % 37.0 % Selling, general and administrative 72,391 78,860 8 % Other components of net pension and postretirement cost 189 202 6 % Adjusted segment EBIT $ 165,277 $ 165,784 — % Revenue decreased $26 million in 2025 compared to 2024 primarily due to a 7% decline in total mail volumes driven by client losses and a broader market decline, partially mitigated by pricing actions.
Years Ended December 31, Favorable/(Unfavorable) 2025 2024 Actual % change Corporate expenses $ 116,173 $ 152,503 24 % Corporate expenses for 2025 decreased $36 million compared to the prior year primarily due to lower salary expense of $38 million driven by actions taken under the 2024 Plan and overall cost savings initiatives.
CONSOLIDATED EXPENSES SG&A Expense SG&A expense decreased $96 million in 2025 compared to 2024 primarily due to lower employee-related expenses of $88 million driven by actions taken under our restructuring plans, lower professional and outsourcing fees of $28 million, lower insurance expense of $18 million and general cost savings initiatives, partially offset by higher non-cash foreign currency revaluation losses on intercompany loans of $32 million.
No longer disclosed
SG&A expense also benefited from overall cost savings initiatives that resulted in expense savings of approximately $38 million from savings in areas such as marketing, travel, real estate and insurance. • Restructuring charges increased $25 million compared to the prior year period primarily driven by actions taken under the 2023 and 2024 Plans. • A $124 million goodwill impairment charge in the prior year related to certain operations of the former Global Ecommerce segment that were sold or dissolved prior to 2024 and did not qualify for discontinued operations treatment. • Interest expense, net, including financing interest expense, increased $12 million compared to the prior year period primarily due to higher interest rates.
This decrease was primarily driven by lower credit card fees of $10 million, lower professional and outsourcing fees of $8 million, lower salary expense of $5 million and lower marketing expenses of $5 million, partially offset by proxy solicitation fees of $11 million, higher credit loss provision of $7 million and non-cash foreign currency revaluation losses on intercompany loans of $6 million. • Restructuring charges increased $35 million compared to the prior year driven by actions taken under the 2023 Plan. • A goodwill impairment charge of $124 million associated with certain operations of the former Global Ecommerce segment that were sold or dissolved prior to 2024 and did not qualify for discontinued operations treatment. • Interest expense, net, including financing interest expense, increased $23 million in 2023 compared to the prior year primarily due to higher interest rates. • Other income declined $14 million compared to the prior year primarily driven by prior year gains of $22 million from the sale of assets and businesses, partially offset by a favorable year-over-year impact of $8 million associated with the redemption of debt.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report in this Form 10-K. 29 Changes in Internal Control over Financial Reporting There have been no changes in our internal control over financial reporting during the three months ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.
Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the Commission on February 26, 2020 (Commission file number 1-3579) 4(d) Form of 5.25% Global Medium-Term Note due 2037 Incorporated by reference to Exhibit 4(d)(1) to Form 8-K filed with the Commission on November 16, 2006 (Commission file number 1-3579) 4(e) Officer's Certificate establishing the terms of the Notes, dated March 7, 2013, and Specimen of 6.70% Notes due 2043 Incorporated by reference to Exhibits 4.1 and 4.2 to Form 8-K filed with the Commission on March 7, 2013 (Commission file number 1-3579) 4(f) Officer's Certificate establishing the terms of the 4.625% Notes due 2024, dated March 13, 2014, and Specimen of 4.625% Notes due 2024.
Deferred Incentive Savings Plan (as amended and restated effective September 11, 2023) Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579) 10(l)* Pitney Bowes Director Equity Deferral plan dated November 8, 2013 (effective May 12, 2014) Incorporated by reference to Exhibit 10(o) to Form 10-K filed with the Commission on February 22, 2016 (Commission file number 1-3579) 10(m)* Pitney Bowes Executive Equity Deferral Plan as amended November 5, 2024 Incorporated by reference to Exhibit 10. 9 to Form 10-Q filed with the Commission on November 8 , 202 4 (Commission file number 1-3579) 10(n) Separation Agreement, dated as of May 21, 2024, by and between the Company and Jason Dies I ncorpo rated by reference to Exhibit 10.4 to the Form 10-Q filed with the Commission on August 9, 2024 (Com mission file number 1-3579) 10(o) Separation Agreement, dated as of June 30, 2024, by and between the Company and Gregg Zegras Incorporated by reference to Exhibit 10. 5 to the Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579) 10(p) Separation Agreement, dated as of August 7, 2024, by and between the Company and James Fairweather, Executive Vice President, Chief Innovation Officer I ncorporated by reference to Exhibit 10.6 to the Form 8-K filed with the Commission on August 9, 2024 (C ommission file number 1-3579) 10(q) Separation Agreement, dated as of February 11, 2025, by and between the Company and John Witek I ncorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579) 10(r) Letter Agreement, dated March 15, 2024, between the Company and John Witek I ncorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on March 19 , 2024 (Com mission file number 1-3579) 10(s) Letter Agreement, dated September 18, 2024, between the Company and John Witek Incorporated by reference to Exhibit 10.16 to the Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579) 10(t) Letter Agreement, dated October 25, 2024, between the Company and Lance Rosenzweig I ncorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579) 10(u) Offer Letter, executed as of February 10, 2025, between Bob Gold and Pitney Bowes Inc.
Incorporated by reference to Exhibit 10. 2 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579) 10(v) Cooperation Agreement, dated as of January 31, 2024, by and between Hestia Capital Partners, LP, Helios I, LP, Hestia Capital Partners GP, LLC, Hestia Capital Management, LLC and Kurtis J.
Wolf, on the one hand, and Pitney Bowes Inc., on the other hand I ncorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 1, 2024 (Co mmission file number 1-3579) 10(w) Form of Indemnification Agreement I ncorporated by reference to Exhibit 10.3 to the Form 10-Q file d with the Commission on M ay 2, 2024 (Commission file number 1-3579) 10(x) Limited Liability Company Agreement, dated as of August 8, 2024, by and between Pitney Bowes International Holdings, Inc. and Hilco I ncorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579) 34 PART IV Reg.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Years Ended December 31, 2024 2023 2022 Revenue: Business services $ 886,041 $ 857,646 $ 1,194,782 Support services 374,571 410,734 438,191 Financing 269,893 271,197 274,508 Equipment sales 287,600 323,739 354,960 Supplies 143,245 147,709 154,186 Rentals 65,248 67,900 66,256 Total revenue 2,026,598 2,078,925 2,482,883 Costs and expenses: Cost of business services 515,533 560,640 858,127 Cost of support services 123,506 137,676 148,829 Financing interest expense 63,600 63,281 51,789 Cost of equipment sales 203,613 223,757 253,843 Cost of supplies 40,585 43,347 43,778 Cost of rentals 17,461 19,614 25,105 Selling, general and administrative 717,894 781,609 785,545 Research and development 31,957 29,486 35,464 Restructuring charges 76,915 52,412 17,208 Goodwill impairment — 123,574 — Interest expense, net 110,094 98,769 87,306 Other components of net pension and postretirement cost 89,044 ( 8,256 ) 4,308 Other expense (income) 88,723 ( 3,064 ) ( 17,071 ) Total costs and expenses 2,078,925 2,122,845 2,294,231 (Loss) income from continuing operations before income taxes ( 52,327 ) ( 43,920 ) 188,652 (Benefit) provision for income taxes ( 154,829 ) 17,347 42,956 Income (loss) from continuing operations 102,502 ( 61,267 ) 145,696 Loss from discontinued operations, net of tax ( 306,099 ) ( 324,360 ) ( 108,756 ) Net (loss) income $ ( 203,597 ) $ ( 385,627 ) $ 36,940 Basic earnings (loss) per share attributable to common stockholders (1) : Continuing operations $ 0.57 $ ( 0.35 ) $ 0.84 Discontinued operations ( 1.71 ) ( 1.85 ) ( 0.63 ) Net (loss) income $ ( 1.13 ) $ ( 2.20 ) $ 0.21 Diluted earnings (loss) per share attributable to common stockholders (1) : Continuing operations $ 0.56 $ ( 0.35 ) $ 0.82 Discontinued operations ( 1.68 ) ( 1.85 ) ( 0.61 ) Net (loss) income $ ( 1.12 ) $ ( 2.20 ) $ 0.21 (1) The sum of the earnings per share amounts may not equal the totals due to rounding.
Incorporated by reference to Exhibit 4.2 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579). 10(a) * Retirement Plan for Directors of Pitney Bowes Inc.
We allocate a portion of gross interest expense to financing interest expense based on our effective interest rate and average finance receivables for the period. • Other components of net pension and postretirement cost increased $97 million compared to the prior year, and includes a settlement charge of $91 million from a targeted campaign to offer lump sum settlements to vested participants. • Other expense (income) increased $92 million due to $67 million of charges related to the Ecommerce Restructuring, a $14 million increase in debt redemption/refinancing costs and a $10 million asset impairment charge.
In 2023, we recorded a tax provision on a net loss from continuing operations of $44 million primarily due to the non-deductibility of the goodwill impairment charge.
Financial Results Summary: Years Ended December 31, Favorable/(Unfavorable) 2024 2023 Actual % Change Constant Currency % change Total revenue $ 2,026,598 $ 2,078,925 (3) % (2) % Total costs and expenses 2,078,925 2,122,845 2 % Loss from continuing operations before income taxes (52,327) (43,920) (19) % (Benefit) provision for income taxes (154,829) 17,347 >100% Income (loss) from continuing operations 102,502 (61,267) >100% Loss from discontinued operations, net of tax (306,099) (324,360) 6 % Net loss $ (203,597) $ (385,627) 47 % Revenue decreased $52 million in 2024 compared to 2023 primarily due to lower support services revenue of $36 million and lower equipment sales of $36 million, partially offset by higher business services revenue of $28 million.