# EDGAR Filing Document

**Accession Number:** 0000078814
**File Stem:** 0001628280-26-008604
**Filing Date:** 2026-2
**Character Count:** 39400
**Document Hash:** 04bee4664396090e81e7c26d1392e66b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-008604.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001628280-26-008604

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260217

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PITNEY BOWES INC /DE/
- **CENTRAL INDEX KEY:** 0000078814
- **STANDARD INDUSTRIAL CLASSIFICATION:** OFFICE MACHINES, NEC [3579]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 060495050
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-03579
- **FILM NUMBER:** 26642078

**BUSINESS ADDRESS:**
- **STREET 1:** PITNEY BOWES INC
- **STREET 2:** 27 WATERVIEW DRIVE
- **CITY:** SHELTON
- **STATE:** CT
- **ZIP:** 06484
- **BUSINESS PHONE:** 203-922-4000

**MAIL ADDRESS:**
- **STREET 1:** 27 WATERVIEW DRIVE
- **CITY:** SHELTON
- **STATE:** CT
- **ZIP:** 06484

?xml version='1.0' encoding='ASCII'? pbi-20260217

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 

**FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

February 17, 2026Date of Report (Date of earliest event reported)

**Pitney Bowes Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-3579** | **06-0495050** |
| (State or other jurisdiction of <br>incorporation or organization) | (Commission file number) | (I.R.S. Employer Identification No.) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Address: | **27 Waterview Drive,** | **27 Waterview Drive,** | **Shelton,** | **Connecticut** | **06484** |
| Telephone Number: | **(203)** | **922-4000** |  |  |  |

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**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock, $1 par value per share | PBI | New York Stock Exchange |
| 6.70% Notes due 2043 | PBI.PRB | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

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**ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On February 17, 2026, the Registrant issued a press release setting forth its financial results, including consolidated statements of income, supplemental information, and a reconciliation of reported results to adjusted results for the three and twelve months ended December 31, 2025 and 2024, and consolidated balance sheets at December 31, 2025 and 2024. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

In addition, on February 17, 2026, Kurt Wolf, the Company's President and Chief Executive Officer, issued a letter regarding the Company's financial results for the three months ended December 31, 2025. A copy of the letter is attached hereto as Exhibit 99.2 and hereby incorporated by reference.

**Forward-Looking Statements**

The exhibits contain "forward-looking statements" about the Company's expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third party suppliers' ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and other reports subsequently filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS**

(d) Exhibits

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| | |
|:---|:---|
| 99.1 | <u>[Press release of Pitney Bowes Inc. dated February 17, 2026.](q42025earningspressrelea.htm)</u> |
| 99.2 | <u>[Letter from Kurt Wolf regarding Fourth Quarter 2025 Financial Results](a2025pbannualletter.htm)</u> |
| 104 | The cover page of Pitney Bowes Inc.'s Current Report on Form 8-K, formatted in Inline XBRL. |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Pitney Bowes Inc. | Pitney Bowes Inc. |
| | By: | /s/ Kurt Wolf |
| | Name: Kurt Wolf | Name: Kurt Wolf |
| Date: February 17, 2026 | Title: Chief Executive Officer | Title: Chief Executive Officer |

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## Exhibit 99.1

![](q42025earningspressrelea001.jpg)

Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO Letter Delivered Strong Earnings and Cash Flow Performance in 2025, Reflecting Continued Focus on Accretive Capital Allocation, Disciplined Cost Management and Improved Operational Execution Deployed Significant Cash Flow into Repurchasing 12.6 million shares for $127 million and Reducing $114 million of Principal Debt in Q4 2025 Releases Full-Year 2026 Guidance and New CEO Letter, which Summarizes Recent Progress and Go-Forward Priorities SHELTON, Conn.--(BUSINESS WIRE)--February 17, 2026--Pitney Bowes Inc. (NYSE: PBI) ("Pitney Bowes" or the "Company"), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the fourth quarter and full year 2025. In conjunction with this announcement, CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter's CEO letter please click here. Financial Highlights: The following tables summarize the Company's financial highlights for the fourth quarter and full year 2025: Fourth Quarter ($ millions except EPS) 2025 2024 $ Change % Change Revenue $478 $516 ($38) (7%) GAAP EPS $0.17 ($0.21) $0.38 >100% Adj. EPS1 $0.45 $0.32 $0.13 40% GAAP Net Income $27 ($37) $65 >100% Adj. EBIT1 $132 $114 $18 15% Cash from Operations $222 $132 $90 68% Free Cash Flow1 $212 $142 $70 50% Full Year ($ millions except EPS) 2025 2024 $ Change % Change Revenue $1,893 $2,027 ($134) (7%) GAAP EPS $0.84 ($1.12) $1.95 >100% Adj. EPS1 $1.35 $0.82 $0.53 64% GAAP Net Income $145 ($204) $348 >100% Adj. EBIT1 $461 $385 $76 20% Cash from Operations $383 $276 $107 39% Free Cash Flow1 $358 $290 $68 24% 1 Adjusted EPS, Adjusted EBIT, and Free Cash Flow are non-GAAP measures. Definitions for these metrics can be found in the Use of Non-GAAP Measures section. Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules. Update on Capital Allocation Exhibit 99.1 • In Q4, the Company repurchased 12.6 million shares for $127 million. From January 1, 2026 through February 13, 2026, the Company repurchased an additional 1.2 million shares for $12 million. As a

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![](q42025earningspressrelea002.jpg)

Business Segment Reporting SendTech Solutions SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Fourth Quarter Full Year ($ millions) 2025 2024 % Change 2025 2024 % Change Revenue $318 $337 (6%) $1,256 $1,354 (7%) Adj. Segment EBITDA $124 $103 20% $458 $431 6% Adj. Segment EBIT $113 $91 24% $412 $385 7% SendTech revenue decline in the fourth quarter was driven by the impact of prior year product migration and a decrease in the mailing install base. The product migration concluded at the end of 2024, and the Company expects segment year-over-year revenue decline to be less steep going forward. Shipping- related revenues declined 5% year-over-year in the fourth quarter. SendTech achieved increased Adjusted EBITDA and EBIT through disciplined cost management. Gross margin expanded 180 basis points in the fourth quarter due to cost optimization actions and a shift to higher margin revenue streams. In the fourth quarter, operating expenses declined $28 million year-over-year primarily from cost reduction initiatives. Presort Services Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter. Fourth Quarter Full Year ($ millions) 2025 2024 % Change 2025 2024 % Change Revenue $160 $180 (11%) $637 $663 (4%) Adj. Segment EBITDA $51 $61 (16%) $202 $202 0% Adj. Segment EBIT $42 $52 (20%) $165 $166 (0%) Revenue decline in the fourth quarter was driven by a 10% reduction in volumes due to previously communicated client losses and market decline. Total volume sorted in the fourth quarter 2025 was 3.4 billion pieces of mail. result of the successful execution of the share repurchase program, Pitney Bowes' Board of Directors (the "Board") recently increased the Company's repurchase authorization by $250 million. As of February 13, 2026, there was $359 million in capacity remaining under the authorization. • In Q4, the Company reduced principal debt by $114 million through a combination of a tender offer for the 2037 and 2043 Notes, open market repurchases of the Term Loan B and 2027 Notes, and scheduled amortization payments. • The Board approved a regular quarterly dividend of $0.09 per share, payable on March 30, 2026, to shareholders of record as of February 27, 2026. • In Q4, the Company entered into buy-in contracts with insurance carriers to transfer the risk associated with approximately $875 million of projected benefit obligations from the Company's U.S. Qualified and Canadian Qualified Pension Plans.

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![](q42025earningspressrelea003.jpg)

Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue and reduced operating leverage from lower volumes. This decline was partially offset by improved operating expenses and a favorable $5 million prior period accounting adjustment. 2026 Full-Year Outlook Pitney Bowes provides the following guidance for Revenue, Adjusted EBIT, Adjusted EPS and Free Cash Flow in 2026. $ millions, except EPS Low High Revenue $1,760 $1,860 Adjusted EBIT $410 $460 Adjusted EPS $1.40 $1.60 Free Cash Flow $340 $370 \*\*\*As a reminder, to read and/or download a copy of this quarter's CEO letter, please click here\*\*\* Q4 and Full Year 2025 Earnings Conference Call Management will discuss the Company's results in a webcast tomorrow, February 18, 2026, at 8:00 a.m. ET. Instructions for accessing the earnings results call are available on the Investor Relations page of the Company's website at www.pitneybowes.com. About Pitney Bowes Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com. Adjusted Segment EBIT Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level. Adjusted Segment EBIT includes segment revenues and related costs and expenses attributable to the segment, but excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to a business segment. We also report Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance, which is calculated as Adjusted Segment EBIT plus depreciation and amortization expense of the segment. Use of Non-GAAP Measures Pitney Bowes' financial results are reported in accordance with generally accepted accounting principles (GAAP). Pitney Bowes also discloses certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS) and free cash flow. Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, foreign currency gains and losses on intercompany loans, certain costs associated with the Ecommerce Restructuring, gains and losses on debt redemptions and other unusual items that we believe are not indicative to our core business operations.

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![](q42025earningspressrelea004.jpg)

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides better insight into the amount of cash available for other discretionary uses. Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at: https://www.investorrelations.pitneybowes.com/. We do not provide a reconciliation of forward-looking non-GAAP measures to the most comparable GAAP measures because items necessary for such reconciliation are not available on a reasonable basis without unreasonable efforts. Forward-Looking Statements This document contains "forward-looking statements" about the Company's expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third party suppliers' ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law. Contacts: For Investors: Alex Brown investorrelations@pb.com

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![](q42025earningspressrelea005.jpg)

Pitney Bowes Inc. Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts) 2025 2024 2025 2024 Revenue: Services 307,700$327,922$1,206,031$1,260,612$ Products 90,927 106,613 364,709 430,845 Financing and other 78,998 81,586 321,889 335,141 Total revenue 477,625 516,121 1,892,629 2,026,598 Costs and expenses: Cost of services 148,391 157,672 594,898 639,039 Cost of products 52,666 61,646 212,366 244,198 Cost of financing and other 13,632 19,202 61,503 81,061 Selling, general and administrative 140,956 148,269 621,567 717,894 Research and development 3,505 9,492 15,278 31,957 Restructuring charges 41,618 12,056 58,660 76,915 Interest expense, net 26,181 26,771 101,460 110,094 Other components of net pension and postretirement cost 2,097 90,774 7,543 89,044 Other expense 10,202 38,436 26,830 88,723 Total costs and expenses 439,248 564,318 1,700,105 2,078,925 Income (loss) from continuing operations before taxes 38,377 (48,197) 192,524 (52,327) Provision (benefit) for income taxes 11,040 (6,134) 47,827 (154,829) Income (loss) from continuing operations 27,337 (42,063) 144,697 102,502 Income (loss) from discontinued operations, net of tax - 4,690 - (306,099) Net income (loss) 27,337$(37,373)$144,697$(203,597)$ Basic earnings (loss) per share: Continuing operations 0.17$(0.23)$0.84$0.57$ Discontinued operations - 0.03 - (1.71) Net income (loss) 0.17$(0.21)$0.84$(1.13)$ Diluted earnings (loss) per share: Continuing operations 0.17$(0.23)$0.84$0.56$ Discontinued operations - 0.03 - (1.68) Net income (loss) 0.17$(0.21)$0.84$(1.12)$ Weighted-average shares used in diluted earnings per share 157,534 182,006 173,040 182,526 The sum of the earnings per share amounts may not equal the totals due to rounding. Year Ended December 31,Three Months Ended December 31,

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![](q42025earningspressrelea006.jpg)

Pitney Bowes Inc. Consolidated Balance Sheets (Unaudited; in thousands) Assets December 31, 2025 December 31, 2024 Current assets: Cash and cash equivalents $284,887 $469,726 Short-term investments 12,232 16,374 Accounts and other receivables, net 168,099 159,951 Short-term finance receivables, net 496,446 535,608 Inventories 66,241 59,836 Current income taxes 3,143 10,429 Other current assets and prepayments 69,451 66,030 Total current assets 1,100,499 1,317,954 Property, plant and equipment, net 185,913 218,657 Rental property and equipment, net 24,054 24,587 Long-term finance receivables, net 605,129 610,316 Goodwill 746,687 721,003 Intangible assets, net 14,741 15,780 Operating lease assets 106,996 113,357 Noncurrent income taxes 95,412 99,773 Other assets 289,520 276,089 Total assets $3,168,951 $3,397,516 Liabilities and stockholders' deficit Current liabilities: Accounts payable and accrued liabilities $845,378 $873,626 Customer deposits at Pitney Bowes Bank 582,630 645,860 Current operating lease liabilities 28,396 26,912 Current portion of long-term debt 17,150 53,250 Advance billings 69,075 70,131 Current income taxes 5,210 2,948 Total current liabilities 1,547,839 1,672,727 Long-term debt 1,975,888 1,866,458 Deferred taxes on income 72,665 49,187 Tax uncertainties and other income tax liabilities 278 13,770 Noncurrent operating lease liabilities 99,757 100,804 Noncurrent customer deposits at Pitney Bowes Bank 71,000 57,977 Other noncurrent liabilities 203,884 215,026 Total liabilities 3,971,311 3,975,949 Stockholders' deficit: Common stock 270,338 270,338 Retained earnings 2,655,703 2,671,868 Accumulated other comprehensive loss (789,132) (839,171) Treasury stock, at cost (2,939,269) (2,681,468) Total stockholders' deficit (802,360) (578,433) Total liabilities and stockholders' deficit $3,168,951 $3,397,516

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![](q42025earningspressrelea007.jpg)

2025 2024 Cash Flows From Operating Activities: Net income (loss) 144,697$(203,597)$ Loss from discontinued operations - 306,099 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 111,575 114,485 Allowance for doubtful accounts and credit losses 13,234 13,182 Allowance for DIP Facility (8,907) 19,373 Stock-based compensation 14,151 16,524 Amortization of debt fees 7,226 12,907 Loss on debt refinancing 14,072 10,892 Restructuring charges 58,392 76,915 Restructuring payments (41,338) (86,024) Pension contributions and retiree medical payments (25,931) (24,907) Pension settlement charge - 91,339 Loss on sale/disposal of fixed assets 11,066 13,192 Loss (gain) on revaluation of intercompany loans 21,944 (10,241) Impairment charges 268 10,000 Deferred tax provision (benefit) 38,405 (173,710) Other, net 8,241 (12,954) Changes in operating assets and liabilities, net of acquisitions: Accounts receivables (13,999) 31,983 Finance receivables 107,223 60,342 Inventories (5,566) 2,260 Other current assets 817 996 Accounts payable and accrued liabilities (62,028) 47,348 Income taxes (6,806) (35,070) Advance billings (3,479) (4,882) Net cash from operating activities - continuing operations 383,257 276,452 Net cash from operating activities - discontinued operations - (47,282) Net cash from operating activities 383,257 229,170 Cash Flows From Investing Activities: Capital expenditures (66,278) (72,403) Purchase of investment securities (34,772) (30,099) Proceeds from sales / maturities of investment securities 28,345 76,563 DIP Facility reimbursement (disbursement) 8,907 (17,234) Net investment in loans receivables (61,200) (9,467) Acquisitions (2,200) - Other investing activities 2,101 10,969 Net cash from investing activities - continuing operations (125,097) (41,671) Net cash from investing activities - discontinued operations - (7,385) Net cash from investing activities (125,097) (49,056) Cash Flows From Financing Activities: Proceeds from issuance of long-term debt 1,005,000 - Payments to redeem long-term debt (934,316) (233,930) Change in customer deposits at PB Bank (50,208) (10,458) Dividends paid to stockholders (51,059) (35,956) Premium and fees paid to redeem/refinance debt (17,271) (13,688) Capped call payment (24,702) - Common stock repurchases (378,361) - Other financing activities 5,559 (4,568) Net cash from financing activities - continuing operations (445,358) (298,600) Net cash from financing activities - discontinued operations - (6,855) Net cash from financing activities (445,358) (305,455) Effect of exchange rate changes on cash and cash equivalents 2,359 (4,987) Change in cash and cash equivalents (184,839) (130,328) Cash and cash equivalents at beginning of period 469,726 600,054 Cash and cash equivalents at end of period 284,887$469,726$ Year Ended December 31, DECEMBER 2025 (Dollars in thousands) PITNEY BOWES INC. STATEMENTS OF CASH FLOWS

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![](q42025earningspressrelea008.jpg)

Pitney Bowes Inc. Business Segment Revenue (Unaudited; in thousands) 2025 2024 % Change 2025 2024 % Change Sending Technology Solutions $317,897 $336,562 (6%) $1,256,001 $1,354,032 (7%) Presort Services 159,728 179,555 (11%) 636,628 662,587 (4%) Total reportable segments 477,625 516,117 (7%) 1,892,629 2,016,619 (6%) Other - 4 (100%) - 9,979 (100%) Total revenue $477,625 $516,121 (7%) $1,892,629 $2,026,598 (7%) Three Months Ended December 31, Year Ended December 31,

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![](q42025earningspressrelea009.jpg)

Pitney Bowes Inc. Adjusted Segment EBIT & EBITDA (Unaudited; in thousands) Adjusted Segment EBIT (1) D&A Adjusted Segment EBITDA Adjusted Segment EBIT (1) D&A Adjusted Segment EBITDA Adjusted Segment EBIT Adjusted Segment EBITDA Sending Technology Solutions 112,848$10,923$123,771$90,833$12,146$102,979$24% 20% Presort Services 41,932 9,380 51,312 52,228 9,103 61,331 (20%) (16%) Total reportable segments 154,780$20,303$175,083 143,061$21,249$164,310 8% 7% Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes: Other operations (2) - (677) Depreciation and amortization - reportable segments (20,303) (21,249) Corporate expenses (22,804) (27,946) Restructuring charges (41,618) (12,056) Interest expense, net (36,485) (41,708) Gain (loss) on debt transactions 10,362 (8,750) Pension settlement charge - (91,339) Foreign currency (loss) gain on intercompany loans (710) 23,724 Transaction and Strategic review costs (4,584) (2,820) Charges in connection with Ecommerce Restructuring (20,564) (29,686) Income (loss) from continuing operations before taxes 38,377$(48,197)$ Adjusted Segment EBIT (1) D&A Adjusted Segment EBITDA Adjusted Segment EBIT (1) D&A Adjusted Segment EBITDA Adjusted Segment EBIT Adjusted Segment EBITDA Sending Technology Solutions 412,189$45,525$457,714$384,751$45,867$430,618$7% 6% Presort Services 165,277 37,029 202,306 165,784 35,825 201,609 (0%) 0% Total reportable segments 577,466$82,554$660,020 550,535$81,692$632,227 5% 4% Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes: Other operations (2) - (12,821) Depreciation and amortization - reportable segments (82,554) (81,692) Corporate expenses (116,173) (152,503) Restructuring charges (58,392) (76,915) Interest expense, net (149,156) (173,694) Loss on debt transactions (14,072) (10,892) Pension settlement charge - (91,339) Foreign currency (loss) gain on intercompany loans (21,944) 10,243 Transaction and Strategic review costs (12,179) (17,110) Impairment charge (268) (10,000) Charges in connection with Ecommerce Restructuring (12,758) (67,831) Income (loss) from continuing operations before taxes 192,524$(52,327)$(1) (2) Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, foreign currency gains and losses from the revaluation of intercompany loans and other items that are not allocated to a business segment. Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment. Three Months Ended December 31, 2025 2024 Year Ended December 31, 2025 2024 % change % change

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Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited; in thousands, except per share amounts) 2025 2024 2025 2024 Reconciliation of reported net income (loss) to adjusted net income, adjusted EBIT and adjusted EBITDA Net income (loss) - GAAP $27,337 ($37,373) $144,697 ($203,597) (Income) loss from discontinued operations, net of tax - (4,690) - 306,099 Provision (benefit) for income taxes 11,040 (6,134) 47,827 (154,829) Income (loss) from continuing operations before taxes 38,377 (48,197) 192,524 (52,327) Restructuring charges 41,618 12,056 58,392 76,915 Pension settlement charge - 91,339 - 91,339 Foreign currency loss (gain) on intercompany loans 710 (23,724) 21,944 (10,243) Transaction and Strategic review costs 4,584 2,820 12,179 17,110 Impairment charge - - 268 10,000 Charges in connection with Ecommerce Restructuring 20,564 29,686 12,758 67,831 (Gain) loss on debt transactions (10,362) 8,750 14,072 10,892 Adjusted net income before tax 95,491 72,730 312,137 211,517 Adjusted tax provision 25,255 14,322 77,743 61,254 Adjusted net income $70,236 $58,408 $234,394 $150,263 Adjusted net income before tax $95,491 $72,730 $312,137 $211,517 Interest, net 36,485 41,708 149,156 173,694 Adjusted EBIT 131,976 114,438 461,293 385,211 Depreciation and amortization 27,072 28,588 111,575 114,485 Adjusted EBITDA $159,048 $143,026 $572,868 $499,696 Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share Diluted earnings (loss) per share - GAAP $0.17 ($0.21) $0.84 ($1.12) (Income) loss from discontinued operations, net of tax - (0.03) - 1.68 Restructuring charges 0.20 0.05 0.25 0.32 Pension settlement charge - 0.37 - 0.37 Foreign currency loss (gain) on intercompany loans 0.00 (0.10) 0.10 (0.04) Transaction and Strategic review costs 0.02 0.01 0.05 0.07 (Gain) loss on debt transactions (0.05) 0.04 0.06 0.05 Charges in connection with Ecommerce Restructuring 0.10 0.12 0.06 0.28 Asset impairment charge - - - 0.06 Tax on settlement of investment securities - 0.05 - 0.05 Tax benefit from affiliate reorganization - - - (0.90) Adjusted diluted earnings per share $0.45 $0.32 $1.35 $0.82 The sum of the earnings per share amounts may not equal the totals due to rounding. Reconciliation of reported net cash from operating activities to free cash flow Net cash from operating activities - continuing operations $221,699 $131,837 $383,257 $276,452 Capital expenditures (20,251) (22,182) (66,278) (72,403) Restructuring payments 10,495 32,104 41,338 86,024 Free cash flow $211,943 $141,759 $358,317 $290,073 Three Months Ended December 31, Year Ended December 31,

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## Exhibit 99.2

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1 Pitney Bowes - Confidential Fellow Pitney Bowes Shareholders, Thank you for your ongoing investment in Pitney Bowes. As detailed in the Company's earnings press release, we produced strong financial results in the Fourth Quarter and Fiscal Year 2025. These results reflect new leadership's focus on accretive capital allocation, disciplined cost management and improved operational execution. With this said, one-time items and ongoing share purchases also represented a material tailwind. Looking ahead to Fiscal Year 2026, our core businesses – Presort and SendTech – are positioned to generate strong cash flow and earnings despite sustained revenue headwinds. SendTech is expected to gradually exit what we believe to be the low point of its product cycle. However, we will also contend with the prospect of additional market uncertainty and geopolitical challenges. These factors, as well as our efforts to improve forecasting, contributed to us disclosing wider ranges for the current year's guidance in the Company's earnings press release. I am devoting the rest of this letter to detailing our 2025 successes and learnings, as well as summarizing priorities for 2026. Decisive Action Drove Tangible Progress and Strong Value in 2025 As noted, we took decisive action which supported our success last year, including: Strengthening Senior Leadership –A key output of our strategic review has been upgrading our senior team, by appointing Paul Evans (an experienced public company finance executive and director) as CFO, appointing Todd Everett (an experienced technology executive who previously led Newgistics to a value- maximizing sale to Pitney Bowes) as President of SendTech, and hiring Steve Fischer (previous CEO of TIAA bank, which had a balance sheet with ~$35 billion in assets) to run Pitney Bowes Bank. We also upgraded positions by elevating existing talent, including making Ruchi Bhalla head of HR and Wes Kirschner head of IT. Additionally, the executive team has upgraded their talent and continues to eliminate bureaucratic layers. Enhancing and Streamlining Operations - New leadership's focus on efficiency and smoother processes delivered additional annualized cost savings in excess of $50 million – without the use of consultants. Although we do not foresee a near-term repeat of one-time cost reductions, we are building a culture of continual improvement that will lead to sustained progress with regard to cost management, operational outputs and speed of execution. Our cultural reset helped us make the decision to move our corporate headquarters to the Company's existing facility in Shelton, Connecticut and eliminate the complex structure of our Global Financial Services group. Fortifying Our Balance Sheet and Financial Profile - In Fiscal Year 2025, we reduced our borrowing costs through the issuance of low-yielding convertible debt and the retirement of higher interest rate debt through a tender offer and open market repurchases. We again reached a sub-3.0x leverage ratio per our credit agreement at year-end, giving us greater flexibility under our covenants. We also increased our Revolving Credit Facility, which provides liquidity and is our lowest cost non-convertible source of borrowing, from $265 million to $400 million. We returned capital to shareholders by repurchasing roughly 20% of our outstanding shares and increasing our quarterly dividend by 80%. Furthermore, we started the process of exiting our U.S., Canadian, and two smaller European pension plans by entering into annuity contracts with Exhibit 99.2

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2 Pitney Bowes - Confidential insurance carriers that transfer future risk associated with approximately $875 million in projected benefit obligations. These actions, as well as others, helped us attract coverage from new sell side analysts and achieve an S&P positive credit watch. Tough, Yet Valuable, Learnings From 2025 The early-year decision to maintain high pricing for Presort resulted in profitable business walking out the door, based on the belief that we have a premium service that justifies a higher price. While it is true we offer a premium service, with an extraordinary Net Promoter Score and faster delivery of mail than our competitors, customers largely buy based on price. We started working diligently to reverse these declines in the second half, resulting in new business wins and no material customer losses since June 2025. Another challenge was offsetting revenue declines. In addition to the pricing approach in Presort, we did not drive significant growth in SendTech's shipping software vertical. As noted in the previous section, we have made important leadership changes to support a heightened focus on pursuing profitable growth. Finally, our financial forecasting misses represented a disappointment. They hindered our ability to mitigate problems and address financial headwinds. Please know that we have taken decisive action to improve our forecasting ability, including bringing in experienced outside talent and promoting the right internal talent. Opportunities for Improvement and Strategic Objectives for 2026 To build on the initial momentum established last year, we are focused on the following in 2026: Revitalizing Presort – Presort is an exceptional business with distinct competitive advantages, including our network, systems, customer service and scale. We are focused on reigniting volume growth by maintaining a highly competitive pricing model and more aggressively pursuing accretive tuck-in acquisition opportunities. I have given Presort President Debbie Pfeiffer the "green light" to act with urgency to seize Presort's exciting opportunities. Maximizing Presort's long-term value may require aggressive pricing in the coming year(s), but it is in the best interest of shareholders that we remain willing to forego short-term profitability for long-term cash flow. Reimaging SendTech – SendTech is also an attractive, high-margin business that serves the vast majority of the Fortune 500 and hundreds of thousands of small and medium-sized businesses. Todd Everett and our revamped SendTech leadership team are developing new strategies that leverage the segment's strong position, exceptional customer base, and strong technology offerings to stem revenue declines and then resume growth. This includes focusing on mailing meter retention to slow historic mid-single-digit declines, expanding our shipping footprint with enterprise customers where our analytic offerings provide differentiation, and potentially realigning our shipping portfolio around fewer, higher-ROI solutions. We intend to articulate and start implementing this plan by the end of the first half of 2026. Realizing the Potential of PB Bank – Pitney Bowes Bank is a key part of the Company, allowing us to offer postage payment options and other value-added financing solutions to approximately 400,000 long-tenured customers and holding more than $575 million of low-cost, long-duration deposits that we believe can help generate growth at attractive risk-adjusted returns. Under Steve Fischer, we will work to optimize cash and strengthen the Company's already improved balance sheet, while delivering profitable growth.

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3 Pitney Bowes - Confidential Proceeding to Strategic Review Phase 2 –We are still on track to commence our strategic review's second phase by the end of the second quarter. This endeavor will focus on working with independent financial and legal advisors to review all potential alternatives to our standalone value creation trajectory. Strategically Allocating Capital – I remain dedicated to a nimble capital allocation policy that balances debt reduction, share repurchases, well-timed dividend increases, and long-term and opportunistic investment in our organization. We plan to continue to deleverage in 2026 and are committed to targeting a leverage ratio ~3.0x Net Debt to Adjusted EBITDA over the long-term. We are also increasing our share repurchase authorization by $250 million to maximize flexibility. Conclusion Thank you to our shareholders, debtholders, employees and customers for the faith you have put in our revamped leadership team. I can assure you that we are working tirelessly to reward you for that faith. Sincerely, Kurt Wolf Chief Executive Officer & Director Pitney Bowes

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