pbi-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 1-03579

PITNEY BOWES INC.

(Exact name of registrant as specified in its charter)

State of incorporation:

Delaware

I.R.S. Employer Identification No.

06-0495050

Address of Principal Executive Offices:

27 Waterview Drive,

Shelton,

Connecticut

06484

Telephone Number:

(203)

922-4000

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

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

6.7% Notes due 2043

PBI.PRB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

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 Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of April 24, 2026, 135,441,425 shares of common stock, par value $1 per share, of the registrant were outstanding.

PITNEY BOWES INC.

INDEX


		Page Number

Part I - Financial Information:

Item 1:	Financial Statements

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	3

	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	4

	Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	5

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3:	Quantitative and Qualitative Disclosures about Market Risk	34

Item 4:	Controls and Procedures	34


Part II - Other Information:

Item 1:	Legal Proceedings	35

Item 1A:	Risk Factors	35

Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 3:	Defaults Upon Senior Securities	36

Item 4:	Mine Safety Disclosures	36

Item 5:	Other Information	36

Item 6:	Exhibits	37


Signatures		38

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share amounts)


	Three Months Ended March 31,
		2026		2025
Revenue:
Services		$	306,570	$	318,432
Products		88,650		93,190
Financing and other		82,193		81,798
Total revenue		477,413		493,420
Costs and expenses:
Cost of services		156,155		155,873
Cost of products		48,680		50,919
Cost of financing and other		12,795		17,507
Selling, general and administrative		133,377		165,915
Research and development		3,794		4,763
Restructuring charges		5,112		1,400

Interest expense, net		25,992		24,270
Other components of net pension and postretirement cost		11,034		1,854
Other expense		—		24,187
Total costs and expenses		396,939		446,688
Income before taxes		80,474		46,732
Provision for income taxes		22,336		11,310


Net income		$	58,138	$	35,422



Basic net income per share		$	0.40	$	0.19



Diluted net income per share		$	0.39	$	0.19

See Notes to Condensed Consolidated Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in thousands)


	Three Months Ended March 31,
		2026		2025
Net income		$	58,138	$	35,422
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(107) and $95, respectively		(9,226)		19,549

Net unrealized (loss) gain on investment securities, net of tax of $(149) and $939, respectively		(476)		2,995

Amortization of pension and postretirement costs, net of tax of $2,477 and $1,666, respectively		6,535		5,052
Other comprehensive (loss) income, net of tax		(3,167)		27,596
Comprehensive income		$	54,971	$	63,018

See Notes to Condensed Consolidated Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands, except per share amount)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents (includes $86,519 and $38,851, respectively, reported at fair value)	$	302,876	$	284,887
Short-term investments (includes $1,717 and $1,715, respectively, reported at fair value)	11,142		12,232
Accounts and other receivables (net of allowance of $7,565 and $7,507, respectively)	158,587		168,099
Short-term finance receivables (net of allowance of $11,024 and $14,206, respectively)	481,566		496,446
Inventories	62,611		66,241
Current income taxes	2,684		3,143
Other current assets and prepayments (net of allowance of $10,466 in both 2026 and 2025)	109,884		69,451


Total current assets	1,129,350		1,100,499
Property, plant and equipment, net	180,344		185,913
Rental property and equipment, net	23,307		24,054
Long-term finance receivables (net of allowance of $7,336 and $4,370 respectively)	571,147		605,129
Goodwill	742,882		746,687
Intangible assets, net	13,845		14,741
Operating lease assets	108,408		106,996
Noncurrent income taxes	92,868		95,412

Other assets (includes $181,833 and $185,111, respectively, reported at fair value)	285,157		289,520
Total assets	$	3,147,308	$	3,168,951

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$	766,989	$	845,378
Customer deposits at Pitney Bowes Bank	574,302		582,630
Current operating lease liabilities	29,306		28,396
Current portion of long-term debt	363,952		17,150
Advance billings	72,531		69,075
Current income taxes	11,409		5,210


Total current liabilities	1,818,489		1,547,839
Long-term debt	1,774,240		1,975,888
Deferred taxes on income	81,762		72,665
Tax uncertainties and other income tax liabilities	161		278
Noncurrent operating lease liabilities	100,727		99,757
Noncurrent customer deposits at Pitney Bowes Bank	71,000		71,000
Other noncurrent liabilities	194,501		203,884
Total liabilities	4,040,880		3,971,311

Commitments and contingencies (See Note 13)

Stockholders’ deficit:
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued)	270,338		270,338

Retained earnings	2,689,224		2,655,703
Accumulated other comprehensive loss	(792,299)		(789,132)
Treasury stock, at cost (131,916 and 119,634 shares, respectively)	(3,060,835)		(2,939,269)
Total stockholders’ deficit	(893,572)		(802,360)
Total liabilities and stockholders’ deficit	$	3,147,308	$	3,168,951

See Notes to Condensed Consolidated Financial Statements

PITNEY BOWES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	58,138	$	35,422

Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization	25,641		28,324
Allowance for credit losses	3,288		1,978
Change in allowance for DIP Facility	—		(1,539)
Stock-based compensation	3,278		2,683
Amortization of debt fees	1,956		2,152
Loss on debt redemption/refinancing	—		24,646
Restructuring charges	5,112		1,400
Restructuring payments	(15,201)		(13,106)
Pension contributions and retiree medical payments	(10,543)		(12,671)
Loss on disposal of assets	2,382		5,106
(Gain) loss on revaluation of intercompany loans	(4,882)		7,595


Other, net	11,840		4,779
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	7,339		(131)
Finance receivables	43,550		34,586
Inventories	3,502		(4,807)
Other current assets and prepayments	(8,324)		(4,326)
Accounts payable and accrued liabilities	(102,495)		(141,282)
Current and noncurrent income taxes	15,684		8,382
Advance billings	3,890		4,130


Net cash from operating activities	44,155		(16,679)
Cash flows from investing activities:
Capital expenditures	(15,846)		(16,887)
Purchases of investment securities	(2,757)		(3,910)
Proceeds from sales/maturities of investment securities	7,299		13,345
Net investment in loan receivables	1,783		(37,423)
DIP Facility reimbursement	—		1,539

Acquisition	—		(2,200)

Other investing activities, net	233		—


Net cash from investing activities	(9,288)		(45,536)
Cash flows from financing activities:

Proceeds from the issuance of debt	147,750		775,000
Principal payments of debt	(3,538)		(787,187)
Premiums and fees paid to redeem/refinance debt	—		(20,598)
Dividends paid to stockholders	(13,319)		(10,980)
Customer deposits at Pitney Bowes Bank	(8,327)		(26,766)

Common stock repurchases	(135,647)		(15,000)
Other financing activities, net	(3,336)		465


Net cash from financing activities	(16,417)		(85,066)
Effect of exchange rate changes on cash and cash equivalents	(461)		1,342
Change in cash and cash equivalents	17,989		(145,939)
Cash and cash equivalents at beginning of period	284,887		469,726


Cash and cash equivalents at end of period	$	302,876	$	323,787

See Notes to Condensed Consolidated Financial Statements

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation

Description of Business

Pitney Bowes Inc. ("we", "our", or "the company") 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.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2025 Condensed Consolidated Balance Sheet was derived from audited financial statements but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K/A for the year ended December 31, 2025 (2025 Annual Report).

Effective April 1, 2025, segment reporting was revised to report the revenue and related expenses of a cross-border services contract in our SendTech Solutions reporting segment, which was previously reported in Other. Accordingly, segment results for the three months ended March 31, 2025 have been revised to conform to the current period presentation.

During the first quarter of 2025, we identified an error and recorded an out of period adjustment of $4 million to correct an overstatement of revenue in prior periods. The impact of the adjustment was not material to the consolidated financial statements for any interim or annual periods prior to 2025 and was not material to the 2025 annual period.

Accounting Pronouncements Adopted in 2026

In the first quarter of 2026, we adopted Financial Accounting Standards Board ("FASB") ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, and elected the practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on those assets. The adoption of this standard did not have a material impact on our financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which updates the accounting for certain acquired seasoned loans subject to the current expected credit loss model. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which updates the timing of recognition for internal-use software costs. This standard is effective for fiscal years beginning after December 15, 2027, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of this standard will not have any impact on our financial statements but will result in more comprehensive and enhanced disclosures.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

2. Revenue

Disaggregated Revenue

The following tables disaggregate our revenue by source and timing of recognition:


	Three Months Ended March 31, 2026
	SendTech Solutions		Presort Services		Revenue from services and products		Revenue from leasing transactions and financing		Total consolidated revenue
Major service/product lines
Services	$	143,104	$	163,466	$	306,570	$	—	$	306,570
Products	52,571		—		52,571		36,079		88,650
Financing and other	—		—		—		82,193		82,193



Subtotal	195,675		163,466		359,141		$	118,272	$	477,413
Revenue from leasing transactions and financing	118,272		—		118,272


Total revenue	$	313,947	$	163,466	$	477,413

Timing of revenue recognition from services and products
Services/products transferred at a point in time	$	65,547	$	—	$	65,547
Services/products transferred over time	130,128		163,466		293,594
Total	$	195,675	$	163,466	$	359,141


	Three Months Ended March 31, 2025
	SendTech Solutions		Presort Services		Revenue from services and products		Revenue from leasing transactions and financing		Total consolidated revenue
Major service/product lines
Services	$	140,618	$	177,814	$	318,432	$	—	$	318,432
Products	53,252		—		53,252		39,938		93,190
Financing and other	—		—		—		81,798		81,798



Subtotal	193,870		177,814		371,684		$	121,736	$	493,420
Revenue from leasing transactions and financing	121,736		—		121,736


Total revenue	$	315,606	$	177,814	$	493,420

Timing of revenue recognition from services and products
Services/products transferred at a point in time	$	66,403	$	—	$	66,403
Services/products transferred over time	127,467		177,814		305,281
Total	$	193,870	$	177,814	$	371,684

Our performance obligations for revenue from services and products are as follows:

Services revenue includes revenues from digital shipping and mailing technology solutions and the maintenance, professional and subscription services related to those solutions, mail processing services and cross-border solutions. Revenues for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription services is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period. Revenue for maintenance and subscription services is recognized ratably over

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

the contract period, which ranges from one to five years, and revenue for professional services is recognized when services are provided.

Products revenue generally includes the sale of mailing and shipping equipment and related supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment.

Financing and other revenue includes revenue from sales-type and operating leases, finance income, fees and investment income, gains and losses at the Pitney Bowes Bank.

Advance Billings from Contracts with Customers


	Balance sheet location	March 31, 2026		December 31, 2025		Increase/ (decrease)
Advance billings, current	Advance billings	$	64,321	$	63,528	$	793
Advance billings, noncurrent	Other noncurrent liabilities	$	98	$	102	$	(4)

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to maintenance services on mailing equipment. Revenue recognized during the period includes $29 million of advance billings at the beginning of the period. Current advance billings at March 31, 2026 and December 31, 2025 does not include $8 million and $6 million, respectively, from leasing transactions.

Future Performance Obligations

Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:


	Remainder of 2026		2027		2028-2031		Total
SendTech Solutions	$	207,587	$	197,642	$	243,456	$	648,685

These amounts do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

3. Segment Information

Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, First Class Flats, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Management, including the Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to our segments. Effective January 1, 2026, we are excluding expense related to the U.S. and Canada pension plans from Adjusted segment EBIT as we have taken steps to terminate these plans. Prior periods were not recast. Management believes that adjusted segment EBIT provides a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to income or loss before taxes.


		Revenue
	Three Months Ended March 31,
		2026		2025
SendTech Solutions		$	313,947	$	315,606
Presort Services		163,466		177,814


Total revenue		$	477,413	$	493,420


	Three Months Ended March 31,
		2026		2025
SendTech Solutions
Revenue		$	313,947	$	315,606

Less:
Cost of revenue		102,027		106,030
Operating expenses		98,390		112,549
Adjusted segment EBIT		$	113,530	$	97,027

Presort Services
Revenue		$	163,466	$	177,814

Less:
Cost of revenue		106,020		104,635
Operating expenses		18,268		18,400
Adjusted segment EBIT		$	39,178	$	54,779

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)


		Adjusted Segment EBIT
	Three Months Ended March 31,
		2026		2025
SendTech Solutions		$	113,530	$	97,027
Presort Services		39,178		54,779
Total adjusted segment EBIT		152,708		151,806
Reconciliation of adjusted segment EBIT to income or loss before taxes:


Interest expense, net		(35,575)		(37,885)
Corporate expenses		(22,331)		(32,117)
Restructuring charges		(5,112)		(1,400)


Loss on debt redemption/refinancing		—		(24,646)
Foreign currency gain (loss) on intercompany loans		4,882		(7,595)
Charge in connection with Ecommerce Restructuring		—		459
Pension expense of plans to be terminated		(7,554)		—
Transaction and Strategic review costs		(6,544)		(1,890)



Income before taxes		$	80,474	$	46,732

4. Earnings per Share (EPS)

The calculation of basic and diluted EPS is presented below.


	Three Months Ended March 31,
		2026		2025
Numerator:




Net income		$	58,138	$	35,422
Denominator:
Weighted-average shares used in basic EPS		146,764		182,872
Dilutive effect of common stock equivalents		978		1,901
Weighted-average shares used in diluted EPS		147,742		184,773




Basic net income per share		$	0.40	$	0.19




Diluted net income per share		$	0.39	$	0.19

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
Stock-based compensation awards		3,340		3,969
Convertible senior notes		16,168		—
Total		19,508		3,969

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

5. Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Raw materials	$	28,059	$	28,967
Supplies and service parts	15,953		16,359
Finished products	18,599		20,915


Total inventories	$	62,611	$	66,241

6. Finance Assets and Lessor Operating Leases

Finance Assets

Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.

Finance receivables consisted of the following:


	March 31, 2026						December 31, 2025
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	848,201	$	104,844	$	953,045	$	870,453	$	114,080	$	984,533
Unguaranteed residual values	31,824		5,666		37,490		33,047		6,063		39,110
Unearned income	(256,673)		(31,275)		(287,948)		(255,754)		(34,736)		(290,490)
Allowance for credit losses	(9,674)		(1,912)		(11,586)		(10,281)		(1,947)		(12,228)
Net investment in sales-type lease receivables	613,678		77,323		691,001		637,465		83,460		720,925
Loan receivables
Loan receivables	365,426		3,060		368,486		384,846		2,152		386,998
Allowance for credit losses	(6,707)		(67)		(6,774)		(6,334)		(14)		(6,348)
Net investment in loan receivables	358,719		2,993		361,712		378,512		2,138		380,650
Net investment in finance receivables	$	972,397	$	80,316	$	1,052,713	$	1,015,977	$	85,598	$	1,101,575

Maturities of gross finance receivables at March 31, 2026 were as follows:


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2026	$	258,655	$	38,031	$	296,686	$	231,877	$	3,060	$	234,937
2027	271,638		31,463		303,101		61,104		—		61,104
2028	177,332		19,717		197,049		42,488		—		42,488
2029	96,322		10,543		106,865		23,783		—		23,783
2030	39,737		4,031		43,768		5,725		—		5,725
Thereafter	4,517		1,059		5,576		449		—		449
Total	$	848,201	$	104,844	$	953,045	$	365,426	$	3,060	$	368,486

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Aging of Receivables

The aging of gross finance receivables was as follows:


	March 31, 2026
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	840,078	$	102,236	$	357,361	$	2,966	$	1,302,641
Past due amounts > 90 days	8,123		2,608		8,065		94		18,890
Total	$	848,201	$	104,844	$	365,426	$	3,060	$	1,321,531


	December 31, 2025
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	861,059	$	111,809	$	382,697	$	1,746	$	1,357,311
Past due amounts > 90 days	9,394		2,271		2,149		406		14,220
Total	$	870,453	$	114,080	$	384,846	$	2,152	$	1,371,531

Allowance for Credit Losses

We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and the account is deemed uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

Activity in the allowance for credit losses for finance receivables was as follows:


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2026	$	10,281	$	1,947	$	6,334	$	14	$	18,576

Amounts charged to expense	(287)		60		1,546		48		1,367
Write-offs	(988)		(109)		(1,385)		—		(2,482)
Recoveries	676		31		212		—		919
Other	(8)		(17)		—		5		(20)
Balance at March 31, 2026	$	9,674	$	1,912	$	6,707	$	67	$	18,360

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2025	$	12,659	$	2,324	$	6,549	$	144	$	21,676

Amounts charged to expense	644		(105)		582		42		1,163
Write-offs	(1,536)		(186)		(1,543)		(48)		(3,313)
Recoveries	492		48		328		—		868
Other	44		84		179		5		312
Balance at March 31, 2025	$	12,303	$	2,165	$	6,095	$	143	$	20,706

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The table below shows write-offs of gross finance receivables by year of origination.


	Three Months Ended March 31, 2026
	Sales Type Lease Receivables												Loan Receivables		Total
	2026		2025		2024		2023		2022		Prior
Write-offs	$	43	$	142	$	236	$	327	$	202	$	147	$	1,385	$	2,482


	Three Months Ended March 31, 2025
	Sales Type Lease Receivables												Loan Receivables		Total
	2025		2024		2023		2022		2021		Prior
Write-offs	$	64	$	124	$	383	$	518	$	396	$	237	$	1,591	$	3,313

Credit Quality

The extension and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow-up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.

Substantially all of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.

•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.

•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.

We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Most of the International credit applications are subjected to an automated review process. Credit applications that are manually reviewed include obtaining client financial information, credit reports and other available financial information.

The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)


	March 31, 2026
	Sales Type Lease Receivables												Loan Receivables		Total
	2026		2025		2024		2023		2022		Prior
Low	$	39,445	$	141,695	$	141,261	$	138,020	$	89,313	$	140,451	$	309,973	$	1,000,158
Medium	7,755		26,359		26,621		24,317		15,603		23,508		34,087		158,250
High	941		3,969		4,774		4,023		2,870		3,873		7,297		27,747
Not Scored	28,797		33,723		25,350		15,473		9,081		5,823		17,129		135,376
Total	$	76,938	$	205,746	$	198,006	$	181,833	$	116,867	$	173,655	$	368,486	$	1,321,531

	December 31, 2025
	Sales Type Lease Receivables												Loan Receivables		Total
	2025		2024		2023		2022		2021		Prior
Low	$	150,688	$	153,596	$	153,844	$	106,037	$	76,774	$	76,956	$	336,943	$	1,054,838
Medium	27,793		28,927		27,310		18,950		12,719		12,754		29,701		158,154
High	2,798		2,974		2,555		2,076		1,214		1,451		4,998		18,066
Not Scored	49,845		32,817		23,710		12,157		4,531		2,057		15,356		140,473
Total	$	231,124	$	218,314	$	207,419	$	139,220	$	95,238	$	93,218	$	386,998	$	1,371,531

Lease Income

Lease income from sales-type leases, excluding variable lease payments, was as follows:


	Three Months Ended March 31,
		2026		2025
Profit recognized at commencement		$	18,811	$	19,760
Interest income		37,357		37,763
Total lease income from sales-type leases		$	56,168	$	57,523

Lessor Operating Leases

We lease mailing equipment under operating leases with terms of one to five years. Revenue from operating leases for each of the three months ended March 31, 2026 and 2025 was $15 million. Maturities of operating leases are as follows:


Remainder 2026	$	19,675
2027	19,989
2028	9,792
2029	6,248
2030	3,257
Thereafter	623
Total	$	59,584

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

7. Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	32,032	$	(19,291)	$	12,741	$	32,032	$	(18,490)	$	13,542
Software & technology	1,230		(126)		1,104		1,230		(31)		1,199

Total intangible assets	$	33,262	$	(19,417)	$	13,845	$	33,262	$	(18,521)	$	14,741

Amortization expense was $1 million for each of the three months ended March 31, 2026 and 2025.

Future amortization expense as of March 31, 2026 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.


Remainder 2026	$	2,402
2027	3,307
2028	3,189
2029	1,789
2030	939
Thereafter	2,219
Total	$	13,845

Goodwill

Changes in the carrying value of goodwill by reporting segment are shown in the table below.


	December 31, 2025		Currency impact		March 31, 2026
SendTech Solutions	$	522,924	$	(3,805)	$	519,119
Presort Services	223,763		—		223,763

Total goodwill	$	746,687	$	(3,805)	$	742,882

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

8. Fair Value Measurements and Derivative Instruments

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy.

The following tables show the financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy.


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:

Money market funds	$	94,610	$	—	$	—	$	94,610
Mutual funds	11,215		—		—		11,215

Government securities	119		13,190		—		13,309
Corporate debt securities	—		43,323		—		43,323
Mortgage-backed securities	—		87,556		—		87,556
Asset-backed securities	—		20,057		—		20,057



Total assets	$	105,944	$	164,126	$	—	$	270,070
Liabilities:

Deferred compensation obligations	$	—	$	12,877	$	—	$	12,877

Total liabilities	$	—	$	12,877	$	—	$	12,877


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:

Money market funds	$	47,239	$	—	$	—	$	47,239

Mutual funds	11,852		—		—		11,852
Government securities	120		13,366		—		13,486
Corporate debt securities	—		43,895		—		43,895
Mortgage-backed securities	—		89,002		—		89,002
Asset-backed securities	—		20,203		—		20,203



Total assets	$	59,211	$	166,466	$	—	$	225,677
Liabilities:

Deferred compensation obligations	$	—	$	13,741	$	—	$	13,741

Total liabilities	$	—	$	13,741	$	—	$	13,741

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

The valuation of financial assets and liabilities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:

Assets

•Money Market Funds: Money market funds typically invest in securities issued by the U.S. government and its agencies and other highly liquid, low risk securities. The fair value of money market funds is based on the net asset value as reported daily by the underlying money market fund and serves as the basis for subscriptions and redemptions. Accordingly, money market funds are classified as Level 1.

•Mutual Funds: Comprised of mutual funds investing in equity securities of U.S. and foreign companies and a variety of fixed income securities. Mutual fund investments are primarily held in our deferred compensation plan (see Deferred Compensation Obligation below). The fair value of mutual funds is based on the net asset value as reported daily by the underlying mutual fund and serves as the basis for subscriptions and redemptions. Accordingly, mutual funds are classified as Level 1.

•Government Securities: Government securities consist primarily of municipal bonds and U.S. agency securities. Government securities are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when fair value is determined using quoted market prices for similar securities or by benchmarking models which derive prices based on observable transactions for comparable securities.

•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. Accordingly, these securities are classified as Level 2.

•Mortgage-Backed Securities: Comprised of U.S Government agency mortgage-backed securities issued by the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Governmental National Mortgage Association (Ginnie Mae), and the Federal Housing Administration and commercial mortgage-backed securities. Fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data. Accordingly, these securities are classified as Level 2.

•Asset-Backed Securities: Asset-backed securities are classified as Level 2 as fair value for these securities is determined based on prices of comparable securities, external pricing indices or external price/spread data.

Liabilities

•Deferred Compensation Obligation: we offer a deferred compensation plan that allows certain eligible employees to defer a portion of their variable compensation annually and invest their deferred compensation among a variety of investment options. The deferred compensation obligation represents the aggregate value of the participants' accounts at the end of the reporting period. The fair value of the deferred compensation obligation is determined based on the underlying asset values and is classified as Level 2. The deferred compensation obligation is reported in accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheet.

Available-For-Sale Securities

Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the three months ended March 31, 2026 or 2025.

Available-for-sale securities consisted of the following:


	March 31, 2026
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Mutual funds	$	1,899	$	—	$	(182)	$	1,717
Government securities	19,000		—		(5,691)		13,309
Corporate debt securities	49,281		—		(5,958)		43,323
Mortgage-backed securities	106,167		—		(18,611)		87,556
Asset-backed securities	19,949		108		—		20,057
Total	$	196,296	$	108	$	(30,442)	$	165,962

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)


	December 31, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Mutual funds	$	1,886	$	—	$	(171)	$	1,715
Government securities	19,043		—		(5,557)		13,486
Corporate debt securities	49,481		—		(5,586)		43,895
Mortgage-backed securities	107,652		—		(18,650)		89,002
Asset-backed securities	19,947		256		—		20,203
Total	$	198,009	$	256	$	(29,964)	$	168,301

The fair value of available-for-sale securities is reported on our Condensed Consolidated Balance Sheet as follows:


	March 31, 2026		December 31, 2025
Short-term investments	$	1,717	$	1,715
Other assets	164,245		166,586
Total	$	165,962	$	168,301

Investment securities in a loss position were as follows:


	March 31, 2026				December 31, 2025
	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Greater than 12 continuous months
Mutual funds	$	1,717	$	182	$	1,715	$	171
Government securities	13,309		5,691		13,486		5,557
Corporate debt securities	43,323		5,958		43,895		5,586
Mortgage-backed securities	87,556		18,611		89,002		18,650

Total	$	145,905	$	30,442	$	148,098	$	29,964

At March 31, 2026, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as we have the ability and intent to hold these securities until recovery of the unrealized losses and expect to receive the stated principal and interest at maturity.

Scheduled maturities of available-for-sale securities at March 31, 2026 were as follows:


	Amortized cost		Estimated fair value
Within 1 year	$	1,899	$	1,717
After 1 year through 5 years	37,345		33,748
After 5 years through 10 years	29,021		28,042
After 10 years	128,031		102,455
Total	$	196,296	$	165,962

Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Held-to-Maturity Securities

The carrying value and fair value of investments classified as held-to-maturity is as follows:


	March 31, 2026				December 31, 2025
	Carrying value		Fair value		Carrying value		Fair value
Government securities	$	19,089	$	18,966	$	19,865	$	19,787


Other	4,367		4,093		4,408		4,134
Total	$	23,456	$	23,059	$	24,273	$	23,921

The carrying value of held-to-maturity securities is reported on our Condensed Consolidated Balance Sheet as follows:


	March 31, 2026		December 31, 2025
Short-term investments	$	9,425	$	10,522
Other assets	14,031		13,751
Total	$	23,456	$	24,273

Scheduled maturities of held-to-maturity securities at March 31, 2026 were as follows:


	Carrying value		Fair value
Within 1 year	$	9,425	$	9,402
After 1 year through 5 years	7,960		7,874

After 10 years	6,071		5,783
Total	$	23,456	$	23,059

Fair Value of Financial Instruments

Our financial instruments include cash equivalents, accounts receivables, finance receivables, accounts payable and debt. The carrying values of cash equivalents, accounts receivables, finance receivables and accounts payable approximate fair value. The inputs used to estimate fair value of cash equivalents, accounts receivables, finance receivables and accounts payable were Level 2.

The inputs used to estimate the fair value of debt were Level 2 and included recently executed transactions and market price quotations.


	March 31, 2026		December 31, 2025
Carrying value	$	2,138,192	$	1,993,038
Fair value	$	2,073,680	$	1,954,304

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

9. Restructuring Charges

Activity in our restructuring reserves was as follows:


	2025 Plan		2024 Plan		Total
Balance at January 1, 2026	$	30,040	$	1,793	$	31,833
Amounts charged to expense	5,112		—		5,112

Cash payments	(13,408)		(1,793)		(15,201)

Balance at March 31, 2026	$	21,744	$	—	$	21,744










	2024 Plan
Balance at January 1, 2025	$	23,164
Amounts charged to expense	1,400

Cash payments	(13,106)
Noncash activity	(568)
Balance at March 31, 2025	$	10,890

Components of restructuring expense were as follows:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
	2025 Plan			2024 Plan
Severance	$	5,090		$	832
Facilities and other	22			568
Total	$	5,112		$	1,400

In October 2025, we finalized a worldwide restructuring plan (the "2025 Plan") that is expected to be completed by the first half of 2026. Under the 2025 Plan, we have eliminated over 450 positions and incurred cumulative charges of $41 million.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

10. Debt

Total debt consisted of the following:


	Interest rate	March 31, 2026		December 31, 2025


Notes due March 2027	6.875%	$	346,700	$	346,700


Term loan due March 2028	SOFR + 1.85%	152,000		154,000
Notes due March 2029	7.25%	476,000		326,000
Convertible Notes due August 2030	1.50%	230,000		230,000
Term loan due March 2032	SOFR + 3.75%	587,030		588,567
Notes due January 2037	5.25%	31,666		31,666
Notes due March 2043	6.70%	349,279		349,279


Principal amount		2,172,675		2,026,212
Less: unamortized costs, net		34,483		33,174
Total debt		2,138,192		1,993,038
Less: current portion long-term debt		363,952		17,150
Long-term debt		$	1,774,240	$	1,975,888

In the first quarter of 2026, we issued an additional aggregate $150 million of the Notes due March 2029. The additional notes have identical terms to the previously outstanding Notes due March 2029.

The credit facility also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027, the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available liquidity or refinance through the capital markets.

We have outstanding an aggregate $230 million convertible senior notes (the "Convertible Notes"). Prior to May 15, 2030, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and, thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate and conversion price were updated in the period as a result of an increase in our dividend, and is now 70.2937 shares of common stock per $1,000 principal amount and $14.23 per share of common stock, respectively, and subject to adjustment.

We may not redeem the Convertible Notes prior to August 21, 2028. On or after August 21, 2028, we may redeem for cash all or any portion of the Convertible Notes, at our option, if the last reported sale price of the Company’s Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest.

If the Company undergoes a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require that we repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount to be repurchased, plus accrued and unpaid interest. In addition, if a make-whole fundamental change (as defined in the Indenture) occurs,

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

or if we send a notice of redemption, we may be required to increase the conversion rate for any Convertible Notes converted in connection with such make-whole fundamental change or notice of redemption by a specified number of shares of its Common Stock.

The Convertible Notes are senior unsecured obligations of the Company and are guaranteed jointly and severally, on a senior unsecured basis, by each of the Company’s existing and future wholly owned U.S. subsidiaries that guarantee the Company’s existing credit agreement, existing senior notes or any other series of capital market debt with an aggregate principal amount outstanding in excess of $150 million.

Conversions of the Convertible Notes will be settled by paying cash up to the aggregate principal amount of the Convertible Notes being converted and by delivering shares of our common stock in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

In connection with the Convertible Notes offering, we entered into privately negotiated capped call transactions (the "Capped Call Transactions") with certain of the initial purchasers or their respective affiliates and certain other financial institutions. The Capped Call Transactions are expected to reduce the potential dilution of our common stock upon conversion of any Convertible Notes.


Number of shares covered, subject to certain adjustments			16,168
Strike price, subject to certain adjustments			$14.23
Cap price, subject to certain adjustments			$22.33

11. Pensions and Other Benefit Programs

The components of net periodic benefit cost were as follows:


	Defined Benefit Pension Plans								Nonpension Postretirement Benefit Plans
	United States				Foreign
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,				March 31,				March 31,
	2026		2025		2026		2025		2026		2025
Service cost	$	—	$	6	$	247	$	278	$	59	$	70
Interest cost	12,554		13,522		5,960		5,608		944		1,038
Expected return on plan assets	(11,191)		(18,650)		(6,245)		(6,382)		—		—

Amortization of prior service (credit) cost	(5)		(5)		79		73		—		—
Amortization of net actuarial loss (gain)	6,551		5,071		2,750		2,183		(363)		(604)

Net periodic benefit cost	$	7,909	$	(56)	$	2,791	$	1,760	$	640	$	504
Contributions to benefit plans	$	1,389	$	1,613	$	6,057	$	7,356	$	3,097	$	3,702

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

12. Income Taxes

The effective tax rate for the three months ended March 31, 2026 is 27.8%. The effective tax rate for the three months ended March 31, 2025 is 24.2% and includes a benefit of $2 million for the vesting of restricted stock.

With regard to U.S. Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2022 are closed to audit. With regard to U.S. state and local returns, most jurisdictions are closed through 2019. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2020 except for a specific issue (the issue is in appeals for 2016 and 2017 and under current examination for 2018 and 2019), India is currently under review for 2022 through 2024, and France, Germany and the U.K. are closed through 2019, 2020 and 2023, respectively.

13. Commitments and Contingencies

From time to time, in the ordinary course of business as well as in connection with our 2024 GEC Chapter 11 cases, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others.

The Company is involved in a dispute regarding agreements called “Equipment Supplements” with a former vendor for GEC that has resulted in three separate litigations. Trilogy Leasing Co., LLC (“Trilogy”) and its parent company Kingsbridge Holdings, LLC, filed suit against Pitney Bowes Inc. and Pitney Bowes Presort Services, LLC in November 2024, seeking $95 million in lease payments and additional interest and fees. That suit is pending in the Northern District of Illinois. In addition, we had intervened in a case filed against Trilogy in the United States Bankruptcy Court for the Southern District of Texas by one of the GEC Debtors, challenging the amount of damages potentially recoverable by Trilogy. The parties have agreed that this Texas case is now moot and should be dismissed; and the parties are awaiting a ruling from the Texas Court on the scope of that dismissal. We have now raised the same arguments against the damage claims in the Illinois action.

Due to uncertainties inherent in litigation, any actions could have a material adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our financial position, results of operations or cash flows, taking into account established accruals for estimated liabilities.

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

14. Stockholders’ Deficit

Changes in stockholders’ deficit were as follows:


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2026	$	270,338	$	2,655,703	$	(789,132)	$	(2,939,269)	$	(802,360)

Net income	—		58,138		—		—		58,138
Other comprehensive loss	—		—		(3,167)		—		(3,167)
Dividends paid ($0.09 per common share)	—		(13,319)		—		—		(13,319)
Issuance of common stock	—		(14,576)		—		14,081		(495)


Stock-based compensation expense	—		3,278		—		—		3,278
Repurchase of common stock	—		—		—		(135,647)		(135,647)
Balance at March 31, 2026	$	270,338	$	2,689,224	$	(792,299)	$	(3,060,835)	$	(893,572)


	Common stock		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total deficit
Balance at January 1, 2025	$	270,338	$	2,671,868	$	(839,171)	$	(2,681,468)	$	(578,433)

Net income	—		35,422		—		—		35,422
Other comprehensive income	—		—		27,596		—		27,596
Dividends paid ($0.06 per common share)	—		(10,980)		—		—		(10,980)
Issuance of common stock	—		(47,278)		—		50,106		2,828


Stock-based compensation expense	—		2,683		—		—		2,683
Repurchase of common stock	—		—		—		(15,000)		(15,000)
Balance at March 31, 2025	$	270,338	$	2,651,715	$	(811,575)	$	(2,646,362)	$	(535,884)

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

15. Accumulated Other Comprehensive Loss

Reclassifications out of AOCL were as follows:


		Gain (Loss) Reclassified from AOCL
	Three Months Ended March 31,
		2026		2025








Available-for-sale securities
Financing and other revenue		$	—	$	(505)


Income tax benefit		—		(126)
Net of tax		$	—	$	(379)

Pension and postretirement benefit plans

Prior service costs		$	(74)	$	(68)
Actuarial losses		(8,938)		(6,650)

Total before tax		(9,012)		(6,718)
Income tax benefit		(2,477)		(1,666)
Net of tax		$	(6,535)	$	(5,052)

Changes in AOCL, net of tax were as follows:


	Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2026	$	(22,569)	$	(713,098)	$	(53,465)	$	(789,132)
Other comprehensive loss before reclassifications	(476)		—		(9,226)		(9,702)
Reclassifications into earnings	—		6,535		—		6,535
Net other comprehensive (loss) income	(476)		6,535		(9,226)		(3,167)
Balance at March 31, 2026	$	(23,045)	$	(706,563)	$	(62,691)	$	(792,299)


	Available for sale securities		Pension and postretirement benefit plans		Foreign currency adjustments		Total
Balance at January 1, 2025	$	(29,597)	$	(704,818)	$	(104,756)	$	(839,171)
Other comprehensive income before reclassifications	2,616		—		19,549		22,165
Reclassifications into earnings	379		5,052		—		5,431
Net other comprehensive income	2,995		5,052		19,549		27,596
Balance at March 31, 2025	$	(26,602)	$	(699,766)	$	(85,207)	$	(811,575)

PITNEY BOWES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

16. Supplemental Financial Statement Information

Activity in the allowance for credit losses, other than finance receivables (see Note 6 for further information) is presented below.


	Three Months Ended March 31,
	2026		2025
Balance at beginning of year	$	17,973	$	27,096

Amounts charged to expense	1,921		(724)
Write-offs, recoveries and other	(1,863)		(1,044)
Balance at end of period	$	18,031	$	25,328

Accounts and other receivables	$	7,565	$	7,494
Other current assets and prepayments	10,466		17,834
Total	$	18,031	$	25,328

Amounts charged to expense in 2025 includes a credit of $2 million related to a DIP Facility reimbursement.

Interest expense, net

Interest expense, net for each of the three months ended March 31, 2026 and 2025 includes $2 million of interest income, respectively.

Other expense

Other expense in the first quarter of 2025 represents a loss on the redemption/refinancing of debt.

Supplemental cash flow information is as follows:


	Three Months Ended March 31,
	2026		2025

Cash interest paid	$	46,021	$	49,273
Cash income tax payments, net	$	6,412	$	2,980
Noncash activity
Capital assets obtained under capital lease obligations	$	4,184	$	857

As of March 31, 2026, we have entered into leases with aggregate payments of $4 million and terms ranging from five to six years that have not commenced.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties disclosed or incorporated by reference in our filings with the Securities and Exchange Commission ("SEC"). Other factors which could cause future financial 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

•accelerated or sudden decline in physical mail or shipping volumes

•the loss of some of our larger clients

•periods of difficult economic conditions impacting the company and our clients, including inflation and rising prices, changes in interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown

•our ability to compete successfully

•changes in banking regulations, major bank failures, the loss of our Industrial Bank charter or limitations on our banking activities

•changes in government contracting regulations and compliance challenges

•changes in labor and transportation availability and costs

•global supply chain issues adversely impacting our third party suppliers' ability to provide us with products and services

•changes in trade policies, tariffs and regulations

•changes in senior management and Board of Directors, loss of key employees and ability to attract and retain employees

•expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers

•inability to comply with data privacy and protection laws and regulations

•interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers

•changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or future interest rate increases that may adversely impact our ability to access capital markets at reasonable costs

•our indebtedness, including Convertible Notes, and the impact of any conversion, repurchase or redemption of the Convertible Notes

•our success at managing customer credit risk

•changes in foreign currency exchange rates

•the risks and uncertainties associated with the Ecommerce Restructuring

•changes in tax rates, laws or regulations

•inability to protect our intellectual property rights and intellectual property infringement claims

•our success in developing and marketing new products and services and obtaining regulatory approvals, if required

•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer

•shareholder activism

Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2025 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.

RESULTS OF OPERATIONS


	Three Months Ended March 31,
					Favorable/(Unfavorable)
	2026		2025		% Change
Total revenue	$	477,413	$	493,420	(3)	%
Total cost of revenue	217,630		224,299		3	%
Selling, general and administrative	133,377		165,915		20	%
Research and development	3,794		4,763		20	%
Restructuring charges	5,112		1,400		>(100%)
Interest expense, net	25,992		24,270		(7)	%
Other components of pension and postretirement cost	11,034		1,854		>(100%)
Other expense	—		24,187		100	%
Income before taxes	80,474		46,732		72	%
Provision for income taxes	22,336		11,310		(97)	%


Net income	$	58,138	$	35,422	64	%

In the Condensed Consolidated Statements of Operations, we allocate a portion of total interest expense to finance interest expense which is included in Cost of financing and other. The amount of total interest expense allocated to finance interest expense is based on the average outstanding finance receivables and our overall effective interest rate for the period. For segment reporting purposes, finance interest expense is excluded from segment results.

SEGMENT RESULTS

Our segments include SendTech Solutions and Presort Services. Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, including finance interest expense, taxes, corporate expenses, restructuring charges and other items not allocated to the segments.

Effective January 1, 2026, we are excluding expense related to the U.S. and Canada pension plans from Adjusted segment EBIT as we have taken steps to terminate these plans. Prior periods were not recast.

SendTech Solutions

Within SendTech Solutions, we provide clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We also offer financing alternatives that enable clients to finance equipment and product purchases, to finance or lease other manufacturers’ equipment and to provide working capital, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage.

Financial results for the SendTech Solutions segment was as follows:


	Three Months Ended March 31,
							Favorable/(Unfavorable)
	2026			2025			% change
Services	$	143,104		$	140,618		2	%
Products	88,650			93,190			(5)	%
Financing and other	82,193			81,798			—	%



Total revenue	313,947			315,606			(1)	%

Cost of services	50,135			51,219			2	%
Cost of products	48,680			50,919			4	%
Cost of financing and other	3,212			3,892			17	%


Total costs of revenue	102,027			106,030			4	%

Gross margin	211,920			209,576			1	%
Gross margin %	67.5		%	66.4		%

Selling, general and administrative	90,960			105,851			14	%
Research and development	4,004			4,891			18	%
Other components of pension and post retirement cost	3,426			1,807			(90)	%
Adjusted Segment EBIT	$	113,530		$	97,027		17	%

SendTech Solutions revenue decreased $2 million in the first quarter of 2026 compared to the prior year period. Revenue in the first quarter of 2025 includes an unfavorable adjustment of $4 million related to prior periods. Products revenue declined $5 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment as well as a declining meter population. Services revenue increased $2 million while Financing and other revenue was flat compared to the prior year period.

Gross margin increased $2 million and gross margin percentage increased slightly to 67.5% from 66.4% compared to the prior year period primarily driven by the unfavorable revenue adjustment of $4 million in the first quarter of 2025 and product mix.

Selling, general and administrative ("SG&A") expense declined $15 million primarily driven by lower employee-related expenses of $5 million, lower professional and outsourcing fees of $4 million and lower marketing expenses of $2 million.

Adjusted segment EBIT was $114 million in the first quarter of 2026 compared to $97 million for the prior year period, which includes the $4 million charge from the unfavorable revenue adjustment related to prior periods.

Presort Services

Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, First Class Flats, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Financial results for the Presort Services segment was as follows:


	Three Months Ended March 31,
							Favorable/(Unfavorable)
	2026			2025			% Change
Services	$	163,466		$	177,814		(8)	%
Cost of services	106,020			104,635			(1)	%
Gross Margin	57,446			73,179			(21)	%
Gross Margin %	35.1		%	41.2		%

Selling, general and administrative	18,231			18,353			1	%

Other components of net pension and postretirement cost	37			47			21	%
Adjusted segment EBIT	$	39,178		$	54,779		(28)	%

Revenue decreased $14 million in the first quarter of 2026 compared to the prior year period primarily due to a 6% decline in total mail volumes driven by a broader market decline. The processing of First Class Mail and First Class Flats contributed revenue decreases of $10 million and $4 million, respectively.

Gross margin decreased $16 million and gross margin percentage decreased to 35.1% from 41.2% in the prior period primarily due to lower revenue and increased transportation costs of $3 million.

SG&A expense was relatively flat compared to the prior year period.

Adjusted segment EBIT was $39 million in the first quarter of 2026 compared to $55 million in the prior year period.

CORPORATE EXPENSES

The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as corporate expenses, and primarily represent corporate administrative functions such as finance, human resources, legal and information technology.

Corporate expenses were as follows:


	Three Months Ended March 31,
						Favorable/(Unfavorable)
		2026		2025		Actual % change
Corporate expenses		$	22,331	$	32,117	30	%

Corporate expenses for the first quarter of 2026 decreased $10 million compared to the prior year period primarily due to lower employee-related expenses driven by actions taken under our restructuring plans.

CONSOLIDATED EXPENSES

SG&A Expense

SG&A expense decreased $33 million in the first quarter of 2026 compared to the prior year period. In addition to the changes in segment SG&A expense previously discussed, SG&A declined $12 million due to lower non-cash foreign currency revaluation gains/losses on intercompany loans partially offset by higher corporate strategic review costs of $5 million.

Restructuring charges

Restructuring charges increased $4 million in the first quarter of 2026 compared to the prior year period primarily due to the number of actions taken during the current quarter compared to the prior year.

Interest expense, net

Total interest expense represents interest expense on our debt, a portion of which is allocated to Cost of financing and other. Total interest expense is as follows:


	Three Months Ended March 31,
		2026		2025
Interest expense, net		$	25,992	$	24,270
Allocated finance interest expense		9,583		13,615
Total interest expense		$	35,575	$	37,885

Total interest expense declined $2 million in the first quarter of 2026 compared to the prior year period primarily due to lower effective interest rates partially offset by higher outstanding debt. The decline in interest expense allocated to finance interest was driven primarily by a decline in finance receivables.

Other components of net pension and postretirement cost

Other components of net pension and postretirement cost increased $9 million in the first quarter of 2026 compared to the prior year period primarily due to the lower expected return on pension plan assets year over year driven by the U.S. and Canada buy-in contracts. The amount of other components of net pension and postretirement cost recognized each year will vary based on actuarial assumptions and actual results of our pension plans. See Note 11 to the Condensed Consolidated Financial Statements for further information.

Other expense

Other expense in the first quarter of 2025 represents a loss on the redemption/refinancing of debt.

Income taxes

See Note 12 to the Condensed Consolidated Financial Statements for further information.

OUTLOOK

For 2026, we expect low to mid-single digit decline in revenue driven by the continued secular decline in mailing. We expect low to mid-single digit decline in EBIT and EBIT margin, primarily driven by expected competitive pricing pressures in Presort Services, partially offset by lower worldwide operating costs from previous and continued cost-cutting actions, including savings under the 2025 Plan.

Within SendTech Solutions, we intend to pursue strategies that will leverage the segment's strong position, customer base and current product and technology offerings to mitigate the secular downward pressures in the mailing industry.

Within Presort Services, we are focused on increasing volume growth by maintaining competitive pricing and pursuing strategic growth opportunities.

We will also continue to implement capital allocation strategies to opportunistically reduce debt and lower interest costs, return capital to our shareholders through share repurchases and dividends and pursue other long-term investment opportunities.

Global energy markets have experienced significant volatility, including increases in oil and fuel prices associated with geopolitical developments involving Iran and disruptions to shipping through the Strait of Hormuz. Prolonged disruptions in global energy supply or transportation routes may lead to sustained increases in fuel prices and could negatively impact our operations.

LIQUIDITY AND CAPITAL RESOURCES

Our principal source of liquidity is our cash generated from operations and access to credit markets, including our revolving credit facility. At March 31, 2026, we had cash and cash equivalents of $303 million, which includes $42 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and cash equivalents, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs and meet our debt obligations for the next 12 months.

Cash Flow Summary

Changes in cash and cash equivalents were as follows:


	2026		2025		Change
Net cash from operating activities	$	44,155	$	(16,679)	$	60,834
Net cash from investing activities	(9,288)		(45,536)		36,248
Net cash from financing activities	(16,417)		(85,066)		68,649
Effect of exchange rate changes on cash and cash equivalents	(461)		1,342		(1,803)
Change in cash and cash equivalents	$	17,989	$	(145,939)	$	163,928

Operating Activities

Cash flows from operating activities for the first quarter of 2026 improved $61 million compared to the prior year period primarily due to changes in working capital, driven in part by lower variable compensation payments and collections of accounts and finance receivables.

Investing Activities

Cash flows from investing activities for the first quarter of 2026 improved $36 million compared to the prior year period primarily due to lower investments in loan receivables of $39 million partially offset by lower cash from investment activities of $5 million.

Financing Activities

Cash flows from financing activities for the first quarter of 2026 improved $69 million compared to the prior year period primarily due to the issuance of an additional $150 million of the March 2029 Notes, prior year fees paid to redeem/refinance debt of $21 million and favorable changes in customer account deposits at PB Bank of $18 million, partially offset by higher common stock repurchases of $121 million and higher dividend payments of $2 million.

We paid dividends of $13 million in the first quarter of 2026. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.

Debt and Financing Activities

In the first quarter of 2026, we issued an additional aggregate $150 million of the Notes due March 2029. The additional notes have identical terms to the previously outstanding Notes due March 2029.

We maintain a revolving credit facility which was increased from $400 million to $450 million in the first quarter of 2026. Under this credit facility, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the credit facility agreement) of not less than 2.00 to 1.00 and (ii) a Consolidated Secured Net Leverage Ratio (as defined in the credit facility agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the credit facility agreement) of no greater than 4.75 to 1.00. At March 31, 2026, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under this credit facility agreement are secured by assets of the Company. The credit facility also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027, the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would also become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be also become due on such date. The March 2027 Notes have been classified as current in the Condensed Consolidated Balance Sheet and we are considering various strategies and fully intend to redeem these notes before September 2026 either with available liquidity or refinance through the capital markets.

We have outstanding an aggregate $230 million convertible senior notes (the "Convertible Notes"). The Convertible Notes are senior unsecured obligations of the Company and are guaranteed jointly and severally, on a senior unsecured basis, by each of the Company’s existing and future wholly owned U.S. subsidiaries that guarantee the Company’s existing credit agreement, existing senior notes or any other series of capital market debt with an aggregate principal amount outstanding in excess of $150 million.

The conversion rate and conversion price were updated in the period as a result of an increase in our dividend, and is now 70.2937 shares of common stock per $1,000 principal amount and $14.23 per share of common stock, respectively, subject to adjustment. Conversions of the Convertible Notes will be settled by paying cash up to the aggregate principal amount of the Convertible Notes being converted and by delivering shares of our common stock in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

While we are focused on reducing our leverage and interest costs, we may incur additional debt or issue additional equity securities in the future.

Off-Balance Sheet Arrangements

At March 31, 2026, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters

There have been no significant changes to the regulatory matters disclosed in our 2025 Annual Report.

Critical Accounting Estimates

There have been no significant changes to the Critical Accounting Estimates disclosed in our 2025 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

There were no material changes to the disclosures made in our 2025 Annual Report.

Item 4: Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.

With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.

It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of March 31, 2026.

PART II. OTHER INFORMATION

Item 1: Legal Proceedings

See Note 13 to the Condensed Consolidated Financial Statements.

Item 1A: Risk Factors

There were no material changes to the risk factors identified in Item 1A of our 2025 Annual Report.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Equity Securities

On February 16, 2026, the Board of Directors authorized an increase to our share repurchase program of $250 million to a total of $750 million. Subject to limitations in our New Credit Agreement, common stock repurchases may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. The following table provides information about common stock purchases during the three months ended March 31, 2026:



	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands)
Beginning balance					$121,639
January 2026	832,147	$	10.32	832,147	$113,052
February 2026	2,364,745	$	10.63	2,364,745	$337,925
March 2026	9,660,840	$	10.55	9,660,840	$235,992
	12,857,732	$	10.55	12,857,732

From April 1, 2026 through May 1, 2026, we purchased an additional 4,343,104 shares at a cost of $51 million.

Item 3: Defaults Upon Senior Securities

None.

Item 4: Mine Safety Disclosures

Not applicable.

Item 5: Other Information

During the three months ended March 31, 2026, certain directors or officers of the Company entered into, modified or terminated any contracts, instructions or written plans for the sale or purchase of Company securities that were intended to satisfy the affirmative defense conditions of Rule 10b5-1 or that constituted non-Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K of the Exchange Act) as set forth in the table below:

Action

Date

Trading Arrangement

Total Shares to be Sold(3)

Expiration Date

Rule 10b5-1(1)

Non-Rule 10b5-1(2)

Deborah Pfeiffer

Adopt

February 20, 2026

41,825(4)

May 31, 2027

(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and the satisfaction of the conditions as set forth in, the written plan.

(4) Ms. Pfeiffer’s trading arrangement only provides for the sale of up to 23,075 shares if the price equals or exceeds $13.00 per share and up to 18,750 shares if the price equals or exceeds $16.00 per share.

Item 6: Exhibits


Exhibit Number			Description
3.1			Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3.2 to the Form 8-K filed with the Commission on May 8, 2024)
3.2			Pitney Bowes Inc. Amended and Restated By-laws effective May 6, 2024 (incorporated by reference to Exhibit 3.4 to the Form 8-K filed with the Commission on May 8, 2024)
4.1			First Supplemental Indenture, dated March 2, 2026, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed with the Commission on March 2, 2026)
4.2			Form of Additional Notes (included in Exhibit 4.2) (incorporated by reference to Exhibit 4.3 to the Form 8-K filed with the Commission on March 2, 2026)
10.1*			Form of Restricted Stock Unit Award Agreement under 2024 Stock Plan as amended through May 13, 2025
10.2*			Form of Performance Stock Unit Award Agreement under 2024 Stock Plan as amended through May 13, 2025
10.3*			Form of Cash Incentive Unit Award Agreement under 2024 Stock Plan as amended through May 13, 2025
10.4*			Form of Stock Cash Incentive Unit Award Agreement under 2024 Stock Plan as amended through May 13, 2025
10.5*			Form of Non-qualified Stock Option Award Agreement under 2024 Stock Plan as amended through May 13, 2025
31.1			Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
31.2			Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
32.1**			Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
32.2**			Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document
104			The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101).

* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

** The Exhibits identified above with two asterisks (**) are furnished herewith. These Exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Signatures

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


		PITNEY BOWES INC.

Date:	May 6, 2026
		/s/ Paul Evans

		Paul Evans
		Executive Vice President, Chief Financial Officer and Treasurer

		(Duly Authorized Officer, Principal Financial Officer)

		/s/ Lauren Thomas DeFina

		Lauren Thomas DeFina
		Vice President and Chief Accounting Officer
		(Duly Authorized Officer, Principal Accounting Officer)