v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 from Adjusted segment EBIT, pension expense related to U.S. and Canada pension plans that we have taken steps to terminate. 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. Information about our reportable segments is shown in the tables below.
Revenue
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
SendTech Solutions$308,930 $311,716 $622,877 $627,322 
Presort Services142,568 150,193 306,034 328,007 
Total revenue$451,498 $461,909 $928,911 $955,329 


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
SendTech Solutions
Revenue$308,930 $311,716 $622,877 $627,322 
Less:
Cost of revenue95,098 105,653 197,122 211,683 
Operating expenses
91,154 104,808 189,547 217,357 
Adjusted segment EBIT$122,678 $101,255 $236,208 $198,282 
Presort Services
Revenue$142,568 $150,193 $306,034 $328,007 
Less:
Cost of revenue
105,099 96,153 211,119 200,787 
Operating expenses
17,463 18,100 35,731 36,501 
Adjusted segment EBIT$20,006 $35,940 $59,184 $90,719 
Adjusted Segment EBIT
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
SendTech Solutions$122,678 $101,255 $236,208 $198,282 
Presort Services20,006 35,940 59,184 90,719 
Total adjusted segment EBIT142,684 137,195 295,392 289,001 
Reconciliation of adjusted segment EBIT to income or loss before taxes: 
Interest expense, net(37,608)(37,499)(73,183)(75,384)
Corporate expenses
(26,631)(34,902)(48,962)(67,019)
Restructuring charges
(3,337)(13,806)(8,449)(15,206)
(Loss) gain on debt redemption/refinancing(1,116)282 (1,116)(24,364)
Foreign currency gain (loss) on intercompany loans889 (17,029)5,771 (24,624)
Benefit in connection with Ecommerce Restructuring633 6,296 633 6,755 
Pension expense of plans to be terminated
(8,422)— (15,976)— 
Transaction and Strategic review costs(1,601)(1,266)(8,145)(3,156)
Income before taxes$65,491 $39,271 $145,965 $86,003