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Pitney Bowes (PBI) investor relations material
Pitney Bowes Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $462 million, down 6% year-over-year, but profitability improved significantly, with GAAP net income at $30 million and adjusted EBIT up 37% to $102 million.
Adjusted EPS rose to $0.27 from $0.11 year-over-year; GAAP EPS was $0.17, up $0.30 year-over-year.
Free cash flow was $106 million, excluding $8 million in restructuring payments.
Leadership changes, including a new CEO and CFO with turnaround experience, and a strategic review focused on efficiency and value creation.
Aggressive share repurchases nearly exhausted the previous $150M authorization; new authorization increased to $400M.
Financial highlights
Gross margin increased to 56.3% from 54.3% year-over-year; adjusted EBIT margin rose to 22.1% from 15.3%.
SG&A as a percentage of revenue decreased to 37.0% from 39.4% year-over-year.
R&D as a percentage of revenue declined to 0.8% from 1.5% year-over-year.
Operating cash flow for six months was $94.7 million, up $15 million year-over-year.
Adjusted segment EBIT for Q2 2025 was $137.2 million, up from $123.1 million in Q2 2024.
Outlook and guidance
Full-year 2025 revenue guidance lowered to $1.90–$1.95 billion, primarily due to Presort segment strategy changes and customer losses.
Adjusted EPS guidance raised to $1.20–$1.40; adjusted EBIT guidance narrowed to $450–$465 million.
Free cash flow guidance reaffirmed at $330–$370 million.
Internal strategic review expected to continue through 2025, with a broader review in 2026.
SendTech Solutions revenue expected to decline due to lower meter populations and more lease extensions, partially offset by SaaS shipping growth.
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