Pitney Bowes reports $52.67M net income

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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As of July 21, October 20, 2026, 137,090,212 135,554,541 shares of common stock, par value $1 per share, of the registrant were outstanding.

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Financial statements 145 changes

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Three Months Ended June 30, Six Months Ended June 30,

Services $ 284,517 $ 290,423 $ 591,087 $ 608,855

Products 87,523 90,880 176,173 184,070

Financing and other 79,458 80,606 161,651 162,404

Total revenue 451,498 461,909 928,911 955,329

Cost of services 155,356 144,240 311,511 300,113

Cost of products 41,442 54,487 90,122 105,406

Cost of financing and other 12,424 15,656 25,219 33,163

Selling, general and administrative 128,746 170,542 262,123 336,457

Restructuring charges 3,337 13,806 8,449 15,206

Interest expense, net 28,580 24,937 54,572 49,207

Other expense (income) 483 ( 6,578 ) 483 17,609

Total costs and expenses 386,007 422,638 782,946 869,326

Income before taxes 65,491 39,271 145,965 86,003

Provision for income taxes 15,583 9,296 37,919 20,606

Net income $ 49,908 $ 29,975 $ 108,046 $ 65,397

Diluted net income per share $ 0.36 $ 0.17 $ 0.75 $ 0.36

Three Months Ended September 30, Nine Months Ended September 30,

Services $ 288,033 $ 289,476 $ 879,120 $ 898,331

Products 90,257 89,712 266,430 273,782

Financing and other 77,892 80,487 239,543 242,891

Total revenue 456,182 459,675 1,385,093 1,415,004

Cost of services 149,439 146,394 460,950 446,507

Cost of products 47,689 54,294 137,811 159,700

Cost of financing and other 11,746 14,708 36,965 47,871

Selling, general and administrative 139,201 144,154 401,324 480,611

Research and development 3,383 3,601 7,177 8,364 3,409 10,560 11,773

Restructuring charges 1,529 1,836 9,978 17,042

Interest expense, net 25,984 26,072 80,556 75,279

Other components of net pension and postretirement cost 12,256 1,947 23,290 3,801 10,274 1,645 33,564 5,446

Other (income) expense ( 3,155 ) ( 981 ) ( 2,672 ) 16,628

Total costs and expenses 386,090 391,531 1,169,036 1,260,857

Income before taxes 70,092 68,144 216,057 154,147

Provision for income taxes 17,426 16,181 55,345 36,787

Net income $ 52,666 $ 51,963 $ 160,712 $ 117,360

Basic net income per share $ 0.39 $ 0.31 $ 1.14 $ 0.66

Basic Diluted net income per share $ 0.37 $ 0.17 0.30 $ 0.76 1.12 $ 0.36 0.66

3 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Net income $ 49,908 $ 29,975 $ 108,046 $ 65,397

Foreign currency translation, net of tax of $ 85 , $ 238 , $( 22 ) and $ 333 , respectively ( 6,160 ) 41,459 ( 15,386 ) 61,008

Net unrealized gain (loss) on investment securities, net of tax of $ 74 , $ 221 , $( 75 ) and $ 1,161 , respectively

Other comprehensive income (loss), net of tax 1,873 47,299 ( 1,294 ) 74,895

Comprehensive income $ 51,781 $ 77,274 $ 106,752 $ 140,292

Three Months Ended September 30, Nine Months Ended September 30,

Net income $ 52,666 $ 51,963 $ 160,712 $ 117,360

Other comprehensive income (loss) income, net of tax:

Foreign currency translation, net of tax of $( 21 ), $ 66 , $( 43 ) and $ 399 , respectively ( 1,076 ) ( 8,522 ) ( 16,462 ) 52,486

Net unrealized (loss) gain on investment securities, net of tax of $( 1,561 ), $ 741 , $( 1,637 ) and $ 1,903 , respectively ( 4,917 ) 2,361 ( 5,156 ) 6,059

Amortization of pension and postretirement costs, net of tax of $ 2,435 2,129 , $ 1,699 1,674 , $ 4,912 7,041 and $ 3,365 5,039 , respectively

Other comprehensive (loss) income, net of tax 445 ( 1,078 ) ( 849 ) 73,817

Comprehensive income $ 53,111 $ 50,885 $ 159,863 $ 191,177

3 unchanged paragraphs

Inventories 62,880 66,241

June September 30, 2026 December 31, 2025

Cash and cash equivalents (includes $ 14,982 18,384 and $ 38,851 , respectively, reported at fair value)

Short-term investments (includes $ 1,724 1,672 and $ 1,715 , respectively, reported at fair value)

Accounts and other receivables (net of allowance of $ 6,136 6,592 and $ 7,507 , respectively)

Short-term finance receivables (net of allowance of $ 10,322 10,676 and $ 14,206 , respectively)

Inventories 63,022 66,241

Current income taxes 2,419 2,422 3,143

1 unchanged paragraph

Goodwill 740,417 746,687

Total assets $ 3,019,585 $ 3,168,951

Total current assets 1,039,875 1,044,872 1,100,499

Property, plant and equipment, net 175,555 171,932 185,913

Rental property and equipment, net 22,526 21,959 24,054

Long-term finance receivables (net of allowance of $ 6,524 5,642 and $ 4,370 respectively)

Goodwill 739,193 746,687

Intangible assets, net 12,949 12,039 14,741

Operating lease assets 103,268 97,168 106,996

Noncurrent income taxes 89,953 98,131 95,412

Other assets (includes $ 181,188 172,662 and $ 185,111 , respectively, reported at fair value)

Total assets $ 2,992,280 $ 3,168,951

2 unchanged paragraphs

Advance billings 71,689 69,075

Accounts payable and accrued liabilities $ 743,248 796,213 $ 845,378

Customer deposits at Pitney Bowes Bank 546,503 576,949 582,630

Current operating lease liabilities 29,935 29,725 28,396

Current portion of long-term debt 23,138 24,730 17,150

Advance billings 66,928 69,075

Current income taxes 3,122 2,795 5,210

Total current liabilities 1,417,635 1,497,340 1,547,839

Long-term debt 2,010,756 1,862,691 1,975,888

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and 65 more changes in the filing

Note 2: Revenue 27 changes

2 unchanged paragraphs

Three Months Ended June September 30, 2026

3 unchanged paragraphs

Services $ 141,949 $ 142,568 $ 284,517 $ $ 284,517

Products 49,240 49,240 38,283 87,523

Financing and other 79,458 79,458

Subtotal 191,189 142,568 333,757 $ 117,741 $ 451,498

Total revenue $ 308,930 $ 142,568 $ 451,498

Services $ 137,106 $ 150,927 $ 288,033 $ $ 288,033

Products 49,436 49,436 40,821 90,257

Financing and other 77,892 77,892

Subtotal 186,542 150,927 337,469 $ 118,713 $ 456,182

Revenue from leasing transactions and financing 117,741 117,741 118,713 118,713

Total revenue $ 305,255 $ 150,927 $ 456,182

3 unchanged paragraphs

Total $ 191,189 $ 142,568 $ 333,757

Total $ 186,542 $ 150,927 $ 337,469

Three Months Ended June September 30, 2025

3 unchanged paragraphs

Services $ 140,230 $ 150,193 $ 290,423 $ $ 290,423

Products 54,149 54,149 36,731 90,880

Subtotal 194,379 150,193 344,572 $ 117,337 $ 461,909

Total revenue $ 311,716 $ 150,193 $ 461,909

Services $ 140,583 $ 148,893 $ 289,476 $ $ 289,476

Products 52,475 52,475 37,237 89,712

Financing and other 80,606 80,606 80,487 80,487

Subtotal 193,058 148,893 341,951 $ 117,724 $ 459,675

Revenue from leasing transactions and financing 117,337 117,337 117,724 117,724

Total revenue $ 310,782 $ 148,893 $ 459,675

3 unchanged paragraphs

Total $ 194,379 $ 150,193 $ 344,572

Total $ 193,058 $ 148,893 $ 341,951

Note 3: Segment Information 20 changes

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

SendTech Solutions $ 308,930 $ 311,716 $ 622,877 $ 627,322

Presort Services 142,568 150,193 306,034 328,007

Total revenue $ 451,498 $ 461,909 $ 928,911 $ 955,329

Three Months Ended June 30, Six Months Ended June 30,

Revenue $ 308,930 $ 311,716 $ 622,877 $ 627,322

Cost of revenue 95,098 105,653 197,122 211,683

Adjusted segment EBIT $ 122,678 $ 101,255 $ 236,208 $ 198,282

Revenue $ 142,568 $ 150,193 $ 306,034 $ 328,007

Adjusted segment EBIT $ 20,006 $ 35,940 $ 59,184 $ 90,719

Three Months Ended September 30, Nine Months Ended September 30,

SendTech Solutions $ 305,255 $ 310,782 $ 928,132 $ 938,104

Presort Services 150,927 148,893 456,961 476,900

Total revenue $ 456,182 $ 459,675 $ 1,385,093 $ 1,415,004

Three Months Ended September 30, Nine Months Ended September 30,

Revenue $ 305,255 $ 310,782 $ 928,132 $ 938,104

Cost of revenue 98,943 105,399 296,066 317,082

Adjusted segment EBIT $ 115,035 $ 101,059 $ 351,243 $ 299,341

Revenue $ 150,927 $ 148,893 $ 456,961 $ 476,900

Adjusted segment EBIT $ 31,861 $ 32,626 $ 91,045 $ 123,345

Note 4: Earnings per Share (EPS) 11 changes

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

Net income $ 49,908 $ 29,975 $ 108,046 $ 65,397

Three Months Ended September 30, Nine Months Ended September 30,

Net income $ 52,666 $ 51,963 $ 160,712 $ 117,360

1 unchanged paragraph

Dilutive effect of common stock equivalents 2,358 1,297 1,668 1,593

Weighted-average shares used in diluted EPS 139,043 181,005 143,864 182,708

Diluted net income per share $ 0.36 $ 0.17 $ 0.75 $ 0.36

Dilutive effect of common stock equivalents 3,955 1,462 2,430 1,553

Weighted-average shares used in diluted EPS 140,728 170,370 142,971 178,375

Basic net income per share $ 0.39 $ 0.31 $ 1.14 $ 0.66

Basic Diluted net income per share $ 0.37 $ 0.17 0.30 $ 0.76 1.12 $ 0.36 0.66

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Note 5: Inventories 6 changes

1 unchanged paragraph

Raw materials $ 26,694 $ 28,967

Total inventories $ 62,880 $ 66,241

Raw materials $ 27,537 $ 28,967

Supplies and service parts 16,139 15,478 16,359

Finished products 20,047 20,007 20,915

Total inventories $ 63,022 $ 66,241

Note 6: Finance Assets and Lessor Operating Leases 17 changes

2 unchanged paragraphs

June September 30, 2026 December 31, 2025

2 unchanged paragraphs

Gross finance receivables $ 831,762 813,484 $ 98,393 95,085 $ 930,155 908,569 $ 870,453 $ 114,080 $ 984,533

Unguaranteed residual values 31,953 5,271 37,224 32,692 4,930 37,622 33,047 6,063 39,110

Unearned income ( 256,648 255,541 ) ( 28,665 27,135 ) ( 285,313 282,676 ) ( 255,754 ) ( 34,736 ) ( 290,490 )

Allowance for credit losses ( 9,169 8,692 ) ( 1,736 1,798 ) ( 10,905 10,490 ) ( 10,281 ) ( 1,947 ) ( 12,228 )

Net investment in sales-type lease receivables 597,898 73,263 671,161 581,943 71,082 653,025 637,465 83,460 720,925

Loan receivables 351,011 3,073 354,084 345,412 2,492 347,904 384,846 2,152 386,998

Allowance for credit losses ( 5,924 5,813 ) ( 17 15 ) ( 5,941 5,828 ) ( 6,334 ) ( 14 ) ( 6,348 )

Net investment in loan receivables 345,087 3,056 348,143 339,599 2,477 342,076 378,512 2,138 380,650

Net investment in finance receivables $ 942,985 921,542 $ 76,319 73,559 $ 1,019,304 995,101 $ 1,015,977 $ 85,598 $ 1,101,575

Maturities of gross finance receivables at June September 30, 2026 were as follows:

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Remainder 2026 $ 174,324 $ 29,870 $ 204,194 $ 189,037 $ 3,073 $ 192,110

Thereafter 9,987 1,451 11,438 1,654 1,654

Total $ 831,762 $ 98,393 $ 930,155 $ 351,011 $ 3,073 $ 354,084

Remainder 2026 $ 87,188 $ 23,206 $ 110,394 $ 172,786 $ 2,492 $ 175,278

Thereafter 18,261 1,958 20,219 3,199 3,199

Total $ 813,484 $ 95,085 $ 908,569 $ 345,412 $ 2,492 $ 347,904

Note 7: Intangible Assets and Goodwill 13 changes

1 unchanged paragraph

Remainder 2026 $ 1,602

June September 30, 2026 December 31, 2025

Customer relationships $ 32,032 $ ( 20,092 20,893 ) $ 11,940 11,139 $ 32,032 $ ( 18,490 ) $ 13,542

Software & technology 1,230 ( 221 330 ) 1,009 900 1,230 ( 31 ) 1,199

Total intangible assets $ 33,262 $ ( 20,313 21,223 ) $ 12,949 12,039 $ 33,262 $ ( 18,521 ) $ 14,741

Amortization expense was $ 1 million for both the three months ended June September 30, 2026 and 2025 and $ 2 3 million and $ 4 million for both the six nine months ended June September 30, 2026 and 2025, respectively.

Future amortization expense as of June September 30, 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 $ 900

1 unchanged paragraph

SendTech Solutions $ 522,924 $ ( 6,270 ) $ 516,654

December 31, 2025 Currency impact June September 30,

SendTech Solutions $ 522,924 $ ( 7,494 ) $ 515,430

1 unchanged paragraph

Total goodwill $ 746,687 $ ( 6,270 ) $ 740,417

Total goodwill $ 746,687 $ ( 7,494 ) $ 739,193

Note 8: Fair Value Measurements and Derivative Instruments 8 changes

7 unchanged paragraphs

Money market funds $ 23,665 $ $ $ 23,665

Money market funds $ 27,843 $ $ $ 27,843

1 unchanged paragraph

Corporate debt securities 43,265 43,265

Corporate debt securities 41,900 41,900

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Total assets $ 35,502 $ 162,392 $ $ 197,894

Total assets $ 38,824 $ 153,894 $ $ 192,718

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Total liabilities $ $ 12,790 $ $ 12,790

Total liabilities $ $ 11,468 $ $ 11,468

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Notes to the financial statements 13 changes

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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 June September 30, 2026 or 2025.

2 unchanged paragraphs

Mutual funds $ 1,913 $ $ ( 189 ) $ 1,724

Government securities 18,956 ( 5,223 ) 13,733

Corporate debt securities 49,083 ( 5,818 ) 43,265

Mortgage-backed securities 104,353 ( 18,793 ) 85,560

Asset-backed securities 19,951 20 ( 21 ) 19,950

Total $ 194,256 $ 20 $ ( 30,044 ) $ 164,232

Mutual funds $ 1,926 $ $ ( 254 ) $ 1,672

Government securities 18,895 ( 6,814 ) 12,081

Corporate debt securities 48,881 ( 6,981 ) 41,900

Mortgage-backed securities 102,509 ( 22,323 ) 80,186

Asset-backed securities 19,953 6 ( 119 ) 19,840

Total $ 192,164 $ 6 $ ( 36,491 ) $ 155,679

Note 9: Restructuring Charges 28 changes

4 unchanged paragraphs

Cash payments ( 27,105 ) ( 1,793 ) ( 28,898 )

Balance at June 30, 2026 $ 11,384 $ $ 11,384

Cash payments ( 21,518 )

Balance at June 30, 2025 $ 15,456

Cash payments ( 33,799 ) ( 1,793 ) ( 35,592 )

Noncash activity ( 456 ) ( 456 )

Balance at September 30, 2026 $ 5,763 $ $ 5,763

2025 Plan 2024 Plan Total

Balance at January 1, 2025 $ $ 23,164 $ 23,164

Amounts charged to expense 1,836 15,206 17,042

Cash payments ( 30,843 ) ( 30,843 )

Noncash activity ( 1,396 ) ( 1,396 )

Balance at September 30, 2025 $ 1,836 $ 6,131 $ 7,967

1 unchanged paragraph

Severance $ 3,337 $ 12,978

Total $ 3,337 $ 13,806

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Severance $ 8,427 $ 13,810

Total $ 8,449 $ 15,206

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025

2025 Plan 2025 Plan 2024 Plan

Severance $ 1,073 $ 1,797 $ $ 1,797

Facilities and other 828 456 39 39

Total $ 1,529 $ 1,836 $ $ 1,836

Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025

2025 Plan 2025 Plan 2024 Plan

Severance $ 9,500 $ 1,797 $ 13,810 $ 15,607

Facilities and other 22 478 39 1,396 1,435

Total $ 9,978 $ 1,836 $ 15,206 $ 17,042

1 unchanged paragraph

Note 10: Debt 18 changes

1 unchanged paragraph

Interest rate June September 30, 2026 December 31, 2025

3 unchanged paragraphs

Revolving Credit Facility SOFR + 2.10 %

Principal amount 2,066,839 2,026,212

Total debt 2,033,894 1,993,038

Term loan due March May 2031 SOFR + 2.10 %

Term loan due March 2032 SOFR + 3.75 3.00 %

Notes due January 2037 5.25 % 31,143 25,441 31,666

Notes due March 2043 6.70 % 349,279 308,514 349,279

Principal amount 1,918,434 2,026,212

Less: unamortized costs, net 32,945 31,013 33,174

Total debt 1,887,421 1,993,038

Less: current portion long-term debt 23,138 24,730 17,150

Long-term debt $ 2,010,756 1,862,691 $ 1,975,888

In the first quarter of 2026, we issued an additional aggregate $ 150 million of the Notes due March 2029 with identical terms to the prior notes outstanding. In the second quarter of 2026, we borrowed an additional $ 150 million under the Term Loan due March 2028 and extended the maturity date to March May 2031. The proceeds of the additional term loan borrowing were used to repay the Notes due March 2027. In the third quarter of 2026, we completed a tender offer and redeemed an aggregate $ 46 million of the Notes due January 2037 and Notes due March 2043 and recorded a gain of $ 5 million in other (income) expense. Also, in the third quarter of 2026, we amended the Term loan due March 2032 to reduce the spread by 0.75 %.

We have access to maintain a $ 450 million revolving credit facility (increased from $ 400 million in the first quarter of 2026) that matures in the second quarter of 2026, we further amended the revolving credit facility to extend the maturity date to March May 2031. and updated certain covenants. This credit facility requires that we 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, (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 (a) 4.75 to 1.00 for each of the fiscal quarters ending June 30, 2026, September 30, 2026 and December 31, in 2026, (b) 4.50 to 1.00 for each of the fiscal quarters ending March 31, 2027, June 30, 2027, September 30, 2027 and December 31, in 2027, (c) 4.25 to 1.00 for each of the fiscal quarters ending March 31, 2028, June 30, 2028, September 30, 2028 and December 31, in 2028 and (d) 4.00 to 1.00 for each fiscal quarter ending on or after March 31, 2029. thereafter. At June September 30, 2026, we were in compliance with these financial covenants. During the quarter, 2026, we borrowed an aggregate $ 97 177 million under this credit facility, $ 80 million of which was outstanding at June 30, 2026. At July 30, 2026, this amount has been borrowed in the third quarter, and was fully repaid by September 30, 2026. At June September 30, 2026, we have remaining borrowing capacity of $ 330 427 million. Borrowings under this credit facility are secured by assets of the Company.

The credit facility also contains provisions whereby if, on any day prior to December 14, 2028, the Notes due March 2029 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2029 plus $ 100 million, the Term loan due March May 2031 and any borrowings under the revolving credit facility would become due on such date. Further, if on any day prior to May 16, 2030, the Convertible Notes due August 2030 (the "Convertible Notes") have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Convertible Notes due August 2030 plus $ 100 million, the Term loan due March May 2031 and any borrowings under the revolving credit facility would become due on such date.

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 is 70.3835 70.4648 shares of common stock per $1,000 principal amount, or $ 14.21 14.19 per share, subject to adjustment.

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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

Note 11: Pensions and Other Benefit Programs 33 changes

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June 30, June 30, June 30,

Service cost $ $ 7 $ 243 $ 291 $ 59 $ 70

Interest cost 12,553 13,523 5,926 5,929 942 1,040

Expected return on plan assets ( 11,192 ) ( 18,650 ) ( 6,204 ) ( 6,731 )

Amortization of net actuarial loss (gain) 6,551 5,072 2,733 2,309 ( 361 ) ( 618 )

Net periodic benefit cost (income) $ 8,271 $ ( 53 ) $ 3,647 $ 1,876 $ 640 $ 492

Contributions to benefit plans $ 1,088 $ 1,416 $ 342 $ 806 $ 2,794 $ 3,236

September 30, September 30, September 30,

Service cost $ $ 6 $ 240 $ 290 $ 62 $ 65

Interest cost 12,363 13,070 5,932 5,987 866 1,042

Expected return on plan assets ( 11,246 ) ( 18,427 ) ( 6,208 ) ( 6,784 )

Amortization of prior service (credit) cost ( 5 ) ( 5 ) 78 78 79

Amortization of net actuarial loss (gain) 6,434 4,974 2,736 2,329 ( 676 ) ( 620 )

Net periodic benefit cost (income) $ 7,546 $ ( 382 ) $ 2,778 $ 1,901 $ 252 $ 487

Contributions to benefit plans $ 1,007 $ 1,461 $ 1,383 $ 553 $ 2,977 $ 1,936

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Six Months Ended Six Months Ended Six Months Ended

June 30, June 30, June 30,

Service cost $ $ 13 $ 490 $ 569 $ 118 $ 140

Interest cost 25,107 27,045 11,886 11,537 1,886 2,078

Expected return on plan assets ( 22,383 ) ( 37,300 ) ( 12,449 ) ( 13,113 )

Amortization of net actuarial loss (gain) 13,102 10,143 5,483 4,492 ( 724 ) ( 1,222 )

Net periodic benefit cost (income) $ 16,180 $ ( 109 ) $ 6,438 $ 3,636 $ 1,280 $ 996

Contributions to benefit plans $ 2,477 $ 3,029 $ 6,399 $ 8,162 $ 5,891 $ 6,938

Nine Months Ended Nine Months Ended Nine Months Ended

September 30, September 30, September 30,

Service cost $ $ 19 $ 730 $ 859 $ 180 $ 205

Interest cost 37,470 40,115 17,818 17,524 2,752 3,120

Expected return on plan assets ( 33,629 ) ( 55,727 ) ( 18,657 ) ( 19,897 )

Amortization of prior service (credit) cost ( 10 15 ) ( 10 15 ) 157 151 235 230

Amortization of net actuarial loss (gain) 19,536 15,117 8,219 6,821 ( 1,400 ) ( 1,842 )

Net periodic benefit cost (income) $ 23,726 $ ( 491 ) $ 9,216 $ 5,537 $ 1,532 $ 1,483

Contributions to benefit plans $ 3,484 $ 4,490 $ 7,782 $ 8,715 $ 8,877 $ 8,874

In the third quarter of 2026, we launched a lump-sum campaign for participants in the United States Qualified Pension Plan. As a result of the campaign, lump-sum payments totaling $ 66 million were made from plan assets in October 2026. We intend to execute a buy-out contract to transfer all remaining assets and liabilities of the plan to the insurance carrier before the end of the year.

Note 12: Income Taxes 2 changes

The effective tax rate for the three and six nine months ended June September 30, 2026 is 23.8 24.9 % and 26.0 25.6 % respectively, and includes a benefit of $ 4 million related to a state valuation allowance release. The effective tax rate for the nine months ended September 30, 2026 also includes a benefit of $ 2 million for the vesting of restricted stock. compensation in both periods. The effective tax rate for the three and nine months ended June September 30, 2025 is 23.7 % and 23.9 %, respectively, and includes a benefit of $ 2 11 million and $ 13 million, respectively for the resolution of tax matters. The effective tax rate for the six nine months ended June September 30, 2025 is 24.0 % and also includes a benefit of $ 2 million for stock compensation and a benefit of $ 2 million for the resolution vesting of tax matters. 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 2021 except for a specific issue (the issue is in appeals for 2016 and 2017 through 2018 and under current examination for 2018 and 2019 through 2022), India is currently under review for 2022 through 2024, and France, Germany and the U.K. are closed through 2019, 2020 and 2023, respectively.

Note 13: Commitments and Contingencies 1 change

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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. Kingsbridge Holdings, LLC, the parent company of 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 more than $ 95 100 million in lease payments, and additional interest, and fees and additional, related damages. 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 the bankruptcy Court has now dismissed the Texas case for lack of jurisdiction at our request. We have now raised the same arguments against the damage claims in the Illinois action.

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Note 14: Stockholders Deficit 40 changes

2 unchanged paragraphs

Balance at April 1, 2026 $ 270,338 $ 2,689,224 $ ( 792,299 ) $ ( 3,060,835 ) $ ( 893,572 )

Net income 49,908 49,908

Other comprehensive income 1,873 1,873

Balance at July 1, 2026 $ 270,338 $ 2,698,586 $ ( 790,426 ) $ ( 3,041,777 ) $ ( 863,279 )

Net income 52,666 52,666

Other comprehensive income 445 445

1 unchanged paragraph

Issuance of common stock ( 36,768 ) 71,857 35,089

Issuance of common stock ( 1,482 ) 2,017 535

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Balance at June 30, 2026 $ 270,338 $ 2,698,586 $ ( 790,426 ) $ ( 3,041,777 ) $ ( 863,279 )

Repurchase of common stock ( 52,799 17,280 ) ( 52,799 17,280 )

Balance at September 30, 2026 $ 270,338 $ 2,739,946 $ ( 789,981 ) $ ( 3,057,040 ) $ ( 836,737 )

1 unchanged paragraph

Balance at April 1, 2025 $ 270,338 $ 2,651,715 $ ( 811,575 ) $ ( 2,646,362 ) $ ( 535,884 )

Net income 29,975 29,975

Other comprehensive income 47,299 47,299

Issuance of common stock ( 8,676 ) 8,773 97

Balance at July 1, 2025 $ 270,338 $ 2,669,992 $ ( 764,276 ) $ ( 2,712,863 ) $ ( 536,809 )

Net income 51,963 51,963

Other comprehensive loss ( 1,078 ) ( 1,078 )

Dividends paid ($ 0.07 0.08 per common share)

Issuance of common stock ( 54,406 ) 50,840 ( 3,566 )

1 unchanged paragraph

Balance at June 30, 2025 $ 270,338 $ 2,669,992 $ ( 764,276 ) $ ( 2,712,863 ) $ ( 536,809 )

Repurchase of common stock ( 75,274 161,500 ) ( 75,274 161,500 )

Balance at September 30, 2025 $ 270,338 $ 2,657,001 $ ( 765,354 ) $ ( 2,823,523 ) $ ( 661,538 )

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 )

Other comprehensive loss ( 849 ) ( 849 )

Dividends paid ($ 0.29 per common share)

Issuance of common stock ( 52,826 ) 87,954 35,128

Stock-based compensation expense

Repurchase of common stock ( 205,725 ) ( 205,725 )

Balance at September 30, 2026 $ 270,338 $ 2,739,946 $ ( 789,981 ) $ ( 3,057,040 ) $ ( 836,737 )

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 117,360 117,360

Other comprehensive income 73,817 73,817

Dividends paid ($ 0.21 per common share)

Issuance of common stock ( 110,360 ) 109,719 ( 641 )

Stock-based compensation expense

Repurchase of common stock ( 251,774 ) ( 251,774 )

Balance at September 30, 2025 $ 270,338 $ 2,657,001 $ ( 765,354 ) $ ( 2,823,523 ) $ ( 661,538 )

Note 15: Accumulated Other Comprehensive Loss 28 changes

2 unchanged paragraphs

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

4 unchanged paragraphs

Actuarial losses ( 8,923 ) ( 6,763 ) ( 17,861 ) ( 13,413 )

Total before tax ( 10,231 ) ( 6,836 ) ( 19,243 ) ( 13,554 )

Income tax benefit ( 2,435 ) ( 1,699 ) ( 4,912 ) ( 3,365 )

Net of tax $ ( 7,796 ) $ ( 5,137 ) $ ( 14,331 ) $ ( 10,189 )

Prior service costs $ ( 73 ) $ ( 73 74 ) $ ( 147 220 ) $ ( 141 215 )

Actuarial losses ( 8,494 ) ( 6,683 ) ( 26,355 ) ( 20,096 )

Settlement ( 1,235 ) ( 1,235 )

Total before tax ( 8,567 ) ( 6,757 ) ( 27,810 ) ( 20,311 )

Income tax benefit ( 2,129 ) ( 1,674 ) ( 7,041 ) ( 5,039 )

Net of tax $ ( 6,438 ) $ ( 5,083 ) $ ( 20,769 ) $ ( 15,272 )

3 unchanged paragraphs

Other comprehensive loss before reclassifications ( 239 ) ( 15,386 ) ( 15,625 )

Reclassifications into earnings 14,331 14,331

Net other comprehensive (loss) income ( 239 ) 14,331 ( 15,386 ) ( 1,294 )

Balance at June 30, 2026 $ ( 22,808 ) $ ( 698,767 ) $ ( 68,851 ) $ ( 790,426 )

Other comprehensive loss before reclassifications ( 5,156 ) ( 16,462 ) ( 21,618 )

Reclassifications into earnings 20,769 20,769

Net other comprehensive (loss) income ( 5,156 ) 20,769 ( 16,462 ) ( 849 )

Balance at September 30, 2026 $ ( 27,725 ) $ ( 692,329 ) $ ( 69,927 ) $ ( 789,981 )

2 unchanged paragraphs

Other comprehensive income before reclassifications 3,319 61,008 64,327

Reclassifications into earnings 379 10,189 10,568

Net other comprehensive income 3,698 10,189 61,008 74,895

Balance at June 30, 2025 $ ( 25,899 ) $ ( 694,629 ) $ ( 43,748 ) $ ( 764,276 )

Other comprehensive income before reclassifications 5,680 52,486 58,166

Reclassifications into earnings 379 15,272 15,651

Net other comprehensive income 6,059 15,272 52,486 73,817

Balance at September 30, 2025 $ ( 23,538 ) $ ( 689,546 ) $ ( 52,270 ) $ ( 765,354 )

Note 16: Supplemental Financial Statement Information 28 changes

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

1 unchanged paragraph

Amounts charged to expense 2,141 ( 5,192 )

Amounts charged to expense 4,123 ( 3,608 )

Write-offs, recoveries and other ( 3,512 5,038 ) ( 2,902 4,885 )

Balance at end of period $ 16,602 17,058 $ 19,002 18,603

Accounts and other receivables $ 6,136 6,592 $ 7,653 8,137

1 unchanged paragraph

Total $ 16,602 $ 19,002

Total $ 17,058 $ 18,603

Amounts charged to expense in 2025 includes a credit of $ 8 9 million related to a DIP Facility reimbursement.

1 unchanged paragraph

Other expense (income)

Other expense (income) is as follows:

Three Months Ended June 30, Six Months Ended June 30,

Loss (gain) on debt redemption/refinancing $ 1,116 $ ( 282 ) $ 1,116 $ 24,364

Other expense (income) $ 483 $ ( 6,578 ) $ 483 $ 17,609

Interest expense, net for the three months ended June September 30, 2026 and 2025 includes $ 2 1 million and $ 1 2 million of interest income, respectively and interest expense, net for the six nine months ended June September 30, 2026 and 2025 includes $ 4 5 million and $ 3 6 million of interest income, respectively.

Other (income) expense

Other (income) expense is as follows:

Three Months Ended September 30, Nine Months Ended September 30, (Gain) loss on debt redemption/refinancing $ ( 3,155 ) $ 82 $ ( 2,039 ) $ 24,446

Benefit in connection with Ecommerce Restructuring ( 633 ) ( 6,296 1,063 ) ( 633 ) ( 6,755 7,818 )

Other (income) expense $ ( 3,155 ) $ ( 981 ) $ ( 2,672 ) $ 16,628

1 unchanged paragraph

Six Months Ended June 30,

Cash interest paid $ 72,188 $ 71,923

Nine Months Ended September 30,

Cash interest paid $ 114,025 $ 119,863

Cash income tax payments, net $ 13,842 26,477 $ 11,859 22,598

Capital assets obtained under capital lease obligations $ 6,639 9,110 $ 1,313 3,316

As of June September 30, 2026, we have entered into leases with aggregate payments of $ 3 8 million and terms ranging from five to six years that have not commenced.

Forward-looking statements 165 changes

5 unchanged paragraphs

Three Months Ended June September 30,

1 unchanged paragraph

Total revenue $ 451,498 $ 461,909 (2) %

Total cost of revenue 209,222 214,383 2 %

Selling, general and administrative 128,746 170,542 25 %

Restructuring charges 3,337 13,806 76 %

Interest expense, net 28,580 24,937 (15) %

Other expense (income) 483 (6,578) >(100%)

Income before taxes 65,491 39,271 67 %

Provision for income taxes 15,583 9,296 (68) %

Net income $ 49,908 $ 29,975 66 %

Six Months Ended June 30,

Total revenue $ 456,182 $ 459,675 (1) %

Total cost of revenue 208,874 215,396 3 %

Selling, general and administrative 139,201 144,154 3 %

Research and development 3,383 3,601 6 3,409 1 %

Restructuring charges 1,529 1,836 17 %

Interest expense, net 25,984 26,072 %

Other components of pension and postretirement cost 12,256 1,947 10,274 1,645 >(100%)

Other income (3,155) (981) >100%

Income before taxes 70,092 68,144 3 %

Provision for income taxes 17,426 16,181 (8) %

Net income $ 52,666 $ 51,963 1 %

Nine Months Ended September 30,

1 unchanged paragraph

Total revenue $ 928,911 $ 955,329 (3) %

Total cost of revenue 426,852 438,682 3 %

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

and 140 more changes in the filing

Controls and procedures 1 change

2 unchanged paragraphs

and 1 more change in the filing

Unregistered sales of stock 9 changes

1 unchanged paragraph

4 unchanged paragraphs

and 9 more changes in the filing

Other information 7 changes

and 7 more changes in the filing

Exhibits 3 changes

4 unchanged paragraphs

13 unchanged paragraphs

5 unchanged paragraphs

and 3 more changes in the filing