Cash Flow Statement

Operating Cash Flow

+119%

+27%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	514	480	510	476	460	436	408	498	511	527	545	481	481	481	484	527	517	26	35	105	97	605	584	367	365	346	323	420	426	414	417	445	420	364	349	311	318	358	441	636	708	707	611	464	372	264	181	161	138	242	380	352	388	446	403	426	404	306	282	112	114	105	92	261	256	259	282	242	179	151	68	195	(11)	(38)	(24)	(182)	(5)	19	16	(1)	51	35	32	37	8	(137)	(155)	(386)	(381)	(264)	(390)	(204)	(165)	(110)	80	145
Depreciation & Amortization	303	286	270	264	266	274	281	289	295	299	302	307	316	323	330	332	339	346	356	363	365	373	377	383	389	388	386	379	369	360	353	339	331	321	308	304	293	285	277	272	267	266	259	256	248	238	232	211	199	191	187	198	196	190	182	173	175	178	186	174	179	176	168	180	175	173	162	148	148	151	155	159	160	158	161	161	160	158	161	163	165	169	166	111	162	158	159	113	161	162	126	114	102	90	113	112
Change in Deffered Taxes	165	147	130	323	344	346	307	141	147	155	184	135	182	173	198	204	233	139	75	53	38	119	138	124	118	108	131	123	132	90	103	86	84	63	15	30	40	152	196	(223)	(237)	(252)	(354)	23	(42)	(153)	(4)	(27)	(10)	70	(15)	(51)	(3)	(8)	(6)	62	22	0	(6)	2	3	(27)	(30)	(40)	(38)	9	(8)	36	18	28	5	(35)	(22)	(6)	17	24	(5)	(18)	(12)	(17)	(3)	(19)	(17)	29	(13)	(25)	(31)	(6)	(21)	(49)	(201)	(209)	(217)	(167)	(2)	32
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	30	0	0	0	27	0	0	0	27	7	12	18	24	23	25	25	26	26	25	24	23	22	22	21	20	19	18	18	19	19	19	19	18	18	17	17	15	15	16	16	17	19	21	20	21	22	19	22	15	14	18	17	24	22	21	22	21	25	21	21	23	18	21	23	17	21	23	18	21	20	18	21	16	15	13	8	9	8	9	12	17	17	22	21	0
Other Non-Cash Items	141	(41)	(28)	(308)	(287)	(259)	(239)	(51)	(59)	(72)	(86)	47	56	(131)	(125)	(323)	(277)	398	160	(531)	(527)	(1 012)	(772)	214	224	220	234	114	60	56	35	(196)	(158)	(149)	(110)	55	56	(80)	(109)	40	(150)	(45)	(44)	(227)	(36)	138	166	118	121	(50)	(141)	22	(12)	(84)	(33)	(144)	(158)	(40)	(26)	197	192	195	176	26	36	37	27	(1)	(30)	(44)	54	(16)	125	129	59	236	98	87	86	55	(28)	(22)	(32)	(21)	(8)	121	132	321	367	265	581	389	426	419	93	72
Cash Taxes Paid	182	208	220	58	51	(13)	(10)	59	70	84	76	76	104	127	119	164	128	231	503	1 315	1 335	1 245	1 016	(179)	180	183	165	164	151	189	173	198	213	217	250	232	187	86	(23)	45	92	116	258	206	215	254	172	224	193	185	231	203	219	207	182	139	143	147	139	127	120	122	120	53	39	(6)	(18)	26	31	24	34	27	30	22	21	20	10	10	3	4	10	13	18	15	9	18	16	23	15	39	48	45	53	26	25	16
Cash Interest Paid	181	183	188	206	204	209	205	183	175	173	169	168	176	174	189	197	211	215	210	226	223	224	256	237	264	249	251	236	218	214	195	195	195	191	195	192	197	197	201	202	202	202	195	191	186	187	184	200	201	197	198	180	174	174	166	165	157	157	151	151	144	155	150	169	163	176	165	171	158	160	154	158	169	162	162	152	147	128	144	124	134	130	132	134	139	145	154	164	166	174	172	168	161	154	146	142
Change in Working Capital	(40)	(239)	(290)	(253)	(274)	(196)	(80)	(25)	16	31	(41)	(25)	(184)	(215)	(253)	(200)	(185)	(217)	(210)	(277)	(326)	(336)	(226)	(28)	17	82	65	(45)	46	102	78	151	171	166	196	252	241	263	231	195	135	164	132	145	177	113	174	162	151	173	118	136	85	32	64	5	32	25	24	12	99	79	124	69	(18)	(13)	(38)	(80)	28	(11)	(16)	(34)	(136)	9	48	63	186	114	75	102	61	39	(54)	18	(23)	(26)	47	38	(20)	86	73	138	80	12	12	23
Cash from Operating Activities	1 083 N/A	634 -41%	592 -7%	503 -15%	511 +2%	601 +18%	677 +13%	851 +26%	910 +7%	940 +3%	903 -4%	945 +5%	851 -10%	631 -26%	633 +0%	540 -15%	627 +16%	692 +10%	415 -40%	(287) N/A	(353) -23%	(251) +29%	100 N/A	1 061 +962%	1 113 +5%	1 143 +3%	1 139 0%	990 -13%	1 033 +4%	1 022 -1%	986 -4%	824 -16%	849 +3%	765 -10%	758 -1%	952 +26%	947 -1%	978 +3%	1 037 +6%	920 -11%	724 -21%	839 +16%	603 -28%	660 +9%	721 +9%	599 -17%	749 +25%	625 -17%	598 -4%	626 +5%	529 -16%	658 +25%	654 -1%	576 -12%	610 +6%	523 -14%	475 -9%	468 -1%	460 -2%	496 +8%	587 +18%	527 -10%	530 +1%	496 -7%	411 -17%	466 +13%	424 -9%	345 -19%	343 0%	275 -20%	267 -3%	268 +0%	116 -57%	252 +117%	261 +4%	302 +16%	434 +44%	360 -17%	327 -9%	302 -8%	246 -18%	202 -18%	95 -53%	175 +85%	126 -28%	91 -28%	152 +68%	80 -47%	107 +33%	200 +87%	189 -5%	229 +22%	225 -2%	244 +8%	296 +22%	383 +29%
Investing Cash Flow
Capital Expenditures	(240)	(237)	(223)	(225)	(253)	(266)	(284)	(286)	(292)	(294)	(298)	(317)	(322)	(318)	(306)	(292)	(295)	(306)	(320)	(328)	(313)	(294)	(286)	(265)	(254)	(252)	(233)	(237)	(228)	(212)	(194)	(167)	(147)	(135)	(130)	(120)	(126)	(149)	(153)	(156)	(171)	(157)	(161)	(177)	(165)	(161)	(152)	(138)	(129)	(137)	(155)	(183)	(194)	(198)	(190)	(167)	(164)	(149)	(152)	(159)	(156)	(165)	(164)	(168)	(161)	(172)	(155)	(138)	(138)	(120)	(128)	(137)	(134)	(136)	(123)	(105)	(123)	(129)	(165)	(184)	(173)	(165)	(141)	(83)	(121)	(115)	(105)	(78)	(94)	(89)	(76)	(72)	(69)	(62)	(68)	(66)
Other Items	(647)	(339)	(563)	(76)	(42)	83	377	252	225	98	(309)	(419)	(425)	(660)	(334)	(181)	(273)	348	267	1 047	1 054	233	254	(462)	(447)	26	45	3	3	23	8	(5)	(3)	(83)	(164)	(182)	(188)	(126)	(13)	67	128	164	123	90	(7)	(26)	9	388	376	476	432	29	41	(122)	(81)	(136)	(135)	(10)	(18)	44	32	(159)	(36)	(495)	(458)	(347)	(118)	424	437	473	1	595	633	607	698	29	(15)	40	93	29	133	50	113	58	27	58	(31)	(46)	1	(1)	(18)	23	(13)	(34)	(25)	(59)
Cash from Investing Activities	(888) N/A	(576) +35%	(786) -36%	(301) +62%	(294) +2%	(183) +38%	93 N/A	(34) N/A	(67) -96%	(196) -193%	(606) -209%	(736) -21%	(747) -2%	(978) -31%	(640) +35%	(472) +26%	(568) -20%	42 N/A	(53) N/A	720 N/A	742 +3%	(61) N/A	(32) +47%	(726) -2 177%	(701) +3%	(225) +68%	(188) +16%	(234) -24%	(225) +4%	(189) +16%	(186) +1%	(172) +8%	(150) +13%	(219) -45%	(295) -35%	(302) -2%	(314) -4%	(275) +13%	(166) +40%	(89) +47%	(43) +51%	7 N/A	(38) N/A	(87) -128%	(172) -98%	(188) -9%	(143) +24%	251 N/A	247 -2%	339 +38%	277 -18%	(155) N/A	(154) +1%	(320) -108%	(271) +15%	(303) -12%	(298) +2%	(159) +47%	(170) -7%	(116) +32%	(124) -7%	(324) -161%	(200) +38%	(663) -232%	(619) +7%	(519) +16%	(273) +47%	286 N/A	299 +5%	354 +18%	(127) N/A	458 N/A	499 +9%	471 -6%	576 +22%	(76) N/A	(137) -81%	(89) +35%	(72) +20%	(155) -117%	(40) +74%	(115) -186%	(27) +76%	(24) +11%	(94) -286%	(57) +39%	(136) -137%	(124) +9%	(93) +25%	(90) +4%	(94) -4%	(49) +48%	(83) -69%	(95) -15%	(93) +2%	(125) -34%
Financing Cash Flow
Net Issuance of Common Stock	(300)	(318)	(334)	(300)	(278)	(229)	(190)	(200)	(246)	(245)	(235)	(200)	(168)	(214)	(215)	(259)	(347)	(403)	(381)	(326)	(264)	(208)	(294)	(400)	(490)	(497)	(453)	(333)	(153)	(61)	0	296	0	296	196	(100)	0	(150)	(100)	(100)	0	(46)	0	0	0	0	0	0	0	0	(50)	(50)	(50)	(50)	(100)	(132)	(260)	(327)	(229)	(197)	(69)	0	0	0	0	0	0	0	(39)	(100)	(105)	(105)	(66)	(5)	0	0	0	0	0	0	(13)	(13)	(13)	(13)	0	0	0	0	0	0	0	0	(15)	(90)	(252)	(378)
Net Issuance of Debt	317	432	631	425	408	159	(330)	(422)	(470)	(351)	170	215	237	692	350	323	362	(205)	125	70	69	722	510	377	488	29	(64)	(125)	(301)	(435)	(518)	(242)	(277)	(141)	(34)	(171)	(57)	(144)	(132)	(50)	(15)	(550)	(550)	(210)	(231)	(28)	(28)	(668)	(682)	(407)	(407)	(91)	(259)	(238)	(238)	(275)	8	138	413	434	246	441	823	472	296	46	(916)	(577)	(328)	(335)	(208)	(545)	(676)	(579)	(526)	(222)	(249)	(348)	(318)	(301)	(230)	(222)	(134)	(133)	(58)	(79)	(67)	(67)	(50)	(37)	(61)	(248)	(266)	(269)	(45)	53
Cash Paid for Dividends	(285)	(284)	(283)	(282)	(281)	(281)	(281)	(281)	(281)	(282)	(282)	(282)	(283)	(284)	(284)	(284)	(285)	(310)	(285)	(285)	(285)	(262)	(288)	(289)	(290)	(290)	(291)	(292)	(292)	(294)	(295)	(298)	(299)	(300)	(302)	(302)	(301)	(301)	(300)	(300)	(299)	(299)	(299)	(301)	(301)	(264)	(226)	(189)	(152)	(152)	(152)	(152)	(151)	(151)	(151)	(150)	(148)	(146)	(143)	(141)	(139)	(139)	(139)	(139)	(140)	(140)	(140)	(140)	(115)	(89)	(62)	(35)	(34)	(34)	(34)	(34)	(34)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(35)	(36)	(36)	(38)	(42)	(46)	(51)
Other	145	151	153	35	37	39	41	52	64	62	64	73	96	97	102	83	87	103	86	101	126	113	135	108	36	10	(20)	8	(14)	(17)	(6)	(383)	(377)	(382)	(378)	(8)	(7)	(6)	(6)	(5)	(7)	(13)	(9)	(9)	(9)	(6)	(10)	(12)	(18)	(19)	(20)	(19)	(14)	(14)	(13)	(22)	(20)	(15)	(24)	(325)	(326)	(322)	(314)	35	(10)	(9)	(17)	(28)	(8)	(9)	7	15	(6)	(6)	3	21	(10)	33	23	5	20	(28)	8	(17)	(39)	50	39	72	75	13	(0)	(22)	(13)	(52)	(97)	(69)
Cash from Financing Activities	(123) N/A	(18) +85%	167 N/A	(123) N/A	(114) +7%	(313) -174%	(760) -143%	(851) -12%	(934) -10%	(816) +13%	(283) +65%	(194) +32%	(117) +39%	292 N/A	(47) N/A	(137) -191%	(183) -34%	(814) -344%	(454) +44%	(440) +3%	(355) +19%	364 N/A	63 -83%	(204) N/A	(257) -26%	(749) -192%	(828) -11%	(742) +10%	(760) -2%	(806) -6%	(819) -2%	(626) +24%	(657) -5%	(527) +20%	(517) +2%	(580) -12%	(465) +20%	(601) -29%	(538) +10%	(455) +15%	(420) +8%	(907) -116%	(858) +5%	(520) +39%	(541) -4%	(301) +44%	(264) +12%	(868) -229%	(852) +2%	(578) +32%	(629) -9%	(312) +50%	(474) -52%	(453) +4%	(501) -11%	(579) -15%	(420) +28%	(350) +17%	17 N/A	(230) N/A	(288) -26%	(22) +92%	370 N/A	368 0%	147 -60%	(104) N/A	(1 073) -937%	(745) +31%	(490) +34%	(533) -9%	(368) +31%	(670) -82%	(782) -17%	(624) +20%	(557) +11%	(235) +58%	(294) -25%	(350) -19%	(329) +6%	(330) 0%	(258) +22%	(298) -15%	(175) +41%	(198) -13%	(132) +34%	(64) +51%	(64) +0%	(30) +53%	(10) +66%	(60) -480%	(97) -63%	(305) -214%	(332) -9%	(453) -36%	(440) +3%	(445) -1%
Change in Cash
Effect of Foreign Exchange Rates	(3)	1	2	5	9	12	7	12	14	6	10	7	1	4	2	(3)	(3)	0	1	2	3	3	5	8	11	8	(2)	(15)	(22)	(12)	2	10	12	(5)	(1)	1	7	17	(4)	(5)	4	(18)	3	3	(14)	(1)	(8)	(13)	(9)	(0)	(22)	(29)	(63)	(60)	(50)	(44)	10	(11)	(2)	(27)	(37)	(6)	12	44	41	6	(14)	(25)	(31)	(12)	(16)	2	(9)	(7)	5	6	15	16	4	(5)	(6)	(19)	(25)	(16)	(11)	2	9	6	1	(2)	7	(5)	(1)	1	(4)	2
Net Change in Cash	70 N/A	41 -41%	(24) N/A	84 N/A	111 +33%	117 +5%	17 -86%	(21) N/A	(77) -261%	(66) +14%	25 N/A	22 -10%	(13) N/A	(51) -298%	(52) -1%	(73) -40%	(127) -75%	(81) +37%	(92) -14%	(4) +95%	37 N/A	56 +51%	136 +144%	138 +2%	166 +20%	178 +7%	120 -32%	(1) N/A	26 N/A	16 -38%	(18) N/A	36 N/A	54 +49%	14 -74%	(55) N/A	72 N/A	175 +145%	119 -32%	329 +177%	372 +13%	264 -29%	(79) N/A	(291) -269%	57 N/A	(6) N/A	109 N/A	335 +208%	(6) N/A	(16) -188%	388 N/A	155 -60%	163 +5%	(37) N/A	(257) -601%	(213) +17%	(403) -90%	(233) +42%	(52) +78%	306 N/A	124 -59%	137 +10%	175 +27%	712 +307%	244 -66%	(20) N/A	(151) -664%	(937) -522%	(140) +85%	121 N/A	83 -31%	(243) N/A	57 N/A	(176) N/A	92 N/A	284 +210%	(3) N/A	18 N/A	(63) N/A	(70) -10%	(189) -170%	(58) +69%	(229) -293%	(133) +42%	(63) +52%	(111) -75%	(29) +74%	(39) -34%	(68) -75%	4 N/A	48 +1 019%	5 -90%	(130) N/A	(191) -47%	(304) -59%	(241) +21%	(185) +23%
Free Cash Flow
Free Cash Flow	843 N/A	397 -53%	369 -7%	278 -25%	258 -7%	335 +30%	393 +17%	566 +44%	618 +9%	645 +5%	606 -6%	628 +4%	529 -16%	313 -41%	327 +5%	248 -24%	331 +34%	386 +16%	95 -75%	(615) N/A	(665) -8%	(545) +18%	(186) +66%	796 N/A	859 +8%	892 +4%	906 +2%	753 -17%	805 +7%	810 +1%	792 -2%	657 -17%	702 +7%	629 -10%	627 0%	832 +33%	821 -1%	829 +1%	884 +7%	764 -14%	552 -28%	683 +24%	442 -35%	484 +9%	556 +15%	438 -21%	597 +36%	487 -18%	469 -4%	490 +4%	373 -24%	475 +27%	459 -3%	378 -18%	420 +11%	356 -15%	311 -13%	319 +3%	308 -3%	337 +9%	431 +28%	362 -16%	367 +1%	328 -11%	250 -24%	294 +17%	269 -9%	207 -23%	205 -1%	156 -24%	139 -11%	131 -6%	(18) N/A	116 N/A	138 +19%	197 +42%	312 +58%	231 -26%	162 -30%	117 -27%	73 -38%	38 -48%	(46) N/A	92 N/A	5 -95%	(25) N/A	47 N/A	2 -96%	12 +530%	110 +783%	113 +3%	157 +39%	156 -1%	182 +17%	228 +25%	317 +39%

Income Statement Balance Sheet Cash Flow Statement

Pitney Bowes Inc
F:PBW

Cash Flow Statement

Cash Flow Statement
Pitney Bowes Inc

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Pitney Bowes Inc F:PBW

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Cash Flow Statement Pitney Bowes Inc

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Pitney Bowes Inc
F:PBW

Cash Flow Statement
Pitney Bowes Inc