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v3.26.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 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 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 |
|  |  |  |  | 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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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