Quad/Graphics, Inc. QUAD

Communication services SIC 2750 - Commercial Printing NAICS Manufacturing › Printing and Related Support Activities › Printing › Commercial Printing (except Screen and Books) derived NYSE

Quad is a marketing experience (MX) company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey. Its results-driven approach enables stronger marketing operations that lead to real, repeatable success for clients. The Company does this through its MX Solutions Suite, which is flexible, scalable and connected. Quad tailors its solutions to each client's objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness and delivering value on investments.

Quad's footprint spans 10 countries, with 71 global facilities inclusive of 33 manufacturing and distribution facilities. The Company supports a diverse base of approximately 2,100 clients, including industry-leading blue-chip companies that serve both businesses and consumers across multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods and direct-to-consumer; financial services; and health. Quad prides itself on its long-standing relationships, with its largest clients averaging more than 25 years in duration. In 2025, its 10 largest clients accounted for approximately 21% of consolidated sales, with none representing more than 5% individually.

Last close 9.44 2026-10-23
Market cap $450.3M estimated share count
52-week range 5.12 - 11.14

Valuation FY2025 figures against the last close

P/S0.2x
P/E17.5x
P/FCF8.9x
EV/EBITDA4.4x
Dividend yield3.2%
Diluted EPS0.54

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.42B$2.67B$2.96B$3.22B$2.96B$2.93B$3.92B$3.99B$3.95B$4.33B
Cost of revenue $1.90B$2.09B$2.38B$2.62B$2.39B$2.33B$3.19B$3.22B$3.09B$3.39B
Gross profit $523.3M$580.0M$576.5M$598.2M$570.5M$594.8M$731.2M$764.4M$859.9M$934.7M
R&D $2.9M$3.2M$3.1M$3.3M$3.1M$3.0M$3.6M$3.6M$9.0M$9.3M
SG&A $325.9M$356.8M$344.5M$358.6M$326.0M$335.1M$397.6M$358.9M$408.7M$466.7M
Total operating expenses $2.32B$2.65B$2.93B$3.16B$2.87B$2.98B$3.89B$3.90B$3.78B$4.21B
Operating income $97.0M$19.2M$25.7M$53.5M$92.8M-$46.0M$34.7M$87.3M$172.8M$117.3M
Interest expense $50.5M$64.5M$70.0M$48.4M$59.6M$68.8M$90.0M$73.2M$70.9M$77.2M
Pre-tax income $32.5M-$44.5M-$42.6M$17.7M$47.0M-$106.1M-$79.8M$26.5M$108.9M$59.3M
Income tax $5.5M$6.4M$12.8M$8.4M$9.5M$300.0K$24.4M$2.4M$9.2M$13.0M
Net income $27.0M-$50.9M-$55.4M$9.3M$37.8M-$128.3M-$156.3M$8.5M$107.2M$44.9M
EPS, basic 0.57-1.07-1.140.180.74-2.53-3.120.172.160.94
EPS, diluted 0.54-1.07-1.140.180.71-2.53-3.120.162.070.90
Shares, diluted (wtd. avg.) 49.9M47.6M48.4M52.5M53.0M50.6M50.0M51.6M51.8M49.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $63.3M$29.2M$52.9M$25.2M$179.9M$55.2M$78.7M$69.5M$64.4M$19.2M
Receivables $294.8M$273.2M$316.2M$372.6M$362.0M$399.1M$456.1M$497.6M$552.5M$563.6M
Inventory $143.5M$162.4M$178.8M$260.7M$226.2M$170.2M$210.5M$279.0M$246.5M$265.4M
Total current assets $538.4M$534.3M$587.7M$704.5M$809.1M$679.2M$910.9M$946.6M$908.5M$902.6M
Property, plant and equipment $461.6M$499.7M$620.6M$672.1M$727.0M$884.2M$1.04B$1.15B$1.27B$1.52B
Goodwill $107.6M$100.3M$103.0M$86.4M$86.4M$103.0M$103.0M$44.5M$0$0
Other intangibles $13.7M$7.2M$21.8M$46.9M$75.3M$104.3M$137.2M$112.6M$43.4M$59.7M
Total assets $1.25B$1.30B$1.51B$1.70B$1.89B$1.93B$2.42B$2.47B$2.45B$2.57B
Accounts payable $342.0M$356.7M$373.6M$456.6M$367.3M$320.0M$416.7M$496.3M$381.6M$323.5M
Short-term debt $47.0M$28.0M$151.7M$61.1M$245.6M$20.7M$40.0M$42.9M$42.0M$84.7M
Total current liabilities $624.2M$698.7M$790.8M$795.4M$957.1M$682.7M$813.4M$851.3M$745.9M$774.6M
Long-term debt $322.9M$349.1M$362.5M$506.7M$554.9M$902.7M$1.06B$882.6M$903.5M$1.02B
Total liabilities $1.12B$1.25B$1.39B$1.53B$1.75B$1.84B$2.17B$2.01B$1.93B$2.13B
Retained earnings -$623.2M-$635.1M-$573.9M-$518.5M-$527.8M-$566.0M-$423.5M-$211.4M-$162.9M-$206.4M
Total equity -$59.5M-$131.2M-$117.6M$172.9M$136.8M$84.1M$226.6M$442.5M$522.4M$441.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $95.9M$112.9M$147.6M$154.6M$136.5M$190.2M$155.5M$260.6M$344.0M$353.6M
Depreciation and amortisation $73.4M$85.0M$100.9M$110.4M$125.8M$142.5M$164.7M$180.5M$200.2M$226.4M
Stock-based compensation $6.6M$7.3M$5.6M$6.0M$6.2M$10.6M$13.6M$15.6M$16.4M$15.2M
Capital expenditure $45.2M$57.2M$70.8M$60.3M$50.0M$61.0M$111.0M$96.3M$85.9M$106.1M
Investing cash flow -$27.7M$12.7M-$46.4M-$60.5M$129.4M$9.7M-$208.1M-$120.5M-$47.2M-$88.8M
Financing cash flow -$36.1M-$149.1M-$73.6M-$248.7M-$140.9M-$223.6M$61.8M-$133.5M-$251.7M-$269.3M
Dividends paid $14.4M$9.4M$100.0K$1.4M$1.4M$9.5M$57.1M$62.9M$62.5M$61.1M
Buybacks $8.0M$0$12.6M$10.0M$0—$0$36.7M$3.8M$8.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001481792-26-000082.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 4.3B Gross profit, FY2016: 934.7M Net income, FY2016: 44.9M Revenue, FY2017: 4B Gross profit, FY2017: 859.9M Net income, FY2017: 107.2M Revenue, FY2018: 4B Gross profit, FY2018: 764.4M Net income, FY2018: 8.5M Revenue, FY2019: 3.9B Gross profit, FY2019: 731.2M Net income, FY2019: -156.3M Revenue, FY2020: 2.9B Gross profit, FY2020: 594.8M Net income, FY2020: -128.3M Revenue, FY2021: 3B Gross profit, FY2021: 570.5M Net income, FY2021: 37.8M Revenue, FY2022: 3.2B Gross profit, FY2022: 598.2M Net income, FY2022: 9.3M Revenue, FY2023: 3B Gross profit, FY2023: 576.5M Net income, FY2023: -55.4M Revenue, FY2024: 2.7B Gross profit, FY2024: 580M Net income, FY2024: -50.9M Revenue, FY2025: 2.4B Gross profit, FY2025: 523.3M Net income, FY2025: 27M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.33B $3.95B $3.99B $3.92B $2.93B $2.96B $3.22B $2.96B $2.67B $2.42B
Gross profit $934.7M $859.9M $764.4M $731.2M $594.8M $570.5M $598.2M $576.5M $580.0M $523.3M
Net income $44.9M $107.2M $8.5M -$156.3M -$128.3M $37.8M $9.3M -$55.4M -$50.9M $27.0M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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