Company research
Quad/Graphics, Inc.
CIK 1481792Updated Oct 30, 2026
SecurityQUAD · NYSE · equity
QUAD price & chart
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NYSE:QUAD on TradingView ↗In the news
Quad to Host Call to Discuss Second Quarter and Year-to-Date 2026 Results; Present at an Upcoming Investor Conference ↗
Seeking Alpha
Quad forecasts 2026 adjusted EBITDA of $185M-$195M while targeting 1.5x leverage ↗
Quad/Graphics, Inc. (QUAD) Q3 2026 Earnings Call Transcript ↗
Quad/Graphics, Inc. 2026 Q3 - Results - Earnings Call Presentation ↗
SEC disclosures
Quad/Graphics, Inc. files 8-K: Material Event ↗
Recent filings
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Regulation FD Disclosure
Items 7.01, 9.01
144 filing
144 filing
Show 5 more recent filings
Financials
FY 2025 · USDSource
Source
Source
Source
Source
balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q3 2023 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 1,267,800,000Source | 1,388,800,000Source | 1,569,300,000Source | 1,240,800,000Source | 1,367,900,000Source | 1,230,900,000Source | 1,246,500,000Source | 1,423,700,000Source | 1,252,900,000Source | 1,299,000,000Source | 1,509,700,000Source | 1,701,800,000Source |
| Property, Plant and Equipment, NetUSD | 479,100,000Source | 512,700,000Source | 648,000,000Source | 485,800,000Source | 586,500,000Source | 458,800,000Source | 492,000,000Source | 601,800,000Source | 461,600,000Source | 499,700,000Source | 620,600,000Source | 672,100,000Source |
| GoodwillUSD | 107,600,000Source | 100,300,000Source | 86,400,000Source | 107,600,000Source | 100,300,000Source | 107,600,000Source | 100,300,000Source | 100,300,000Source | 107,600,000Source | 100,300,000Source | 103,000,000Source | 86,400,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 15,000,000Source | 10,600,000Source | 27,900,000Source | 16,400,000Source | 14,000,000Source | 12,500,000Source | 6,200,000Source | 17,700,000Source | 13,700,000Source | 7,200,000Source | 21,800,000Source | 46,900,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 6,200,000Source | 12,500,000Source | 11,000,000Source | 6,700,000Source | 12,800,000Source | 7,000,000Source | 8,100,000Source | 10,200,000Source | 63,300,000Source | 29,200,000Source | 52,900,000Source | 25,200,000Source |
| Inventory, NetUSD | 177,200,000Source | 201,700,000Source | 234,400,000Source | 153,400,000Source | 174,500,000Source | 164,700,000Source | 161,400,000Source | 180,600,000Source | 143,500,000Source | 162,400,000Source | 178,800,000Source | 260,700,000Source |
| Assets, CurrentUSD | 529,400,000Source | 591,900,000Source | 635,400,000Source | 492,800,000Source | 518,700,000Source | 522,600,000Source | 511,100,000Source | 549,800,000Source | 538,400,000Source | 534,300,000Source | 587,700,000Source | 704,500,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | 32,800,000Source | 72,100,000Source | 41,800,000Source | 42,700,000Source | 37,200,000Source | 39,300,000Source | 37,700,000Source | 56,300,000Source | 36,800,000Source | 69,500,000Source | 39,800,000Source | 46,000,000Source |
| Operating Lease, Right-of-Use AssetUSD | 72,800,000Source | 82,700,000Source | 93,800,000Source | 74,200,000Source | 88,600,000Source | 64,600,000Source | 75,000,000Source | 91,800,000Source | 68,000,000Source | 78,900,000Source | 96,600,000Source | 111,100,000Source |
| Other Assets, NoncurrentUSD | 63,900,000Source | 90,600,000Source | 77,800,000Source | 64,000,000Source | 59,800,000Source | 64,800,000Source | 61,900,000Source | 62,300,000Source | 63,600,000Source | 78,600,000Source | 80,000,000Source | 80,800,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 1,171,100,000Source | 1,337,900,000Source | 1,425,900,000Source | 1,153,800,000Source | 1,288,800,000Source | 1,104,300,000Source | 1,159,100,000Source | 1,334,500,000Source | 1,124,300,000Source | 1,249,100,000Source | 1,390,200,000Source | 1,528,900,000Source |
| Stockholders’ equity: | ||||||||||||
| Additional Paid in CapitalUSD | 844,800,000Source | 841,300,000Source | 841,100,000Source | 843,100,000Source | 839,600,000Source | 840,800,000Source | 840,900,000Source | 838,000,000Source | 846,200,000Source | 842,800,000Source | 842,700,000Source | 841,800,000Source |
| Retained Earnings (Accumulated Deficit)USD | -630,500,000Source | -637,200,000Source | -551,900,000Source | -637,000,000Source | -610,000,000Source | -622,100,000Source | -633,100,000Source | -604,600,000Source | -623,200,000Source | -635,100,000Source | -573,900,000Source | -518,500,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -82,900,000Source | -126,700,000Source | -117,100,000Source | -85,000,000Source | -124,200,000Source | -59,000,000Source | -90,400,000Source | -116,900,000Source | -59,500,000Source | -131,200,000Source | -117,600,000Source | -128,300,000Source |
| Stockholders' Equity Attributable to ParentUSD | 96,700,000Source | 50,900,000Source | 143,400,000Source | 87,000,000Source | 79,100,000Source | 126,600,000Source | 87,400,000Source | 89,200,000Source | -59,500,000Source | — | — | — |
| Liabilities and EquityUSD | 1,267,800,000Source | 1,388,800,000Source | 1,569,300,000Source | 1,240,800,000Source | 1,367,900,000Source | 1,230,900,000Source | 1,246,500,000Source | 1,423,700,000Source | 1,252,900,000Source | 1,299,000,000Source | 1,509,700,000Source | 1,701,800,000Source |
| Current liabilities: | ||||||||||||
| Liabilities, CurrentUSD | 539,500,000Source | 698,100,000Source | 785,300,000Source | 534,300,000Source | 611,800,000Source | 554,300,000Source | 533,100,000Source | 631,300,000Source | 624,200,000Source | 698,700,000Source | 790,800,000Source | 795,400,000Source |
| Operating Lease, Liability, CurrentUSD | 22,900,000Source | 23,600,000Source | 24,400,000Source | 22,600,000Source | 24,000,000Source | 23,800,000Source | 23,200,000Source | 23,600,000Source | 23,000,000Source | 24,000,000Source | 25,400,000Source | 27,800,000Source |
| Accounts Payable, CurrentUSD | 292,500,000Source | 336,600,000Source | 411,900,000Source | 288,400,000Source | 333,200,000Source | 317,500,000Source | 329,600,000Source | 359,800,000Source | 342,000,000Source | 356,700,000Source | 373,600,000Source | 456,600,000Source |
| Operating Lease, Liability, NoncurrentUSD | 55,000,000Source | 66,100,000Source | 74,500,000Source | 57,100,000Source | 71,200,000Source | 45,200,000Source | 57,800,000Source | 74,600,000Source | 49,800,000Source | 61,400,000Source | 77,200,000Source | 87,100,000Source |
| Deferred Income Tax Liabilities, NetUSD | 4,600,000Source | 4,000,000Source | 6,200,000Source | 3,800,000Source | 5,100,000Source | 3,500,000Source | 3,700,000Source | 5,900,000Source | 4,000,000Source | 3,200,000Source | 5,100,000Source | 9,300,000Source |
| Other Liabilities, NoncurrentUSD | 137,900,000Source | 144,900,000Source | 122,000,000Source | 137,000,000Source | 139,800,000Source | 116,100,000Source | 124,600,000Source | 142,800,000Source | 122,600,000Source | 135,400,000Source | 148,600,000Source | 128,800,000Source |
| Additional Financial Items | ||||||||||||
| Accrued Liabilities, CurrentUSD | 186,800,000Source | 259,900,000Source | 192,200,000Source | 190,000,000Source | 170,300,000Source | 163,800,000Source | 149,200,000Source | 174,000,000Source | 211,700,000Source | 289,200,000Source | 237,600,000Source | 249,100,000Source |
| Deferred Tax Liabilities, NetUSD | — | — | — | — | — | — | — | — | 4,000,000Source | 3,200,000Source | 5,100,000Source | — |
| Long-term Debt, Excluding Current Maturities | — | — | — | — | — | — | — | — | —Source | —Source | —Source | —Source |
| Long-term Debt, Current MaturitiesUSD | 36,600,000Source | 77,200,000Source | 154,000,000Source | 32,500,000Source | 82,100,000Source | 48,700,000Source | 30,300,000Source | 71,500,000Source | 47,000,000Source | 28,000,000Source | 151,700,000Source | 61,100,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 433,400,000Source | 423,400,000Source | 431,600,000Source | 420,500,000Source | 455,500,000Source | 384,500,000Source | 438,800,000Source | 473,900,000Source | 322,900,000Source | 349,100,000Source | 362,500,000Source | 506,700,000Source |
| Preferred Stock, Value, Issued | —Source | —Source | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — | — |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | 27,000,000Source | -50,900,000Source | -55,400,000Source | 9,300,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | — | — | — | — | — | — | —Source | —Source | —Source | —Source | —Source | —Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | 1,300,000Source | 1,500,000Source | 2,200,000Source | 2,600,000Source | 1,300,000Source | 1,600,000Source | 6,600,000Source | 7,300,000Source | 5,600,000Source | 6,000,000Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in InventoriesUSD | — | — | — | — | — | — | — | — | -24,000,000Source | -2,400,000Source | -90,300,000Source | 41,100,000Source |
| Deferred Income Tax Expense (Benefit)USD | — | — | — | — | — | — | -500,000Source | 100,000Source | 600,000Source | -2,000,000Source | -3,700,000Source | 2,400,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | -93,700,000Source | -89,000,000Source | 95,900,000Source | 112,900,000Source | 147,600,000Source | 154,600,000Source |
| Cash flows from investing activities: | ||||||||||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | — | — | — | — | — | — | — | — | 16,300,000Source | 0Source | 1,500,000Source | 2,600,000Source |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | -15,000,000Source | -14,100,000Source | -27,700,000Source | 12,700,000Source | -46,400,000Source | -60,500,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | — | — | 1,700,000Source | 2,700,000Source | 2,700,000Source | 1,200,000Source | 4,500,000Source | -1,100,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | — | — | 13,300,000Source | 11,300,000Source | 45,200,000Source | 57,200,000Source | 70,800,000Source | 60,300,000Source |
| Cash flows from financing activities: | ||||||||||||
| Payment, Tax Withholding, Share-based Payment ArrangementUSD | — | — | — | — | — | — | 3,800,000Source | 3,600,000Source | 3,600,000Source | 2,100,000Source | 1,700,000Source | 2,500,000Source |
| Payments for Repurchase of Common StockUSD | — | — | — | — | — | — | 1,100,000Source | 3,300,000Source | 8,000,000Source | 0Source | 12,600,000Source | 10,000,000Source |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | 52,400,000Source | 80,400,000Source | -36,100,000Source | -149,100,000Source | -73,600,000Source | -248,700,000Source |
| Dividends paid | — | — | — | — | — | — | —Source | —Source | —Source | —Source | —Source | —Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | — | — | — | — | — | — | — | 0Source | 0Source | -200,000Source | -600,000Source | -600,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -56,300,000Source | -22,800,000Source | 32,400,000Source | -23,700,000Source | 27,700,000Source | -154,700,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | 12,500,000Source | — | 12,800,000Source | 7,000,000Source | 8,100,000Source | 63,300,000Source | 29,200,000Source | 52,900,000Source | 25,200,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | — | — | 40,200,000Source | 52,900,000Source | 55,900,000Source | 44,000,000Source |
| Income Taxes Paid, NetUSD | — | — | — | — | — | — | — | — | 3,800,000Source | 10,700,000Source | 12,200,000Source | 6,200,000Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | — | — | — | — | 0Source | -100,000Source | 300,000Source | -200,000Source | 100,000Source | -100,000Source |
| Additional Financial Items | ||||||||||||
| Amortization of Debt Issuance CostsUSD | — | — | — | — | — | — | — | — | 1,600,000Source | 1,600,000Source | 2,000,000Source | 2,200,000Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | — | — | — | — | — | — | 400,000Source | 400,000Source | 1,600,000Source | 1,600,000Source | 2,000,000Source | 2,200,000Source |
| Amortization of Intangible AssetsUSD | — | — | — | — | — | — | — | — | 5,200,000Source | 17,500,000Source | 27,900,000Source | 30,900,000Source |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to SettlementUSD | — | — | — | — | — | — | — | — | -12,800,000Source | — | — | 0Source |
| DepreciationUSD | — | — | — | — | — | — | — | — | 73,400,000Source | 85,000,000Source | 100,900,000Source | 110,400,000Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | — | — | — | — | — | — | — | — | 4,300,000Source | -6,400,000Source | 4,400,000Source | -2,100,000Source |
| Gain (Loss) on Disposition of BusinessUSD | — | — | — | — | — | — | 0Source | -500,000Source | -500,000Source | — | 0Source | -23,100,000Source |
| Gain (Loss) on Sale of InvestmentsUSD | — | — | — | — | — | — | — | — | 0Source | 4,100,000Source | — | — |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | — | — | — | — | — | — | — | 0Source | 20,700,000Source | 22,500,000Source | 10,900,000Source | 2,300,000Source |
| Gain (Loss) on Extinguishment of DebtUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| GoodwillUSD | — | — | 107,600,000Source | 100,300,000Source | 107,600,000Source | 100,300,000Source | 107,600,000Source | 100,300,000Source | 107,600,000Source | 100,300,000Source | 103,000,000Source | 86,400,000Source |
| Goodwill, Impairment LossUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Impairment of Intangible Assets (Excluding Goodwill)USD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | 27,000,000Source | -50,900,000Source | -55,400,000Source | 9,300,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Income Tax Expense (Benefit)USD | — | — | 3,000,000Source | 3,000,000Source | 300,000Source | 900,000Source | 1,700,000Source | 1,000,000Source | 5,500,000Source | 6,400,000Source | 12,800,000Source | 8,400,000Source |
| Insured Event, Gain (Loss)USD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Operating Lease, ExpenseUSD | — | — | — | — | — | — | — | — | — | — | — | 29,700,000Source |
| Net Income (Loss) Attributable to Parent | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — | — |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 588,000,000Source | 674,800,000Source | 571,900,000Source | 634,200,000Source | 581,000,000Source | 629,400,000Source | 2,419,900,000Source | 2,672,200,000Source | 2,957,700,000Source | 3,217,000,000Source |
| Cost of RevenueUSD | — | — | 454,100,000Source | 527,600,000Source | 448,100,000Source | 493,900,000Source | 458,100,000Source | 500,000,000Source | 1,896,600,000Source | 2,092,200,000Source | 2,381,200,000Source | 2,618,800,000Source |
| Gross Profit (Calculated) · Derived | — | — | — | — | — | — | — | — | — | — | — | — |
| Selling, General and Administrative ExpenseUSD | — | — | 80,900,000Source | 88,400,000Source | 80,200,000Source | 88,700,000Source | 78,400,000Source | 83,500,000Source | 325,900,000Source | 356,800,000Source | 344,500,000Source | 358,600,000Source |
| Operating Income (Loss)USD | — | — | 26,400,000Source | -4,900,000Source | 13,700,000Source | 15,100,000Source | 17,700,000Source | 19,600,000Source | 97,000,000Source | 19,200,000Source | 25,700,000Source | 53,500,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | 13,200,000Source | -21,700,000Source | 200,000Source | -1,900,000Source | 7,900,000Source | 6,800,000Source | 32,500,000Source | -44,500,000Source | -42,600,000Source | — |
| Income Tax Expense (Benefit)USD | — | — | 3,000,000Source | 3,000,000Source | 300,000Source | 900,000Source | 1,700,000Source | 1,000,000Source | 5,500,000Source | 6,400,000Source | 12,800,000Source | 8,400,000Source |
| Earnings Per Share, BasicUSD per share | — | — | 0.21Source | -0.52Source | 0Source | -0.06Source | 0.13Source | 0.12Source | 0.57Source | -1.07Source | -1.14Source | 0.18Source |
| Earnings Per Share, DilutedUSD per share | — | — | 0.21Source | -0.52Source | 0Source | -0.06Source | 0.13Source | 0.11Source | 0.54Source | -1.07Source | -1.14Source | 0.18Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 47,500,000Source | 47,800,000Source | 47,600,000Source | 47,700,000Source | 47,700,000Source | 48,000,000Source | 47,600,000Source | 47,600,000Source | 48,400,000Source | 50,700,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 49,700,000Source | 47,800,000Source | 47,600,000Source | 47,700,000Source | 49,600,000Source | 50,700,000Source | 49,900,000Source | 47,600,000Source | 48,400,000Source | 52,500,000Source |
| Additional Financial Items | ||||||||||||
| Amortization of Intangible AssetsUSD | — | — | — | — | — | — | — | — | 5,200,000Source | 17,500,000Source | 27,900,000Source | 30,900,000Source |
| Business Combination, Acquisition Related CostsUSD | — | — | 400,000Source | 900,000Source | 400,000Source | 400,000Source | 200,000Source | 2,600,000Source | -4,900,000Source | -600,000Source | 4,200,000Source | 2,000,000Source |
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | 0.08Source | 0.05Source | 0.08Source | 0.05Source | 0.1Source | 0.08Source | 0.3Source | 0.2Source | — | — |
| Costs and ExpensesUSD | — | — | 561,600,000Source | 679,700,000Source | 558,200,000Source | 619,100,000Source | 563,300,000Source | 609,800,000Source | 2,322,900,000Source | 2,653,000,000Source | 2,932,000,000Source | 3,163,500,000Source |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to SettlementUSD | — | — | — | — | — | — | — | — | -12,800,000Source | — | — | 0Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | — | — | — | — | — | — | — | — | 4,300,000Source | -6,400,000Source | 4,400,000Source | -2,100,000Source |
| Goodwill, Impairment LossUSD | — | — | — | — | — | — | — | — | 0Source | 0Source | 0Source | 0Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | — | — | — | — | — | — | — | — | 7,800,000Source | -8,600,000Source | -65,800,000Source | -13,900,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | — | — | — | — | — | — | — | — | 27,000,000Source | -50,900,000Source | -55,400,000Source | 9,300,000Source |
| Income (Loss) from Equity Method InvestmentsUSD | — | — | — | — | — | — | — | — | — | — | — | 0Source |
| Interest ExpenseUSD | — | — | 12,800,000Source | 17,000,000Source | 13,200,000Source | 17,200,000Source | 10,000,000Source | 12,400,000Source | 50,500,000Source | 64,500,000Source | 70,000,000Source | 48,400,000Source |
| Interest Income (Expense), NetUSD | — | — | — | — | — | — | — | — | — | — | — | 1,700,000Source |
| Operating Lease, ExpenseUSD | — | — | — | — | — | — | — | — | — | — | — | 29,700,000Source |
| Research and Development ExpenseUSD | — | — | — | — | — | — | — | — | 2,900,000Source | 3,200,000Source | 3,100,000Source | 3,300,000Source |
| Net Income (Loss) Attributable to Parent | — | — | —Source | —Source | —Source | —Source | —Source | —Source | — | — | — | — |