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QUAD

Quad/Graphics, Inc.

QUAD

Quad/Graphics, Inc. • NYSE
$5.74 ▲ 0.88% (+0.05)
Market Cap $291.70 M
52w High $9.13
52w Low $4.50
Dividend Yield 0.30%
P/E 13.67
Volume 100.53K
Outstanding Shares 50.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $588M ▲ $80.9M ▲ $10.2M ▲ 1.735% ▲ $0.21 ▲ $45.3M ▲
Q2-2025 $571.9M ▼ $80.2M ▼ $-100K ▼ -0.017% ▼ $-0.002 ▼ $34.1M ▼
Q1-2025 $629.4M ▼ $83.5M ▼ $5.8M ▲ 0.922% ▲ $0.12 ▲ $38.9M ▼
Q4-2024 $708.4M ▲ $96.6M ▲ $4.7M ▲ 0.663% ▲ $0.098 ▲ $43M ▲
Q3-2024 $674.8M $88.4M $-24.7M -3.66% $-0.52 $19.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.2M ▼ $1.268B ▲ $1.171B ▲ $96.7M ▲
Q2-2025 $6.7M ▼ $1.241B ▼ $1.154B ▼ $87M ▼
Q1-2025 $8.1M ▼ $1.246B ▼ $1.159B ▼ $87.4M ▲
Q4-2024 $29.2M ▲ $1.299B ▼ $1.249B ▼ $49.9M ▼
Q3-2024 $12.5M $1.389B $1.338B $50.9M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.2M ▲ $-8.4M ▼ $-5.1M ▲ $12.8M ▲ $-500K ▲ $-20.6M ▼
Q2-2025 $-100K ▼ $47.4M ▲ $-24.1M ▼ $-25M ▼ $-1.4M ▲ $34.4M ▲
Q1-2025 $5.8M ▲ $-89M ▼ $-14.1M ▼ $80.4M ▲ $-21.1M ▼ $-100.3M ▼
Q4-2024 $4.7M ▲ $158.8M ▲ $-9.2M ▼ $-132.8M ▼ $16.7M ▲ $147.3M ▲
Q3-2024 $-24.7M $2.4M $28.1M $-30.8M $-300K $-9.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Direct Mail And Other Printed Products
Direct Mail And Other Printed Products
 $170.00M ▲$160.00M ▼$150.00M ▼$150.00M ▲
Logistic Services
Logistic Services
 $70.00M ▲$60.00M ▼$50.00M ▼$50.00M ▲
Other Revenues
Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$490.00M ▲$450.00M ▼$460.00M ▲
Service
Service
 $0 ▲$130.00M ▲$120.00M ▼$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Quad’s sales have wandered sideways to slightly downward over the past several years, reflecting the pressure on traditional print and legacy marketing spend. The company has done a reasonable job protecting its core profitability from operations, with operating income generally positive and margins a bit firmer than you might expect in a challenged industry. However, at the bottom line, results are choppy: brief periods of profit have been followed by renewed losses in the last two years. That suggests that interest, restructuring, and transformation costs, along with industry headwinds, are still weighing on net earnings even when the underlying business is generating some operating profit. Overall, this is a business that is stabilizing its core economics but has not yet delivered consistently positive earnings through the cycle.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been shrinking and simplifying. Total assets have steadily come down, which usually means facilities and operations have been rationalized. Debt has been reduced meaningfully over time, which lowers financial risk and interest burden. On the other hand, the equity base is very thin and has even slipped recently, leaving only a modest cushion to absorb shocks. Cash on hand is also quite limited relative to the size of the business. In plain terms: Quad has made real progress in paying down debt and slimming down, but it still runs with a fairly tight margin for error from a capital structure standpoint.

Cash Flow

Cash Flow Despite uneven accounting earnings, cash generation has been relatively steady. The company has produced positive operating cash flow every year in this window and has consistently generated free cash flow after investment spending. Capital expenditures have been kept at a disciplined, modest level, enough to maintain and selectively upgrade the business but not so high as to strain finances. This pattern suggests the legacy print and services operations still throw off cash, helping to fund the ongoing transformation. However, the cash surplus is not huge, so any major strategic push or downturn would likely require careful cash management or external funding.

Competitive Edge

Competitive Edge Quad sits in an interesting niche: still one of the largest commercial printers in North America, but repositioning itself as an integrated marketing experience partner. Its scale in print gives it cost advantages in physical production, which remains important for catalogs, direct mail, and in‑store materials. The company’s strategy is to bundle those strengths with data, creative, media, and analytics so that clients can manage more of their marketing through a single partner. Deep integration with large clients creates “stickiness” and makes switching costly for them. At the same time, Quad faces strong structural headwinds: print volumes are under long‑term pressure, marketing budgets are shifting toward digital, and it competes with both large global agencies and in‑house marketing teams. Its competitive edge depends on how effectively it can sell and scale this integrated, data‑driven model rather than rely on print alone.

Innovation and R&D

Innovation and R&D For a company rooted in printing, Quad has leaned heavily into data and technology. It has built a large proprietary dataset on U.S. households and is layering on advanced analytics and AI through partnerships with major cloud and AI providers. New tools aim to optimize direct mail and in‑market testing, automate creative work, and make audience targeting more precise and easier to use. The in‑store digital media network and sustainable packaging solutions extend its reach into retail media and ESG‑friendly offerings. Rather than classic lab-based R&D, this is applied innovation tightly linked to client campaigns. The key unknowns are adoption and monetization: how quickly clients embrace these AI‑ and data‑driven offerings, whether they move the revenue mix toward higher‑margin services, and whether Quad can keep pace with much larger tech and agency competitors running similar AI plays.

Summary

Quad is a mature, cyclical business in a structurally challenged print market that is trying to reinvent itself as a technology‑ and data‑enabled marketing partner. Financially, revenues have softened, but core operations still generate cash, and cost discipline plus debt reduction have improved the underlying resilience of the business. The flip side is a thin equity base and limited cash cushion, which leave less room for missteps. Strategically, the company’s future hinges on whether its integrated marketing platform, proprietary data, and AI collaborations can offset ongoing print declines and lift margins over time. Execution risk around this transformation, exposure to advertising and retail cycles, and rapid technological change are the main uncertainties to watch, balanced against the opportunity to convert a legacy print footprint into a differentiated, data‑rich marketing ecosystem.

NEWS

November 25, 2025 · 9:00 AM UTC

Quad named to the inaugural Forbes list of America's best employers for company culture

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November 19, 2025 · 9:00 AM UTC

BETTY NAMED CREATIVE AGENCY OF RECORD FOR GORILLA GLUE

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November 5, 2025 · 8:30 AM UTC

Quad to Present at the Southwest IDEAS Investor Conference on November 19

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October 30, 2025 · 9:00 AM UTC

'Tis the Season: 74% of Consumers Say In-Person Shopping is the Best Way to Spark Holiday Spirit

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October 28, 2025 · 4:30 PM UTC

Quad Reports Third Quarter and Year-to-Date 2025 Results

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