Quad is a global marketing experience company that simplifies marketing complexities by removing friction throughout the marketing journey. The company employs a results-driven approach to enable stronger marketing operations, leading to real, repeatable success for its clients. Quad offers a comprehensive range of marketing and print services, integrating creative, production, and media solutions across online and offline channels.
- United States Print and Related Services - Manages U.S. printing operations as one integrated platform, covering print execution and logistics for various printed products and marketing services.
- International - Operates printing services in Europe and Latin America, providing printed products and marketing services similar to the U.S. segment.
- Corporate - Includes unallocated general and administrative activities, such as executive, legal, and finance functions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David J. Honan ExecutiveBoard | Executive Vice President and Chief Operating Officer | Advisory Board Member at FM Global | David J. Honan is currently the Executive Vice President and Chief Operating Officer at QUAD since January 2022. He previously served as Executive Vice President and Chief Financial Officer and has held multiple financial leadership roles at QUAD, and he also serves as an Advisory Board Member at FM Global. | |
Eric N. Ashworth ExecutiveBoard | Executive Vice President of Product and Market Strategy | Uniting Voices Chicago; The BrandLab | Eric N. Ashworth is Executive Vice President of Product and Market Strategy at QUAD since 2015 and has served as President of Quad Agency Solutions since April 2016. He has a distinguished career in marketing strategy and also serves on the boards of Uniting Voices Chicago and The BrandLab. | |
J. Joel Quadracci ExecutiveBoard | Chairman, President, and Chief Executive Officer | Board member at Plexus Corp.; Board member at Pixability, Inc.; Board member at Road America, Inc.; Board member at National Association of Manufacturers; Board member at Metropolitan Milwaukee Association of Commerce; Trustee at Milwaukee Art Museum; Advisory Council member at Smithsonian National Postal Museum | J. Joel Quadracci has served as Chairman, President, and Chief Executive Officer at Quad since January 2010. He joined Quad in 1991 and held previous key leadership positions including President (since January 2005) and President & CEO (since July 2006). | View Report → |
Joshua J. Golden ExecutiveBoard | Chief Marketing Officer | Board of directors of the National Epilepsy Foundation | Joshua J. Golden is the Chief Marketing Officer at Quad since July 2021. He also serves on the board of directors of the National Epilepsy Foundation and has held key roles at organizations such as Ad Age and Xerox. | |
Julie A. Currie ExecutiveBoard | Executive Vice President and Chief Revenue Officer | Board of Directors, Boys & Girls Club of Lake County, Illinois | Julie A. Currie is the Executive Vice President and Chief Revenue Officer at QUAD since November 2020, and she serves on the board of directors of the Boys & Girls Club of Lake County, Illinois. | |
Anne M. Bauer Executive | Vice President and Chief Accounting Officer | Anne M. Bauer is the Vice President and Chief Accounting Officer at Quad, serving as Chief Accounting Officer since March 2017 and as Vice President since January 2022. Previously, she served as Director - Corporate Controller from May 2016 to March 2017 and Director of Corporate Accounting beginning in September 2011. | ||
Anthony C. Staniak Executive | Chief Financial Officer | Anthony C. Staniak has served as the Chief Financial Officer at Quad/Graphics, Inc. since at least February 20, 2025. No additional board or external roles are recorded. | ||
Dana B. Gruen Executive | General Counsel, Corporate Secretary, and Chief Risk & Compliance Officer | Dana B. Gruen has been serving as General Counsel, Corporate Secretary, and Chief Risk & Compliance Officer at Quad since February 10, 2023, following a distinguished career progression that began in 2007. She has been instrumental in shaping the company's legal, compliance, and risk management functions. | ||
Donald M. McKenna Executive | Executive Vice President and Chief Administrative Officer | Donald M. McKenna has served as Executive Vice President and Chief Administrative Officer at Quad since January 2022. He previously held roles such as Senior Vice President of Sales Administration (August 2018 to January 2022) and Vice President of Sales Administration (June 2013 to August 2018). | ||
Kelly A. Vanderboom Executive | Executive Vice President and Treasurer; Head of Agency Operations | Kelly A. Vanderboom has served as Executive Vice President at QUAD since 2018, Treasurer since March 2014, and also took on roles including President of Logistics and leadership of EBITDA initiatives in October 2019. | ||
Robert H. Quadracci Executive | Chief Human Resources Officer | Robert H. Quadracci has served as the Chief Human Resources Officer at Quad since February 2023. Prior roles include Vice President of Human Resources - Sales, Marketing & Quad Agency Solutions (January 2022 to February 2023), Executive Director – Human Resources (2014 to 2022), and Human Resources Director (1999 to 2014), with earlier experience at Edison International from 1992 to 1999. | ||
Steven D. Jaeger Executive | Vice President and Chief Information Officer | Steven D. Jaeger has served as Vice President and Chief Information Officer at QUAD since November 2015, following executive roles including Executive Vice President, President of Direct Marketing from November 2014 to November 2015 and other leadership positions dating back to 1998. |
- With organic net sales expected to decline between 2% and 6%, how does management plan to counteract the negative impact from lower paper, logistics, and agency solutions sales, particularly in light of ongoing tariff uncertainties?
- Given the shifting client behaviors observed with catalog and publication spending, can you detail the specific measures management is taking to address potential dislocations in demand due to tariff-related supply chain challenges?
- In light of the $42 million divestiture of European operations and the subsequent focus on U.S. markets, what are the plans to mitigate the impact of losing a large grocery client while ensuring sustainable revenue growth?
- With free cash flow turning increasingly negative due to proactive inventory purchases and working capital timing, what specific steps are being implemented to improve working capital efficiency and restore positive cash flow trends?
- Considering the anticipated 10% postal rate increase and the complex test promotion for catalogers, how does management plan to adjust pricing strategies and cost structures to maintain margins in an evolving postal cost environment?
Research analysts who have asked questions during Quad/Graphics earnings calls.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Enru | 2025 | Completed on April 1, 2025, the acquisition was structured as $16.3M cash at closing with an additional $2.0M due later in 2025, and a potential earn-out of up to $16.0M over five years, contingent on meeting financial targets. The deal strategically enhances Quad’s capabilities by adding high-density co-mail manufacturing equipment, technology, and client relationships, thereby improving co-mail postal optimization and harnessing economies of scale for increased postage savings. |
Recent press releases and 8-K filings for QUAD.
- Quad reported Q3 2025 net sales of $588 million, a 7% decrease compared to Q3 2024 when excluding the European divestiture, and adjusted EBITDA of $53 million. Year-to-date, net sales were $1.8 billion, a 4% decline excluding the divestiture, with adjusted EBITDA of $141 million.
- The company updated its full-year 2025 guidance, narrowing the net sales decline to 3% to 5% (midpoint 4% decline) and adjusted EBITDA to $190 million to $200 million. Free cash flow is expected to be at the higher end of the original guidance range, $50 million to $60 million.
- Quad returned $19 million of capital to shareholders year-to-date through $11 million in cash dividends and $8 million in share repurchases, and increased its quarterly dividend by 50% to $0.075 per share.
- The USPS announced that it would not issue a January price increase for market-dominant mail, which includes magazines, catalogs, and direct mail. However, Quad will implement a January 1 price increase to clients for certain print-related materials due to increased costs.
- Quad reported net sales of $588 million for Q3 2025, a 7% decrease compared to Q3 2024 (excluding the 6% impact of the European operations divestiture), while adjusted diluted earnings per share increased 19% to $0.31.
- For the first nine months of 2025, net sales were $1.8 billion, a 4% decline (excluding the 5% impact of the Europe divestiture), and year-to-date adjusted diluted EPS increased 33% to $0.65.
- The company updated its full-year 2025 guidance, narrowing the net sales decline to 3%-5% (midpoint -4%) and adjusted EBITDA to $190 million-$200 million, while expecting free cash flow at the higher end of the original range at $50 million-$60 million.
- Quad returned $19 million of capital to shareholders year-to-date through $11 million in cash dividends and $8 million in share repurchases, and increased its quarterly dividend by 50% to $0.075 per share.
- Strategic investments continue in AI-powered tools, data and audience intelligence services, and the In-Store Connect retail media network, with a goal to return to net sales growth by 2028.
- Quad reported Q3 2025 Net Sales of $588.0 million and Adjusted EBITDA of $52.6 million, with year-to-date Adjusted Diluted Earnings Per Share at $0.65.
- The company updated its full-year 2025 financial guidance, narrowing the expected Adjusted Annual Net Sales Change to a 3% to 5% decline, Full-Year Adjusted EBITDA to $190 million to $200 million, and Free Cash Flow to $50 million to $60 million.
- Year-to-date, Quad returned $19 million of capital to shareholders, comprising $11 million in cash dividends and $8 million in share repurchases. Net Debt as of September 30, 2025, was $465 million, resulting in a Net Debt Leverage Ratio of 2.28x.
- Strategic investments are focused on AI-powered tools, data and audience intelligence services, and the In-Store Connect retail media network.
- Quad reported Q3 2025 net sales of $588 million, a 7% decrease year-over-year (excluding the impact of the European operations divestiture), while adjusted diluted EPS increased 19% to $0.31. Year-to-date, net sales declined 4% to $1.8 billion (excluding divestiture impact), and adjusted diluted EPS increased 33% to $0.65.
- The company updated its full-year 2025 guidance, narrowing the net sales decline to 3% to 5% (excluding Europe divestiture), adjusted EBITDA to $190 million to $200 million, and free cash flow to $50 million to $60 million.
- Quad returned $19 million of capital to shareholders year-to-date through dividends and share repurchases, including a 50% increase in the quarterly dividend to $0.075 per share. The net debt leverage ratio is expected to slightly increase to 1.6x by year-end 2025.
- Strategic investments include AI-powered tools, data services, and the In-Store Connect retail media network, with a long-term goal to return to net sales growth in 2028. Quad will pass along increased costs from tariffs through a January 1 price increase, but notes the USPS will not issue a January price increase for market-dominant mail.
- Quad/Graphics reported Net Sales of $588 million in Q3 2025, a 13% decline from Q3 2024, and $1.8 billion year-to-date, a 9% decrease from the same period in 2024.
- The company achieved Net Earnings of $10 million or $0.21 Diluted Earnings Per Share in Q3 2025, compared to a Net Loss of $25 million or $0.52 Diluted Loss Per Share in Q3 2024.
- Adjusted EBITDA was $53 million in Q3 2025, down from $59 million in Q3 2024, while Adjusted Diluted Earnings Per Share increased 19% to $0.31.
- Quad/Graphics updated its full-year 2025 financial guidance, narrowing the Adjusted Annual Net Sales Change to a 3% to 5% decline and Adjusted EBITDA to $190 million to $200 million.
- The company returned $19 million of capital to shareholders year-to-date through $11 million in cash dividends and $8 million in share repurchases, and declared a quarterly dividend of $0.075 per share.
- Quad/Graphics reported Net Sales of $588 million in the third quarter of 2025, marking a 13% decline compared to the same period in 2024, and $1.8 billion for the nine months ended September 30, 2025, a 9% decline.
- The company achieved Net Earnings of $10 million ($0.21 Diluted EPS) in Q3 2025, a significant improvement from a Net Loss of $25 million ($(0.52) Diluted Loss Per Share) in Q3 2024.
- Adjusted EBITDA was $53 million in Q3 2025 and $141 million year-to-date 2025, while Adjusted Diluted EPS increased to $0.31 in Q3 2025 and $0.65 year-to-date 2025.
- Quad/Graphics returned $19 million of capital to shareholders year-to-date 2025 through cash dividends and share repurchases, and declared a quarterly dividend of $0.075 per share.
- The company narrowed its full-year 2025 financial guidance, with Adjusted Annual Net Sales Change now expected to be a 3% to 5% decline, Adjusted EBITDA between $190 million and $200 million, and Free Cash Flow between $50 million and $60 million. The anticipated Year-End Net Debt Leverage Ratio was updated to approximately 1.6x.
- Quad/Graphics, Inc. has added Flagstar Bank to its bank group.
- This addition increased the aggregate outstanding principal amount of the Company's Term Loan A by $20 million to $371 million.
- The company's revolving credit availability was also increased by $15 million to $340 million.
- Quad's Chief Financial Officer, Tony Staniak, stated that this provides additional scale and financial flexibility to fuel their capital allocation strategy.
- Quad/Graphics Inc. reported Net Sales of $571.9 million and Adjusted Diluted Earnings Per Share of $0.14 for Q2 2025. Year-to-date, Net Sales were $1,201.3 million and Adjusted Diluted EPS was $0.34.
- As of June 30, 2025, Net Debt stood at $448 million with a Debt Leverage Ratio of 2.13x. Year-to-date Free Cash Flow was $(65.9) million.
- The company reaffirmed its 2025 full-year guidance, projecting Adjusted Annual Net Sales to decline by 2% to 6%, Adjusted EBITDA between $180 million and $220 million, and Free Cash Flow between $40 million and $60 million. Quad also anticipates its Year-End Debt Leverage Ratio to be approximately 1.5x.
- Quad expects Net Sales to return to growth by 2028. Year-to-date, the company returned $15 million of capital to shareholders through dividends and share buybacks.
- Q1 2025 Financial Highlights: Quad reported net sales of $629.4 million (, ), adjusted EBITDA of $45.5 million (, ), and negative free cash flow of $(100.3) million (, ).
- Comparative Performance: Q1 2025 net sales declined 2% vs Q1 2024, with adjusted EBITDA down from $51M and diluted EPS doubling to $0.20 ().
- Full-Year Guidance & Capital Allocation: The company reaffirmed its 2025 outlook, targeting adjusted EBITDA of $180–$220 million, free cash flow of $40–$60 million, and a year-end net debt leverage of 1.5x, plus a 50% dividend increase and ongoing share repurchases (, , , ).
- Debt Reduction: Net debt was reduced by $81M in Q1 2025 ().
- Strategic Asset Sales: Quad divested its European operations for $42M and sold a Sacramento property for $5M, reinforcing its capital allocation strategy ().
- Net Earnings turned positive with $6 million in Q1 2025 (up from a $28 million loss in Q1 2024) alongside diluted EPS of $0.11 and improved adjusted diluted EPS of $0.20 (up from $0.10) .
- Net Sales were $629 million in Q1 2025, marking a 4% decline versus Q1 2024, driven by lower paper, logistics, and agency solutions sales and the divestiture of European operations .
- Quad repurchased 1.2 million shares year-to-date and declared a quarterly dividend of $0.075 per share, while reaffirming its full-year 2025 guidance amid macroeconomic uncertainty .
- Adjusted EBITDA declined to $46 million compared to $51 million in Q1 2024, reflecting the impact of lower sales and increased investments in innovative offerings .