Quad/Graphics (QUAD) Company Report

Quad/Graphics is transforming from a core commercial printer to a marketing experience (MX) company, with a projected revenue growth inflection point in 2028 after a 4% revenue decline in 2024 (excluding divestitures). This strategic shift focuses on higher-margin integrated solutions and targeted print offerings.
The company leverages its unique MX Intelligence data stack, which has touched 92% of U.S. households for over five decades, to drive effective marketing campaign targeting. A new initiative, In-Store Connect by Quad, is building a retail media network that has shown early success with significant sales lifts for consumer packaged goods (CPGs).
Financially, Quad has generated almost $800 million in cash through 2024 and substantially reduced its debt from over $1 billion to a projected $312 million by year-end, achieving a 1.6 times leverage ratio. The company has also resumed and increased its dividend to $0.075 per quarter per share, offering over a 5% yield.
Long-term financial goals for 2028 include an adjusted EBITDA margin of 9.4% (up from approximately 8%) and a free cash flow conversion rate of 35% (up from 28%). Management believes that achieving revenue growth in 2028 will help unlock a higher valuation multiple, as the market currently values it as a traditional printer (3-4x EBITDA) rather than an MX company (7-8x EBITDA for agencies).

3 days ago

Transcript

Quad/Graphics Outlines Transformation and 2028 Financial Goals

QUAD

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Quad/Graphics (QUAD) has transformed into a marketing experience (MX) company, generating $2.7 billion in revenue last year, by integrating digital and creative capabilities with its core print business.
The company leverages a unique data stack from touching 92% of U.S. households to create highly targeted marketing campaigns, which has driven client ROI and secured new business, such as a multi-year contract with Spirit of Gallo.
QUAD has significantly reduced its debt from over $1 billion to $350 million (1.6x leverage) by the end of last year, with a projected $312 million by the end of this year, and has resumed a dividend of $0.075 per quarter per share.
By 2028, QUAD targets a net sales inflection point (revenue growth), an adjusted EBITDA margin of 9.4%, and free cash flow conversion of 35%, aiming to unlock a higher valuation from its current 3-4x EBITDA multiple.

3 days ago

Transcript

Quad/Graphics Outlines Transformation to Marketing Experience Company and Financial Goals

QUAD

Revenue Acceleration/Inflection

Guidance Update

Dividends

Quad/Graphics (QUAD) is transforming from a commercial printer into a marketing experience (MX) company, reporting $2.7 billion in revenue in 2024. This strategy leverages its proprietary MX: Intelligence data stack, which utilizes over 50 years of direct mail data to target 92% of U.S. households for marketing campaigns.
The company is investing in growth initiatives, including the In-Store Connect by Quad platform, a retail media network that has demonstrated significant sales lifts, such as 23% for DiGiorno Pizza and 25% for Rockstar Beverage in control studies.
Financially, Quad generated almost $800 million in cash from 2020 through 2024 and reduced its debt by 66% from over $1 billion to $350 million by the end of 2024, achieving a leverage of 1.6x. The company also resumed its dividend in 2024, raising it to $0.075 per quarter per share in early 2025, representing over a 5% yield.
Quad projects a shift to revenue growth by 2028, driven by a transition from declining large-scale print to higher-margin integrated solutions and targeted print. The company targets an adjusted EBITDA margin of 9.4% and free cash flow conversion of 35% by 2028.

3 days ago

Transcript

Quad Reports Q3 2025 Results and Updates Full-Year Guidance

QUAD

Earnings

Guidance Update

Share Buyback

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.

Oct 29, 2025, 12:30 PM

Transcript

Quad Updates Full-Year 2025 Guidance and Reports Q3 2025 Results

QUAD

Earnings

Guidance Update

New Projects/Investments

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.

Oct 29, 2025, 12:30 PM

Transcript

Quad Announces Q3 2025 Results and Updates Full-Year Guidance

QUAD

Earnings

Guidance Update

Share Buyback

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.

Oct 29, 2025, 12:30 PM

Presentation

Quad Reports Q3 2025 Results and Updates Full-Year Guidance

QUAD

Earnings

Guidance Update

New Projects/Investments

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.

Oct 29, 2025, 12:30 PM

Transcript

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

QUAD

Earnings

Guidance Update

Dividends

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.

Oct 28, 2025, 8:36 PM

8-K

Quad/Graphics Reports Q3 and Year-to-Date 2025 Results, Updates Full-Year Guidance

QUAD

Earnings

Guidance Update

Demand Weakening

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.

Oct 28, 2025, 8:30 PM

Press Release

Quad/Graphics expands bank group and increases credit facilities

QUAD

Debt Issuance

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.

Aug 21, 2025, 12:30 PM

Press Release

Filings & Transcripts

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