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Quad Graphics (QUAD) Financials

Quad Graphics logo
$8.37 +0.00 (+0.02%)
Closing price 07/2/2026 03:59 PM Eastern
Extended Trading
$8.31 -0.06 (-0.74%)
As of 07/2/2026 05:14 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Quad Graphics

Annual Income Statements for Quad Graphics

This table shows Quad Graphics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -642 45 107 8.50 -156 -128 38 9.30 -55 -51 27
Consolidated Net Income / (Loss)		 -642 45 107 7.90 -156 -129 38 9.30 -55 -51 27
Net Income / (Loss) Continuing Operations		 -642 45 118 30 -56 -107 38 9.30 -55 -51 27
Total Pre-Tax Income 		-918 59 109 27 -80 -106 47 18 -43 -45 33
Total Operating Income		 -830 117 -3,113 -3,238 35 -46 93 54 26 19 97
Total Gross Profit		 917 935 -2,700 -2,834 731 595 571 598 577 580 523
Total Revenue		 4,597 4,330 391 387 3,923 2,930 2,960 3,217 2,958 2,672 2,420
Operating Revenue		 4,597 4,330 -391 -387 3,923 2,930 2,960 3,217 2,958 2,672 2,420
Total Cost of Revenue		 3,680 3,395 3,091 3,221 3,192 2,335 2,390 2,619 2,381 2,092 1,897
Operating Cost of Revenue		 3,680 3,395 3,091 3,221 3,192 2,335 2,390 2,619 2,381 2,092 1,897
Total Operating Expenses		 1,747 817 413 403 697 641 478 545 551 561 426
Selling, General & Admin Expense		 448 467 409 359 398 335 326 359 345 357 326
Depreciation Expense		 325 277 -0.70 -0.90 210 182 157 141 129 103 79
Restructuring Charge		 165 74 -3.50 -44 89 124 19 45 78 102 22
Total Other Income / (Expense), net		 -88 -58 -64 -61 -115 -60 -46 -36 -68 -64 -65
Interest Expense		 88 63 -74 -73 121 71 60 48 70 65 51
Other Income / (Expense), net		 - 5.10 9.60 12 6.00 11 15 13 1.70 0.80 -14
Income Tax Expense		 -283 13 -9.20 -2.40 -24 0.30 9.50 8.40 13 6.40 5.50
Basic Earnings per Share		 ($13.40) $0.94 $2.16 $0.17 ($3.12) ($2.53) $0.74 $0.18 ($1.14) ($1.07) $0.57
Weighted Average Basic Shares Outstanding		 47.90M 47.90M 49.60M 49.80M 50M 50.60M 51.30M 50.70M 48.40M 47.60M 47.60M
Diluted Earnings per Share		 ($13.40) $0.90 $2.07 $0.16 - - $0.71 $0.18 ($1.14) ($1.07) $0.54
Weighted Average Diluted Shares Outstanding		 47.90M 49.80M 51.80M 51.60M 50M 50.60M 53M 52.50M 48.40M 47.60M 49.90M
Weighted Average Basic & Diluted Shares Outstanding		 47.90M 47.80M 49.60M 51.93M 53.96M 55.22M 55.97M 53.42M 52.28M 52.35M 52.26M
Cash Dividends to Common per Share		 $1.20 $1.20 $1.20 - $1.05 $0.15 $0.00 - $0.00 $0.20 $0.30

Quarterly Income Statements for Quad Graphics

This table shows Quad Graphics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.70 -22 -28 -2.80 -25 4.70 5.80 -0.10 10 11 6.20
Consolidated Net Income / (Loss)		 -2.70 -22 -28 -2.80 -25 4.70 5.80 -0.10 10 11 6.20
Net Income / (Loss) Continuing Operations		 -2.70 -22 -28 -2.80 -25 4.70 5.80 -0.10 10 11 6.20
Total Pre-Tax Income 		-3.50 -15 -26 -1.90 -22 4.80 6.80 0.20 13 12 7.90
Total Operating Income		 14 3.50 -11 15 -4.90 20 20 14 26 37 18
Total Gross Profit		 139 155 134 140 147 159 129 124 134 136 123
Total Revenue		 700 788 655 634 675 708 629 572 588 631 581
Operating Revenue		 700 788 655 634 675 708 629 572 588 631 581
Total Cost of Revenue		 561 633 521 494 528 549 500 448 454 494 458
Operating Cost of Revenue		 561 633 521 494 528 549 500 448 454 494 458
Total Operating Expenses		 126 151 144 125 152 139 110 110 108 99 105
Selling, General & Admin Expense		 83 90 83 89 88 97 84 80 81 81 78
Depreciation Expense		 32 31 29 26 24 23 20 21 19 19 18
Restructuring Charge		 11 31 33 10 39 20 6.60 9.20 7.30 -1.30 8.40
Total Other Income / (Expense), net		 -17 -19 -15 -17 -17 -15 -13 -14 -13 -25 -9.80
Interest Expense		 18 19 15 17 17 15 12 13 13 12 10
Other Income / (Expense), net		 0.50 0.40 0.20 0.20 0.20 0.20 -0.40 -0.30 -0.40 -13 0.20
Income Tax Expense		 -0.80 6.90 2.40 0.90 3.00 0.10 1.00 0.30 3.00 1.20 1.70
Basic Earnings per Share		 ($0.06) ($0.46) ($0.60) ($0.06) ($0.52) $0.11 $0.12 $0.00 $0.21 $0.24 $0.13
Weighted Average Basic Shares Outstanding		 48M 48.40M 47.20M 47.70M 47.80M 47.60M 48M 47.60M 47.50M 47.60M 47.70M
Diluted Earnings per Share		 ($0.06) ($0.46) ($0.60) ($0.06) ($0.52) $0.11 $0.11 $0.00 $0.21 $0.22 $0.13
Weighted Average Diluted Shares Outstanding		 48M 48.40M 47.20M 47.70M 47.80M 47.60M 50.70M 47.60M 49.70M 49.90M 49.60M
Weighted Average Basic & Diluted Shares Outstanding		 51.31M 52.28M 51.94M 52.16M 52.12M 52.35M 50.61M 50.47M 50.88M 52.26M 51.56M
Cash Dividends to Common per Share		 $0.00 - $0.05 $0.05 $0.05 - $0.08 $0.08 $0.08 - $0.10

Annual Cash Flow Statements for Quad Graphics

This table details how cash moves in and out of Quad Graphics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.20 -5.10 45 5.10 9.20 -24 125 -155 28 -24 32
Net Cash From Operating Activities		 348 354 344 261 156 190 137 155 148 113 96
Net Cash From Continuing Operating Activities		 348 354 344 261 156 190 137 155 148 113 96
Net Income / (Loss) Continuing Operations		 -642 45 107 7.90 -156 -129 38 9.30 -55 -51 27
Consolidated Net Income / (Loss)		 -642 45 107 7.90 -156 -129 38 9.30 -55 -51 27
Depreciation Expense		 325 277 233 231 223 182 157 141 129 103 79
Amortization Expense		 4.40 4.20 3.50 3.50 3.60 2.60 3.00 2.20 2.00 1.60 1.60
Non-Cash Adjustments To Reconcile Net Income		 919 27 28 27 139 85 -44 29 20 56 6.70
Changes in Operating Assets and Liabilities, net		 -259 0.10 -27 -8.80 -54 49 -18 -27 52 4.10 -18
Net Cash From Investing Activities		 -217 -89 -47 -121 -208 9.70 129 -61 -46 13 -28
Net Cash From Continuing Investing Activities		 -217 -89 39 -24 -208 9.70 129 -61 -46 13 -28
Purchase of Property, Plant & Equipment		 -133 -106 0.00 0.00 -111 -61 -50 -60 -71 -57 -45
Acquisitions		 -143 0.00 0.00 -71 -121 -2.20 0.00 -2.60 -1.50 0.00 -16
Sale of Property, Plant & Equipment		 29 26 24 33 18 7.40 126 4.60 32 49 37
Sale and/or Maturity of Investments		 14 1.30 7.30 - - - - - 0.00 22 0.00
Other Investing Activities, net		 18 0.00 8.00 15 0.30 4.20 13 -2.20 -5.20 -1.40 -3.00
Net Cash From Financing Activities		 -128 -269 -252 -134 62 -224 -141 -249 -74 -149 -36
Net Cash From Continuing Financing Activities		 -128 -269 -252 -134 62 -224 -141 -249 -74 -149 -36
Repayment of Debt		 -1,531 -1,120 -1,276 -2,601 -4,796 -535 -595 -1,232 -1,495 -1,646 -1,289
Repurchase of Common Equity		 0.00 -8.80 -3.80 -37 - - 0.00 -10 -13 0.00 -8.00
Payment of Dividends		 -62 -61 -63 -63 -57 -9.50 -1.40 -1.40 -0.10 -9.40 -14
Issuance of Debt		 1,465 892 1,094 2,572 4,921 352 461 999 1,439 1,511 1,280
Other Financing Activities, net		 0.60 29 -3.40 -4.80 -6.60 -31 -6.00 -4.60 -4.30 -4.80 -4.60
Effect of Exchange Rate Changes		 -2.30 -0.60 0.10 -1.50 - 0.20 -0.30 -0.10 0.10 -0.20 0.30

Quarterly Cash Flow Statements for Quad Graphics

This table details how cash moves in and out of Quad Graphics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.30 42 -43 2.60 -0.30 17 -23 -1.40 -0.50 57 -56
Net Cash From Operating Activities		 41 107 -52 3.90 2.40 159 -89 47 -8.40 146 -94
Net Cash From Continuing Operating Activities		 41 107 -52 3.90 2.40 159 -89 47 -8.40 146 -94
Net Income / (Loss) Continuing Operations		 -2.70 -22 -28 -2.80 -25 4.70 5.80 -0.10 10 11 6.20
Consolidated Net Income / (Loss)		 -2.70 -22 -28 -2.80 -25 4.70 5.80 -0.10 10 11 6.20
Depreciation Expense		 32 31 29 26 24 23 20 21 19 19 18
Amortization Expense		 0.50 0.50 0.30 0.50 0.40 0.40 0.40 0.40 0.40 0.40 0.40
Non-Cash Adjustments To Reconcile Net Income		 6.30 - 14 -0.90 33 10 2.40 1.90 1.70 0.70 1.50
Changes in Operating Assets and Liabilities, net		 4.70 97 -67 -19 -31 121 -117 25 -40 115 -120
Net Cash From Investing Activities		 -15 11 -16 9.70 28 -9.20 -14 -24 -5.10 16 -15
Net Cash From Continuing Investing Activities		 -15 11 -16 9.70 28 -9.20 -14 -24 -5.10 16 -15
Purchase of Property, Plant & Equipment		 -14 -11 -18 -16 -12 -12 -11 -13 -12 -8.70 -13
Sale of Property, Plant & Equipment		 0.40 24 1.70 3.10 42 2.60 0.10 5.20 7.20 24 0.00
Other Investing Activities, net		 -0.20 - 0.30 - -1.40 -0.30 -2.90 - -0.10 - -1.70
Net Cash From Financing Activities		 -26 -76 26 -11 -31 -133 80 -25 13 -104 52
Net Cash From Continuing Financing Activities		 -26 -76 26 -11 -31 -133 80 -25 13 -104 52
Repayment of Debt		 -385 -374 -490 -316 -365 -475 -307 -297 -279 -407 -291
Repurchase of Common Equity		 -5.20 -2.40 0.00 - - - -3.30 -4.30 -0.20 -0.20 -1.10
Payment of Dividends		 - - -2.40 -2.30 -2.30 -2.40 -3.50 -3.90 -3.50 -3.50 -5.50
Issuance of Debt		 365 302 521 308 337 345 398 280 295 306 354
Other Financing Activities, net		 -0.80 -0.80 -2.90 -0.80 -0.50 -0.60 -4.00 -0.30 -0.20 -0.10 -3.90
Effect of Exchange Rate Changes		 -0.20 0.10 -0.10 - - -0.10 -0.10 0.30 0.20 -0.10 0.00

Annual Balance Sheets for Quad Graphics

This table presents Quad Graphics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,848 2,570 2,452 70 2,417 1,928 1,890 1,702 1,510 1,299 1,253
Total Current Assets		 991 903 909 947 911 679 809 705 588 534 538
Cash & Equivalents		 11 9.00 64 70 79 55 180 25 53 29 63
Accounts Receivable		 649 564 553 498 456 399 362 373 316 273 295
Inventories, net		 280 265 247 279 211 170 226 261 179 162 144
Prepaid Expenses		 38 54 45 45 109 55 41 46 40 70 37
Plant, Property, & Equipment, net		 1,676 1,520 1,378 1,154 1,037 884 727 672 621 500 462
Total Noncurrent Assets		 180 148 166 324 470 364 354 325 301 265 253
Goodwill		 - - 0.00 0.00 103 103 86 86 103 100 108
Intangible Assets		 111 60 43 113 137 104 75 47 22 7.20 14
Other Noncurrent Operating Assets		 66 84 119 89 225 154 192 192 177 158 132
Total Liabilities & Shareholders' Equity		 2,848 2,570 2,452 2,469 2,417 1,928 1,890 1,702 1,510 1,299 1,253
Total Liabilities		 2,424 2,129 1,930 2,009 2,173 1,843 1,753 1,529 1,390 1,249 1,124
Total Current Liabilities		 807 775 746 851 813 683 957 795 791 699 624
Short-Term Debt		 100 92 48 43 40 21 246 61 152 28 47
Accounts Payable		 359 324 382 496 417 320 367 457 374 357 342
Accrued Expenses		 348 359 317 285 303 311 314 249 238 289 212
Other Current Liabilities		 1.40 - - 5.00 38 31 30 29 28 25 24
Total Noncurrent Liabilities		 1,616 1,354 1,184 1,158 1,359 1,160 796 734 599 550 500
Long-Term Debt		 1,240 1,020 904 883 1,059 903 555 507 363 349 323
Capital Lease Obligations		 9.70 19 14 10 6.00 2.00 1.40 1.60 6.00 1.30 0.80
Noncurrent Deferred & Payable Income Tax Liabilities		 59 35 42 32 2.80 4.20 12 9.30 5.10 3.20 4.00
Other Noncurrent Operating Liabilities		 308 280 225 232 292 251 228 216 226 197 172
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 424 442 522 460 244 85 137 173 120 50 129
Total Preferred & Common Equity		 424 442 522 569 227 84 137 173 120 50 129
Preferred Stock		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 424 442 522 569 227 84 137 173 120 50 129
Common Stock		 958 914 863 863 849 835 841 843 844 844 848
Retained Earnings		 -188 -206 -163 -211 -424 -566 -528 -519 -574 -635 -623
Treasury Stock		 -194 -113 -53 -57 -32 -13 -15 -24 -33 -28 -36
Accumulated Other Comprehensive Income / (Loss)		 -153 -153 -124 -26 -167 -171 -161 -128 -118 -131 -60

Quarterly Balance Sheets for Quad Graphics

This table presents Quad Graphics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,794 1,627 1,537 1,569 1,424 1,368 1,389 1,247 1,241 1,268 1,231
Total Current Assets		 779 642 575 635 550 519 592 511 493 529 523
Cash & Equivalents		 14 8.70 11 11 10 13 13 8.10 6.70 6.20 7.00
Accounts Receivable		 399 349 318 348 303 294 306 304 290 313 312
Inventories, net		 323 239 201 234 181 175 202 161 153 177 165
Prepaid Expenses		 42 46 45 42 56 37 72 38 43 33 39
Plant, Property, & Equipment, net		 682 669 663 648 602 587 513 492 486 479 459
Total Noncurrent Assets		 333 316 300 286 272 263 284 243 262 259 250
Goodwill		 86 86 86 86 100 100 100 100 108 108 108
Intangible Assets		 54 40 34 28 18 14 11 6.20 16 15 13
Other Noncurrent Operating Assets		 193 189 179 172 154 148 173 137 138 137 129
Total Liabilities & Shareholders' Equity		 1,794 1,627 1,537 1,569 1,424 1,368 1,389 1,247 1,241 1,268 1,231
Total Liabilities		 1,656 1,472 1,384 1,426 1,335 1,289 1,338 1,159 1,154 1,171 1,104
Total Current Liabilities		 767 760 715 785 631 612 698 533 534 540 554
Short-Term Debt		 53 152 154 154 72 82 77 30 33 37 49
Accounts Payable		 447 406 359 412 360 333 337 330 288 293 318
Accrued Expenses		 238 174 173 192 174 170 260 149 190 187 164
Other Current Liabilities		 30 28 29 27 26 26 24 24 23 24 24
Total Noncurrent Liabilities		 889 712 669 641 703 677 640 626 620 632 550
Long-Term Debt		 675 479 452 432 474 456 423 439 421 433 385
Capital Lease Obligations		 1.10 6.90 6.80 6.30 6.00 5.40 1.40 1.10 1.10 0.70 0.70
Noncurrent Deferred & Payable Income Tax Liabilities		 16 22 7.80 6.20 5.90 5.10 4.00 3.70 3.80 4.60 3.50
Other Noncurrent Operating Liabilities		 198 204 202 197 217 211 211 182 194 193 161
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 138 155 154 143 89 79 51 87 87 97 127
Total Preferred & Common Equity		 138 155 154 143 89 79 51 87 87 97 127
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 138 155 154 143 89 79 51 87 87 97 127
Common Stock		 842 840 841 843 839 841 843 842 845 846 842
Retained Earnings		 -510 -543 -549 -552 -605 -610 -637 -633 -637 -631 -622
Treasury Stock		 -23 -21 -25 -30 -29 -28 -28 -31 -36 -36 -35
Accumulated Other Comprehensive Income / (Loss)		 -171 -121 -114 -117 -117 -124 -127 -90 -85 -83 -59

Annual Metrics And Ratios for Quad Graphics

This table displays calculated financial ratios and metrics derived from Quad Graphics' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.78% -5.82% -90.96% -1.07% 913.54% -25.33% 1.05% 8.67% -8.06% -9.65% -9.44%
EBITDA Growth		 -203.82% 180.69% -810.26% -4.32% 108.94% -44.39% 79.96% -21.67% -24.52% -21.56% 31.51%
EBIT Growth		 -687.40% 114.75% -2,635.38% -3.93% 101.26% -187.22% 402.25% -38.40% -58.55% -27.01% 315.00%
NOPAT Growth		 -906.70% 115.76% -3,786.06% -4.59% 100.69% -232.56% 329.95% -62.04% -36.00% -25.29% 499.59%
Net Income Growth		 -3,607.65% 106.99% 138.75% -92.63% -2,078.48% 17.79% 129.42% -75.40% -695.70% 8.12% 153.05%
EPS Growth		 -3,626.32% 106.72% 130.00% -92.27% 0.00% 0.00% 0.00% -74.65% -733.33% 6.14% 150.47%
Operating Cash Flow Growth		 18.72% 1.58% -2.71% -24.24% -40.33% 22.32% -28.23% 13.26% -4.53% -23.51% -15.06%
Free Cash Flow Firm Growth		 -9.17% 91.31% -1,232.50% 0.21% 97.70% 424.15% 10.96% -73.92% 112.42% 35.64% -78.28%
Invested Capital Growth		 -29.52% -11.18% -8.41% -20.58% 8.76% -22.30% -20.33% -5.50% -18.17% -31.99% 9.25%
Revenue Q/Q Growth		 -0.56% -2.59% -90.61% 1.71% 1,280.99% -7.18% 0.38% 0.96% -3.18% -2.89% -3.11%
EBITDA Q/Q Growth		 -24.92% 18.35% -776.25% -2.02% 108.72% -35.09% 28.96% 11.73% -4.30% 6.80% 0.18%
EBIT Q/Q Growth		 -13.16% 207.54% -1,776.55% -1.88% 101.23% -194.67% 152.47% 62.81% -11.33% 400.00% 5.73%
NOPAT Q/Q Growth		 -13.16% 228.73% -2,622.30% 32.19% 101.05% -222.67% 148.88% 227.98% -16.83% 540.00% 23.17%
Net Income Q/Q Growth		 -5.80% 2,345.00% 19.91% -90.57% 15.28% -377.70% 207.69% 400.00% -31.59% 34.41% 31.07%
EPS Q/Q Growth		 -6.10% 1,225.00% 17.61% -90.24% 0.00% 0.00% 0.00% 400.00% -34.12% 34.76% 25.58%
Operating Cash Flow Q/Q Growth		 -12.45% -17.56% 25.87% 23.57% -28.70% -26.51% 30.12% 83.83% -34.69% 86.30% -11.86%
Free Cash Flow Firm Q/Q Growth		 -51.40% -29.16% -1,929.10% 38.72% 96.43% -17.16% 53.51% 8.01% -0.76% 8.14% -2.11%
Invested Capital Q/Q Growth		 -9.15% 0.40% -5.37% -28.57% -9.08% -12.08% -19.16% -15.84% -18.98% -26.15% -22.31%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.94% 21.59% -690.01% -732.19% 18.64% 20.30% 19.27% 18.60% 19.49% 21.71% 21.62%
EBITDA Margin		 -10.88% 9.32% -732.76% -772.69% 6.82% 5.08% 9.04% 6.52% 5.35% 4.64% 6.74%
Operating Margin		 -18.05% 2.71% -795.53% -836.40% 0.88% -1.57% 3.13% 1.66% 0.87% 0.72% 4.01%
EBIT Margin		 -18.05% 2.83% -793.07% -833.20% 1.04% -1.21% 3.62% 2.05% 0.93% 0.75% 3.43%
Profit (Net Income) Margin		 -13.96% 1.04% 27.40% 2.04% -3.98% -4.39% 1.28% 0.29% -1.87% -1.90% 1.12%
Tax Burden Percent		 69.89% 75.72% 98.44% 29.81% 195.86% 121.11% 80.43% 52.54% 130.05% 114.38% 83.08%
Interest Burden Percent		 110.65% 48.45% -3.51% -0.82% -196.07% 298.87% 43.80% 26.78% -155.47% -222.50% 39.16%
Effective Tax Rate		 0.00% 21.92% -8.45% -9.06% 0.00% 0.00% 20.21% 47.46% 0.00% 0.00% 16.92%
Return on Invested Capital (ROIC)		 -27.54% 5.56% -227.43% -277.34% 2.06% -2.96% 8.65% 3.81% 2.76% 2.73% 19.30%
ROIC Less NNEP Spread (ROIC-NNEP)		 -32.14% 1.72% 120.04% 175.28% -19.85% -13.37% 3.79% 0.58% -11.75% -13.03% 2.98%
Return on Net Nonoperating Assets (RNNOA)		 -53.90% 4.82% 249.67% 278.95% -46.44% -75.14% 25.46% 2.20% -40.65% -62.82% 10.95%
Return on Equity (ROE)		 -81.44% 10.38% 22.24% 1.61% -44.37% -78.09% 34.12% 6.01% -37.89% -60.09% 30.25%
Cash Return on Invested Capital (CROIC)		 7.10% 17.40% -218.65% -254.39% -6.33% 22.15% 31.28% 9.46% 22.75% 40.80% 10.46%
Operating Return on Assets (OROA)		 -24.21% 4.52% -123.58% -255.75% 3.27% -1.63% 5.62% 3.68% 1.71% 1.42% 6.51%
Return on Assets (ROA)		 -18.72% 1.66% 4.27% 0.63% -12.57% -5.92% 1.98% 0.52% -3.45% -3.62% 2.12%
Return on Common Equity (ROCE)		 -81.44% 10.38% 22.24% 1.79% -50.12% -73.73% 34.01% 6.01% -37.89% -60.09% 30.25%
Return on Equity Simple (ROE_SIMPLE)		 -151.43% 10.17% 20.52% 1.39% -68.98% -152.79% 27.63% 5.38% -46.36% -102.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -581 92 -3,376 -3,531 24 -32 74 28 18 13 81
NOPAT Margin		 -12.64% 2.12% -862.73% -912.15% 0.62% -1.10% 2.50% 0.87% 0.61% 0.50% 3.33%
Net Nonoperating Expense Percent (NNEP)		 4.61% 3.84% -347.47% -452.62% 21.91% 10.42% 4.87% 3.23% 14.51% 15.76% 16.32%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 2.81% 3.14% 16.14%
Cost of Revenue to Revenue		 80.06% 78.41% 790.01% 832.19% 81.36% 79.70% 80.73% 81.41% 80.51% 78.30% 78.38%
SG&A Expenses to Revenue		 9.75% 10.78% 104.45% 92.72% 10.13% 11.44% 11.01% 11.15% 11.65% 13.35% 13.47%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 38.00% 18.88% 105.52% 104.21% 17.75% 21.87% 16.14% 16.93% 18.62% 20.99% 17.62%
Earnings before Interest and Taxes (EBIT)		 -830 122 -3,103 -3,225 41 -36 107 66 27 20 83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -500 404 -2,867 -2,991 267 149 268 210 158 124 163
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.76 2.30 1.75 0.93 1.01 2.34 1.53 1.19 2.22 7.28 2.48
Price to Tangible Book Value (P/TBV)		 1.03 2.66 1.91 1.16 0.00 0.00 0.00 5.21 0.00 0.00 43.70
Price to Revenue (P/Rev)		 0.07 0.23 2.34 1.36 0.06 0.07 0.07 0.06 0.09 0.14 0.13
Price to Earnings (P/E)		 0.00 22.64 8.55 62.06 0.00 0.00 5.55 22.20 0.00 0.00 11.82
Dividend Yield		 18.51% 7.53% 6.79% 11.75% 24.18% 24.53% 0.00% 0.00% 0.00% 3.59% 4.78%
Earnings Yield		 0.00% 4.42% 11.70% 1.61% 0.00% 0.00% 18.01% 4.50% 0.00% 0.00% 8.46%
Enterprise Value to Invested Capital (EV/IC)		 0.94 1.37 1.28 1.64 1.04 1.12 1.10 1.05 1.25 1.79 1.44
Enterprise Value to Revenue (EV/Rev)		 0.36 0.49 4.63 4.78 0.32 0.36 0.28 0.23 0.25 0.27 0.26
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 5.26 0.00 0.00 4.75 7.16 3.11 3.58 4.63 5.74 3.84
Enterprise Value to EBIT (EV/EBIT)		 0.00 17.36 0.00 0.00 31.18 0.00 7.75 11.36 26.74 35.62 7.55
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 23.20 0.00 0.00 52.25 0.00 11.23 26.71 40.72 53.01 7.77
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.72 6.01 5.27 7.10 8.16 5.60 6.09 4.86 4.96 6.31 6.53
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.96 7.41 0.00 0.00 0.00 4.42 3.11 10.75 4.94 3.54 14.34
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.18 2.56 1.85 2.03 4.52 10.91 5.86 3.29 4.35 7.58 2.88
Long-Term Debt to Equity		 2.95 2.35 1.76 1.94 4.36 10.67 4.07 2.94 3.08 7.02 2.52
Financial Leverage		 1.68 2.81 2.08 1.59 2.34 5.62 6.72 3.77 3.46 4.82 3.68
Leverage Ratio		 4.35 6.26 5.21 2.57 3.53 13.20 17.23 11.60 10.98 16.58 14.30
Compound Leverage Factor		 4.81 3.03 -0.18 -0.02 -6.92 39.46 7.55 3.11 -17.08 -36.89 5.60
Debt to Total Capital		 76.09% 71.92% 64.87% 67.03% 81.89% 91.61% 85.43% 76.71% 81.32% 88.35% 74.24%
Short-Term Debt to Total Capital		 5.62% 5.86% 3.20% 3.07% 2.97% 2.05% 26.16% 8.23% 23.71% 6.54% 9.41%
Long-Term Debt to Total Capital		 70.47% 66.06% 61.67% 63.96% 78.92% 89.56% 59.26% 68.48% 57.61% 81.81% 64.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 32.97% 1.31% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 23.91% 28.08% 35.13% 40.77% 16.80% 8.33% 14.57% 23.29% 18.68% 11.65% 25.76%
Debt to EBITDA		 -2.70 2.80 -0.34 -0.31 4.13 6.22 3.00 2.72 3.29 3.05 2.27
Net Debt to EBITDA		 -2.64 2.74 -0.31 -0.29 3.82 5.83 2.32 2.60 2.95 2.81 1.88
Long-Term Debt to EBITDA		 -2.50 2.57 -0.32 -0.30 3.98 6.08 2.08 2.43 2.33 2.82 1.98
Debt to NOPAT		 -2.32 12.35 -0.29 -0.27 45.47 -28.74 10.83 20.26 28.92 28.15 4.60
Net Debt to NOPAT		 -2.27 12.10 -0.27 -0.24 42.08 -26.94 8.40 19.36 25.98 25.98 3.81
Long-Term Debt to NOPAT		 -2.15 11.34 -0.27 -0.25 43.82 -28.10 7.51 18.08 20.48 26.07 4.02
Altman Z-Score		 0.72 2.08 -3.74 -149.38 1.55 1.11 1.34 1.61 1.44 1.45 1.54
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% -11.09% -12.96% 5.59% 0.32% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.23 1.17 1.22 1.11 1.12 0.99 0.85 0.89 0.74 0.76 0.86
Quick Ratio		 0.82 0.74 0.83 0.67 0.66 0.67 0.57 0.50 0.47 0.43 0.57
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 150 287 -3,246 -3,239 -74 241 268 70 148 201 44
Operating Cash Flow to CapEx		 335.36% 440.90% 0.00% 0.00% 166.31% 354.85% 0.00% 277.56% 377.49% 1,393.83% 1,141.67%
Free Cash Flow to Firm to Interest Expense		 1.69 4.54 0.00 0.00 -0.62 3.42 4.44 1.44 2.12 3.12 0.87
Operating Cash Flow to Interest Expense		 3.94 5.60 0.00 0.00 1.29 2.69 2.26 3.19 2.11 1.75 1.90
Operating Cash Flow Less CapEx to Interest Expense		 2.76 4.33 0.00 0.00 0.51 1.93 3.53 2.04 1.55 1.62 1.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.34 1.60 0.16 0.31 3.16 1.35 1.55 1.79 1.84 1.90 1.90
Accounts Receivable Turnover		 6.50 7.14 0.70 0.74 8.23 6.85 7.78 8.76 8.59 9.07 8.52
Inventory Turnover		 12.96 12.45 12.08 12.26 13.04 12.27 12.06 10.76 10.84 12.26 12.40
Fixed Asset Turnover		 2.60 2.71 0.27 0.31 3.58 3.05 3.67 4.60 4.58 4.77 5.03
Accounts Payable Turnover		 9.61 9.95 8.77 7.34 6.99 6.34 6.95 6.36 5.74 5.73 5.43
Days Sales Outstanding (DSO)		 56.17 51.10 520.54 495.07 44.36 53.27 46.92 41.67 42.50 40.25 42.84
Days Inventory Outstanding (DIO)		 28.16 29.33 30.22 29.77 27.99 29.76 30.27 33.93 33.68 29.76 29.44
Days Payable Outstanding (DPO)		 37.97 36.68 41.63 49.74 52.20 57.58 52.48 57.42 63.63 63.70 67.23
Cash Conversion Cycle (CCC)		 46.36 43.75 509.14 475.11 20.15 25.45 24.71 18.19 12.56 6.31 5.04
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,745 1,550 1,419 1,127 1,226 952 759 717 587 399 436
Invested Capital Turnover		 2.18 2.63 0.26 0.30 3.33 2.69 3.46 4.36 4.54 5.42 5.80
Increase / (Decrease) in Invested Capital		 -731 -195 -130 -292 99 -273 -194 -42 -130 -188 37
Enterprise Value (EV)		 1,642 2,124 1,813 1,850 1,269 1,065 832 751 733 712 626
Market Capitalization		 322 1,016 917 528 229 197 210 206 265 363 319
Book Value per Share		 $8.55 $8.65 $10.08 $11.02 $4.29 $1.57 $2.50 $3.28 $2.33 $0.96 $2.53
Tangible Book Value per Share		 $6.32 $7.48 $9.24 $8.84 ($0.26) ($2.30) ($0.46) $0.75 ($0.10) ($1.11) $0.14
Total Capital		 1,773 1,572 1,487 1,396 1,349 1,010 939 742 640 428 499
Total Debt		 1,349 1,131 965 936 1,105 925 802 569 520 378 371
Total Long-Term Debt		 1,250 1,039 917 893 1,065 905 556 508 369 350 324
Net Debt		 1,321 1,108 897 862 1,022 868 622 544 467 349 307
Capital Expenditures (CapEx)		 104 80 -24 -33 94 54 -76 56 39 8.10 8.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 259 201 146 69 59 -38 -82 -55 -104 -166 -102
Debt-free Net Working Capital (DFNWC)		 284 220 210 138 138 17 98 -30 -51 -136 -39
Net Working Capital (NWC)		 184 128 163 95 98 -3.50 -148 -91 -203 -164 -86
Net Nonoperating Expense (NNE)		 61 47 -3,483 -3,539 181 96 36 19 73 64 54
Net Nonoperating Obligations (NNO)		 1,321 1,108 897 667 982 868 622 544 467 349 307
Total Depreciation and Amortization (D&A)		 330 281 236 234 227 184 160 144 131 104 80
Debt-free, Cash-free Net Working Capital to Revenue		 5.64% 4.64% 37.26% 17.75% 1.50% -1.30% -2.78% -1.71% -3.53% -6.20% -4.22%
Debt-free Net Working Capital to Revenue		 6.17% 5.08% 53.72% 35.70% 3.50% 0.59% 3.30% -0.93% -1.74% -5.10% -1.60%
Net Working Capital to Revenue		 4.00% 2.96% 41.55% 24.62% 2.49% -0.12% -5.00% -2.83% -6.87% -6.15% -3.55%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($13.40) $0.94 $2.16 $0.17 ($3.12) ($2.53) $0.74 $0.18 ($1.14) ($1.07) $0.57
Adjusted Weighted Average Basic Shares Outstanding		 47.90M 47.90M 49.60M 49.80M 50M 50.60M 51.30M 50.70M 48.40M 47.60M 47.60M
Adjusted Diluted Earnings per Share		 ($13.40) $0.90 $2.07 $0.16 ($3.12) $0.00 $0.00 $0.18 ($1.14) ($1.07) $0.54
Adjusted Weighted Average Diluted Shares Outstanding		 47.90M 49.80M 51.80M 51.60M 50M 50.60M 53M 52.50M 48.40M 47.60M 49.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 ($3.12) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 49.93M 52.19M 52.71M 51.93M 53.96M 55.22M 55.97M 53.42M 52.28M 52.35M 52.26M
Normalized Net Operating Profit after Tax (NOPAT)		 100 149 -2,181 -2,297 87 55 70 52 72 84 99
Normalized NOPAT Margin		 2.18% 3.44% -557.50% -593.36% 2.21% 1.87% 2.35% 1.61% 2.44% 3.16% 4.08%
Pre Tax Income Margin		 -19.98% 1.37% 27.83% 6.85% -2.03% -3.62% 1.59% 0.55% -1.44% -1.67% 1.34%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -9.39 1.94 0.00 0.00 0.34 -0.50 1.78 1.37 0.39 0.31 1.64
NOPAT to Interest Expense		 -6.57 1.45 0.00 0.00 0.20 -0.46 1.23 0.58 0.26 0.21 1.60
EBIT Less CapEx to Interest Expense		 -10.56 0.67 0.00 0.00 -0.44 -1.26 3.04 0.21 -0.17 0.18 1.48
NOPAT Less CapEx to Interest Expense		 -7.75 0.18 0.00 0.00 -0.57 -1.22 2.49 -0.57 -0.30 0.08 1.43
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -9.71% 136.08% 58.30% 796.20% -36.53% -7.39% 3.70% 15.05% -0.18% -18.47% 53.33%
Augmented Payout Ratio		 -9.71% 155.68% 61.85% 1,260.76% -36.53% -7.39% 3.70% 122.58% -22.92% -18.47% 82.96%

Quarterly Metrics And Ratios for Quad Graphics

This table displays calculated financial ratios and metrics derived from Quad Graphics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 52,347,695.00 50,612,503.00 50,473,135.00 - 52,263,773.00
DEI Adjusted Shares Outstanding		 - - - - - - 52,347,695.00 50,612,503.00 50,473,135.00 - 52,263,773.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.11 0.00 0.20 - 0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -15.63% -10.99% -14.57% -9.80% -3.63% -10.09% -3.88% -9.82% -12.86% -10.98% -7.69%
EBITDA Growth		 -26.69% -19.13% -46.97% 2.18% -56.96% 22.25% 113.59% -18.25% 127.36% 0.69% -6.62%
EBIT Growth		 -50.00% -55.17% -2,200.00% 73.86% -133.10% 410.26% 282.86% -12.42% 653.19% 22.61% -6.77%
NOPAT Growth		 -54.72% -59.77% -10,800.00% 79.76% -135.77% 687.33% 323.20% -164.81% 694.75% 74.50% -16.91%
Net Income Growth		 -119.71% -152.87% -14.23% 54.10% -814.81% 121.36% 120.64% 96.43% 141.30% 136.17% 6.90%
EPS Growth		 -122.22% -170.59% -20.00% 50.00% -766.67% 123.91% 118.33% 100.00% 140.38% 100.00% 18.18%
Operating Cash Flow Growth		 700.00% -42.40% -3.16% -92.34% -94.12% 49.11% -70.50% 1,115.38% -450.00% -8.12% -5.28%
Free Cash Flow Firm Growth		 27.47% 177.78% 820.67% 114.46% 31.36% 55.92% -33.19% -56.34% -100.22% -101.56% -89.87%
Invested Capital Growth		 -15.00% -18.17% -19.59% -19.26% -25.39% -31.99% -12.83% -12.29% 3.85% 9.25% 0.73%
Revenue Q/Q Growth		 -0.41% 12.53% -16.89% -3.15% 6.40% 4.98% -11.15% -9.14% 2.82% 7.24% -7.87%
EBITDA Q/Q Growth		 13.08% -23.98% -47.58% 129.35% -52.37% 115.92% -9.45% -12.21% 32.46% -4.38% -16.02%
EBIT Q/Q Growth		 61.36% -72.54% -400.00% 245.71% -130.72% 523.40% -3.52% -30.21% 94.03% -6.15% -26.64%
NOPAT Q/Q Growth		 63.10% -74.45% -405.71% 241.12% -132.45% 662.38% -13.33% -140.97% 397.81% 65.00% -58.73%
Net Income Q/Q Growth		 55.74% -714.81% -27.73% 90.04% -782.14% 119.03% 23.40% -101.72% 10,300.00% 8.82% -44.14%
EPS Q/Q Growth		 50.00% -666.67% -30.43% 90.00% -766.67% 121.15% 0.00% -100.00% 0.00% 4.76% -40.91%
Operating Cash Flow Q/Q Growth		 -19.84% 161.03% -149.01% 107.47% -38.46% 6,516.67% -156.05% 153.26% -117.72% 1,836.90% -164.22%
Free Cash Flow Firm Q/Q Growth		 89.03% -3.38% 10.06% 6.68% 15.78% 14.69% -52.84% -30.29% -100.59% -709.76% 405.37%
Invested Capital Q/Q Growth		 -4.02% -18.98% 7.43% -3.35% -11.31% -26.15% 37.68% -2.75% 5.02% -22.31% 26.95%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.91% 19.65% 20.39% 22.12% 21.81% 22.44% 20.56% 21.65% 22.77% 21.60% 21.15%
EBITDA Margin		 6.67% 4.51% 2.81% 6.65% 2.98% 6.13% 6.24% 6.03% 7.77% 6.93% 6.32%
Operating Margin		 1.96% 0.44% -1.63% 2.38% -0.73% 2.78% 3.11% 2.40% 4.49% 5.92% 3.05%
EBIT Margin		 2.03% 0.50% -1.60% 2.41% -0.70% 2.81% 3.05% 2.34% 4.42% 3.87% 3.08%
Profit (Net Income) Margin		 -0.39% -2.79% -4.29% -0.44% -3.66% 0.66% 0.92% -0.02% 1.73% 1.76% 1.07%
Tax Burden Percent		 77.14% 145.70% 109.34% 147.37% 113.82% 97.92% 85.29% -50.00% 77.27% 90.24% 78.48%
Interest Burden Percent		 -24.65% -387.18% 244.76% -12.42% 461.70% 24.12% 35.42% 1.49% 50.77% 50.41% 44.13%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 2.08% 14.71% 150.00% 22.73% 9.76% 21.52%
Return on Invested Capital (ROIC)		 5.31% 1.41% -4.60% 6.79% -2.21% 14.76% 11.92% -5.41% 15.73% 30.94% 10.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.41% -3.42% -8.12% 4.42% -6.19% 11.19% 9.74% -4.03% 13.59% 24.06% 8.55%
Return on Net Nonoperating Assets (RNNOA)		 15.72% -11.84% -39.03% 21.50% -34.08% 53.92% 55.34% -23.73% 87.86% 88.52% 35.52%
Return on Equity (ROE)		 21.03% -10.43% -43.63% 28.29% -36.29% 68.68% 67.25% -29.15% 103.60% 119.45% 45.80%
Cash Return on Invested Capital (CROIC)		 18.96% 22.75% 23.19% 23.52% 29.41% 40.80% 19.59% 18.99% 8.10% 10.46% 13.34%
Operating Return on Assets (OROA)		 3.68% 0.91% -2.99% 4.61% -1.30% 5.35% 6.05% 4.64% 8.31% 7.34% 5.90%
Return on Assets (ROA)		 -0.70% -5.14% -8.01% -0.84% -6.81% 1.26% 1.83% -0.03% 3.26% 3.34% 2.04%
Return on Common Equity (ROCE)		 21.03% -10.43% -43.63% 28.29% -36.29% 68.68% 67.25% -29.15% 103.60% 119.45% 45.80%
Return on Equity Simple (ROE_SIMPLE)		 -29.36% 0.00% -66.03% -70.29% -152.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.59 2.45 -7.49 11 -3.43 19 17 -6.85 20 34 14
NOPAT Margin		 1.37% 0.31% -1.14% 1.67% -0.51% 2.72% 2.66% -1.20% 3.47% 5.34% 2.39%
Net Nonoperating Expense Percent (NNEP)		 1.90% 4.83% 3.52% 2.36% 3.97% 3.57% 2.18% -1.38% 2.14% 6.87% 1.73%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.38% - - - 4.50% 3.00% -1.27% 3.60% 6.74% 2.48%
Cost of Revenue to Revenue		 80.09% 80.35% 79.61% 77.88% 78.19% 77.56% 79.44% 78.35% 77.23% 78.40% 78.85%
SG&A Expenses to Revenue		 11.78% 11.36% 12.69% 13.99% 13.10% 13.64% 13.27% 14.02% 13.76% 12.89% 13.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 17.95% 19.20% 22.02% 19.74% 22.54% 19.66% 17.45% 19.25% 18.28% 15.68% 18.11%
Earnings before Interest and Taxes (EBIT)		 14 3.90 -11 15 -4.70 20 19 13 26 24 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 47 36 18 42 20 43 39 35 46 44 37
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.74 2.22 2.99 3.54 4.65 7.28 3.10 3.29 3.27 2.48 2.73
Price to Tangible Book Value (P/TBV)		 8.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 43.70 53.15
Price to Revenue (P/Rev)		 0.08 0.09 0.09 0.10 0.09 0.14 0.10 0.11 0.13 0.13 0.15
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.34 11.82 12.61
Dividend Yield		 0.00% 0.00% 1.92% 2.78% 4.41% 3.59% 4.35% 4.42% 4.39% 4.78% 4.92%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.52% 8.46% 7.93%
Enterprise Value to Invested Capital (EV/IC)		 1.15 1.25 1.28 1.33 1.34 1.79 1.33 1.37 1.39 1.44 1.40
Enterprise Value to Revenue (EV/Rev)		 0.27 0.25 0.28 0.29 0.26 0.27 0.28 0.28 0.31 0.26 0.33
Enterprise Value to EBITDA (EV/EBITDA)		 5.02 4.63 5.69 5.67 6.25 5.74 5.05 5.34 4.79 3.84 4.81
Enterprise Value to EBIT (EV/EBIT)		 26.85 26.74 49.26 35.38 181.58 35.62 14.74 15.34 9.94 7.55 9.45
Enterprise Value to NOPAT (EV/NOPAT)		 38.36 40.72 77.46 53.58 345.86 53.01 21.15 21.78 11.93 7.77 9.96
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.67 4.96 5.53 8.18 11.99 6.31 9.63 6.13 7.17 6.53 8.47
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.55 4.94 4.93 5.05 3.90 3.54 6.34 6.75 17.49 14.34 10.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.13 4.35 6.18 6.86 9.86 7.58 5.38 5.22 4.87 2.88 3.43
Long-Term Debt to Equity		 3.05 3.08 5.38 5.83 8.35 7.02 5.03 4.85 4.49 2.52 3.04
Financial Leverage		 4.61 3.46 4.80 4.86 5.51 4.82 5.68 5.89 6.46 3.68 4.15
Leverage Ratio		 11.96 10.98 12.52 12.48 15.22 16.58 15.12 15.71 18.00 14.30 11.58
Compound Leverage Factor		 -2.95 -42.52 30.64 -1.55 70.29 4.00 5.36 0.23 9.14 7.21 5.11
Debt to Total Capital		 80.50% 81.32% 86.08% 87.29% 90.79% 88.35% 84.33% 83.92% 82.96% 74.24% 77.41%
Short-Term Debt to Total Capital		 20.94% 23.71% 11.16% 13.20% 13.96% 6.54% 5.43% 6.01% 6.45% 9.41% 8.69%
Long-Term Debt to Total Capital		 59.55% 57.61% 74.91% 74.09% 76.83% 81.81% 78.89% 77.92% 76.51% 64.83% 68.72%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 19.50% 18.68% 13.92% 12.72% 9.21% 11.65% 15.67% 16.08% 17.04% 25.76% 22.59%
Debt to EBITDA		 3.58 3.29 3.89 3.80 4.32 3.05 3.24 3.31 2.89 2.27 2.70
Net Debt to EBITDA		 3.51 2.95 3.81 3.71 4.21 2.81 3.19 3.26 2.85 1.88 2.66
Long-Term Debt to EBITDA		 2.65 2.33 3.38 3.23 3.66 2.82 3.03 3.07 2.66 1.98 2.40
Debt to NOPAT		 27.36 28.92 52.87 35.91 239.05 28.15 13.57 13.49 7.19 4.60 5.60
Net Debt to NOPAT		 26.86 25.98 51.89 35.07 233.10 25.98 13.34 13.29 7.10 3.81 5.50
Long-Term Debt to NOPAT		 20.25 20.48 46.01 30.48 202.29 26.07 12.70 12.52 6.64 4.02 4.97
Altman Z-Score		 1.47 1.39 1.43 1.49 1.34 1.45 1.58 1.51 1.49 1.39 1.42
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.81 0.74 0.87 0.85 0.85 0.76 0.96 0.92 0.98 0.86 0.94
Quick Ratio		 0.46 0.47 0.50 0.50 0.46 0.43 0.59 0.56 0.59 0.57 0.57
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 137 133 146 156 180 207 98 68 -0.40 -3.24 9.89
Operating Cash Flow to CapEx		 293.53% 0.00% -322.22% 31.20% 0.00% 1,784.27% -794.64% 607.69% -168.00% 0.00% -704.51%
Free Cash Flow to Firm to Interest Expense		 7.76 6.99 9.61 9.06 10.62 13.71 7.87 5.16 -0.03 -0.27 0.99
Operating Cash Flow to Interest Expense		 2.31 5.61 -3.43 0.23 0.14 10.52 -7.18 3.59 -0.66 12.06 -9.37
Operating Cash Flow Less CapEx to Interest Expense		 1.52 6.26 -4.50 -0.50 1.88 9.93 -8.08 3.00 -1.05 13.35 -10.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.82 1.84 1.87 1.91 1.86 1.90 1.98 1.98 1.88 1.90 1.91
Accounts Receivable Turnover		 8.18 8.59 8.74 9.07 8.42 9.07 8.73 8.85 8.07 8.52 7.71
Inventory Turnover		 8.81 10.84 10.88 11.78 9.98 12.26 12.11 12.35 10.30 12.40 11.38
Fixed Asset Turnover		 4.59 4.58 4.48 4.45 4.74 4.77 4.84 4.82 5.04 5.03 4.99
Accounts Payable Turnover		 5.72 5.74 5.97 6.38 5.81 5.73 6.01 6.52 6.20 5.43 5.73
Days Sales Outstanding (DSO)		 44.65 42.50 41.76 40.26 43.36 40.25 41.83 41.25 45.21 42.84 47.37
Days Inventory Outstanding (DIO)		 41.44 33.68 33.54 30.99 36.58 29.76 30.14 29.55 35.43 29.44 32.09
Days Payable Outstanding (DPO)		 63.79 63.63 61.15 57.21 62.78 63.70 60.75 56.02 58.83 67.23 63.67
Cash Conversion Cycle (CCC)		 22.29 12.56 14.15 14.04 17.16 6.31 11.21 14.78 21.82 5.04 15.78
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 724 587 630 609 540 399 550 534 561 436 554
Invested Capital Turnover		 3.88 4.54 4.02 4.07 4.35 5.42 4.49 4.52 4.53 5.80 4.30
Increase / (Decrease) in Invested Capital		 -128 -130 -154 -145 -184 -188 -81 -75 21 37 4.00
Enterprise Value (EV)		 830 733 808 810 726 712 733 733 780 626 772
Market Capitalization		 249 265 267 280 237 363 271 286 316 319 345
Book Value per Share		 $2.78 $2.33 $1.89 $1.52 $0.98 $0.96 $1.67 $1.72 $1.92 $2.53 $2.42
Tangible Book Value per Share		 $0.56 ($0.10) ($0.61) ($0.68) ($1.15) ($1.11) ($0.36) ($0.73) ($0.51) $0.14 $0.12
Total Capital		 735 640 641 622 553 428 558 541 567 499 561
Total Debt		 592 520 551 543 502 378 470 454 471 371 434
Total Long-Term Debt		 438 369 480 461 425 350 440 422 434 324 385
Net Debt		 581 467 541 530 490 349 462 447 465 307 427
Capital Expenditures (CapEx)		 14 -13 16 13 -30 8.90 11 7.80 5.00 -16 13
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.90 -104 -20 -24 -42 -166 0.20 -16 20 -102 10
Debt-free Net Working Capital (DFNWC)		 4.10 -51 -10 -11 -29 -136 8.30 -9.00 27 -39 17
Net Working Capital (NWC)		 -150 -203 -82 -93 -106 -164 -22 -42 -10 -86 -32
Net Nonoperating Expense (NNE)		 12 24 21 13 21 15 11 -6.75 10 23 7.69
Net Nonoperating Obligations (NNO)		 581 467 541 530 490 349 462 447 465 307 427
Total Depreciation and Amortization (D&A)		 33 32 29 27 25 24 20 21 20 19 19
Debt-free, Cash-free Net Working Capital to Revenue		 -0.23% -3.53% -0.71% -0.86% -1.51% -6.20% 0.01% -0.61% 0.81% -4.22% 0.42%
Debt-free Net Working Capital to Revenue		 0.13% -1.74% -0.35% -0.40% -1.05% -5.10% 0.31% -0.35% 1.06% -1.60% 0.72%
Net Working Capital to Revenue		 -4.91% -6.87% -2.86% -3.35% -3.86% -6.15% -0.83% -1.61% -0.40% -3.55% -1.34%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.06) ($0.46) ($0.60) ($0.06) ($0.52) $0.11 $0.12 $0.00 $0.21 $0.24 $0.13
Adjusted Weighted Average Basic Shares Outstanding		 48M 48.40M 47.20M 47.70M 47.80M 47.60M 48M 47.60M 47.50M 47.60M 47.70M
Adjusted Diluted Earnings per Share		 ($0.06) ($0.46) ($0.60) ($0.06) ($0.52) $0.11 $0.11 $0.00 $0.21 $0.22 $0.13
Adjusted Weighted Average Diluted Shares Outstanding		 48M 48.40M 47.20M 47.70M 47.80M 47.60M 50.70M 47.60M 49.70M 49.90M 49.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 51.31M 52.28M 51.94M 52.16M 52.12M 52.35M 50.61M 50.47M 50.88M 52.26M 51.56M
Normalized Net Operating Profit after Tax (NOPAT)		 17 24 15 18 24 38 22 16 26 32 20
Normalized NOPAT Margin		 2.49% 3.04% 2.33% 2.78% 3.57% 5.43% 3.55% 2.80% 4.43% 5.15% 3.53%
Pre Tax Income Margin		 -0.50% -1.92% -3.92% -0.30% -3.22% 0.68% 1.08% 0.04% 2.24% 1.95% 1.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.80 0.21 -0.69 0.89 -0.28 1.32 1.55 1.02 2.03 2.02 1.79
NOPAT to Interest Expense		 0.54 0.13 -0.49 0.61 -0.20 1.28 1.35 -0.52 1.59 2.78 1.39
EBIT Less CapEx to Interest Expense		 0.02 0.86 -1.76 0.16 1.46 0.73 0.65 0.42 1.64 3.31 0.46
NOPAT Less CapEx to Interest Expense		 -0.24 0.79 -1.56 -0.11 1.53 0.69 0.45 -1.11 1.20 4.07 0.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -0.24% -0.18% -4.07% -8.45% -9.02% -18.47% -61.76% -84.62% 64.56% 53.33% 59.85%
Augmented Payout Ratio		 -24.47% -22.92% -24.96% -22.12% -12.11% -18.47% -81.18% -137.76% 102.43% 82.96% 81.02%

Financials Breakdown Chart

Key Financial Trends

Quad/Graphics (NYSE: QUAD) has seen a clear deterioration in profitability and balance sheet strength over the last several years, with Q1 2026 showing a mixed picture: a small profit, but very weak operating cash flow and a highly leveraged balance sheet.

  • Q1 2026 turned profitable again, with net income of $6.2 million versus a loss of $28.1 million in Q1 2025 and $24.6 million in Q1 2024.
  • Operating income improved sharply year over year in Q1 2026 to $17.7 million, up from $19.6 million in Q1 2025 and well above the $(10.7) million operating loss in Q1 2024.
  • The company continues to generate significant depreciation and amortization, which supports reported earnings and indicates a large asset base.
  • Capital spending remained relatively modest in Q1 2026 at $13.3 million, suggesting management is not aggressively expanding capex.
  • Quarterly gross profit held fairly steady year over year, with Q1 2026 gross profit of $122.9 million versus $129.4 million in Q1 2025.
  • Q1 2026 revenue was $581.0 million, down from $629.4 million in Q1 2025 and $654.8 million in Q1 2024, showing a longer-term top-line decline.
  • EBIT margin improved in Q1 2026, but the business still operated on a thin margin relative to revenue.
  • The company continues to rely on restructuring charges, which have been a recurring part of results over multiple years.
  • Quarterly share counts have been relatively stable, so EPS movement has been driven more by operating performance than dilution.
  • Operating cash flow in Q1 2026 was deeply negative at $(93.7) million, a major deterioration from $145.9 million in Q4 2025 and $(89.0) million in Q1 2025.
  • The biggest drag on cash flow was a $(120.2) million swing in operating assets and liabilities, indicating working-capital pressure.
  • Cash & equivalents fell to just $7 million at the end of Q1 2026, leaving very little liquidity cushion.
  • Total debt remains heavy, with $48.7 million short-term debt and $384.5 million long-term debt in Q1 2026.
  • Current liabilities of $554.3 million exceeded current assets of $522.6 million, pointing to a working capital deficit.
  • Total common equity was only $126.6 million in Q1 2026, down from $154.5 million in Q1 2024 and $143.4 million in Q3 2023, reflecting pressure on the capital structure.
  • Over the past few years, revenue has trended lower from the low-to-mid $700 million range in 2022–2023 to the high $500 million range in recent quarters.
  • The company has continued to generate weak or volatile quarterly earnings, including losses in Q2 2025 and Q3 2024, highlighting uneven underlying demand and profitability.

Bottom line: Quad/Graphics is showing some short-term earnings improvement, but the bigger story is financial strain. Revenue has been shrinking, operating cash flow is highly inconsistent, liquidity is thin, and leverage remains elevated. For retail investors, the key issue is whether the recent profit improvement can become sustained enough to strengthen cash generation and reduce debt burden.

07/05/26 09:10 PM ETAI Generated. May Contain Errors.

Quad Graphics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Quad Graphics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Quad Graphics' net income appears to be on a downward trend, with a most recent value of $27 million in 2025, falling from -$641.90 million in 2015. The previous period was -$50.90 million in 2024. View Quad Graphics' forecast to see where analysts expect Quad Graphics to go next.

Quad Graphics' total operating income in 2025 was $97 million, based on the following breakdown:
  • Total Gross Profit: $523.30 million
  • Total Operating Expenses: $426.30 million

Over the last 10 years, Quad Graphics' total revenue changed from $4.60 billion in 2015 to $2.42 billion in 2025, a change of -47.4%.

Quad Graphics' total liabilities were at $1.12 billion at the end of 2025, a 10.0% decrease from 2024, and a 53.6% decrease since 2015.

In the past 10 years, Quad Graphics' cash and equivalents has ranged from $9 million in 2016 to $179.90 million in 2021, and is currently $63.30 million as of their latest financial filing in 2025.

Over the last 10 years, Quad Graphics' book value per share changed from 8.55 in 2015 to 2.53 in 2025, a change of -70.4%.


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Financial statements for NYSE:QUAD last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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