QUAD · Quad/Graphics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.67B | $2.96B | $3.22B | $2.96B | $2.93B |
| Cost of Revenue | $1.90B | $2.09B | $2.38B | $2.62B | $2.39B | $2.33B |
| Gross Profit | $523.30M | $580.00M | $576.50M | $598.20M | $570.50M | $594.80M |
| R&D | $2.90M | $3.20M | $3.10M | $3.30M | $3.10M | $3.00M |
| SG&A | $325.90M | $356.80M | $344.50M | $358.60M | $326.00M | $335.10M |
| Total Operating Expenses | $2.32B | $2.65B | $2.93B | $3.16B | $2.87B | $2.98B |
| D&A | $73.40M | $85.00M | $100.90M | $110.40M | $125.80M | $142.50M |
| Operating Income | $97.00M | $19.20M | $25.70M | $53.50M | $92.80M | ($46.00M) |
| Interest Expense | $50.50M | $64.50M | $70.00M | $48.40M | $59.60M | $68.80M |
| Income Tax | $5.50M | $6.40M | $12.80M | $8.40M | $9.50M | $300.0K |
| Net Income | $27.00M | ($50.90M) | ($55.40M) | $9.30M | $37.80M | ($128.30M) |
| EPS - Basic | $0.57 | ($1.07) | ($1.14) | $0.18 | $0.74 | ($2.53) |
| EPS - Diluted | $0.54 | ($1.07) | ($1.14) | $0.18 | ($2.53) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $63.30M | $29.20M | $52.90M | $25.20M | $179.90M | $55.20M |
| Accounts Receivable | $294.80M | $273.20M | $316.20M | $372.60M | $362.00M | $399.10M |
| Inventory | $143.50M | $162.40M | $178.80M | $260.70M | $226.20M | $170.20M |
| Accounts Payable | $342.00M | $356.70M | $373.60M | $456.60M | $367.30M | $320.00M |
| Current Assets | $538.40M | $534.30M | $587.70M | $704.50M | $809.10M | $679.20M |
| Total Assets | $1.25B | $1.30B | $1.51B | $1.70B | $1.89B | $1.93B |
| Current Liabilities | $624.20M | $698.70M | $790.80M | $795.40M | $957.10M | $682.70M |
| Long-term Debt | $322.90M | $349.10M | $362.50M | $506.70M | $554.90M | $902.70M |
| Total Liabilities | $1.12B | $1.25B | $1.39B | $1.53B | $1.75B | $1.84B |
| Stockholders' Equity | ($59.50M) | $49.90M | $119.50M | $172.90M | $136.80M | $84.10M |
| Retained Earnings | ($623.20M) | ($635.10M) | ($573.90M) | ($518.50M) | ($527.80M) | ($566.00M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $95.90M | $112.90M | $147.60M | $154.60M | $136.50M | $190.20M |
| Investing Cash Flow | ($27.70M) | $12.70M | ($46.40M) | ($60.50M) | $129.40M | $9.70M |
| Financing Cash Flow | ($36.10M) | ($149.10M) | ($73.60M) | ($248.70M) | ($140.90M) | ($223.60M) |
| CapEx | $45.20M | $57.20M | $70.80M | $60.30M | $50.00M | $61.00M |
| Free Cash Flow | $50.70M | $55.70M | $76.80M | $94.30M | $86.50M | $129.20M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 21.6% | 21.7% | 19.5% | 18.6% | 19.3% | 20.3% |
| Operating margin | 4.0% | 0.7% | 0.9% | 1.7% | 3.1% | -1.6% |
| EBITDA margin | 7.0% | 3.9% | 4.3% | 5.1% | 7.4% | 3.3% |
| Net margin | 1.1% | -1.9% | -1.9% | 0.3% | 1.3% | -4.4% |
| Free cash flow margin | 2.1% | 2.1% | 2.6% | 2.9% | 2.9% | 4.4% |
| FCF / Net income | 1.88 | -1.09 | -1.39 | 10.14 | 2.29 | -1.01 |
| R&D / Revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| SG&A / Revenue | 13.5% | 13.4% | 11.6% | 11.1% | 11.0% | 11.4% |
| Effective tax rate | 16.9% | - | - | 47.5% | 20.1% | - |
| Return on assets | 2.2% | -3.9% | -3.7% | 0.5% | 2.0% | -6.7% |
| Return on equity | -45.4% | -102.0% | -46.4% | 5.4% | 27.6% | -152.6% |
| Return on invested capital | 30.6% | 3.8% | 4.2% | 4.1% | 10.7% | -3.7% |
| Liquidity | ||||||
| Current ratio | 0.86 | 0.76 | 0.74 | 0.89 | 0.85 | 0.99 |
| Quick ratio | 0.63 | 0.53 | 0.52 | 0.56 | 0.61 | 0.75 |
| Cash ratio | 0.10 | 0.04 | 0.07 | 0.03 | 0.19 | 0.08 |
| Leverage | ||||||
| Debt / Equity | -5.43 | 7.00 | 3.03 | 2.93 | 4.06 | 10.73 |
| Debt / Assets | 0.26 | 0.27 | 0.24 | 0.30 | 0.29 | 0.47 |
| Debt / EBITDA | 1.89 | 3.35 | 2.86 | 3.09 | 2.54 | 9.35 |
| Interest coverage | 1.9x | 0.3x | 0.4x | 1.1x | 1.6x | -0.7x |
| Equity multiplier | -21.06 | 26.03 | 12.63 | 9.84 | 13.82 | 22.92 |
| Liabilities / Assets | 0.90 | 0.96 | 0.92 | 0.90 | 0.93 | 0.96 |
| Efficiency | ||||||
| Asset turnover | 1.93 | 2.06 | 1.96 | 1.89 | 1.57 | 1.52 |
| Inventory turnover | 13.22 | 12.88 | 13.32 | 10.05 | 10.57 | 13.72 |
| Days sales outstanding | 44d | 37d | 39d | 42d | 45d | 50d |
| Days inventory outstanding | 28d | 28d | 27d | 36d | 35d | 27d |
| Days payable outstanding | 66d | 62d | 57d | 64d | 56d | 50d |
| Cash conversion cycle | 6d | 3d | 9d | 15d | 23d | 26d |
| Valuation | ||||||
| P / E | 11.6x | - | - | - | - | - |
| P / B | - | 6.6x | 2.2x | - | - | - |
| P / S | 0.1x | 0.1x | 0.1x | - | - | - |
| EV / EBITDA | 3.4x | 6.3x | 4.5x | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -9.4% | -9.7% | -8.1% | 8.7% | 1.1% | -25.3% |
| Revenue CAGR (3y) | -9.1% | -3.4% | 0.3% | -6.4% | -11.9% | -10.8% |
| Revenue CAGR (5y) | -3.8% | -7.4% | -7.3% | -4.9% | -7.3% | -8.9% |
| Gross profit growth (YoY) | -9.8% | 0.6% | -3.6% | 4.9% | -4.1% | -18.7% |
| Operating income growth (YoY) | 405.2% | -25.3% | -52.0% | -42.3% | - | - |
| Net income growth (YoY) | - | 8.1% | - | -75.4% | - | 17.9% |
| EPS growth (YoY) | - | 6.1% | - | - | - | - |
| EPS CAGR (3y) | 44.2% | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | -38.6% | - | - |
| FCF growth (YoY) | -9.0% | -27.5% | -18.6% | 9.0% | -33.0% | 190.3% |
| FCF CAGR (5y) | -17.1% | 4.6% | -14.1% | -18.2% | -18.9% | -9.7% |
| Book value growth (YoY) | - | -58.2% | -30.9% | 26.4% | 62.7% | -62.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.42B totalUnited States Printand Related Services$2.21B · 91.5%
International$205.50M · 8.5%
Product / service
$6.85B totalProduct$1.89B · 27.6%
Total Products$1.69B · 24.7%
Catalog Publications Retail Inserts Books And Directories$1.14B · 16.7%
Direct Mail And Other Printed Products$535.90M · 7.8%
Service$528.60M · 7.7%
Total Services$525.70M · 7.7%
Imaging Marketing Services And Other Services$302.10M · 4.4%
Logistic Services$223.60M · 3.3%
Other Revenues$9.10M · 0.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.68
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Commercial Printing
Comparing Quad/Graphics against the 3 most active filers in the same SIC group.
Dividends
$0.35/share trailing 12 months · +40.0% YoY
| Ex-date | Per share |
|---|---|
| May 21, 2026 | $0.1000 |
| Feb 27, 2026 | $0.1000 |
| Nov 17, 2025 | $0.0750 |
| Aug 18, 2025 | $0.0750 |
| May 22, 2025 | $0.0750 |
| Feb 28, 2025 | $0.0750 |
| Nov 18, 2024 | $0.0500 |
| Aug 19, 2024 | $0.0500 |
| May 21, 2024 | $0.0500 |
| Feb 26, 2024 | $0.0500 |
| Feb 27, 2020 | $0.1500 |
| Nov 15, 2019 | $0.1500 |
| Aug 16, 2019 | $0.3000 |
| May 17, 2019 | $0.3000 |
| Feb 22, 2019 | $0.3000 |
| Nov 16, 2018 | $0.3000 |
| Aug 17, 2018 | $0.3000 |
| May 18, 2018 | $0.3000 |
| Mar 16, 2018 | $0.3000 |
| Nov 17, 2017 | $0.3000 |
| Aug 17, 2017 | $0.3000 |
| May 18, 2017 | $0.3000 |
| Feb 23, 2017 | $0.3000 |
| Nov 23, 2016 | $0.3000 |