NYSE : QUAD
Quad/Graphics, Inc. — Financial statements
Industrials · Specialty Business Services · United States
Last price 7.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 396.25M
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Financial statements
Quad/Graphics, Inc. (QUAD) reported revenue of 2.38B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.38B | 2.42B | 2.67B | 2.96B | 3.22B | 2.96B |
| Cost of Revenue | 1.87B | 1.90B | 2.09B | 2.38B | 2.62B | 2.39B |
| Gross Profit | 508.30M | 523.30M | 580.00M | 576.50M | 598.20M | 570.50M |
| Selling, General & Admin | 328.50M | 339.90M | 356.00M | 342.80M | 346.00M | 324.90M |
| Operating Expenses | 400.80M | 418.50M | 458.50M | 471.60M | 487.30M | 482.20M |
| Operating Income | 107.50M | 104.80M | 121.50M | 104.90M | 110.90M | 88.30M |
| Interest Expense | -40.70M | -50.50M | -64.50M | -70.00M | -48.40M | -59.60M |
| Earnings From Equity Investments | 300.00K | |||||
| EBT Excluding Unusual Items | 66.80M | 54.30M | 57.00M | 34.90M | 62.50M | 29.00M |
| Merger & Restructuring Charges | -36.00M | -21.80M | -101.50M | -77.50M | -44.80M | -18.30M |
| Gain (Loss) on Sale of Assets | 24.50M | |||||
| Asset Writedown | -600.00K | |||||
| Other Unusual Items | -700.00K | |||||
| Pretax Income | 30.80M | 32.50M | -44.50M | -42.60M | 17.70M | 47.30M |
| Income Tax Expense | 4.30M | 5.50M | 6.40M | 12.80M | 8.40M | 9.50M |
| Earnings From Continuing Operations | 26.50M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
| Net Income to Company | 26.50M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
| Net Income | 26.50M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
| Net Income to Common | 26.50M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
| Shares Outstanding (Basic) | 47.75M | 47.60M | 47.60M | 48.40M | 50.70M | 51.30M |
| Shares Outstanding (Diluted) | 49.90M | 49.90M | 47.60M | 48.40M | 52.50M | 53.00M |
| EPS (Basic) | 0.55 | 0.57 | -1.07 | -1.14 | 0.18 | 0.74 |
| EPS (Diluted) | 0.53 | 0.54 | -1.07 | -1.14 | 0.18 | 0.71 |
| Free Cash Flow | 37.20M | 50.70M | 55.70M | 76.80M | 94.30M | 86.50M |
| Free Cash Flow Per Share | 0.74 | 1.02 | 1.17 | 1.59 | 1.80 | 1.63 |
| Dividend Per Share | 0.38 | 0.30 | 0.20 | |||
| Gross Margin | 21.39% | 21.62% | 21.70% | 19.49% | 18.59% | 19.27% |
| Operating Margin | 4.52% | 4.33% | 4.55% | 3.55% | 3.45% | 2.98% |
| Profit Margin | 1.11% | 1.12% | -1.91% | -1.87% | 0.29% | 1.28% |
| Free Cash Flow Margin | 1.57% | 2.10% | 2.08% | 2.60% | 2.93% | 2.92% |
| EBITDA | 179.80M | 183.40M | 224.00M | 233.70M | 252.20M | 245.60M |
| EBITDA Margin | 7.57% | 7.58% | 8.38% | 7.90% | 7.84% | 8.30% |
| D&A For EBITDA | 72.30M | 78.60M | 102.50M | 128.80M | 141.30M | 157.30M |
| EBIT | 107.50M | 104.80M | 121.50M | 104.90M | 110.90M | 88.30M |
| EBIT Margin | 4.52% | 4.33% | 4.55% | 3.55% | 3.45% | 2.98% |
| Effective Tax Rate | 13.96% | 16.92% | 47.46% | 20.09% | ||
| Revenue as Reported | 2.38B | 2.42B | 2.67B | 2.96B | 3.22B | 2.96B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.80M | 63.30M | 29.20M | 52.90M | 25.20M | 179.90M |
| Trading Asset Securities | 100.00K | 900.00K | 3.80M | |||
| Cash & Short-Term Investments | 22.80M | 63.30M | 29.30M | 53.80M | 29.00M | 179.90M |
| Accounts Receivable | 318.20M | 290.50M | 273.20M | 316.20M | 372.60M | 362.00M |
| Receivables | 330.50M | 294.80M | 273.20M | 316.20M | 372.60M | 362.00M |
| Inventory | 188.70M | 143.50M | 162.40M | 178.80M | 260.70M | 226.20M |
| Prepaid Expenses | 32.00M | 36.80M | 69.40M | 38.90M | 42.20M | 41.00M |
| Total Current Assets | 574.00M | 538.40M | 534.30M | 587.70M | 704.50M | 809.10M |
| Property, Plant & Equipment | 509.30M | 529.60M | 578.60M | 717.20M | 783.20M | 852.70M |
| Long-Term Investments | 1.90M | |||||
| Goodwill | 107.60M | 107.60M | 100.30M | 103.00M | 86.40M | 86.40M |
| Other Intangible Assets | 10.80M | 13.70M | 7.20M | 21.80M | 46.90M | 75.30M |
| Long-Term Deferred Tax Assets | 4.20M | 7.10M | 12.40M | 11.50M | 11.80M | |
| Other Long-Term Assets | 36.20M | 44.20M | 71.50M | 67.60M | 69.30M | 54.70M |
| Total Assets | 1.25B | 1.25B | 1.30B | 1.51B | 1.70B | 1.89B |
| Accounts Payable | 328.10M | 342.00M | 356.70M | 373.60M | 456.60M | 367.30M |
| Accrued Expenses | 2.60M | 110.30M | 114.90M | 122.90M | 123.50M | 137.00M |
| Current Portion of Long-Term Debt | 51.90M | 47.00M | 28.00M | 151.70M | 61.10M | 246.30M |
| Current Portion of Leases | 23.90M | 23.50M | 24.80M | 27.90M | 28.60M | 29.90M |
| Current Income Taxes Payable | 14.60M | 14.70M | 19.60M | 18.90M | 20.00M | |
| Current Unearned Revenue | 29.80M | 44.70M | 35.60M | 53.10M | 66.40M | |
| Other Current Liabilities | 183.90M | 57.00M | 114.90M | 59.50M | 53.60M | 90.20M |
| Total Current Liabilities | 590.40M | 624.20M | 698.70M | 790.80M | 795.40M | 957.10M |
| Long-Term Debt | 390.20M | 324.00M | 349.80M | 362.50M | 506.70M | 559.30M |
| Long-Term Leases | 46.70M | 50.60M | 62.70M | 83.20M | 88.70M | 101.20M |
| Long-Term Unearned Revenue | 100.00K | 100.00K | 900.00K | 1.20M | 2.10M | |
| Pension & Post-Retirement Benefits | 14.80M | 37.60M | 51.60M | 59.30M | 59.10M | 46.00M |
| Long-Term Deferred Tax Liabilities | 4.70M | 4.00M | 3.20M | 5.10M | 9.30M | 11.90M |
| Other Long-Term Liabilities | 83.10M | 83.80M | 83.00M | 88.40M | 68.50M | 75.60M |
| Total Liabilities | 1.13B | 1.12B | 1.25B | 1.39B | 1.53B | 1.75B |
| Common Stock | 1.40M | 1.40M | 1.40M | 1.40M | 1.40M | 1.40M |
| Additional Paid-In Capital | 844.60M | 846.20M | 842.80M | 842.70M | 841.80M | 839.30M |
| Retained Earnings | -623.00M | -623.20M | -635.10M | -573.90M | -518.50M | -527.80M |
| Treasury Stock | -41.10M | -36.30M | -28.00M | -33.10M | -23.50M | -14.90M |
| Comprehensive Income & Other | -61.40M | -59.50M | -131.20M | -117.60M | -128.30M | -161.20M |
| Total Common Equity | 120.50M | 128.60M | 49.90M | 119.50M | 172.90M | 136.80M |
| Shareholders' Equity | 120.50M | 128.60M | 49.90M | 119.50M | 172.90M | 136.80M |
| Total Liabilities & Equity | 1.25B | 1.25B | 1.30B | 1.51B | 1.70B | 1.89B |
| Total Debt | 512.70M | 445.10M | 465.30M | 625.30M | 685.10M | 936.70M |
| Net Cash (Debt) | -489.90M | -381.80M | -436.00M | -571.50M | -656.10M | -756.80M |
| Net Cash Per Share | -9.82 | -7.65 | -9.16 | -11.81 | -12.50 | -14.28 |
| Filing Date Shares Outstanding | 50.92M | 52.26M | 52.35M | 52.28M | 53.42M | 55.97M |
| Total Common Shares Outstanding | 51.00M | 50.90M | 52.10M | 51.00M | 52.70M | 54.30M |
| Working Capital | -16.40M | -85.80M | -164.40M | -203.10M | -90.90M | -148.00M |
| Book Value Per Share | 2.36 | 2.53 | 0.96 | 2.34 | 3.28 | 2.52 |
| Tangible Book Value | 2.10M | 7.30M | -57.60M | -5.30M | 39.60M | -24.90M |
| Tangible Book Value Per Share | 0.04 | 0.14 | -1.11 | -0.10 | 0.75 | -0.46 |
| Land | 52.90M | 57.10M | 65.80M | 68.20M | 73.60M | |
| Buildings | 509.90M | 547.60M | 638.70M | 651.90M | 658.40M | |
| Machinery | 2.15B | 2.27B | 2.70B | 2.83B | 2.86B | |
| Construction In Progress | 18.00M | 19.80M | 34.60M | 30.50M | 25.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 26.50M | 27.00M | -50.90M | -55.40M | 9.30M | 37.80M |
| Depreciation & Amortization | 72.30M | 78.60M | 102.50M | 128.80M | 141.30M | 157.30M |
| Other Amortization | 1.60M | 1.60M | 1.60M | 2.00M | 2.20M | 3.00M |
| Loss (Gain) From Sale of Assets | -29.70M | -20.20M | -22.50M | -10.90M | 20.80M | -69.90M |
| Asset Writedown & Restructuring Costs | 11.50M | 7.50M | 74.90M | 25.20M | 2.20M | 2.80M |
| Loss (Gain) From Sale of Investments | -4.10M | 32.10M | ||||
| Loss (Gain) on Equity Investments | -300.00K | |||||
| Stock-Based Compensation | 7.40M | 6.60M | 7.30M | 5.60M | 6.00M | 6.20M |
| Other Operating Activities | 13.20M | 13.40M | -2.00M | -3.70M | 2.40M | -9.20M |
| Change in Accounts Receivable | -4.00M | -4.00M | 14.80M | 65.00M | -18.60M | 12.70M |
| Change in Inventory | 24.00M | 24.00M | 2.40M | 90.30M | -41.10M | -58.30M |
| Change in Accounts Payable | -31.10M | -31.10M | 7.20M | -106.70M | 63.90M | 49.00M |
| Change in Other Net Operating Assets | -18.80M | -7.50M | -18.30M | 7.40M | -33.80M | -26.70M |
| Operating Cash Flow | 83.50M | 95.90M | 112.90M | 147.60M | 154.60M | 136.50M |
| Capital Expenditures | -46.30M | -45.20M | -57.20M | -70.80M | -60.30M | -50.00M |
| Sale of Property, Plant & Equipment | 42.40M | 36.80M | 49.10M | 31.70M | 4.60M | 126.30M |
| Cash Acquisitions | -1.90M | -16.30M | -1.50M | -2.60M | ||
| Divestitures | 39.70M | |||||
| Investment in Securities | -300.00K | 22.00M | -700.00K | -3.30M | -1.40M | |
| Other Investing Activities | 200.00K | -2.70M | -1.20M | -5.10M | 1.10M | 14.80M |
| Investing Cash Flow | -5.60M | -27.70M | 12.70M | -46.40M | -60.50M | 129.40M |
| Long-Term Debt Issued | 1.28B | 1.51B | 1.44B | 998.80M | 461.00M | |
| Long-Term Debt Repaid | -1.29B | -1.64B | -1.50B | -1.23B | -583.00M | |
| Net Debt Issued (Repaid) | -30.10M | -10.00M | -133.00M | -58.60M | -234.20M | -122.00M |
| Repurchase of Common Stock | -12.40M | -11.60M | -2.10M | -14.30M | -12.50M | -1.10M |
| Common Dividends Paid | -18.40M | -14.40M | -9.40M | -100.00K | -1.40M | -1.40M |
| Other Financing Activities | -100.00K | -100.00K | -4.60M | -600.00K | -600.00K | -16.40M |
| Financing Cash Flow | -61.00M | -36.10M | -149.10M | -73.60M | -248.70M | -140.90M |
| Foreign Exchange Rate Adjustments | -300.00K | 300.00K | -200.00K | 100.00K | -100.00K | -300.00K |
| Miscellaneous Cash Flow Adjustments | 1.70M | |||||
| Net Cash Flow | 16.60M | 34.10M | -23.70M | 27.70M | -154.70M | 124.70M |
| Free Cash Flow | 37.20M | 50.70M | 55.70M | 76.80M | 94.30M | 86.50M |
| Free Cash Flow Margin | 1.57% | 2.10% | 2.08% | 2.60% | 2.93% | 2.92% |
| Free Cash Flow Per Share | 0.74 | 1.02 | 1.17 | 1.59 | 1.80 | 1.63 |
| Levered Free Cash Flow | 84.05M | 13.24M | 153.43M | 134.51M | 106.76M | 179.34M |
| Unlevered Free Cash Flow | 107.89M | 43.20M | 192.14M | 176.26M | 134.81M | 213.59M |
| Cash Interest Paid | 40.20M | 40.20M | 52.90M | 55.90M | 44.00M | 41.80M |
| Cash Income Tax Paid | 5.80M | 5.80M | 10.70M | 12.20M | 6.20M | 4.30M |
| Change in Working Capital | -29.90M | -18.60M | 6.10M | 56.00M | -29.60M | -23.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 366.62M | 319.03M | 363.27M | 278.09M | 214.96M | 218.46M |
| Enterprise Value | 856.52M | 863.23M | 945.07M | 957.59M | 1.05B | 1.14B |
| Last Close Price | 7.20 | 6.04 | 6.38 | 4.78 | 3.59 | 3.52 |
| PE Ratio | 13.59 | 11.82 | 23.11 | 5.78 | ||
| Forward PE | 5.45 | 5.70 | 6.14 | 10.23 | 9.98 | 9.98 |
| PS Ratio | 0.15 | 0.13 | 0.14 | 0.09 | 0.07 | 0.07 |
| PB Ratio | 3.05 | 2.48 | 7.28 | 2.33 | 1.24 | 1.60 |
| P/TBV Ratio | 174.58 | 43.70 | 5.43 | |||
| P/FCF Ratio | 9.86 | 6.29 | 6.52 | 3.62 | 2.28 | 2.53 |
| P/OCF Ratio | 4.39 | 3.33 | 3.22 | 1.88 | 1.39 | 1.60 |
| PEG Ratio | 1.90 | 1.90 | 1.90 | 1.90 | 1.90 | |
| EV/Sales Ratio | 0.36 | 0.36 | 0.35 | 0.32 | 0.33 | 0.38 |
| EV/EBITDA Ratio | 4.76 | 4.71 | 4.22 | 4.10 | 4.16 | 4.63 |
| EV/EBIT Ratio | 7.97 | 8.24 | 7.78 | 9.13 | 9.46 | 12.87 |
| EV/FCF Ratio | 23.02 | 17.03 | 16.97 | 12.47 | 11.12 | 13.14 |
| Debt / Equity Ratio | 4.25 | 3.46 | 9.32 | 5.23 | 3.96 | 6.85 |
| Debt / EBITDA Ratio | 2.53 | 2.15 | 1.88 | 2.40 | 2.45 | 3.44 |
| Debt / FCF Ratio | 13.78 | 8.78 | 8.35 | 8.14 | 7.26 | 10.83 |
| Net Debt / Equity Ratio | 4.07 | 2.97 | 8.74 | 4.78 | 3.79 | 5.53 |
| Net Debt / EBITDA Ratio | 2.73 | 2.08 | 1.95 | 2.44 | 2.60 | 3.08 |
| Net Debt / FCF Ratio | 13.17 | 7.53 | 7.83 | 7.44 | 6.96 | 8.75 |
| Asset Turnover | 1.89 | 1.90 | 1.90 | 1.84 | 1.79 | 1.55 |
| Inventory Turnover | 10.21 | 12.40 | 12.26 | 10.84 | 10.76 | 12.06 |
| Quick Ratio | 0.58 | 0.57 | 0.43 | 0.47 | 0.51 | 0.57 |
| Current Ratio | 0.97 | 0.86 | 0.77 | 0.74 | 0.89 | 0.84 |
| Return on Equity (ROE) | 24.40% | 30.25% | -60.09% | -37.89% | 6.01% | 34.12% |
| Return on Assets (ROA) | 5.34% | 5.13% | 5.41% | 4.08% | 3.86% | 2.89% |
| Return on Invested Capital (ROIC) | 15.46% | 17.48% | 20.65% | 13.80% | 6.77% | 7.24% |
| Return on Capital Employed (ROCE) | 16.30% | 16.70% | 20.20% | 14.60% | 12.20% | 9.50% |
| Earnings Yield | 7.36% | 8.46% | -14.01% | -19.92% | 4.33% | 17.30% |
| FCF Yield | 10.15% | 15.89% | 15.33% | 27.62% | 43.87% | 39.59% |
| Dividend Yield | 5.56% | 4.79% | 2.87% | |||
| Payout Ratio | 75.47% | 53.33% | 15.05% | 3.70% | ||
| Buyback Yield / Dilution | -1.01% | -4.83% | 1.65% | 7.81% | 0.94% | -4.74% |
| Total Shareholder Return | 4.54% | -0.05% | 4.52% | 7.81% | 0.94% | -4.74% |