QUAD

MKT CAP:$413M

Quad/Graphics, Inc.

Market Cap

$413M

Industrials·Specialty Business Services·🇺🇸 United States·NYSE

Industrials·Specialty·🇺🇸·NYSE

Stock Price

$7.89+$2.08 (+35.80%)

Apr 24, 2026

Company Details

Quad/Graphics, Inc. provides marketing solutions worldwide. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, publications, catalogs, spec...

CEO

J. Joel Quadracci

IPO Date

Jul 6, 2010

Website

www.quad.com

Key Metrics TTM

Revenue

$2.4B

-9.4% YoY

Net Income

$27M

EPS (Diluted)

$0.54

Free Cash Flow

$51M

Revenue / Share

$48.49

Gross Margin

18.4%

Operating Margin

4.9%

Net Margin

1.1%

FCF Margin

2.1%

P/S

0.2x

P/E

15.3x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 18, 2026

$2.4B-9.4%EPS $0.54

Q4 2025

Feb 18, 2026

$631M-11.0%EPS $0.22

Q3 2025

Oct 29, 2025

$588M-12.9%EPS $0.21

Q2 2025

Jul 30, 2025

$572M-9.8%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$744M	$88M	$9M
Q2 22	$758M	$104M	$17M
Q3 22	$830M	$122M	$31M
Q4 22	$885M	$143M	$41M
Q1 23	$767M	$115M	$26M
Q2 23	$703M	$101M	$18M
Q3 23	$700M	$107M	$25M
Q4 23	$788M	$124M	$34M
Q1 24	$655M	$105M	$22M
Q2 24	$634M	$114M	$25M
Q3 24	$675M	$123M	$34M
Q4 24	$708M	$136M	$39M
Q1 25	$629M	$110M	$26M
Q2 25	$572M	$103M	$23M
Q3 25	$588M	$115M	$34M
Q4 25	$631M	$117M	$36M

Valuation

Quarter	P/S	P/E
Q1 22	0.1x	15.5x
Q2 22	0.1x	—
Q3 22	0.1x	—
Q4 22	0.1x	44.4x
Q1 23	0.1x	—
Q2 23	0.1x	—
Q3 23	0.1x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.2x	—
Q4 24	0.2x	—
Q1 25	0.2x	—
Q2 25	0.2x	—
Q3 25	0.2x	20.0x
Q4 25	0.2x	15.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$17M	-$36M
Q2 22	-$7M	-$21M
Q3 22	-$7M	-$23M
Q4 22	$185M	$174M
Q1 23	-$51M	-$79M
Q2 23	$51M	$34M
Q3 23	$41M	$27M
Q4 23	$107M	$95M
Q1 24	-$52M	-$70M
Q2 24	$4M	-$12M
Q3 24	$2M	-$10M
Q4 24	$159M	$147M
Q1 25	-$89M	-$100M
Q2 25	$47M	$34M
Q3 25	-$8M	-$21M
Q4 25	$146M	$137M

Capital Expenditures

Quarter	CapEx
Q1 22	$19M
Q2 22	$14M
Q3 22	$16M
Q4 22	$11M
Q1 23	$29M
Q2 23	$17M
Q3 23	$14M
Q4 23	$11M
Q1 24	$18M
Q2 24	$16M
Q3 24	$12M
Q4 24	$12M
Q1 25	$11M
Q2 25	$13M
Q3 25	$12M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.4%	+7.8%
Q2 22	+9.2%	+10.0%
Q3 22	+17.5%	+17.3%
Q4 22	+3.6%	+0.9%
Q1 23	+3.0%	+0.7%
Q2 23	-7.2%	-7.5%
Q3 23	-15.6%	-15.5%
Q4 23	-11.0%	-10.7%
Q1 24	-14.6%	-14.5%
Q2 24	-9.8%	-11.1%
Q3 24	-3.6%	-5.2%
Q4 24	-10.1%	-11.2%
Q1 25	-3.9%	-4.7%
Q2 25	-9.8%	-9.9%
Q3 25	-12.9%	-13.4%
Q4 25	-11.0%	-11.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.3%
Q2 22	$2M	0.3%
Q3 22	$1M	0.1%
Q4 22	$1M	0.1%
Q1 23	$1M	0.1%
Q2 23	$2M	0.3%
Q3 23	$1M	0.2%
Q4 23	$1M	0.1%
Q1 24	$2M	0.3%
Q2 24	$3M	0.4%
Q3 24	$2M	0.2%
Q4 24	$1M	0.2%
Q1 25	$2M	0.3%
Q2 25	$2M	0.4%
Q3 25	$1M	0.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$79M
Q2 22	$87M
Q3 22	$91M
Q4 22	$102M
Q1 23	$89M
Q2 23	$83M
Q3 23	$83M
Q4 23	$90M
Q1 24	$83M
Q2 24	$89M
Q3 24	$88M
Q4 24	$97M
Q1 25	$84M
Q2 25	$80M
Q3 25	$81M
Q4 25	$81M

Revenue Segments

Quarter	Product	Service	International	United States Print and Related Services
Q1 22	$581M	$163M	—	—
Q2 22	$594M	$164M	—	—
Q3 22	$652M	$178M	—	—
Q4 22	$702M	$184M	—	—
Q1 23	$608M	$159M	—	—
Q2 23	—	—	$115M	$589M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$138M	$0	$138M
Q2 22	$12M	$0	$12M
Q3 22	$14M	$0	$14M
Q4 22	$25M	$0	$25M
Q1 23	$9M	$0	$9M
Q2 23	$11M	$0	$11M
Q3 23	$11M	$0	$11M
Q4 23	$53M	$0	$53M
Q1 24	$10M	$0	$10M
Q2 24	$13M	$0	$13M
Q3 24	$13M	$0	$13M
Q4 24	$29M	$0	$29M
Q1 25	$8M	$0	$8M
Q2 25	$7M	$0	$7M
Q3 25	$6M	$0	$6M
Q4 25	$63M	$0	$63M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	52M	+0.4%	-2.5%
Q2 22	54M	+5.0%	+3.0%
Q3 22	52M	-4.6%	-2.8%
Q4 22	49M	-4.8%	-4.3%
Q1 23	49M	+0.2%	-4.5%
Q2 23	49M	+0.2%	-8.9%
Q3 23	48M	-2.6%	-7.0%
Q4 23	47M	-1.7%	-3.9%
Q1 24	47M	0.0%	-4.1%
Q2 24	48M	+1.1%	-3.2%
Q3 24	48M	+0.2%	-0.4%
Q4 24	51M	+7.1%	+8.5%
Q1 25	51M	-1.0%	+7.4%
Q2 25	48M	-6.1%	-0.2%
Q3 25	50M	+4.4%	+4.0%
Q4 25	50M	+0.4%	-2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$49.3K	15K
Q2 22	$50.2K	15K
Q3 22	$55.0K	15K
Q4 22	$57.9K	15K
Q1 23	$50.1K	15K
Q2 23	$46.0K	15K
Q3 23	$45.8K	15K
Q4 23	$59.9K	13K
Q1 24	$49.8K	13K
Q2 24	$48.2K	13K
Q3 24	$51.3K	13K
Q4 24	$58.1K	12K
Q1 25	$51.6K	12K
Q2 25	$46.9K	12K
Q3 25	$48.2K	12K
Q4 25	$51.7K	12K

Revenue / Employee