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Quad/Graphics, Inc. provides marketing solutions in North America, Mexico, Central America, the Caribbean, Europe, the Middle East, Africa, South America, and Asia. The company operates through United States Print and Related Services, and International segments. It offers printing services, such as retail inserts, long-run publications, catalogs, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, and other commercial and specialty printed products; paper procurement services; and manufactures ink. The company also provides marketing and other services, including data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy, and content creation, as well as execution in non-print digital and broadcast channels; and provides medical services. It serves blue-chip companies that operate in various industries and serve businesses and consumers across various industry verticals, including retail, consumer packaged goods and direct-to-consumer, financial services, and health. Quad/Graphics, Inc. was founded in 1971 and is headquartered in Sussex, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.4B | $162M | $27M | $51M | 21.0% | -9.4% | - |
| 2024 | $2.7B | $123M | $-51M | $56M | -102.0% | -9.7% | - |
| 2023 | $3.0B | $156M | $-55M | $77M | -46.4% | -8.1% | -695.7% |
| 2022 | $3.2B | $207M | $9M | $94M | 5.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 3,217 | 2,957.70 | 2,672.20 | 2,419.90 |
| Cost Of Revenue | 2,618.80 | 2,381.20 | 2,092.20 | 1,896.60 |
| Gross Profit | 598.20 | 576.50 | 580 | 523.30 |
| Operating Expense | 499.90 | 473.30 | 459.30 | 404.50 |
| Operating Income | 98.30 | 103.20 | 120.70 | 118.80 |
| EBITDA | 207.40 | 156.20 | 122.50 | 161.60 |
| EBIT | 66.10 | 27.40 | 20 | 83 |
| Pretax Income | 17.70 | -42.60 | -44.50 | 32.50 |
| Tax Provision | 8.40 | 12.80 | 6.40 | 5.50 |
| Net Income | 9.30 | -55.40 | -50.90 | 27 |
| Net Income Common Stockholders | 9.30 | -55.40 | -50.90 | 27 |
| Total Expenses | 3,118.70 | 2,854.50 | 2,551.50 | 2,301.10 |
| Interest Expense | 48.40 | 70 | 64.50 | 50.50 |
| Selling General And Administration | 358.60 | 344.50 | 356.80 | 325.90 |
| Normalized EBITDA | 252.20 | 233.70 | 224 | 183.40 |
| Normalized Income | 44.69 | 5.83 | 29.29 | 45.09 |
| Basic EPS | 0.18 | -1.14 | -1.07 | 0.57 |
| Diluted EPS | 0.18 | -1.14 | -1.07 | 0.54 |
| Tax Effect Of Unusual Items | -9.41 | -16.27 | -21.32 | -3.71 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.17 |
| Total Unusual Items | -44.80 | -77.50 | -101.50 | -21.80 |
| Total Unusual Items Excluding Goodwill | -44.80 | -77.50 | -101.50 | -21.80 |
| Net Income From Continuing Operation Net Minority Interest | 9.30 | -55.40 | -50.90 | 27 |
| Reconciled Depreciation | 141.30 | 128.80 | 102.50 | 78.60 |
| Reconciled Cost Of Revenue | 2,618.80 | 2,381.20 | 2,092.20 | 1,896.60 |
| Net Interest Income | -48.40 | -70 | -64.50 | -50.50 |
| Net Income From Continuing And Discontinued Operation | 9.30 | -55.40 | -50.90 | 27 |
| Total Operating Income As Reported | 53.50 | 25.70 | 19.20 | 97 |
| Diluted Average Shares | 52.50 | 48.40 | 47.60 | 49.90 |
| Basic Average Shares | 50.70 | 48.40 | 47.60 | 47.60 |
| Diluted NI Availto Com Stockholders | 9.30 | -55.40 | -50.90 | 27 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 9.30 | -55.40 | -50.90 | 27 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 9.30 | -55.40 | -50.90 | 27 |
| Earnings From Equity Interest Net Of Tax | 0 | 0 | 0 | 0 |
| Other Income Expense | -32.20 | -75.80 | -100.70 | -35.80 |
| Other Non Operating Income Expenses | 12.60 | 1.70 | 0.80 | -14 |
| Special Income Charges | -44.80 | -77.50 | -101.50 | -21.80 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0 |
| Gain On Sale Of Business | 0 | 0 | 0 | -0.50 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Write Off | 0 | 4.10 | 41.60 | 0 |
| Impairment Of Capital Assets | 2.20 | 21.10 | 89.10 | 14.90 |
| Restructuring And Mergern Acquisition | 42.60 | 52.30 | 12.40 | 6.40 |
| Net Non Operating Interest Income Expense | -48.40 | -70 | -64.50 | -50.50 |
| Interest Expense Non Operating | 48.40 | 70 | 64.50 | 50.50 |
| Depreciation Amortization Depletion Income Statement | 141.30 | 128.80 | 102.50 | 78.60 |
| Depreciation And Amortization In Income Statement | 141.30 | 128.80 | 102.50 | 78.60 |
| Operating Revenue | 3,217 | 2,957.70 | 2,672.20 | 2,419.90 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Quad/Graphics, Inc.this co. | QUAD | $366M | 12.09↓ discount | 2.77 | 21.0% | 4.30 |
| Radiant Logistics, Inc. | RLGT | $392M | 28.86 | 1.65 | 7.6% | 13.55 |
| Luxfer Holdings PLC | LXFR | $381M | 33.90 | 1.68 | 3.4% | 8.60 |
| Lightbridge Corporation | LTBR | $375M | - | 1.76 | -9.6% | - |
| Boston Omaha Corporation | BOC | $374M | - |
| 0.73 |
| -2.3% |
| 20.16 |
| Matrix Service Company | MTRX | $363M | - | 2.64 | -20.6% | -20.87 |
| Kelly Services, Inc. | KELYA | $351M | - | 0.34 | -26.0% | 4.73 |
| Wabash National Corporation | WNC | $339M | 1.64 | 0.92 | 57.4% | 2.07 |
| Omega Flex, Inc. | OFLX | $339M | 22.82 | 4.02 | 17.6% | 15.85 |
| Peer Median | - | 25.84 | 1.66 | 0.5% | 8.60 | |