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% | -153.0% |
| 2024 | $2.7B | $123M | $-51M | $56M | -102.0% | -9.7% | -8.1% |
| 2023 | $3.0B | $156M | $-55M | $77M | -46.4% | -8.1% | -695.7% |
| 2022 | $3.2B | $207M | $9M | $94M | 5.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,217 | 2,957.70 | 2,672.20 | 2,419.90 |
| Operating 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 |
| Selling General And Administration | - | 358.60 | 344.50 | 356.80 | 325.90 |
| Total Expenses | - | 3,118.70 | 2,854.50 | 2,551.50 | 2,301.10 |
| Operating Income | - | 98.30 | 103.20 | 120.70 | 118.80 |
| Total Operating Income As Reported | - | 53.50 | 25.70 | 19.20 | 97 |
| EBITDA | - | 207.40 | 156.20 | 122.50 | 161.60 |
| Normalized EBITDA | - | 252.20 | 233.70 | 224 | 183.40 |
| EBIT | - | 66.10 | 27.40 | 20 | 83 |
| Interest Expense | - | 48.40 | 70 | 64.50 | 50.50 |
| Net Interest Income | - | -48.40 | -70 | -64.50 | -50.50 |
| Other Non Operating Income Expenses | - | 12.60 | 1.70 | 0.80 | -14 |
| Other Income Expense | - | -32.20 | -75.80 | -100.70 | -35.80 |
| Interest Expense Non Operating | - | 48.40 | 70 | 64.50 | 50.50 |
| Net Non Operating Interest Income Expense | - | -48.40 | -70 | -64.50 | -50.50 |
| Pretax Income | - | 17.70 | -42.60 | -44.50 | 32.50 |
| Tax Provision | - | 8.40 | 12.80 | 6.40 | 5.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -9.41 | -16.27 | -21.32 | -3.71 |
| Net Income Continuous Operations | - | 9.30 | -55.40 | -50.90 | 27 |
| Net Income From Continuing And Discontinued Operation | - | 9.30 | -55.40 | -50.90 | 27 |
| Net Income From Continuing Operation Net Minority Interest | - | 9.30 | -55.40 | -50.90 | 27 |
| Net Income | - | 9.30 | -55.40 | -50.90 | 27 |
| Net Income Common Stockholders | - | 9.30 | -55.40 | -50.90 | 27 |
| Net Income Including Noncontrolling Interests | - | 9.30 | -55.40 | -50.90 | 27 |
| Normalized Income | - | 44.69 | 5.82 | 29.28 | 45.09 |
| Diluted NI Availto Com Stockholders | - | 9.30 | -55.40 | -50.90 | 27 |
| Basic Average Shares | - | 50.70 | 48.40 | 47.60 | 47.60 |
| Diluted Average Shares | - | 52.50 | 48.40 | 47.60 | 49.90 |
| 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 |
| Total Unusual Items | - | -44.80 | -77.50 | -101.50 | -21.80 |
| Total Unusual Items Excluding Goodwill | - | -44.80 | -77.50 | -101.50 | -21.80 |
| Minority Interests | 0 | - | - | - | - |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Earnings From Equity Interest Net Of Tax | -0.30 | 0 | - | - | - |
| Special Income Charges | - | -44.80 | -77.50 | -101.50 | -21.80 |
| Gain On Sale Of Business | - | - | - | 0 | -0.50 |
| Other Special Charges | 0.70 | - | - | - | - |
| Write Off | - | - | 4.10 | 41.60 | - |
| Impairment Of Capital Assets | - | 2.20 | 21.10 | 89.10 | 14.90 |
| Restructuring And Mergern Acquisition | - | 42.60 | 52.30 | 12.40 | 6.40 |
| 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 |
| Gain On Sale Of Ppe | 24.50 | 0 | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Quad/Graphics, Inc.this co. | QUAD | $389M | 14.40 | 3.02 | 21.0% | 4.76 |
| Kelly Services, Inc. | KELYA | $411M | -1.62 | 0.42 | -26.0% | -41.01 |
| Costamare Bulkers Holdings Limited | CMDB | $407M | -10.90 | 0.61 | -5.6% | 4697.71 |
| Columbus McKinnon Corporation | CMCO | $405M | -78.76 | 0.46 | -0.6% | 11.87 |
| Concrete Pumping Holdings, Inc. | BBCP | $403M |
| - |
| - |
| - |
| - |
| - |
| 63.25 |
| 1.52 |
| 2.4% |
| 8.41 |
| BlueLinx Holdings Inc. | BXC | $402M | 1835.44 | 0.65 | 0.0% | 9.53 |
| Radiant Logistics, Inc. | RLGT | $401M | 23.21 | 1.78 | 7.7% | 11.28 |
| Matrix Service Company | MTRX | $401M | - | 2.81 | -20.6% | - |
| Lightbridge Corporation | LTBR | $364M | -18.57 | 1.79 | -9.6% | - |
| Peer Median | - | -1.62 | 1.09 | -3.1% | 10.41 | |