Quad/Graphics, Inc.

Listed Company

QUADCIK 0001481792NYSEAcceleratedSmaller ReportingCommercial PrintingWisconsinFY ends Dec 31

Period

FY 2025

Revenue

$2.42B

Net Income

—

Total Assets

$1.25B

Equity

$128.60M

Shares Out

—

Op. Cash Flow

$95.90M

Business

Quad/Graphics, Inc. is a marketing experience (MX) company that simplifies marketing complexities and delivers integrated, results-driven marketing operations for clients. It offers creative, media, production, intelligence and technology services, including agency creative, media planning and buying, print and packaging production, audience analytics, content management platforms and postal optimization. The company operates distinct but connected solutions under brands and offerings such as Betty (creative), Rise (media), Managed Services and its MX Solutions Suite. Quad serves clients across North America and international markets through global facilities, agency channels and omnichannel distribution (household, in-store and online).

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	2,420	2,672	2,958	3,217	2,960
Cost of sales	1,897	2,092	2,381	2,619	2,390
Selling, general and administrative expenses	326	357	345	359	326
Depreciation and amortization	79	103	129	141	157
Restructuring, impairment and transaction-related charges, net	22	102	78	45	19
Total operating expenses	2,323	2,653	2,932	3,164	2,868
Operating income	97	19	26	54	93
Interest expense	51	65	70	48	60
Net pension expense (income)	14	−800,000	−2	−13	−15
Earnings (loss) before income taxes	33	−45	−43	18	—
Income tax expense	6	6	13	8	10
Net earnings (loss)	27	−51	−55	9	38
Basic (in dollars per share)	0.57	−1.07	−1.14	0.18	0.74
Diluted (in dollars per share)	0.54	−1.07	−1.14	0.18	0.71
Basic (in shares)	48	48	48	51	51
Diluted (in shares)	50	48	48	53	53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	29	53	25	180
Receivables, less allowances for credit losses of $20.9 million at December 31, 2025, and $21.5 million at December 31, 2024	295	273	316	373	362
Inventories	144	162	179	261	226
Prepaid expenses and other current assets	37	70	40	46	41
Total current assets	538	534	588	705	809
Property, plant and equipmentnet	462	500	621	672	727
Operating lease right-of-use assetsnet	68	79	97	111	126
Goodwill	108	100	103	86	86
Other intangible assetsnet	14	7	22	47	75
Other long-term assets	64	79	80	81	67
Total assets	1,253	1,299	1,510	1,702	1,890
Accounts payable	342	357	374	457	367
Other current liabilities	212	289	238	249	314
Short-term debt and current portion of long-term debt	47	28	152	61	246
Current portion of finance lease obligations	500,000	800,000	3	800,000	2
Current portion of operating lease obligations	23	24	25	28	28
Total current liabilities	624	699	791	795	957
Long-term debt	323	349	363	507	555
Finance lease obligations	800,000	1	6	2	1
Operating lease obligations	50	61	77	87	100
Deferred income taxes	4	3	5	9	12
Other long-term liabilities	123	135	149	129	128
Total liabilities	1,124	1,249	1,390	1,529	1,753
Commitments and contingencies (Note 9)	—	—	—	—	—
Additional paid-in capital	846	843	843	842	839
Treasury stock, at cost, 5.4 million shares at December 31, 2025, and 4.2 million shares at December 31, 2024	−36	−28	−33	−24	−15
Accumulated deficit	−623	−635	−574	−519	−528
Accumulated other comprehensive loss	−60	−131	−118	−128	−161
Total shareholders equity	129	50	120	173	137
Total liabilities and shareholders equity	1,253	1,299	1,510	1,702	1,890

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	79	103	129	141	157
Impairment charges	8	75	25	2	35
Settlement charge from defined benefit pension plan annuitization	13	0	—	0	900,000
Amortization of debt issuance costs and original issue discount	2	2	2	2	3
Stock-based compensation	7	7	6	6	6
Gain on the sale of an investment	0	−4	0	—	—
Gains on the sale or disposal of property, plant and equipment, net	−21	−23	−11	−2	−49
Loss on the sale of a business	−500,000	0	0	23	−21
Deferred income taxes	600,000	−2	−4	2	5
Receivables	−4	15	65	−19	13
Inventories	24	2	90	−41	−58
Prepaid expenses and other current assets	15	14	19	3	8
Accounts payable and other current liabilities	−31	7	−107	64	49
Other	−23	−32	−11	−37	−35
Net cash provided by operating activities	96	113	148	155	137
Purchases of property, plant and equipment	−45	−57	−71	−60	−50
Cost investment in unconsolidated entities	−300,000	−200,000	−700,000	−3	−1
Proceeds from the sale of property, plant and equipment	37	49	32	5	126
Proceeds from the sale of an investment	0	22	0	—	—
Acquisition of a business	−16	0	−2	−3	0
Other investing activities	−3	−1	−5	1	−200,000
Net cash (used in) provided by investing activities	−28	13	−46	−61	129
Payments of current and long-term debt	−29	−184	—	—	—
Payments of finance lease obligations	−1	−3	−3	−2	−3
Borrowings on revolving credit facilities	1,260	1,458	1,438	996	445
Payments on revolving credit facilities	−1,260	−1,458	−1,443	−995	−441
Proceeds from issuance of long-term debt	20	53	600,000	3	16
Payments of debt issuance costs and financing fees	−100,000	−4	0	0	−6
Purchases of treasury stock	−8	0	−13	−10	0
Equity awards redeemed to pay employees tax obligations	−4	−2	−2	−3	−1
Payment of cash dividends	−14	−9	−100,000	−1	−1
Other financing activities	0	−200,000	−600,000	−600,000	−9
Net cash used in financing activities	−36	−149	−74	−249	−141
Effect of exchange rates on cash and cash equivalents	300,000	−200,000	100,000	−100,000	−300,000
Net increase (decrease) in cash and cash equivalents, including cash classified as held for sale	32	−24	28	−155	125
Less: net decrease in cash classified as held for sale	−2	0	—	—	—
Net increase (decrease) in cash and cash equivalents	34	−24	—	—	—

Filings

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