Quad/Graphics, Inc.QUAD
Quad/Graphics, Inc. Segments Disclosure
Note 19. Segment Information
The Company adopted Accounting Standards Update 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” during the year ended December 31, 2024. The Company’s operating and reportable segments are aligned with how the chief operating decision maker (the “CODM”) of the Company (the Chairman and Chief Executive Officer) currently manages the business. On a monthly basis, the CODM receives discrete financial information, including operating income (loss), for the United States Print and Related Services and International segments, as well as for the Corporate non-operating segment. This information is used to make resource allocation decisions for the entire Company. Intercompany transactions, including sales between the Company’s operating and reportable segments, have been eliminated in consolidation.
The Company’s operating and reportable segments, including their product and service offerings, and a “Corporate” category are as follows:
•United States Print and Related Services
•International
•Corporate
United States Print and Related Services
The United States Print and Related Services segment is predominantly comprised of the Company’s United States printing operations, managed as one integrated platform, and marketing and other complementary services. The printing operations include print execution and logistics for retail inserts, catalogs, long-run publications, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, newspapers, custom print products, as well as other commercial and specialty printed products, along with global paper procurement and the manufacture of ink. Marketing and other complementary services include data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy and content creation, as well as execution in non-print channels (e.g., digital and broadcast). This segment also includes medical services.
International
The International segment consists of the Company’s printing operations in Europe and Latin America, including operations in England, France, Germany, Poland, Colombia, Mexico and Peru. The Company sold its European operations on February 28, 2025. This segment provides printed products and marketing and other complementary services consistent with the United States Print and Related Services segment.
Corporate
Corporate consists of unallocated general and administrative activities and associated expenses including, in part, executive, legal and finance, as well as certain expenses and income from frozen employee retirement plans, such as pension benefit plans.
The following tables provide segment information for the years ended December 31, 2025 and 2024:
| United States Print and Related Services | International | Corporate | Total | ||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Products | $ | 1,688.7 | $ | 202.6 | $ | — | $ | 1,891.3 | |||||||||||||||
| Services | 525.7 | 2.9 | — | 528.6 | |||||||||||||||||||
| Total net sales | 2,214.4 | 205.5 | — | 2,419.9 | |||||||||||||||||||
Less (1): | |||||||||||||||||||||||
| Cost of sales | $ | 1,723.3 | $ | 173.3 | $ | — | $ | 1,896.6 | |||||||||||||||
| Selling, general and administrative expenses | 261.9 | 14.5 | 49.5 | 325.9 | |||||||||||||||||||
| Depreciation and amortization | 72.4 | 5.9 | 0.3 | 78.6 | |||||||||||||||||||
| Restructuring, impairment and transaction-related charges, net | 25.1 | 3.9 | (7.2) | 21.8 | |||||||||||||||||||
| Operating income (loss) | $ | 131.7 | $ | 7.9 | $ | (42.6) | $ | 97.0 | |||||||||||||||
| Capital expenditures by segment | $ | 41.7 | $ | 3.5 | $ | — | $ | 45.2 | |||||||||||||||
| Total assets by segment | $ | 1,035.2 | $ | 151.6 | $ | 66.1 | $ | 1,252.9 | |||||||||||||||
______________________________
(1)The significant expense categories and amounts align with the segment-level information regularly provided to the CODM.
| United States Print and Related Services | International | Corporate | Total | ||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Products | $ | 1,775.0 | $ | 324.2 | $ | — | $ | 2,099.2 | |||||||||||||||
| Services | 554.5 | 18.5 | — | 573.0 | |||||||||||||||||||
| Total net sales | 2,329.5 | 342.7 | — | 2,672.2 | |||||||||||||||||||
Less (1): | |||||||||||||||||||||||
| Cost of sales | $ | 1,820.3 | $ | 271.9 | $ | — | $ | 2,092.2 | |||||||||||||||
| Selling, general and administrative expenses | 263.1 | 42.8 | 50.9 | 356.8 | |||||||||||||||||||
| Depreciation and amortization | 90.5 | 11.8 | 0.2 | 102.5 | |||||||||||||||||||
| Restructuring, impairment and transaction-related charges, net | 42.8 | 61.9 | (3.2) | 101.5 | |||||||||||||||||||
| Operating income (loss) | $ | 112.8 | $ | (45.7) | $ | (47.9) | $ | 19.2 | |||||||||||||||
| Capital expenditures by segment | $ | 46.8 | $ | 10.4 | $ | — | $ | 57.2 | |||||||||||||||
| Total assets by segment | $ | 1,052.8 | $ | 214.9 | $ | 31.3 | $ | 1,299.0 | |||||||||||||||
______________________________
(1)The significant expense categories and amounts align with the segment-level information regularly provided to the CODM.
Restructuring, impairment and transaction-related charges, net for the years ended December 31, 2025 and 2024, are further described in Note 3, “Restructuring, Impairment and Transaction-Related Charges, Net.”
A reconciliation of operating income to earnings (loss) before income taxes as reported in the consolidated statements of operations for the years ended December 31, 2025 and 2024, was as follows:
| 2025 | 2024 | ||||||||||
| Operating income | $ | 97.0 | $ | 19.2 | |||||||
| Less: interest expense | 50.5 | 64.5 | |||||||||
| Less: net pension expense (income) | 14.0 | (0.8) | |||||||||
| Earnings (loss) before income taxes | $ | 32.5 | $ | (44.5) | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.