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Quad/Graphics (QUAD) investor relations material
Quad/Graphics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 2025 financial guidance with strong cash flow, improved profitability, and a 33% dividend increase, supporting growth, debt reduction, and shareholder returns.
Advanced revenue diversification, shifting mix toward higher-value print, integrated marketing, and agency services, with direct mail and agency solutions outperforming expectations.
Expanded leadership roles, aligning marketing and sales under unified leadership to drive growth and operational efficiency.
Recognized for company culture and hybrid work environment, and announced closure of the Thomaston, Georgia plant.
Completed integration of Enru's co-mail volume, enhancing cost efficiency and client value.
Financial highlights
Full-year 2025 Net Sales were $2.4 billion, down 4.8% year-over-year excluding European divestiture; Q4 Net Sales were $631 million.
Adjusted EBITDA for 2025 was $196 million (8.1% margin), down from $224 million in 2024.
Adjusted Diluted EPS for 2025 was $1.01, up 19% from $0.85 in 2024.
Free Cash Flow for 2025 was $51 million, compared to $56 million in 2024; over $870 million generated from 2020–2025 including asset sales.
Net Earnings improved to $27 million in 2025 from a Net Loss of $51 million in 2024.
Outlook and guidance
2026 guidance: Adjusted Net Sales decline of 1% to 5%, Adjusted EBITDA of $175–$215 million, Free Cash Flow of $40–$60 million, CapEx of $55–$65 million, Net Debt Leverage Ratio ~1.5x.
2028 outlook targets a return to Net Sales growth, 100 bps margin increase to 9.4%, and 35% Free Cash Flow conversion.
Long-term goals: Net Sales growth, low double-digit Adjusted EBITDA margin, and Net Debt Leverage range of 1.5x–2.0x.
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