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Quad/Graphics (QUAD) investor relations material
Quad/Graphics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net sales were $588 million, down 12.9–13% year-over-year, with net income of $10.2 million compared to a net loss of $24.7–25 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $52.6–53 million (8.9% margin), down from $59 million in Q3 2024.
Adjusted diluted EPS for Q3 2025 was $0.31, up 19% from $0.26 in Q3 2024; net earnings improved to $10–10.2 million.
Continued investment in AI-powered tools, data intelligence, and retail media networks to support long-term growth.
$19 million returned to shareholders year-to-date via $11 million in dividends and $8 million in share repurchases.
Financial highlights
Year-to-date net sales were $1.789–1.8 billion, down 8.9–9% year-over-year; excluding the European divestiture, sales declined 4%.
Free cash flow for the first nine months was negative $86.5–87 million, an improvement of $5–5.1 million year-over-year.
Net debt at September 30, 2025, was $465 million, up from $350 million at December 31, 2024.
Adjusted EBITDA margin for Q3 2025 was 8.9%; for the nine months ended September 30, 2025, it was 7.9%.
Adjusted diluted EPS for the nine months ended September 30, 2025, was $0.65, up 33% year-over-year.
Outlook and guidance
Full-year 2025 adjusted net sales change guidance narrowed to a 3–5% decline, reaffirming a 4% decline at the midpoint.
Adjusted EBITDA guidance narrowed to $190–$200 million; free cash flow expected at $50–$60 million.
CapEx guidance reduced to $50–$55 million; year-end net debt leverage ratio expected at approximately 1.6x.
Long-term goals include net sales growth by 2028, low double-digit adjusted EBITDA margin, and 35–40% free cash flow conversion.
Q4 2025 free cash flow expected between $137 million and $147 million.
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