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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Quad/Graphics
Quad/Graphics (QUAD) investor relations material
Quad/Graphics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 net sales were $586.7M vs. $588.0M YoY; operating income and net earnings fell, while adjusted diluted EPS rose to $0.35 from $0.31.
FY26 sales guidance improved to a 1%–3% decline, with narrower adjusted EBITDA and free cash flow ranges.
Strategy centers on integrated marketing, direct marketing, in-store services and retail media amid print declines and macro uncertainty.
Financial highlights
Q3 net sales were $586.7M vs. $588.0M; operating income was $13.9M vs. $26.4M, and net earnings were $5.5M vs. $10.2M.
Q3 adjusted EBITDA was $51.1M vs. $52.6M, with an 8.7% margin vs. 8.9%; adjusted diluted EPS was $0.35 vs. $0.31.
9M net sales were $1,745.2M vs. $1,789.3M, down 1% excluding the 2025 European divestiture; adjusted EBITDA was $137.8M vs. $141.4M.
9M adjusted diluted EPS rose to $0.84 from $0.65; net earnings were $15.4M vs. $15.9M.
9M free cash flow was -$100.0M vs. -$86.5M; operating cash used was $62.4M vs. $50.0M.
Outlook and guidance
FY26 adjusted annual net sales guidance improved to a 1%–3% decline from 1%–5%, excluding $23M of 2025 European operations sales.
FY26 adjusted EBITDA guidance is $185M–$195M and free cash flow guidance is $45M–$55M; capex is expected to be ~$55M and year-end net debt leverage ~1.5x.
2028 targets include a net sales growth inflection, adjusted EBITDA margin expansion, 40% free cash flow conversion and long-term net debt leverage of 1.5x–2.0x.
Most FY26 free cash flow generation is expected in Q4, consistent with historical seasonality.
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Latest events from Quad/Graphics
- Strong market, disciplined capital allocation, and robust governance drive high returns.QUAD
Small-Cap Virtual Conference - Integrated marketing, data, and AI drive growth as Quad shifts to higher-margin solutions.QUAD17th Annual Midwest IDEAS Conference
- Revenue mix shifts to targeted print and integrated solutions, driving margin and growth.QUADCorporate presentation
- Q2 2026 net sales up 1% with strong EPS growth, investments, and guidance reaffirmed.QUADQ2 2026
- Expanding marketing solutions and digital offerings drive growth amid print declines and strong cash flow.QUAD15th Annual Midwest IDEAS Investor Conference
- Directors were elected and executive compensation approved; no shareholder questions were received.QUADAGM 2026
- Q1 2026 margins and profitability held steady despite a 7.7% sales decline and macro pressures.QUADQ1 2026
- Integrated marketing, AI, and financial discipline position for growth and higher margins.QUAD17th Annual Southwest IDEAS Conference
- AI-driven marketing, margin expansion, and innovation fuel growth and transformation.QUADInvestor Day 2024
Next Quad/Graphics earnings date
Q4 202617 Feb, 2027
Quad/Graphics
Next Quad/Graphics earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
Quad/Graphics Inc, operating as Quad, provides marketing solutions including print, logistics, and content development services. The company offers end-to-end marketing support from strategy and creative design to multichannel execution. It serves clients in retail, publishing, financial services, and other industries. The company is headquartered in Sussex, Wisconsin, and its shares are listed on the NYSE.