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Quad/Graphics, Inc. Class A (QUAD)
NYSE:QUAD
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.22Last Year’s EPS
0.2Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed but cautiously constructive picture: Quad reported continued revenue declines and lower adjusted EBITDA versus the prior year, and flagged near-term headwinds from postal uncertainty, tariffs and plant consolidation. Offsetting these negatives, the company delivered strong cash generation and liquidity, meaningful debt reduction (70% since 2020), EPS improvement, shareholder returns (dividend increase and buybacks), operational gains in postal optimization and momentum in targeted print, direct mail and agency wins. Management provided guidance that shows sequential improvement and a path to an inflection in revenue by 2028 while targeting margin and cash-conversion improvements.Company Guidance
Achieved Full-Year Guidance and Strong Cash Generation
Quad achieved its full-year 2025 financial guidance with net sales of $2.4 billion and generated strong cash flow that funded targeted investments, debt reduction and shareholder returns. The company reported $88 million of proceeds from asset sales during 2025 and highlighted over $870 million of free cash flow and proceeds from asset sales from 2020-2025.
Dividend Increase and Share Repurchases
Quad increased its quarterly dividend by 33% to $0.10 per share ($0.40 annualized) and returned $22 million to shareholders in 2025 (including $14 million in dividends and $8 million in share repurchases). Since 2022, the company repurchased 7.4 million shares at an average price of $4.11 (~13% of outstanding shares), including 1.5 million shares in 2025 at an average price of $5.40.
Improved Adjusted Diluted EPS Despite Revenue Pressure
Adjusted diluted EPS for full-year 2025 was $1.01, an increase of $0.16 or 19% versus 2024, driven by higher adjusted net earnings and a lower share count from buybacks. Q4 adjusted diluted EPS was $0.36, consistent with Q4 2024.
Significant Debt Reduction and Strong Liquidity
Net debt was reduced by $42 million in 2025 and by $726 million (70%) from 2020-2025. Net debt leverage was low at 1.57x as of December 31, 2025, with total available liquidity of $299 million and the next large maturity ($205 million) not due until October 2029.
Momentum in Targeted Print and Direct Mail
Revenue mix increased in targeted print offerings — direct mail (DM), packaging and in-store — with DM outperforming expectations in 2025 due to higher volumes and operational efficiencies. Quad formalized a direct marketing agency in 2025 to combine strategy, data-driven audience activation, creative, production and measurement.
Agency Growth, New Client Wins and Geographic Expansion
Betty Creative and Rise Media produced visible campaigns and won integrated assignments (e.g., Gorilla Glue, Valvoline, Scandinavia designs). Quad announced new agency offices in Austin (full-service studio) and Mexico City to support clients and seek larger integrated assignments.
Postal Optimization and Operational Improvements
Completed integration of additional co-mail and high-density capabilities, growing mail pool sizes and improving sortation. Reported a 50% increase in multi-mail volumes, a 3x improvement in carrier route density and postal savings of $0.075+ per piece on enhanced carrier routes. Acquired complementary postal capabilities in April 2025.
Pension Liability Reduction and Improved Funding
Annuitized $96 million of defined benefit pension liability in Q4 2025 (32% of single-employer obligation) with a $94 million distribution, incurring a $13 million noncash settlement charge. Since the World Color Press acquisition, Quad has reduced net pension obligations by $491 million and improved qualified plan funded status to 91%, leaving $42 million of net pension liability as of December 31, 2025.
Forward Guidance and 2028 Strategic Outlook
2026 guidance shows continued improvement in trends: net sales expected to decline 1%-5% (midpoint -3%, an improvement versus 2024 -9.7% and 2025 -4.8% excluding the European divestiture). 2026 adjusted EBITDA guidance is $175M-$215M (midpoint $195M ~ essentially flat vs 2025 $196M) and adjusted EBITDA margin is expected to increase 30 basis points to 8.4%. Quad projects an inflection to net sales growth by 2028 and expects higher-margin services (excluding large-scale print) to grow at ~3% CAGR through 2028, with adjusted EBITDA margin of 9.4% by 2028.
QUAD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
QUAD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | $6.60 | $6.63 | +0.45% |
Oct 28, 2025 | $6.07 | $5.32 | -12.36% |
Jul 29, 2025 | $5.73 | $5.01 | -12.60% |
Apr 29, 2025 | $5.05 | $4.65 | -7.92% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Quad/Graphics, Inc. Class A (QUAD) report earnings?
Quad/Graphics, Inc. Class A (QUAD) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Quad/Graphics, Inc. Class A (QUAD) earnings time?
Quad/Graphics, Inc. Class A (QUAD) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is QUAD EPS forecast?
QUAD EPS forecast for the fiscal quarter 2026 (Q1) is 0.22.