Quad/Graphics, Inc. updated 2026 guidance to net sales declining 1% to 3%, adjusted EBITDA of $185 and $195 million, and free cash flow of $45 to $55 million; third-quarter net sales were $587 million and adjusted EBITDA was $51 million.
QUAD · Quad/Graphics, Inc.
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Quad reported approximately 2,100 clients through September 2026; total liquidity was $241.0 million as of September 30, 2026, and consolidated debt and finance lease obligations increased by $73.1 million during the nine months ended September 30, 2026.
Quad/Graphics, Inc. reported third-quarter Net Sales of $587 million, Net Earnings of $6 million and Adjusted EBITDA of $51 million. Updated 2026 guidance includes $185 million to $195 million Adjusted EBITDA and $45 million to $55 million Free Cash Flow.
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. Quad posted a 1% Q2 net sales increase to $578M with adjusted EPS up 71% to $0.24, while full-year 2026 guidance was reaffirmed; the company is expanding packaging into Salt Lake City and scaling in-store retail media wins, despite a Mexico tax litigation accrual of $17M.
- + Q2 net sales grew 1% to $578M, marking progress toward 2028 revenue growth.
- + Returned $13M to shareholders in H1 2026, including a 33% higher quarterly dividend of $0.10.
- + Expanding packaging with a new 100,000 sq ft Salt Lake City facility operational in Q4 2026.
- + Seasonally adjusted net debt reduced $54M (12%) YoY, with year-end leverage targeted at ~1.5x.
- − Q2 adjusted EBITDA fell to $42M from $43M with margin declining to 7.3% from 7.6% on sales mix.
- − H1 net sales declined 4% (2% ex-Europe divestiture), reflecting lower large-scale print and agency solutions.
- − Mexico tax/VAT litigation ruling resulted in $17M accrual with uncertain timing of cash payments.
- − USPS implemented up to 10% postage increase on July 12, pressuring mailers' largest marketing expense.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Key metrics
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Versus peers
Specialty Business Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
QUAD
this stock
Quad/Graphics, Inc.
|
$387.49M | +21.4% | -9.4% | 14.4 | 3.7% |
|
CTAS
Cintas Corp
|
$89.90B | +18.2% | +6.4% | 44.7 | 2.8% |
|
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$69.86B | -0.6% | — | — | 0.1% |
|
TRI
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$48.79B | -14.6% | — | — | 3.0% |
|
CPRT
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$30.09B | -18.4% | +24.7% | 21.0 | 3.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 29, 2026
- This year
- 14
Quad reported approximately 2,100 clients through September 2026; total liquidity was $241.0 million as of September 30, 2026, and consolidated debt and finance lease obligations increased by $73.1 million during the nine months ended September 30, 2026.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| QUAD | +5.7% | -18.5% | +3.8% | +5.7% | +21.4% |
| SPY | -2.7% | -5.6% | -0.5% | -2.7% | +7.8% |
| vs SPY | +8.4% | -13.0% | +4.3% | +8.4% | +13.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.