Quad Reports Fourth Quarter and Full-Year 2025 Results
Rhea-AI Summary
Quad (NYSE: QUAD) reported fourth-quarter and full-year 2025 results and released 2026 guidance on Feb 17, 2026. 2025 highlights include Net Sales of $2.4B, Net Earnings of $27M, Adjusted EBITDA of $196M, Adjusted diluted EPS of $1.01, $96M cash from operations, and Net Debt of $308M.
The company raised its quarterly dividend 33% to $0.10 and provided 2026 guidance showing a narrower Net Sales decline and Adjusted EBITDA range of $175M–$215M.
Positive
- Net Earnings improved to $27M in 2025 (vs. $51M loss in 2024)
- Adjusted diluted EPS increased 19% to $1.01 in 2025
- Net Debt reduced by $42M to $308M, achieving 1.57x leverage
- Dividend increased 33% to $0.10 per share quarterly
Negative
- Adjusted EBITDA declined by $28M to $196M in 2025
- Net cash from operations decreased by $17M to $96M
- Capital expenditures guidance rising to $55M–$65M from $45M in 2025
Market Reaction
Following this news, QUAD has declined 10.45%, reflecting a significant negative market reaction. Argus tracked a trough of -1.5% from its starting point during tracking. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $6.40. This price movement has removed approximately $39M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
QUAD’s move contrasted with generally modest, mixed peer moves (e.g., KODK +0.92%, BKSY +0.85%, SPIR -2.25%), and no peers appeared in the momentum scanner.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Dividend increase | Positive | +7.2% | Announced 33% dividend hike to $0.10 per share and higher annual payout. |
| Jan 28 | Earnings call notice | Neutral | -2.1% | Scheduled release date and conference call for Q4 and full-year 2025 results. |
| Jan 22 | Management moves (peer) | Neutral | +0.0% | OSG hired former Quad-related executives; QUAD shares were unchanged. |
| Jan 22 | Agency expansion | Positive | +0.0% | Betty, a Quad agency, opened new offices in Austin and Mexico City. |
| Nov 25 | Culture award | Positive | +0.7% | Named to Forbes list of America’s Best Employers for Company Culture. |
Recent company-specific headlines often saw mild or no price reaction, with dividend-related news drawing the strongest positive move.
Over the last several months, QUAD’s news flow has focused on capital returns, investor communications, brand expansion and culture recognition. A 33% dividend increase on Feb 13, 2026 coincided with a 7.21% gain, while notices about the upcoming earnings call and agency office openings saw flat to slightly negative moves. Recognition by Forbes for company culture on Nov 25, 2025 produced only a modest uptick. Today’s full-year 2025 results and guidance update build directly on this capital allocation and branding narrative.
Market Pulse Summary
The stock is dropping -10.4% following this news. A negative reaction despite operational and earnings improvements would have contrasted with how investors previously responded to capital return news, such as the 7.21% gain following the recent dividend increase. While 2025 adjusted EBITDA fell to $196 million and free cash flow to $51 million, management also reduced net debt to $308 million and raised adjusted EPS to $1.01. Such mixed signals could have prompted re-rating rather than clear capitulation.
Key Terms
adjusted ebitda financial
free cash flow financial
net debt leverage ratio financial
restricted stock financial
class b common stock financial
omnibus incentive plan financial
annuitization financial
net sales financial
AI-generated analysis. Not financial advice.
Achieved 2025 Financial Guidance
Introduces 2026 Financial Guidance
Consistent with Progress Toward 2028 Outlook
Increased Quarterly Dividend
by
Recent Highlights
- Realized Net Sales of
$2.4 billion $2.7 billion 9.4% decline in Net Sales, or a4.8% decline in Net Sales when excluding the4.6% impact of the divestiture of the Company's European operations, compared to9.7% decline in 2024. - Improved Net Earnings to
$27 million $0.54 $51 million $1.07 - Reported Adjusted EBITDA of
$196 million $224 million - Increased Adjusted Diluted Earnings Per Share by
19% to$1.01 $0.85 - Delivered
$96 million $51 million $37 million Sussex, Wis. , during the fourth quarter. - Continued to win integrated creative and media work with premier brands, including Scandinavian Designs, Valvoline Instant Oil Change and The Gorilla Glue Company.
- Completed the integration of Enru's co-mail volume and high-density co-mailing capabilities, expanding mail pool sizes, improving sortation levels, and delivering higher postage savings for clients.
- Reduced Net Debt by
$42 million $308 million - De-risked pension plan by annuitizing approximately one-third of pension obligations.
- Provided
$22 million $14 million $8 million - Declared quarterly dividend of
$0.10 - Introduces 2026 guidance with continued progress toward 2028 financial outlook.
Joel Quadracci, Chairman and Chief Executive Officer of Quad, said: "In 2025, we made significant operational progress and delivered solid financial results, achieving our full-year financial guidance. While reported sales declined as planned, we generated strong cash flow, reinforcing our ability to invest in long-term growth, reduce debt and provide strong shareholder returns.
"We are gaining momentum in shifting our revenue mix toward higher-value offerings, including Targeted Print—such as direct mail, packaging and in-store—and integrated marketing services, supported by our data and technology capabilities. Strong demand for these solutions is driving larger, more strategic engagements with leading brands, which we believe will support sustainable long‑term growth.
"Operationally, we advanced key initiatives to strengthen our cost structure and scale, including automation, AI-enabled tools and the integration of Enru's co-mailing capabilities. These improvements are driving greater cost efficiency and allow us to deliver meaningful value to our clients, including helping offset escalating postage costs. In 2026, we remain focused on executing our strategy and advancing toward our long-term growth and margin objectives."
Added Tony Staniak, Chief Financial Officer and Treasurer of Quad: "The 2025 financial results and our 2026 financial guidance demonstrate meaningful progress toward achieving an inflection to Net Sales growth in 2028. Our Net Sales decline improved from
Fourth Quarter 2025 Financial Results
- Net Sales were
$631 million 11.0% compared to the same period in 2024. Excluding the5.3% impact of the divestiture of the Company's European operations, Net Sales declined5.7% . The decline in Net Sales was primarily due to lower paper sales, lower print volumes, and lower logistics sales. - Net Earnings were
$11 million $0.22 $5 million $0.09 - Adjusted EBITDA was
$55 million $63 million - Adjusted Diluted Earnings Per Share was
$0.36
Full-Year 2025 Financial Results
- Net Sales were
$2.4 billion 9.4% compared to 2024, or a4.8% decline in Net Sales excluding the divestiture of the Company's European operations. This decrease was primarily due to lower paper sales, lower print volumes, and lower logistics and agency sales, including the loss of a large grocery client in 2024, which annualized at the beginning of March 2025. - Net Earnings were
$27 million $51 million - Adjusted EBITDA was
$196 million $28 million - Adjusted Diluted Earnings Per Share was
$1.01 19% from$0.85 - Net Cash Provided by Operating Activities was
$96 million $113 million $51 million $56 million $17 million $12 million - Net Debt was
$308 million $350 million
Dividend
Quad's next quarterly dividend of
2026 Guidance
The Company's full-year 2026 financial guidance is as follows:
Financial Metric | 2025 Actuals | 2026 Guidance Range |
Adjusted Annual Net Sales Change (1) | ||
Full-Year Adjusted EBITDA | ||
Free Cash Flow | ||
Capital Expenditures | ||
Year-End Net Debt Leverage Ratio (2) | 1.57x | Approximately 1.5x |
(1) | Adjusted Annual Net Sales Change excludes the 2025 Net Sales of |
(2) | Net Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA guidance. |
Conference Call and Webcast Information
Quad will hold a conference call at 8:30 a.m. ET on Wednesday, February 18, 2026, hosted by Joel Quadracci, Chairman and Chief Executive Officer of Quad, and Tony Staniak, Chief Financial Officer and Treasurer of Quad. The full earnings release and slide presentation will be concurrently available on the Investors section of Quad's website at http://www.quad.com/investor-relations. As part of the conference call, Quad will conduct a question-and-answer session.
Participants can pre-register for the webcast by navigating to https://dpregister.com/sreg/10206262/1033051e32a. Participants will be given a unique PIN to access the call on February 18. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508- International Toll: 1-412-317-5424
The replay will be available via webcast on the Investors section of Quad's website.
About Quad
Quad (NYSE: QUAD) is a marketing experience, or MX, company that helps brands make direct consumer connections, from household to in-store to online. The company does this through its MX Solutions Suite, a comprehensive range of marketing and print services that seamlessly integrate creative, production and media solutions across online and offline channels. Supported by state-of-the-art technology and data-driven intelligence, Quad simplifies the complexities of marketing by removing friction wherever it occurs along the marketing journey. The company tailors its uniquely flexible, scalable and connected solutions to each client's objectives, driving cost efficiencies, improving speed-to-market, strengthening marketing effectiveness and delivering value on client investments.
Quad employs approximately 10,000 people in 10 countries and serves approximately 2,100 clients including industry leading blue-chip companies that serve both businesses and consumers in multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods, and direct-to-consumer; financial services; and health. Quad is ranked among the largest agency companies in the
For more information about Quad, including its commitment to operating responsibly, intentional innovation and values-driven culture, visit quad.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results, financial condition, sales, earnings, free cash flow, capital expenditures, leverage, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company, including information under the heading "2026 Guidance," and can generally be identified by the use of words or phrases such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "project," "believe," "continue" or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ include, among others: the impact of increased business complexity as a result of the Company's transformation to a marketing experience company, including adapting marketing offerings and business processes as required by new markets; the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creating downward pricing pressures and potential under-utilization of assets; the impact of changes in postal rates, service levels or regulations; the impact of rapid changes in technology, including artificial intelligence, and the risk the Company is unable to adapt its marketing offerings to compete in this technology-driven environment; the impact of increases in its operating costs, including the cost and availability of raw materials (such as paper, ink components and other materials), inventory, parts for equipment, labor, fuel and other energy costs and freight rates, and the risk the Company is unable to pass along such increases to clients; the impact macroeconomic conditions, including elevated interest rates, postal rate increases, tariffs, trade restrictions, cost pressures and the price and availability of paper, have had, and may continue to have, on the Company's business, financial condition, cash flows and results of operations (including future uncertain impacts); the risk the Company is unable to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the failure to successfully identify, manage, complete and integrate acquisitions, investment opportunities or other significant transactions, as well as the successful identification and execution of strategic divestitures; the impact negative publicity could have on our business and brand reputation; the impact of risks associated with the operations outside of
Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in accordance with generally accepted accounting principles (referred to as non-GAAP), specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Net Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense, depreciation and amortization (EBITDA), restructuring, impairment and transaction-related charges, net and the settlement charge from defined benefit pension plan annuitization. EBITDA Margin and Adjusted EBITDA Margin are defined as EBITDA or Adjusted EBITDA divided by Net Sales. Free Cash Flow is defined as net cash provided by operating activities less purchases of property, plant and equipment. Net Debt Leverage Ratio is defined as total debt and finance lease obligations less cash and cash equivalents (Net Debt) divided by the last twelve months of Adjusted EBITDA. Adjusted Diluted Earnings Per Share is defined as earnings (loss) before income taxes excluding restructuring, impairment and transaction-related charges, net and the settlement charge from defined benefit pension plan annuitization, and adjusted for income tax expense at a normalized tax rate, divided by diluted weighted average number of common shares outstanding.
The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad's performance and are important measures by which Quad's management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies. Reconciliations to the GAAP equivalent of these non-GAAP measures are contained in tabular form on the attached unaudited financial statements.
Investor Relations Contact
Julie Fraundorf
Executive Director, Corporate Development & Investor Relations
IR@quad.com
Media Contact
Claire Ho
Director, Corporate Communications
414-566-2955
cho@quad.com
QUAD/GRAPHICS, INC. | |||
Three Months Ended December 31, | |||
2025 | 2024 | ||
Net sales | $ 630.6 | $ 708.4 | |
Cost of sales | 494.4 | 549.4 | |
Selling, general and administrative expenses | 81.3 | 96.6 | |
Depreciation and amortization | 18.9 | 23.1 | |
Restructuring, impairment and transaction-related charges, net | (1.3) | 19.6 | |
Total operating expenses | 593.3 | 688.7 | |
Operating income | 37.3 | 19.7 | |
Interest expense | 12.1 | 15.1 | |
Net pension expense (income) | 12.9 | (0.2) | |
Earnings before income taxes | 12.3 | 4.8 | |
Income tax expense | 1.2 | 0.1 | |
Net earnings | $ 11.1 | $ 4.7 | |
Earnings per share | |||
Basic | $ 0.23 | $ 0.10 | |
Diluted | $ 0.22 | $ 0.09 | |
Weighted average number of common shares outstanding | |||
Basic | 47.5 | 47.8 | |
Diluted | 49.9 | 51.2 | |
QUAD/GRAPHICS, INC. | |||
Year Ended December 31, | |||
(UNAUDITED) | |||
2025 | 2024 | ||
Net sales | $ 2,419.9 | $ 2,672.2 | |
Cost of sales | 1,896.6 | 2,092.2 | |
Selling, general and administrative expenses | 325.9 | 356.8 | |
Depreciation and amortization | 78.6 | 102.5 | |
Restructuring, impairment and transaction-related charges, net | 21.8 | 101.5 | |
Total operating expenses | 2,322.9 | 2,653.0 | |
Operating income | 97.0 | 19.2 | |
Interest expense | 50.5 | 64.5 | |
Net pension expense (income) | 14.0 | (0.8) | |
Earnings (loss) before income taxes | 32.5 | (44.5) | |
Income tax expense | 5.5 | 6.4 | |
Net earnings (loss) | $ 27.0 | $ (50.9) | |
Earnings (loss) per share | |||
Basic | $ 0.57 | $ (1.07) | |
Diluted | $ 0.54 | $ (1.07) | |
Weighted average number of common shares outstanding | |||
Basic | 47.6 | 47.6 | |
Diluted | 49.9 | 47.6 | |
QUAD/GRAPHICS, INC. | |||
(UNAUDITED) | |||
December 31, | December 31, | ||
ASSETS | |||
Cash and cash equivalents | $ 63.3 | $ 29.2 | |
Receivables, less allowances for credit losses | 294.8 | 273.2 | |
Inventories | 143.5 | 162.4 | |
Prepaid expenses and other current assets | 36.8 | 69.5 | |
Total current assets | 538.4 | 534.3 | |
Property, plant and equipment—net | 461.6 | 499.7 | |
Operating lease right-of-use assets—net | 68.0 | 78.9 | |
Goodwill | 107.6 | 100.3 | |
Other intangible assets—net | 13.7 | 7.2 | |
Other long-term assets | 63.6 | 78.6 | |
Total assets | $ 1,252.9 | $ 1,299.0 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable | $ 342.0 | $ 356.7 | |
Other current liabilities | 211.7 | 289.2 | |
Short-term debt and current portion of long-term debt | 47.0 | 28.0 | |
Current portion of finance lease obligations | 0.5 | 0.8 | |
Current portion of operating lease obligations | 23.0 | 24.0 | |
Total current liabilities | 624.2 | 698.7 | |
Long-term debt | 322.9 | 349.1 | |
Finance lease obligations | 0.8 | 1.3 | |
Operating lease obligations | 49.8 | 61.4 | |
Deferred income taxes | 4.0 | 3.2 | |
Other long-term liabilities | 122.6 | 135.4 | |
Total liabilities | 1,124.3 | 1,249.1 | |
Shareholders' Equity | |||
Preferred stock | — | — | |
Common stock | 1.4 | 1.4 | |
Additional paid-in capital | 846.2 | 842.8 | |
Treasury stock, at cost | (36.3) | (28.0) | |
Accumulated deficit | (623.2) | (635.1) | |
Accumulated other comprehensive loss | (59.5) | (131.2) | |
Total shareholders' equity | 128.6 | 49.9 | |
Total liabilities and shareholders' equity | $ 1,252.9 | $ 1,299.0 | |
QUAD/GRAPHICS, INC. | |||
Year Ended December 31, | |||
(UNAUDITED) | |||
2025 | 2024 | ||
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 27.0 | $ (50.9) | |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 78.6 | 102.5 | |
Impairment charges | 7.5 | 74.9 | |
Settlement charge from defined benefit pension plan annuitization | 12.8 | — | |
Amortization of debt issuance costs and original issue discount | 1.6 | 1.6 | |
Stock-based compensation | 6.6 | 7.3 | |
Gain on the sale of an investment | — | (4.1) | |
Gains on the sale or disposal of property, plant and equipment, net | (20.7) | (22.5) | |
Loss on the sale of a business | 0.5 | — | |
Deferred income taxes | 0.6 | (2.0) | |
Changes in operating assets and liabilities - net of acquisitions and divestitures | (18.6) | 6.1 | |
Net cash provided by operating activities | 95.9 | 112.9 | |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (45.2) | (57.2) | |
Cost investment in unconsolidated entities | (0.3) | (0.2) | |
Proceeds from the sale of property, plant and equipment | 36.8 | 49.1 | |
Proceeds from the sale of an investment | — | 22.2 | |
Acquisition of a business | (16.3) | — | |
Other investing activities | (2.7) | (1.2) | |
Net cash (used in) provided by investing activities | (27.7) | 12.7 | |
FINANCING ACTIVITIES | |||
Payments of current and long-term debt | (28.6) | (183.7) | |
Payments of finance lease obligations | (1.0) | (2.7) | |
Borrowings on revolving credit facilities | 1,260.0 | 1,458.1 | |
Payments on revolving credit facilities | (1,260.4) | (1,457.8) | |
Proceeds from issuance of long-term debt | 20.0 | 53.1 | |
Payments of debt issuance costs and financing fees | (0.1) | (4.4) | |
Purchases of treasury stock | (8.0) | — | |
Equity awards redeemed to pay employees' tax obligations | (3.6) | (2.1) | |
Payment of cash dividends | (14.4) | (9.4) | |
Other financing activities | — | (0.2) | |
Net cash used in financing activities | (36.1) | (149.1) | |
Effect of exchange rates on cash and cash equivalents | 0.3 | (0.2) | |
Net increase (decrease) in cash and cash equivalents, including cash classified as held for sale | 32.4 | (23.7) | |
Less: net decrease in cash classified as held for sale | (1.7) | — | |
Net increase (decrease) in cash and cash equivalents | 34.1 | (23.7) | |
Cash and cash equivalents at beginning of year | 29.2 | 52.9 | |
Cash and cash equivalents at end of year | $ 63.3 | $ 29.2 | |
QUAD/GRAPHICS, INC. | |||||
Net Sales | Operating Income (Loss) | Restructuring, Impairment and Transaction-Related Charges, Net (1) | |||
Three months ended December 31, 2025 (UNAUDITED) | |||||
United States Print and Related Services | $ 591.3 | $ 40.7 | $ 6.4 | ||
International | 39.3 | 0.9 | 0.6 | ||
Total operating segments | 630.6 | 41.6 | 7.0 | ||
Corporate | — | (4.3) | (8.3) | ||
Total | $ 630.6 | $ 37.3 | $ (1.3) | ||
Three months ended December 31, 2024 (UNAUDITED) | |||||
United States Print and Related Services | $ 627.2 | $ 37.5 | $ 14.6 | ||
International | 81.2 | (4.9) | 8.4 | ||
Total operating segments | 708.4 | 32.6 | 23.0 | ||
Corporate | — | (12.9) | (3.4) | ||
Total | $ 708.4 | $ 19.7 | $ 19.6 | ||
Year ended December 31, 2025 (UNAUDITED) | |||||
United States Print and Related Services | $ 2,214.4 | $ 131.7 | $ 25.1 | ||
International | 205.5 | 7.9 | 3.9 | ||
Total operating segments | 2,419.9 | 139.6 | 29.0 | ||
Corporate | — | (42.6) | (7.2) | ||
Total | $ 2,419.9 | $ 97.0 | $ 21.8 | ||
Year ended December 31, 2024 | |||||
United States Print and Related Services | $ 2,329.5 | $ 112.8 | $ 42.8 | ||
International | 342.7 | (45.7) | 61.9 | ||
Total operating segments | 2,672.2 | 67.1 | 104.7 | ||
Corporate | — | (47.9) | (3.2) | ||
Total | $ 2,672.2 | $ 19.2 | $ 101.5 | ||
______________________________ | |
(1) | Restructuring, impairment and transaction-related charges, net are included within operating income (loss). |
QUAD/GRAPHICS, INC. | |||
Three Months Ended December 31, | |||
2025 | 2024 | ||
Net earnings | $ 11.1 | $ 4.7 | |
Interest expense | 12.1 | 15.1 | |
Income tax expense | 1.2 | 0.1 | |
Depreciation and amortization | 18.9 | 23.1 | |
EBITDA (non-GAAP) | $ 43.3 | $ 43.0 | |
EBITDA Margin (non-GAAP) | 6.9 % | 6.1 % | |
Restructuring, impairment and transaction-related charges, net (1) | (1.3) | 19.6 | |
Settlement charge from defined benefit pension plan annuitization | 12.8 | — | |
Adjusted EBITDA (non-GAAP) | $ 54.8 | $ 62.6 | |
Adjusted EBITDA Margin (non-GAAP) | 8.7 % | 8.8 % | |
______________________________ | |
(1) | Operating results for the three months ended December 31, 2025 and 2024, were affected by the following restructuring, impairment and transaction-related charges, net: |
Three Months Ended December 31, | |||
2025 | 2024 | ||
Employee termination charges (a) | $ 17.3 | $ 11.4 | |
Impairment charges (b) | 2.4 | 9.0 | |
Acquisition adjustments and transaction-related charges, net (c) | (8.3) | (2.4) | |
Integration costs (d) | 1.1 | 0.1 | |
Other restructuring charges (income) (e) | (13.8) | 1.5 | |
Restructuring, impairment and transaction-related charges, net | $ (1.3) | $ 19.6 | |
______________________________ | |
(a) | Employee termination charges were related to workforce reductions through facility consolidations and separation programs. |
(b) | Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction and strategic divestiture activities. |
(c) | Acquisition adjustments and transaction-related charges, net consisted of adjustments to estimated acquisition consideration, partially offset by professional service fees related to business acquisition and divestiture activities. |
(d) | Integration costs were primarily costs related to the integration of acquired companies. |
(e) | Other restructuring charges (income) are presented net of a |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. | |||
Year Ended December 31, | |||
2025 | 2024 | ||
Net earnings (loss) | $ 27.0 | $ (50.9) | |
Interest expense | 50.5 | 64.5 | |
Income tax expense | 5.5 | 6.4 | |
Depreciation and amortization | 78.6 | 102.5 | |
EBITDA (non-GAAP) | $ 161.6 | $ 122.5 | |
EBITDA Margin (non-GAAP) | 6.7 % | 4.6 % | |
Restructuring, impairment and transaction-related charges, net (1) | 21.8 | 101.5 | |
Settlement charge from defined benefit pension plan annuitization | 12.8 | — | |
Adjusted EBITDA (non-GAAP) | $ 196.2 | $ 224.0 | |
Adjusted EBITDA Margin (non-GAAP) | 8.1 % | 8.4 % | |
_________________________________ | |
(1) | Operating results for the years ended December 31, 2025 and 2024, were affected by the following restructuring, impairment and transaction-related charges, net: |
Year Ended December 31, | |||
2025 | 2024 | ||
Employee termination charges (a) | $ 26.1 | $ 30.5 | |
Impairment charges (b) | 7.5 | 74.9 | |
Acquisition adjustments and transaction-related charges, net (c) | (4.9) | (0.6) | |
Integration costs (d) | 2.9 | 0.4 | |
Other restructuring income, net (e) | (9.8) | (3.7) | |
Restructuring, impairment and transaction-related charges, net | $ 21.8 | $ 101.5 | |
________________________________________________ | |
(a) | Employee termination charges were related to workforce reductions through facility consolidations and separation programs. |
(b) | Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction and strategic divestiture activities, including |
(c) | Acquisition adjustments and transaction-related charges, net consisted of adjustments to estimated acquisition consideration, partially offset by professional service fees related to business acquisition and divestiture activities, including charges related to the sale of the European operations. |
(d) | Integration costs were primarily related to the integration of acquired companies. |
(e) | Other restructuring income, net is presented net of the following: a |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. | |||
Year Ended December 31, | |||
2025 | 2024 | ||
Net cash provided by operating activities | $ 95.9 | $ 112.9 | |
Less: purchases of property, plant and equipment | 45.2 | 57.2 | |
Free Cash Flow (non-GAAP) | $ 50.7 | $ 55.7 | |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. | |||
December 31, | December 31, | ||
Total debt and finance lease obligations on the condensed consolidated balance sheets | $ 371.2 | $ 379.2 | |
Less: Cash and cash equivalents | 63.3 | 29.2 | |
Net Debt (non-GAAP) | $ 307.9 | $ 350.0 | |
Divided by: Adjusted EBITDA for the year ended (non-GAAP) | $ 196.2 | $ 224.0 | |
Net Debt Leverage Ratio (non-GAAP) | 1.57 x | 1.56 x | |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. | |||
Three Months Ended December 31, | |||
2025 | 2024 | ||
Earnings before income taxes | $ 12.3 | $ 4.8 | |
Restructuring, impairment and transaction-related charges, net | (1.3) | 19.6 | |
Settlement charge from defined benefit pension plan annuitization | 12.8 | — | |
Adjusted net earnings, before income taxes (non-GAAP) | 23.8 | 24.4 | |
Income tax expense at | 6.0 | 6.1 | |
Adjusted net earnings (non-GAAP) | $ 17.8 | $ 18.3 | |
Basic weighted average number of common shares outstanding | 47.5 | 47.8 | |
Plus: effect of dilutive equity incentive instruments | 2.4 | 3.4 | |
Diluted weighted average number of common shares outstanding | 49.9 | 51.2 | |
Adjusted diluted earnings per share (non-GAAP) (1) | $ 0.36 | $ 0.36 | |
Diluted earnings per share (GAAP) | $ 0.22 | $ 0.09 | |
Restructuring, impairment and transaction-related charges, net per share | (0.02) | 0.38 | |
Settlement charge from defined benefit pension plan annuitization per share | 0.26 | — | |
Income tax expense from condensed consolidated statement of operations per share | 0.02 | — | |
Income tax expense at | (0.12) | (0.12) | |
Effect of dilutive equity incentive instruments | — | 0.01 | |
Adjusted diluted earnings per share (non-GAAP) (1) | $ 0.36 | $ 0.36 | |
______________________________ | |
(1) | Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net; (ii) settlement charge from defined benefit pension plan annuitization; and (iii) discrete income tax items. |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. | |||
Year Ended December 31, | |||
2025 | 2024 | ||
Earnings (loss) before income taxes | $ 32.5 | $ (44.5) | |
Restructuring, impairment and transaction-related charges, net | 21.8 | 101.5 | |
Settlement charge from defined benefit pension plan annuitization | 12.8 | — | |
Adjusted net earnings, before income taxes (non-GAAP) | 67.1 | 57.0 | |
Income tax expense at | 16.8 | 14.3 | |
Adjusted net earnings (non-GAAP) | $ 50.3 | $ 42.7 | |
Basic weighted average number of common shares outstanding | 47.6 | 47.6 | |
Plus: effect of dilutive equity incentive instruments (1) | 2.3 | 2.8 | |
Diluted weighted average number of common shares outstanding (1) | 49.9 | 50.4 | |
Adjusted diluted earnings per share (non-GAAP) (2) | $ 1.01 | $ 0.85 | |
Diluted earnings (loss) per share (GAAP) | $ 0.54 | $ (1.07) | |
Restructuring, impairment and transaction-related charges, net per share | 0.44 | 2.01 | |
Settlement charge from defined benefit pension plan annuitization per share | 0.26 | — | |
Income tax expense from condensed consolidated statement of operations per share | 0.11 | 0.13 | |
Income tax expense at | (0.34) | (0.28) | |
Effect of dilutive equity incentive instruments | — | 0.06 | |
Adjusted diluted earnings per share (non-GAAP) (2) | $ 1.01 | $ 0.85 | |
______________________________ | |
(1) | Effect of dilutive equity incentive instruments and diluted weighted average number of common shares outstanding for the year ended December 31, 2024 are non-GAAP. |
(2) | Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net; (ii) settlement charge from defined benefit pension plan annuitization; and (iii) discrete income tax items. |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
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SOURCE Quad
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