InsiderClue
Stocks · Communication · Commercial Printing

Quad/Graphics, Inc.

QUAD Clue Score33
United States Fiscal year ends December CIK 0001481792
$9.34 -1.58% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $9.34 +124.52% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4,329.5Operating income117.3Net income44.9EPS, diluted0.90Fiscal year 2017Revenue3,951.2 −8.7%Operating income172.8Net income107.2 +138.8%EPS, diluted2.07 +130.0%Fiscal year 2018Revenue3,985.8 +0.9%Operating income87.3Net income8.5 −92.1%EPS, diluted0.16 −92.3%Fiscal year 2019Revenue3,923.4 −1.6%Operating income34.7Net income−156.3 −1,938.8%EPS, diluted−3.12 −2,050.0%Fiscal year 2020Revenue2,929.6 −25.3%Operating income−46.0Net income−128.3EPS, diluted−2.53Fiscal year 2021Revenue2,960.4 +1.1%Operating income92.8Net income37.8EPS, diluted0.71Fiscal year 2022Revenue3,217.0 +8.7%Operating income53.5Net income9.3 −75.4%EPS, diluted0.18 −74.6%Fiscal year 2023Revenue2,957.7 −8.1%Operating income25.7EPS, diluted−1.14 −733.3%Fiscal year 2024Revenue2,672.2 −9.7%Operating income19.2EPS, diluted−1.07Fiscal year 2025Revenue2,419.9 −9.4%Operating income97.0EPS, diluted0.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4,329.5 3,951.2 3,985.8 3,923.4 2,929.6 2,960.4 3,217.0 2,957.7 2,672.2 2,419.9
Growth −8.7% +0.9% −1.6% −25.3% +1.1% +8.7% −8.1% −9.7% −9.4%
Operating income 117.3 172.8 87.3 34.7 −46.0 92.8 53.5 25.7 19.2 97.0
Net income 44.9 107.2 8.5 −156.3 −128.3 37.8 9.3 n/a n/a n/a
Growth +138.8% −92.1% −1,938.8% −75.4%
EPS, diluted 0.90 2.07 0.16 −3.12 −2.53 0.71 0.18 −1.14 −1.07 0.54
Growth +130.0% −92.3% −2,050.0% −74.6% −733.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin2.7%Net margin1.0%Free cash flow margin5.7%Fiscal year 2017Operating margin4.4%Net margin2.7%Free cash flow margin6.5%Fiscal year 2018Operating margin2.2%Net margin0.2%Free cash flow margin4.1%Fiscal year 2019Operating margin0.9%Net margin−4.0%Free cash flow margin1.1%Fiscal year 2020Operating margin−1.6%Net margin−4.4%Free cash flow margin4.4%Fiscal year 2021Operating margin3.1%Net margin1.3%Free cash flow margin2.9%Fiscal year 2022Operating margin1.7%Net margin0.3%Free cash flow margin2.9%Fiscal year 2023Operating margin0.9%Free cash flow margin2.6%Fiscal year 2024Operating margin0.7%Free cash flow margin2.1%Fiscal year 2025Operating margin4.0%Free cash flow margin2.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 2.7% 4.4% 2.2% 0.9% −1.6% 3.1% 1.7% 0.9% 0.7% 4.0%
Net margin 1.0% 2.7% 0.2% −4.0% −4.4% 1.3% 0.3% n/a n/a n/a
Free cash flow margin 5.7% 6.5% 4.1% 1.1% 4.4% 2.9% 2.9% 2.6% 2.1% 2.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow353.6Capital expenditure−106.1Free cash flow247.5Buybacks−8.8Dividends paid−61.1Fiscal year 2017Operating cash flow344.0Capital expenditure−85.9Free cash flow258.1 +4.3%Buybacks−3.8Dividends paid−62.5Fiscal year 2018Operating cash flow260.6Capital expenditure−96.3Free cash flow164.3 −36.3%Buybacks−36.7Dividends paid−62.9Fiscal year 2019Operating cash flow155.5Capital expenditure−111.0Free cash flow44.5 −72.9%Buybacks0.0Dividends paid−57.1Fiscal year 2020Operating cash flow190.2Capital expenditure−61.0Free cash flow129.2 +190.3%Dividends paid−9.5Fiscal year 2021Operating cash flow136.5Capital expenditure−50.0Free cash flow86.5 −33.0%Buybacks0.0Dividends paid−1.4Fiscal year 2022Operating cash flow154.6Capital expenditure−60.3Free cash flow94.3 +9.0%Buybacks−10.0Dividends paid−1.4Fiscal year 2023Operating cash flow147.6Capital expenditure−70.8Free cash flow76.8 −18.6%Buybacks−12.6Dividends paid−0.1Fiscal year 2024Operating cash flow112.9Capital expenditure−57.2Free cash flow55.7 −27.5%Buybacks0.0Dividends paid−9.4Fiscal year 2025Operating cash flow95.9Capital expenditure−45.2Free cash flow50.7 −9.0%Buybacks−8.0Dividends paid−14.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 353.6 344.0 260.6 155.5 190.2 136.5 154.6 147.6 112.9 95.9
Capital expenditure −106.1 −85.9 −96.3 −111.0 −61.0 −50.0 −60.3 −70.8 −57.2 −45.2
Free cash flow 247.5 258.1 164.3 44.5 129.2 86.5 94.3 76.8 55.7 50.7
Growth +4.3% −36.3% −72.9% +190.3% −33.0% +9.0% −18.6% −27.5% −9.0%
Buybacks −8.8 −3.8 −36.7 0.0 n/a 0.0 −10.0 −12.6 0.0 −8.0
Dividends paid −61.1 −62.5 −62.9 −57.1 −9.5 −1.4 −1.4 −0.1 −9.4 −14.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash19.2Total debt1,104.5Net cash (debt)−1,085.3Shareholders’ equity441.5Debt to equity2.50Fiscal year 2017Cash64.4Total debt945.5Net cash (debt)−881.1Shareholders’ equity522.4Debt to equity1.81Fiscal year 2018Cash69.5Total debt925.5Net cash (debt)−856.0Shareholders’ equity442.5Debt to equity2.09Fiscal year 2019Cash78.7Total debt1,098.5Net cash (debt)−1,019.8Shareholders’ equity226.6Debt to equity4.85Fiscal year 2020Cash55.2Total debt923.4Net cash (debt)−868.2Shareholders’ equity84.1Debt to equity10.98Fiscal year 2021Cash179.9Total debt800.5Net cash (debt)−620.6Shareholders’ equity136.8Debt to equity5.85Fiscal year 2022Cash25.2Total debt567.8Net cash (debt)−542.6Shareholders’ equity172.9Debt to equity3.28Fiscal year 2023Cash52.9Total debt514.2Net cash (debt)−461.3Shareholders’ equity−117.6Fiscal year 2024Cash29.2Total debt377.1Net cash (debt)−347.9Shareholders’ equity−131.2Fiscal year 2025Cash63.3Total debt369.9Net cash (debt)−306.6Shareholders’ equity−59.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 19.2 64.4 69.5 78.7 55.2 179.9 25.2 52.9 29.2 63.3
Total debt 1,104.5 945.5 925.5 1,098.5 923.4 800.5 567.8 514.2 377.1 369.9
Net cash (debt) −1,085.3 −881.1 −856.0 −1,019.8 −868.2 −620.6 −542.6 −461.3 −347.9 −306.6
Shareholders’ equity 441.5 522.4 442.5 226.6 84.1 136.8 172.9 −117.6 −131.2 −59.5
Debt to equity 2.50 1.81 2.09 4.85 10.98 5.85 3.28 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4,329.5 3,951.2 3,985.8 3,923.4 2,929.6 2,960.4 3,217.0 2,957.7 2,672.2 2,419.9
Growth −8.7% +0.9% −1.6% −25.3% +1.1% +8.7% −8.1% −9.7% −9.4%
3,394.8 3,091.3 3,221.4 3,192.2 2,334.8 2,389.9 2,618.8 2,381.2 2,092.2 1,896.6
9.3 9.0 3.6 3.6 3.0 3.1 3.3 3.1 3.2 2.9
466.7 408.7 358.9 397.6 335.1 326.0 358.6 344.5 356.8 325.9
117.3 172.8 87.3 34.7 −46.0 92.8 53.5 25.7 19.2 97.0
Growth +47.3% −49.5% −60.3% −232.6% −42.3% −52.0% −25.3% +405.2%
59.3 108.9 26.5 −79.8 −106.1 47.0 17.7 −42.6 −44.5 32.5
13.0 −9.2 −2.4 −24.4 0.3 9.5 8.4 12.8 6.4 5.5
44.9 107.2 8.5 −156.3 −128.3 37.8 9.3 n/a n/a n/a
Growth +138.8% −92.1% −1,938.8% −75.4%
Per share
0.94 2.16 0.17 −3.12 −2.53 0.74 0.18 −1.14 −1.07 0.57
0.90 2.07 0.16 −3.12 −2.53 0.71 0.18 −1.14 −1.07 0.54
Growth +130.0% −92.3% −2,050.0% −74.6% −733.3%
47.9 49.6 49.8 50.0 50.6 51.3 50.7 48.4 47.6 47.6
49.8 51.8 51.6 50.0 50.6 53.0 52.5 48.4 47.6 49.9
Growth +4.0% −0.4% −3.1% +1.2% +4.7% −0.9% −7.8% −1.7% +4.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 3.8% a year over five years.
  • The diluted share count fell 1.4% in five years, so buybacks did some of the work per share.
  • Operating margin is up 5.6 points on five years ago, at 4.0%.
  • A net loss in 2 of 7 years on file.