QUAD
Quad/Graphics, Inc.6.54
-0.01-0.15%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Direct mail momentum, postal offsets detailed
Q&A elaborated on direct mail's outperformance via data-driven personalization and agency innovations, pulling clients back into the channel with response rates beating broader media. Management detailed co-mail gains—50% higher multi-mail volumes, 3x carrier route density, $0.075+ savings per piece—offsetting postal rate damage that accelerated catalog declines. In-store Connect faces longer sales cycles but shows pipeline acceleration; CapEx guides earmark funds for it and unnamed growth bets. Early Q1 tracks plan, no broad ad pullbacks despite digital crowding. Q&A largely reaffirms scripted momentum. Postal mid-year hikes expected at 6-8%. Watch targeted print mix for 2026 margins.
Key Stats
Market Cap
332.76MP/E (TTM)
15.57Basic EPS (TTM)
0.42Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
Quad/Graphics posted FY2025 net sales of $2.42B, down 9.4% y/y amid print volume declines and European ops divestiture, yet operating income vaulted to $97M (4.0% margin) from $19M (0.7%) on $80M lower restructuring/impairments and productivity gains. Q4 seasonality peaked cash flows, with $161.6M EBITDA (6.7% margin, up from 4.6%) fueled by manufacturing efficiencies offsetting topline pressure. Debt fell to $372M (1.57x net leverage), $51M free cash flow funded $8M buybacks and $14M dividends. Enru co-mail buy bolstered postal optimization. USPS rate hikes threaten quarterly mail momentum.
8-K
Honan promoted to President
Quad/Graphics appointed Dave Honan as President alongside his COO role on February 12, 2026, with Joel Quadracci staying on as Chairman and CEO to drive strategy. Honan, 57, gets $250,000 in restricted stock vesting March 1, 2029. Leadership split sharpens operations focus. No family ties or conflicts disclosed.
8-K
Quad hits 2025 guidance
Quad/Graphics reported 2025 net sales of $2.4B, down 9.4% from 2024 but 4.8% excluding European divestiture, with net earnings swinging to $27M profit from $51M loss. Adjusted EBITDA hit $196M; net debt fell $42M to $308M at 1.57x leverage. Dividend jumps 33% to $0.10/share. 2026 guides 1-5% sales drop, $175-215M Adjusted EBITDA.
10-Q
Q3 FY2025 results
Quad/Graphics swung to $26.4M operating income for Q3 ended September 30, 2025, from $(4.9M) a year ago, as net sales fell 12.9% y/y to $588.0M yet costs dropped faster amid lower restructuring charges ($7.3M vs. $39.3M). Gross margins held firm while SG&A eased 8.5%; diluted EPS hit $0.21 from $(0.52), reconciling to 49.7M shares. Acquired Enru co-mail assets April 2025 for $27.0M ($16.3M cash, $8.8M earn-out, $1.9M deferred), adding $7.3M goodwill and $11.5M intangibles (5-6 years); sold European ops February 2025. Cash dipped to $6.2M, total debt ~$470M with $224M revolver availability, but covenant headroom intact. Share buybacks rolled on. Postal rate hikes loom large.
8-K
Quad narrows 2025 guidance
Quad/Graphics reported Q3 2025 net sales of $588 million, down 13% from $675 million in 2024, or 7% excluding the European divestiture. Yet net earnings swung to $10 million from a $25 million loss, with Adjusted EBITDA at $53 million and Adjusted EPS up 19% to $0.31, fueled by lower restructuring charges and productivity gains. The company narrowed full-year guidance to a 3-5% sales decline, $190-200 million Adjusted EBITDA, and $50-60 million free cash flow, while returning $19 million to shareholders. Momentum builds in AI tools and retail media, but sales pressures persist.
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