Quad Releases Q2 2026 Financial Results

Quad/Graphics, Inc., a marketing experience company that solves complex marketing challenges for its clients, reported results for the second quarter ended June 30, 2026.

Recent highlights

Realized Net Sales of $578 million in the second quarter of 2026 compared to $572 million in the second quarter of 2025, representing a 1% increase in Net Sales.
Recognized Net Earnings of $4 million and $0.07 Diluted Earnings Per Share in the second quarter of 2026, compared to a Net Loss of $0.1 million and $0.00 Diluted Loss Per Share in 2025.
Reported Non-GAAP Adjusted EBITDA of $42 million in the second quarter of 2026, compared to $43 million in 2025.
Achieved $0.24 Adjusted Diluted Earnings Per Share in the second quarter of 2026, an increase of 71% from $0.14 per share in 2025.
Earned industry recognition for Rise media agency through inclusion in Forrester’s report, “The Media Management Services Landscape, Q2 2026.”*
Named strategic marketing partner to Wakefern Food Corp., with Rise serving as client’s media AOR and In-Store Connect by Quad to deploy across 30 ShopRite locations later this year.
Enhancing the national footprint of Quad’s Packaging business with the addition of a new 100,000 square-foot facility in Salt Lake City, Utah.
Repurchased 0.4 million shares of Quad Class A common stock in 2026, bringing total repurchases to 7.9 million shares since commencing buybacks in 2022, representing 14.1% of Quad’s March 31, 2022, outstanding shares.
Declared quarterly dividend of $0.10 per share payable September 4, 2026.
Reaffirms full-year 2026 financial guidance.

Joel Quadracci, Chairman and Chief Executive Officer of Quad, said: “We continue to execute our long-term strategy by investing in growth-oriented offerings across our agency solutions and targeted print businesses. We announced the westward expansion of our Packaging division with a new facility in Salt Lake City, which is expected to be operational in the fourth quarter of 2026. This investment rounds out a national manufacturing footprint for our Packaging business, enhancing our ability to serve both national brands and regional packaging clients with greater speed, flexibility and reach.

“We also continue to deepen existing account relationships and expand opportunities as clients adopt more of our integrated creative, media and marketing solutions. For example, we have broadened our work with long-time print client Wakefern, the nation’s largest retailer-owned grocery cooperative, to include Rise’s media services; content creation; and In-Store Connect, our in-store retail media network solution, in 30 of its ShopRite stores.

“As we continue to invest in long-term growth, we remain equally focused on driving productivity and operational excellence. Through automation, AI-enabled tools and disciplined cost management, we continue to strengthen our operating model and drive strong productivity in our print business lines. Supported by these efforts, we remain on track to achieve our full-year guidance despite ongoing macroeconomic and geopolitical uncertainty.”

Added Tony Staniak, Chief Financial Officer and Treasurer of Quad: “Net Sales grew year-over-year in the second quarter of 2026, driven by higher paper sales and logistics sales, representing progress toward our 2028 projected full-year revenue growth. Adjusted EBITDA and Free Cash Flow were essentially flat compared to 2025 and consistent with our full-year financial guidance. We continue to monitor inflation, economic and global trade dynamics, and geopolitical tensions, and are adjusting as necessary to mitigate their impact on our business and our clients. While continuing to invest to drive long-term growth, we returned $13 million to shareholders during the first half of 2026 through our quarterly dividend of $0.10 per share and share repurchases. We expect to remain opportunistic in terms of future share repurchases.”

Second quarter 2026 financial results

Net Sales were $578 million in the second quarter of 2026, an increase of 1% compared to the same period in 2025. The increase in Net Sales was primarily due to higher paper sales and higher logistics sales.
Net Earnings were $4 million, or $0.07 Diluted Earnings Per Share, in the second quarter of 2026 compared to a Net Loss of $0.1 million, or $0.00 Diluted Loss Per Share, in the second quarter of 2025. The improvement was primarily due to lower interest expense, lower depreciation and amortization, and lower selling, general and administrative expenses, partially offset by the impact from increased income tax expense and increased restructuring, impairment and transaction-related charges, net. Diluted Earnings Per Share were also higher due to the increase in Net Earnings.
Adjusted EBITDA was $42 million in the second quarter of 2026, compared to $43 million in the same period in 2025. The decrease was primarily due to the mix of Net Sales.
Adjusted Diluted Earnings Per Share was $0.24 in the second quarter of 2026, as compared to $0.14 in the second quarter of 2025.

Year-to-date 2026 financial results

Net Sales were $1.2 billion in the six months ended June 30, 2026, a decrease of 4% compared to the same period in 2025. Excluding the 2% impact of the divestiture of the Company’s European operations, Net Sales declined 2%. The decline in Net Sales was primarily due to lower print volumes and lower agency solutions sales, partially offset by higher paper sales.
Net Earnings were $10 million, or $0.20 Diluted Earnings Per Share, in the six months ended June 30, 2026, compared to Net Earnings of $6 million, or $0.11 Diluted Earnings Per Share, in the same period in 2025. The improvement was primarily due to lower interest expense, lower selling, general and administrative expenses, and lower depreciation and amortization, partially offset by the impact from lower Net Sales, higher income tax expense, and higher restructuring, impairment and transaction-related charges, net.
Adjusted EBITDA was $87 million in the six months ended June 30, 2026, as compared to $89 million in the same period in 2025. The decrease was primarily due to the impact of lower Net Sales and the impact from the mix of Net Sales, partially offset by lower selling, general and administrative expenses.
Adjusted Diluted Earnings Per Share was $0.48 in the six months ended June 30, 2026, as compared to $0.34 in the same period in 2025, an increase of 41%.
Net Cash Used in Operating Activities was $41 million in the six months ended June 30, 2026, compared to $42 million year-to-date in 2025. Free Cash Flow was negative $66 million in both year-to-date 2026 and 2025. As a reminder, the Company historically generates most of its Free Cash Flow in the fourth quarter of the year.
Net Debt was $394 million at June 30, 2026, as compared to $308 million at December 31, 2025, and $448 million at June 30, 2025. Compared to December 31, 2025, Net Debt increased primarily due to negative $66 million in Free Cash Flow and the payment of cash dividends and share repurchases. When removing seasonality, Net Debt decreased $54 million or 12%.

Dividend

Quad’s next quarterly dividend of $0.10 per share will be payable on September 4, 2026, to shareholders of record as of August 17, 2026.

2026 guidance

The Company’s full-year 2026 financial guidance is unchanged and is as follows:

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The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within may not directly reflect the thoughts or opinions of the staff of Printing Impressions.