Quad Reports Fourth Quarter and Full-Year 2025 Results

Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), a marketing experience company that solves complex marketing challenges for its clients, today reported results for the fourth quarter and fiscal year ended December 31, 2025.

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 9.7% in 2024 to 4.8% in 2025 excluding the European divestiture, and in 2026 we anticipate further improvement to a decline of 3% at the midpoint of our guidance range. With continued strong cash generation in 2025, we further strengthened our balance sheet by reducing Net Debt during 2025 by $42 million, or 12%, to $308 million at the end of the year, and achieved 1.57x Net Debt Leverage, which is near the low end of our targeted long-term leverage range of 1.5x to 2.0x. Additionally, we provided $22 million of shareholder returns, including $14 million of cash dividends and $8 million of share repurchases. Looking forward to 2026, we recently announced a 33% increase in our dividend to $0.10 per share quarterly, or $0.40 per share annually. We also expect to remain opportunistic in terms of future share repurchases.”

Quad’s next quarterly dividend of $0.10 per share will be payable on March 13, 2026, to shareholders of record as of February 27, 2026.