Quad/Graphics, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Quad/Graphics, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,330	4,131	4,194	3,923	2,930	2,960	3,217	2,958	2,672	2,420
Cost of revenue	3,395	3,091	3,221	3,192	2,335	2,390	2,619	2,381	2,092	1,897
Gross profit	935	1,040	972	731	595	571	598	577	580	523
Research and development	9.3	9	3.6	3.6	3	3.1	3.3	3.1	3.2	2.9
Selling, general and administrative	467	409	359	398	335	326	359	345	357	326
Operating income	117	173	87.3	34.7	-46	92.8	53.5	25.7	19.2	97
Interest expense	77.2	70.9	73.2	90	68.8	59.6	48.4	70	64.5	50.5
Pre-tax income	59.3	109	26.5	-79.8	-106	47	17.7	-42.6	-44.5	32.5
Income tax	13	-9.2	-2.4	-24.4	0.3	9.5	8.4	12.8	6.4	5.5
Income from continuing operations		118	30.5	-55.7	-106	37.8
Net income to minority interests	0	0	-0.6	0	-0.2	0
Net income	44.9	107	8.5	-156	-128	37.8	9.3	-55.4	-50.9	27
EBITDA	344	373	268	199	96.5	219	164	127	104	170
EPS, basic	0.94	2.16	0.17	-3.12	-2.53	0.74	0.18	-1.14	-1.07	0.57
EPS, diluted	0.90	2.07	0.16	-3.12	-2.53	0.71	0.18	-1.14	-1.07	0.54
Shares, basic (weighted)	47.9	49.6	49.8	50	50.6	51.3	50.7	48.4	47.6	47.6
Shares, diluted (weighted)	49.8	51.8	51.6	50	50.6	53	52.5	48.4	47.6	49.9
Dividend per share	1.20	1.20	1.20	1.05	0.15	0.00		0.00	0.20	0.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.2	64.4	69.5	78.7	55.2	180	25.2	52.9	29.2	63.3
Receivables	564	553	498	456	399	362	373	316	273	295
Inventory	265	247	279	211	170	226	261	179	162	144
Other current assets	64.6	45.1	45.2	109	54.7	41	46	39.8	69.5	36.8
Total current assets	903	909	947	911	679	809	705	588	534	538
Property, plant and equipment	1,520	1,274	1,154	1,037	884	727	672	621	500	462
Lease right-of-use assets			0	97.9	81	126	111	96.6	78.9	68
Goodwill	0	0	44.5	103	103	86.4	86.4	103	100	108
Intangible assets	59.7	43.4	113	137	104	75.3	46.9	21.8	7.2	13.7
Other non-current assets	84.3	111	89.2	128	73.4	66.5	80.8	80	78.6	63.6
Total assets	2,570	2,452	2,469	2,417	1,928	1,890	1,702	1,510	1,299	1,253
Accounts payable	324	382	496	417	320	367	457	374	357	342
Accrued liabilities	359	317	285	303	311	314	249	238	289	212
Short-term debt	84.7	42	42.9	40	20.7	246	61.1	152	28	47
Total current liabilities	775	746	851	813	683	957	795	791	699	624
Long-term debt	1,020	904	883	1,059	903	555	507	363	349	323
Lease liabilities			0	70.4	54.5	99.8	87.1	77.2	61.4	49.8
Other non-current liabilities	280	225	232	221	197	128	129	149	135	123
Total liabilities	2,129	1,930	2,009	2,173	1,843	1,753	1,529	1,390	1,249	1,124
Total debt	1,105	946	926	1,099	923	801	568	514	377	370
Paid-in capital	912	861	861	847	833	839	842	843	843	846
Retained earnings	-206	-163	-211	-424	-566	-528	-519	-574	-635	-623
Treasury stock	-113	-52.8	-56.6	-31.5	-13.1	-14.9	-23.5	-33.1	-28	-36.3
Other comprehensive income	-153	-127	-152	-167	-171	-161	-128	-118	-131	-59.5
Shareholders' equity	442	522	443	227	84.1	137	173	-118	49.9	129
Minority interests		0	17.7	17.7	0.7	0
Total equity	442	522	460	244	84.8	137	173	120	49.9	129
Total liabilities and equity	2,570	2,452	2,469	2,417	1,928	1,890	1,702	1,510	1,299	1,253

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.9	107	7.9	-156	-129	37.8	9.3	-55.4	-50.9	27
Depreciation and amortization	226	200	181	165	143	126	110	101	85	73.4
Stock-based compensation	15.2	16.4	15.6	13.6	10.6	6.2	6	5.6	7.3	6.6
Deferred income tax	-26.6	-22.5	-14.5	-57.1	48.5	5.3	2.4	-3.7	-2	0.6
Change in receivables	84.8	8.7	49.4	57.1	72.8	12.7	-18.6	65	14.8	-4
Change in inventory	12.7	13.1	-54.3	61.3	45.8	-58.3	-41.1	90.3	2.4	24
Change in payables	-16.1	9.9	23.2	-87.6	-90.5	49	63.9	-107	7.2	-31.1
Cash from operations	354	344	261	156	190	137	155	148	113	95.9
Capital expenditures	-106	-85.9	-96.3	-111	-61	-50	-60.3	-70.8	-57.2	-45.2
Acquisitions	0	0	-71.4	-121	-2.2	0	-2.6	-1.5	0	-16.3
Cash from investing	-88.8	-47.2	-121	-208	9.7	129	-60.5	-46.4	12.7	-27.7
Debt issued	19.7	375	7.8	1,285
Debt repaid									-184	-28.6
Stock issued	30.3	2.6	4.2	0
Share buybacks	-8.8	-3.8	-36.7	0		0	-10	-12.6	0	-8
Dividends paid	-61.1	-62.5	-62.9	-57.1	-9.5	-1.4	-1.4	-0.1	-9.4	-14.4
Cash from financing	-269	-252	-134	61.8	-224	-141	-249	-73.6	-149	-36.1
Exchange rate effect	-0.6	0.1	-1.5	0	0.2	-0.3	-0.1	0.1	-0.2	0.3
Net change in cash	-5.1	45.2	5.1	9.2	-23.5	125	-155	27.7	-23.7	32.4
Free cash flow	248	258	164	44.5	129	86.5	94.3	76.8	55.7	50.7
Interest paid	65.9	57.8	60.5	77.1	52.3	41.8	44	55.9	52.9	40.2
Income taxes paid	34	6.5	12.5	9.2	2.7	4.3	6.2	12.2	10.7	3.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $9.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.8%	Gross profit / revenue.
Operating margin	4.0%	Operating income / revenue.
Pre-tax margin	1.4%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.8%	Cash from operations / revenue.
Effective tax rate	18.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
Return on invested capital (ROIC)	14.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	405.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	63.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	42.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	44.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-17.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	157.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.94x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.2%	Total debt / total assets.
Liabilities / assets	89.7%	Total liabilities / total assets.
Net debt	$426.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.98x	Operating income / interest expense.
Working capital	-$31.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.93x	Revenue / average total assets.
Fixed asset turnover	5.17x	Revenue / average property, plant and equipment.
Inventory turnover	11.3x	Cost of revenue / average inventory.
Days inventory	32 days	365 x average inventory / cost of revenue.
Receivables turnover	7.61x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	18 days	Days inventory + days sales outstanding - days payables.
FCF conversion	160.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	51.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$47.81	Revenue / diluted weighted shares.
FCF per share	$0.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.84	Cash from operations / diluted weighted shares.
Book value per share	$2.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.13	Tangible book value / shares outstanding.
Cash per share	$0.14	(Cash + short-term investments) / shares outstanding.
Payout ratio	59.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	13.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$485.3M	Share price x shares outstanding.
Enterprise value	$911.5M	Market cap + total debt - cash - short-term investments.
P/E	17.7x	Market cap / net income. Only when net income is positive.
P/S	0.20x	Market cap / revenue.
P/B	3.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	74.7x	Market cap / tangible book value, when positive.
P/FCF	11.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.32x	Market cap / cash from operations, when positive.
EV/Sales	0.38x	Enterprise value / revenue.
EV/EBIT	9.58x	Enterprise value / operating income, when both are positive.
EV/FCF	20.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.1%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.40x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Quad/Graphics, Inc.'s revenue in fiscal 2025?

Quad/Graphics, Inc. reported revenue of $2.42B for fiscal 2025, 9.4% lower than the year before.

Was Quad/Graphics, Inc. profitable in fiscal 2025?

Yes. Net income was $27.0M, a net margin of 1.1%.

How much free cash flow did Quad/Graphics, Inc. generate in fiscal 2025?

Cash from operations of $95.9M minus capital expenditures of $45.2M left free cash flow of $50.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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