Quad/Graphics, Inc. (QUAD) quarterly cash flow statement — complete operating, investing & financing history
Quad/Graphics, Inc. (QUAD) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 52.8M | -93.7M | 145.9M | -8.4M | 47.4M | -89M | 158.8M | 2.4M | 3.9M | -52.2M | 106.5M | 40.8M | 50.9M | -50.6M | 184.9M | -6.8M | -6.6M | -16.9M | 114.4M | -66.8M |
| Operating CF Margin % | 5.02% | -16.13% | 23.14% | -1.43% | 8.29% | -14.14% | 22.42% | 0.36% | 0.61% | -7.97% | 13.52% | 5.83% | 7.24% | -6.6% | 20.89% | -0.82% | -0.87% | -2.27% | 13.39% | -9.46% |
| Operating CF Growth % | 11.39% | -5.28% | -8.12% | -450% | 1115.38% | -70.5% | 49.11% | -94.12% | -92.34% | -3.16% | -42.4% | 700% | 871.21% | -199.41% | 61.63% | 89.82% | -141.25% | -123.18% | 38.16% | -266.17% |
| Net Income | 3.7M | 6.2M | 11.1M | 10.2M | -100K | 5.8M | 4.7M | -24.7M | -2.8M | -28.1M | -22M | -2.7M | -6.1M | -24.6M | -8.7M | 13.7M | 5.3M | -1M | -21.1M | 14.3M |
| Depreciation & Amortization | 17.2M | 18.4M | 18.9M | 19.3M | 20.7M | 19.7M | 23.1M | 24.4M | 26.4M | 28.6M | 31.1M | 32M | 32M | 33.7M | 34.7M | 34.8M | 35.3M | 36.5M | 38.7M | 38.7M |
| Stock-Based Compensation | 2.9M | 1.3M | 1.5M | 1.3M | 2.2M | 1.6M | 1.4M | 1.5M | 2.6M | 1.8M | 1M | 1.3M | 2.3M | 1M | 1.1M | 1.1M | 1.9M | 1.9M | -400K | 1.9M |
| Deferred Taxes | 400K | -500K | -800K | 800K | 500K | 100K | -2.1M | 200K | -400K | 300K | -3.7M | -2.7M | -7.6M | 10.3M | -800K | 2.1M | 800K | 300K | 0 | 1.8M |
| Other Non-Cash Items | 1.3M | 600K | -400K | -133.4M | 100K | 1.2M | 9.1M | 31.8M | -3M | 12M | -500K | 5.5M | 1.4M | 9.9M | 24.6M | 500K | -300K | 400K | 66.5M | -23.2M |
| Working Capital Changes | 27.3M | -119.7M | 115.6M | 93.4M | 24M | -117.4M | 122.6M | -30.8M | -18.9M | -66.8M | 100.6M | 7.4M | 28.9M | -80.9M | 134M | -59M | -49.6M | -55M | 30.7M | -100.3M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.7M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58.3M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -106.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -11.8M | -15M | 15.6M | -5.1M | -24.1M | -14.1M | -9.2M | 28.1M | 9.7M | -15.9M | 11M | -14.7M | -16.3M | -26.4M | -13.9M | -15.4M | -12.5M | -18.7M | 62M | 21.5M |
| Capital Expenditures | -12M | -13.3M | -8.7M | -12.2M | -13M | -11.3M | -11.5M | -12.2M | -15.6M | -17.9M | -11.3M | -14.3M | -16.5M | -28.7M | -10.8M | -16M | -14.4M | -19.1M | -8.4M | -14.4M |
| CapEx % of Revenue | 1.14% | 2.29% | 1.38% | 2.07% | 2.27% | 1.8% | 1.62% | 1.81% | 2.46% | 2.73% | 1.43% | 2.04% | 2.35% | 3.74% | 1.22% | 1.93% | 1.9% | 2.57% | 0.98% | 2.04% |
| Acquisitions | -1.9M | 0 | 24.3M | -100K | -16.3M | 100K | 2.6M | 41.7M | 0 | -200K | 22.3M | -200K | -200K | -300K | -3M | -200K | -800K | -1.9M | 200K | -200K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.1M | -1.7M | 0 | 7.2M | 5.2M | -2.7M | -300K | -1.4M | 25.3M | 2.2M | 600K | -200K | 400K | 2.6M | -100K | 800K | 2.7M | 2.3M | 70.2M | 36.1M |
| Cash from Financing | -40.7M | 52.4M | -104.3M | 12.8M | -25M | 80.4M | -132.8M | -30.8M | -11M | 25.5M | -75.7M | -26.2M | -32M | 60.3M | -160.1M | 24.6M | -107.1M | -6.1M | -23.8M | -25.6M |
| Debt Issued (Net) | -33.9M | 62.8M | -100.5M | 16.5M | -16.8M | 90.8M | -126M | -28.5M | -8.7M | 30.2M | -73.2M | -20.8M | -27.2M | 62.6M | -160M | 33.9M | -106M | -2.1M | -17.4M | -25.6M |
| Equity Issued (Net) | -2.1M | -1.1M | -200K | -200K | -4.3M | -3.3M | 0 | 0 | 0 | 0 | -2.4M | -5.2M | -4.7M | -300K | 0 | -9.1M | -900K | -2.5M | 0 | 0 |
| Dividends Paid | -4.7M | -5.5M | -3.5M | -3.5M | -3.9M | -3.5M | -2.4M | -2.3M | -2.3M | -2.4M | 0 | 0 | 0 | -100K | 0 | 0 | 0 | -1.4M | 0 | 0 |
| Share Repurchases | -2.1M | -1.1M | -200K | -200K | -4.3M | -3.3M | 0 | 0 | 0 | 0 | -2.4M | -5.2M | -4.7M | -300K | 0 | -9.1M | -900K | -2.5M | 0 | 0 |
| Other Financing | 0 | -3.8M | -100K | 0 | 0 | -3.6M | -4.4M | 0 | 0 | -2.3M | -100K | -200K | -100K | -1.9M | -100K | -200K | -200K | -100K | -6.4M | 0 |
| Net Change in Cash | 400K | -56.3M | 57.1M | -500K | -1.4M | -21.1M | 16.7M | -300K | 2.6M | -42.7M | 41.9M | -300K | 2.6M | -16.5M | 11.2M | 2.2M | -126.5M | -41.6M | 152.5M | -70.9M |
| Free Cash Flow | 40.8M | -107M | 137.2M | -20.6M | 34.4M | -100.3M | 147.3M | -9.8M | -11.7M | -70.1M | 95.2M | 26.5M | 34.4M | -79.3M | 174.1M | -22.8M | -21M | -36M | 106M | -81.2M |
| FCF Margin % | 3.88% | -18.42% | 21.76% | -3.5% | 6.02% | -15.94% | 20.79% | -1.45% | -1.84% | -10.71% | 12.08% | 3.78% | 4.89% | -10.35% | 19.67% | -2.75% | -2.77% | -4.84% | 12.4% | -11.5% |
| FCF Growth % | 18.6% | -6.68% | -6.86% | -110.2% | 394.02% | -43.08% | 54.73% | -136.98% | -134.01% | 11.6% | -45.32% | 216.23% | 263.81% | -120.28% | 64.25% | 71.92% | -468.42% | -164.29% | 46.21% | -395.27% |
| FCF per Share | 0.82 | -2.16 | 2.75 | -0.41 | 0.72 | -1.98 | 2.88 | -0.21 | -0.25 | -1.49 | 2.02 | 0.55 | 0.70 | -1.61 | 3.55 | -0.44 | -0.39 | -0.70 | 2.07 | -1.53 |
| FCF Conversion (FCF/Net Income) | 14.27x | -15.11x | 13.14x | -0.82x | -474.00x | -15.34x | 33.79x | -0.10x | -1.39x | 1.86x | -4.84x | -15.11x | -8.34x | 2.06x | -21.25x | -0.50x | -1.25x | 16.90x | -5.42x | -4.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.8M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |