Revenue contraction remains a persistent headwind, with the most recent quarter reporting a 7.7% year-over-year decline while operating margins remain constrained between 3.3% and 5.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 2.37B | 2.42B | 2.67B | 2.96B | 3.22B | 2.96B | 2.93B | 3.92B | 4.19B | 4.13B | 4.33B | 4.68B | 4.86B | 4.8B | 4.09B | 4.32B | 3.39B | 1.79B | 2.27B |
| Revenue Growth % | -10.4% | -9.44% | -9.65% | -8.06% | 8.67% | 1.05% | -25.33% | -6.45% | 1.51% | -4.58% | -7.44% | -3.8% | 1.39% | 17.14% | -5.33% | 27.51% | 89.64% | -21.1% | - |
| Cost of Goods Sold | 1.93B | 1.98B | 2.19B | 2.51B | 2.76B | 2.54B | 2.51B | 3.4B | 3.43B | 3.48B | 3.66B | 4B | 4.22B | 4.13B | 3.51B | 3.63B | 2.84B | 1.46B | 1.87B |
| COGS % of Revenue | - | 81.62% | 82.01% | 84.76% | 85.69% | 85.94% | 85.79% | 86.61% | 81.85% | 84.3% | 84.6% | 85.41% | 86.73% | 86.09% | 85.71% | 83.93% | 83.7% | 81.44% | 82.5% |
| Gross Profit | 439.5M | 444.7M | 480.7M | 450.8M | 460.2M | 416.3M | 416.2M | 525.3M | 553.1M | 648.5M | 666.9M | 601.8M | 645.4M | 666.9M | 585.1M | 694.8M | 553M | 331.9M | 396.6M |
| Gross Margin % | 18.53% | 18.38% | 17.99% | 15.24% | 14.31% | 14.06% | 14.21% | 13.39% | 13.19% | 15.7% | 15.4% | 12.87% | 13.27% | 13.91% | 14.29% | 16.07% | 16.3% | 18.56% | 17.5% |
| Gross Profit Growth % | - | -7.49% | 6.63% | -2.04% | 10.55% | 0.02% | -20.77% | -5.03% | -14.71% | -2.76% | 10.82% | -6.76% | -3.22% | 13.98% | -15.79% | 25.64% | 66.62% | -16.31% | - |
| Operating Expenses | 320.8M | 325.9M | 353.6M | 352M | 359.8M | 326.2M | 333.9M | 402.4M | 360.9M | 432.8M | 457.9M | 457.2M | 436.8M | 432.2M | 360.7M | 423.9M | 340.6M | 220.5M | 211.5M |
| OpEx % of Revenue | - | 13.47% | 13.23% | 11.9% | 11.18% | 11.02% | 11.4% | 10.26% | 8.61% | 10.48% | 10.58% | 9.77% | 8.98% | 9.01% | 8.81% | 9.8% | 10.04% | 12.33% | 9.33% |
| Selling, General & Admin | 320.8M | 325.9M | 350.4M | 348.9M | 356.5M | 323.1M | 330.9M | 398.8M | 357.3M | 423.8M | 448.6M | 446.9M | 425.5M | 418.8M | 347.5M | 407M | 323.3M | 206.2M | 196.7M |
| SG&A % of Revenue | - | 13.47% | 13.11% | 11.8% | 11.08% | 10.91% | 11.3% | 10.16% | 8.52% | 10.26% | 10.36% | 9.55% | 8.75% | 8.73% | 8.49% | 9.41% | 9.53% | 11.53% | 8.68% |
| Research & Development | 0 | 0 | 3.2M | 3.1M | 3.3M | 3.1M | 3M | 3.6M | 3.6M | 9M | 9.3M | 10.3M | 11.3M | 13.4M | 13.2M | 16.9M | 17.3M | 14.3M | 14.8M |
| R&D % of Revenue | - | - | 0.12% | 0.1% | 0.1% | 0.1% | 0.1% | 0.09% | 0.09% | 0.22% | 0.21% | 0.22% | 0.23% | 0.28% | 0.32% | 0.39% | 0.51% | 0.8% | 0.65% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 118.7M | 118.8M | 127.1M | 98.8M | 100.4M | 90.1M | 82.3M | 122.9M | 192.2M | 215.7M | 209M | 144.6M | 208.6M | 234.7M | 224.4M | 270.9M | 212.4M | 111.4M | 185.1M |
| Operating Margin % | 5.01% | 4.91% | 4.76% | 3.34% | 3.12% | 3.04% | 2.81% | 3.13% | 4.58% | 5.22% | 4.83% | 3.09% | 4.29% | 4.89% | 5.48% | 6.26% | 6.26% | 6.23% | 8.17% |
| Operating Income Growth % | - | -6.53% | 28.64% | -1.59% | 11.43% | 9.48% | -33.03% | -36.06% | -10.89% | 3.21% | 44.54% | -30.68% | -11.12% | 4.59% | -17.16% | 27.54% | 90.66% | -39.82% | - |
| EBITDA | 196M | 197.4M | 229.6M | 227.6M | 241.7M | 247.4M | 263.9M | 332.4M | 407.1M | 448.2M | 486.1M | 469.9M | 545M | 575.2M | 563M | 623.9M | 486.9M | 308.1M | 389.4M |
| EBITDA Margin % | 8.26% | 8.16% | 8.59% | 7.7% | 7.51% | 8.36% | 9.01% | 8.47% | 9.71% | 10.85% | 11.23% | 10.05% | 11.21% | 11.99% | 13.75% | 14.43% | 14.36% | 17.23% | 17.18% |
| EBITDA Growth % | -10.38% | -14.02% | 0.88% | -5.83% | -2.3% | -6.25% | -20.61% | -18.35% | -9.17% | -7.8% | 3.45% | -13.78% | -5.25% | 2.17% | -9.76% | 28.14% | 58.03% | -20.88% | - |
| D&A (Non-Cash Add-back) | 77.3M | 78.6M | 102.5M | 128.8M | 141.3M | 157.3M | 181.6M | 209.5M | 214.9M | 232.5M | 277.1M | 325.3M | 336.4M | 340.5M | 338.6M | 353M | 274.5M | 196.7M | 204.3M |
| EBIT | 101.5M | 118.8M | 18.5M | 21.8M | 71.7M | 108.8M | -31.2M | 9.4M | 99.9M | 162.3M | 136.5M | -830M | 134.1M | 142.2M | 106.5M | 123.6M | 57M | 111.9M | 174.2M |
| Net Interest Income | -48.1M | -50.5M | -64.5M | -70M | -48.4M | -59.6M | -68.8M | -90M | -73.2M | -70.9M | -77.2M | -88.4M | -92.9M | -85.5M | -84M | -108M | -92.9M | -64.1M | -74.6M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 48.1M | 50.5M | 64.5M | 70M | 48.4M | 59.6M | 68.8M | 90M | 73.3M | 71.1M | 77.2M | 88.4M | 92.9M | 85.5M | 84M | 108M | 92.9M | 64.1M | 74.6M |
| Other Income/Expense | -85.1M | -86.3M | -171.6M | -141.4M | -82.7M | -42.8M | -188.6M | -203M | -164.7M | -124.5M | -151.1M | -1.07B | -170.1M | -180.5M | -199.6M | -252.9M | -239.2M | -56.8M | -80.9M |
| Pretax Income | 33.6M | 32.5M | -44.5M | -42.6M | 17.7M | 47.3M | -106.3M | -80.1M | 27.5M | 91.2M | 57.9M | -924.7M | 38.5M | 54.2M | 24.8M | 18M | -26.8M | 54.6M | 104.2M |
| Pretax Margin % | 1.42% | 1.34% | -1.67% | -1.44% | 0.55% | 1.6% | -3.63% | -2.04% | 0.66% | 2.21% | 1.34% | -19.77% | 0.79% | 1.13% | 0.61% | 0.42% | -0.79% | 3.05% | 4.6% |
| Income Tax | 6.2M | 5.5M | 6.4M | 12.8M | 8.4M | 9.5M | 300K | -24.4M | -9.8M | -16M | 13M | -282.8M | 20.2M | 23.3M | -31.5M | 26M | 223.2M | 1.5M | 3.7M |
| Effective Tax Rate % | 18.45% | 16.92% | -14.38% | -30.05% | 47.46% | 20.08% | -0.28% | 30.46% | -35.64% | -17.54% | 22.45% | 30.58% | 52.47% | 42.99% | -127.02% | 144.44% | -832.84% | 2.75% | 3.55% |
| Net Income | 27.4M | 27M | -50.9M | -55.4M | 9.3M | 37.8M | -128.3M | -55.4M | 8.5M | 107.2M | 44.9M | -641.9M | 18.6M | 32.5M | 87.4M | -46.9M | -250.1M | 52.8M | 109.1M |
| Net Margin % | 1.16% | 1.12% | -1.9% | -1.87% | 0.29% | 1.28% | -4.38% | -1.41% | 0.2% | 2.59% | 1.04% | -13.72% | 0.38% | 0.68% | 2.13% | -1.08% | -7.37% | 2.95% | 4.81% |
| Net Income Growth % | 261.18% | 153.05% | 8.12% | -695.7% | -75.4% | 129.46% | -131.59% | -751.76% | -92.07% | 138.75% | 106.99% | -3551.08% | -42.77% | -62.81% | 286.35% | 81.25% | -573.67% | -51.6% | - |
| Net Income (Continuing) | 27.4M | 27M | -50.9M | -55.4M | 9.3M | 37.8M | -106.6M | -55.4M | 29.9M | 118.1M | 44.9M | -641.9M | 18.3M | 30.9M | 54M | -8M | -245.4M | 53.1M | 100.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -21.9M | -100.6M | 0 | 0 | 0 | 0 | 0 | 0 | 2.3M | -41.7M | -13.7M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 17.7M | 17.7M | 0 | 0 | 0 | 0 | -1.3M | 300K | 700K | 700K | 300K | 0 |
| EPS (Diluted) | 0.55 | 0.54 | -1.07 | -1.14 | 0.18 | 0.71 | -2.53 | -1.11 | 0.16 | 2.07 | 0.90 | -13.40 | 0.38 | 0.65 | 1.78 | -1.00 | -6.67 | 1.81 | 3.88 |
| EPS Growth % | 248.02% | 150.47% | 6.14% | -733.33% | -74.65% | 128.02% | -128.25% | -793.75% | -92.27% | 130% | 106.72% | -3626.32% | -41.54% | -63.48% | 278% | 85.01% | -468.51% | -53.35% | - |
| EPS (Basic) | - | 0.57 | -1.07 | -1.14 | 0.18 | 0.74 | -2.53 | -1.11 | 0.17 | 2.16 | 0.94 | -13.40 | 0.39 | 0.67 | 1.80 | -1.00 | -6.67 | 1.87 | 3.88 |
| Diluted Shares Outstanding | 49.6M | 49.9M | 47.6M | 48.4M | 52.5M | 53M | 50.6M | 50M | 51.6M | 51.8M | 49.8M | 47.9M | 48.5M | 48M | 47.2M | 47.1M | 37.5M | 29.2M | 28.1M |
| Basic Shares Outstanding | 47.7M | 47.6M | 47.6M | 48.4M | 50.7M | 51.3M | 50.6M | 50M | 49.8M | 49.6M | 47.9M | 47.9M | 47.5M | 47M | 46.8M | 47.1M | 37.5M | 28.3M | 28.1M |
| Dividend Payout Ratio | - | 53.33% | - | - | 15.05% | 3.7% | - | - | 740% | 58.3% | 136.08% | - | 329.03% | 173.54% | 173.68% | - | - | 26.7% | 13.02% |
Secular print volume decline
As reported in recent financial filings, QUAD has experienced a consistent revenue decline, with the most recent quarter showing a 7.7% year-over-year contraction, reflecting the ongoing secular erosion of physical print volumes that continues to outpace the company's efforts to pivot toward higher-margin marketing services.
The persistent negative growth trajectory suggests that the company's core print business is struggling to find a floor, likely exacerbated by clients shifting marketing budgets toward digital alternatives. Investors should monitor whether the revenue decline is a result of intentional shedding of low-margin work or a broader loss of market share in a shrinking industry.
Based on the provided income statement data, QUAD's gross margin has remained largely range-bound between 15.7% and 19.5%, indicating that the company's high fixed-cost manufacturing base limits its ability to expand profitability despite various operational restructuring initiatives undertaken over the last ten quarters.
The inability to meaningfully expand gross margins suggests that the company lacks significant pricing power in its commoditized print segments. This structural limitation implies that profitability is highly sensitive to volume fluctuations, as the company struggles to achieve the operating leverage necessary to offset rising input costs.
According to the quarterly income statement data, operating margins have fluctuated narrowly between 3.3% and 5.7%, demonstrating that the company's SG&A expenses have not scaled down in proportion to the consistent revenue declines, thereby preventing any meaningful expansion in operating income during the observed period.
The lack of operating leverage suggests that the company's cost structure remains heavily weighted toward fixed overheads that are difficult to rationalize in a declining revenue environment. This may indicate that further cost-cutting measures are required to protect operating income, though such actions could potentially impair the company's long-term service capabilities.
As evidenced by the historical income statements, QUAD's net income has been characterized by significant volatility and frequent periods of net losses, with net margins often hovering near or below zero, suggesting that reported earnings are heavily impacted by non-operating items and recurring restructuring charges.
The frequent swings between net profitability and net losses warrant caution, as they suggest that the company's core operations are not yet generating consistent, high-quality earnings. Analysts should look past the headline EPS figures to evaluate the underlying cash-generating ability of the business, as restructuring costs appear to be a persistent feature rather than an anomaly.
Based on the reported figures, the company's reliance on a capital-intensive print model in a declining market presents a significant risk, as the current net margin of 1.12% leaves virtually no buffer for operational errors or further acceleration in the secular decline of print media.
Short-sellers may focus on the company's inability to achieve sustained revenue growth, which could lead to a liquidity crunch if debt obligations become difficult to manage. The market's skepticism appears rooted in the potential for a 'melting ice cube' scenario where the cost of maintaining the legacy infrastructure exceeds the cash flow generated by the business.
Quick answers to the most common questions about buying QUAD stock.
For fiscal year 2025, Quad/Graphics, Inc. (QUAD) reported total revenue of $2.42B. This represents a 6.8% increase compared to $2.27B in 2008.
Quad/Graphics, Inc. (QUAD) is profitable, generating $27.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
Quad/Graphics, Inc. (QUAD) reported an operating income of $118.8M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Quad/Graphics, Inc. (QUAD) generated $444.7M in gross profit for the year, representing a gross profit margin of 18.4%. This demonstrates the company's core pricing power and production efficiency.