Earnings Releases·Oct 28, 2026, 5:10 PM ET

Quad/Graphics, Inc. — Third Quarter 2026 Earnings Summary

Q3 2026 Net Sales remained flat at $587 million (vs. $588 million in 2025), while Year-to-Date sales declined 2% to $1.7 billion; Adjusted Diluted EPS rose 13% to $0.35 in Q3 and 29% to $0.84 YTD.
Management updated full-year 2026 guidance, narrowing the Adjusted EBITDA range to $185–$195 million and improving the Net Sales decline outlook to 2% (from 4%), with a target for sales growth inflection in 2028.
Free Cash Flow was negative $100 million for the nine months ended September 30, 2026, contributing to a Net Debt increase to $422 million, though leverage guidance remains stable at approximately 1.5x.
Shareholder returns totaled $23 million YTD via $15 million in dividends and $8 million in repurchases, with a new quarterly dividend of $0.10 declared; the company also launched "Direct" and expanded In-Store Connect with national retailers.
Net Earnings were pressured by $19.2 million in Q3 restructuring and impairment charges (vs. $7.3 million in 2025), driven by secular print volume declines and macroeconomic headwinds, though management maintains a disciplined cost management approach.