QUAD Financials Quad/Graphics, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:32 UTC Overview →

Growth & profitability

Revenue has declined 3.8% per year over the past 5 years.
Operating margin has expanded, at 4.0% in the latest year.
Free cash flow has declined 17.1% per year over the past 5 years.

Financial health

Total debt ($370M) exceeds cash ($63M); net debt is $307M.
Total debt has grown slower than revenue (-16.7% vs -3.8% per year).
Operating income covered interest expense 1.9× in the latest year, up from -0.7× 5 years ago.
Total debt is 3.8× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 53.3% of earnings and 28.4% of free cash flow.
The dividend has grown 8.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.4B	$27M	21.6%	4.0%	21.0%	2.2%	$51M	$370M	$63M
2024	$2.7B	-$51M	21.7%	0.7%	-102.0%	-3.9%	$56M	$377M	$29M
2023	$3.0B	-$55M	19.5%	0.9%	47.1%	-3.7%	$77M	$514M	$53M
2022	$3.2B	—	18.6%	1.7%	0.0%	0.0%	$94M	$568M	$25M
2021	$3.0B	$38M	19.3%	3.1%	27.6%	2.0%	$87M	$801M	$180M
2020	$2.9B	-$128M	20.3%	-1.6%	-152.6%	-6.7%	$129M	$923M	$55M
2019	$3.9B	-$156M	18.6%	0.9%	-69.0%	-6.5%	$45M	$1.1B	$79M
2018	$4.0B	$9M	19.2%	2.2%	1.9%	0.3%	$164M	$926M	$70M
2017	$4.0B	$107M	21.8%	4.4%	20.5%	4.4%	$258M	$946M	$64M
2016	$4.3B	$45M	21.6%	2.7%	10.2%	1.7%	$248M	$1.1B	$19M
2015	—	-$642M	—	—	-151.4%	-22.5%	$215M	$1.3B	$24M
2014	—	$19M	—	—	1.6%	0.5%	$154M	$1.4B	$10M
2013	—	$33M	—	—	2.5%	0.8%	$292M	$1.4B	$13M
2012	—	$87M	—	—	7.1%	2.1%	$251M	$1.3B	$17M
2011	—	-$47M	—	—	-3.6%	-1.0%	$203M	$1.4B	$26M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$587M	$6M	21.8%	2.4%	4.6%	0.4%	-$34M	$442M	$23M
Jun '26	$578M	$4M	21.0%	2.6%	3.0%	0.3%	$41M	$400M	$7M
Mar '26	$581M	$6M	21.2%	3.0%	4.9%	0.5%	-$107M	$433M	$7M
Dec '25	$631M	$11M	21.6%	5.9%	8.6%	0.9%	$137M	$370M	$63M
Sep '25	$588M	$10M	22.8%	4.5%	10.5%	0.8%	-$21M	$470M	$6M
Jun '25	$572M	-$100000	21.6%	2.4%	-0.1%	-0.0%	$34M	$453M	$7M
Mar '25	$629M	$6M	20.6%	3.1%	6.6%	0.5%	-$100M	$469M	$8M
Dec '24	$708M	$5M	22.4%	2.8%	9.4%	0.4%	$147M	$377M	$29M
Sep '24	$675M	-$25M	21.8%	-0.7%	-48.5%	-1.8%	-$10M	$501M	$13M
Jun '24	$634M	-$3M	22.1%	2.4%	-3.5%	-0.2%	-$12M	$538M	$13M
Mar '24	$655M	-$28M	20.4%	-1.6%	-31.5%	-2.0%	-$70M	$545M	$10M
Dec '23	$788M	-$22M	19.6%	0.4%	18.7%	-1.5%	$95M	$514M	$53M
Sep '23	$700M	-$3M	19.9%	2.0%	-1.9%	-0.2%	$27M	$586M	$11M
Jun '23	$703M	-$6M	19.0%	1.2%	-4.0%	-0.4%	$34M	$606M	$11M
Mar '23	$767M	-$25M	19.4%	0.0%	-15.9%	-1.5%	-$79M	$631M	$9M
Dec '22	$885M	—	20.1%	1.0%	0.0%	0.0%	$174M	$568M	$25M
Sep '22	$830M	$14M	18.8%	3.0%	9.9%	0.8%	-$23M	$727M	$14M
Jun '22	$758M	$5M	18.4%	1.9%	3.8%	0.3%	-$21M	$694M	$12M
Mar '22	$744M	-$1M	16.7%	0.7%	-0.7%	-0.1%	-$36M	$799M	$138M
Dec '21	$855M	-$21M	17.9%	-0.5%	-15.4%	-1.1%	$106M	$801M	$180M

Valuation over time

How the market has priced QUAD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 11.1× (Dec '25) to 13.2× (Nov '26).
The price-to-sales ratio has risen from 0.1× (Mar '23) to 0.1× (Nov '26).
The dividend yield has risen from 0.7% (Mar '23) to 4.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is QUAD growing its revenue and profit?

Over the past 5 years, Quad/Graphics, Inc.'s revenue has declined 3.8% per year. These are computed facts, not advice.

How much debt does QUAD have?

As of FY2025, Quad/Graphics, Inc. reported $370M of total debt against $63M of cash; operating income covered interest expense 1.9×.

What is QUAD's profit margin?

In FY2025, gross margin was 21.6%, operating margin 4.0%, and net margin 1.1%.

What is QUAD's P/E ratio?

Quad/Graphics, Inc.'s P/E (TTM) is 13.48 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the QUAD stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 13.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.