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 29 h ago 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

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	FCF	Total debt	Cash
2025	$2.4B	$27M	21.6%	4.0%	$51M	$370M	$63M
2024	$2.7B	-$51M	21.7%	0.7%	$56M	$377M	$29M
2023	$3.0B	-$55M	19.5%	0.9%	$77M	$514M	$53M
2022	$3.2B	—	18.6%	1.7%	$94M	$568M	$25M
2021	$3.0B	$38M	19.3%	3.1%	$87M	$801M	$180M
2020	$2.9B	-$128M	20.3%	-1.6%	$129M	$923M	$55M
2019	$3.9B	-$156M	18.6%	0.9%	$45M	$1.1B	$79M
2018	$4.0B	$9M	19.2%	2.2%	$164M	$926M	$70M
2017	$4.0B	$107M	21.8%	4.4%	$258M	$946M	$64M
2016	$4.3B	$45M	21.6%	2.7%	$248M	$1.1B	$19M
2015	—	-$642M	—	—	$215M	$1.3B	$24M
2014	—	$19M	—	—	$154M	$1.4B	$10M
2013	—	$33M	—	—	$292M	$1.4B	$13M
2012	—	$87M	—	—	$251M	$1.3B	$17M
2011	—	-$47M	—	—	$203M	$1.4B	$26M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$581M	$6M	21.2%	3.0%	-$107M	$433M	$7M
Dec '25	$631M	$11M	21.6%	5.9%	$137M	$370M	$63M
Sep '25	$588M	$10M	22.8%	4.5%	-$21M	$470M	$6M
Jun '25	$572M	-$100000	21.6%	2.4%	$34M	$453M	$7M
Mar '25	$629M	$6M	20.6%	3.1%	-$100M	$469M	$8M
Dec '24	$708M	$5M	22.4%	2.8%	$147M	$377M	$29M
Sep '24	$675M	-$25M	21.8%	-0.7%	-$10M	$501M	$13M
Jun '24	$634M	-$3M	22.1%	2.4%	-$12M	$538M	$13M
Mar '24	$655M	-$28M	20.4%	-1.6%	-$70M	$545M	$10M
Dec '23	$788M	-$22M	19.6%	0.4%	$95M	$514M	$53M
Sep '23	$700M	-$3M	19.9%	2.0%	$27M	$586M	$11M
Jun '23	$703M	-$6M	19.0%	1.2%	$34M	$606M	$11M
Mar '23	$767M	-$25M	19.4%	0.0%	-$79M	$631M	$9M
Dec '22	$885M	—	20.1%	1.0%	$174M	$568M	$25M
Sep '22	$830M	$14M	18.8%	3.0%	-$23M	$727M	$14M
Jun '22	$758M	$5M	18.4%	1.9%	-$21M	$694M	$12M
Mar '22	$744M	-$1M	16.7%	0.7%	-$36M	$799M	$138M
Dec '21	$855M	-$21M	17.9%	-0.5%	$106M	$801M	$180M
Sep '21	$706M	$14M	18.7%	4.0%	-$81M	$822M	$27M
Jun '21	$694M	$34M	20.1%	6.9%	$6M	$847M	$98M

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 14.2× (Jun '26).
The price-to-sales ratio has risen from 0.1× (Mar '23) to 0.2× (Jun '26).
The dividend yield has risen from 0.7% (Mar '23) to 3.8% (Jun '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?

As of Jun '26, Quad/Graphics, Inc. traded at a price-to-earnings ratio of about 14.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.