balance equationreview2023-12-31
Difference 237100000 exceeds tolerance 1509700.000. Presentation or filing-vintage differences need review.
Revenue
$2.42B
Fiscal year ended 2025-12-31Operating income
$97.00M
Fiscal year ended 2025-12-31Free cash flow
$50.70M
Fiscal year ended 2025-12-31Quad/Graphics, Inc. (QUAD) reported revenue of $2.42B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Quad/Graphics, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Commercial Printing.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.67B | $2.96B | $3.22B | $2.96B | $2.93B | $3.92B | $3.99B | $3.95B | $4.33B |
| Cost of revenue | $1.90B | $2.09B | $2.38B | $2.62B | $2.39B | $2.33B | $3.19B | $3.22B | $3.09B | $3.39B |
| Gross profit | $523.30M | $580.00M | $576.50M | $598.20M | $570.50M | $594.80M | $731.20M | $764.40M | $859.90M | $934.70M |
| Operating income | $97.00M | $19.20M | $25.70M | $53.50M | $92.80M | -$46.00M | $34.70M | $87.30M | $172.80M | $117.30M |
| Net income | Unavailable | Unavailable | Unavailable | Unavailable | $37.80M | -$128.30M | -$156.30M | $8.50M | $107.20M | $44.90M |
| Research & development | $2.90M | $3.20M | $3.10M | $3.30M | $3.10M | $3.00M | $3.60M | $3.60M | $9.00M | $9.30M |
| Weighted-average diluted shares | shares 49.90M | shares 47.60M | shares 48.40M | shares 52.50M | shares 53.00M | shares 50.60M | shares 50.00M | shares 51.60M | shares 51.80M | shares 49.80M |
| Pretax income | $32.50M | -$44.50M | -$42.60M | $17.70M | $47.00M | -$106.10M | -$79.80M | $26.50M | $108.90M | $59.30M |
| Income tax expense | $5.50M | $6.40M | $12.80M | $8.40M | $9.50M | $300.00K | -$24.40M | -$2.40M | -$9.20M | $13.00M |
| Diluted EPS | $0.54 | $-1.07 | $-1.14 | $0.18 | $0.71 | $-2.53 | $-3.12 | $0.16 | $2.07 | $0.90 |
| Selling, general & administrative | $325.90M | $356.80M | $344.50M | $358.60M | $326.00M | $335.10M | $397.60M | $358.90M | $408.70M | $466.70M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $63.30M | $29.20M | $52.90M | $25.20M | $179.90M | $55.20M | $78.70M | $69.50M | $64.40M | $19.20M |
| Total assets | $1.25B | $1.30B | $1.51B | $1.70B | $1.89B | $1.93B | $2.42B | $2.47B | $2.45B | $2.57B |
| Current assets | $538.40M | $534.30M | $587.70M | $704.50M | $809.10M | $679.20M | $910.90M | $946.60M | $908.50M | $902.60M |
| Total liabilities | $1.12B | $1.25B | $1.39B | $1.53B | $1.75B | $1.84B | $2.17B | $2.01B | $1.93B | $2.13B |
| Current liabilities | $624.20M | $698.70M | $790.80M | $795.40M | $957.10M | $682.70M | $813.40M | $851.30M | $745.90M | $774.60M |
| Total equity incl. NCI | $128.60M | $49.90M | -$117.60M | $172.90M | $136.80M | $84.80M | $244.30M | $460.20M | $522.40M | $441.50M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $143.50M | $162.40M | $178.80M | $260.70M | $226.20M | $170.20M | $210.50M | $279.00M | $246.50M | $265.40M |
| Accounts receivable | $294.80M | $273.20M | $316.20M | $372.60M | $362.00M | $399.10M | $456.10M | $497.60M | $552.50M | $563.60M |
| Goodwill | $107.60M | $100.30M | $103.00M | $86.40M | $86.40M | $103.00M | $103.00M | $44.50M | $0 | $0 |
| Long-term debt | $322.90M | $349.10M | $362.50M | $506.70M | $554.90M | $902.70M | $1.06B | $882.60M | $903.50M | $1.02B |
| Accounts payable | $342.00M | $356.70M | $373.60M | $456.60M | $367.30M | $320.00M | $416.70M | $496.30M | $381.60M | $323.50M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95.90M | $112.90M | $147.60M | $154.60M | $136.50M | $190.20M | $155.50M | $260.60M | $344.00M | $353.60M |
| Capital expenditures | $45.20M | $57.20M | $70.80M | $60.30M | $50.00M | $61.00M | $111.00M | $96.30M | $85.90M | $106.10M |
| Investing cash flow | -$27.70M | $12.70M | -$46.40M | -$60.50M | $129.40M | $9.70M | -$208.10M | -$120.50M | -$47.20M | -$88.80M |
| Financing cash flow | -$36.10M | -$149.10M | -$73.60M | -$248.70M | -$140.90M | -$223.60M | $61.80M | -$133.50M | -$251.70M | -$269.30M |
| Net change in cash | $32.40M | -$23.70M | $27.70M | -$154.70M | $124.70M | -$23.50M | $9.20M | $5.10M | $45.20M | -$5.10M |
| Stock-based compensation | $6.60M | $7.30M | $5.60M | $6.00M | $6.20M | $10.60M | $13.60M | $15.60M | $16.40M | $15.20M |
| Common dividends paid | $14.40M | $9.40M | $100.00K | $1.40M | $1.40M | $9.50M | $57.10M | $62.90M | $62.50M | $61.10M |
| Common share repurchases | $8.00M | $0 | $12.60M | $10.00M | $0 | Unavailable | $0 | $36.70M | $3.80M | $8.80M |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $50.70M | $55.70M | $76.80M | $94.30M | $86.50M | $129.20M | $44.50M | $164.30M | $258.10M | $247.50M |
| Gross margin | 21.6% | 21.7% | 19.5% | 18.6% | 19.3% | 20.3% | 18.6% | 19.2% | 21.8% | 21.6% |
| Operating margin | 4.0% | 0.7% | 0.9% | 1.7% | 3.1% | -1.6% | 0.9% | 2.2% | 4.4% | 2.7% |
| FCF margin | 2.1% | 2.1% | 2.6% | 2.9% | 2.9% | 4.4% | 1.1% | 4.1% | 6.5% | 5.7% |
| SBC / revenue | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% |
| Current ratio | 0.86x | 0.76x | 0.74x | 0.89x | 0.85x | 0.99x | 1.12x | 1.11x | 1.22x | 1.17x |
| Revenue YoY growth | -9.4% | -9.7% | -8.1% | 8.7% | 1.1% | -25.3% | -1.6% | 0.9% | -8.7% | Unavailable |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | -4.4% | -4.0% | 0.2% | 2.7% | 1.0% |
| R&D / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% |
| CapEx / revenue | 1.9% | 2.1% | 2.4% | 1.9% | 1.7% | 2.1% | 2.8% | 2.4% | 2.2% | 2.5% |
| Long-term debt / equity | 2.51x | Unavailable | Unavailable | Unavailable | Unavailable | 10.65x | 4.33x | 1.92x | 1.73x | 2.31x |
| Effective tax rate | 16.9% | Unavailable | Unavailable | 47.5% | 20.2% | Unavailable | Unavailable | -9.1% | -8.4% | 21.9% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open QUAD in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-04-29View SEC filing
10-K · Filed 2026-02-18View SEC filing
10-Q · Filed 2025-10-29View SEC filing
10-Q · Filed 2025-07-30View SEC filing
10-Q · Filed 2025-04-30View SEC filing
10-K · Filed 2025-02-21View SEC filing
Reconciliation checks needing review
1 period on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.