Quad/Graphics, Inc. Class A (QUAD)

In the past six months, Quad/Graphics reported its second-quarter results with net sales of $572 million, a 10% decline compared to Q2 2024, but reported a net loss improvement. Adjusted diluted earnings per share increased to $0.14 in Q2 2025. Net debt increased to $448 million at June 30, 2025. Quad announced a 50% dividend increase and repurchased 1.2 million shares for $6.7 million year-to-date in 2025. The U.S. Postal Service announced a postal rate increase, expected to result in an average 10% increase in postage for many of Quad's mailing clients. The company's stock price as of December 19, 2025, was $6.47 per share, representing a 13.04% decline from December 23, 2024. On October 28, 2025, Quad reported Q3 2025 earnings of $0.205 USD per share and expects sequentially higher adjusted EBITDA in the third and fourth quarters of 2025.

Quad/Graphics' business experiences significant seasonality, with negative free cash flow in the first nine months and large positive free cash flow in the fourth quarter. The seasonal production peak occurs in the late third quarter and early fourth quarter, driven by holiday-related advertising and promotions. This seasonality leads to inventory build-up before this period and subsequently higher collections from clients in the fourth quarter. The company's working capital requirements are partially mitigated by clients directly purchasing paper.

Quad/Graphics, Inc. (QUAD) is an American marketing services company that provides print and related multichannel solutions. It has evolved into a marketing experience (MX) company, helping brands connect with consumers across various channels. Quad offers a suite of solutions including customer insights, media services, creative services, and marketing outsourcing, serving industries like consumer packaged goods, financial services, and retail. Quad operates under brands like Rise, QuadMed, and Quad's MX, and in 2024, launched a new creative agency named Betty and introduced InStore Connect. In March 2025, Quad expanded into the branded solutions market.

Quad/Graphics has a global presence with print production facilities across the Americas, Europe, and Asia, with its headquarters in Sussex, Wisconsin. As of late 2022, Quad operated 45 manufacturing and distribution facilities and over 80 client-based on-site locations worldwide. Its international segment includes printing operations in Europe and Latin America, specifically in England, France, Germany, Poland, Colombia, Mexico, and Peru. The company also has offices in various U.S. cities, including Chicago, Flower Mound, Greenville, Milwaukee, and New York, and international offices in Delhi, India, and Hong Kong.

Quad has gained recognition as a marketing experience (MX) company. In June 2025, Quad was included at number 21 in Ad Age's ranking of the largest agency companies, marking its sixth consecutive year on the list. The company is also ranked as the 14th largest agency company in the U.S. by Ad Age (2023) and the second-largest commercial printer in North America (2023). In 2024, Quad launched a new creative agency named Betty and introduced InStore Connect. In March 2025, Quad expanded into the branded solutions market.

Quad/Graphics' ownership includes family influence, institutional investment, and public shareholding. Institutional investors own approximately 48.49% of shares, with major investors including Miller Value Partners and BlackRock, Inc. Insiders hold about 17.01% of the company's stock. The Quadracci family maintains influence through leadership roles and the Quad Voting Trust, which holds 24% of the company. Public companies and individual investors own approximately 54.24% of the shares.