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Dec 31, 2025
Quad Q4 2025 Earnings Report
Quad reported its fourth quarter and full-year 2025 results, achieving financial guidance and introducing 2026 guidance.
Key Takeaways
Quad reported a significant improvement in Net Earnings for the fourth quarter of 2025, reaching $11 million compared to $5 million in the same period of 2024. Diluted Earnings Per Share also increased to $0.22 from $0.09. However, Net Sales declined by 11.0% to $631 million, primarily due to lower paper sales, print volumes, and logistics sales. The company also announced a 33% increase in its quarterly dividend to $0.10 per share.
Net Earnings improved to $11 million in Q4 2025, up from $5 million in Q4 2024.
Diluted Earnings Per Share increased to $0.22 in Q4 2025, compared to $0.09 in Q4 2024.
Net Sales decreased by 11.0% to $631 million in Q4 2025, primarily due to lower paper sales, print volumes, and logistics sales.
Adjusted EBITDA was $55 million in Q4 2025, a decrease from $63 million in Q4 2024.
Revenue by Segment
Forward Guidance
Quad anticipates a continued improvement in Net Sales decline for 2026, targeting a 3% decline at the midpoint of its guidance range, and expects to maintain strong cash generation and shareholder returns.
Positive Outlook
- Anticipates further improvement in Net Sales decline to 1% to 5% decline in 2026.
- Projects Full-Year Adjusted EBITDA between $175 million and $215 million.
- Forecasts Free Cash Flow between $40 million and $60 million.
- Expects Capital Expenditures between $55 million and $65 million.
- Aims for a Year-End Net Debt Leverage Ratio of approximately 1.5x.
Challenges Ahead
- Net Sales are still projected to decline, albeit at a slower rate.
- Adjusted EBITDA guidance range is lower than 2025 actuals ($196 million).
- Free Cash Flow guidance range is lower than 2025 actuals ($51 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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