Quad/Graphics, Inc. filed its third-quarter 2026 earnings release on October 28, 2026, reporting Net Sales of $587 million for the quarter ended September 30, 2026, and updating its full-year 2026 financial guidance.

Key Highlights

  • Q3 Net Sales of $587 million in the third quarter of 2026, consistent with $588 million in the third quarter of 2025, according to the filing.
  • Net Earnings of $6 million and $0.11 Diluted Earnings Per Share in Q3 2026, compared to $10 million and $0.21 in Q3 2025.
  • Adjusted Diluted EPS rose 13% to $0.35 in Q3 2026 from $0.31 in Q3 2025, the company reported.
  • Full-year Adjusted Net Sales Change guidance improved to a 1% to 3% decline range, from an original 1% to 5% decline range.
  • Full-year Adjusted EBITDA guidance narrowed to $185 million to $195 million, within the original $175 million to $215 million range.
  • $23 million returned to shareholders year-to-date, comprising $15 million in cash dividends and $8 million in share repurchases, the filing stated.
  • Quarterly dividend of $0.10 per share declared, payable December 4, 2026, to shareholders of record as of November 17, 2026.

Quad/Graphics Third-Quarter 2026 Financial Performance and Guidance Update

Quad/Graphics, Inc. (NYSE:QUAD) reported Q3 2026 Net Sales of $587 million, nearly flat compared to $588 million in the same quarter of 2025. According to the filing, higher logistics sales were offset by lower large-scale print volumes and lower agency solutions sales. Non-GAAP Adjusted EBITDA was $51 million in Q3 2026, compared to $53 million in Q3 2025, with the decrease attributed primarily to the mix of Net Sales.

For the nine months ended September 30, 2026, the company disclosed Net Sales of $1.7 billion, a decrease of 2% compared to the same period in 2025. Excluding the 1% impact of the divestiture of European operations, Net Sales declined 1%. Year-to-date Net Earnings were $15 million, or $0.31 Diluted Earnings Per Share, compared to $16 million, or $0.32, in the prior-year period. Adjusted Diluted Earnings Per Share for the nine-month period was $0.84, up 29% from $0.65 in 2025. Net Debt stood at $422 million at September 30, 2026, compared to $308 million at December 31, 2025, and $465 million at September 30, 2025. Free Cash Flow was negative $100 million year-to-date, compared to negative $87 million in the same period of 2025.

The company updated its full-year 2026 guidance, improving the midpoint of its Adjusted Annual Net Sales Change range to a 1% to 3% decline from an original 1% to 5% decline. Full-year Adjusted EBITDA guidance was narrowed to $185 million to $195 million, and Free Cash Flow guidance was narrowed to $45 million to $55 million. Capital Expenditures guidance was set at approximately $55 million. The year-end Net Debt Leverage Ratio target remains at approximately 1.5x. The filing also noted that Quad repurchased 1.0 million shares of Class A common stock in 2026, bringing total repurchases to 8.4 million shares since 2022, representing approximately 15% of outstanding shares as of March 31, 2022.

What Was Disclosed

Quad/Graphics disclosed third-quarter and nine-month 2026 financial results, including Net Sales, Net Earnings, Adjusted EBITDA, Free Cash Flow, and Net Debt figures, along with updated full-year 2026 guidance ranges and a declared quarterly dividend of $0.10 per share payable December 4, 2026.