$QUAD

Quad/Graphics, Inc.

CIK:0001481792|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total net sales	$ 577.5	$ 571.9	$ 1,158.5	$ 1,201.3
Total cost of sales	456.1	448.1	914.2	948.1
Operating expenses
Selling, general and administrative expenses	79.6	80.2	158.0	163.7
Depreciation and amortization	17.2	20.7	35.6	40.4
Restructuring, impairment and transaction-related charges, net	9.7	9.2	18.1	15.8
Total operating expenses	562.6	558.2	1,125.9	1,168.0
Operating income	14.9	13.7	32.6	33.3
Interest expense	8.9	13.2	18.9	25.6
Net pension (income) expense	(0.2)	0.3	(0.4)	0.7
Earnings before income taxes	6.2	0.2	14.1	7.0
Income tax expense	2.5	0.3	4.2	1.3
Net earnings (loss)	$ 3.7	$ (0.1)	$ 9.9	$ 5.7
Earnings (loss) per share
Basic (USD per share)	$ 0.08	$ 0.00	$ 0.21	$ 0.12
Diluted (USD per share)	$ 0.07	$ 0.00	$ 0.20	$ 0.11
Weighted average number of common shares outstanding
Basic (in shares)	48.0	47.6	47.9	47.8
Diluted (in shares)	50.0	47.6	49.8	50.1
Products
Total net sales	$ 451.8	$ 448.0	$ 908.0	$ 942.8
Total cost of sales	375.8	368.6	753.4	783.0
Services
Total net sales	125.7	123.9	250.5	258.5
Total cost of sales	$ 80.3	$ 79.5	$ 160.8	$ 165.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net earnings	$ 9.9	$ 5.7
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	35.6	40.4
Impairment charges	1.0	4.5
Amortization of debt issuance costs and original issue discount	0.8	0.8
Stock-based compensation	4.2	3.8
Loss on the sale of a business	0.0	0.5
Loss (gain) on the sale or disposal of property, plant and equipment, net	0.1	(4.5)
Deferred income taxes	(0.1)	0.6
Changes in operating assets and liabilities - net of acquisitions and divestitures	(92.4)	(93.4)
Net cash used in operating activities	(40.9)	(41.6)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(25.3)	(24.3)
Cost investment in unconsolidated entities	0.0	(0.2)
Proceeds from the sale of property, plant and equipment	0.2	5.3
Acquisition of a business	(1.9)	(16.3)
Other investing activities	0.2	(2.7)
Net cash used in investing activities	(26.8)	(38.2)
FINANCING ACTIVITIES
Payments of current and long-term debt	(18.3)	(13.0)
Payments of finance lease obligations	(0.3)	(0.7)
Borrowings on revolving credit facilities	618.9	678.4
Payments on revolving credit facilities	(571.4)	(590.7)
Purchases of treasury stock	(3.2)	(7.6)
Equity awards redeemed to pay employees’ tax obligations	(3.8)	(3.6)
Payment of cash dividends	(10.2)	(7.4)
Net cash provided by financing activities	11.7	55.4
Effect of exchange rates on cash and cash equivalents	0.1	0.2
Net decrease in cash and cash equivalents, including cash classified as held for sale	(55.9)	(24.2)
Less: net decrease in cash classified as held for sale	0.0	(1.7)
Net decrease in cash and cash equivalents	(55.9)	(22.5)
Cash and cash equivalents at beginning of period	63.3	29.2
Cash and cash equivalents at end of period	$ 7.4	$ 6.7

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 7.4	$ 63.3
Receivables, less allowances for credit losses of $21.5 million at June 30, 2026, and $20.9 million at December 31, 2025	298.2	294.8
Inventories	156.1	143.5
Prepaid expenses and other current assets	39.8	36.8
Total current assets	501.5	538.4
Property, plant and equipment—net	454.0	461.6
Operating lease right-of-use assets—net	63.6	68.0
Goodwill	107.6	107.6
Other intangible assets—net	11.7	13.7
Other long-term assets	59.4	63.6
Total assets	1,197.8	1,252.9
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	315.3	342.0
Other current liabilities	184.2	211.7
Short-term debt and current portion of long-term debt	50.2	47.0
Current portion of finance lease obligations	0.6	0.5
Current portion of operating lease obligations	23.4	23.0
Total current liabilities	573.7	624.2
Long-term debt	349.8	322.9
Finance lease obligations	0.9	0.8
Operating lease obligations	44.3	49.8
Deferred income taxes	4.1	4.0
Other long-term liabilities	100.3	122.6
Total liabilities	1,073.1	1,124.3
Commitments and contingencies (Note 7)
Shareholders’ equity
Preferred stock	0.0	0.0
Additional paid-in capital	842.7	846.2
Treasury stock, at cost	(35.6)	(36.3)
Accumulated deficit	(623.4)	(623.2)
Accumulated other comprehensive loss	(60.4)	(59.5)
Total shareholders’ equity	124.7	128.6
Total liabilities and shareholders’ equity	1,197.8	1,252.9
Common Class A
Shareholders’ equity
Common stock	1.0	1.0
Common Class B
Shareholders’ equity
Common stock	0.4	0.4
Common Class C
Shareholders’ equity
Common stock	$ 0.0	$ 0.0