Quad Graphics Posts $196M 2025 EBITDA, Sees $175M–215M 2026 EBITDA
Quad Graphics posted 2025 net sales down 4.8% ex-Europe and adjusted EBITDA of $196 million, while adjusted EPS rose to $1.01 and free cash flow hit $51 million. It expects 2026 net sales down 1–5%, adjusted EBITDA of $175–215 million, free cash flow of $40–60 million and capex of $55–65 million.
1. 2025 Financial Results
Quad Graphics met full-year 2025 guidance with net sales down 4.8% ex-Europe and adjusted EBITDA of $196 million. Adjusted EPS rose to $1.01, free cash flow reached $51 million, net debt leverage improved to 1.57x, 7.4 million shares were repurchased and the quarterly dividend was increased by 33%.
2. 2026 Outlook and Capital Allocation
For 2026, management forecasts net sales down 1–5%, adjusted EBITDA of $175–215 million and free cash flow of $40–60 million. Capital expenditures are planned at $55–65 million to fund automation, growth initiatives and the In-Store Connect platform.
3. Diversification and Agency Growth
Quad is expanding beyond traditional print via its MX Solutions Suite and a formalized direct marketing agency. It highlighted packaging and in-store marketing growth, key wins with Heartland Dental, Gorilla Glue and Pura, and ongoing investments in Betty Creative and Rise Media.
4. Leadership Changes and AI Investments
Dave Honan was promoted to President while retaining his COO role, and marketing and sales now report to CRO Julie Currie. Targeted AI investments include workflow automation, audience-building tools and synthetic photography at Betty Studios to speed creative production.