Quad/Graphics, Inc. (QUAD) Balance Sheet
QUAD balance sheet, 2025
December 31, 2025 · U.S. dollars$1.25B assets = $1.12B liabilities + $128.6M equity
Both columns are drawn to the same scale: what QUAD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
QUAD financial health
Descriptive bands, not a rating. Fiscal 2025.
QUAD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.57B2016 | $1.25B2025 | −7.7%/yr | |
| Total liabilities | $2.13B2016 | $1.12B2025 | −6.8%/yr | |
| Shareholders’ equity | $441.5M2016 | $128.6M2025 | −12.8%/yr | |
| Cash & short-term investments | $9.0M2016 | $63.3M2025 | +24.2%/yr | |
| Total debt | $1.14B2016 | $444.0M2025 | −9.9%/yr | |
| Net cash (debt) | −$1.13B2016 | −$380.7M2025 | +$746.5M | |
| Working capital | $128.0M2016 | −$85.8M2025 | −$213.8M | |
| Book value per share | $8.872016 | $2.582025 | −12.8%/yr | |
| Current ratio | 1.172016 | 0.862025 | −0.30 | |
| Debt / equity | 2.572016 | 3.452025 | +0.88 | |
| Shares outstanding | 49.8M2016 | 49.9M2025 | +0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QUAD assets
QUAD liabilities and equity
QUAD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
QUAD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $63.3M | $29.2M | $52.9M | $25.2M | $179.9M | $55.2M | $78.7M | $69.5M | $64.3M | $9.0M |
| Cash & equivalents | $63.3M | $29.2M | $52.9M | $25.2M | $179.9M | $55.2M | $78.7M | $69.5M | $64.3M | $9.0M |
| Short-term investments | — | — | $900,000 | $3.8M | — | $2.0M | — | $4.3M | $2.1M | $10.2M |
| Receivables | $294.8M | $273.2M | $316.2M | $372.6M | $362.0M | $399.1M | $456.1M | $497.6M | $552.5M | $563.6M |
| Inventory | $143.5M | $162.4M | $178.8M | $260.7M | $226.2M | $170.2M | $210.5M | $300.6M | $246.5M | $265.4M |
| Other current assets | $36.8M | $69.5M | $39.8M | $46.0M | $41.0M | $54.7M | $165.6M | $78.9M | $45.2M | $64.6M |
| Total current assets | $538.4M | $534.3M | $587.7M | $704.5M | $809.1M | $679.2M | $910.9M | $946.6M | $908.5M | $902.6M |
| Property, plant & equipment (net) | $529.6M | $578.6M | $717.2M | $783.2M | $852.7M | $965.2M | $1.13B | $1.26B | $1.38B | $1.52B |
| Goodwill & intangible assets | $121.3M | $107.5M | $124.8M | $133.3M | $161.7M | $207.3M | $240.2M | $167.2M | $43.4M | $59.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $2.6M | $3.6M | $4.0M | $3.6M | $3.6M |
| Other non-current assets | $63.6M | $78.6M | $80.0M | $80.8M | $66.5M | $73.4M | $128.0M | $93.9M | $119.3M | $84.3M |
| Total assets | $1.25B | $1.30B | $1.51B | $1.70B | $1.89B | $1.93B | $2.42B | $2.47B | $2.45B | $2.57B |
| Liabilities | ||||||||||
| Accounts payable | $342.0M | $356.7M | $373.6M | $456.6M | $367.3M | $320.0M | $416.7M | $496.3M | $381.6M | $323.5M |
| Short-term debt | $70.5M | $52.8M | $179.6M | $118.3M | $275.5M | $51.9M | $115.8M | $47.9M | $47.6M | $92.1M |
| Deferred revenue | $29.8M | $44.7M | $35.6M | $53.1M | $66.4M | $52.9M | — | −$5.1M | −$5.6M | −$7.4M |
| Total current liabilities | $624.2M | $698.7M | $790.8M | $795.4M | $957.1M | $682.7M | $813.4M | $851.3M | $745.9M | $774.6M |
| Long-term debt | $322.9M | $349.1M | $362.5M | $506.7M | $554.9M | $902.7M | $1.06B | $892.9M | $917.2M | $1.04B |
| Lease obligations | $74.1M | $87.5M | $111.1M | $117.3M | $131.1M | $87.7M | $114.3M | $15.4M | $19.3M | $26.3M |
| Other long-term liabilities | $177.2M | $201.3M | $236.9M | $226.8M | $241.2M | $257.5M | $300.9M | $264.7M | $266.9M | $315.3M |
| Total liabilities | $1.12B | $1.25B | $1.39B | $1.53B | $1.75B | $1.84B | $2.17B | $2.01B | $1.93B | $2.13B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $913.8M |
| Retained earnings (deficit) | −$623.2M | −$635.1M | −$573.9M | −$518.5M | −$527.8M | −$566.0M | −$423.5M | −$211.4M | −$162.9M | −$206.4M |
| Treasury stock | — | — | — | — | −$14.9M | −$13.1M | −$31.5M | −$56.6M | −$52.8M | −$113.3M |
| Accumulated other comprehensive income | −$59.5M | −$131.2M | −$117.6M | −$128.3M | −$161.2M | −$171.3M | −$167.2M | −$152.2M | −$124.4M | −$152.6M |
| Minority interest | — | — | — | — | — | $700,000 | $17.7M | $17.7M | $0 | $0 |
| Total shareholders' equity | $128.6M | $49.9M | $119.5M | $172.9M | $136.8M | $84.1M | $226.6M | $442.5M | $522.4M | $441.5M |
| Key figures | ||||||||||
| Total debt | $444.0M | $464.6M | $625.3M | $713.7M | $931.6M | $1.01B | $1.25B | $940.9M | $964.8M | $1.14B |
| Net cash (debt) | −$380.7M | −$435.4M | −$572.4M | −$688.5M | −$751.7M | −$955.9M | −$1.17B | −$871.4M | −$900.5M | −$1.13B |
| Working capital | −$85.8M | −$164.4M | −$203.1M | −$90.9M | −$148.0M | −$3.5M | $97.5M | $95.3M | $162.6M | $128.0M |
| Tangible book value | $7.3M | −$57.6M | −$5.3M | $39.6M | −$24.9M | −$123.2M | −$13.6M | $275.3M | $479.0M | $381.8M |
| Book value per share | $2.58 | $1.05 | $2.47 | $3.29 | $2.58 | $1.66 | $4.53 | $8.58 | $10.08 | $8.87 |
| Shares outstanding | 49.9M | 47.6M | 48.4M | 52.5M | 53.0M | 50.6M | 50.0M | 51.6M | 51.8M | 49.8M |
| Current ratio | 0.86 | 0.76 | 0.74 | 0.89 | 0.85 | 0.99 | 1.12 | 1.11 | 1.22 | 1.17 |
| Quick ratio | 0.57 | 0.43 | 0.47 | 0.50 | 0.57 | 0.67 | 0.66 | 0.67 | 0.83 | 0.74 |
| Debt / equity | 3.45 | 9.31 | 5.23 | 4.13 | 6.81 | 12.02 | 5.52 | 2.13 | 1.85 | 2.57 |
| Equity / assets | 10.3% | 3.8% | 7.9% | 10.2% | 7.2% | 4.4% | 9.4% | 17.9% | 21.3% | 17.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.4M | $7.0M | $63.3M | $6.2M | $6.7M | $8.1M | $29.2M | $12.5M | $12.8M | $10.2M | $52.9M | $11.0M |
| Cash & equivalents | $7.4M | $7.0M | $63.3M | $6.2M | $6.7M | $8.1M | $29.2M | $12.5M | $12.8M | $10.2M | $52.9M | $11.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $400,000 | $300,000 | $900,000 | $3.1M |
| Receivables | $298.2M | $311.6M | $294.8M | $313.2M | $290.0M | $299.6M | $273.2M | $305.6M | $294.2M | $302.7M | $316.2M | $348.2M |
| Inventory | $156.1M | $164.7M | $143.5M | $177.2M | $153.4M | $161.4M | $162.4M | $201.7M | $174.5M | $180.6M | $178.8M | $234.4M |
| Other current assets | $39.8M | $39.3M | $36.8M | $32.8M | $42.7M | $42.0M | $69.5M | $72.1M | $37.2M | $56.3M | $39.8M | $41.8M |
| Total current assets | $501.5M | $522.6M | $538.4M | $529.4M | $492.8M | $511.1M | $534.3M | $591.9M | $518.7M | $549.8M | $587.7M | $635.4M |
| Property, plant & equipment (net) | $517.6M | $523.4M | $529.6M | $551.9M | $560.0M | $567.0M | $578.6M | $595.4M | $675.1M | $693.6M | $717.2M | $741.8M |
| Goodwill & intangible assets | $119.3M | $120.1M | $121.3M | $122.6M | $124.0M | $106.5M | $107.5M | $110.9M | $114.3M | $118.0M | $124.8M | $114.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $59.4M | $64.8M | $63.6M | $63.9M | $64.0M | $61.9M | $78.6M | $90.6M | $59.8M | $62.3M | $80.0M | $77.8M |
| Total assets | $1.20B | $1.23B | $1.25B | $1.27B | $1.24B | $1.25B | $1.30B | $1.39B | $1.37B | $1.42B | $1.51B | $1.57B |
| Liabilities | ||||||||||||
| Accounts payable | $315.3M | $317.5M | $342.0M | $292.5M | $288.4M | $329.6M | $356.7M | $335.3M | $333.2M | $359.8M | $373.6M | $411.9M |
| Short-term debt | $74.2M | $73.0M | $70.5M | $60.2M | $55.9M | $54.3M | $52.8M | $126.0M | $108.3M | $97.5M | $207.5M | $181.2M |
| Deferred revenue | — | — | $29.8M | — | — | — | $44.7M | — | — | — | $35.6M | — |
| Total current liabilities | $573.7M | $554.3M | $624.2M | $539.5M | $534.3M | $533.1M | $698.7M | $698.1M | $611.8M | $631.3M | $790.8M | $785.3M |
| Long-term debt | $349.8M | $384.5M | $322.9M | $433.4M | $420.5M | $438.8M | $349.1M | $423.4M | $455.5M | $473.9M | $362.5M | $431.6M |
| Lease obligations | $69.2M | $70.2M | $74.1M | $79.3M | $81.6M | $82.9M | $87.5M | $91.9M | $102.8M | $106.6M | $111.1M | $108.0M |
| Other long-term liabilities | $149.6M | $165.5M | $177.2M | $198.2M | $199.0M | $187.2M | $201.3M | $216.4M | $221.5M | $229.3M | $236.9M | $209.0M |
| Total liabilities | $1.07B | $1.10B | $1.12B | $1.17B | $1.15B | $1.16B | $1.25B | $1.34B | $1.29B | $1.33B | $1.39B | $1.43B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | −$623.4M | −$622.1M | −$623.2M | −$630.5M | −$637.0M | −$633.1M | −$635.1M | −$637.2M | −$610.0M | −$604.6M | −$573.9M | −$551.9M |
| Accumulated other comprehensive income | −$60.4M | −$59.0M | −$59.5M | −$82.9M | −$85.0M | −$90.4M | −$131.2M | −$126.7M | −$124.2M | −$116.9M | −$117.6M | −$117.1M |
| Total shareholders' equity | $124.7M | $126.6M | $128.6M | $96.7M | $87.0M | $87.4M | $49.9M | $50.9M | $79.1M | $89.2M | $119.5M | $143.4M |
| Key figures | ||||||||||||
| Total debt | $469.2M | $503.4M | $444.0M | $549.3M | $534.6M | $552.0M | $464.6M | $616.9M | $640.4M | $652.0M | $653.2M | $693.6M |
| Net cash (debt) | −$461.8M | −$496.4M | −$380.7M | −$543.1M | −$527.9M | −$543.9M | −$435.4M | −$604.4M | −$627.6M | −$641.8M | −$600.3M | −$682.6M |
| Working capital | −$72.2M | −$31.7M | −$85.8M | −$10.1M | −$41.5M | −$22.0M | −$164.4M | −$106.2M | −$93.1M | −$81.5M | −$203.1M | −$149.9M |
| Tangible book value | $5.4M | $6.5M | $7.3M | −$25.9M | −$37.0M | −$19.1M | −$57.6M | −$60.0M | −$35.2M | −$28.8M | −$5.3M | $29.1M |
| Book value per share | $2.49 | $2.55 | $2.58 | $1.95 | $1.83 | $1.72 | $0.97 | $1.06 | $1.66 | $1.89 | $2.53 | $2.99 |
| Shares outstanding | 50.0M | 49.6M | 49.9M | 49.7M | 47.6M | 50.7M | 51.2M | 47.8M | 47.7M | 47.2M | 47.2M | 48.0M |
| Current ratio | 0.87 | 0.94 | 0.86 | 0.98 | 0.92 | 0.96 | 0.76 | 0.85 | 0.85 | 0.87 | 0.74 | 0.81 |
| Quick ratio | 0.53 | 0.57 | 0.57 | 0.59 | 0.56 | 0.58 | 0.43 | 0.46 | 0.50 | 0.50 | 0.47 | 0.46 |
| Debt / equity | 3.76 | 3.98 | 3.45 | 5.68 | 6.14 | 6.32 | 9.31 | 12.12 | 8.10 | 7.31 | 5.47 | 4.84 |
| Equity / assets | 10.4% | 10.3% | 10.3% | 7.6% | 7.0% | 7.0% | 3.8% | 3.7% | 5.8% | 6.3% | 7.9% | 9.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
QUAD financial position
At the end of fiscal 2025 (December 31, 2025), Quad/Graphics had total assets of $1.3 billion (down 3.5% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $128.6 million. It held $63.3 million in cash and short-term investments against $444.0 million of debt, net debt of $380.7 million. Its current ratio was 0.86. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $124.7 million.
Related: QUAD income statement, QUAD cash flow statement, QUAD key metrics. See the QUAD stock overview for the latest quote and news.
QUAD balance sheet FAQ
What are Quad/Graphics's total assets?
Quad/Graphics reported total assets of $1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.3 billion a year earlier.
How much debt does Quad/Graphics have?
Quad/Graphics had $444.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.45.
How much cash does Quad/Graphics have?
Quad/Graphics held $63.3 million in cash and short-term investments at the end of fiscal 2025; with $444.0 million of debt that is net debt of $380.7 million.
What is Quad/Graphics's book value?
Quad/Graphics's shareholders' equity (book value) was $128.6 million at the end of fiscal 2025, or $2.58 per share.
What is Quad/Graphics's current ratio?
Quad/Graphics had current assets of $538.4 million and current liabilities of $624.2 million, a current ratio of 0.86 (current liabilities exceed current assets).
How much goodwill does Quad/Graphics have?
Quad/Graphics carried $121.3 million of goodwill and intangible assets, 9.7% of total assets, at the end of fiscal 2025.