Quad/Graphics, Inc. (QUAD) Income Statement
QUAD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsQUAD revenue and net income
Where QUAD's revenue goes
2025Each bar shows an amount and its share of revenue. QUAD kept 1.1% of revenue as net income.
QUAD profit margins
QUAD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −9.4% | −9.1% | −3.8% | −6.4% |
| Gross profit | −7.5% | −1.1% | +1.3% | −3.0% |
| Operating income | −6.5% | +5.8% | +7.6% | −1.9% |
| Net income | — | +42.7% | — | — |
| EPS (diluted) | +20.2% | +8.5% | +22.9% | +6.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
QUAD quarterly EPS vs estimates
Quad/Graphics beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.36).
QUAD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.67B | $2.96B | $3.22B | $2.96B | $2.93B | $3.92B | $4.19B | $4.13B | $4.33B |
| Cost of revenue | $1.98B | $2.19B | $2.51B | $2.76B | $2.54B | $2.51B | $3.40B | $3.43B | $3.48B | $3.66B |
| Gross profit | $444.7M | $480.7M | $450.8M | $460.2M | $416.3M | $416.2M | $525.3M | $553.1M | $648.5M | $666.9M |
| Research & development | — | $3.2M | $3.1M | $3.3M | $3.1M | $3.0M | $3.6M | $3.6M | $9.0M | $9.3M |
| Sales, general & admin | $325.9M | $356.8M | $356.8M | $358.6M | $311.5M | $335.1M | $397.6M | $372.1M | $413.4M | $454.6M |
| Total operating expenses | $325.9M | $353.6M | $352.0M | $359.8M | $326.2M | $333.9M | $402.4M | $360.9M | $432.8M | $457.9M |
| Operating income | $118.8M | $127.1M | $98.8M | $100.4M | $90.1M | $82.3M | $122.9M | $192.2M | $215.7M | $209.0M |
| Interest income | — | — | — | — | — | — | $90.0M | $73.2M | $70.9M | $77.2M |
| Interest expense | $50.5M | $64.5M | $70.0M | $48.4M | $59.6M | $68.8M | $90.0M | $73.3M | $71.1M | $77.2M |
| Income before taxes | $32.5M | −$44.5M | −$42.6M | $17.7M | $47.3M | −$106.3M | −$80.1M | $27.5M | $91.2M | $57.9M |
| Income taxes | $5.5M | $6.4M | $12.8M | $8.4M | $9.5M | $300,000 | −$24.4M | −$9.8M | −$16.0M | $13.0M |
| Net income | $27.0M | −$50.9M | −$55.4M | $9.3M | $37.8M | −$128.3M | −$55.4M | $8.5M | $107.2M | $44.9M |
| EBITDA | $161.6M | $121.0M | $150.6M | $213.0M | $266.1M | $150.4M | $232.5M | $314.8M | $394.8M | $413.6M |
| EPS (diluted) | $1.01 | $0.84 | −$0.14 | $0.79 | $0.60 | $0.36 | $0.24 | $1.79 | $1.80 | $1.54 |
| Gross margin | 18.4% | 18.0% | 15.2% | 14.3% | 14.1% | 14.2% | 13.4% | 13.2% | 15.7% | 15.4% |
| Operating margin | 4.9% | 4.8% | 3.3% | 3.1% | 3.0% | 2.8% | 3.1% | 4.6% | 5.2% | 4.8% |
| Net margin | 1.1% | −1.9% | −1.9% | 0.3% | 1.3% | −4.4% | −1.4% | 0.2% | 2.6% | 1.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $581.0M | $630.6M | $588.0M | $571.9M | $629.4M | $708.4M | $674.8M | $634.2M | $654.8M | $787.9M | $700.2M |
| Cost of revenue | $473.3M | $476.5M | $513.3M | $473.4M | $468.8M | $519.7M | $572.5M | $552.0M | $520.3M | $549.9M | $664.2M | $592.8M |
| Gross profit | $577.5M | $104.5M | $117.3M | $114.6M | $103.1M | $109.7M | $135.9M | $122.8M | $113.9M | $104.9M | $123.7M | $107.4M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $3.1M | — |
| Sales, general & admin | $79.6M | $78.4M | $81.3M | $80.9M | $80.2M | $83.5M | $96.6M | $88.4M | $88.7M | $83.1M | $89.5M | $82.5M |
| Total operating expenses | $562.6M | $78.4M | $81.3M | $80.9M | $80.2M | $83.5M | $96.6M | $88.4M | $88.7M | $83.1M | $89.5M | $82.5M |
| Operating income | $14.9M | $26.1M | $36.0M | $33.7M | $22.9M | $26.2M | $39.3M | $34.4M | $25.2M | $21.8M | $34.2M | $24.9M |
| Interest expense | $8.9M | $10.0M | $12.1M | $12.8M | $13.2M | $12.4M | $15.1M | $17.0M | $17.2M | $15.2M | $19.0M | $17.7M |
| Income before taxes | $6.2M | $7.9M | $12.3M | $13.2M | $200,000 | $6.8M | $4.8M | −$21.7M | −$1.9M | −$25.7M | −$15.1M | −$3.5M |
| Income taxes | $2.5M | $1.7M | $1.2M | $3.0M | $300,000 | $1.0M | $100,000 | $3.0M | $900,000 | $2.4M | $6.9M | −$800,000 |
| Net income | $3.7M | $6.2M | $11.1M | $10.2M | −$100,000 | $5.8M | $4.7M | −$24.7M | −$2.8M | −$28.1M | −$22.0M | −$2.7M |
| EBITDA | $32.1M | $36.3M | $43.3M | $45.3M | $34.1M | $38.9M | $43.0M | $19.7M | $41.7M | $18.1M | $33.3M | $44.7M |
| EPS (diluted) | $0.24 | $0.25 | $0.36 | $0.31 | $0.14 | $0.20 | $0.36 | $0.26 | $0.12 | $0.10 | $0.23 | $0.11 |
| Gross margin | 55.0% | 18.0% | 18.6% | 19.5% | 18.0% | 17.4% | 19.2% | 18.2% | 18.0% | 16.0% | 15.7% | 15.3% |
| Operating margin | 1.4% | 4.5% | 5.7% | 5.7% | 4.0% | 4.2% | 5.5% | 5.1% | 4.0% | 3.3% | 4.3% | 3.6% |
| Net margin | 0.4% | 1.1% | 1.8% | 1.7% | −0.0% | 0.9% | 0.7% | −3.7% | −0.4% | −4.3% | −2.8% | −0.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in QUAD's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
QUAD financial results
In fiscal year 2025 (ended December 31, 2025), Quad/Graphics reported revenue of $2.4 billion, down 9.4% from the year before. It had net income of $27.0 million, a net profit margin of 1.1%. Diluted earnings per share came to $1.01. Over five years revenue grew at an average rate of −3.8% a year.
See the QUAD stock overview for the latest quote and news, or the QUAD chart for price history and technical indicators.
QUAD income statement FAQ
What is Quad/Graphics's annual revenue?
Quad/Graphics reported total revenue of $2.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 9.4% from $2.7 billion the previous year.
Is Quad/Graphics profitable?
Yes. Quad/Graphics reported net income of $27.0 million in fiscal 2025, a net profit margin of 1.1%; its operating margin was 4.9%.
What is Quad/Graphics's gross margin?
Quad/Graphics's gross margin was 18.4% in fiscal 2025: for every $100 of revenue, Quad/Graphics kept $18 after the direct cost of its products and services.
How fast is Quad/Graphics growing?
Revenue grew −3.8% a year on average over the last five fiscal years, from $2.9 billion to $2.4 billion.
What are Quad/Graphics's earnings per share?
Quad/Graphics earned $1.01 per diluted share in fiscal 2025, compared with $0.84 a year earlier.
When will Quad/Graphics report its next earnings?
Quad/Graphics is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Quad/Graphics's fiscal year end?
Quad/Graphics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.