Quad/Graphics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	27	-50.9	-55.4	9.3	37.8
Depreciation & Amortization	78.6	102.5	128.8	141.3	157.3
Other Amortization	1.6	1.6	2	2.2	3
Loss (Gain) From Sale of Assets	-20.2	-22.5	-10.9	20.8	-69.9
Asset Writedown & Restructuring Costs	7.5	74.9	25.2	2.2	2.8
Loss (Gain) From Sale of Investments	-	-4.1	-	-	32.1
Loss (Gain) on Equity Investments	-	-	-	-	-0.3
Stock-Based Compensation	6.6	7.3	5.6	6	6.2
Other Operating Activities	13.4	-2	-3.7	2.4	-9.2
Change in Accounts Receivable	-4	14.8	65	-18.6	12.7
Change in Inventory	24	2.4	90.3	-41.1	-58.3
Change in Accounts Payable	-31.1	7.2	-106.7	63.9	49
Change in Other Net Operating Assets	-7.5	-18.3	7.4	-33.8	-26.7
Operating Cash Flow	95.9	112.9	147.6	154.6	136.5
Operating Cash Flow Growth	-15.06%	-23.51%	-4.53%	13.26%	-28.23%
Capital Expenditures	-45.2	-57.2	-70.8	-60.3	-50
Sale of Property, Plant & Equipment	36.8	49.1	31.7	4.6	126.3
Cash Acquisitions	-16.3	-	-1.5	-2.6	-
Divestitures	-	-	-	-	39.7
Investment in Securities	-0.3	22	-0.7	-3.3	-1.4
Other Investing Activities	-2.7	-1.2	-5.1	1.1	14.8
Investing Cash Flow	-27.7	12.7	-46.4	-60.5	129.4
Long-Term Debt Issued	1,280	1,511	1,439	998.8	461
Long-Term Debt Repaid	-1,290	-1,644	-1,497	-1,233	-583
Net Debt Issued (Repaid)	-10	-133	-58.6	-234.2	-122
Repurchase of Common Stock	-11.6	-2.1	-14.3	-12.5	-1.1
Common Dividends Paid	-14.4	-9.4	-0.1	-1.4	-1.4
Other Financing Activities	-0.1	-4.6	-0.6	-0.6	-16.4
Financing Cash Flow	-36.1	-149.1	-73.6	-248.7	-140.9
Foreign Exchange Rate Adjustments	0.3	-0.2	0.1	-0.1	-0.3
Miscellaneous Cash Flow Adjustments	1.7	-	-	-	-
Net Cash Flow	34.1	-23.7	27.7	-154.7	124.7
Free Cash Flow	50.7	55.7	76.8	94.3	86.5
Free Cash Flow Growth	-8.98%	-27.47%	-18.56%	9.02%	-33.05%
Free Cash Flow Margin	2.10%	2.08%	2.60%	2.93%	2.92%
Free Cash Flow Per Share	1.02	1.17	1.59	1.80	1.63
Cash Interest Paid	40.2	52.9	55.9	44	41.8
Cash Income Tax Paid	5.8	10.7	12.2	6.2	4.3
Levered Free Cash Flow	13.24	153.43	134.51	106.76	179.34
Unlevered Free Cash Flow	43.2	192.14	176.26	134.81	213.59
Change in Working Capital	-18.6	6.1	56	-29.6	-23.3

Source: S&P Global Market Intelligence. Standard template. Financial Sources.