Quad/Graphics Income 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
Revenue	2,420	2,672	2,958	3,217	2,960
Revenue Growth (YoY)	-9.44%	-9.65%	-8.06%	8.67%	1.05%
Cost of Revenue	1,897	2,092	2,381	2,619	2,390
Gross Profit	523.3	580	576.5	598.2	570.5
Selling, General & Admin	339.9	356	342.8	346	324.9
Operating Expenses	418.5	458.5	471.6	487.3	482.2
Operating Income	104.8	121.5	104.9	110.9	88.3
Interest Expense	-50.5	-64.5	-70	-48.4	-59.6
Earnings From Equity Investments	-	-	-	-	0.3
EBT Excluding Unusual Items	54.3	57	34.9	62.5	29
Merger & Restructuring Charges	-21.8	-101.5	-77.5	-44.8	-18.3
Gain (Loss) on Sale of Assets	-	-	-	-	24.5
Asset Writedown	-	-	-	-	-0.6
Other Unusual Items	-	-	-	-	-0.7
Pretax Income	32.5	-44.5	-42.6	17.7	47.3
Income Tax Expense	5.5	6.4	12.8	8.4	9.5
Earnings From Continuing Operations	27	-50.9	-55.4	9.3	37.8
Net Income to Company	27	-50.9	-55.4	9.3	37.8
Net Income	27	-50.9	-55.4	9.3	37.8
Net Income to Common	27	-50.9	-55.4	9.3	37.8
Net Income Growth	-	-	-	-75.40%	-
Shares Outstanding (Basic)	48	48	48	51	51
Shares Outstanding (Diluted)	50	48	48	53	53
Shares Change (YoY)	4.83%	-1.65%	-7.81%	-0.94%	4.74%
EPS (Basic)	0.57	-1.07	-1.14	0.18	0.74
EPS (Diluted)	0.54	-1.07	-1.14	0.18	0.71
EPS Growth	-	-	-	-74.65%	-
Free Cash Flow	50.7	55.7	76.8	94.3	86.5
Free Cash Flow Per Share	1.02	1.17	1.59	1.80	1.63
Dividend Per Share	0.300	0.200	-	-	-
Dividend Growth	50.00%	-	-	-	-
Gross Margin	21.63%	21.70%	19.49%	18.59%	19.27%
Operating Margin	4.33%	4.55%	3.55%	3.45%	2.98%
Profit Margin	1.12%	-1.91%	-1.87%	0.29%	1.28%
Free Cash Flow Margin	2.10%	2.08%	2.60%	2.93%	2.92%
EBITDA	183.4	224	233.7	252.2	245.6
EBITDA Margin	7.58%	8.38%	7.90%	7.84%	8.30%
D&A For EBITDA	78.6	102.5	128.8	141.3	157.3
EBIT	104.8	121.5	104.9	110.9	88.3
EBIT Margin	4.33%	4.55%	3.55%	3.45%	2.98%
Effective Tax Rate	16.92%	-	-	47.46%	20.09%
Revenue as Reported	2,420	2,672	2,958	3,217	2,960

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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