Quad Reports 1Q 2026 Results

Quad/Graphics, Inc. reported results for the first quarter ended March 31, 2026.

Net sales were $581 million in the first quarter of 2026, a decrease of 7.7% compared to the same period in 2025. Excluding the 3.4% impact of the divestiture of the company’s European operations, net sales declined 4.3%. The decline in net sales was primarily due to lower print volumes and lower agency solutions sales.

Net earnings were $6 million, or $0.13 diluted earnings per share, in the first quarter of 2026 compared to $6 million, or $0.11 diluted earnings per share, in the first quarter of 2025. Adjusted EBITDA was $45 million in the first quarter of 2026, compared to $46 million in the same period in 2025.

“Our first quarter results were in line with our expectations, and we remain on track to achieve our full-year 2026 guidance,” Joel Quadracci, chairman and CEO of Quad, says. “We remain focused on achieving our long-term growth and margin objectives while maintaining disciplined cost management despite macroeconomic challenges, including continued postage rate increases and cost pressures in our supply chain stemming from the ongoing conflict in the Middle East.

“We are making strategic investments in innovative marketing solutions and high-caliber talent to expand our offering and strengthen client relationships,” Quadracci adds. ‘We are seeing strong momentum in Quad’s audience strategy services, powered by our proprietary, household-based data stack. Our formalized Direct Marketing Agency combines audience services with pre-market testing and analysis to drive more effective mail prospecting. Similarly, our Rise media agency brings together data-driven intelligence with AI-powered insights to deliver customized omnichannel media strategies that help clients achieve measurable business outcomes.

“Operationally, we are providing clients with multiple optimization solutions, including advanced co-mailing capabilities, to generate significant savings that help reduce the impact of rising postage costs. We are further strengthening our cost structure by investing in automation and adopting AI-enabled tools, which are improving productivity, speed and agility across our platform. These efforts further differentiate Quad in a competitive marketplace.”

“We are reaffirming our 2026 full-year financial guidance with an improved sales decline rate and essentially flat adjusted EBITDA and free cash flow compared to 2025, representing a key step on our path to long-term growth,” adds Tony Staniak, CFO and treasurer of Quad.

“We are closely monitoring the current business climate, which continues to present uncertainty, driven by factors including persistent inflationary pressures, evolving global trade dynamics, geopolitical tensions and cautious business spending,” Staniak says. “As we have demonstrated in prior periods of disruption, we remain agile and ready to adapt to shifting demand.”

Free cash flow was negative $107 million in the first quarter of 2026 compared to negative $100 million in the first quarter of 2025. Net debt was $427 million at March 31, 2026, as compared to $308 million at December 31, 2025, and $463 million at March 31, 2025.

Quad’s next quarterly dividend of $0.10 per share will be payable on June 5, 2026, to shareholders of record as of May 21, 2026.