Quad/Graphics (NYSE: QUAD) financial statements
The consolidated income statement, balance sheet and cash flow statement of Quad/Graphics for its last 10 fiscal years, as filed with the regulator, in millions of US dollars. At the end of fiscal 2025 it had $1,253m in total assets and −$59.5m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2,420m | $2,672m | $2,958m | $3,217m | $2,960m | $2,930m | $3,923m | $3,986m | $3,951m | $4,330m |
| Cost of sales | $1,897m | $2,092m | $2,381m | $2,619m | $2,390m | $2,335m | $3,192m | $3,221m | $3,091m | $3,395m |
| Gross profit | $523.3m | $580.0m | $576.5m | $598.2m | $570.5m | $594.8m | $731.2m | $764.4m | $859.9m | $934.7m |
| Operating profit | $97.0m | $19.2m | $25.7m | $53.5m | $92.8m | −$46.0m | $34.7m | $87.3m | $172.8m | $117.3m |
| Finance costs | $50.5m | $64.5m | $70.0m | $48.4m | $59.6m | $68.8m | $90.0m | $73.3m | $71.1m | $77.2m |
| Profit before tax | $32.5m | −$44.5m | −$42.6m | $17.7m | $47.0m | −$106.1m | −$79.8m | $26.5m | $108.9m | $59.3m |
| Income tax | $5.5m | $6.4m | $12.8m | $8.4m | $9.5m | $0.3m | $24.4m | $2.4m | $9.2m | $13.0m |
| Net profit | $27.0m | −$50.9m | −$55.4m | $9.3m | $37.8m | −$128.3m | −$156.3m | $8.5m | $107.2m | $44.9m |
| Earnings per share | $0.57 | −$1.07 | −$1.14 | $0.18 | $0.74 | −$2.53 | −$3.12 | $0.17 | $2.16 | $0.94 |
| Diluted earnings per share | $0.54 | −$1.07 | −$1.14 | $0.18 | $0.71 | −$2.53 | −$3.12 | $0.16 | $2.07 | $0.90 |
| Depreciation and amortisation | $78.6m | $102.5m | $128.8m | $141.3m | $157.3m | $181.6m | $209.5m | $214.9m | $218.5m | $277.1m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1,253m | $1,299m | $1,510m | $1,702m | $1,890m | $1,928m | $2,417m | $2,469m | $2,452m | $2,570m |
| Current assets | $538.4m | $534.3m | $587.7m | $704.5m | $809.1m | $679.2m | $910.9m | $946.6m | $908.5m | $902.6m |
| Inventories | $143.5m | $162.4m | $178.8m | $260.7m | $226.2m | $170.2m | $210.5m | $279.0m | $246.5m | $265.4m |
| Property, plant and equipment | $461.6m | $499.7m | $620.6m | $672.1m | $727.0m | $884.2m | $1,037m | $1,154m | $1,274m | $1,520m |
| Goodwill | $107.6m | $100.3m | $103.0m | $86.4m | $86.4m | $103.0m | $103.0m | $44.5m | $0.0m | $0.0m |
| Cash | $63.3m | $29.2m | $52.9m | $25.2m | $179.9m | $55.2m | $78.7m | $69.5m | $64.4m | $19.2m |
| Total liabilities | $1,124m | $1,249m | $1,390m | $1,529m | $1,753m | $1,843m | $2,173m | $2,009m | $1,930m | $2,129m |
| Current liabilities | $624.2m | $698.7m | $790.8m | $795.4m | $957.1m | $682.7m | $813.4m | $851.3m | $745.9m | $774.6m |
| Equity | −$59.5m | −$131.2m | −$117.6m | $172.9m | $136.8m | $84.1m | $226.6m | $442.5m | $522.4m | $441.5m |
| Equity including minorities | $128.6m | $49.9m | $119.5m | $172.9m | $136.8m | $84.8m | $244.3m | $460.2m | $522.4m | $441.5m |
| Minority interests | $188.1m | $181.1m | $237.1m | $0.0m | $0.0m | $0.7m | $17.7m | $17.7m | $0.0m | $0.0m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95.9m | $112.9m | $147.6m | $154.6m | $136.5m | $190.2m | $155.5m | $260.6m | $344.0m | $353.6m |
| Investing cash flow | −$27.7m | $12.7m | −$46.4m | −$60.5m | $129.4m | $9.7m | −$208.1m | −$120.5m | −$47.2m | −$88.8m |
| Financing cash flow | −$36.1m | −$149.1m | −$73.6m | −$248.7m | −$140.9m | −$223.6m | $61.8m | −$133.5m | −$251.7m | −$269.3m |
| Capital expenditure | −$45.2m | −$57.2m | −$70.8m | −$60.3m | −$50.0m | −$61.0m | −$111.0m | −$96.3m | −$85.9m | −$106.1m |
| Dividends paid | −$14.4m | −$9.4m | −$0.1m | −$1.4m | −$1.4m | −$9.5m | −$57.1m | −$62.9m | −$62.5m | −$61.1m |
Where each figure comes from
From the annual report (Form 10-K) that Quad/Graphics files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Quad/Graphics page.
Dividend per share of Quad/Graphics by fiscal year, with the filing behind every figure: Quad/Graphics dividend history.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.