Quad/Graphics, Inc. (NYSE: QUAD) reported first‑quarter 2026 results that included net sales of $581 million, a decline of 4.3% from the same period in 2025 when the February 28, 2025 divestiture of its European operations is excluded. Net earnings were $6 million, and the company posted a GAAP diluted earnings per share of $0.13 while an adjusted diluted EPS of $0.25 beat the consensus estimate of $0.22.
The revenue drop was driven primarily by lower print volumes and reduced agency solution sales, while postage rate increases and supply‑chain cost pressures added headwinds. Despite these challenges, Quad/Graphics maintained an adjusted EBITDA margin of 7.7%, up from 7.3% a year earlier, thanks to disciplined cost management and a shift toward higher‑margin marketing‑experience solutions.
The company reaffirmed its full‑year 2026 guidance, projecting a net sales decline of 1% to 5%, an adjusted EBITDA range of $175 million to $215 million, and free cash flow of $40 million to $60 million. Management expressed confidence that the company remains on track to meet these targets, citing continued investment in automation and marketing‑experience capabilities.
Joel Quadracci, Chairman and CEO, said the results were in line with expectations and that the company remains on track to achieve its full‑year guidance. Tony Staniak, CFO, noted that the decline in net sales was primarily due to lower print volumes and lower agency solution sales.
Investors’ reaction to the earnings was muted, reflecting the combination of an adjusted EPS beat and a modest revenue miss.
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