Quad/Graphics reported its fourth‑quarter and full‑year 2025 results after market close on February 17, 2026. Revenue for the quarter fell to $630.6 million, $2.3 million below the $632.9 million consensus estimate, while Non‑GAAP earnings per share matched the $0.36 estimate. The company guided for a 1% to 5% decline in adjusted annual net sales for 2026, signaling continued weakness in demand for its core print and logistics services.
In year‑over‑year terms, Q4 2025 revenue was down 11.0% from $708.4 million in Q4 2024, and net earnings rose from $5.0 million to $11.1 million. Diluted EPS increased from $0.09 to $0.22, reflecting a stronger mix and higher profitability in the company’s higher‑margin targeted print and integrated marketing segments.
The revenue shortfall was driven by lower paper sales, reduced print volumes, and a decline in logistics and agency solutions revenue. These headwinds reflect broader market softness in traditional print media and the continued shift of customers toward digital channels.
Despite the revenue miss, the company’s EPS met expectations because of improved manufacturing productivity, cost‑reduction initiatives, and the divestiture of its European operations. These actions helped offset the impact of lower top line activity and supported a stable earnings per share figure.
For 2026, Quad/Graphics reiterated its guidance for a modest decline in net sales and maintained an adjusted EBITDA margin outlook that it expects to hold steady. The company also announced a 33% increase in its quarterly dividend to $0.10 per share, payable in March 2026, underscoring management’s confidence in cash‑flow generation and a commitment to shareholder returns.
Investors reacted negatively to the revenue miss, with the market’s response reflecting concerns about the company’s ability to sustain growth in a challenging print environment. Management’s emphasis on higher‑value offerings and continued cost discipline signals a strategic pivot aimed at long‑term resilience, but the guidance for a sales decline in 2026 highlights ongoing headwinds that may temper near‑term performance.
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