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Quad/Graphics Inc

quad.com

What Do They Do?

Prints catalogs and direct mail, and provides creative and media marketing services to brands in retail, consumer packaged goods and financial services.

How Do They Make Money?

Customers pay for printed products when they ship and for services when the work is completed and accepted.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	78% FY2022: 79%		Sold outright
Service Sold outright	22% FY2022: 21%		Sold outright

Who Are Their Customers?

Serves brands in retail, consumer packaged goods, financial services and health. Quad works as a full-service marketing partner, an extension of a client's marketing department, or executional support for an agency.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ +405% vs FY2024 ($19.2M, 1%)

Net income, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$50.9M, −2%)

Free cash flow, FY2025

2% of revenue

▼ −9% vs FY2024 ($55.7M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $571.9M in Q2 FY2025
Net income: ▲ Now profitable; vs −$100K in Q2 FY2025

Products share of revenue vs 78.3% in Q2 FY2025

Shrinking. Revenue fell 18% in 4 years, from $3B in FY2021 to $2.4B in FY2025, about 5% a year.

Direct mail agency Quad formalized a full-service Direct Marketing Agency combining strategy, audience activation, creative, production and measurement, extending its earlier description of integrated marketing services.

Revenue over time

Product Service

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025