The EPS beat and reaffirmed guidance provide near-term support, but the revenue decline and negative FCF signal ongoing structural headwinds. Watch for Q4 FCF inflection and any shift in revenue trajectory in subsequent quarters.
Price Chart
Executive Summary
Quad/Graphics Q1 2026 adjusted EPS of $0.25 beat consensus by 13.6%, but revenue declined 7.7% (4.3% ex-divestiture) to $581M, essentially in line with estimates. Full-year guidance was reaffirmed, and the company maintained its $0.10 quarterly dividend. Free cash flow remained negative at -$107M, but is expected to improve in Q4.
Key Financial Metrics
Key Facts
- Q1 2026 net sales $581M, down 7.7% YoY (ex-divestiture down 4.3%)
- Adjusted diluted EPS $0.25 vs $0.20 YoY, up 25%
- GAAP diluted EPS $0.13 vs $0.11 YoY
- Adjusted EBITDA $45M vs $46M YoY
- Free cash flow -$107M vs -$100M YoY
- Full-year 2026 guidance reaffirmed: adjusted annual net sales decline 1-5%, adjusted EBITDA $175M-$215M
- Net debt increased to $427M from $308M at year-end 2025 due to negative FCF
- Quarterly dividend maintained at $0.10 per share
Financial Impact
Adjusting for divestiture, revenue decline narrowed to 4.3% from 5.7% in Q4 2025, while adjusted EPS grew 25% YoY. Guidance unchanged.
Risk Factors
- Continued revenue decline from print volume and paper sales headwinds
- Negative free cash flow could pressure balance sheet if not reversed in Q4
- Macro uncertainties (postage rates, tariffs, geopolitical tensions) may exacerbate sales decline
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001481792-26-000088 |
| Document: quad-20260428.htm | 0001481792-26-000088 |
| Document: 0001481792-26-000088-index-headers.html | 0001481792-26-000088 |
| Document: 0001481792-26-000088-index.html | 0001481792-26-000088 |
| Document: 0001481792-26-000088.txt | 0001481792-26-000088 |
| 8-K Data (Synthetic) | 0001481792-26-000088 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 25, 2026 5w ago | 8-K | $10.20 $9.25 | ▼ −9.31% | ▼ −10.29% | $9.40 (−7.84%) |
Jul 28, 2026 9w ago | 8-K | $9.29 $10.00 | ▲ +7.64% | ▲ +2.62% | $9.40 (+1.18%) |
Apr 28, 2026 22w ago | 8-K | $6.92 $7.48 | ▲ +8.14% | ▲ +2.09% | $9.40 (+35.90%) |
Apr 10, 2026 24w ago | DEFA14A | $7.28 $7.39 | ▲ +1.51% | ▼ −6.22% | $9.40 (+29.12%) |
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