QUAD (QUAD) financial statements
QUAD reported revenue of $2.4B in fiscal 2025, down 6.3% a year over 9 years.
Net income was $27M and the operating margin 4.0%, against 2.7% in 2016.
Free cash flow was $51M, and the company returned $14M in dividends and $8M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from QUAD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.0B | $4.0B | $3.9B | $2.9B | $3.0B | $3.2B | $3.0B | $2.7B | $2.4B |
| Cost of revenue | $3.4B | $3.1B | $3.2B | $3.2B | $2.3B | $2.4B | $2.6B | $2.4B | $2.1B | $1.9B |
| Gross profit | $935M | $860M | $764M | $731M | $595M | $570M | $598M | $576M | $580M | $523M |
| Research and development | $9M | $9M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M |
| Selling, general and admin | $467M | $409M | $359M | $398M | $335M | $326M | $359M | $344M | $357M | $326M |
| Operating income | $117M | $173M | $87M | $35M | -$46M | $93M | $54M | $26M | $19M | $97M |
| Interest expense | $77M | $71M | $73M | $90M | $69M | $60M | $48M | $70M | $64M | $50M |
| Pre-tax income | $59M | $109M | $26M | -$80M | -$106M | $47M | $18M | -$43M | -$44M | $32M |
| Income tax | $13M | -$9M | -$2M | -$24M | $300,000 | $10M | $8M | $13M | $6M | $6M |
| Net income | $45M | $107M | $8M | -$156M | -$128M | $38M | $9M | -$55M | -$51M | $27M |
| EPS (diluted) | $0.90 | $2.07 | $0.16 | -$3.12 | -$2.53 | $0.71 | $0.18 | -$1.14 | -$1.07 | $0.54 |
| Diluted shares | 50M | 52M | 52M | 50M | 51M | 53M | 52M | 48M | 48M | 50M |
| Gross margin | 21.6% | 21.8% | 19.2% | 18.6% | 20.3% | 19.3% | 18.6% | 19.5% | 21.7% | 21.6% |
| Operating margin | 2.7% | 4.4% | 2.2% | 0.9% | -1.6% | 3.1% | 1.7% | 0.9% | 0.7% | 4.0% |
| Net margin | 1.0% | 2.7% | 0.2% | -4.0% | -4.4% | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% |
Balance sheet
Fiscal years, from QUAD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $19M | $64M | $70M | $79M | $55M | $180M | $25M | $53M | $29M | $63M |
| Receivables | $564M | $552M | $498M | $456M | $399M | $362M | $373M | $316M | $273M | $295M |
| Inventory | $265M | $246M | $279M | $210M | $170M | $226M | $261M | $179M | $162M | $144M |
| Total current assets | $903M | $908M | $947M | $911M | $679M | $809M | $704M | $588M | $534M | $538M |
| Property, plant and equipment | $1.5B | $1.3B | $1.2B | $1.0B | $884M | $727M | $672M | $621M | $500M | $462M |
| Goodwill | $0 | $0 | $44M | $103M | $103M | $86M | $86M | $103M | $100M | $108M |
| Total assets | $2.6B | $2.5B | $2.5B | $2.4B | $1.9B | $1.9B | $1.7B | $1.5B | $1.3B | $1.3B |
| Total current liabilities | $775M | $746M | $851M | $813M | $683M | $957M | $795M | $791M | $699M | $624M |
| Long-term debt | $1.0B | $904M | $883M | $1.1B | $903M | $555M | $507M | $362M | $349M | $323M |
| Total liabilities | $2.1B | $1.9B | $2.0B | $2.2B | $1.8B | $1.8B | $1.5B | $1.4B | $1.2B | $1.1B |
| Shareholders' equity | $442M | $522M | $442M | $227M | $84M | $137M | $173M | $120M | $50M | $129M |
| Net debt | $1.1B | $881M | $856M | $1.0B | $868M | $621M | $543M | $461M | $348M | $307M |
Cash flow
Fiscal years, from QUAD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $354M | $344M | $261M | $156M | $190M | $136M | $155M | $148M | $113M | $96M |
| Capital spending | $106M | $86M | $96M | $111M | $61M | $50M | $60M | $71M | $57M | $45M |
| Free cash flow | $248M | $258M | $164M | $44M | $129M | $86M | $94M | $77M | $56M | $51M |
| Stock-based compensation | $15M | $16M | $16M | $14M | $11M | $6M | $6M | $6M | $7M | $7M |
| Dividends paid | $61M | $62M | $63M | $57M | $10M | $1M | $1M | $100,000 | $9M | $14M |
| Share buybacks (net) | -$9M | -$4M | -$37M | $0 | — | $0 | -$10M | -$13M | $0 | -$8M |
| Net borrowing | $20M | $375M | $8M | $1.3B | — | — | — | — | -$184M | -$29M |
| Free cash flow margin | 5.7% | 6.5% | 4.1% | 1.1% | 4.4% | 2.9% | 2.9% | 2.6% | 2.1% | 2.1% |
| Dividends per share | $1.23 | $1.21 | $1.22 | $1.14 | $0.19 | $0.03 | $0.03 | $0.00 | $0.20 | $0.29 |
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Open QUAD in InvestinglyQuestions
What was QUAD's revenue in 2025?
$2.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does QUAD generate?
$51M in fiscal 2025 (operating cash flow minus capital spending).
From QUAD's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.