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Get filing alertsQuad reports Q2 net sales up 1% to $578M, swings to $4M profit, reaffirms 2026 guidance
Filed July 28, 2026 · Period ending July 28, 2026 · ~2 min read
Key Changes
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Q2 net sales rose 1% YoY to $578M on higher paper and logistics sales; net earnings $4M ($0.07/share) vs. $0.1M loss in Q2 2025, driven by lower interest, depreciation, and SG&A costs.
Exhibit 99.1 view on EDGAR → -
high
Adjusted EPS jumped 71% to $0.24 from $0.14 YoY; Adjusted EBITDA flat at $42M vs. $43M, with the slight decline attributed to sales mix.
Exhibit 99.1 view on EDGAR → -
high
H1 2026 net sales $1.2B, down 4% YoY (down 2% ex-European divestiture) on lower print volumes; net earnings improved to $10M ($0.20/share) from $6M ($0.11/share) in H1 2025.
Exhibit 99.1 view on EDGAR → -
high
Reaffirmed full-year 2026 guidance: adjusted net sales down 1%–5%, Adjusted EBITDA $175M–$215M, free cash flow $40M–$60M, year-end net debt leverage ~1.5x.
Exhibit 99.1 view on EDGAR → -
medium
Free cash flow negative $66M YTD (consistent with prior year), reflecting seasonal pattern; net debt rose to $394M from $308M at year-end 2025 due to seasonal usage and capital returns, but down $54M (12%) YoY adjusting for seasonality.
Exhibit 99.1 view on EDGAR →
Summary
Quad reported second-quarter 2026 results showing modest top-line growth and a return to profitability. Net sales rose 1% year-over-year to $578 million, driven by higher paper and logistics sales, while the company swung to net earnings of $4 million ($0.07 per share) from a $0.1 million loss in Q2 2025. The improvement reflects lower interest expense, depreciation, and SG&A costs.
Adjusted EPS surged 71% to $0.24, though Adjusted EBITDA held essentially flat at $42 million due to sales mix. For the first half of 2026, net sales declined 4% to $1.2 billion (down 2% excluding the European divestiture), pressured by lower print volumes and agency solutions sales. Net earnings improved to $10 million ($0.20 per share) from $6 million in H1 2025.
Free cash flow was negative $66 million year-to-date, consistent with the prior year and the company's typical Q4-heavy cash generation pattern. Net debt rose to $394 million from $308 million at year-end, reflecting seasonal working capital usage and capital returns, though it declined $54 million year-over-year on a seasonally adjusted basis. Quad reaffirmed its full-year 2026 guidance, projecting adjusted net sales to decline 1% to 5%, Adjusted EBITDA of $175 million to $215 million, and free cash flow of $40 million to $60 million. The guidance suggests management remains confident in the company's ability to navigate ongoing print-market headwinds while maintaining profitability and deleveraging toward a ~1.5x net debt leverage ratio by year-end.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net Sales were $1.2 billion in the six months ended June 30, 2026, a decrease of 4% compared to the same period in 2025. Excluding the 2% impact of the divestiture of the Company’s European operations, Net Sales declined 2%. The decline in Net Sales was primarily due to lower print volumes and lower agency solutions sales, partially offset by higher paper sales. ... Net Earnings were $10 million, or $0.20 Diluted Earnings Per Share, in the six months ended June 30, 2026, compared to Net Earnings of $6 million, or $0.11 Diluted Earnings Per Share, in the same period in 2025.
For the first half of 2026, net sales were $1.2 billion, down 4% year-over-year (down 2% excluding the European divestiture), driven by lower print volumes and agency solutions sales. Net earnings improved to $10 million ($0.20 per share) from $6 million ($0.11 per share) in H1 2025, benefiting from lower interest expense and SG&A costs. Adjusted EBITDA was $87 million versus $89 million in the prior year.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 29, 2026 · How we verify