What is the primary revenue source for Quad/Graphics (QUAD)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze QUAD's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Quad/Graphics's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Quad/Graphics Makes Money: QUAD Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

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Revenue was roughly flat year over year while operating profit declined, pressuring profitability.

The largest revenue segment accounts for 50.19% of revenue, indicating concentration.

Revenue: USD 1.16B
Largest revenue segment share (Catalog, Publications, Retail Inserts, Books And Directories): 50.19%
Cost of revenue: USD 914.20M
Selling, general and administrative: USD 158.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Catalog, Publications, Retail Inserts, Books And Directories)Catalog, Publications, Retail Inserts, Books And Directories · segment_value / revenue * 100
RevenueRevenue from contract with customer · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueTotal cost of sales · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

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Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 454.00M
Accounts receivable: USD 298.20M
Inventory: USD 156.10M
Total liabilities: USD 1.07B
Shareholder equity: USD 124.70M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment—net · PropertyPlantAndEquipmentNet
Shareholder equityTotal shareholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableReceivables, less allowances for credit losses of $21.5 million at june 30, 2026, and $20.9 million at december 31, 2025 · ReceivablesNetCurrent

Cash

Did accounting profit ultimately turn into cash?

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Net income is positive while operating cash flow is negative, so reported profit has not become cash.

Free cash flow is negative after capital expenditure.

Net income: USD 9.90M
Operating cash flow: USD −40.90M
Cash conversion: -413.13%
Free cash flow: USD −66.20M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet earnings (loss) · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

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Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 10.20M
Share repurchases: USD 3.20M
Net shareholder return: USD 13.40M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?