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EarningsQ2 2026 Earnings Report
QUAD Q2 2026 EPS Results
Actual EPS$0.24
Consensus EPS$0.20
Beat/MissBeat by +$0.04
One Year Ago EPS$0.14
QUAD Q2 2026 Revenue Results
Actual Revenue$577.50M
Expected Revenue$545.15M
Beat/MissBeat by +$32.35M
YoY Revenue Growth+0.98%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
QUAD Upcoming Earnings
Quad/Graphics's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
QUAD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a cautiously positive picture: management reaffirmed 2026 guidance, delivered strong EPS improvement, reduced net debt, generated meaningful free cash flow in Q2, and highlighted strategic growth initiatives (packaging expansion, in-store retail media, AI adoption) and industry recognition. Offsets include continued YTD revenue pressure in large-scale print and agency solutions, margin headwinds from sales mix and pass-through surcharges, macro-driven cost inflation (ink, diesel, postage), an adverse Mexican tax ruling ($17M accrual), and an unpaid $6M note receivable. Overall, progress on transformation and balance sheet improvement and several tangible growth wins outweigh near-term macro and operational challenges, but execution in H2 will be important to realize full-year targets.Company Guidance
Quarterly Net Sales Growth
Net sales of $578 million in Q2 2026, up 1% versus Q2 2025, reflecting progress toward 2028 revenue goals.
Improved Earnings Per Share
Adjusted diluted EPS increased to $0.24 in Q2 2026 from $0.14 in Q2 2025, up $0.10 or 71%; year-to-date adjusted EPS rose 41% to $0.48 from $0.34.
Adjusted EBITDA and Margin Stability
Q2 adjusted EBITDA of $42 million (vs. $43 million prior year); year-to-date adjusted EBITDA $87 million. Full-year 2026 adjusted EBITDA guidance reaffirmed at $175–$215 million (midpoint $195M, essentially flat with 2025).
Strong Free Cash Flow Quarter and Seasonal Expectation
Generated $41 million of free cash flow in Q2 2026, ~ $7 million improvement versus Q2 2025. Company reiterated full-year free cash flow guidance of $40–$60 million (midpoint $50M).
Net Debt Reduction and Liquidity
Net debt reduced by $54 million (approximately 12%) year-over-year (June 30, 2025 to June 30, 2026) after adjusting for seasonality; total available liquidity of $208 million and next large debt maturity not until Oct 2029.
Capital Returns to Shareholders
Returned $13 million to shareholders in H1 2026 ($10M dividends, $3M share repurchases); raised quarterly dividend by 33% to $0.10 per share; $66.3 million remaining under buyback authorization.
Packaging Expansion and Growth
Announced 100,000 sq ft Salt Lake City packaging facility to be operational Q4 2026; packaging business scaled in 2025 and expected growth in 2026. Management expects low-double-digit millions revenue contribution in 2027 from the new site; packaging segment company-wide ~ $135M of revenue and ~10% EBITDA margins referenced for mature operations.
Retail Media and Agency Wins
Expanded In-Store Connect network: Wakefern to deploy in 30 ShopRite stores (Rise as media AOR), Vallarta more than doubling in-store count, and a West Coast grocer initial 25-store rollout; network expected to grow from ~70 to ~130 stores. Integrated agency wins (e.g., Jelmar/CLR) produced measurable results (106% Instagram reach increase, TikTok growth, video completion >50%) and an Effie award.
Recognition and Technology Investment
Industry recognition including Ad Age Agency Report (7th straight year), MM+M Agency 100 (3rd year) and Forrester recognition for Rise. Continued AI adoption across agencies and manufacturing (Connex platform, AI agents, production optimization).
QUAD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed