Quad/Graphics, Inc. — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
Quad/Graphics reported Q2 2026 net sales of $578M (+1% YoY), net earnings of $4M vs. $0.1M loss in Q2 2025, and adjusted diluted EPS of $0.24 (+71% vs. $0.14 in Q2 2025). Year-to-date net sales declined 4% to $1.158B (2% excluding European divestiture), with adjusted EBITDA of $87M vs. $89M in prior-year six months. The company reaffirmed full-year 2026 guidance: net sales decline of 1–5%, adjusted EBITDA of $175–215M, and free cash flow of $40–60M. Key developments include a new 100,000 sq-ft packaging facility in Salt Lake City (Q4 2026 opening), expansion of Wakefern Food Corp. relationship across 30 ShopRite locations, and repurchase of 0.4M shares YTD (7.9M shares since 2022, or 14.1% of March 2022 outstanding).
Why this rating
Modest sales growth, flat-to-declining EBITDA, weak free cash flow, and rising net debt relative to company's ~$172M market cap signal execution challenges despite strategic moves. No material acquisition, bankruptcy, or transformational event.
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