Quad/Graphics, Inc. — Form 8-K

Quad/Graphics reported Q3 2026 net sales of $587M (flat vs. $588M in Q3 2025) with net earnings of $6M ($0.11 diluted EPS) down from $10M ($0.21) in the prior year, primarily due to $19.2M restructuring/impairment charges (up from $7.3M). The company improved full-year 2026 guidance from a 1–5% sales decline to 1–3% and narrowed Adjusted EBITDA guidance to $185–$195M. Year-to-date, Quad returned $23M to shareholders ($15M dividends, $8M buybacks; repurchased 1.0M shares in 2026, totaling 8.4M shares—~15% of March 2022 outstanding). Net Debt stood at $422M (vs. $308M at 12/31/2025), with leverage ratio at 2.19x trailing twelve-month Adjusted EBITDA at September 30, 2026, though management maintains year-end guidance of ~1.5x.