Quad/Graphics, Inc. reported a significant financial turnaround for the fiscal year ending December 31, 2025, with total net sales of $2.42 billion, a decrease of 9.4% from $2.67 billion in 2024. The company achieved an operating income of $97 million, translating to an operating margin of 4.0%, a notable improvement from the previous year's operating income of $19.2 million and a margin of 0.7%. The net earnings for 2025 were $27 million, or $0.54 per diluted share, compared to a net loss of $50.9 million, or $(1.07) per diluted share, in 2024.
The decline in revenue was primarily attributed to a decrease in product sales, which fell by $207.9 million, or 9.9%, largely due to reduced print volumes and the divestiture of the company's European operations in February 2025. Service sales also decreased by 7.7%, reflecting lower logistics and marketing service revenues. However, the company managed to reduce its cost of sales by 9.3%, leading to improved profitability metrics. Notably, restructuring, impairment, and transaction-related charges decreased significantly from $101.5 million in 2024 to $21.8 million in 2025, contributing to the overall improvement in operating income.
Strategically, Quad/Graphics has continued its transformation into a marketing experience (MX) company, focusing on integrated marketing solutions. In April 2025, the company acquired the co-mailing assets of Enru, enhancing its logistics capabilities. The company also emphasized the importance of its proprietary data stack, which supports targeted marketing efforts and client engagement. As of December 31, 2025, Quad operated 71 facilities across 10 countries, serving approximately 2,100 clients, with its largest clients averaging over 25 years of partnership.
Operationally, Quad/Graphics reported a workforce of approximately 10,100 full-time equivalent employees, with a focus on attracting and retaining skilled talent to support its evolving business model. The company has also implemented various cost-saving measures, including consolidating manufacturing operations and investing in automation technologies to enhance productivity. Looking ahead, Quad/Graphics anticipates continued challenges from macroeconomic conditions, including elevated interest rates and fluctuating raw material costs, but remains committed to its long-term strategy of delivering innovative marketing solutions and maintaining a strong balance sheet.
About Quad/Graphics, Inc.
Quad/Graphics is a marketing experience company offering integrated solutions across creative, media, data analytics, and production. Serving diverse clients in retail, consumer goods, financial services, and health, it leverages proprietary data, advanced technology, and scalable manufacturing to deliver targeted, multichannel campaigns. Its core value lies in simplifying marketing complexity, driving efficiency, and fostering long-term client relationships through innovative, responsible practices.
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