Quad/Graphics cash flow, quarter by quarter

In Q3 2026, Quad/Graphics generated −$21.5M of operating cash flow and spent $12.3M on capital projects, leaving free cash flow of −$33.8M. That is $13.2M less than in Q3 2025 (−$20.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $83.5M; the largest uses were capital spending ($46.3M), net borrowing (+) / repaid (−) ($30.7M), dividends ($18.4M); besides operations, cash came from asset & business sales ($42.4M), other financing ($500K); the cash balance rose by $16.6M.

Operating cash flow was −$21.5M against net income of $5.5M — -3.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other operating capital −$55.6M, depreciation & amortization +$17.8M, gains on disposals −$13.8M.

Its cash conversion cycle was 19 days (receivables 49 + inventory 35 − payables 64).

Quad/Graphics is burning cash: its operations consume cash, a free cash flow of −$135M a year at the current rate against $63.3M of cash and investments: a runway of about 6 months; $47.0M of debt also comes due within a year, which would need refinancing or new money before any new financing.