Filing Flows › Quad/Graphics (QUAD) › Q2 2026 › vs Q1 2026
Quad/Graphics (QUAD) Q2 2026 vs Q1 2026 (quarter over quarter)
Quad/Graphics's revenue fell $3.5M (-0.6%) from $581M in Q1 2026 to $578M in Q2 2026. The biggest changes: Products −$4.4M (-1%); Services +$900K (+0.7%). Operating margin 2.6% against 3.0% (-0.5 pts).
Quad/Graphics, Q2 2026: revenue $578M (+1% year over year), operating margin 2.6%, net earnings $3.7M, operating cash flow $52.8M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.6% | 3.0% | -0.5 pts |
| Net margin | 0.6% | 1.1% | -0.4 pts |
| Free cash flow margin | 7.1% | -18.4% | +25.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Catalog, publications, retail inserts and directories | $284M | $297M | −$12.6M | -4% |
| Direct mail and other printed products | $162M | $156M | $6.1M | +4% |
| Marketing services and medical services | $69.2M | $68.0M | $1.2M | +2% |
| Logistics services | $56.5M | $56.8M | −$300K | -0.5% |
| Other | $5.2M | $3.1M | $2.1M | +68% |
| Products | $452M | $456M | −$4.4M | -1% |
| Services | $126M | $125M | $900K | +0.7% |
| Revenue | $578M | $581M | −$3.5M | -0.6% |
| Operating profit | $14.9M | $17.7M | −$2.8M | -16% |
| Costs & expenses | $563M | $563M | −$700K | -0.1% |
| Pre-tax earnings | $6.2M | $7.9M | −$1.7M | -22% |
| Other expense, net | $8.7M | $9.8M | −$1.1M | -11% |
| Cost of revenue | $456M | $458M | −$2.0M | -0.4% |
| SG&A | $79.6M | $78.4M | $1.2M | +2% |
| Other operating costs | $26.9M | $26.8M | $100K | +0.4% |
| Net earnings | $3.7M | $6.2M | −$2.5M | -40% |
| Income tax | $2.5M | $1.7M | $800K | +47% |
| Depreciation & amortization | $17.2M | $18.4M | −$1.2M | -7% |
| Share-based compensation | $2.9M | $1.3M | $1.6M | +123% |
| Working capital & other | $29.0M | −$120M | $149M | — |
| Operating cash flow | $52.8M | −$93.7M | $146M | — |
| Free cash flow (OCF − capex) | $40.8M | −$107M | $148M | — |
| Capital expenditures | $12.0M | $13.3M | −$1.3M | -10% |
Questions
How much did Quad/Graphics's revenue grow quarter over quarter in Q2 2026?
Quad/Graphics's revenue fell $3.5M (-0.6%) from $581M in Q1 2026 to $578M in Q2 2026.
What drove Quad/Graphics's revenue change in Q2 2026?
Products −$4.4M (-1%); Services +$900K (+0.7%).