Filing Flows › Quad/Graphics (QUAD) › Q3 2025
Quad/Graphics (QUAD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Quad/Graphics (QUAD) reported revenue of $588M for the third quarter 2025 (Q3 2025), -13% from a year earlier and +3% from the quarter before. Operating margin was 4.5%, net earnings $10.2M (1.7% of revenue).
Quad/Graphics, Q3 2025: revenue $588M (-13% year over year), operating margin 4.5%, net earnings $10.2M, operating cash flow −$8.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $588M | +3% | -13% |
| Operating profit | $26.4M | +93% | — |
| Net earnings | $10.2M | — | — |
| Operating cash flow | −$8.4M | -118% | — |
What changed
Revenue was $588.0M in Q3 2025, down 13% year over year and up 3% from the previous quarter. Catalog, publications, retail inserts and directories was the largest line at 52% of revenue. Catalog, publications, retail inserts and directories lost $67.5M year over year (down 18%), 78% of the total change.
Operating profit was $26.4M, a 4.5% margin (up 5.2 points year over year). Total costs fell 17% while revenue fell 13%. Net earnings were $10.2M. The effective tax rate was 22.7%.
Operating cash flow was −$8.4M. Non-cash charges added back $19.3M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $39.2M. Capital expenditures of $12.2M exceeded it, leaving free cash flow of −$20.6M.
Questions
What was Quad/Graphics' revenue in the third quarter 2025?
Quad/Graphics (QUAD) reported revenue of $588M for the third quarter 2025 (Q3 2025), -13% from a year earlier and +3% from the quarter before.
Was Quad/Graphics profitable in the third quarter 2025?
Operating profit was $26.4M (4.5% of revenue) and net earnings $10.2M.
Source: Quad/Graphics 10-Q on SEC EDGAR.