Quad Reports 2Q, Year-to-Date 2025 Results

Quad/Graphics, Inc. reports results for the second quarter ended June 30, 2025.

Net sales were $572 million in the second quarter of 2025, a decrease of 10% compared to the same period in 2024. Excluding the 6% impact of the divestiture of the company’s European operations, net sales declined 4%. The decline in Net Sales was primarily due to lower paper and logistics sales.

Net loss was $0.1 million, or $0.00 diluted loss per share, in the second quarter of 2025 compared to net loss of $3 million, or $0.06 diluted loss per share, in the second quarter of 2024. Adjusted EBITDA was $43 million in the second quarter of 2025 as compared to $52 million in the same period in 2024.

Net sales were $1.2 billion in the six months ended June 30, 2025, a decrease of 7% compared to the same period in 2024. Excluding the 4% impact of the divestiture of the company’s European operations, net sales declined 3%. The decline was primarily due to lower paper sales and lower logistics and agency solutions sales, including the loss of a large grocery client.

Net earnings were $6 million in the six months ended June 30, 2025, compared to net loss of $31 million in the same period in 2024. Adjusted EBITDA was $89 million in the six months ended June 30, 2025, as compared to $102 million in the same period in 2024.

“Second quarter and year-to-date results met our expectations as we continue to differentiate ourselves as a marketing experience company that simplifies the complexities of marketing for brands and marketers,” Joel Quadracci, chairman, president and CEO of Quad, says.

“This includes ongoing investments in strategic growth areas such as data and audience intelligence, AI-enabled tools and systems, and our In-Store Connect retail media network,” adds Quadracci. “We remain confident in Quad’s vision and our ability to unlock diversified growth, improve print and marketing efficiencies, and create value for our stakeholders.

“We continue to grow our In-Store Connect retail media network among mid-market grocers and CPG brands seeking deeper engagement with high-value shopper audiences,” Quadracci notes. “We recently signed a new partnership with Vallarta, one of California’s leading Latino-owned grocery chains, and doubled our footprint with The Save Mart Companies.

“Campaigns leveraging In-Store Connect have been shown to drive greater brand awareness and product sales—especially when promotional offers are included—and also boost sales across entire product categories. Through our solution, we continue to help brick-and-mortar retailers adapt their marketing strategies and tactics to keep pace with an ever-evolving media landscape.”

“Despite ongoing uncertainties in the macroeconomic environment, we are reaffirming our 2025 guidance,” adds Quad CFO Tony Staniak. “We will continue to closely monitor the potential impacts of tariffs and inflationary pressures, as well as postal rate increases, on our clients while investing in innovative offerings to achieve our long-term financial goals, including net sales growth.”