QUAD on NYSE

Quad

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons5

Marketing company

Quad is an American marketing services company headquartered in Sussex, Wisconsin. It provides a range of print and marketing services that support physical and digital media channels through audience targeting services, omnichannel media planning and placement, creative and content production, retail display and packaging, postal optimization, and consumer analytics.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

$2.4BRevenue, fiscal 20256
$27.0MNet income, fiscal 20256
1971Founded1

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  • TickerQUAD on NYSE1
  • IndustryCommercial Printing1
  • HeadquartersSussex1
  • Websitewww.qg.com
  • Incorporated inWI7
  • Business addressN61 W23044 Harry'S Way, Sussex, Wi 53089-39957
  • Filer categoryAccelerated filer, Smaller reporting company7
  • Legal formBusiness Corporation4
  • LEIW2D68G5NJH4X0NW8PT654
  • StatusActive4
  • LEI statusIssued and current4
  • Registered address33 E MAIN ST STE 610, 53703 Madison, United States4
  • Registered withCorporation Section (Division of Corporate & Consumer Services, Department of Financial Institutions), 1Q004334

Quad is an American marketing services company headquartered in Sussex, Wisconsin. It provides a range of print and marketing services that support physical and digital media channels through audience targeting services, omnichannel media planning and placement, creative and content production, retail display and packaging, postal optimization, and consumer analytics. In 2025, Quad ranked as one of the largest agency companies in the U.S. and as one of the largest commercial printers in North America.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.0%Operating margin6
1.1%Net margin6
-9.4%Revenue growth, 20256
$50.7MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Catalog, Publications, Retail Inserts, Books And Directories brought in 52% of the revenue Quad broke down this way in fiscal 2025.

  1. Catalog, Publications, Retail Inserts, Books And Directories$1.3B652%down 15% from 2024
  2. Direct Mail And Other Printed Products$624.6M626%up 2% from 2024
  3. Imaging, Marketing Services And Other Services$302.4M612%down 2% from 2024
  4. Logistic Services$226.2M69%down 14% from 2024
  5. Other Revenues$9.1M60%down 12% from 2024
Products and services by year
Products and services20242025
Catalog, Publications, Retail Inserts, Books And Directories$1.5B$1.3B
Direct Mail And Other Printed Products$609.5M$624.6M
Imaging, Marketing Services And Other Services$308.9M$302.4M
Logistic Services$264.1M$226.2M
Other Revenues$10.4M$9.1M

Business segments

United States Print and Related Services brought in 92% of the revenue Quad broke down this way in fiscal 2025.

  1. United States Print and Related Services$2.2B692%down 5% from 2024
  2. International$205.5M68%down 40% from 2024
Business segments by year
Business segments20242025
United States Print and Related Services$2.3B$2.2B
International$342.7M$205.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue78¢$1.9B
  • Research and development0¢$2.9M
  • Selling, general and admin13¢$325.9M
  • Other costs5¢$111.5M
  • Interest2¢$50.5M
  • Income tax0¢$5.5M
  • Profit1¢$27.0M

Out of $2.4B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending47¢$45.2M
  • Dividends paid15¢$14.4M
  • Share buybacks8¢$8.0M
  • Kept or used elsewhere30¢$28.3M

Out of $95.9M of cash from operations.6

Financial statements

Revenue910111213146$2.4B in 2025−39% since 2018
0$1.0B$2.0B$3.0B$4.0B2018: $4.0B$4.0B20182019: $3.9B$3.9B2019−2%2020: $2.9B$2.9B2020−25%2021: $3.0B$3.0B2021+1%2022: $3.2B$3.2B2022+9%2023: $3.0B$3.0B2023−8%2024: $2.7B$2.7B2024−10%2025: $2.4B$2.4B2025−9%
Operating income910111213146$97.0M in 2025+11% since 2018
-$50.0M0$50.0M$100.0M2018: $87.3M$87.3M20182019: $34.7M$34.7M2019−60%2020: -$46.0M-$46.0M20202021: $92.8M$92.8M20212022: $53.5M$53.5M2022−42%2023: $25.7M$25.7M2023−52%2024: $19.2M$19.2M2024−25%2025: $97.0M$97.0M2025+405%
Net income9101113146$27.0M in 2025+218% since 2018
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2018: $8.5M$8.5M20182019: -$156.3M-$156.3M20192020: -$128.3M-$128.3M2020−18%2021: $37.8M$37.8M20212022: $9.3M$9.3M2022−75%2023: -$55.4M-$55.4M20232024: -$50.9M-$50.9M2024−8%2025: $27.0M$27.0M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Net sales$2.4B$2.7B
Cost of sales$1.9B$2.1B
Selling, general and administrative expenses$325.9M$356.8M
Depreciation and amortization$78.6M$102.5M
Restructuring, impairment and transaction-related charges, net$21.8M$101.5M
Total operating expenses$2.3B$2.7B
Operating income$97.0M$19.2M
Interest expense$50.5M$64.5M
Net pension expense (income)$14.0M-$800.0K
Earnings (loss) before income taxes$32.5M-$44.5M
Income tax expense$5.5M$6.4M
Net earnings (loss)$27.0M-$50.9M
Basic (in dollars per share)$0.57-$1.07
Diluted (in dollars per share)$0.54-$1.07
Basic (in shares)47.6M shares47.6M shares
Diluted (in shares)49.9M shares47.6M shares

Compare Quad with another company

The story

Founded by Harry V. Quadracci in 1971.1

Founding and first national contracts

Harry V. Quadracci founded Quad, originally named Quad/Graphics, on July 13, 1971, in an abandoned Pewaukee, Wisconsin, factory. He raised the funds to establish the printing company, in part, by taking out a $35,000 second mortgage on his house, and began with 11 employees. Some of the company's first contracts were with Investor magazine and the national Fishing Facts magazine. By 1973, Quad had 25 employees and $2.8 million in sales.

In 1973, Quad founded its first division, Duplainville Transport. It continues to operate as Quad’s trucking division. Over the next few years, Quad continued to grow and had 100 workers and three presses by 1976, and 300 workers and six presses in 1979.

In the late 1970s, Quad was awarded its first substantial national contract with Newsweek. Contracts with Harper's, Time, and US News & World Report followed.

Publishing growth

By the mid-1990s, the company was printing magazines like People, Sports Illustrated, Playboy, Architectural Digest, and catalogs for LL Bean and Lands' End. In 1991, Quad had almost 9,000 employees and annual sales of $509 million. In 2000, Quad acquired the contract to print National Geographic, producing 9 million copies of the magazine monthly.

In 2002, Tom Quadracci took over as company president and CEO after the death of his brother Harry. The company had around 14,000 employees, $2 billion in annual sales, and 15 plants on three continents. It was the largest privately owned printing company in the world. In 2004, Tom took over as chairman and CEO, and, in 2006, Joel Quadracci, Harry’s son, was promoted to president and COO.

New York Stock Exchange

On July 6, 2010, Quad began trading on the New York Stock Exchange (NYSE: QUAD) following the acquisition of Canadian rival World Color Press in an all-stock deal worth between $1.3 billion and $1.4 billion. Quad’s listing was not an IPO because it was not done in order to raise cash, but instead was necessary to complete a stock exchange with World Color as part of the acquisition.

Quad is still controlled by the Quadracci family through ownership of high-voting class B shares.

Expansion to marketing and business services

In 2010, Quad became LL Bean’s exclusive provider for studio photography. The company managed studio operations in cooperation with LL Bean’s Photography Operations and Creative Department. The agreement covered photography for LL Bean’s catalogs, including Men’s, Women’s, Kid’s, Fly Fishing, Hunting, Traveler, and Home titles, as well as its websites and e-commerce business.

Read the full text

By 2016, Quad, continuing to expand its marketing services, had built a $200 million packaging company and added offerings for in-store displays. BlueSoho, initially formed in 2004 as a digital art and image retouching studio, was repositioned in 2015 with the addition of a mobile marketing agency and media planning and placement group. Quad reported $4.3 billion in net sales in 2016.

In September 2017, Quad won a $450 million contract to print all of Bluestem Brands' catalogs. In 2019, Quad began producing 100% of Condé Nast’s titles, expanding a previous partnership that began in 1993. Publications under the partnership included Allure, Architectural Digest, Domino, Golf Digest, GQ, GQ Style, Teen Vogue, W Magazine, Wired, Bon Appétit, Condé Nast Traveler, Glamour, Vanity Fair, Vogue, Brides, and The New Yorker.

In 2018, Quad further expanded its capabilities through the acquisition of Ivie & Associates, a Texas-based marketing production services and marketing execution company that had dedicated teams located on-site at client locations. That same year, Quad gained a majority interest in Rise Interactive, a Chicago-based digital marketing agency. One year later, Quad completed the acquisition of Periscope, a creative agency headquartered in Minneapolis, Minnesota.

In February 2019, Quad announced a name and logo update, changing its name from Quad/Graphics to Quad. This was in an effort to focus more on the company’s marketing services. The company is still known as Quad/Graphics, Inc., legally.

In February 2021, Joel Quadracci testified before a Congressional committee about the need for major reforms in the U.S. Postal Service. Quadracci spoke both as the CEO of Quad and on behalf of the Coalition for a 21st Century Postal Service. It was the fourth time in a decade that Quadracci testified before Congress about the Postal Service.

In 2021, Quad expanded its relationship with Package InSight, an organization that uses biometric technology to study brand packaging performance, consumer attention, and shelf-impact. In 2024, Package InSight’s Consumer Research Labs expanded inside Quad’s Marketing Experience Innovation in West Allis, Wisconsin, to let brands test packages and research the reactions and preferences of real shoppers in mock retail environments.

In 2022, Quad’s creative agency launched Favorite Child as its brand design house, which offers design strategy, brand identity, packaging and retail design services. Favorite Child supports brands such as Titleist and Aldi.

In 2024, Quad launched a new creative agency named Betty, in honor of the late Betty Quadracci. This new entity consolidates Quad's creative capabilities, including the creative and content production agency brands Ivie & Associates Inc. and Periscope.

Additionally, in 2024, Quad introduced InStore Connect, an in-store retail media network technology. Partnering with The Save Mart Companies, the initial rollout of this technology will be across 15 stores. Since its launch, Quad has added other retailers, including Homeland Stores and Vallarta Supermarkets.

From Wikipedia’s article on Quad (company), shared under CC BY-SA 4.0.8

Leadership

Who has led Quad, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (35)

Products and brands

  • advertising mail
  • content production
  • product packaging

Listed on Wikidata.1

Services

Quad offers marketing and print services and products. These services include:

Campaign planning

Marketing outsourcing

Production service outsourcing

Read the full text

Intelligence

Data and analytics

Technology services

Media services

Creative and content services

Managed services

Execution in non-print channels (broadcast and digital)

In-store marketing and promotion

Print execution and logistics

Sourcing and procurement

In 2023, Quad released a new campaign, “Built on Quad”. This was the company’s first large-scale marketing and advertising campaign focused on Quad’s “end-to-end” services and products.

Operations

At the end of 2025, Quad had 33 manufacturing and distribution facilities and 50 client-based on-site locations.

In 2023, Quad had over 2,700 clients and 13,000 employees. Around 1,500 Quad employees are based in marketing departments in client companies. Clients include Cabela’s, Safeway, Vons, and Shaw’s.

Culture

In February 2021, Quad and the Quadracci family's Windhover Foundation committed $1 million to a three-year partnership with The BrandLab, a non-profit organization that supports young people from diverse backgrounds to advance in the marketing industry.

In 1990, Harry V. Quadracci founded QuadMed to improve the quality and cost-effectiveness of employee healthcare, serving as a provider of onsite primary care services to employees and their families. Today QuadMed provides workplace health services for employers across the country. Onsite services include physical therapy and condition management programs for conditions such as diabetes and asthma.

People

Joel Quadracci is the Chairman and CEO of Quad. Between 2020 and 2023, Quad hired Julie Currie (formerly Nielsen Company) as Executive Vice President and Chief Revenue Officer, Josh Golden (formerly Ad Age) as Chief Marketing Officer, Joshua Lowcock (formerly IPG-owned UM Worldwide) as President of Quad Media, and Tim Maleeny (formerly Havas) as Chief Client Strategy and Integration Officer and President of Quad Agency Solutions.

In 2023, Quad appointed Beth-Ann Eason to its board of directors and Compensation Committee. In October, Quad appointed Melanie Huet as a board member. Huet is President of Brand Management & Innovation and a member of the Executive Committee at Newell Brands, a consumer products company.

Office locations

Quad is headquartered in Sussex, Wisconsin. The company has 33 manufacturing and distribution facilities and 50 client-based on-site locations around the world. In December 2022, Quad opened an office in New York. It included space for pop-up experiences for clients without physical stores in Manhattan, event space, and space for two of the company’s acquisitions, Periscope and Rise Interactive.

From Wikipedia’s article on Quad (company), shared under CC BY-SA 4.0.8

Acquisitions

In 1983, Quad/Graphics purchased Milwaukee Magazine, and made Betty Quadracci (the wife of Harry V. Quadracci) the president and publisher.

In July 2010, Quad acquired competitor World Color Press, In November it acquired the HGI Company, a commercial and specialty products printer; this was followed by a July 2011 asset swap with Transcontinental Incorporated, in which Quad acquired Transcontinental's Mexican assets, along with its black-and-white book printing business for U.S. export (in exchange for seven of Quad's Canadian facilities).

From 2010 to 2013, Quad engaged in a series of acquisitions and consolidations in response to shifting market conditions, including the slow decline of print, the rise of digital and mobile technologies, and the economic downturn created by the Great Recession in the late 2000s. The company closed more than 50 printing plants and began building production studios and providing marketing services to longtime catalog clients like LL Bean and Cabela’s. When asked about the company’s strategy during that time, Joel Quadracci told Adweek, “For us, it was we better become the consolidator, or the consolidating is going to be done to us.”

Employees were offered a separation package that included severance pay, continuation of health care benefits, and career transition assistance.

Read the full text

On January 16, 2013, Quad acquired Vertis Holdings, Inc., a printer of retail inserts, direct mail and in-store marketing materials. In December 2013, the company acquired the packaging company Proteus. In 2014, Quad acquired UniGraphic Inc., “one of the largest commercial printers in the Boston metro area.”

In February 2015, Quad acquired Marin’s International, a French company operating in the point-of-sale display industry. In July 2016, Quad announced a $12 million minority investment in Rise Interactive, a Chicago-based digital marketing agency. In 2018, Quad acquired a majority interest in the company. The majority interest investment was made soon after Quad’s acquisition of Ivie & Associates Inc., a marketing and advertising firm with North American headquarters in Flower Mound, Texas.

In November 2018, the company acquired LSC Communications in an all-stock deal for $1.4 billion. Shareholders of both companies approved the merger in February 2019. However, in June 2019 the U.S. Department of Justice's antitrust division sued to block the acquisition. A trial date was set that likely would not have resulted in a decision until 2020, a costly delay that caused both companies to call off of the deal. Quad paid LSC a reverse termination fee of $45 million, as required by the merger agreement. Since 2010 the company has closed 47 printing facilities in response to changing media and advertising trends.

In November 2018, as part of its continued diversification, Quad agreed to purchase Minneapolis-based advertising firm Periscope, Inc., for $132 million, a deal which closed in January 2019. At the time, Periscope employed over 500 people, providing services across creative advertising, packaging, production, and media buying. In January 2020, Periscope CEO Elizabeth Ross left, and was replaced by an interim CEO from Quad; in June 2020, Periscope announced Cari Bucci-Hulings would join Periscope as its new president, effective July 6, 2020.

In 2020, citing a challenging retail environment exacerbated by the COVID-19 pandemic, Quad announced that it would cease print manufacturing operations at three production facilities (Fernley, Nevada; Oklahoma City, Oklahoma; and Nashville, Tennessee). Slated for early 2021, the planned closures impacted approximately 650 workers. On October 31, 2020, Quad also sold its two remaining book manufacturing facilities. The divestiture was part of a previously announced decision to improve its product portfolio.

Also in 2020, Quad acquired Apple Tree Group, a strategic and creative agency specializing in point-of-sale advertising. Based in Mexico City, near Quad’s existing Mexico operations, Apple Tree is part of Quad’s in-store marketing group.

In October 2023, Quad announced that it would cease operations at its Effingham, Illinois print manufacturing location by the end of the year, impacting 350 employees. Quad attributed the decision to industry-wide volume declines due to ongoing economic uncertainty and increasing postage rates. Work that was performed in the Effingham location was set to be consolidated into other Quad locations with enhanced direct mail capabilities. For employees unable to relocate to other Quad facilities, the company offered separation pay, continuation of health care benefits, and career transition assistance.

In February 2024, Quad acquired DART Innovation, an in-store digital media services provider.

In March 2025, Quad completed the sale of its European operations for €41 million (approximately $42 million) to Germany-based private capital investment manager Capmont. The transaction included all employees and facilities for Quad/Graphics Europe print and ink-manufacturing headquartered in Wyszków, Poland; the Peppermint agency in Warsaw, Poland; and Quad POS (including Marin’s International SAS), which has locations throughout Europe.

From Wikipedia’s article on Quad (company), shared under CC BY-SA 4.0.8

Timeline

  1. Jul 1, 2010New chief executive J. Joel Quadracci becomes CEO18
  2. 1971Founded Founded1

Filings

323 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 36 major events, 206 insider forms, 18 large holders, 43 other. The latest 20:

  1. Aug 25, 20268-K EDGAR
  2. Aug 7, 2026SCHEDULE 13G/A EDGAR
  3. Aug 4, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 4, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 4, 20264 PRIMARY DOCUMENT EDGAR
  6. Jul 31, 2026144 EDGAR
  7. Jul 31, 2026144 EDGAR
  8. Jul 31, 2026144 EDGAR
  9. Jul 29, 202610-Q EDGAR
  10. Jul 28, 20268-K EDGAR
  11. May 28, 20264 PRIMARY DOCUMENT EDGAR
  12. May 22, 20268-K EDGAR
  13. May 22, 20264 PRIMARY DOCUMENT EDGAR
  14. May 22, 2026144 EDGAR
  15. May 22, 20264 PRIMARY DOCUMENT EDGAR
  16. May 22, 20264 PRIMARY DOCUMENT EDGAR
  17. May 22, 20264 PRIMARY DOCUMENT EDGAR
  18. May 22, 20264 PRIMARY DOCUMENT EDGAR
  19. May 22, 20264 PRIMARY DOCUMENT EDGAR
  20. May 22, 20264 PRIMARY DOCUMENT EDGAR

The 323 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 5, 2023Staniak AnthonyCFO & TreasurerBuy17,403$2.83$49.2KForm 4
May 5, 2023Quadracci Robert HChief Human Resources OfficerBuy8,750$2.80$24.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Miller Value Partners, LLC2,538,299$21.4M5.1%−112,740
BlackRock, Inc.2,290,195$19.3M0.0%+269,378
Vanguard Capital Management LLC1,303,331$11.0M0.0%−83,789
Dimensional Fund Advisors LP1,194,489$10.1M0.0%+59,050
Hotchkis & Wiley Capital Management LLC1,053,640$8.9M0.0%+32,110
Geode Capital Management, LLC773,412$6.5M0.0%+80,895
Renaissance Technologies LLC672,900$5.7M0.0%−49,500
State Street Corp637,466$5.4M0.0%+4,305
Great Valley Advisor Group, Inc.622,325$5.2M0.1%+1,000
O'shaughnessy Asset Management, LLC460,731$3.9M0.0%+93,001
Bank of New York Mellon Corp415,952$3.5M0.0%+13,014
D. E. Shaw & Co., Inc.407,059$3.4M0.0%−48,068
Arrowstreet Capital, Limited Partnership318,047$2.7M0.0%−142,405
Heartland Advisors Inc300,000$2.5M0.1%No change
Inspire Investing, LLC292,680$2.5M0.1%+39,793
Segall Bryant & Hamill, LLC289,655$2.4M0.0%−20,496
Ritholtz Wealth Management287,918$2.4M0.0%+20,854
Vanguard Portfolio Management LLC286,992$2.4M0.0%+76,697
Zacks Investment Management273,149$2.3M0.0%+22,062
Bridgeway Capital Management, LLC246,012$2.1M0.0%−25,000
Northern Trust Corp241,552$2.0M0.0%+16,922
Invst, LLC238,893$2.0M0.2%−79,593
Aqr Capital Management LLC229,543$1.9M0.0%+109,292
Vanguard Fiduciary Trust Co216,485$1.8M0.0%+12,854
Goldman Sachs Group Inc198,139$1.7M0.0%−36,978

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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