Financial Performance - Net sales for the third quarter of 2025 were $588 million, compared to $674.8 million in the same period of 2024[34] - Adjusted EBITDA for the third quarter of 2025 was $52.6 million, with an Adjusted EBITDA Margin of 8.9%[34, 54] - Adjusted diluted earnings per share for the third quarter of 2025 was $0.31[34, 59] - Free cash flow year-to-date was negative $86.5 million[34, 56] - The company narrowed ranges for sales, Adjusted EBITDA and cash flow, representing continued progress in support of long-term financial goals[5] Strategic Initiatives - The company is investing in AI-powered tools and systems, data and audience intelligence services, and its In-Store Connect retail media network[5] - The company executed $8 million of share repurchases as part of its balanced capital allocation strategy[5, 34] - Quad's MX Suite of products and services is flexibly tailored for the unique needs of the marketer[7] - Quad's proprietary core dataset features 250 million consumers, mapped to a resilient identifier ⎯ their physical home address ⎯ coupled with additional data and contextual insights that can be activated across any media channel[9] Updated Guidance - Adjusted Annual Net Sales are expected to decline by 3% to 5%[44, 46] - Full-Year Adjusted EBITDA is projected to be between $190 million and $200 million[44, 46] - Free Cash Flow is expected to be between $50 million and $60 million[44, 46] - Year-End Net Debt Leverage Ratio is anticipated to be approximately 1.6x[44, 46]

Core Insights - Quad/Graphics, Inc. narrows its full-year 2025 financial guidance for sales, adjusted EBITDA, and cash flow, indicating a strategic focus on improving operational efficiencies and shareholder value [1][5][12] - The company reported a third-quarter net sales of $588 million, a 13% decline from the same period in 2024, primarily due to lower paper sales and print volumes [8][9] - Quad continues to invest in AI-powered tools and audience intelligence services to enhance marketing effectiveness and drive long-term growth [3][4] Financial Performance - Net sales for the third quarter of 2025 were $588 million, down from $675 million in Q3 2024, reflecting a 13% decline [8][9] - Net earnings improved to $10 million or $0.21 diluted earnings per share in Q3 2025, compared to a net loss of $25 million or $0.52 diluted loss per share in Q3 2024 [9][25] - Adjusted EBITDA for Q3 2025 was $53 million, down from $59 million in the same period last year [9][29] Year-to-Date Results - For the nine months ended September 30, 2025, net sales totaled $1.8 billion, a 9% decrease compared to the same period in 2024 [9][25] - Year-to-date net earnings were $16 million or $0.32 diluted earnings per share, compared to a net loss of $56 million or $1.17 diluted loss per share in 2024 [9][25] - Adjusted EBITDA for the nine months was $141 million, down from $161 million in 2024 [9][25] Shareholder Returns - The company returned $19 million of capital to shareholders year-to-date, consisting of $11 million in cash dividends and $8 million in share repurchases [5][9] - A quarterly dividend of $0.075 per share has been declared, payable on December 5, 2025 [11] Updated Financial Guidance - Quad has updated its full-year 2025 financial guidance, narrowing the adjusted annual net sales change to a 3% to 5% decline, improved from the previous guidance of a 2% to 6% decline [12] - Adjusted EBITDA guidance has been revised to a range of $190 million to $200 million, up from the original range of $180 million to $220 million [12] - The anticipated year-end net debt leverage ratio has been updated from approximately 1.5x to approximately 1.6x [12]