---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-21-000027"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2021-08-03T23:59:59+00:00"
generated_at: "2026-06-29T23:17:14.841033+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q2 2021: net sales $694M (+19% YoY), swings to profit; raises outlook

## Summary
- Net sales $694M, up 19% YoY; net earnings $34M ($0.66 diluted EPS) vs loss of $15M in Q2 2020.
- Adjusted EBITDA $60M flat YoY, absorbing ~$30M in 2020 temporary cost savings.
- Reduced net debt by $120M YTD to $753M; debt leverage ratio improved to 3.0x from 3.35x.
- Raises 2021 outlook: net sales +1-3%, Adj. EBITDA $240-260M, leverage ~2.75x.
- Sold QuadExpress 3PL business for $40M (over 8x EBITDA multiple).

## SEC filing metadata
- accession: 0001481792-21-000027
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2021-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1481792/000148179221000027/0001481792-21-000027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179221000027/quad-20210803.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-21-000027
- JSON: https://secwatch.observer/filing/0001481792-21-000027.json
- Plain text: https://secwatch.observer/filing/0001481792-21-000027.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.