---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-22-000003"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2022-02-22T23:59:59+00:00"
generated_at: "2026-06-27T06:05:50.300959+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q4 net loss $21M; FY 2021 net earnings $38M, adj EPS $0.60; guides 2022 sales growth 3-7%

## Summary
- Q4 2021 net sales $855M (+1% YoY; +5% ex-divestiture); net loss $21M vs loss $86M Q4 2020.
- Full-year 2021 net sales $3.0B (+1%; +3% ex-divestitures); net earnings $38M vs loss $107M; adj diluted EPS $0.60 (vs $0.29).
- Adjusted EBITDA FY2021 $246M (down from $260M due to non-recurrence of COVID savings and cost inflation).
- Net debt reduced 40% over two years to $624M; leverage ratio improved to 2.54x from 3.35x.
- 2022 guidance: net sales growth 3-7%, adj EBITDA $230-270M, free cash flow $70-100M, capex $55-65M, leverage ~2.25x.

## SEC filing metadata
- accession: 0001481792-22-000003
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2022-02-22T23:59:59+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/1481792/000148179222000003/0001481792-22-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179222000003/quad-20220222.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-22-000003
- JSON: https://secwatch.observer/filing/0001481792-22-000003.json
- Plain text: https://secwatch.observer/filing/0001481792-22-000003.txt

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