---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-22-000026"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T17:59:23.845375+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q3 net sales up 18% to $830M; raises full-year sales growth guidance to 8%-10%

## Summary
- Net sales $830M, up 18% YoY; net earnings $14M flat YoY, but excluding $18M non-recurring gains in 2021 underlying earnings improved.
- Adjusted diluted EPS $0.32 vs $0.18 YoY, up 78%.
- Full-year net sales growth guidance raised to 8%-10% from 3%-7%; Adj. EBITDA guidance narrowed to $235-$255M.
- Repurchased 3.1M shares YTD for $10M, over 5% of outstanding.
- Free cash flow negative $80M YTD; net debt up $91M to $715M; management expects strong Q4 FCF and debt reduction.

## SEC filing metadata
- accession: 0001481792-22-000026
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2022-11-01T23:59:59+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/1481792/000148179222000026/0001481792-22-000026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179222000026/quad-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-22-000026
- JSON: https://secwatch.observer/filing/0001481792-22-000026.json
- Plain text: https://secwatch.observer/filing/0001481792-22-000026.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported nine months ended September 30, 2022 results: revenue $2.3 billion, net income $18 million, EPS $0.49. Guidance raised.
  - Period: nine months ended September 30, 2022
  - Revenue: $2.3 billion
  - Net income: $18 million
  - EPS: $0.49
  - Guidance: raised
  - Result: reported results
  source text: due to increased recurring earnings and benefited by our recent stock repurchases. Results for the nine months ended September 30, 2022, include: • Net Sales — Net Sales were $2.3 billion in the nine months ended September 30, 2022, up 11% from the same period in 2021, or up 14% excluding the impact of the QuadExpress divestiture. Net Sales growth was achieved due
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179222000026/0001481792-22-000026-index.htm
- Earnings Releases
  Quad/Graphics, Inc. reported third quarter ended September 30, 2022 results: revenue $830 million, net income $14 million, EPS $0.32. Guidance raised.
  - Period: third quarter ended September 30, 2022
  - Revenue: $830 million
  - Net income: $14 million
  - EPS: $0.32
  - Guidance: raised
  - Result: reported results
  source text: to enhance our financial strength and create shareholder value.” Summary Results Results for the three months ended September 30, 2022, include: • Net Sales — Net Sales were $830 million in the third quarter of 2022, reflecting top-line growth of 18% compared to the same period in 2021. Net Sales growth was driven by print segment share gains, increased pricing
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179222000026/0001481792-22-000026-index.htm

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