---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-23-000008"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T06:49:44.592093+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q4 2022: Net sales +4% to $885M; FY22 Adj EBITDA $252M; guides FY23 sales down 0-5%

## Summary
- Q4 net sales $885M (+4% YoY); net loss improved to $9M from $21M loss in Q4 2021.
- FY22 net sales $3.2B (+9% YoY, +11% ex-divestitures); net earnings $9M vs $38M in 2021.
- FY22 Adjusted EBITDA $252M (near high end of $235M-$255M guidance); Free Cash Flow $94M.
- Net debt reduced to $545M; leverage ratio 2.16x, lowest since 2018; $10M share repurchases in 2022.
- FY23 guidance: net sales decline 0-5%, Adj EBITDA $210M-$250M, FCF $50M-$90M, target leverage ~2.0x.

## SEC filing metadata
- accession: 0001481792-23-000008
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000008/0001481792-23-000008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000008/quad-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-23-000008
- JSON: https://secwatch.observer/filing/0001481792-23-000008.json
- Plain text: https://secwatch.observer/filing/0001481792-23-000008.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported financial results for fourth quarter and year ended December 31, 2022.
  - Period: fourth quarter and year ended December 31, 2022
  - Result: reported results
  source text: On February 21, 2023, Quad/Graphics, Inc. (the “Company”) issued a press release announcing financial results for its fourth quarter and year ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000008/0001481792-23-000008-index.htm

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