---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-23-000024"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T03:19:19.591360+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q1 Net Sales +3% to $767M; Net Loss widens to $25M; Adj. EBITDA +24% to $60M; Reaffirms FY23 guidance

## Summary
- Net sales $767M, up 3% YoY, driven by U.S. and Mexico print and Agency Solutions.
- Net loss $25M vs. -$1M a year ago on higher restructuring charges, interest and tax expense.
- Adjusted EBITDA $60M, +24% vs. $49M in Q1 2022; adjusted diluted EPS $0.15 vs. $0.04.
- Free cash flow negative $79M vs. -$36M a year ago; net debt $632M, up $87M from Q4 2022.
- Full-year 2023 guidance reaffirmed: net sales (0%) to (5%), Adj. EBITDA $210M-$250M, FCF $50M-$90M.

## SEC filing metadata
- accession: 0001481792-23-000024
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000024/0001481792-23-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000024/quad-20230502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-23-000024
- JSON: https://secwatch.observer/filing/0001481792-23-000024.json
- Plain text: https://secwatch.observer/filing/0001481792-23-000024.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported first quarter ended March 31, 2023 results: revenue $767 million, net income Net Loss of $25 million. Guidance reaffirmed.
  - Period: first quarter ended March 31, 2023
  - Revenue: $767 million
  - Net income: Net Loss of $25 million
  - Guidance: reaffirmed
  - Result: reported results
  source text: more purposeful and sustainable way forward for all our stakeholders.” Summary Results Results for the first quarter ended March 31, 2023, include: • Net Sales — Net Sales were $767 million in the first quarter of 2023, an increase of 3% compared to the same period in 2022, despite the impact from the sale of the Company’s Argentina print operations in December
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000024/0001481792-23-000024-index.htm

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