---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-23-000040"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2023-08-01T23:59:59+00:00"
generated_at: "2026-06-12T17:49:15.325527+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q2 net sales $703M (-7% YoY), net loss $6M; reaffirms FY2023 guidance

## Summary
- Net sales $703M, down 7% YoY; net loss $6M vs net earnings $5M in Q2 2022.
- Adjusted EBITDA $50M vs $56M YoY; adjusted diluted EPS $0.02 vs $0.13.
- Generated $34M free cash flow in Q2; reduced net debt $80M over last 12 months.
- Repurchased $5M shares; total buyback 8% of outstanding stock since Q2 2022.
- Reaffirms FY2023 guidance: adj EBITDA $210-250M, free cash flow $50-90M, debt leverage ~2.0x.

## SEC filing metadata
- accession: 0001481792-23-000040
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2023-08-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1481792/000148179223000040/0001481792-23-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000040/quad-20230801.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-23-000040
- JSON: https://secwatch.observer/filing/0001481792-23-000040.json
- Plain text: https://secwatch.observer/filing/0001481792-23-000040.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported second quarter ended June 30, 2023 results: revenue $703 million, net income Net Loss of $6 million, EPS $0.12 diluted loss per share. Guidance reaffirmed.
  - Period: second quarter ended June 30, 2023
  - Revenue: $703 million
  - Net income: Net Loss of $6 million
  - EPS: $0.12 diluted loss per share
  - Guidance: reaffirmed
  - Result: reported results
  source text: 2023 — Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), today reported results for the second quarter ended June 30, 2023. Recent Highlights • Reported Net Sales of $703 million and Net Loss of $6 million in the second quarter of 2023, or $0.12 diluted loss per share. • Achieved Adjusted EBITDA of $50 million in the second quarter of 2023 compared to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000040/0001481792-23-000040-index.htm

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