---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-23-000053"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2023-10-31T23:59:59+00:00"
generated_at: "2026-06-09T04:33:10.422895+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Quad/Graphics Q3 net loss $3M; sales down 16%; lowers FY net sales guidance

## Summary
- Q3 net sales $700M, down 16% vs $830M YoY; net loss $3M ($0.06 loss per share) vs net earnings $14M.
- Adjusted EBITDA $57M in Q3 vs $69M YoY; adjusted diluted EPS $0.11 vs $0.32.
- Nine-month net sales $2.2B (-7%), net loss $33M, Adj EBITDA $168M, Adj EPS $0.28.
- FY net sales guidance lowered to 7%-9% decline; Adj EBITDA narrowed to $220M-$240M; FCF $60M-$80M.
- Net debt $584M, down $132M over 12 months; year-end leverage target ~2.0x; $20M in share buybacks since Q2 2022.

## SEC filing metadata
- accession: 0001481792-23-000053
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2023-10-31T23:59:59+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/1481792/000148179223000053/0001481792-23-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000053/quad-20231031.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-23-000053
- JSON: https://secwatch.observer/filing/0001481792-23-000053.json
- Plain text: https://secwatch.observer/filing/0001481792-23-000053.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported third quarter ended September 30, 2023 results: revenue $700 million, net income Net Loss of $3 million, EPS $0.06 diluted loss per share. Guidance lowered.
  - Period: third quarter ended September 30, 2023
  - Revenue: $700 million
  - Net income: Net Loss of $3 million
  - EPS: $0.06 diluted loss per share
  - Guidance: lowered
  - Result: reported results
  source text: Reported Net Sales of $700 million in the third quarter of 2023 compared to $830 million in the third quarter of 2022, and Net Loss of $3 million in the third quarter of 2023, or $0.06 diluted loss per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179223000053/0001481792-23-000053-index.htm

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