---
schema_version: "secwatch.filing_event.v1"
accession: "0001481792-24-000003"
form_type: "8-K"
ticker: "QUAD"
cik: "0001481792"
company_name: "Quad/Graphics, Inc."
filed_at: "2024-02-20T23:59:59+00:00"
generated_at: "2026-06-05T23:00:57.456515+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Quad reports 2023 net loss of $55M, sales down 8%; reinstates $0.05 dividend

## Summary
- Net sales $3.0B in 2023, down 8% YoY; net loss $55M vs net earnings $9M in 2022.
- Adjusted EBITDA $234M (in line with guidance $220-240M); Q4 net loss $22M.
- Net debt reduced $75M to $470M; leverage ratio 2.0x (new target 1.75x-2.25x).
- Reinstated quarterly dividend $0.05/share payable March 12, record Feb 27.
- 2024 guidance: net sales decline 5-9%, Adj EBITDA $205-245M, FCF $50-70M.

## SEC filing metadata
- accession: 0001481792-24-000003
- form_type: 8-K
- ticker: QUAD
- cik: 0001481792
- company_name: Quad/Graphics, Inc.
- filed_at: 2024-02-20T23:59:59+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/1481792/000148179224000003/0001481792-24-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1481792/000148179224000003/quad-20240220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001481792-24-000003
- JSON: https://secwatch.observer/filing/0001481792-24-000003.json
- Plain text: https://secwatch.observer/filing/0001481792-24-000003.txt

## Key facts
- Earnings Releases
  Quad/Graphics, Inc. reported the fourth quarter and full year ended December 31, 2023 results: revenue $3.0 billion, net income Net Loss of $55 million. Guidance reaffirmed.
  - Period: the fourth quarter and full year ended December 31, 2023
  - Revenue: $3.0 billion
  - Net income: Net Loss of $55 million
  - Guidance: reaffirmed
  - Result: reported results
  source text: experience company, today reported results for the fourth quarter and full year ended December 31, 2023. Recent Highlights • Achieved 2023 guidance and reported Net Sales of $3.0 billion in 2023 compared to $3.2 billion in 2022. • Anticipating $60 million of cost savings from recent plant capacity and labor reduction initiatives in response to ongoing external
  evidence_url: https://www.sec.gov/Archives/edgar/data/1481792/000148179224000003/0001481792-24-000003-index.htm

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