Quad/Graphics, Inc. (QUAD): Business Model Canvas [Dec-2025 Updated]

You're analyzing a company that's fighting the print decline, and frankly, the strategy Quad/Graphics, Inc. is running-pivoting hard into an omnichannel Marketing Experience (MX) provider-is fascinating to watch. After two decades in this game, I can tell you this isn't just about paper anymore; it's about using their massive data stack and new tech like Audience Builder 2.0 to drive measurable sales lifts for clients, especially through their In-Store Connect retail media network. With the firm expecting 2025 Adjusted EBITDA between $190 million and $200 million and aiming for a low leverage ratio, you need to see the mechanics behind this transformation, so check out the full Business Model Canvas below to see exactly where they are putting their chips.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Quad/Graphics, Inc. (QUAD) relies on to deliver its marketing experience solutions as of late 2025. These partnerships are critical for scaling their digital offerings and managing the costs associated with their traditional print and distribution backbone.

Retailers for the In-Store Connect retail media network

The expansion of the In-Store Connect network is a major focus, bringing digital signage to the point of purchase. This network grew to over 45 grocery stores with 30 additional locations added as of the first quarter of 2025.

A key addition is Vallarta Supermarkets, one of California's top Latino-owned grocery chains. This partnership began rolling out in the summer of 2025, integrating digital signage into an initial 15 stores out of Vallarta's total 60 locations. The messaging across kiosks, shelf screens, and freezer-aisle screens is bilingual, running in both English and Spanish. The network also includes The Save Mart Companies and Homeland Stores, among others.

Retail Partner Type	Specific Example/Metric	Deployment/Activity Date
Grocery Retailer (In-Store Connect)	Vallarta Supermarkets: Initial deployment in 15 of 60 stores	Summer 2025
Grocery Retailer (In-Store Connect)	The Save Mart Companies: First activation mentioned	2024
Retail Media Network Scale	Network reached over 45 grocery stores with 30 added locations	Q1 2025
Home Improvement Retailer	Secured digital screen deployments in a major chain	Q1 2025

Technology partners like Swiftly for digital in-store media platform deployment

Quad/Graphics, Inc. partners with technology providers to enhance the functionality of In-Store Connect. The collaboration with Swiftly, a retail technology and media company, is central to distributing engaging brand content and bringing digital commerce elements into physical stores.

More recently, Quad announced a strategic partnership with Vistar Media on May 8, 2025, integrating Vistar's Ad Server and Supply-Side Platform (SSP) to allow Consumer Packaged Goods (CPG) brands to automate the purchase and placement of ads on In-Store Connect via programmatic bidding.

• Swiftly: Provides the platform for omnichannel engagement on In-Store Connect.
• Vistar Media: Integrated for programmatic buying access to In-Store Connect inventory.

Co-mail partners for postal optimization

To counter escalating U.S. Postal Service (USPS) rate hikes, Quad/Graphics, Inc. actively manages co-mailing and postal optimization through its Household Fusion program. A concrete step in strengthening this capability was the acquisition of Enru's co-mailing assets on April 1, 2025. This move is intended to maximize postal savings for clients.

The Household Fusion solution, which combines mail from different mailers destined for a single household into one polybag, was being rolled out in phases through early 2025. Quad estimates the July 2025 USPS rate increases could be 9.75% for compensatory products and 11.75% for non-compensatory products.

Suppliers for paper, ink, and other print-related raw materials

Supply chain costs are a direct factor in Quad/Graphics, Inc.'s financial performance. For instance, realized Net Sales in the second quarter of 2025 were $572 million, down 10% from the prior year, with lower paper sales cited as a contributing factor.

Regarding raw materials, uncoated freesheet (UFS) paper producers announced a 5% price increase on web and sheetfed grades for varying implementation dates in the first quarter of 2025. Quad is also monitoring the impact of potential tariffs on its procurement spend, which is 11% exposed to tariffs.

Logistics providers for distribution and delivery services

Logistics is another area where external factors directly impact Quad/Graphics, Inc.'s top line. Lower logistics sales were also cited as a reason for the 10% decline in second quarter 2025 Net Sales.

In January 2025, the logistics market saw a positive development with a tentative agreement on a new six-year contract between dockworkers and the maritime industry, which averted a potential strike. Quad employs its operational scale to create efficiencies that benefit clients, leveraging its position as the largest USPS customer to provide insights on postal topics.

Finance: draft 13-week cash view by Friday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Key Activities

You're looking at the core engine driving Quad/Graphics, Inc. (QUAD) as they push through their transformation. Here's the breakdown of what they are actively doing to keep the lights on and build that future Marketing Experience (MX) business.

Operating large-scale, efficient print manufacturing facilities

The physical footprint remains a major activity, though the mix is shifting. For the nine months ended September 30, 2025, the United States Print and Related Services segment generated $1,238.6 million in product sales and $384.5 million in service sales. The large-scale print portion of the business represented 25% of total sales in Q2 2025, while targeted print offerings accounted for 46% of sales in that same period. The company noted that benefits from improved manufacturing productivity were a partial offset to sales declines in Q2 and Q3 2025. Operations in Mexico facilities are noted as remaining compliant under the USMCA, which keeps them exempt from tariffs on imports from Canada and for U.S. clients. The Q3 2025 realized Net Sales were $588 million, a 13% year-over-year decline, or a 7% decline when excluding the impact of the European divestiture on February 28, 2025.

Metric	Q3 2025 Value	Period/Context
Net Sales	$588 million	Third Quarter 2025
Net Sales Decline (Ex-Europe)	7%	Year-over-Year (Q3 2025 vs Q3 2024)
Large-Scale Print Sales Mix	23%	Q2 2025
Targeted Print Sales Mix	46%	Q2 2025

Developing and integrating AI-enabled marketing technology (Audience Builder 2.0)

Quad/Graphics, Inc. is actively deploying its proprietary data and AI tools. They released Audience Builder 2.0, which activates their household-based data stack. This platform was further enhanced in Q3 2025 with Snowflake's natural language AI capabilities, making audience creation easier and faster. The underlying data stack touches 92% of all U.S. households and nearly 97% of the adult U.S. population, supported by over 3 billion continuously validated data points. This technology aims to enhance media buying precision and increase response rates. It's definitely a core investment area.

Providing integrated creative, production, and media agency solutions

The company is executing integrated work across its MX Solutions Suite. For instance, brand design work for Titleist's Pro V1 and Pro V1x golf balls debuted in January 2025, leveraging the Betty creative agency and its design arm, Favorite Child. Quad/Graphics, Inc. also won integrated work with Spirit of Gallo in early 2025, applying their data stack for audience intelligence and media management across out-of-home, social, and connected TV channels. However, agency solutions sales experienced a decline in the first half of 2025, partly due to the loss of a large grocery client.

Managing and expanding the In-Store Connect retail media network

Expansion of the In-Store Connect retail media network is a key focus. They announced a partnership with Vallarta Supermarkets, one of California's leading Latino-owned grocery chains, and continued to build momentum through Q3 2025. The effectiveness of the network is quantified by client results. For example, a Nestle USA campaign for DiGiorno frozen pizza saw a 23 percentage point sales lift in test stores compared to control stores. A PepsiCo campaign reportedly experienced a sales lift of 25 percentage points.

• Announced partnership with Vallarta Supermarkets.
• Demonstrated 23 percentage point sales lift for a CPG brand.
• Demonstrated 25 percentage point sales lift for another CPG brand.

Executing cost reduction and manufacturing productivity initiatives

Cost management is evident in the financial reporting, partially offsetting lower sales. Savings from cost reduction initiatives and lower selling, general and administrative expenses were cited as partial offsets to revenue declines in Q1, Q2, and Q3 2025. The company is also streamlining its physical assets, having sold two buildings in Effingham, Illinois, for $6.5 million. On the capital structure front, as of June 30, 2025, net debt stood at $448 million with a debt leverage ratio of 2.13x. The year-end 2025 target for the Net Debt Leverage Ratio was updated to approximately 1.6x. They returned $19 million to shareholders year-to-date Q3 2025 via $11 million in dividends and $8 million in share repurchases. This included repurchasing 1.4 million shares in Q3 2025, bringing total repurchases since 2022 to 7.3 million shares, which is approximately 13% of the March 31, 2022, outstanding shares. The quarterly dividend declared was $0.075 per share. Full-year 2025 Adjusted EBITDA guidance was narrowed to a range of $190 million to $200 million, with the expected Adjusted Annual Net Sales Change narrowed to a 4% decline at the midpoint.

Finance: draft 13-week cash view by Friday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Key Resources

You're looking at the core assets Quad/Graphics, Inc. (QUAD) relies on to execute its Marketing Experience (MX) strategy as of late 2025. These aren't just assets; they are the engines driving their integrated service model.

Extensive print manufacturing and distribution infrastructure

The physical backbone remains significant, though the business mix is shifting. Quad/Graphics, Inc. operates a global footprint to support its production needs.

Key infrastructure statistics include:

• Operates in 14 countries.
• Maintains 86 global facilities.
• Includes 38 dedicated manufacturing and distribution facilities.
• The United States Print and Related Services segment accounted for approximately 87% of consolidated net sales in 2024.
• The International segment accounted for approximately 13% of consolidated net sales in 2024.

Proprietary household-based data stack (250 million consumers, 92% of U.S. households)

This data asset is central to the Intelligence offering within the MX Solutions Suite. It provides the foundation for audience targeting across channels.

The scale of the data asset is quantified as follows:

• Information on 250 million consumers mapped to physical addresses.
• Reaches 92% of U.S. households.
• Includes 97% of the adult population.
• Contains over 3 billion continuously validated data points.
• Data points cover demographic, transactional, attitudinal and behavioral characteristics.

MX Solutions Suite technology platform and AI-enabled tools

The technology platform underpins the integrated service delivery, with significant investment in artificial intelligence capabilities.

The MX Solutions Suite is comprised of five interconnected areas:

• Creative
• Production
• Media
• Intelligence
• Technology

Specific technology enhancements include the release of Audience Builder 2.0 and the use of a natural-language feature powered by Snowflake's Cortex AI platform.

Full-service media agency (Rise) and creative agency (Betty)

These agencies represent the specialized talent and service layer built atop the core production and data capabilities. Quad/Graphics, Inc. is ranked number 21 in Ad Age's prestigious ranking of the largest agency companies in the U.S. as of June 2025.

Agency Client Engagements (Examples):

Agency	Client/Engagement Type	Specific Client Mentioned
Betty	Creative Agency of Record	Cacique Foods
Betty	Creative Agency of Record	Raw Sugar Living
Betty (via Favorite Child)	Design and Packaging Work	Walgreens
Rise	Full-Service Media Agency	Award-winning performance marketing focus

Strong balance sheet with net debt leverage expected near 1.6x by year-end 2025

Financial strength provides flexibility for continued strategic investment. The leverage target is a key metric for capital structure management.

Key financial metrics related to leverage and debt:

Metric	Date/Period	Amount/Ratio
Net Debt Leverage Ratio (Expected Year-End)	End of 2025	Approximately 1.6x
Net Debt Leverage Ratio (Guidance)	Beginning of 2025	Approximately 1.5x
Net Debt Leverage Ratio (Actual)	December 31, 2024	1.6x
Net Debt (Actual)	June 30, 2025	$448 million
Net Debt Leverage Ratio (Actual)	June 30, 2025	2.13x
Net Debt (Actual)	December 31, 2024	$350 million

The debt capital structure includes a blended interest rate of 7.2%, with 86% of interest expense subject to decreases when interest rates decline. The next significant debt maturity is not until October 2029.

Finance: draft 13-week cash view by Friday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Value Propositions

You're looking at how Quad/Graphics, Inc. (QUAD) is delivering tangible value to its clients right now, late in 2025. The core idea is simplifying marketing complexity through an integrated, omnichannel MX Solutions Suite. This suite blends creative, production, and media services across both digital and physical channels, which helps remove friction from the marketing journey.

Delivering measurable sales lifts via the In-Store Connect retail media network is a key focus. Quad/Graphics, Inc. is actively expanding this network, announcing a partnership with Vallarta Supermarkets to bring digital signage into an initial 15 stores, and doubling its footprint with The Save Mart Companies. This is built on the premise that in-store engagement matters; research from The Harris Poll and Quad shows 88 percent of consumers remember physical store experiences that engage them.

Driving cost efficiencies and speed-to-market comes from optimized production and logistics. You can see the results of operational improvements reflected in the financial recovery; for the nine months ended September 30, 2025, Operating Income was $59.7 million, a significant turnaround from an operating loss of $0.5 million in the same period of 2024. This operational discipline helps maintain a disciplined financial structure, with the anticipated year-end Net Debt Leverage Ratio updated to approximately 1.6x.

Enhancing marketing effectiveness is powered by data-driven audience intelligence. Quad/Graphics, Inc. continues to activate its proprietary household-based data stack, which includes more than 20,000 addressable demographic, transactional, attitudinal, and behavioral characteristics. The enhancement of the Audience Builder platform with Snowflake's natural language AI capabilities is designed to make audience creation easier, faster, and more precise for clients.

Finally, Quad/Graphics, Inc. provides a single-source solution for both physical and digital marketing needs, a strategic shift reflected in the evolving sales mix. The company is successfully growing its more integrated offerings, as shown by the shift in its Q2 2025 sales composition.

Here's a quick look at the financial context supporting the transformation tied to these value propositions:

Metric (Nine Months Ended Sept 30, 2025)	Amount/Value	Comparison Point
Total Net Sales	$1,789.3 million	Down from $1,963.8 million in 2024
Net Earnings	$15.9 million	Substantial recovery from Net Loss of $55.6 million in 2024
Diluted Earnings Per Share	$0.32	Compared to $(1.17) in the same period of 2024

The shift in focus toward integrated solutions is evident when you look at the product mix changes:

• Targeted print offerings grew from 44% to 46% of total sales in Q2 2025.
• Large-scale print offerings decreased from 25% to 23% of total sales in Q2 2025.
• Adjusted Diluted Earnings Per Share for Q3 2025 was $0.31, a 19% increase from Q3 2024's $0.26.

What this estimate hides is the ongoing top-line pressure; full-year 2025 Net Sales guidance is still narrowed to a midpoint 4% decline compared to 2024. Still, the improved profitability shows the value propositions are starting to take hold operationally.

Finance: review the Q3 2025 revenue breakdown by service line against the 2024 actuals by next Tuesday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Customer Relationships

The relationship strategy at Quad/Graphics, Inc. centers on deep integration and demonstrable value delivery across its client base, which includes a significant portion of the largest US corporations.

Dedicated account teams providing tailored, integrated solutions

Quad/Graphics tailors its flexible, scalable, and connected solutions to meet specific client objectives, aiming to drive cost efficiencies and improve speed-to-market. The company's focus is on strengthening marketing effectiveness and delivering value on client investments. The shift in sales mix reflects this tailoring, with targeted print offerings increasing from 44% to 46% of total sales in Q2 2025, while large-scale print decreased from 25% to 23% of total sales over the same period.

High-touch, consultative sales approach for blue-chip clients

Quad/Graphics serves approximately 2,100 clients across 11 countries. A core part of the client base consists of industry-leading blue-chip companies spanning commerce (retail, CPG, D2C), financial services, and health sectors. The company maintains client relationships with approximately 60% of Fortune 1000 companies.

Long-term contractual relationships, especially in large-scale print

The company cultivates enduring partnerships, evidenced by an average client retention period of 7.3 years across its print and digital service segments. While the overall print industry faces headwinds, the strategic pivot involves focusing on areas that maintain strong relationships, though the company did experience the loss of a large grocery client which annualized at the beginning of March 2025.

Self-service and automated tools for data activation and reporting

Quad/Graphics continues to invest in technology to enhance client data interaction. The company released Audience Builder 2.0, designed to activate its proprietary household-based data stack for enhanced media buying precision and increased response rates through improved audience intelligence. This platform allows employees to create complex, high-propensity audiences using natural language prompts via an integrated large language model.

Focus on driving client return on investment (ROI) and marketing effectiveness

The effectiveness of integrated solutions is quantified through client performance metrics. The In-Store Connect retail media network has shown measurable results, with demonstrated product sales lifts ranging from an average of 5% to 20% in test stores versus control stores. Specific campaign results include:

• Nestle USA deploying a campaign for DiGiorno frozen pizza and experiencing a 23 percentage point sales lift in test stores versus control stores.
• PepsiCo experiencing a sales lift of 25 percentage points from a campaign.
• Promotional campaigns within In-Store Connect showing greater than 20% lift.

The underlying data asset supporting this is Quad's proprietary household-based data stack, which maps information on 250 million consumers to physical addresses, reaching 92% of US households with over 3 billion continuously validated data points.

Key Client Relationship Metrics for Quad/Graphics, Inc. (as of late 2025)

Metric	Value
Approximate Number of Clients Served	2,100
Percentage of Fortune 1000 Companies Served	60%
Average Client Retention Period	7.3 years
Targeted Print Sales Mix (Q2 2025)	46% of total sales
Large-Scale Print Sales Mix (Q2 2025)	23% of total sales
US Household Reach of Data Stack	92%

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Channels

You're looking at how Quad/Graphics, Inc. (QUAD) gets its Marketing Experience (MX) solutions to its client base as of late 2025. The channels reflect a clear pivot toward integrated data and in-store activation, even as traditional print volumes shift.

Here's a quick look at the top-line financial context for the first nine months of 2025, which frames the performance of these channels:

Metric	Value (Nine Months Ended Sept 30, 2025)	Comparison Period
Total Net Sales	$1,789.3 million	Down 9% from $1,963.8 million in 2024
Total Net Sales (Ex-Europe Divestiture)	Decline of 4%	Organic decline
Operating Income	$59.7 million	Up from an operating loss of $0.5 million in 2024
Net Earnings	$15.9 million	Recovery from a Net Loss of $55.6 million in 2024

The company, which employs approximately 11,000 people across 11 countries, serves roughly 2,100 clients, so the direct sales force is critical for managing this complex, global relationship base.

Direct sales force and account management teams

• The direct sales force manages relationships across commerce (retail, CPG, DTC), financial services, and health verticals.
• Account management teams are focused on integrating the MX Solutions Suite across client marketing journeys.
• The company repurchased 1.4 million shares of Class A common stock in the second quarter of 2025 alone.
• The quarterly dividend remained steady at $0.075 per share as of Q2 2025.

Physical distribution network for catalogs, magazines, and direct mail

• This channel is evolving, with targeted print offerings growing to account for 46% of total sales in Q2 2025, up from 44%.
• Large-scale print, a traditional core, declined to represent 23% of total sales in Q2 2025, down from 25% the prior year.
• Quad/Graphics, Inc. acquired the co-mailing assets of Enru on April 1, 2025, to enhance logistics and postal savings solutions for direct mail clients.
• The divestiture of European operations on February 28, 2025, removed sales associated with that physical footprint, valued at approximately $42 million (€41 million) potential value.

In-Store Connect digital screens and kiosks within retail locations

• In-Store Connect is a key growth area within the retail media network strategy.
• New partnerships were announced in 2025 with regional grocery chains, including Vallarta Supermarkets and an expansion of the footprint with The Save Mart Companies.
• This solution is designed to engage shoppers at the point of purchase, bridging the physical and digital experience.

Agency channels (Rise and Betty) for media and creative services

• Rise, the media agency, supports full-funnel brand and performance marketing across all touchpoints.
• Betty, the creative agency, provides brand strategy and design expertise, winning the Creative Agency of Record for Gorilla Glue in 2025.
• The MX Solutions Suite integrates these agency services with production and tech offerings.

Digital platforms for data activation and programmatic media buying

• The company activates its proprietary household-based data stack through platforms like Audience Builder 2.0, launched in the second quarter of 2025.
• This data stack maps information on 250 million consumers to physical addresses, covering 92% of US households.
• The data includes over 3 billion continuously validated data points used to enhance media buying precision.
• The full-year 2025 guidance projects an Adjusted EBITDA between $180 million and $220 million, supported by these digital intelligence investments.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Customer Segments

You're looking at the core audience for Quad/Graphics, Inc. (QUAD) as of late 2025. This isn't just about printing; it's about serving specific, high-value marketing needs across several key verticals. The company focuses its efforts on clients where complex marketing challenges meet the need for integrated, omnichannel execution.

Large-scale retailers and consumer packaged goods (CPG) brands form a foundational part of the client base, often requiring high-volume print runs for inserts, circulars, and packaging. This segment is intertwined with the company's large-scale print product lines, which saw a revenue mix decrease, moving from 25% of total sales in Q2 2024 to 23% in Q2 2025. However, the shift towards integrated solutions shows that even these large players are leaning into Quad's broader MX Solutions Suite.

Direct-to-consumer (DTC) companies utilizing direct mail and catalogs represent a growth area within the company's targeted print offerings. This focus area is seeing investment, with targeted print offerings-which include direct marketing and catalogs-increasing their share of total net sales. For the first nine months of 2025, the revenue mix for targeted print offerings increased 2% compared to the same period in 2024. In Q1 2025 specifically, targeted print offerings grew 2% of total sales, driven by catalogs and direct marketing.

The company also serves financial services and health organizations requiring regulated print and marketing. These clients depend on Quad for secure, compliant communications, which often involve direct mail and other regulated output. This segment benefits from Quad's focus on intelligence and production integrity within its marketing experience framework.

While the search results don't give specific 2025 revenue percentages for publishers of magazines and special interest publications, this group is clearly tied to the large-scale print segment that is experiencing organic declines. The company is strategically investing in areas expected to outpace the organic decline in these large-scale print product lines.

The overall scale of the client relationship is significant. Quad serves approximately 2,100 clients, a group that includes industry leading blue-chip companies across these verticals. This client base is served by approximately 11,000 employees operating in 11 countries as of the latest reports.

Here's a quick look at the client base context and relevant sales mix shifts as of mid-to-late 2025:

Metric	Value/Percentage (Latest Available)	Reporting Period/Context
Total Clients Served	Approximately 2,100	As of Q3 2025 reporting
Large-Scale Print (Revenue Mix)	Declined from 25% to 23%	Q2 2025 comparison
Targeted Print (Revenue Mix)	Increased from 44% to 46%	Q2 2025 comparison
Targeted Print Growth (YTD Mix)	Increased 2%	9 Months Ended September 30, 2025 vs. 2024
Total Net Sales	$1,789.3 million	Nine Months Ended September 30, 2025

You should note the strategic pivot reflected in the sales mix:

• Growth in direct marketing, packaging, and in-store solutions.
• The MX Solutions Suite is key for retaining these clients.
• Focus on integrated solutions is outpacing large-scale print decline.

Finance: draft 13-week cash view by Friday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Quad/Graphics, Inc.'s operations as of late 2025. The cost structure remains heavily weighted toward physical inputs and production, even as the company pushes its transformation forward.

High variable costs for paper, ink, and other print inputs are a constant pressure point. Management noted that they are facing increased costs due to tariffs on certain print-related materials, which led to a planned price increase for clients effective January 1. To manage this, the company made proactive inventory purchases of paper and other materials in advance of potential tariffs during the first quarter of 2025. The Q3 2025 net sales decline was partly attributed to lower paper sales.

Regarding labor, while the specific employee count of 11,000 isn't explicitly confirmed in the latest filings, significant labor costs for manufacturing and logistics are a known factor, with management highlighting the need to improve manufacturing productivity to offset cost pressures.

The company is actively funding investments in innovative offerings, including AI and technology development, which represent a cost of transformation. These investments are cited as a reason for the decrease in Adjusted EBITDA in Q2 2025 compared to the prior year. Specific areas of investment include:

• Enhancing the proprietary Audience Builder platform with Snowflake's natural language AI capabilities.
• Building momentum for the In-Store Connect retail media network.
• Focusing on integrated creative, production, and media offerings.

On the expense management front, Selling, General, and Administrative (SG&A) expenses are being actively managed and reduced. Lower SG&A expenses were noted as a partial offset to the decrease in Adjusted EBITDA when comparing Q3 2025 to Q3 2024.

The commitment to cost discipline is also reflected in the revised outlook for asset spending. Capital expenditures (CapEx) were narrowed to $50 million to $55 million for 2025, a reduction from earlier guidance of $65 million to $75 million.

Here's a quick look at the key 2025 full-year guidance metrics that frame the cost expectations:

Cost/Financial Metric	Narrowed 2025 Guidance Range
Capital Expenditures (CapEx)	$50 million to $55 million
Adjusted EBITDA	$190 million to $200 million
Free Cash Flow (FCF)	$50 million to $60 million (at the higher end of the original range)

The company's blended interest rate on debt was reported at 7.2% as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Quad/Graphics, Inc. (QUAD) - Canvas Business Model: Revenue Streams

Targeted Print revenue streams include direct marketing, packaging, and in-store signage. For the second quarter of 2025, targeted print offerings grew to account for 46% of total sales, up from 44% in the prior year period.

Large-Scale Print revenue streams cover magazines, catalogs, and retail inserts. This segment saw a decline, representing 23% of total sales in the second quarter of 2025, down from 25% in the second quarter of 2024.

Integrated Solutions revenue streams encompass agency, media, intelligence, and logistics services. For the nine months ended September 30, 2025, the United States Print and Related Services segment recorded $384.5 million in service sales, which would include many of these offerings.

The financial outlook for the full-year 2025 projects the following performance metrics:

• Full-year 2025 Adjusted EBITDA expected between $190 million and $200 million.
• Free Cash Flow (FCF) expected to be $50 million to $60 million for 2025.

Here is a breakdown of the nine-month sales figures for the periods ending September 30, 2025:

Revenue Stream Category	Sales Type	Amount (USD)
United States Print and Related Services	Product Sales	$1,238.6 million
United States Print and Related Services	Service Sales	$384.5 million
International Segment	Product Sales	$163.3 million
International Segment	Service Sales	$2.9 million

The third quarter 2025 Adjusted EBITDA was reported at $53 million. The Adjusted Diluted Earnings Per Share for the third quarter of 2025 was $0.31.

The company's revenue streams are evolving, as shown by the following segment data for the nine months ended September 30, 2025:

• Total Net Sales for the nine months ended September 30, 2025, were $1,789.3 million.
• Total Net Sales for the nine months ended September 30, 2024, were $1,963.8 million.
• Operating Income for the nine months ended September 30, 2025, was $59.7 million.
• Net Earnings for the nine months ended September 30, 2025, were $15.9 million.