Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.33B | $3.95B | $3.99B | $3.92B | $2.93B | $2.96B | $3.22B | $2.96B | $2.67B | $2.42B |
| Revenue growth | — | -8.7% | 0.9% | -1.6% | -25.3% | 1.1% | 8.7% | -8.1% | -9.7% | -9.4% |
| Operating income | $117M | $173M | $87.3M | $34.7M | -$46.0M | $92.8M | $53.5M | $25.7M | $19.2M | $97.0M |
| Operating margin | 2.7% | 4.4% | 2.2% | 0.9% | -1.6% | 3.1% | 1.7% | 0.9% | 0.7% | 4.0% |
| Net income | $44.9M | $107M | $7.90M | -$156M | -$129M | $37.8M | $9.30M | -$55.4M | -$50.9M | $27.0M |
| Net margin | 1.0% | 2.7% | 0.2% | -4.0% | -4.4% | 1.3% | 0.3% | -1.9% | -1.9% | 1.1% |
| EPS (diluted) | $0.90 | $2.07 | $0.16 | -$3.12 | -$2.53 | $0.71 | $0.18 | -$1.14 | -$1.07 | $0.54 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $354M | $344M | $261M | $156M | $190M | $137M | $155M | $148M | $113M | $95.9M |
| Capital expenditures | $106M | $85.9M | $96.3M | $111M | $61.0M | $50.0M | $60.3M | $70.8M | $57.2M | $45.2M |
| Free cash flow | $248M | $258M | $164M | $44.5M | $129M | $86.5M | $94.3M | $76.8M | $55.7M | $50.7M |
| Share buybacks | $8.80M | $3.80M | $36.7M | $0.00 | — | $0.00 | $10.0M | $12.6M | $0.00 | $8.00M |
| Dividends paid | $61.1M | $62.5M | $62.9M | $57.1M | $9.50M | $1.40M | $1.40M | $100K | $9.40M | $14.4M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $19.2M | $64.4M | $69.5M | $78.7M | $55.2M | $180M | $25.2M | $52.9M | $29.2M | $63.3M |
| Total assets | $2.57B | $2.45B | $2.47B | $2.42B | $1.93B | $1.89B | $1.70B | $1.51B | $1.30B | $1.25B |
| Total liabilities | $2.13B | $1.93B | $2.01B | $2.17B | $1.84B | $1.75B | $1.53B | $1.39B | $1.25B | $1.12B |
| Long-term debt | $1.02B | $904M | $883M | $1.06B | $903M | $555M | $507M | $363M | $349M | $323M |
| Shareholders' equity | $442M | $522M | $443M | $227M | $84.1M | $137M | $173M | -$118M | -$131M | -$59.5M |
| Retained earnings | -$206M | -$163M | -$211M | -$424M | -$566M | -$528M | -$519M | -$574M | -$635M | -$623M |
| Shares (wtd avg diluted) | 49.8M | 51.8M | 51.6M | 50.0M | 50.6M | 53.0M | 52.5M | 48.4M | 47.6M | 49.9M |
Every figure is extracted from Quad/Graphics, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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