Quad/Graphics, Inc. reported financial results for the third quarter ended September 30, 2026, and provided updated full-year guidance for 2026. For the third quarter, the company realized Net Sales of $587 million, which was consistent with the same period in 2025. Net Earnings were $6 million, or $0.11 Diluted Earnings Per Share, compared to $10 million, or $0.21 Diluted Earnings Per Share, in the prior year. Adjusted EBITDA was $51 million for the quarter, compared to $53 million in 2025, while Adjusted Diluted Earnings Per Share increased to $0.35 from $0.31 in the prior year.
For the nine months ended September 30, 2026, Net Sales were $1.7 billion, a decrease of 2% compared to the same period in 2025. Excluding the impact of the divestiture of European operations, Net Sales declined by 1%. Net Earnings for the year-to-date period were $15 million, or $0.31 Diluted Earnings Per Share, compared to $16 million, or $0.32 Diluted Earnings Per Share, in 2025. Adjusted Diluted Earnings Per Share for the nine months was $0.84, an increase of 29% from $0.65 in the prior year.
Quad announced updated full-year 2026 financial guidance. The company improved the midpoint of its Adjusted Annual Net Sales Change guidance range from a 3% decline to a 2% decline. Full-Year Adjusted EBITDA guidance was narrowed to $185 million to $195 million, and Free Cash Flow guidance was updated to $45 million to $55 million. The company maintains its year-end 2026 Net Debt Leverage Ratio guidance at approximately 1.5x.
During the first nine months of 2026, Quad returned $23 million to shareholders through $15 million of cash dividends and $8 million of share repurchases. The company also repurchased 1.0 million shares of Quad Class A common stock in 2026, bringing total repurchases since 2022 to 8.4 million shares, representing approximately 15% of outstanding shares as of March 31, 2022. Quad declared a quarterly dividend of $0.10 per share, payable December 4, 2026.
