Quad/Graphics Inc
NYSE:QUAD
Income Statement
Earnings Waterfall
Quad/Graphics Inc
Income Statement
Quad/Graphics Inc
| Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
64
|
63
|
62
|
77
|
93
|
107
|
122
|
116
|
108
|
100
|
91
|
87
|
84
|
85
|
85
|
84
|
86
|
85
|
87
|
91
|
93
|
95
|
93
|
90
|
88
|
87
|
84
|
81
|
77
|
75
|
74
|
72
|
71
|
70
|
71
|
71
|
73
|
78
|
85
|
89
|
90
|
86
|
77
|
73
|
69
|
65
|
65
|
62
|
60
|
54
|
50
|
47
|
48
|
55
|
62
|
67
|
70
|
69
|
69
|
68
|
65
|
62
|
58
|
54
|
|
| Revenue |
1 789
N/A
|
1 777
-1%
|
1 782
+0%
|
2 440
+37%
|
3 186
+31%
|
3 805
+19%
|
4 388
+15%
|
4 368
0%
|
4 325
-1%
|
4 292
-1%
|
4 249
-1%
|
4 179
-2%
|
4 094
-2%
|
4 234
+3%
|
4 411
+4%
|
4 577
+4%
|
4 796
+5%
|
4 769
-1%
|
4 757
0%
|
4 788
+1%
|
4 778
0%
|
4 763
0%
|
4 743
0%
|
4 662
-2%
|
4 597
-1%
|
4 532
-1%
|
4 485
-1%
|
4 385
-2%
|
4 330
-1%
|
4 286
-1%
|
4 217
-2%
|
4 166
-1%
|
3 951
-5%
|
3 920
-1%
|
3 877
-1%
|
3 845
-1%
|
3 986
+4%
|
3 979
0%
|
4 008
+1%
|
3 978
-1%
|
3 923
-1%
|
3 785
-4%
|
3 421
-10%
|
3 156
-8%
|
2 930
-7%
|
2 813
-4%
|
2 922
+4%
|
2 949
+1%
|
2 960
+0%
|
2 999
+1%
|
3 063
+2%
|
3 186
+4%
|
3 217
+1%
|
3 239
+1%
|
3 185
-2%
|
3 055
-4%
|
2 958
-3%
|
2 846
-4%
|
2 777
-2%
|
2 752
-1%
|
2 672
-3%
|
2 647
-1%
|
2 585
-2%
|
2 498
-3%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(1 274)
|
(1 269)
|
(1 276)
|
(1 816)
|
(2 406)
|
(2 894)
|
(3 361)
|
(3 330)
|
(3 302)
|
(3 291)
|
(3 276)
|
(3 233)
|
(3 184)
|
(3 320)
|
(3 473)
|
(3 626)
|
(3 802)
|
(3 785)
|
(3 784)
|
(3 811)
|
(3 807)
|
(3 790)
|
(3 774)
|
(3 727)
|
(3 680)
|
(3 588)
|
(3 533)
|
(3 427)
|
(3 395)
|
(3 372)
|
(3 316)
|
(3 276)
|
(3 091)
|
(3 103)
|
(3 073)
|
(3 065)
|
(3 221)
|
(3 217)
|
(3 254)
|
(3 241)
|
(3 192)
|
(3 052)
|
(2 741)
|
(2 520)
|
(2 335)
|
(2 247)
|
(2 340)
|
(2 371)
|
(2 390)
|
(2 450)
|
(2 514)
|
(2 613)
|
(2 619)
|
(2 617)
|
(2 568)
|
(2 456)
|
(2 381)
|
(2 285)
|
(2 209)
|
(2 176)
|
(2 092)
|
(2 071)
|
(2 025)
|
(1 952)
|
|
| Gross Profit |
514
N/A
|
508
-1%
|
506
0%
|
624
+23%
|
780
+25%
|
911
+17%
|
1 027
+13%
|
1 038
+1%
|
1 023
-1%
|
1 001
-2%
|
973
-3%
|
946
-3%
|
911
-4%
|
914
+0%
|
937
+3%
|
951
+2%
|
994
+4%
|
985
-1%
|
974
-1%
|
977
+0%
|
971
-1%
|
973
+0%
|
969
0%
|
936
-3%
|
917
-2%
|
943
+3%
|
952
+1%
|
958
+1%
|
935
-2%
|
913
-2%
|
900
-1%
|
889
-1%
|
860
-3%
|
818
-5%
|
804
-2%
|
780
-3%
|
764
-2%
|
762
0%
|
754
-1%
|
737
-2%
|
731
-1%
|
733
+0%
|
680
-7%
|
636
-6%
|
595
-7%
|
566
-5%
|
582
+3%
|
578
-1%
|
571
-1%
|
549
-4%
|
549
0%
|
573
+4%
|
598
+4%
|
623
+4%
|
616
-1%
|
599
-3%
|
577
-4%
|
561
-3%
|
568
+1%
|
576
+1%
|
580
+1%
|
576
-1%
|
559
-3%
|
546
-2%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(403)
|
(404)
|
(405)
|
(498)
|
(570)
|
(659)
|
(749)
|
(740)
|
(752)
|
(743)
|
(720)
|
(710)
|
(686)
|
(704)
|
(732)
|
(745)
|
(757)
|
(749)
|
(742)
|
(750)
|
(762)
|
(766)
|
(774)
|
(770)
|
(774)
|
(780)
|
(777)
|
(761)
|
(732)
|
(689)
|
(662)
|
(653)
|
(627)
|
(618)
|
(599)
|
(580)
|
(574)
|
(579)
|
(585)
|
(593)
|
(607)
|
(605)
|
(566)
|
(534)
|
(517)
|
(492)
|
(501)
|
(488)
|
(483)
|
(477)
|
(480)
|
(498)
|
(500)
|
(507)
|
(500)
|
(489)
|
(473)
|
(462)
|
(462)
|
(460)
|
(459)
|
(451)
|
(437)
|
(424)
|
|
| Selling, General & Administrative |
(206)
|
(207)
|
(209)
|
(267)
|
(303)
|
(353)
|
(409)
|
(398)
|
(407)
|
(401)
|
(377)
|
(368)
|
(347)
|
(361)
|
(386)
|
(400)
|
(416)
|
(414)
|
(409)
|
(414)
|
(426)
|
(432)
|
(442)
|
(441)
|
(448)
|
(458)
|
(460)
|
(464)
|
(455)
|
(432)
|
(423)
|
(418)
|
(409)
|
(402)
|
(391)
|
(375)
|
(359)
|
(367)
|
(370)
|
(381)
|
(398)
|
(403)
|
(370)
|
(345)
|
(335)
|
(316)
|
(333)
|
(326)
|
(326)
|
(325)
|
(331)
|
(354)
|
(359)
|
(369)
|
(365)
|
(357)
|
(345)
|
(338)
|
(344)
|
(350)
|
(357)
|
(357)
|
(349)
|
(341)
|
|
| Depreciation & Amortization |
(197)
|
(197)
|
(196)
|
(231)
|
(267)
|
(306)
|
(341)
|
(342)
|
(345)
|
(342)
|
(343)
|
(341)
|
(339)
|
(343)
|
(346)
|
(345)
|
(341)
|
(336)
|
(333)
|
(335)
|
(336)
|
(334)
|
(332)
|
(329)
|
(325)
|
(322)
|
(316)
|
(297)
|
(277)
|
(258)
|
(239)
|
(235)
|
(219)
|
(216)
|
(208)
|
(205)
|
(215)
|
(213)
|
(215)
|
(212)
|
(210)
|
(203)
|
(197)
|
(189)
|
(182)
|
(176)
|
(168)
|
(162)
|
(157)
|
(152)
|
(149)
|
(145)
|
(141)
|
(139)
|
(135)
|
(132)
|
(129)
|
(124)
|
(118)
|
(111)
|
(103)
|
(94)
|
(88)
|
(83)
|
|
| Operating Income |
111
N/A
|
104
-6%
|
101
-3%
|
125
+24%
|
209
+67%
|
252
+21%
|
277
+10%
|
298
+8%
|
271
-9%
|
258
-5%
|
253
-2%
|
236
-7%
|
225
-5%
|
210
-7%
|
206
-2%
|
207
+1%
|
238
+15%
|
235
-1%
|
232
-2%
|
227
-2%
|
209
-8%
|
207
-1%
|
195
-6%
|
166
-15%
|
143
-14%
|
164
+14%
|
176
+7%
|
197
+12%
|
203
+3%
|
224
+10%
|
239
+7%
|
236
-1%
|
233
-1%
|
199
-14%
|
205
+3%
|
200
-2%
|
191
-5%
|
183
-4%
|
169
-7%
|
144
-15%
|
124
-14%
|
128
+3%
|
113
-11%
|
102
-10%
|
78
-24%
|
74
-5%
|
81
+10%
|
90
+10%
|
87
-3%
|
73
-17%
|
69
-5%
|
75
+9%
|
98
+31%
|
115
+17%
|
116
+1%
|
110
-5%
|
103
-6%
|
99
-4%
|
106
+7%
|
116
+9%
|
121
+4%
|
125
+4%
|
123
-2%
|
122
-1%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(64)
|
(63)
|
(62)
|
(77)
|
(93)
|
(107)
|
(122)
|
(116)
|
(108)
|
(100)
|
(91)
|
(87)
|
(84)
|
(85)
|
(85)
|
(84)
|
(86)
|
(85)
|
(87)
|
(91)
|
(93)
|
(95)
|
(93)
|
(90)
|
(88)
|
(87)
|
(84)
|
(81)
|
(77)
|
(75)
|
(74)
|
(72)
|
(71)
|
(70)
|
(71)
|
(71)
|
(73)
|
(78)
|
(85)
|
(89)
|
(90)
|
(86)
|
(77)
|
(73)
|
(69)
|
(65)
|
(65)
|
(62)
|
(60)
|
(54)
|
(50)
|
(47)
|
(48)
|
(55)
|
(62)
|
(67)
|
(70)
|
(69)
|
(69)
|
(68)
|
(65)
|
(62)
|
(58)
|
(54)
|
|
| Non-Reccuring Items |
1
|
1
|
(28)
|
(96)
|
(148)
|
(170)
|
(160)
|
(157)
|
(148)
|
(158)
|
(174)
|
(120)
|
(118)
|
(106)
|
(98)
|
(113)
|
(95)
|
(81)
|
(78)
|
(64)
|
(75)
|
(96)
|
(104)
|
(901)
|
(973)
|
(955)
|
(928)
|
(143)
|
(67)
|
(64)
|
(61)
|
(43)
|
(63)
|
(76)
|
(81)
|
(78)
|
(103)
|
(102)
|
(101)
|
(167)
|
(120)
|
(119)
|
(128)
|
(67)
|
(126)
|
(106)
|
(60)
|
(47)
|
5
|
4
|
(26)
|
(35)
|
(45)
|
(67)
|
(74)
|
(79)
|
(78)
|
(84)
|
(85)
|
(113)
|
(102)
|
(76)
|
(75)
|
(43)
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3
|
3
|
10
|
15
|
16
|
19
|
12
|
11
|
9
|
8
|
6
|
7
|
8
|
10
|
11
|
12
|
13
|
14
|
15
|
14
|
13
|
13
|
13
|
10
|
7
|
4
|
2
|
2
|
1
|
1
|
1
|
0
|
(0)
|
(1)
|
|
| Pre-Tax Income |
48
N/A
|
42
-13%
|
11
-73%
|
(48)
N/A
|
(31)
+35%
|
(25)
+20%
|
(5)
+81%
|
26
N/A
|
15
-42%
|
0
-97%
|
(12)
N/A
|
29
N/A
|
23
-23%
|
19
-15%
|
23
+20%
|
9
-60%
|
57
+523%
|
70
+23%
|
67
-4%
|
72
+7%
|
41
-43%
|
17
-59%
|
(2)
N/A
|
(825)
-51 431%
|
(918)
-11%
|
(878)
+4%
|
(836)
+5%
|
(27)
+97%
|
59
N/A
|
86
+45%
|
106
+24%
|
124
+16%
|
109
-12%
|
69
-37%
|
70
+1%
|
70
+0%
|
27
-62%
|
14
-48%
|
(8)
N/A
|
(104)
-1 251%
|
(80)
+23%
|
(70)
+13%
|
(83)
-19%
|
(27)
+67%
|
(106)
-287%
|
(86)
+19%
|
(31)
+64%
|
(6)
+82%
|
47
N/A
|
36
-24%
|
6
-83%
|
6
-2%
|
18
+190%
|
3
-85%
|
(12)
N/A
|
(32)
-165%
|
(43)
-34%
|
(53)
-23%
|
(46)
+12%
|
(64)
-39%
|
(45)
+31%
|
(12)
+73%
|
(10)
+18%
|
25
N/A
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(2)
|
(1)
|
1
|
(198)
|
(223)
|
(216)
|
(214)
|
(18)
|
(26)
|
1
|
7
|
12
|
32
|
6
|
(4)
|
(16)
|
(23)
|
(31)
|
(22)
|
(14)
|
(20)
|
(20)
|
(26)
|
222
|
283
|
280
|
275
|
28
|
(13)
|
(18)
|
(25)
|
(34)
|
(20)
|
(10)
|
(0)
|
7
|
2
|
6
|
8
|
30
|
24
|
18
|
20
|
14
|
(0)
|
(2)
|
(8)
|
(22)
|
(10)
|
(9)
|
(9)
|
(9)
|
(8)
|
(17)
|
(14)
|
(10)
|
(13)
|
(6)
|
(9)
|
(13)
|
(6)
|
(5)
|
(4)
|
(4)
|
|
| Income from Continuing Operations |
47
|
41
|
12
|
(246)
|
(255)
|
(241)
|
(219)
|
8
|
(11)
|
1
|
(4)
|
41
|
54
|
25
|
20
|
(7)
|
33
|
39
|
46
|
58
|
21
|
(4)
|
(28)
|
(603)
|
(636)
|
(598)
|
(560)
|
1
|
46
|
68
|
81
|
89
|
89
|
59
|
70
|
77
|
28
|
19
|
0
|
(74)
|
(55)
|
(51)
|
(64)
|
(14)
|
(106)
|
(88)
|
(39)
|
(28)
|
38
|
26
|
(3)
|
(3)
|
9
|
(14)
|
(26)
|
(42)
|
(55)
|
(59)
|
(56)
|
(78)
|
(51)
|
(17)
|
(14)
|
21
|
|
| Income to Minority Interest |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
1
|
1
|
1
|
2
|
2
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
1
|
1
|
1
|
1
|
(0)
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Equity Earnings Affiliates |
6
|
8
|
9
|
8
|
9
|
7
|
6
|
5
|
3
|
3
|
2
|
2
|
2
|
1
|
1
|
(0)
|
(3)
|
(3)
|
(5)
|
(5)
|
(3)
|
(4)
|
(2)
|
(4)
|
(6)
|
(5)
|
(5)
|
(3)
|
(1)
|
(1)
|
0
|
0
|
0
|
1
|
1
|
2
|
1
|
1
|
(0)
|
(1)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
53
N/A
|
49
-8%
|
20
-58%
|
(241)
N/A
|
(250)
-4%
|
(249)
+0%
|
(224)
+10%
|
(13)
+94%
|
(47)
-250%
|
8
N/A
|
(3)
N/A
|
60
N/A
|
84
+42%
|
23
-73%
|
16
-30%
|
(11)
N/A
|
31
N/A
|
37
+17%
|
41
+13%
|
53
+28%
|
18
-65%
|
(8)
N/A
|
(30)
-278%
|
(607)
-1 909%
|
(642)
-6%
|
(603)
+6%
|
(566)
+6%
|
(2)
+100%
|
45
N/A
|
67
+48%
|
81
+22%
|
89
+11%
|
107
+20%
|
78
-27%
|
81
+3%
|
85
+4%
|
9
-90%
|
(11)
N/A
|
(35)
-230%
|
(185)
-432%
|
(156)
+15%
|
(146)
+6%
|
(155)
-6%
|
(27)
+83%
|
(128)
-379%
|
(106)
+18%
|
(48)
+55%
|
(35)
+27%
|
38
N/A
|
27
-30%
|
(3)
N/A
|
(3)
-24%
|
9
N/A
|
(14)
N/A
|
(26)
-80%
|
(42)
-64%
|
(55)
-32%
|
(59)
-6%
|
(56)
+6%
|
(78)
-40%
|
(51)
+34%
|
(17)
+67%
|
(14)
+16%
|
21
N/A
|
|
| EPS (Diluted) |
1.81
N/A
|
1.73
-4%
|
0.72
-58%
|
-5.18
N/A
|
-6.66
-29%
|
-5.13
+23%
|
-4.72
+8%
|
-0.28
+94%
|
-0.99
-254%
|
0.16
N/A
|
-0.04
N/A
|
1.26
N/A
|
1.78
+41%
|
0.47
-74%
|
0.35
-26%
|
-0.23
N/A
|
0.65
N/A
|
0.77
+18%
|
0.86
+12%
|
1.08
+26%
|
0.38
-65%
|
-0.16
N/A
|
-0.63
-294%
|
-12.63
-1 905%
|
-13.4
-6%
|
-12.43
+7%
|
-11.93
+4%
|
-0.03
+100%
|
0.9
N/A
|
1.28
+42%
|
1.57
+23%
|
1.73
+10%
|
2.06
+19%
|
1.56
-24%
|
1.51
-3%
|
1.65
+9%
|
0.16
-90%
|
-0.21
N/A
|
-0.69
-229%
|
-3.68
-433%
|
-3.12
+15%
|
-2.89
+7%
|
-3.05
-6%
|
-0.52
+83%
|
-2.53
-387%
|
-2
+21%
|
-0.91
+54%
|
-0.66
+27%
|
0.71
N/A
|
0.5
-30%
|
-0.06
N/A
|
-0.06
N/A
|
0.18
N/A
|
-0.31
N/A
|
-0.53
-71%
|
-0.86
-62%
|
-1.14
-33%
|
-1.24
-9%
|
-1.18
+5%
|
-1.64
-39%
|
-1.07
+35%
|
-0.33
+69%
|
-0.31
+6%
|
0.42
N/A
|
|