Quad said October 28 that it now expects adjusted annual sales to decline between 1% and 3% in 2026, improving its previous forecast of a 1% to 5% decrease.
The revised outlook accompanied third-quarter sales of $587 million, compared with $588 million a year earlier. Net earnings declined to about $6 million, or 11 cents a diluted share, from about $10 million, or 21 cents a share.
The company attributed the earnings decline mainly to higher restructuring, impairment and transaction-related charges, partly offset by lower expenses. Adjusted earnings were 35 cents a share, compared with 31 cents a year earlier. That measure excludes certain items and is separate from standard accounting profit.
Quad narrowed its full-year adjusted EBITDA forecast to $185 million to $195 million and its free cash flow forecast to $45 million to $55 million.
The company reported negative free cash flow of $100 million through September, versus negative $87 million a year earlier. Quad said it historically generates most of its annual free cash flow in the fourth quarter.
Sources Quad third-quarter financial results, October 28, 2026.