Quad Sets 2026 Adjusted EBITDA Forecast at $185 Million to $195 Million

Quad/Graphics, Inc. set its 2026 adjusted EBITDA forecast at $185 million to $195 million, while projecting year-end net debt leverage of about 1.5 times in its updated full-year outlook.

The company also expects free cash flow of $45 million to $55 million. Its net sales outlook calls for a 1% to 3% decline, excluding sales from its European divestiture.

“Quad's third quarter results were in line with our expectations,” Chairman and CEO J. Joel Quadracci said.

Quad is deploying In-Store Connect at more than 100 additional stores, which would bring the total to nearly 160. The company expects newer deployments to pay back faster than an early adopter’s rollout, which had an 18-month payback period.

Supply-chain volatility affecting petrochemical-based materials, postage challenges and margin dilution from pass-through revenue could pressure Quad’s margins and cash generation. Quad set aside $11 million against its Capmont note receivable because it had not received payment.