A return to sales growth is not expected before 2028, but Quad believes it is getting closer. As a guest on NYSE Live on May 6, Tony Staniak, CFO and Treasurer of the American group, detailed the main drivers of this evolution, a few days after the publication of the first-quarter 2026 results.
Historically focused on large-scale printing, Quad, which has forecast sales of $2.4 billion in 2025, has for several years been expanding its offering towards integrated marketing services. The NYSE-listed American group now combines print production, campaign execution, media placement, data mining and automation solutions.
Tony Staniak described his strategy as follows in both attack and defense" . The historical activities - magazines, catalogs and advertising inserts - continue to experience organic decline, leading Quad to adjust its capacities and costs. But they continue to generate cash flow, which the Group reinvests in its growth drivers, such as direct mail, folding carton packaging, retail, integrated marketing services and services operated on behalf of customers.
10% of mail comes from Quad
Tony Staniak pointed out that some of Quad's historical activities continued to record an annual organic decline, but that this was tending to ease as the Group approached the expected inflection point in sales in 2028.
Tony Staniak highlighted Quad's position in the US advertising mail market. "If we exclude correspondence and parcels, 10% of mail comes from Quad. . This activity enables us to better understand consumer behavior and to target campaigns to the audiences most likely to respond to them." he explained.
Quad uses this data to develop multi-channel campaigns. "What we're finding is that an omnichannel campaign is what works best. We can support our customers from creation to execution, in digital and print, as well as media placement," says Tony Staniak.
Historical business still in decline
A few days before Tony Staniak's speech, the Group had published quarterly results marked by sales of $581 million, down 7.7% year-on-year. Excluding the impact of the sale of European activities in 2025, the decline was 4.3%.
This trend is reflected in the annual financial statements. On a reported basis, revenues from catalogs, publications, retail inserts and directories fell by 15% in 2025, to $1.26 billion, while direct mail and other print products grew by 2.5%, to $624.6 million. The Group's total sales fell by 9.4% over the year, to 4.8% excluding the impact of the disposal of European activities.
A repositioning towards marketing services
This trajectory extends the repositioning undertaken by Quad, which is seeking to reduce its dependence on traditional print activities and develop higher value-added marketing services. The launch in 2025 of its Branded Solutions offering, dedicated to personalized promotional items, illustrates this strategy of expansion towards solutions combining production, consulting, data and brand consistency.
Quad is also maintaining its forecasts for 2026. The company forecasts an annual decline in sales of between 1% and 5%, adjusted EBITDA of between $175 and $215 million, and free cash flow of between $40 and $60 million. In its quarterly results, Quad states that it is continuing to invest in its marketing activities, automation tools and technologies integrating artificial intelligence.
