Annual reports & proxy statement

As I write this letter, I find myself reflecting on milestones. 2026 marks my 20th year as Quad’s CEO, the company’s 55th anniversary and what would have been the 90th birthday of my father and Quad’s founder Harry V. Quadracci. Reflecting on how the company has transformed and grown over the years, I am incredibly proud of Quad’s ongoing ability to meet the evolving needs of marketers and create a better way to do business. While our offering has expanded, our Values-led culture has remained steadfast, and we continue to operate as my father intended—a company with a soul.

We are helping brands connect with people in smarter, more meaningful ways through our comprehensive suite of print and marketing services. Backed by data-driven intelligence and state-of-the-art technology, we seamlessly integrate creative, production and media solutions to engage consumers wherever they are—in the household, in-store or online.

While our products and services are organized into distinct solutions suites, they are intentionally designed to function together, simplifying the complexities of marketing. This unified ecosystem drives better business outcomes for our clients, including cost efficiencies, improved speed-to-market, stronger marketing effectiveness and greater return on investment.

In support of driving Quad’s MX momentum, I recently announced Dave Honan’s expanded role as President in addition to his ongoing responsibilities as Chief Operating Officer. Dave has been instrumental in strengthening our operations, margins and performance discipline, and the Board of Directors and I have deep confidence in his ability to continue driving day-to-day execution across the company. This leadership structure allows me to remain deeply focused on long-term strategy, innovation, partnerships, and stakeholder relationships—essential components of sustained success as an evolving company.

Looking back at 2025, we made meaningful progress advancing our revenue diversification strategy, which is leading to higher value work with top brands across multiple verticals. We had particularly strong performance across our Targeted Print solutions, including direct mail, packaging and in-store marketing. Quad’s agencies are also gaining momentum, from leading a package refresh for ALDI to supporting hyperlocal marketing campaigns for Gallo and launching creative campaigns for Valvoline Instant Oil Change, to name just a few highlights. More broadly, we have seen increasing demand for Quad’s integrated solutions, with approximately 90% of our U.S. clients purchasing more than one of our products or services in 2025.

One area where this integration is delivering compelling results is direct mail, a critical tactic under the broader umbrella of direct marketing. In 2025, Quad formalized its Direct Marketing Agency to better serve mailers by bringing together strategy and planning, audience identification and activation, creative, production and measurement services. To generate targeted, high-propensity audiences, we apply our proprietary data stack, which represents approximately 97% of the U.S. adult population and includes more than 20,000 consumer attributes. Clients also benefit from pre-market testing services that validate content and designs before a single piece is printed or a campaign is deployed. Uniting these often-siloed services with our robust manufacturing platform enables Quad to scale personalized direct mail, improving the effectiveness of this already highly responsive marketing channel.

Operationally, we advanced key initiatives in 2025 to strengthen our cost structure and scale, including automation, AI-enabled tools and the acquisition and integration of Enru’s co-mailing capabilities.