quad-20260410

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ý

Filed by a Party other than the Registrant ¨

Check the appropriate box:

¨ Preliminary Proxy Statement

¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

ý Definitive Proxy Statement

¨ Definitive Additional Materials

¨ Soliciting Material Pursuant to §240.14a-12


Quad/Graphics, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

ý No fee required

¨ Fee paid previously with preliminary materials

¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

QUAD/GRAPHICS, INC.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

Time and Date:

Wednesday, May 20, 2026 at 9:00 a.m. Central Time

Virtual Meeting:

We are holding the 2026 Annual Meeting online at www.virtualshareholdermeeting.com/QUAD2026. You will not be able to attend the 2026 Annual Meeting physically. You or your proxyholder can participate, vote, and examine our shareholder list at the 2026 Annual Meeting by visiting www.virtualshareholdermeeting.com/QUAD2026 and using your control number found on your proxy card.

Matters to be Voted On:

1.To elect all nine director nominees to serve for a one-year term and until their successors are duly elected and qualified;

2.To conduct an advisory vote to approve the compensation of our named executive officers as disclosed in the accompanying proxy statement; and

3.To consider and act upon such other business as may properly come before the meeting or any adjournment or postponement thereof.

Who Can Vote:

Holders of Quad/Graphics, Inc. class A and class B common stock at the close of business on March 18, 2026.

We are pleased to take advantage of Securities and Exchange Commission rules that allow companies to furnish their proxy materials (i.e., proxy statement, 2025 annual report to shareholders and proxy card) over the internet. On or about April 10, 2026, we will commence mailing to the holders of our class A common stock entitled to vote at the Annual Meeting a Notice of Internet Availability of Proxy Materials (the “Notice”). We believe this process expedites the receipt of proxy materials by our shareholders, ensures that proxy materials remain easily accessible to our shareholders and lowers costs of our Annual Meeting.

The Notice contains clear instructions on how holders of our class A common stock can access our proxy materials and how such holders can vote at our 2026 Annual Meeting of Shareholders. In addition, the Notice contains instructions on how to obtain printed proxy materials.

Holders of our class B common stock will continue to receive hard copies of our proxy materials, and we will commence mailing on or about April 10, 2026.

Your vote is very important to us, regardless of how many shares you own. Even if you plan to attend the virtual meeting online, to ensure that every vote is counted at the 2026 Annual Meeting, we encourage you to vote as instructed in the Notice and/or proxy card, via the internet, by telephone or by mailing back the proxy card received from us or from your broker, bank or other provider. You may revoke your previously submitted proxy and vote your shares at the virtual meeting online. Please note, however, that if your shares are held by a broker, bank or other nominee and you wish to vote at the 2026 Annual Meeting online, you must obtain from the record holder of those shares (i.e., your broker, bank or other nominee) a legal proxy issued in your name.

By Order of the Board of Directors

Dana B. Gruen

General Counsel, Corporate Secretary and Chief Risk & Compliance Officer

April 10, 2026

Important notice regarding the availability of proxy materials for the shareholders’ meeting to be held on May 20, 2026: The proxy statement and 2025 Annual Report to Shareholders are available at: www.proxyvote.com and https://quad.com/investor-relations.

TABLE OF CONTENTS


			Page No.

SUMMARY OF PROXY STATEMENT			1
PROXY STATEMENT			4
ELECTION OF DIRECTORS			6

CORPORATE GOVERNANCE			10
AUDIT COMMITTEE REPORT			16
STOCK OWNERSHIP OF MANAGEMENT AND OTHERS			17

COMPENSATION OF EXECUTIVE OFFICERS			20
2025 SUMMARY COMPENSATION TABLE			33
GRANTS OF PLAN BASED AWARDS IN 2025			35
OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2025			36
OPTION EXERCISES AND STOCK VESTED IN 2025			36
2025 PENSION BENEFITS			36
2025 NONQUALIFIED DEFERRED COMPENSATION			37
COMPENSATION COMMITTEE REPORT			41

PAY VERSUS PERFORMANCE			42
DIRECTOR COMPENSATION			45
ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS			46

MISCELLANEOUS			47


Date and Time:			May 20, 2026 at 9:00 a.m. Central Time

Virtual Meeting Site:			www.virtualshareholdermeeting.com/QUAD2026


Proposal	The Board’s Voting Recommendations	Voting Standard to Approve Proposal (assuming a quorum is present)	Treatment of Abstentions, Votes Withheld and Broker Non-Votes
1. Election of Directors	“FOR” each nominee	Plurality of Votes Cast	Not counted as votes cast and therefore have no effect
2. Advisory Vote on the Compensation of our Named Executive Officers	“FOR”	Majority of Votes Cast	Not counted as votes cast and therefore have no effect


Director Nominees	Age	Director Since	Independent
J. Joel Quadracci	57	2003
Kathryn Quadracci Flores	58	2013
Douglas P. Buth	71	2005	X
Beth-Ann Eason	59	2023	X
John C. Fowler	75	2016
Stephen M. Fuller	65	2016	X
Christopher B. Harned	63	2005
Melanie A. Huet	50	2023	X
Jay O. Rothman	66	2017	X


	Shares Beneficially Owned
	Class A Common Stock			Class B Common Stock(1)
Name of Beneficial Owners	Shares	%		Shares	%
Directors and Executive Officers
J. Joel Quadracci(2)	2,428,965	6.46	%	358,789	2.71	%
Anthony C. Staniak	388,127	1.03	%	—	—	%
David J. Honan(3)	749,335	1.99	%	8,608	*
Kelly A. Vanderboom	321,412	*		—	—	%
Dana B. Gruen	198,296	*		—	—	%
Douglas P. Buth(4)	146,772	*		—	—	%
Beth-Ann Eason(5)	97,881	*		—	—	%
Kathryn Quadracci Flores, M.D.(6)	102,438	*		23,523	*
John C. Fowler(7)	249,042	*		21,416	*
Stephen M. Fuller(8)	206,325	*		—	—	%
Christopher B. Harned(9)	596,915	1.59	%	236,900	1.79	%
Melanie A. Huet(10)	67,547	*		—	—	%
Jay O. Rothman(11)	199,674	*		—	—	%

All current directors, nominees and executive officers as a group (19 persons)(12)	6,544,407	17.03	%	649,236	4.90	%

Other Holders
Quad Voting Trust(13)	7,534	*		12,279,380	92.59	%
Quad ESOP(14)	2,335,535	6.21	%	—	—	%

BlackRock, Inc.(15)	2,177,890	5.79	%	—	—	%

William H. Miller IV and Miller Value Partners, LLC (16)	2,848,805	7.58	%	—	—	%


• ACCO Brands Corporation	• Gannett Co., Inc.	• Sonoco Products Company
• Advantage Solutions	• Interpublic Group of Cos.	• Stagwell
• Brady Corporation	• John Wiley & Sons, Inc.	• Steelcase
• Cimpress N.V.	• Matthews International Corporation	• The NY Times Company
• Clear Channel Outdoor	• Maximus Inc.	• Thryv Holdings Inc.
• Conduent Inc.	• Omnicom Group	• Ziff Davis
• Deluxe Corporation	• Pitney Bowes Inc.


Name	Total Target Long-Term Incentive Compensation Value	Target Value of Cash-Based Award (67% of Total)	Target Grant Date Fair Value of RSU/RS Award (33% of Total)
J. Joel Quadracci	$5,000,000	$3,350,000	$1,650,000
Anthony C. Staniak	$1,350,000	$904,500	$445,500
David J. Honan	$1,750,000	$1,172,500	$577,500
Kelly A. Vanderboom	$700,000	$469,000	$231,000
Dana B. Gruen	$700,000	$469,000	$231,000


Name and Principal Position	Year	Salary ($)	Bonus(1) ($)	Stock Awards(2) ($)	Non-Equity Incentive Plan Compensation(3) ($)	All Other Compensation(4) ($)	Total ($)
J. Joel Quadracci Chairman and Chief Executive Officer	2025	1,163,900	—	1,428,687	4,723,335	594,604	7,910,526
	2024	1,130,000	1,407,000	1,626,000	3,692,778	324,487	8,180,265

Anthony C. Staniak Chief Financial Officer and Treasurer	2025	650,000	—	386,215	1,225,849	39,525	2,301,589
	2024	575,000	167,500	389,563	903,345	29,943	2,065,351

David J. Honan President and Chief Operating Officer	2025	800,000	—	500,648	1,972,093	40,204	3,312,945
	2024	775,000	586,250	592,813	1,565,678	39,448	3,559,189

Kelly A. Vanderboom Executive Vice President and Head of Agency Operations	2025	600,000	—	200,262	964,962	43,061	1,808,285
	2024	542,000	201,000	203,250	771,647	31,499	1,749,396

Dana B. Gruen General Counsel, Corporate Secretary, and Chief Risk & Compliance Officer	2025	565,000	—	200,262	794,566	24,205	1,584,033


Name	2025 Annual Incentive Plan ($)	2025 Long-Term Incentive Cash Payment (2025 New Sales) ($)	2024 Long-Term Incentive Cash Payment (2025 New Sales) ($)	2023 Long-Term Incentive Cash Payment (2025 New Sales) ($)	2023 Long-Term Incentive Cash Payment (Free Cash Flow) ($)
J. Joel Quadracci	1,454,875	597,974	574,056	502,299	1,594,131
Anthony C. Staniak	552,500	161,453	137,534	89,696	284,666
David J. Honan	680,000	209,290	209,291	209,291	664,221
Kelly A. Vanderboom	510,000	83,715	71,757	71,757	227,733
Dana B. Gruen	395,500	83,715	65,777	59,798	189,776


Name	Grant Date	Date of Action to Approve	Estimated Future Payouts Under Non-Equity Incentive Plan Awards						All Other Stock Awards: Number of Shares of Stock or Units(1) (#)	Grant Date Fair Value of Stock and Option Awards ($)
			Threshold ($)		Target ($)		Maximum ($)
J. Joel Quadracci	1/1/25	12/12/24	—		—		—		197,015	1,373,194
	2/12/25	2/12/25	—		—		—		8,209	55,493
	—	—	779,813	(2)	1,454,875	(2)	2,502,385	(2)	—	—
			—		3,350,000	(3)	8,375,000	(3)	—	—

Anthony C. Staniak	1/1/25	12/11/24	—		—		—		55,411	386,215
	—	—	357,500	(2)	552,500	(2)	975,000	(2)	—	—
			—		904,500	(3)	2,261,250	(3)	—	—

David J. Honan	1/1/25	12/11/24	—		—		—		71,829	500,648
	—	—	440,000	(2)	680,000	(2)	1,200,000	(2)	—	—
			—		1,172,500	(3)	2,931,250	(3)	—	—

Kelly A. Vanderboom	1/1/25	12/11/24	—		—		—		28,732	200,262
	—	—	330,000	(2)	510,000	(2)	900,000	(2)	—	—
			—		469,000	(3)	1,172,500	(3)	—	—

Dana B. Gruen	1/1/25	12/11/24	—		—		—		28,732	200,262
	—	—	282,500	(2)	395,500	(2)	649,750	(2)	—	—
			—		469,000	(3)	1,172,500	(3)	—	—


	Stock Awards
Name		Number of Shares of Stock That Have Not Vested (#)	Market Value of Shares of Stock That Have Not Vested(1) ($)	Equity Incentive Plan Awards; Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)	Equity Incentive Plan Awards; Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)
J. Joel Quadracci		880,834(2)	5,522,829	—	—


Anthony C. Staniak		194,360(3)	1,218,637	—	—

David J. Honan		337,709(4)	2,117,435	—	—

Kelly A. Vanderboom		119,891(5)	751,717	—	—

Dana B. Gruen		103,963(6)	651,848	—	—


Name	Executive Contributions in Last FY ($)	Registrant Contributions in Last FY(1) ($)	Aggregate Earnings in Last FY(2) ($)	Aggregate Withdrawals/ Distributions ($)	Aggregate Balance at Last FYE ($)
J. Joel Quadracci	—	57,173	53,333	—	1,656,380
Anthony C. Staniak	—	21,483	2,465	—	95,391
David J. Honan	—	28,476	9,168	—	303,371
Kelly A. Vanderboom	—	19,152	5,202	—	175,139
Dana B. Gruen	—	15,385	753	—	37,950


Executive	Severance(1) ($)	Pro Rated Current Year Target Bonus(1) ($)	Performance-Based Cash ($)	Restricted Stock Vesting(2) ($)	Outplacement(1)(3) ($)	Welfare and Insurance Coverage(1) ($)	Excise Tax Gross Up or “Best-Net” Reduction ($)	Totals(4) ($)
J. Joel Quadracci	7,856,325	1,454,875	8,204,127	5,522,829	50,000	87,906	—	23,176,062
Anthony C. Staniak	2,405,000	552,500	1,940,766	1,218,637	50,000	32,803	—	6,199,706
David J. Honan	2,960,000	680,000	3,050,844	2,117,435	50,000	57,542	(310,601)	8,605,220
Kelly A. Vanderboom	2,220,000	510,000	1,113,796	751,717	50,000	63,014	—	4,708,527
Dana B. Gruen	1,921,000	395,500	1,035,567	651,848	50,000	60,836	—	4,114,751
Totals	17,362,325	3,592,875	15,345,100	10,262,466	250,000	302,101	(310,601)	46,804,266


Executive	Cash Termination Payment ($)	Pro Rated Current Year Bonus($)	Outplacement(1) ($)	Welfare and Insurance Coverage ($)	Totals(2) ($)
J. Joel Quadracci	5,237,550	1,454,875	50,000	58,604	6,801,029
Anthony C. Staniak	1,202,500	552,500	50,000	16,401	1,821,401
David J. Honan	1,480,000	680,000	50,000	28,771	2,238,771
Kelly A. Vanderboom	1,110,000	510,000	50,000	31,507	1,701,507
Dana B. Gruen	960,500	395,500	50,000	30,418	1,436,418
Totals	9,990,550	3,592,875	250,000	165,701	13,999,126


Executive	Base Salary Continuation(1) ($)	Performance-Based Cash(2) ($)	Restricted Stock Vesting(3) ($)	Totals(4) ($)
J. Joel Quadracci	4,724,845	8,204,127	5,522,829	18,451,801
Anthony C. Staniak	3,008,383	1,940,766	1,218,637	6,167,786
David J. Honan	3,219,773	3,050,844	2,117,435	8,388,052
Kelly A. Vanderboom	2,776,969	1,113,796	751,717	4,642,482
Dana B. Gruen	2,614,979	1,035,567	651,848	4,302,394
Totals	16,344,949	15,345,100	10,262,466	41,952,515


	Stock Awards
Name		Number of Shares Acquired on Vesting (#)	Value Realized on Vesting(1) ($)
J. Joel Quadracci		370,589	2,327,299
Anthony C. Staniak		44,118	277,061
David J. Honan		154,412	969,707
Kelly A. Vanderboom		52,942	332,476
Dana B. Gruen		22,059	138,531


Executive	Performance-Based Cash ($)	Restricted Stock Vesting (1) ($)	Excise Tax Gross Up or “Best-Net” Reduction ($)	Totals ($)
J. Joel Quadracci	8,204,127	5,522,829	—	13,726,956
Anthony C. Staniak	1,940,766	1,218,637	—	3,159,403
David J. Honan	3,050,844	2,117,435	—	5,168,279
Kelly A. Vanderboom	1,113,796	751,717	—	1,865,513
Dana B. Gruen	1,035,567	651,848	—	1,687,415
Totals	15,345,100	10,262,466	—	25,607,566


Year	Summary Compensation Table Total for PEO(1)		Compensation Actually Paid to PEO(2)		Average Summary Compensation Table Total for Non-PEO NEOs(3)		Average Compensation Actually Paid to Non-PEO NEOs(4)		Value of Initial Fixed $100 Investment Based on Total Shareholder Return(5)		Net Income (Loss) (millions)(6)
(a)	(b)		(c)		(d)		(e)		(f)		(g)
2025	$	7,910,526	$	7,141,872	$	2,251,713	$	2,091,048	$	165.93	$	27.0
2024	$	8,180,265	$	9,962,175	$	2,323,693	$	2,692,073	$	175.74	$	(50.9)
2023	$	8,510,486	$	10,085,423	$	2,029,096	$	2,324,073	$	132.84	$	(55.4)


Year	Reported Summary Compensation Table Total for PEO		Reported Value of Equity Awards(a)		Equity Awards Adjustments(b)		Compensation Actually Paid to PEO
2025	$	7,910,526	$	1,428,687	$	660,033	$	7,141,872
2024	$	8,180,265	$	1,626,000	$	3,407,910	$	9,962,175
2023	$	8,510,486	$	1,532,489	$	3,107,426	$	10,085,423


Year	Year End Fair Value of Equity Awards		Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards		Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		Fair Value at the end of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year		Value of Dividends or other Earnings Paid on Stock or Options Awards not Otherwise Reflected in Fair Value or Total Compensation		Total Equity Award Adjustments
2025	$	1,286,754	$	(472,927)	$	—	$	(255,706)	$	—	$	101,912	$	660,033
2024	$	2,091,000	$	1,156,608	$	—	$	147,374	$	—	$	12,928	$	3,407,910
2023	$	2,035,806	$	843,048	$	—	$	192,858	$	—	$	35,714	$	3,107,426


Year	Average Reported Summary Compensation Table Total for Non-PEO NEOs		Average Reported Value of Equity Awards		Average Equity Award Adjustments(a)		Average Compensation Actually Paid to Non-PEO NEOs
2025	$	2,251,713	$	321,847	$	161,182	$	2,091,048
2024	$	2,323,693	$	347,219	$	715,599	$	2,692,073
2023	$	2,029,096	$	337,515	$	632,492	$	2,324,073


Year	Average Year End Fair Value of Equity Awards		Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards		Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		Average Fair Value at the end of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year		Average Value of Dividends or other Earnings Paid on Stock or Options Awards not Otherwise Reflected in Fair Value or Total Compensation		Total Average Equity Award Adjustments
2025	$	289,524	$	(99,963)	$	—	$	(47,184)	$	—	$	18,805	$	161,182
2024	$	446,515	$	246,183	$	—	$	21,054	$	—	$

SEC Form DEF 14A filed by Quad Graphics Inc