Sheet-fed rotary printing machine having a plurality of rotatable sheet transfer drums forming a sheet travel path between respective printing units of the machine having a respective rotary impression cylinder, includes a plurality of stationary sheet guide plates disposed below the sheet transfer drums and extending across substantially the entire width thereof, the impression cylinder being disposed in the sheet transfer path downstream of one of the sheet transfer drums and upstream of another of the sheet transfer drums, a first sheet guide plate extending toward the periphery of the one sheet transfer drum in direction of rotation thereof, a second sheet guide plate extending away from the periphery of the other sheet transfer drum in direction of rotation of the other sheet transfer drum so as to form, during rotation of the respective sheet transfer drum at any speed, an air cushion between the respective sheet guide plate and the underside of a sheet being transferred on the respective sheet transfer drum thereabove.