Full-field deformation response of density-graded cellular polymers subjected to high velocity impact is investigated experimentally. Recently developed experimental setup consisting of ultra-high speed imaging in conjunction with digital image correlation is used to measure in-situ full-field deformation on density-graded polymeric foam specimens. Loading of the specimens is performed using a direct impact configuration in a modified Hopkinson bar apparatus. Discretely-layered foam specimens made from three distinct layers each with a different bulk density are subjected to direct impact, while their deformation response is studied via ultra-high speed digital image correlation. Formation and propagation of compaction waves from the impact side to the support end of the specimen are observed and analyzed. Spatial distribution of inertia stress is determined from acceleration fields and density of the layers. Full-field stress distribution in the specimen is later used to estimate the stress gradients within compaction waves. Mechanisms associated with the energy dissipation in graded foam specimens are discussed.