Avery Dennison supplies pressure-sensitive labeling materials, adhesives, graphics and reflective products, apparel branding, RFID identification and retail information solutions. Its Materials Group and Solutions Group serve packaging converters, brands, retailers and industrial customers worldwide. Substantially all revenue comes from product sales, not software subscriptions.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 30, 20230000008818-24-000003 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 28, 20240000008818-25-000003 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000008818-26-000015 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Avery Dennison combines a large labeling-materials business with digital-identification and branding products, but customer inventory cycles remain important to its results. After destocking depressed 2023 and volume normalization supported 2024, organic sales were essentially flat in 2025. Net income declined even as repurchases helped diluted EPS rise. Cash allocation became more demanding: shareholder distributions exceeded adjusted free cash flow before the Taylor Adhesives acquisition, while debt increased. Subsequent first-half 2026 results showed stronger earnings and substantially better operating cash conversion. However, management estimated that customer stocking supplied approximately half of second-quarter organic growth and expected much of that benefit to reverse. The central distinction is between established productivity and cash-conversion improvements and still-conditional demand durability, grocery RFID deployment and second-half performance. The supplied operating results extend through June 30, 2026.
Sources: 10-K · 2023-12-30 · 10-K · 2024-12-28 · 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.2 · 2026-07-30
Materials generated approximately 69% of 2025 sales, selling label stock, graphics, reflective films, tapes and adhesives. Solutions supplied the remaining approximately 31% through apparel branding, identification and shelf-edge information products. Manufacturing productivity, material re-engineering, capacity utilization and selling prices relative to input costs shape profitability. Digital identification expands the applications Avery can serve, but does not make the company a predominantly recurring-software business. Intelligent Labels spans both segments rather than constituting an additional reportable segment.
The customer base is diversified: no customer represented 10% of 2025 sales, although the ten largest together represented approximately 17%. Approximately 69% of sales originated outside the United States. Those geographic figures follow shipment origin, not final consumption, and therefore cannot directly measure tariff exposure or regional end-demand.
Sources: 10-K · 2025-12-31
Sales recovered from $8,364.3 million in 2023 to $8,755.7 million in 2024 as customer inventories normalized. In 2025, sales reached $8,855.5 million, but organic sales were essentially unchanged: management said volume gains were offset by deflation-related price reductions. Materials adjusted operating income edged lower, and Solutions' employee costs and growth investment offset productivity benefits. GAAP net income fell to $688.0 million from $704.9 million, while diluted EPS rose to $8.79 from $8.73 because diluted weighted-average shares declined.
Comparability requires care. Transitional fiscal 2025 ran from December 29, 2024 through December 31, 2025, four days longer than the preceding 52-week years. Segment profit reporting changed in late 2024 to an adjusted measure, with prior years conformed. Certain RFID sales also moved between segments. Neither adjusted segment profit nor its sum is consolidated GAAP operating income.
Sources: 10-K · 2024-12-28 · 10-K · 2025-12-31
Operating cash flow fell to $881.4 million in 2025 from $938.8 million, reflecting higher incentive, tax and rebate payments and lower earnings, partly offset by working-capital changes and the absence of the prior-year ADASA settlement payment. Adjusted free cash flow nevertheless increased to $707.1 million because equipment spending fell and property-sale proceeds increased. This non-GAAP measure includes specified proceeds and adjustments beyond operating cash flow less capital spending.
Cash dividends and repurchases totaled $860.7 million in 2025, exceeding adjusted free cash flow before acquisitions. Taylor Adhesives was acquired on October 20 for approximately $390 million. Debt carrying value increased to approximately $3.73 billion and cash declined to $202.8 million. These concurrent movements show that the allocation was not funded solely by internally generated free cash flow.
Sources: 10-K · 2025-12-31
The August 4, 2026 Form 10-Q reported first-half sales of $4,761.4 million and net income of $372.2 million. Second-quarter organic growth was 7.6% in the July earnings materials, but management estimated customer stocking supplied approximately half of that growth and approximately $0.25 of EPS. Reported operating margin declined to 12.7% from 12.9%, while adjusted margin rose to 13.6%. First-half operating cash flow increased to $544.7 million from $192.5 million, primarily through working-capital changes and lower incentive payments—not an equivalent increase in profit.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · EX-99.2 · 2026-07-30
At June 30, 2026, cash was $227.3 million and debt including finance leases was $3,678.2 million. The undrawn $1.2 billion revolver supports commercial paper; it is conditional borrowing capacity, not cash. Management reported covenant compliance, but actual covenant leverage and numerical headroom were not disclosed. Pricing competition, raw-material costs, tariffs, customer credit and RFID deployment timing remain material dependencies. July guidance assumed first-half stocking would largely unwind in the second half, mainly in the third quarter. Neither that reversal nor the anticipated grocery rollout is confirmed by the supplied subsequent filings.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · EX-10.1 · 2024-06-26 · EX-99.2 · 2026-07-30
USD 8.8555 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.8555 bn | 1.1% |
| 2024 | USD 8.7557 bn | 4.7% |
| 2023 | USD 8.3643 bn | — |
Consolidated sales to unaffiliated customers, net of rebates, returns and concessions; intercompany sales eliminated.
Sources: 10-K · 2025-12-31
USD 688 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 688 m | -2.4% |
| 2024 | USD 704.9 m | 40.1% |
| 2023 | USD 503 m | — |
Consolidated GAAP income after provision for income taxes.
Sources: 10-K · 2025-12-31
USD 881.4 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 881.4 m | -6.1% |
| 2024 | USD 938.8 m | 13.7% |
| 2023 | USD 826 m | — |
GAAP operating cash flow after noncash adjustments and operating asset and liability movements; not net income.
Sources: 10-K · 2025-12-31
USD 6.0933 bn
FY2025 · GAAP · Materials Group · Attribution: segment · Reported currency · comparability: Includes certain RFID revenue transferred from Solutions Group beginning in 2025.
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 6.0933 bn | — |
Segment net sales to unaffiliated customers, excluding intersegment sales, as presented in the 2025 filing.
Sources: 10-K · 2025-12-31
USD 2.7622 bn
FY2025 · GAAP · Solutions Group · Attribution: segment · Reported currency · comparability: Certain RFID revenue moved to Materials Group beginning in 2025.
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.7622 bn | — |
Segment net sales to unaffiliated customers, excluding intersegment sales, as presented in the 2025 filing.
Sources: 10-K · 2025-12-31
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