Avery Dennison Corp. (AVY) financial statements: income statement, balance sheet and cash flow

Avery Dennison Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Avery Dennison Corp. reported revenue of $8.9B (+1.1% year on year) and net income of $688.0M (-2.4% year on year).

Income statement

Avery Dennison Corp. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 28, 2024 · FY	Dec 30, 2023 · FY	Dec 31, 2022 · FY
Net sales	$8.9B	$8.8B	$8.4B	$9.0B
Cost of products sold	$6.3B	$6.2B	$6.1B	$6.6B
Gross profit	$2.5B	$2.5B	$2.3B	$2.4B
Marketing, general and administrative expense	$1.4B	$1.4B	$1.3B	$1.3B
Other expense (income), net	$77.5M	$71.6M	$180.9M	($600.0K)
Interest expense	$135.4M	$117.0M	$119.0M	$84.1M
Other non-operating expense (income), net	($14.2M)	($26.7M)	($30.8M)	($9.4M)
Income before taxes	$925.1M	$953.5M	$694.7M	$999.3M
Provision for income taxes	$237.1M	$248.6M	$191.7M	$242.2M
Net income	$688.0M	$704.9M	$503.0M	$757.1M
Net income per common share (in dollars per share)	$8.81	$8.77	$6.23	$9.28
Net income per common share, assuming dilution (in dollars per share)	$8.79	$8.73	$6.20	$9.21
Common shares (in shares)	78.1M	80.4M	80.7M	81.6M
Common shares, assuming dilution (in shares)	78.3M	80.7M	81.1M	82.2M

Avery Dennison Corp. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 27, 2025 · Q3	Jun 28, 2025 · Q2
Net sales	$2.5B	$2.3B	$2.2B	$2.2B
Cost of products sold	$1.7B	$1.6B	$1.6B	$1.6B
Gross profit	$729.4M	$664.8M	$635.0M	$639.1M
Marketing, general and administrative expense	$394.8M	$375.1M	$353.9M	$352.4M
Other expense (income), net	$21.1M	$17.8M	$16.7M	$500.0K
Interest expense	$35.9M	$35.6M	$33.3M	$34.0M
Other non-operating expense (income), net	($5.1M)	($4.1M)	($3.7M)	($3.3M)
Income before taxes	$282.7M	$240.4M	$234.8M	$255.5M
Provision for income taxes	$78.6M	$72.3M	$68.5M	$66.5M
Net income	$204.1M	$168.1M	$166.3M	$189.0M
Net income per common share (in dollars per share)	$2.67	$2.19	$2.13	$2.42
Net income per common share, assuming dilution (in dollars per share)	$2.67	$2.18	$2.13	$2.41
Common shares (in shares)	76.3M	76.8M	77.9M	78.2M
Common shares, assuming dilution (in shares)	76.4M	77.0M	78.0M	78.3M

Balance sheet

Avery Dennison Corp. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 28, 2024 · FY	Dec 30, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$202.8M	$329.1M	$215.0M	$167.2M
Trade accounts receivable, less allowances of $28.1 and $29.0 at year-end 2025 and 2024, respectively	$1.5B	$1.5B	$1.4B	$1.4B
Inventories	$975.8M	$978.1M	$920.7M	$1.0B
Other current assets	$307.8M	$305.3M	$245.4M	$230.5M
Total current assets	$3.0B	$3.1B	$2.8B	$2.8B
Property, plant and equipment, net	$1.6B	$1.6B	$1.6B	$1.5B
Goodwill	$2.3B	$2.0B	$2.0B	$1.9B
Other intangibles resulting from business acquisitions, net	$827.5M	$755.3M	$849.1M	$840.3M
Deferred tax assets	$125.3M	$110.0M	$115.7M	$115.1M
Other assets	$978.4M	$897.3M	$809.6M	$810.5M
Total assets	$8.8B	$8.4B	$8.2B	$8.0B
Short-term borrowings and current portion of long-term debt and finance leases	$522.9M	$592.3M	$622.2M	$598.6M
Accounts payable	$1.3B	$1.3B	$1.3B	$1.3B
Accrued payroll and employee benefits	$232.7M	$288.9M	$213.4M	$228.5M
Accrued trade rebates	$169.8M	$157.9M	$142.4M	$173.8M
Income taxes payable	$86.1M	$74.7M	$57.6M	$76.2M
Other current liabilities	$380.4M	$408.1M	$386.8M	$383.4M
Total current liabilities	$2.7B	$2.9B	$2.7B	$2.8B
Long-term debt and finance leases	$3.2B	$2.6B	$2.6B	$2.5B
Long-term retirement benefits and other liabilities	$432.0M	$434.6M	$500.3M	$367.1M
Deferred tax liabilities and income taxes payable	$264.0M	$234.8M	$260.0M	$247.9M
Common stock, $1 par value per share, authorized – 400,000,000 shares at year-end 2025 and 2024; issued – 124,126,624 shares at year-end 2025 and 2024; outstanding – 76,877,487 and 79,800,396 shares at year-end 2025 and 2024, respectively	$124100000.00	$124100000.00	$124100000.00	$124100000.00
Capital in excess of par value	$834.3M	$840.6M	$854.5M	$879.3M
Retained earnings	$5.6B	$5.2B	$4.7B	$4.4B
Treasury stock at cost, 47,249,137 and 44,326,228 shares at year-end 2025 and 2024, respectively	-3.9B	-3.3B	-3.1B	-3.0B
Accumulated other comprehensive loss	($409.7M)	($456.1M)	($408.1M)	($364.0M)
Total shareholders’ equity	$2.2B	$2.3B	$2.1B	$2.0B
Total liabilities and shareholders' equity	$8.8B	$8.4B	$8.2B	$8.0B

Avery Dennison Corp. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 27, 2025	Jun 28, 2025
Cash and cash equivalents	$227.3M	$255.1M	$536.3M	$215.9M
Trade accounts receivable, less allowances of $29.2 and $28.1 at June 30, 2026 and December 31, 2025, respectively	$1.8B	$1.6B	$1.6B	$1.6B
Inventories	$1.0B	$989.4M	$1.0B	$1.0B
Other current assets	$348.0M	$327.9M	$322.2M	$314.5M
Total current assets	$3.4B	$3.2B	$3.5B	$3.2B
Property, plant and equipment, net	$1.6B	$1.6B	$1.6B	$1.6B
Goodwill	$2.3B	$2.3B	$2.0B	$2.0B
Other intangibles resulting from business acquisitions, net	$776.2M	$801.2M	$694.4M	$716.4M
Deferred tax assets	$139.8M	$142.4M	$132.3M	$131.6M
Other assets	$1.1B	$979.0M	$907.1M	$904.0M
Total assets	$9.2B	$9.0B	$8.9B	$8.6B
Short-term borrowings and current portion of long-term debt and finance leases	$500.5M	$605.0M	$578.8M	$922.0M
Accounts payable	$1.5B	$1.3B	$1.3B	$1.3B
Accrued payroll and employee benefits	$245.8M	$200.2M	$243.4M	$205.3M
Other current liabilities	$734.0M	$665.0M	$661.7M	$627.3M
Total current liabilities	$3.0B	$2.8B	$2.8B	$3.1B
Long-term debt and finance leases	$3.2B	$3.2B	$3.2B	$2.6B
Long-term retirement benefits and other liabilities	$427.9M	$411.4M	$436.7M	$448.2M
Deferred tax liabilities and income taxes payable	$278.9M	$281.9M	$229.8M	$228.1M
Common stock, $1 par value per share, authorized – 400,000,000 shares at June 30, 2026 and December 31, 2025; issued – 124,126,624 shares at June 30, 2026 and December 31, 2025; outstanding – 75,902,833 and 76,877,487 shares at June 30, 2026 and December 31, 2025, respectively	$124100000.00	$124100000.00	$124100000.00	$124100000.00
Capital in excess of par value	$822.1M	$817.6M	$829.6M	$821.9M
Retained earnings	$5.8B	$5.7B	$5.5B	$5.4B
Treasury stock at cost, 48,223,791 shares and 47,249,137 shares at June 30, 2026 and December 31, 2025, respectively	-4.1B	-4.0B	-3.8B	-3.7B
Accumulated other comprehensive loss	($379.5M)	($393.0M)	($456.3M)	($450.0M)
Total shareholders’ equity	$2.3B	$2.3B	$2.2B	$2.2B
Total liabilities and shareholders’ equity	$9.2B	$9.0B	$8.9B	$8.6B

Cash flow statement

Avery Dennison Corp. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 28, 2024 · FY	Dec 30, 2023 · FY	Dec 31, 2022 · FY
Net income	$688.0M	$704.9M	$503.0M	$757.1M
Depreciation	$206.4M	$197.1M	$187.4M	$177.4M
Amortization	$121.8M	$115.1M	$111.0M	$113.3M
Provision for credit losses and sales returns	$51.2M	$47.4M	$49.9M	$50.1M
Stock-based compensation	$27.9M	$28.7M	$22.3M	$47.4M
Deferred taxes and other non-cash taxes	($19.9M)	($18.5M)	($24.4M)	$18.4M
Other non-cash expense and loss (income and gain), net	$48.8M	$67.2M	$37.1M	$23.5M
Trade accounts receivable	$44.0M	($107.3M)	($16.7M)	($22.1M)
Inventories	$53.2M	($90.7M)	$111.7M	($140.7M)
Accounts payable	($144.4M)	$106.7M	($87.6M)	$68.2M
Taxes on income	($5.1M)	$40.2M	($18.7M)	$18.9M
Other assets	$3.8M	($48.0M)	$37.7M	$15.3M
Other liabilities	($194.3M)	($104.0M)	($86.7M)	($165.8M)
Net cash provided by operating activities	$881.4M	$938.8M	$826.0M	$961.0M
Purchases of property, plant and equipment	($169.0M)	($208.8M)	($265.3M)	($278.1M)
Purchases of software and other deferred charges	($31.4M)	($31.0M)	($19.8M)	($20.4M)
Proceeds from company-owned life insurance policies	$0	$0	$48.1M	—
Purchases of Argentine Blue Chip Swap securities	$0	($34.2M)	—	—
Proceeds from sales of Argentine Blue Chip Swap securities	$0	$24.0M	—	—
Proceeds from sales of property, plant and equipment	$22.6M	$600.0K	$1.0M	$2.3M
Proceeds from insurance and sales (purchases) of investments, net	$3.5M	$10.1M	$1.9M	$1.9M
Proceeds from settlement of net investment hedges	$6.2M	—	—	—
Payment for settlement of net investment hedges	($26.1M)	—	—	—
Payments for acquisitions, net of cash acquired, and venture investments	($401.8M)	($3.8M)	($224.9M)	($39.5M)
Net cash used in investing activities	($596.0M)	($243.1M)	($459.0M)	($332.7M)
Net increase (decrease) in borrowings with maturities of three months or less	$422.5M	($269.0M)	($36.6M)	$34.6M
Additional long-term borrowings	$576.5M	$539.2M	$394.9M	$0
Repayments of long-term debt and finance leases	($559.4M)	($308.1M)	($255.9M)	($6.3M)
Dividends paid	($288.4M)	($277.5M)	($256.7M)	($238.9M)
Share repurchases	($572.3M)	($247.5M)	($137.5M)	($379.5M)
Net (tax withholding) proceeds related to stock-based compensation	($12.8M)	($8.4M)	($23.8M)	($25.1M)
Proceeds from settlement of fair value hedges	$32.8M	—	—	—
Payments for settlement of fair value hedges	($13.5M)	—	—	—
Other	($300.0K)	($4.8M)	($1.6M)	$0
Net cash used in financing activities	($414.9M)	($576.1M)	($317.2M)	($615.2M)
Effect of foreign currency translation on cash balances	$3.2M	($5.5M)	($2.0M)	($8.6M)
Increase (decrease) in cash and cash equivalents	($126.3M)	$114.1M	$47.8M	$4.5M
Cash and cash equivalents, beginning of year	$329.1M	$215.0M	$167.2M	$162.7M
Cash and cash equivalents, end of year	$202.8M	$329.1M	$215.0M	$167.2M

Avery Dennison Corp. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 27, 2025 · YTD	Jun 28, 2025 · YTD
Net income	$372.2M	$168.1M	$521.6M	$355.3M
Depreciation	$106.4M	$53.3M	$154.6M	$100.3M
Amortization	$66.8M	$33.5M	$88.1M	$58.4M
Provision for credit losses and sales returns	$27.2M	$11.6M	$39.2M	$25.3M
Stock-based compensation	$12.2M	$5.8M	$22.7M	$14.7M
Deferred taxes and other non-cash taxes	($19.2M)	($21.1M)	($14.7M)	($12.0M)
Other non-cash expense and loss (income and gain), net	$29.2M	$14.2M	$31.7M	$20.8M
Changes in assets and liabilities and other adjustments	($50.1M)	($128.9M)	($338.6M)	($370.3M)
Net cash provided by operating activities	$544.7M	$136.5M	$504.6M	$192.5M
Purchases of property, plant and equipment	($67.5M)	($28.3M)	($101.9M)	($66.0M)
Purchases of software and other deferred charges	($13.9M)	($7.7M)	($22.9M)	($15.2M)
Proceeds from sales of property, plant and equipment	$700.0K	$700.0K	$20.2M	$15.7M
Proceeds from insurance and sales (purchases) of investments, net	$5.8M	$3.2M	$4.5M	$8.8M
Proceeds from settlement of net investment hedges	$0	$0	$6.2M	$6.2M
Payments for acquisitions, net of cash acquired, and venture investments	($75.5M)	($500.0K)	($10.7M)	($10.7M)
Net cash used in investing activities	($150.4M)	($32.6M)	($104.6M)	($61.2M)
Net increase (decrease) in borrowings with maturities of three months or less	($9.6M)	$93.2M	$482.0M	$816.2M
Repayments of long-term debt and finance leases	($3.4M)	($1.7M)	($558.3M)	($551.6M)
Dividends paid	($148.5M)	($72.3M)	($216.0M)	($142.9M)
Share repurchases	($198.2M)	($60.6M)	($453.6M)	($360.0M)
Net (tax withholding) proceeds related to stock-based compensation	($9.4M)	($9.2M)	($12.7M)	($12.6M)
Payments for settlement of fair value hedges	$0	$0	($13.5M)	($13.5M)
Other	($500.0K)	—	($300.0K)	$15.9M
Net cash used in financing activities	($369.6M)	($50.6M)	($195.6M)	($248.5M)
Effect of foreign currency translation on cash balances	($200.0K)	($1.0M)	$2.8M	$4.0M
Increase (decrease) in cash and cash equivalents	$24.5M	$52.3M	$207.2M	($113.2M)
Cash and cash equivalents, beginning of year	$202.8M	$202.8M	$329.1M	$329.1M
Cash and cash equivalents, end of period	$227.3M	$255.1M	$536.3M	$215.9M

Avery Dennison Corp. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.