Company file · AVY

Avery Dennison

Avery Dennison's revenue rose 1.1% in FY2025, to $8.9B, and net income fell 2.4% to $688M

Revenue rose 1.1% to $8.9B in FY2025, from $8.8B in FY2024. Net income fell 2.4% to $688M. Materials Group was the largest segment, at 69% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

Avery Dennison (NYSE: AVY) reported revenue of $8.9B for fiscal 2025, the year ended Dec 31, 2025, up 1.1% from fiscal 2024. Net income was $688M, down 2.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $2.3B, up 5.2% from the same quarter a year earlier, and net income was $170M. The largest piece by segment was Materials Group, at 69% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).

Revenue$8.9BFY2025 · +1.1% vs FY2024

Net income$688MFY2025 · −2.4% vs FY2024

Operating cash flow$881MFY2025 · −6.1% vs FY2024

Cash & equivalents$271Mat Sep 30, 2026 · +33.8% vs FY2025 end

Total debt$3.7BFY2025 end · +18.4% vs FY2024

Diluted shares78MFY2025 avg · −3.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Materials Group$6.1B69%+1.3%
Solutions Group$2.8B31%+0.7%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Materials Group (69%) and Solutions Group (31%), as shares of total revenue. Total revenue was $8.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

69%31%

FY2024

69%31%

FY2025

69%31%

Materials GroupSolutions Group

Source: 10-K FY2025

By region, FY2025

United States$2.8B31%+5.3%

Asia$2.7B31%−1.3%

Europe, the Middle East and North Africa$2.5B28%+1.6%

Latin America$567M6%−5.4%

Other International$353M4%−2.1%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$2.3B Q3 2026

$2.2B Q3 2025

5.2% increase

Net income

$170M Q3 2026

$166M Q3 2025

2.0% increase

Source: Avery Dennison 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

By segment

Materials Group

$1.6B Q3 2026

$1.5B Q3 2025

8.5% increase

Solutions Group

$687M Q3 2026

$700M Q3 2025

1.8% decrease

Source: Avery Dennison 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

Cash & equivalents $271M at Sep 30, 2026, vs $203M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $844M vs $505M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 1.1% in FY2025 to $8.9B, from $8.8B a year earlier. 10-K, FY2025
Diluted shares fell 3.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $2.3B, up 5.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $170M, up 2.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 2.4% in FY2025 to $688M, from $705M. 10-K, FY2025
Operating cash flow fell 6.1% in FY2025 to $881M. 10-K, FY2025
Total debt rose 18.4% in FY2025 to $3.7B. 10-K, FY2025
Latin America revenue fell 5.4% in FY2025 to $567M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Avery Dennison is in the paper & plastic packaging products & materials industry, part of the materials sector. The SEC files it under Converted Paper & Paperboard Prods (No Contaners/Boxes).

Avery Dennison reports 2 segments: Materials Group and Solutions Group.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the paper & plastic packaging products & materials industry. They are not a summary of Avery Dennison’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$8.4B	$8.8B	$8.9B
Net income	$503M	$705M	$688M
Operating cash flow	$826M	$939M	$881M
Cash & equivalents (year end)	$215M	$329M	$203M
Total debt (year end)	$3.2B	$3.1B	$3.7B
Diluted shares	81M	81M	78M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Sep 30, 2026
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 12, 2026	Apr 30, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Avery Dennison

How does Avery Dennison make money?

Avery Dennison's revenue was $8.9B in fiscal 2025. By segment in FY2025: Materials Group (69%) and Solutions Group (31%), as shares of total revenue. Total revenue was $8.9B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Avery Dennison's revenue in fiscal 2025?

$8.9B of revenue for the fiscal year ended Dec 31, 2025, up 1.1% from $8.8B in fiscal 2024. Fiscal 2023 was $8.4B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Avery Dennison profitable?

Avery Dennison reported net income of $688M for fiscal 2025, down 2.4% from $705M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $170M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Avery Dennison report in its latest quarterly filing?

Revenue was $2.3B in the quarter ended Sep 30, 2026, up 5.2% from $2.2B a year earlier. Net income was $170M, up 2.0% from $166M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.

What are the main risks Avery Dennison faces?

Avery Dennison's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the paper & plastic packaging products & materials industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Avery Dennison numbers come from?

From Avery Dennison's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Avery Dennison

Point72 Asset Management: 218,197 shares, reported value $35.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Citadel Advisors: 179,023 shares, reported value $29.1M at Jun 30, 2026 (−19.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 111,819 shares, reported value $18.2M at Jun 30, 2026 (+972.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 97,169 shares, reported value $15.8M at Jun 30, 2026 (−63.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 81,100 shares, reported value $13.2M at Jun 30, 2026 (−8.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Two Sigma Investments: 51,004 shares, reported value $8.3M at Jun 30, 2026 (+468.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in AVY: The editor holds no position in Avery Dennison (AVY). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell AVY from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold AVY, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Avery DennisonAVY	FY2025	$8.9B	+1.1%	$688M
Packaging Corporation of AmericaPKG	FY2025	$9.0B	+7.2%	$774M
Smurfit WestrockSW	FY2025	$31.2B	+47.7%	$699M
AmcorAMCR	FY2026	$23.5B	+56.6%	$1.1B
International PaperIP	FY2025	$23.6B	+49.3%	−$3.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.