Avery Dennison
AVY · NYSEConverted Paper & Paperboard Prods (No Contaners/Boxes) · Fiscal year ends Dec 31
Avery Dennison reported revenue of $8.9B in the fiscal year ended Dec 2025, up 1.1% from the year before. Net income was $688M. Operating cash flow of $881M less capital expenditure of $169M left free cash flow of $712M. Net debt was $3.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.4B | $9B | $8.4B | $8.8B | $8.9B |
| Cost of revenue | $6.1B | $6.6B | $6.1B | $6.2B | $6.3B |
| Gross profit | $2.3B | $2.4B | $2.3B | $2.5B | $2.5B |
| Research & development | $137M | $136M | $136M | $138M | $137M |
| Selling, general & admin | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B |
| Interest expense | $70M | $84M | $119M | $117M | $135M |
| Pre-tax income | $993M | $999M | $695M | $954M | $925M |
| Income tax | $249M | $242M | $192M | $249M | $237M |
| Net income | $740M | $757M | $503M | $705M | $688M |
| Diluted EPS | 8.83 | 9.21 | 6.20 | 8.73 | 8.79 |
| Diluted shares | 84M | 82M | 81M | 81M | 78M |
Balance sheet
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $163M | $167M | $215M | $329M | $203M |
| Receivables | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B |
| Inventory | $907M | $1B | $921M | $978M | $976M |
| Current assets | $2.7B | $2.8B | $2.8B | $3.1B | $3B |
| Net PP&E | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B |
| Goodwill | $1.9B | $1.9B | $2B | $2B | $2.3B |
| Total assets | $8B | $8B | $8.2B | $8.4B | $8.8B |
| Payables | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
| Deferred revenue | $25M | $22M | $18M | $16M | $16M |
| Current liabilities | $2.5B | $2.8B | $2.7B | $2.9B | $2.7B |
| Short-term debt | $319M | $599M | $622M | $592M | $523M |
| Long-term debt | $2.8B | $2.5B | $2.6B | $2.6B | $3.2B |
| Shareholders' equity | $1.9B | $2B | $2.1B | $2.3B | $2.2B |
Cash flow
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $961M | $826M | $939M | $881M |
| Capital expenditure | $255M | $278M | $265M | $209M | $169M |
| Free cash flow | $792M | $683M | $561M | $730M | $712M |
| Depreciation & amortisation | $244M | $291M | $298M | $312M | $328M |
| Stock-based compensation | $37M | $47M | $22M | $29M | $28M |
| Share buybacks | $181M | $380M | $138M | $248M | $572M |
| Dividends paid | $221M | $239M | $257M | $278M | $288M |
| Dividend per share | 2.66 | 2.93 | 3.18 | 3.45 | 3.70 |
Key ratios
| Fiscal year | Jan 2022 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.5% | −7.5% | 4.7% | 1.1% |
| EPS growth (YoY) | – | 4.3% | −32.7% | 40.8% | 0.7% |
| Gross margin | 27.5% | 26.6% | 27.2% | 28.9% | 28.8% |
| Net margin | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% |
| Return on equityBlank when equity is negative | 38.5% | 37.3% | 23.6% | 30.5% | 30.7% |
| Free cash flow margin | 9.4% | 7.6% | 6.7% | 8.3% | 8.0% |
| Cash conversion (CFO ÷ net income) | 1.41x | 1.27x | 1.64x | 1.33x | 1.28x |
| Receivable days | 62 | 55 | 62 | 61 | 62 |
| Inventory days | 54 | 56 | 55 | 57 | 56 |
| Payable days | 78 | 74 | 77 | 79 | 73 |
| Debt ÷ equity | 1.61x | 1.52x | 1.52x | 1.36x | 1.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.9B | $2.9B | $3B | $2.8B | $3.5B |
| Current ratio | 1.07x | 0.99x | 1.04x | 1.08x | 1.13x |
Recent filings
More in Converted Paper & Paperboard Prods (No Contaners/Boxes)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.