Avery Dennison Corp

Listed Company

AVYCIK 0000008818NYSELarge AcceleratedConverted Paper & Paperboard Prods (No Contaners/Boxes)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.86B

Net Income

$688.00M

Total Assets

$8.80B

Equity

$2.24B

Shares Out

76.88M

Op. Cash Flow

$881.40M

Business

Avery Dennison Corp is a global materials science and digital identification solutions company that designs and develops labeling and functional materials and digital identification technologies. It offers pressure-sensitive label materials, graphics and reflective films, performance tapes, embellishments, RFID inlays and tags, software applications, and branded packaging and retail media solutions. The company operates through two reportable segments—Materials Group, which supplies pressure-sensitive materials, graphics and tapes, and Solutions Group, which provides RFID, data management and branding solutions. It serves apparel, retail, logistics, food, pharmaceuticals and automotive markets worldwide through a global manufacturing and distribution network and converter and retail channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	8,856	8,756	8,364	9,039	8,408
Cost of products sold	6,309	6,225	6,087	6,635	6,096
Gross profit	2,546	2,531	2,278	2,404	2,313
Marketing, general and administrative expense	1,423	1,415	1,314	1,331	1,249
Other expense (income), net	78	72	181	−600,000	6
Interest expense	135	117	119	84	—
Other non-operating expense (income), net	−14	−27	−31	−9	−4
Income before taxes	925	954	695	999	—
Provision for income taxes	237	249	192	242	249
Net income	688	705	503	757	740
Net income per common share (in dollars per share)	8.81	8.77	6.23	9.28	8.93
Net income per common share, assuming dilution (in dollars per share)	8.79	8.73	6.2	9.21	8.83
Common shares (in shares)	78	80	81	82	83
Common shares, assuming dilution (in shares)	78	81	81	82	84

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	203	329	215	167	163
Trade accounts receivable, less allowances of $28.1 and $29.0 at year-end 2025 and 2024, respectively	1,504	1,466	1,415	1,374	1,425
Inventories	976	978	921	1,010	907
Other current assets	308	305	245	231	240
Total current assets	2,990	3,079	2,796	2,782	2,735
Property, plant and equipment, net	1,608	1,587	1,626	1,540	1,478
Goodwill	2,273	1,976	2,014	1,862	1,882
Other intangibles resulting from business acquisitions, net	828	755	849	840	911
Deferred tax assets	125	110	116	115	130
Other assets	978	897	810	811	836
Total assets	8,802	8,404	8,210	7,951	7,972
Short-term borrowings and current portion of long-term debt and finance leases	523	592	622	599	319
Accounts payable	1,262	1,341	1,277	1,339	1,299
Accrued payroll and employee benefits	233	289	213	229	299
Accrued trade rebates	170	158	142	174	176
Income taxes payable	86	75	58	76	75
Other current liabilities	380	408	387	—	—
Total current liabilities	2,654	2,863	2,700	2,800	2,548
Long-term debt and finance leases	3,210	2,560	2,622	2,504	2,786
Long-term retirement benefits and other liabilities	432	435	500	367	475
Deferred tax liabilities and income taxes payable	264	235	260	248	239
Commitments and contingencies (see Notes 7 and 8)	—	—	—	—	—
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	124	124	124	124	124
Capital in excess of par value	834	841	855	879	862
Retained earnings	5,598	5,151	4,692	4,415	3,881
Treasury stock at cost, 47,249,137 and 44,326,228 shares at year-end 2025 and 2024, respectively	−3,904	−3,348	−3,134	−3,022	−2,660
Accumulated other comprehensive loss	−410	−456	−408	−364	−283
Total shareholders equity	2,242	2,312	2,128	2,032	1,924
Total liabilities and shareholders' equity	8,802	8,404	8,210	7,951	7,972

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	206	197	187	177	167
Amortization	122	115	111	113	77
Provision for credit losses and sales returns	51	47	50	50	36
Stock-based compensation	28	29	22	47	37
Deferred taxes and other non-cash taxes	−20	−19	−24	18	3
Other non-cash expense and loss (income and gain), net	49	67	37	24	12
Trade accounts receivable	44	−107	−17	−22	−113
Inventories	53	−91	112	−141	−183
Accounts payable	−144	107	−88	68	255
Taxes on income	−5	40	−19	19	−7
Other assets	4	−48	38	15	4
Other liabilities	−194	−104	−87	−166	19
Net cash provided by operating activities	881	939	826	961	1,047
Purchases of property, plant and equipment	−169	−209	−265	−278	−255
Purchases of software and other deferred charges	−31	−31	−20	−20	−17
Proceeds from company-owned life insurance policies	0	0	48	0	0
Purchases of Argentine Blue Chip Swap securities	0	−34	0	0	—
Proceeds from sales of Argentine Blue Chip Swap securities	0	24	0	0	—
Proceeds from sales of property, plant and equipment	23	600,000	1	2	1
Proceeds from insurance and sales (purchases) of investments, net	4	10	2	2	—
Proceeds from settlement of net investment hedges	6	0	0	—	—
Payment for settlement of net investment hedges	−26	0	0	—	—
Payments for acquisitions, net of cash acquired, and venture investments	−402	−4	−225	−40	−1,478
Net cash used in investing activities	−596	−243	−459	−333	−1,738
Net increase (decrease) in borrowings with maturities of three months or less	423	−269	−37	35	259
Additional long-term borrowings	577	539	395	0	792
Repayments of long-term debt and finance leases	−559	−308	−256	−6	−13
Dividends paid	−288	−278	−257	−239	−221
Share repurchases	−572	−248	−138	−380	−181
Net (tax withholding) proceeds related to stock-based compensation	−13	−8	−24	−25	−25
Proceeds from settlement of fair value hedges	33	0	0	—	—
Payments for settlement of fair value hedges	−14	0	0	—	—
Other	−300,000	−5	−2	0	−6
Net cash used in financing activities	−415	−576	−317	−615	604
Effect of foreign currency translation on cash balances	3	−6	−2	−9	−3
Increase (decrease) in cash and cash equivalents	−126	114	48	5	−90

Filings

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