Avery Dennison (AVY) financial statements
Avery Dennison reported revenue of $8.9B in fiscal 2025, up 4.3% a year over 9 years.
Net income was $688M.
Free cash flow was $712M, and the company returned $288M in dividends and $572M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Avery Dennison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1B | $6.6B | $7.2B | $7.1B | $7.0B | $8.4B | $9.0B | $8.4B | $8.8B | $8.9B |
| Cost of revenue | $4.4B | $4.8B | $5.2B | $5.2B | $5.0B | $6.1B | $6.6B | $6.1B | $6.2B | $6.3B |
| Gross profit | $1.7B | $1.8B | $1.9B | $1.9B | $1.9B | $2.3B | $2.4B | $2.3B | $2.5B | $2.5B |
| Research and development | $90M | $93M | $98M | $93M | $113M | $137M | $136M | $136M | $138M | $137M |
| Selling, general and admin | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B |
| Interest expense | $60M | $63M | $58M | $76M | $70M | $70M | $84M | $119M | $117M | $135M |
| Pre-tax income | $477M | $590M | $555M | $250M | $737M | $993M | $999M | $695M | $954M | $925M |
| Income tax | $156M | $308M | $85M | -$57M | $178M | $249M | $242M | $192M | $249M | $237M |
| Net income | $321M | $282M | $467M | $304M | $556M | $740M | $757M | $503M | $705M | $688M |
| EPS (diluted) | $3.54 | $3.13 | $5.28 | $3.57 | $6.61 | $8.83 | $9.21 | $6.20 | $8.73 | $8.79 |
| Diluted shares | 91M | 90M | 89M | 85M | 84M | 84M | 82M | 81M | 81M | 78M |
| Gross margin | 27.9% | 27.4% | 26.8% | 26.9% | 27.6% | 27.5% | 26.6% | 27.2% | 28.9% | 28.8% |
| Net margin | 5.3% | 4.3% | 6.5% | 4.3% | 8.0% | 8.8% | 8.4% | 6.0% | 8.1% | 7.8% |
Balance sheet
Fiscal years, from Avery Dennison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $195M | $224M | $232M | $254M | $252M | $163M | $167M | $215M | $329M | $203M |
| Receivables | $1.0B | $1.2B | $1.2B | $1.2B | $1.2B | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B |
| Inventory | $519M | $610M | $651M | $663M | $717M | $907M | $1.0B | $921M | $978M | $976M |
| Total current assets | $1.9B | $2.2B | $2.3B | $2.3B | $2.4B | $2.7B | $2.8B | $2.8B | $3.1B | $3.0B |
| Property, plant and equipment | $915M | $1.1B | $1.1B | $1.2B | $1.3B | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B |
| Goodwill | $794M | $985M | $942M | $931M | $1.1B | $1.9B | $1.9B | $2.0B | $2.0B | $2.3B |
| Total assets | $4.4B | $5.1B | $5.2B | $5.5B | $6.1B | $8.0B | $8.0B | $8.2B | $8.4B | $8.8B |
| Total current liabilities | $2.0B | $2.0B | $2.0B | $2.3B | $1.9B | $2.5B | $2.8B | $2.7B | $2.9B | $2.7B |
| Long-term debt | $713M | $1.3B | $1.8B | $1.5B | $2.1B | $2.8B | $2.5B | $2.6B | $2.6B | $3.2B |
| Total liabilities | $3.5B | $4.1B | $4.2B | $4.3B | $4.6B | $6.0B | $5.9B | $6.1B | $6.1B | $6.6B |
| Shareholders' equity | $926M | $1.0B | $955M | $1.2B | $1.5B | $1.9B | $2.0B | $2.1B | $2.3B | $2.2B |
| Net debt | $1.1B | $1.4B | $1.7B | $1.7B | $1.9B | $2.9B | $2.9B | $3.0B | $2.8B | $3.5B |
Cash flow
Fiscal years, from Avery Dennison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $582M | $646M | $458M | $746M | $751M | $1.0B | $961M | $826M | $939M | $881M |
| Capital spending | $177M | $190M | $227M | $219M | $201M | $255M | $278M | $265M | $209M | $169M |
| Free cash flow | $405M | $455M | $231M | $527M | $550M | $792M | $683M | $561M | $730M | $712M |
| Stock-based compensation | $27M | $30M | $34M | $34M | $24M | $37M | $47M | $22M | $29M | $28M |
| Dividends paid | $142M | $156M | $175M | $190M | $197M | $221M | $239M | $257M | $278M | $288M |
| Share buybacks (net) | -$262M | -$130M | -$393M | -$238M | -$104M | -$181M | -$380M | -$138M | -$248M | -$572M |
| Net borrowing | $235M | -$89M | -$78M | -$5M | -$110M | $259M | $35M | -$37M | -$269M | $422M |
| Free cash flow margin | 6.7% | 6.9% | 3.2% | 7.5% | 7.9% | 9.4% | 7.6% | 6.7% | 8.3% | 8.0% |
| Dividends per share | $1.57 | $1.73 | $1.98 | $2.23 | $2.34 | $2.63 | $2.91 | $3.17 | $3.44 | $3.68 |
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Open AVY in InvestinglyQuestions
What was Avery Dennison's revenue in 2025?
$8.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Avery Dennison generate?
$712M in fiscal 2025 (operating cash flow minus capital spending).
From Avery Dennison's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.