Screener / SEC EDGAR /CIK 0000008818 /10-K filed Feb 25, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Materials · Paper Products

Avery Dennison AVY

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Cash returned and share count, year to Dec 31, 2025

Bought back $572.3M of its own shares, 20.5× what it paid in stock

XBRL, latest 10-K
Buybacks $572.3M cash paid for its own shares
Paid in stock to employees $27.9M stock-based compensation
Share count, 1 year -3.0% fewer shares: each share owns more
Share count, 3 years -4.7% diluted average shares

New shares against shares bought back

Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K

Shares offered

Since Nov 15, 2023: 1 shelf registration; also 2 notes offerings.

“We may offer and sell the securities in any combination from time to time in one or more offerings.”

S-3ASR, Apr 11, 2025
Every offering filing

Paid in stock

$27.9M

stock-based pay, year to Dec 31, 2025

Bought back

$572.3M

cash paid for its own shares, year to Dec 31, 2025: 20.5× the stock pay

Diluted shares: 78.30M in the year to Dec 31, 2025 2025 -3.0%2024 -0.5%2023 -1.3%2022 -1.9%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How

Net share count, 4 years

Shares, buybacks and stock pay, fiscal years 2022 to 2025 · 10-K XBRL

-6.6% shares
Share count -6.6% diluted average shares, 4 years to Dec 31, 2025, splits taken out
Bought back $1.3B cash paid for its own shares, summed over the 4 years
Paid in stock $126.3M stock-based compensation, and $10.0M received for shares sold, summed over the same years
Fiscal yearShares, changeBought backPaid in stockCash from shares sold
Dec 31, 2025 -3.0% $572.3M $27.9M -
Dec 28, 2024 -0.5% $247.5M $28.7M $10.0M
Dec 30, 2023 -1.3% $137.5M $22.3M -
Dec 31, 2022 -1.9% $379.5M $47.4M -

Each year's change is the diluted weighted average share count against the year before, with stock splits taken out; the headline change compares the two ends of the span on one basis. Buybacks and stock pay are added up over the same years. Buybacks that only offset stock pay leave the count flat: both are shown, no verdict. How

Where the cash came from and where it went

FY2016 to FY2025, from the cash flow statements in the 10-Ks, added up

Operating cash flowShares soldCapital spendingBuybacksDividendsAdded to cashOther, net Operating cash flow: $7.8B Operating cash flow $7.8B Shares sold: $117.0M Shares sold $117.0M Capital spending: $2.2B Capital spending $2.2B Buybacks: $2.6B Buybacks $2.6B Dividends: $2.1B Dividends $2.1B Added to cash: $44.0M Added to cash $44.0M Other, net: $933.1M Other, net $933.1M

The same cash, step by step

Operating cash flow: $7.8B · NetCashProvidedByUsedInOperatingActivities, 0001047469-19-000747; NetCashProvidedByUsedInOperatingActivities, 0001104659-20-025360; NetCashProvidedByUsedInOperatingActivities, 0001193125-21-055146; NetCashProvidedByUsedInOperatingActivities, 0001193125-22-049910; NetCashProvidedByUsedInOperatingActivities, 0000008818-23-000002; NetCashProvidedByUsedInOperatingActivities, 0000008818-24-000003; NetCashProvidedByUsedInOperatingActivities, 0000008818-25-000003; NetCashProvidedByUsedInOperatingActivities, 0000008818-26-000015 +$7.8B
Operating cash flow
Shares sold: $117.0M · ProceedsFromStockOptionsExercised, 0001047469-19-000747; ProceedsFromStockOptionsExercised, 0001104659-20-025360; ProceedsFromStockOptionsExercised, 0001193125-21-055146; ProceedsFromStockOptionsExercised, 0001193125-22-049910; ProceedsFromStockOptionsExercised, 0000008818-23-000002; ProceedsFromStockOptionsExercised, 0000008818-24-000003; ProceedsFromStockOptionsExercised, 0000008818-26-000015 +$117.0M
Shares sold
Capital spending: $2.2B · PaymentsToAcquirePropertyPlantAndEquipment, 0001047469-19-000747; PaymentsToAcquirePropertyPlantAndEquipment, 0001104659-20-025360; PaymentsToAcquirePropertyPlantAndEquipment, 0001193125-21-055146; PaymentsToAcquirePropertyPlantAndEquipment, 0001193125-22-049910; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-23-000002; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-24-000003; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-25-000003; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-26-000015 −$2.2B
Capital spending
Buybacks: $2.6B · PaymentsForRepurchaseOfCommonStock, 0001047469-19-000747; PaymentsForRepurchaseOfCommonStock, 0001104659-20-025360; PaymentsForRepurchaseOfCommonStock, 0001193125-21-055146; PaymentsForRepurchaseOfCommonStock, 0001193125-22-049910; PaymentsForRepurchaseOfCommonStock, 0000008818-23-000002; PaymentsForRepurchaseOfCommonStock, 0000008818-24-000003; PaymentsForRepurchaseOfCommonStock, 0000008818-25-000003; PaymentsForRepurchaseOfCommonStock, 0000008818-26-000015 −$2.6B
Buybacks
Dividends: $2.1B · PaymentsOfDividendsCommonStock, 0001047469-19-000747; PaymentsOfDividendsCommonStock, 0001104659-20-025360; PaymentsOfDividendsCommonStock, 0001193125-21-055146; PaymentsOfDividendsCommonStock, 0001193125-22-049910; PaymentsOfDividendsCommonStock, 0000008818-23-000002; PaymentsOfDividendsCommonStock, 0000008818-24-000003; PaymentsOfDividendsCommonStock, 0000008818-25-000003; PaymentsOfDividendsCommonStock, 0000008818-26-000015 −$2.1B
Dividends
Added to cash: $44.0M · CashAndCashEquivalentsPeriodIncreaseDecrease, 0001047469-19-000747; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001104659-20-025360; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001193125-21-055146; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001193125-22-049910; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-23-000002; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-24-000003; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-25-000003; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-26-000015 −$44.0M
Added to cash
Other, net: $933.1M · investments bought and sold, other financing and investing lines, and exchange rates −$933.1M
Other, net

Came from

Operating cash flow
NetCashProvidedByUsedInOperatingActivities, 0001047469-19-000747; NetCashProvidedByUsedInOperatingActivities, 0001104659-20-025360; NetCashProvidedByUsedInOperatingActivities, 0001193125-21-055146; NetCashProvidedByUsedInOperatingActivities, 0001193125-22-049910; NetCashProvidedByUsedInOperatingActivities, 0000008818-23-000002; NetCashProvidedByUsedInOperatingActivities, 0000008818-24-000003; NetCashProvidedByUsedInOperatingActivities, 0000008818-25-000003; NetCashProvidedByUsedInOperatingActivities, 0000008818-26-000015
$7.8B
Shares sold
ProceedsFromStockOptionsExercised, 0001047469-19-000747; ProceedsFromStockOptionsExercised, 0001104659-20-025360; ProceedsFromStockOptionsExercised, 0001193125-21-055146; ProceedsFromStockOptionsExercised, 0001193125-22-049910; ProceedsFromStockOptionsExercised, 0000008818-23-000002; ProceedsFromStockOptionsExercised, 0000008818-24-000003; ProceedsFromStockOptionsExercised, 0000008818-26-000015
$117.0M

Went to

Capital spending
PaymentsToAcquirePropertyPlantAndEquipment, 0001047469-19-000747; PaymentsToAcquirePropertyPlantAndEquipment, 0001104659-20-025360; PaymentsToAcquirePropertyPlantAndEquipment, 0001193125-21-055146; PaymentsToAcquirePropertyPlantAndEquipment, 0001193125-22-049910; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-23-000002; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-24-000003; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-25-000003; PaymentsToAcquirePropertyPlantAndEquipment, 0000008818-26-000015
$2.2B
Buybacks
PaymentsForRepurchaseOfCommonStock, 0001047469-19-000747; PaymentsForRepurchaseOfCommonStock, 0001104659-20-025360; PaymentsForRepurchaseOfCommonStock, 0001193125-21-055146; PaymentsForRepurchaseOfCommonStock, 0001193125-22-049910; PaymentsForRepurchaseOfCommonStock, 0000008818-23-000002; PaymentsForRepurchaseOfCommonStock, 0000008818-24-000003; PaymentsForRepurchaseOfCommonStock, 0000008818-25-000003; PaymentsForRepurchaseOfCommonStock, 0000008818-26-000015
$2.6B
Dividends
PaymentsOfDividendsCommonStock, 0001047469-19-000747; PaymentsOfDividendsCommonStock, 0001104659-20-025360; PaymentsOfDividendsCommonStock, 0001193125-21-055146; PaymentsOfDividendsCommonStock, 0001193125-22-049910; PaymentsOfDividendsCommonStock, 0000008818-23-000002; PaymentsOfDividendsCommonStock, 0000008818-24-000003; PaymentsOfDividendsCommonStock, 0000008818-25-000003; PaymentsOfDividendsCommonStock, 0000008818-26-000015
$2.1B
Added to cash
CashAndCashEquivalentsPeriodIncreaseDecrease, 0001047469-19-000747; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001104659-20-025360; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001193125-21-055146; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001193125-22-049910; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-23-000002; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-24-000003; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-25-000003; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000008818-26-000015
$44.0M
Other, net
investments bought and sold, other financing and investing lines, and exchange rates
$933.1M

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Where the operating cash went, year by year

FY2016 to FY2025 · cash flow statements, 10-K XBRL

10 years
Operating cash, added up $7.8B 10 fiscal years, FY2016 to FY2025
Reinvested 28% capital spending and acquisitions, as a share of that cash
Returned to owners 61% buybacks and dividends, as a share of that cash
Debt repaid - gross repayments added up; debt that was refinanced counts each time
Fiscal yearOperating cashCapital spendingBuybacksDividends
Dec 31, 2025 $881.4M $169.0M$572.3M$288.4M
Dec 28, 2024 $938.8M $208.8M$247.5M$277.5M
Dec 30, 2023 $826.0M $265.3M$137.5M$256.7M
Dec 31, 2022 $961.0M $278.1M$379.5M$238.9M
Jan 1, 2022 $1.0B $255.0M$180.9M$220.6M
Jan 2, 2021 $751.3M $201.4M$104.3M$196.8M
Dec 28, 2019 $746.5M $219.4M$237.7M$189.7M
Dec 29, 2018 $457.9M $226.7M$392.9M$175.0M
Dec 30, 2017 $645.7M $190.5M$129.7M$155.5M
Dec 31, 2016 $582.1M $176.9M$262.4M$142.5M
Added up$7.8B $2.2B
28% of operating cash
$2.6B
34% of operating cash
$2.1B
27% of operating cash

Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.

Buybacks, dividends and share count

Year by year · XBRL, each 10-K

Fiscal year toBuybacksDividendsDiluted shares
Dec 31, 2025$572.3M $288.4M 78.30M
Dec 28, 2024$247.5M $277.5M 80.70M
Dec 30, 2023$137.5M $256.7M 81.10M
Dec 31, 2022$379.5M $238.9M 82.20M
Jan 1, 2022$180.9M $220.6M 83.80M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

Dividend per share, year by year

Dividends · declared per share, each 10-K; cash paid, cash flow statement

Per share, FY2025 $3.70 declared in the fiscal year to Dec 31, 2025
Against the year before ▲+7.2% dividend per share
Years in a row raised 9 to FY2025, per share
Cash paid out $288.4M cash flow statement, FY2025
Years paid in a row 10+ fiscal years, to FY2025, every year on file, dividend per share above zero
Growth a year, FY2016 to FY2025 +9.8% $1.60 to $3.70 per share, 9 years

Declared since the 10-K: Sep 30, 2026 $1.00Jun 30, 2026 $1.00Mar 31, 2026 $0.94

Fiscal year toPer shareAgainst year beforeCash paid out
Dec 31, 2025 $3.70 ▲+7.2% $288.4M
Dec 28, 2024 $3.45 ▲+8.5% $277.5M
Dec 30, 2023 $3.18 ▲+8.5% $256.7M
Dec 31, 2022 $2.93 ▲+10.2% $238.9M
Jan 1, 2022 $2.66 ▲+12.7% $220.6M
Jan 2, 2021 $2.36 ▲+4.4% -
Dec 28, 2019 $2.26 ▲+12.4% -
Dec 29, 2018 $2.01 ▲+14.2% -

Dividend per share as the company tagged it (CommonStockDividendsPerShareDeclared), from the latest 10-K that reports each year, so a stock split is already in it. A change is left blank when the year before is missing or the jump is more than five times.

Buybacks month by month, and what is left to buy

Share buybacks · 10-Q, Part II Item 2, latest 4 quarters

“In April 2025, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750.0 million, excluding any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization.”

10-Q, Part II Item 2

The monthly table could not be read from the text of these 10-Qs: open the latest 10-Q, Part II Item 2.

What it paid for each share it bought back

Price paid · 10-K, statement of shareholders' equity

Cheapest year $29.77 fiscal year to Dec 29, 2012
Dearest year $118.85 fiscal year to Dec 28, 2019
Average over these years $56.17 $2.3B spent

What AVY paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.

Fiscal year toShares boughtSpentAverage price
Dec 28, 2019 2.00M$237.7M $118.85
Dec 29, 2018 4.00M$392.9M $98.22
Dec 30, 2017 1.50M$129.7M $86.47
Dec 31, 2016 3.80M$262.4M $69.05
Jan 2, 2016 3.90M$232.3M $59.56
Jan 3, 2015 7.40M$355.5M $48.04
Dec 28, 2013 6.60M$283.5M $42.95
Dec 29, 2012 7.90M$235.2M $29.77
Dec 31, 2011 300K$13.5M $45.00
Jan 1, 2011 2.68M$108.7M $40.51

Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2019.

What the 10-Ks show for each CEO's years

Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table

Deon Stander

FY2024 to FY2025 · 2 years in the table
Operating cash flow
$1.8B
Capital spending
$377.8M
Buybacks
$819.8M
Dividends
$565.9M
Stock-based pay
$56.6M
Diluted shares since FY2023
-3.5%
Revenue since FY2023
+6%
Debt since FY2023
+$784.3M
CEO pay (reported)
$19.4M
The proxy that names the CEO

Deon Stander, Mitchell Butier

FY2023 · 1 year in the table
Operating cash flow
$826.0M
Capital spending
$265.3M
Buybacks
$137.5M
Dividends
$256.7M
Stock-based pay
$22.3M
Diluted shares since FY2022
-1.3%
Revenue since FY2022
-7%
Debt since FY2022
+$93.3M
CEO pay (reported)
$15.8M
The proxy that names the CEO

Mitchell Butier

FY2021 to FY2022 · 2 years in the table
Operating cash flow
$2.0B
Capital spending
$533.1M
Buybacks
$560.4M
Dividends
$459.5M
Stock-based pay
$84.6M
Diluted shares since FY2020
-2.3%
Revenue since FY2020
+30%
Debt since FY2020
+$750.4M
CEO pay (reported)
$21.5M
The proxy that names the CEO

Sources

The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.

Also

CEO pay: what the CEO was paid over the same years.

Work with it

Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/AVY/export.csv") into a cell.

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