AVYAvery Dennison

Materials · Paper Products · NYSE

Headquarters: Mentor, OH
CEO: Deon Stander
Next results: around Feb 3, 2027

The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

-6.1% FY to 2025-12-31 vs 2024-12-28

“In 2025, net cash provided by operating activities decreased compared to 2024 primarily due to higher incentive compensation payments, higher tax payments, net of refunds, lower net income and higher trade rebate payments, partially offset by the prior-year settlement payment for the Adasa legal matter and changes in operational working capital.”
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Net income

-2.4% FY to 2025-12-31 vs 2024-12-28

“Our effective tax rate in 2025 decreased compared to 2024 primarily due to higher benefits from the release of valuation allowance as a result of completing a foreign restructuring transaction and a favorable ruling related to deductibility of interest expense, partially offset by lower excess tax benefits associated with stock-based payments.”
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Gross margin

28.9% → 28.8% (-0.1 pts) FY to 2025-12-31 vs 2024-12-28

“Gross profit in 2025 increased compared to 2024 primarily due to benefits from productivity initiatives, including material re-engineering and savings from restructuring actions, net of transition costs, and higher volume, partially offset by the net impact of raw material deflation-related price reductions and higher employee-related costs.”
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Revenue

+1.1% FY to 2025-12-31 vs 2024-12-28

“In 2025, net sales on an organic basis were comparable to the prior year, reflecting the impact of higher volume offset by the impact of raw material deflation-related price reductions.”
Read it in the 10-K ↗

“In 2025, net sales on an organic basis decreased compared to the prior year primarily due to the impact of raw material deflation-related price reductions, partially offset by favorable volume/mix.”
Read it in the 10-K ↗

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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