$AVY

Avery Dennison Corp

CIK:0000008818|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 28, 2025	Jun. 30, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 2,462.9	$ 2,220.5	$ 4,761.4	$ 4,368.8
Cost of products sold	1,733.5	1,581.4	3,367.2	3,108.2
Gross profit	729.4	639.1	1,394.2	1,260.6
Marketing, general and administrative expense	394.8	352.4	769.9	699.4
Other expense (income), net	21.1	0.5	38.9	20.4
Interest expense	35.9	34.0	71.5	64.9
Other non-operating expense (income), net	(5.1)	(3.3)	(9.2)	(6.6)
Income before taxes	282.7	255.5	523.1	482.5
Provision for income taxes	78.6	66.5	150.9	127.2
Net income	$ 204.1	$ 189.0	$ 372.2	$ 355.3
Per share amounts:
Net income per common share (in dollars per share)	$ 2.67	$ 2.42	$ 4.87	$ 4.51
Net income per common share, assuming dilution (in dollars per share)	$ 2.67	$ 2.41	$ 4.85	$ 4.50
Weighted average number of shares outstanding:
Common shares (in shares)	76.3	78.2	76.5	78.7
Common shares, assuming dilution (in shares)	76.4	78.3	76.7	78.9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 28, 2025
Operating Activities
Net income	$ 372.2	$ 355.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	106.4	100.3
Amortization	66.8	58.4
Provision for credit losses and sales returns	27.2	25.3
Stock-based compensation	12.2	14.7
Deferred taxes and other non-cash taxes	(19.2)	(12.0)
Other non-cash expense and loss (income and gain), net	29.2	20.8
Changes in assets and liabilities and other adjustments	(50.1)	(370.3)
Net cash provided by operating activities	544.7	192.5
Investing Activities
Purchases of property, plant and equipment	(67.5)	(66.0)
Purchases of software and other deferred charges	(13.9)	(15.2)
Proceeds from sales of property, plant and equipment	0.7	15.7
Proceeds from insurance and sales (purchases) of investments, net	5.8	8.8
Proceeds from settlement of net investment hedges	0.0	6.2
Payments for acquisitions, net of cash acquired, and venture investments	(75.5)	(10.7)
Net cash used in investing activities	(150.4)	(61.2)
Financing Activities
Net increase (decrease) in borrowings with maturities of three months or less	(9.6)	816.2
Repayments of long-term debt and finance leases	(3.4)	(551.6)
Dividends paid	(148.5)	(142.9)
Share repurchases	(198.2)	(360.0)
Net (tax withholding) proceeds related to stock-based compensation	(9.4)	(12.6)
Payments for settlement of fair value hedges	0.0	(13.5)
Other	(0.5)	15.9
Net cash used in financing activities	(369.6)	(248.5)
Effect of foreign currency translation on cash balances	(0.2)	4.0
Increase (decrease) in cash and cash equivalents	24.5	(113.2)
Cash and cash equivalents, beginning of year	202.8	329.1
Cash and cash equivalents, end of period	$ 227.3	$ 215.9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 227.3	$ 202.8
Trade accounts receivable, less allowances of $29.2 and $28.1 at June 30, 2026 and December 31, 2025, respectively	1,793.5	1,503.9
Inventories	1,031.7	975.8
Other current assets	348.0	307.8
Total current assets	3,400.5	2,990.3
Property, plant and equipment, net	1,565.1	1,607.7
Goodwill	2,262.0	2,272.5
Other intangibles resulting from business acquisitions, net	776.2	827.5
Deferred tax assets	139.8	125.3
Other assets	1,068.7	978.4
Total assets	9,212.3	8,801.7
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	500.5	522.9
Accounts payable	1,524.7	1,261.7
Accrued payroll and employee benefits	245.8	232.7
Other current liabilities	734.0	636.3
Total current liabilities	3,005.0	2,653.6
Long-term debt and finance leases	3,177.7	3,210.0
Long-term retirement benefits and other liabilities	427.9	432.0
Deferred tax liabilities and income taxes payable	278.9	264.0
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at June 30, 2026 and December 31, 2025; issued – 124,126,624 shares at June 30, 2026 and December 31, 2025; outstanding – 75,902,833 and 76,877,487 shares at June 30, 2026 and December 31, 2025, respectively	124.1	124.1
Capital in excess of par value	822.1	834.3
Retained earnings	5,844.0	5,597.5
Treasury stock at cost, 48,223,791 shares and 47,249,137 shares at June 30, 2026 and December 31, 2025, respectively	(4,087.9)	(3,904.1)
Accumulated other comprehensive loss	(379.5)	(409.7)
Total shareholders’ equity	2,322.8	2,242.1
Total liabilities and shareholders’ equity	$ 9,212.3	$ 8,801.7