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Avery Dennison Corp

averydennison.com

What Do They Do?

Sells pressure-sensitive label materials, graphics and adhesive products to converters and manufacturers; also provides branding and identification solutions for retailers.

How Do They Make Money?

Avery Dennison mainly earns money by selling products: customers buy labeling materials and branding and information products, with sales counted when products ship or are delivered depending on sale terms.

revenue
SegmentShareRevenue
Materials Group
Sold outright

69%
FY2022: 72%
Solutions Group
Sold outright

31%
FY2022: 28%

Who Are Their Customers?

Label materials are sold to converters; graphics and reflective products go to sign shops, commercial printers and designers. Solutions Group serves apparel, logistics, food and grocery, and general retail with branding and information products.

Do Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025
11% of revenue
▲ +1% vs FY2024 ($977.6M, 11%)
Net income, FY2025
8% of revenue
▼ −2% vs FY2024 ($704.9M, 8%)
Free cash flow, FY2025
8% of revenue
▼ −2% vs FY2024 ($730M, 8%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +11%
vs $2.2B in Q2 FY2025
Net income
▲ +8%
vs $189M in Q2 FY2025
Materials Group share of revenue vs 69.8% in Q2 FY2025
  • Aug 19, 2026 William Wagner elected independent Board Chair Mitchell Butier will continue as non-executive Chair through August 31, 2026.
  • Jul 30, 2026 Sets full-year earnings-per-share guidance Expects reported earnings per share of $9.40 to $9.70 and adjusted earnings per share of $10.00 to $10.30 for 2026.

Flat. Revenue was $8.9B in FY2025, about the same as the $8.4B of FY2021.

Flooring adhesives Materials Group added Taylor Adhesives, a flooring-adhesives business; the older report describes pressure-sensitive materials, performance tapes and fasteners.

Revenue over time
Materials Group Solutions Group
$10B$5B$0

Who Do They Compete With?

Competes with UPM, Fedrigoni Self-Adhesives, Lintec, Flexcon, 3M, Orafol Group, Beiersdorf, Nitto Denko, CCL Industries, R-pac International, SML Group, Arizon RFID Technology, and Tageos

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