Avery Dennison Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 28, 2024	Dec '23 Dec 30, 2023	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	688	704.9	503	757.1	740.1
Depreciation & Amortization	328.2	312.2	298.4	290.7	244.1
Stock-Based Compensation	27.9	28.7	22.3	47.4	37.2
Other Adjustments	80.1	96.1	62.6	92	50
Change in Receivables	44	-107.3	-16.7	-22.1	-113.2
Changes in Inventories	53.2	-90.7	111.7	-140.7	-182.7
Changes in Accounts Payable	-144.4	106.7	-87.6	68.2	255.2
Changes in Income Taxes Payable	-5.1	40.2	-18.7	18.9	-7.3
Changes in Other Operating Activities	-190.5	-152	-49	-150.5	23.4
Operating Cash Flow	881.4	938.8	826	961	1,047
Operating Cash Flow Growth	-6.11%	13.66%	-14.05%	-8.20%	39.33%
Capital Expenditures	-169	-208.8	-265.3	-278.1	-255
Sale of Property, Plant & Equipment	22.6	0.6	1	2.3	1.1
Purchases of Intangible Assets	-31.4	-31	-19.8	-20.4	-17.1
Proceeds from Sale of Investments	3.5	10.1	1.9	1.9	3.1
Payments for Business Acquisitions	-401.8	-3.8	-224.9	-39.5	-1,478
Proceeds from Business Divestments	-	-	-	1.1	7.6
Other Investing Activities	-19.9	-10.2	48.1	-	1.8
Investing Cash Flow	-596	-243.1	-459	-332.7	-1,738
Short-Term Debt Issued	422.5	-269	-36.6	34.6	259.2
Net Short-Term Debt Issued (Repaid)	422.5	-269	-36.6	34.6	259.2
Long-Term Debt Issued	576.5	539.2	394.9	-	791.7
Long-Term Debt Repaid	-559.4	-308.1	-255.9	-6.3	-13.4
Net Long-Term Debt Issued (Repaid)	17.1	231.1	139	-6.3	778.3
Issuance of Common Stock	-12.8	-8.4	-23.8	-25.1	-25.4
Repurchase of Common Stock	-572.3	-247.5	-137.5	-379.5	-180.9
Net Common Stock Issued (Repurchased)	-585.1	-255.9	-161.3	-404.6	-206.3
Common Dividends Paid	-288.4	-277.5	-256.7	-238.9	-220.6
Other Financing Activities	19	-4.8	-1.6	-	-6.3
Financing Cash Flow	-414.9	-576.1	-317.2	-615.2	604.3
Effect of Exchange Rate Changes on Cash and Cash Equivalents	3.2	-5.5	-2	-8.6	-2.8
Net Cash Flow	-126.3	114.1	47.8	4.5	-89.6
Free Cash Flow	712.4	730	560.7	682.9	791.8
Free Cash Flow Growth	-2.41%	30.19%	-17.89%	-13.75%	43.99%
FCF Margin	8.04%	8.34%	6.70%	7.55%	9.42%
Free Cash Flow Per Share	0.00	0.00	0.00	8.31	9.45
Levered Free Cash Flow	1,000	674.6	594.9	593.9	1,855
Unlevered Free Cash Flow	650.54	779.26	556.36	622.19	871.25

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.