Avery Dennison Income 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
Revenue	8,856	8,756	8,364	9,039	8,408
Revenue Growth (YoY)	1.14%	4.68%	-7.47%	7.50%	20.61%
Cost of Revenue	6,309	6,225	6,087	6,635	6,096
Gross Profit	2,546	2,531	2,278	2,404	2,313
Selling, General & Admin	1,423	1,251	1,176	1,180	1,128
Research & Development	-	137.8	135.8	136.1	136.6
Operating Expenses	1,423	1,389	1,312	1,316	1,265
Operating Income	1,124	1,142	966	1,088	1,048
Interest Expense	-135.4	-117	-119	-84.1	-70.2
Interest & Investment Income	1	-	-	-	-
Earnings From Equity Investments	-	-	-	-	-3.9
Currency Exchange Gain (Loss)	-5.6	-15.2	5.5	-4.3	21
Other Non Operating Income (Expenses)	8.1	-1	-12.2	-1.4	-19.7
EBT Excluding Unusual Items	991.9	1,008	840.3	998.4	975
Merger & Restructuring Charges	-47.2	-41.9	-79.4	-7.7	-13.6
Gain (Loss) on Sale of Investments	-23.3	-19.2	-1.5	13.5	23
Gain (Loss) on Sale of Assets	12.9	-	-0.5	1.4	5.5
Legal Settlements	-9.2	6.2	-64.3	-6.3	0.4
Other Unusual Items	-	0.1	0.1	-	-1.6
Pretax Income	925.1	953.5	694.7	999.3	988.7
Income Tax Expense	237.1	248.6	191.7	242.2	248.6
Earnings From Continuing Operations	688	704.9	503	757.1	740.1
Net Income	688	704.9	503	757.1	740.1
Net Income to Common	688	704.9	503	757.1	740.1
Net Income Growth	-2.40%	40.14%	-33.56%	2.30%	33.13%
Shares Outstanding (Basic)	78	80	81	82	83
Shares Outstanding (Diluted)	78	81	81	82	84
Shares Change (YoY)	-2.97%	-0.49%	-1.34%	-1.91%	-0.36%
EPS (Basic)	8.79	8.77	6.23	9.28	8.93
EPS (Diluted)	8.79	8.73	6.20	9.21	8.83
EPS Growth	0.65%	40.81%	-32.68%	4.30%	33.59%
Free Cash Flow	712.4	730	560.7	682.9	791.8
Free Cash Flow Per Share	9.10	9.05	6.91	8.31	9.45
Dividend Per Share	3.700	3.450	3.180	2.930	2.660
Dividend Growth	7.25%	8.49%	8.53%	10.15%	12.71%
Gross Margin	28.75%	28.90%	27.23%	26.60%	27.51%
Operating Margin	12.69%	13.04%	11.55%	12.04%	12.46%
Profit Margin	7.77%	8.05%	6.01%	8.38%	8.80%
Free Cash Flow Margin	8.04%	8.34%	6.70%	7.56%	9.42%
EBITDA	1,452	1,421	1,237	1,349	1,262
EBITDA Margin	16.40%	16.23%	14.78%	14.93%	15.01%
D&A For EBITDA	328.2	279.1	270.5	261.2	214
EBIT	1,124	1,142	966	1,088	1,048
EBIT Margin	12.69%	13.04%	11.55%	12.04%	12.46%
Effective Tax Rate	25.63%	26.07%	27.59%	24.24%	25.14%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.