Avery Dennison said net income decreased from approximately $705 million in 2024 to approximately $688 million in 2025. The company cited the net impact of raw material deflation-related price reductions, higher employee-related costs, higher interest expense and growth investments as factors contributing to the decrease.

1. 01

   Avery Dennison said net income decreased from approximately $705 million in 2024 to approximately $688 million in 2025. The company cited the net impact of raw material deflation-related price reductions, higher employee-related costs, higher interest expense and growth investments as factors contributing to the decrease.

2. 02

   Avery Dennison said it recorded $48.8 million in restructuring charges, net of reversals, related to 2025 actions in 2025, which included severance and related costs for the reduction of approximately 1,200 positions and asset impairment charges. The company added that it realized more than $60 million in incremental savings from restructuring actions, net of transition costs, in each of 2025 and 2024.

3. 03

   Avery Dennison said it completed its acquisition of W.F. Taylor Holdings, Inc. (Taylor Adhesives), a Georgia-based flooring adhesives business, on October 20, 2025 for a purchase price of approximately $390 million. The company funded the acquisition using cash and proceeds from its issuance of senior notes in September 2025. It said the Taylor Adhesives acquisition was not material to the Consolidated Financial Statements.

4. 04

   Avery Dennison said net cash provided by operating activities decreased in 2025 compared to 2024, while adjusted free cash flow increased. The company cited lower purchases of property, plant and equipment and higher proceeds from sales of property, plant and equipment as factors contributing to the increase in adjusted free cash flow.

Key figures

Fiscal year ended December 31, 2025

Revenue

$8.9B

Net income

$688M

EPS

$8.79

Gross profit

$2.5B

Operating cash flow

$881M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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