AVY · Full Picture

Avery Dennison Corp — the full picture

Earnings window · 2026-07-14 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Revenue Performance and Mix · Revenue growth & mixPriority 76
    +40.5% revenue (realized); 2 sources (news, sec_filing); 2 forward row(s); quote_verified
    Second-quarter net sales, annualized, for June 30, 2026: $9,878.7 million; for June 28, 2025: $8,882.0 million.
  2. Operating Cash Flow Trends · Cash flow generationPriority 64
    +7.5% cash (realized); structured_verified
    Net cash provided by operating activities for the six months ended June 30, 2026: $544.7 million; for the six months ended June 28, 2025: $192.5 million.
  3. Liquidity and Debt Position · Debt, leverage & refinancingPriority 62
    -8.4% liability (realized); quote_verified
    Our Revolver is a $1.20 billion revolving credit facility used as a back-up facility for commercial paper; no balance was outstanding under the Revolver as of June 30, 2026 or December 31, 2025.
  4. Capital Return Program · Buybacks & dividendsPriority 60
    quote_verified
    Dividends paid for the six months ended June 30, 2026: $(148.5) million; for the six months ended June 28, 2025: $(142.9) million.
  5. Operating Expense Trends · Operating expenses (SG&A)Priority 58
    1 forward row(s); quote_verified
    Company anticipates an unfavorable impact to operating income in 2026 from normalization of the majority of prior-year temporary cost-saving actions, largely relating to lower incentive compensation.
  6. Quarterly Dividend Declaration · Buybacks & dividendsPriority 58
    2 sources (news, sec_filing); 1 forward row(s); quote_verified
    In April 2026, we increased our quarterly dividend rate from $0.94 per share to $1.00 per share, representing an increase of approximately 6%.
  7. Income Tax Rate Changes · TaxPriority 57
    1 forward row(s); quote_verified
    Company expects a full-year effective tax rate in the high-twenty percent range for 2026.
  8. Gross Margin Drivers · Gross marginPriority 54
    quote_verified
    Cost of products sold for the three months ended June 30, 2026: $1,733.5 million.
  9. Segment Profitability · Operating income & profitabilityPriority 54
    quote_verified
    Net income increased from approximately $355 million in the first six months of 2025 to approximately $372 million in the first six months of 2026.
  10. Headcount / Restructuring · Restructuring & impairmentPriority 45
    -0.9% operating_income (realized); 2 sources (news, sec_filing); 2 forward row(s); structured_verified
    Severance and related costs, net of reversals, for the six months ended June 30, 2026: $30.7 million (and $12.6 million for the six months ended June 28, 2025).
  11. Interest Rate Pressure · Interest ratesPriority 45
    1 forward row(s); quote_verified
    We issued €500 million of senior notes in September 2025, which contributed to increased interest expense in 2026.
  12. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 39
    -0.8% cash (realized); structured_verified
    During the first six months of 2026, we made an approximately $75 million minority investment in Wiliot Ltd.

Threads by pillar

Revenue & Demand Priority 83 · 4 threads

Costs & Margins Priority 80 · 5 threads

Capital & Balance Sheet Priority 87 · 6 threads

Strategy & Portfolio Priority 39 · 1 thread

Macro & Market Conditions Priority 53 · 2 threads

Expected impact by metric

metricforward netforward grossrealized
cash——+11.5%
assets——+0.3%
operating_income——-0.9%
revenue——+40.5%
liability——-8.4%