AVY · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

Avery Dennison Corp · 2026-11-03 · Importance 69 · Surprise 64 · From source text

Net cash provided by operating activities increased 67.2% to $843.5 million in the first nine months of 2026 from $504.6 million in the prior-year period. Adjusted free cash flow rose to $715.8 million from $404.5 million. The operating-cash-flow increase primarily reflected changes in operational working capital, lower incentive compensation payments and higher net income, partly offset by higher tax payments, net of refunds. Operational working capital was $1,291.9 million, or 14.0% of annualized quarterly sales, versus $1,362.0 million and 15.4% a year earlier.

Key facts

• Avery Dennison's net cash provided by operating activities was $843.5 million in the first nine months of 2026, compared with $504.6 million in the first nine months of 2025. source
• Avery Dennison's adjusted free cash flow was $715.8 million in the first nine months of 2026, compared with $404.5 million in the first nine months of 2025. source
• Avery Dennison's operational working capital as a percentage of annualized current-quarter net sales was 14.0% on September 30, 2026, compared with 15.4% on September 27, 2025. source
• Avery Dennison's operating cash flow increased in the first nine months of 2026, primarily due to operational working capital changes, lower incentive compensation payments and higher net income, partially offset by higher tax payments, net of refunds. source

Impact estimates