Avery Dennison Corporation (AVY) Income Statement
AVY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAVY revenue and net income
Where AVY's revenue goes
2025Each bar shows an amount and its share of revenue. AVY kept 7.8% of revenue as net income.
AVY profit margins
AVY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.1% | −0.7% | +4.9% | +4.0% |
| Gross profit | +0.7% | +2.0% | +5.8% | +4.5% |
| Operating income | −2.1% | +1.0% | +4.8% | +7.6% |
| Net income | −2.4% | −3.1% | +4.4% | +9.6% |
| EPS (diluted) | +1.3% | +1.4% | +6.1% | +10.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AVY quarterly EPS vs estimates
Avery Dennison beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $2.30).
AVY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.86B | $8.76B | $8.36B | $9.04B | $8.41B | $6.97B | $7.07B | $7.16B | $6.61B | $6.09B |
| Cost of revenue | $6.31B | $6.23B | $6.09B | $6.64B | $6.10B | $5.05B | $5.17B | $5.25B | $4.80B | $4.39B |
| Gross profit | $2.55B | $2.53B | $2.27B | $2.40B | $2.31B | $1.92B | $1.90B | $1.91B | $1.81B | $1.70B |
| Research & development | $136.6M | $137.8M | $135.8M | $136.1M | $136.6M | $112.8M | $92.6M | $98.2M | $93.4M | $89.7M |
| Sales, general & admin | $1.42B | $1.28B | $1.18B | $1.19B | $1.11B | $1.06B | $984.3M | $1.06B | $1.12B | $1.10B |
| Total operating expenses | $1.44B | $1.40B | $1.32B | $1.33B | $1.27B | $1.05B | $1.08B | $1.10B | $1.06B | $1.10B |
| Operating income | $1.10B | $1.13B | $954.9M | $1.07B | $1.04B | $875.0M | $819.8M | $809.1M | $750.7M | $599.0M |
| Interest expense | $135.4M | $117.0M | $119.0M | $84.1M | $70.2M | $70.0M | $75.8M | $58.5M | $63.0M | $59.9M |
| Income before taxes | $925.1M | $953.5M | $694.7M | $999.3M | $988.7M | $733.6M | $246.9M | $552.8M | $589.5M | $477.1M |
| Income taxes | $237.1M | $248.6M | $191.7M | $242.2M | $248.6M | $177.7M | −$56.7M | $85.4M | $307.7M | $156.4M |
| Net income | $688.0M | $704.9M | $503.0M | $757.1M | $740.1M | $555.9M | $303.6M | $467.4M | $281.8M | $320.7M |
| EBITDA | $1.39B | $1.38B | $1.11B | $1.37B | $1.31B | $1.01B | $504.3M | $794.3M | $829.4M | $717.0M |
| EPS (diluted) | $9.54 | $9.42 | $7.88 | $9.15 | $8.92 | $7.11 | $6.59 | $6.07 | $5.01 | $4.03 |
| Gross margin | 28.8% | 28.9% | 27.2% | 26.5% | 27.5% | 27.6% | 26.9% | 26.7% | 27.4% | 27.9% |
| Operating margin | 12.5% | 12.9% | 11.4% | 11.9% | 12.4% | 12.6% | 11.6% | 11.3% | 11.4% | 9.8% |
| Net margin | 7.8% | 8.1% | 6.0% | 8.4% | 8.8% | 8.0% | 4.3% | 6.5% | 4.3% | 5.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.46B | $2.30B | $2.27B | $2.22B | $2.22B | $2.15B | $2.19B | $2.18B | $2.24B | $2.15B | $2.11B | $2.10B |
| Cost of revenue | $1.73B | $1.63B | $1.62B | $1.58B | $1.58B | $1.53B | $1.58B | $1.56B | $1.57B | $1.52B | $1.51B | $1.51B |
| Gross profit | $729.4M | $664.8M | $650.7M | $635.0M | $639.1M | $621.5M | $609.2M | $626.6M | $662.7M | $632.2M | $596.0M | $585.8M |
| Research & development | — | — | — | — | — | — | $137.8M | — | — | — | $135.8M | — |
| Sales, general & admin | $394.8M | $375.1M | $369.2M | $353.9M | $352.4M | $347.0M | $191.5M | $346.9M | $373.9M | $365.2M | $191.3M | $332.6M |
| Total operating expenses | $415.9M | $392.9M | $369.2M | $353.9M | $352.4M | $366.9M | $329.3M | $346.9M | $373.9M | $365.2M | $334.9M | $332.6M |
| Operating income | $313.5M | $271.9M | $281.5M | $281.1M | $286.7M | $254.6M | $279.9M | $279.7M | $288.8M | $267.0M | $261.1M | $253.2M |
| Interest expense | $35.9M | $35.6M | $37.2M | $33.3M | $34.0M | $30.9M | $29.2M | $30.0M | $29.2M | $28.6M | $29.7M | $31.0M |
| Income before taxes | $282.7M | $240.4M | $207.8M | $234.8M | $255.5M | $227.0M | $241.4M | $239.3M | $238.4M | $234.4M | $201.6M | $184.6M |
| Income taxes | $78.6M | $72.3M | $41.4M | $68.5M | $66.5M | $60.7M | $67.4M | $57.6M | $61.6M | $62.0M | $58.5M | $46.3M |
| Net income | $204.1M | $168.1M | $166.4M | $166.3M | $189.0M | $166.3M | $174.0M | $181.7M | $176.8M | $172.4M | $143.1M | $138.3M |
| EBITDA | $405.0M | $362.8M | $330.5M | $352.1M | $370.3M | $335.8M | $348.8M | $347.4M | $346.2M | $340.3M | $308.3M | $290.7M |
| EPS (diluted) | $2.89 | $2.47 | $2.45 | $2.37 | $2.42 | $2.30 | $2.38 | $2.33 | $2.42 | $2.29 | $2.16 | $2.10 |
| Gross margin | 29.6% | 28.9% | 28.7% | 28.7% | 28.8% | 28.9% | 27.9% | 28.7% | 29.6% | 29.4% | 28.2% | 27.9% |
| Operating margin | 12.7% | 11.8% | 12.4% | 12.7% | 12.9% | 11.9% | 12.8% | 12.8% | 12.9% | 12.4% | 12.4% | 12.1% |
| Net margin | 8.3% | 7.3% | 7.3% | 7.5% | 8.5% | 7.7% | 8.0% | 8.3% | 7.9% | 8.0% | 6.8% | 6.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AVY's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AVY financial results
In fiscal year 2025 (ended December 31, 2025), Avery Dennison reported revenue of $8.9 billion, up 1.1% from the year before. It had net income of $688.0 million (down 2.4%), a net profit margin of 7.8%. Diluted earnings per share came to $9.54. Over five years revenue grew at an average rate of 4.9% a year.
See the AVY stock overview for the latest quote and news, or the AVY chart for price history and technical indicators.
AVY income statement FAQ
What is Avery Dennison's annual revenue?
Avery Dennison reported total revenue of $8.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.1% from $8.8 billion the previous year.
Is Avery Dennison profitable?
Yes. Avery Dennison reported net income of $688.0 million in fiscal 2025, a net profit margin of 7.8%; its operating margin was 12.5%.
What is Avery Dennison's gross margin?
Avery Dennison's gross margin was 28.8% in fiscal 2025: for every $100 of revenue, Avery Dennison kept $29 after the direct cost of its products and services.
How much does Avery Dennison spend on research and development?
Avery Dennison spent $136.6 million on research and development in fiscal 2025, 1.5% of revenue.
How fast is Avery Dennison growing?
Revenue grew 4.9% a year on average over the last five fiscal years, from $7.0 billion to $8.9 billion.
What are Avery Dennison's earnings per share?
Avery Dennison earned $9.54 per diluted share in fiscal 2025, compared with $9.42 a year earlier.
When will Avery Dennison report its next earnings?
Avery Dennison is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Avery Dennison's fiscal year end?
Avery Dennison's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.