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Avery Dennison (AVY) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Avery Dennison (AVY) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $2.3B · 7¢ of every $1 of revenue kept as net profit · operating margin 10.3%

Avery Dennison made $2.3B in Q3 2026 (+5% Y/Y). Operating margin 10.3%, net earnings $170M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$2.3B
Year over year+5%
Operating margin10.3%
Net earnings$170M
Operating cash flow$299M

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Avery Dennison Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Avery Dennison Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.3B in Q3 2026, up 5% year over year and down 5% from the previous quarter.

Gross margin was 28.1%, down 0.6 points from Q3 2025. Operating profit was $0.24B, a 10.3% margin (down 0.3 points year over year). Of the extra revenue versus Q3 2025, 6% reached operating profit, below the 11% margin then. Operating expenses grew 3% against revenue growth of 5%. Net earnings were $0.17B, up 2% year over year. The effective tax rate was 29.6%.

Operating cash flow was $0.30B (down 4% year over year), 176% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.03B. After purchases of property, plant and equipment, net ($0.05B) and purchases of software and other deferred charges ($0.01B), adjusted free cash flow as the company reports it was $0.25B.

Quarterly history

Avery Dennison revenue by quarterAvery Dennison revenue by quarter$2.1BQ1 2025$2.2BQ2 2025$2.2BQ3 2025$2.3BQ4 2025$2.3BQ1 2026$2.5BQ2 2026$2.3BQ3 2026
Avery Dennison net earnings by quarterAvery Dennison net earnings by quarter$166MQ1 2025$189MQ2 2025$166MQ3 2025$166MQ4 2025$168MQ1 2026$204MQ2 2026$170MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$2.3B+5%10.3%$170M$299M
Q2 202610-QAug 4, 2026$2.5B+11%11.5%$204M$408M
Q1 202610-QMay 5, 2026$2.3B+7%10.5%$168M$136M
Q4 202510-KFeb 25, 2026$2.3B+4%9.1%$166M$377M
Q3 202510-QOct 28, 2025$2.2B+2%10.6%$166M$312M
Q2 202510-QJul 29, 2025$2.2B-0.7%11.5%$189M$209M
Q1 202510-QApr 29, 2025$2.1B-0.1%10.6%$166M−$16.3M

Charts

Avery Dennison: revenue growth, year over year and quarter over quarterAvery Dennison: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q1 2025-1%+3%Q2 2025+2%0%Q3 2025+4%+3%Q4 2025+7%+1%Q1 2026+11%+7%Q2 2026+5%-5%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q -5%.
Avery Dennison: where the cash came from (+) and went (−), TTM to Q3 2026Avery Dennison: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$1.2BAcquisitions−$473MBuybacks−$376MDividends−$296MCash drawn (+) / kept (−)$265MCapital spending−$182MNet borrowing (+) / repaid (−)−$136MOther investing−$35.7MOther financing$17.9MTaxes on employees’ shares−$9.7MAsset & business sales$4.3MExchange rates$600K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Avery Dennison: profit against cash, quarter by quarterAvery Dennison: profit against cash, quarter by quarterNet incomeOperating cash flow$174M$351MQ4 2024$166M−$16.3MQ1 2025$189M$209MQ2 2025$166M$312MQ3 2025$166M$377MQ4 2025$168M$136MQ1 2026$204M$408MQ2 2026$170M$299MQ3 2026
Latest (Q3 2026): Net income $170M, Operating cash flow $299M.
Avery Dennison: diluted shares by fiscal yearAvery Dennison: diluted shares by fiscal year84MFY202184MFY202282MFY202281MFY202381MFY202478MFY2025
-6.9% since FY2021: buybacks shrank the count.
Avery Dennison: long-term debt falling due (FY2025)Avery Dennison: long-term debt falling due (FY2025)$500M2028$500M2030$2.2BLater
Cash $203M, short-term investments —, long-term debt $3.2B at 2025-12-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Avery Dennison

Avery Dennison Corporation (“Avery Dennison” or the “Company” and generally referred to as “we” or “us”) was founded in 1935 and incorporated in Delaware in 1977 as Avery International Corporation, the successor corporation to a California corporation of the same name incorporated in 1946. In 1990, we merged one of our subsidiaries into Dennison Manufacturing Company (“Dennison”), as a result of which Dennison became our wholly-owned subsidiary and in connection with which we changed our name to Avery Dennison Corporation. You can learn more about us by visiting our website at www.averydennison.com. Our website is not intended to function as a hyperlink and the information on our website is not, nor should it be considered, part of this report or incorporated by reference into this report.

In its own words, from its 10-K, filed Feb 25, 2026.

Avery Dennison against its Converted Paper & Paperboard Prods (No Contaners/Boxes) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +2%. Operating margin: 10.3% against the peers' median 10.3%.

CompanyQuarterRevenueY/YOp. margin
AVY Avery DennisonQ3 2026$2.3B+5%10.3%
KMB Kimberly ClarkQ3 2026$4.1B-0.4%12.5%
PACK Ranpak HoldingsQ3 2026$102M+2%0.0%

Source: Avery Dennison 10-Q on SEC EDGAR · CIK 8818 · Converted Paper & Paperboard Prods (No Contaners/Boxes)

Guidance and outlook

Avery Dennison: what its forward-looking statements are about (10-Q filed 2026-11-03)Avery Dennison: what its forward-looking statements are about (10-Q filed 2026-11-03)Other2Financing1
3 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.

13F: who owns AVY and who is buying

Largest holders of AVY (13F)Largest holders of AVY (13F)Vanguard Group$1.9BBlackRock$1.1BWellington Management Group LLP$940MVanguard Capital Management LLC$812MVanguard Portfolio Management LLC$790MState Street$657MMorgan Stanley$576MAmeriprise Financial$373MGeode Capital Management, LLC$351MInvesco$253M
Funds' net buying of AVY by quarter (13F)Funds' net buying of AVY by quarter (13F)$15.1M2024-09−$105M2024-12−$191M2025-03$88.6M2025-06−$42.7M2025-09$486M2025-12−$531M2026-03$314M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AVY

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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