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Avery Dennison cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$251M in Q3 2026 · $1.0B over twelve months

Operating cash flow$299M
Capital spending−$47.6M
Free cash flow+$251M
Cash / net income1.8×
Cash conversion cycle44 days

Analysis

In Q3 2026, Avery Dennison generated $299M of operating cash flow and spent $47.6M on capital projects, leaving free cash flow of $251M.

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were acquisitions ($473M), buybacks ($376M), dividends ($296M); besides operations, cash came from other financing ($17.9M), asset & business sales ($4.3M); the cash balance fell by $265M.

Operating cash flow was $299M against net income of $170M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$85.6M, stock-based pay +$10.1M, other non-cash +$9.9M.

Its cash conversion cycle was 44 days (receivables 69 + inventory 57 − payables 82).

Free cash flow

Avery Dennison: free cash flow by quarterAvery Dennison: free cash flow by quarter$282MQ4 2024−$52.3MQ1 2025$179MQ2 2025$276MQ3 2025$310MQ4 2025$108MQ1 2026$369MQ2 2026$251MQ3 2026
Operating cash flow less capital spending.
Avery Dennison: operating cash flow against capital spendingAvery Dennison: operating cash flow against capital spendingOperating cash flowCapital spending$351M$69.5MQ4 2024−$16.3M$36.0MQ1 2025$209M$30.0MQ2 2025$312M$35.9MQ3 2025$377M$67.1MQ4 2025$136M$28.3MQ1 2026$408M$39.2MQ2 2026$299M$47.6MQ3 2026
Latest (Q3 2026): Operating cash flow $299M, Capital spending $47.6M.

Capital allocation, year by year

Avery Dennison: where the cash came from (up) and went (down), by fiscal yearAvery Dennison: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $1.0BFY2022: Net borrowing $1.0BFY2022: Shares issued $1.0MFY2022: Asset sales $8.7MFY2022: Capital spending −$255MFY2022: Acquisitions −$1.5BFY2022: Buybacks −$181MFY2022: Dividends −$221M$2.1BFY2022FY2022: Operating cash flow $961MFY2022: Net borrowing $28.3MFY2022: Asset sales $3.4MFY2022: Capital spending −$278MFY2022: Acquisitions −$39.5MFY2022: Buybacks −$380MFY2022: Dividends −$239M$993MFY2022FY2023: Operating cash flow $826MFY2023: Net borrowing $102MFY2023: Asset sales $1.0MFY2023: Capital spending −$265MFY2023: Acquisitions −$225MFY2023: Buybacks −$138MFY2023: Dividends −$257M$929MFY2023FY2024: Operating cash flow $939MFY2024: Net borrowing −$37.9MFY2024: Shares issued $10.0MFY2024: Asset sales $600KFY2024: Capital spending −$209MFY2024: Acquisitions −$3.8MFY2024: Buybacks −$248MFY2024: Dividends −$278M$949MFY2024FY2025: Operating cash flow $881MFY2025: Net borrowing $440MFY2025: Asset sales $22.6MFY2025: Capital spending −$169MFY2025: Acquisitions −$402MFY2025: Buybacks −$572MFY2025: Dividends −$288M$1.3BFY2025
Over these 5 years operating cash flow totalled $4.7B; the largest uses were acquisitions ($2.1B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$271M
Debt$3.2B
Net debt$2.9B

Avery Dennison funds itself: free cash flow was $1.0B over the last twelve months, and $271M of cash and investments stands against $3.2B of debt.

Avery Dennison: debt maturities by year (FY2025)Avery Dennison: debt maturities by year (FY2025)$500MYear 3$500MYear 5$2.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $271M of cash and investments now.

Where the cash came from and went

Avery Dennison: sources (+) and uses (−) of cash, Q3 2026Avery Dennison: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$299MDividends−$75.4MNet borrowing (+) / repaid (−)−$61.7MBuybacks−$59.0MCapital spending−$47.6MCash drawn (+) / kept (−)−$44.1MOther financing−$14.4MOther investing$8.0MAcquisitions−$6.0MAsset & business sales$1.2MExchange rates$400KTaxes on employees’ shares−$200K
Avery Dennison: sources (+) and uses (−) of cash, TTM to Q3 2026Avery Dennison: sources (+) and uses (−) of cash, 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 profit to cash

Avery Dennison: net income to operating cash flow, Q3 2026Avery Dennison: net income to operating cash flow, Q3 2026Net income$170MDepreciation & amortization$85.6MStock-based pay$10.1MDeferred taxes−$7.9MGains on disposals$400KOther non-cash$9.9MOperating cash flow$299M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202669578244
Q2 202664537542
Q1 202662547144
Q4 202565597549
Q3 202567597551
Q2 202564597449
Q1 202563597845
Q4 202463577743

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$299M−$47.6M−$6.0M−$59.0M−$75.4M−$61.7M−$44.1M$251M
Q2 2026$408M−$39.2M−$75.0M−$138M−$76.2M−$104M$27.8M$369M
Q1 2026$136M−$28.3M−$500K−$60.6M−$72.3M$91.5M−$52.3M$108M
Q4 2025$377M−$67.1M−$391M−$119M−$72.4M−$60.9M$334M$310M
Q3 2025$312M−$35.9M—−$93.6M−$73.1M−$341M−$320M$276M
Q2 2025$209M−$30.0M−$8.1M−$98.4M−$73.5M−$6.9M−$20.0M$179M
Q1 2025−$16.3M−$36.0M−$2.6M−$262M−$69.4M$272M$133M−$52.3M
Q4 2024$351M−$69.5M−$1.9M−$140M−$70.4M$59.1M−$116M$282M

Avery Dennison: income statement and cash flow

Avery Dennison, Q3 2026: revenue $2.3B (+5% year over year), operating margin 10.3%. The chart follows the revenue to costs, profit and cash.

Avery Dennison: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.