Filing Flows › Avery Dennison (AVY) › Q3 2025
Avery Dennison (AVY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Avery Dennison (AVY) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +1% from a year earlier and -0.2% from the quarter before. Operating margin was 10.6%, net earnings $166M (7.5% of revenue).
Avery Dennison, Q3 2025: revenue $2.2B (+2% year over year), operating margin 10.6%, net earnings $166M, operating cash flow $312M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -0.2% | +1% |
| Gross profit | $635M | -0.6% | +1% |
| Operating profit | $235M | -8% | -2% |
| Net earnings | $166M | -12% | -8% |
| Operating cash flow | $312M | +49% | +16% |
| Free cash flow | $276M | +54% | +22% |
What changed
Revenue was $2.2B in Q3 2025, up 1% year over year and roughly flat from the previous quarter.
Gross margin was 28.7%, unchanged from a year earlier. Operating profit was $0.23B, a 10.6% margin (down 0.4 points year over year). Operating profit fell $4.5M even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Operating expenses grew 3% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.17B, down 8% year over year. The effective tax rate was 29.2%.
Operating cash flow was $0.31B (up 16% year over year), 188% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.04B left free cash flow of $0.28B.
Questions
What was Avery Dennison's revenue in the third quarter 2025?
Avery Dennison (AVY) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +1% from a year earlier and -0.2% from the quarter before.
Was Avery Dennison profitable in the third quarter 2025?
Operating profit was $235M (10.6% of revenue) and net earnings $166M.
Source: Avery Dennison 10-Q on SEC EDGAR.