Filing Flows › Avery Dennison (AVY) › Q4 2025
Avery Dennison (AVY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Avery Dennison (AVY) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 9.1%, net earnings $166M (7.3% of revenue).
Avery Dennison, Q4 2025: revenue $2.3B (+4% year over year), operating margin 9.1%, net earnings $166M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +3% | +4% |
| Gross profit | $651M | +2% | +7% |
| Operating profit | $208M | -11% | -14% |
| Net earnings | $166M | +0.1% | -4% |
| Operating cash flow | $377M | +21% | +7% |
| Free cash flow | $310M | +12% | +10% |
What changed
Revenue was $2.3B in Q4 2025, up 4% year over year and up 3% from the previous quarter.
Gross margin was 28.7%, up 0.8 points from a year earlier. Operating profit was $0.21B, a 9.1% margin (down 1.9 points year over year). Operating profit fell $0.03B even though revenue rose $0.09B versus a year earlier, so costs grew faster than sales. Operating expenses grew 20% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+91%). Net earnings were $0.17B, down 4% year over year. The effective tax rate was 19.9%.
Operating cash flow was $0.38B (up 7% year over year), 226% 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 $0.12B. Capital expenditures of $0.07B left free cash flow of $0.31B.
Questions
What was Avery Dennison's revenue in the fourth quarter 2025?
Avery Dennison (AVY) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before.
Was Avery Dennison profitable in the fourth quarter 2025?
Operating profit was $208M (9.1% of revenue) and net earnings $166M.
Source: Avery Dennison 10-K on SEC EDGAR.