Avery Dennison (AVY) FY2025 results: revenue $8.9 billion, up 1.1% on the year

Avery Dennison was founded in 1935 and incorporated in Delaware in 1977 as Avery International, taking its present name in 1990 after Dennison Manufacturing became a subsidiary. It designs and makes labelling and functional materials, radio-frequency identification inlays and tags, software that links physical items to digital records, and products that enhance branded packaging or carry information. Customers come from home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive. The two reportable segments in fiscal 2025 were Materials Group and Solutions Group, approximately 69% and 31% of total sales, and international operations were approximately 69% of sales. At 31 December 2025 the company ran over 200 manufacturing and distribution facilities and had locations in more than 50 countries.

Materials Group

The group supplies the pressure-sensitive label and graphics industries with label materials, graphics and reflective materials, and functional bonding materials such as tapes. The brands are Fasson, JAC and Avery Dennison in label materials and performance tapes, Avery Dennison and Mactac in graphics, and Avery Dennison in reflective products. The business tends not to be seasonal, apart from certain outdoor graphics, building and construction and reflective products.

How the material works

Pressure-sensitive materials are papers, plastic films and metal foils coated with adhesives, laminated with specially coated backing papers and films, and sold in roll or sheet form in a range of face materials, sizes, thicknesses and adhesive properties. A self-adhesive material sticks by press-on contact and has four layers: a face material of paper, foil or plastic film, a permanent or removable adhesive, a release coating, and a backing that protects the adhesive and can carry and dispense the labels. Because the adhesive needs no heat or moisture to activate, applying it can cost less than the alternatives. Label materials are sold worldwide to converters serving food, home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits and logistics, and they carry variable information through bar codes, QR codes and RFID inlays for uses such as shipping labels and weight and price information on packaged meat.

Graphics and tapes

Films go to architectural, commercial sign and digital printing customers, with durable cast and reflective films for construction, automotive and fleet transport and reflective films for traffic and safety. Performance tapes cover adhesive-based materials, converted products, mechanical fasteners and performance polymers used in non-mechanical fastening, bonding and sealing for automotive, electronics, building and construction, general industrial, personal care and medical applications, with the fasteners precision-extruded or injection-moulded plastic devices. Competitors named in the filing are UPM Adhesive Materials, Fedrigoni Self-Adhesives, Lintec and Flexcon in label materials, 3M and the Orafol Group in graphics and reflective, and 3M, Tesa, Nitto Denko and regional suppliers in tapes.

Solutions Group

This group sells information and branding solutions, from digital identification and data management to branding and embellishment, productivity, pricing and retail media. Ultra-high-frequency RFID lets apparel, logistics, food and grocery and general retail customers give a physical item a digital identity. The branding side covers brand embellishments, graphic tickets, tags and labels and sustainable packaging, while the information side covers item-level RFID, visibility and loss prevention, price ticketing and marking, care, content and country of origin compliance, brand protection and security, and Vestcom shelf-edge productivity and media. Competitors include Checkpoint Systems, R-pac International, SML Group, Arizon RFID Technology and Tageos.

Research and people

Research and development is directed at products and operating techniques in materials science, covering adhesives, films, inks and release liners along with coating, laminating and printing technology in Materials Group, and RFID, embellishments, data and digital solutions and printing in Solutions Group, with patents held and licensed in both segments. Of approximately 35,000 employees at the end of 2025, nearly 20,000, approximately 58%, were in Asia Pacific, with 22% in North America, 17% in Europe and 3% in Latin America. Approximately 83% worked outside the United States and approximately 71% were in manufacturing operations or in positions directly supporting them.

From Avery Dennison's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.