Avery Dennison (AVY) Q2 FY2026 earnings: revenue $2.5 billion, up 10.9% on the year

Avery Dennison Corp. (AVY) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.9% on the same quarter a year earlier. Net income was $204 million, up 8.0% on the year, and diluted earnings per share $2.67. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$2.5 billion

+10.9% on the year · +7.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$204 million

+8.0% on the year · +21.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.67

+10.8% on the year · +22.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new.

Adjusted EPS rose 19.4%: Adjusted EPS was $2.89 against $2.42, up 19.4%; reported EPS was $2.67 against $2.41, up 10.8%, with management citing stronger-than-anticipated sales growth.
Sales grew 10.9% reported: Net sales were $2,462.9 million, up 10.9%; sales rose 8.9% excluding currency and 7.6% organically, with acquisitions adding about 1.3 points.
Solutions margin up 150 basis points: Solutions adjusted operating margin was 11.5%, up 150 basis points from 10.0%, after the first-quarter margin was down 120 basis points; reported operating margin was 8.9%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,463	2,298	2,220	+7.2%	+10.9%
Cost of revenue	1,734	1,634	1,581	+6.1%	+9.6%
Gross profit	729	665	639	+9.7%	+14.1%
Gross margin	29.6%	28.9%	28.8%
Selling, general and administrative	395	375	352	+5.3%	+12.0%
Interest expense	35.9	35.6	34.0	+0.8%	+5.6%
Pre-tax income	283	240	256	+17.6%	+10.6%
Income tax	78.6	72.3	66.5	+8.7%	+18.2%
Effective tax rate	27.8%	30.1%	26.0%
Net income	204	168	189	+21.4%	+8.0%
Net margin	8.3%	7.3%	8.5%
Diluted EPS	$2.67	$2.18	$2.41	+22.5%	+10.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	408	136	209	+199.0%	+95.5%
Capital expenditure	39.2	28.3	30.0	+38.5%	+30.7%
Free cash flow	369	108	179	+241.0%	+106.4%
Free cash flow margin	15.0%	4.7%	8.1%
Cash from investing	-118	-32.6	-28.0
Cash from financing	-319	-50.6	-164
Depreciation and amortisation	86.4	86.8	80.8	-0.5%	+6.9%
Share-based compensation	6.4	5.8	6.8	+10.3%	-5.9%
Buybacks	138	60.6	98.4	+127.1%	+39.8%
Dividends paid	76.2	72.3	73.5	+5.4%	+3.7%
Dividend per share	$1.00	$0.94	$0.94	+6.4%	+6.4%
Diluted shares, weighted	76m	77m	78m	-0.8%	-2.4%
Shares outstanding at period end	76m	77m	78m	-1.0%	-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	2,323	2,300	2,202	+1.0%	+5.5%
Debt	3,678	3,790	3,550	-3.0%	+3.6%
Other liabilities	3,211	2,888	2,816	+11.2%	+14.0%
Total liabilities and equity	9,212	8,979	8,568	+2.6%	+7.5%
Fixed assets	1,565	1,574	1,604	-0.5%	-2.4%
Goodwill	2,262	2,263	2,028	-0.0%	+11.5%
Intangible assets	776	801	716	-3.1%	+8.3%
Securities held for sale or to maturity	49.5	48.7	n/a	+1.6%
Cash and equivalents	227	255	216	-10.9%	+5.3%
Receivables	1,794	1,647	1,626	+8.9%	+10.3%
Inventory	1,032	989	1,027	+4.3%	+0.5%
Other assets	1,507	1,401	1,350	+7.6%	+11.6%
Total assets	9,212	8,979	8,568	+2.6%	+7.5%

Questions

What was Avery Dennison's revenue in Q2 FY2026?

Avery Dennison (AVY) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 10.9% on the same quarter a year earlier.

How much did Avery Dennison earn in Q2 FY2026?

Net income for Q2 FY2026 was $204 million, up 8.0% on the year, and diluted earnings per share $2.67.

When did Avery Dennison report Q2 FY2026 results?

Avery Dennison filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,183	2,349	2,347	2,317	2,026	2,065	2,090	2,098	2,110	2,151	2,235	2,183	2,186	2,148	2,220	2,216	2,271	2,298	2,463	2,332
Cost of revenue	1,598	1,708	1,704	1,698	1,526	1,523	1,537	1,512	1,514	1,519	1,573	1,557	1,576	1,527	1,581	1,580	1,620	1,634	1,734	1,677
Gross profit	585	641	644	619	500	542	553	586	596	632	663	627	609	622	639	635	651	665	729	655
Gross margin	27%	27%	27%	27%	25%	26%	26%	28%	28%	29%	30%	29%	28%	29%	29%	29%	29%	29%	30%	28%
SG&A	332	355	333	331	312	334	320	325	335	365	374	347	329	347	352	354	369	375	395	373
Interest expense	20.0	19.6	20.8	21.2	22.5	26.4	31.9	31.0	29.7	28.6	29.2	30.0	29.2	30.9	34.0	33.3	37.2	35.6	35.9	35.7
Pre-tax income	244	270	288	272	169	168	140	185	202	234	238	239	241	227	256	235	208	240	283	241
Tax rate	25%	27%	25%	19%	27%	28%	28%	25%	29%	26%	26%	24%	28%	27%	26%	29%	20%	30%	28%	30%
Net income	183	198	214	222	123	121	100	138	143	172	177	182	174	166	189	166	166	168	204	170
Net margin	8%	8%	9%	10%	6%	6%	5%	7%	7%	8%	8%	8%	8%	8%	9%	8%	7%	7%	8%	7%
Diluted EPS	$2.18	$2.39	$2.61	$2.70	$1.51	$1.49	$1.24	$1.71	$1.77	$2.13	$2.18	$2.25	$2.16	$2.09	$2.41	$2.13	$2.15	$2.18	$2.67	$2.24
Operating cash flow	284	126	268	221	346	1.9	190	323	312	120	198	270	351	-16.3	209	312	377	136	408	299
Capital expenditure	124	49.7	57.1	76.4	94.9	64.5	51.4	57.1	92.3	48.8	47.5	43.0	69.5	36.0	30.0	35.9	67.1	28.3	39.2	47.6
Free cash flow	160	76.5	211	144	251	-62.6	138	266	220	71.0	150	227	282	-52.3	179	276	310	108	369	251
Buybacks	54.9	152	117	49.9	60.9	50.7	38.8	27.6	20.4	15.6	25.1	66.8	140	262	98.4	93.6	119	60.6	138	59.0
Dividends paid	56.3	56.2	61.2	60.9	60.6	60.8	65.4	65.3	65.2	65.3	70.9	70.9	70.4	69.4	73.5	73.1	72.4	72.3	76.2	75.4
Shares outstanding	83m	82m	81m	81m	81m	81m	81m	81m	80m	81m	81m	80m	80m	79m	78m	78m	77m	77m	76m	76m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 4 August 2026: the filing.