Avery Dennison Corp
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
AVY$189.04+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for 202, 202 and
Consolidated Statements of Cash Flows
| (In millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $688.0 | $704.9 | $503.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 206.4 | 197.1 | 187.4 |
| Amortization | 121.8 | 115.1 | 111.0 |
| Provision for credit losses and sales returns | 51.2 | 47.4 | 49.9 |
| Stock-based compensation | 27.9 | 28.7 | 22.3 |
| Deferred taxes and other non-cash taxes | (19.9) | (18.5) | (24.4) |
| Other non-cash expense and loss (income and gain), net | 48.8 | 67.2 | 37.1 |
| Changes in assets and liabilities and other adjustments: | |||
| Trade accounts receivable | 44.0 | (107.3) | (16.7) |
| Inventories | 53.2 | (90.7) | 111.7 |
| Accounts payable | (144.4) | 106.7 | (87.6) |
| Taxes on income | (5.1) | 40.2 | (18.7) |
| Other assets | 3.8 | (48.0) | 37.7 |
| Other liabilities | (194.3) | (104.0) | (86.7) |
| Net cash provided by operating activities | 881.4 | 938.8 | 826.0 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (169.0) | (208.8) | (265.3) |
| Purchases of software and other deferred charges | (31.4) | (31.0) | (19.8) |
| Proceeds from company-owned life insurance policies | — | — | 48.1 |
| Purchases of Argentine Blue Chip Swap securities | — | (34.2) | — |
| Proceeds from sales of Argentine Blue Chip Swap securities | — | 24.0 | — |
| Proceeds from sales of property, plant and equipment | 22.6 | .6 | 1.0 |
| Proceeds from insurance and sales (purchases) of investments, net | 3.5 | 10.1 | 1.9 |
| Proceeds from settlement of net investment hedges | 6.2 | — | — |
| Payment for settlement of net investment hedges | (26.1) | — | — |
| Payments for acquisitions, net of cash acquired, and venture investments | (401.8) | (3.8) | (224.9) |
| Net cash used in investing activities | (596.0) | (243.1) | (459.0) |
| Financing Activities | |||
| Net increase (decrease) in borrowings with maturities of three months or less | 422.5 | (269.0) | (36.6) |
| Additional long-term borrowings | 576.5 | 539.2 | 394.9 |
| Repayments of long-term debt and finance leases | (559.4) | (308.1) | (255.9) |
| Dividends paid | (288.4) | (277.5) | (256.7) |
| Share repurchases | (572.3) | (247.5) | (137.5) |
| Net (tax withholding) proceeds related to stock-based compensation | (12.8) | (8.4) | (23.8) |
| Proceeds from settlement of fair value hedges | 32.8 | — | — |
| Payments for settlement of fair value hedges | (13.5) | — | — |
| Other | (.3) | (4.8) | (1.6) |
| Net cash used in financing activities | (414.9) | (576.1) | (317.2) |
| Effect of foreign currency translation on cash balances | 3.2 | (5.5) | (2.0) |
| Increase (decrease) in cash and cash equivalents | (126.3) | 114.1 | 47.8 |
| Cash and cash equivalents, beginning of year | 329.1 | 215.0 | 167.2 |
| Cash and cash equivalents, end of year | $202.8 | $329.1 | $215.0 |
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