Avery Dennison Corp

Company facts

Industry

Converted Paper & Paperboard Prods (No Contaners/Boxes)

Headquarters

Mentor, Ohio

Most recent report

10-Q, filed Nov 3, 2026

Incorporated

Delaware

Filings on record

1,004+ filings

On EDGAR

CIK 8818

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 1 positive, 15 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Notes show a $75M venture investment, restructuring, debt fair value, and supplier finance program size.
  Notable

  • Fair value of total debt was $3.41B at Sep 30, 2026, down from $3.67B at Dec 31, 2025.
  • Recorded $42.8M in restructuring charges for nine months ended Sep 30, 2026, cutting ~690 positions.
  • Completed a $75M minority investment in Wiliot Ltd. in April 2026, funded by cash and commercial paper.
  • Venture investments more than doubled to $137.9M at Sep 30, 2026 from $61.7M at Dec 31, 2025.
  • Supplier finance program obligations grew to $401.5M at Sep 30, 2026 from $383.8M at Dec 31, 2025.

• Management's Discussion (Item 2)

  Full MD&A with segment results, cash flow, restructuring, and tax rate change.
  Positive

  • Quarterly dividend raised 6% to $1.00 per share in April 2026, from $0.94.
  Notable

  • Restructuring charges of $40.4M in nine months ended Sep 30, 2026, cutting ~690 positions.
  • Effective tax rate rose to 29.1% for nine months ended Sep 30, 2026, from 27.3%, due to a discrete charge.
  • Share repurchases slowed to ~1.5M shares in nine months ended Sep 30, 2026, from ~2.5M a year ago.
  • International operations generated 69% of net sales in nine months ended Sep 30, 2026.
  • Total debt fell ~$118M to $3.62B as of Sep 30, 2026, on lower commercial paper and euro revaluation.

• Risk Factors (Item 1A)

  New tariff details, Supreme Court ruling, and quantified sales impact added since last filing.
  Notable

  • U.S. and EU agreed to a 15% baseline tariff on most EU imports in July 2025.
  • Supreme Court ruled prior tariffs unauthorized; refunds began Q2 2026, but DOJ appealed.
  • New U.S. tariffs of 10% and 12.5% on imports from 60 countries applied in July 2026.
  • U.S.-Canada tariffs escalated to 15-50% on certain goods starting August 2026.
  • Middle East conflicts affect operations in a region with ~2% of 2025 net sales.
  Negative

  • 69% of net sales outside U.S. make the company highly exposed to trade policy changes.
  • Tariffs indirectly cut apparel sales by a low single-digit rate over Q2-Q4 2025.

What changed: Sep 2026 vs. Jun 2026

About 2% of AVY's Sep 2026 10-Q is new information. 6 paragraphs were added, 145 changed, and 17 removed. Below are the most important lines SECSift identified.

• Item 2 60
• Item 1 34
• Item 5 3
• Item 4 2
• Item 1A 1
• Item 6 1