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AVY FY2025 Q4 IN LINE

Avery Dennison Corporation 실적 발표

Feb 04, 2026 · 11:00 ET Dion StanderGreg LovinsWilliam Gilchrist
Buzzberg 분석

IL growth expected above 2025 pace, back-half weighted

Avery Dennison delivered solid Q4 and full-year 2025 results with resilient margins despite tariff-related headwinds, especially in apparel. Management provided cautious Q1 2026 guidance with flat organic growth, emphasizing growth in high-value categories like intelligent labels, powered by key wins such as the Walmart rollout. The company is leveraging AI and automation to drive innovation and productivity. Q4 2025 adjusted EPS of $2.45, up 3% YoY; full-year adjusted EPS of $9.53 and free cash flow of $707M.

Buzzberg 분석 IL growth expected above 2025 pace, back-half weighted Avery Dennison delivered solid Q4 and full-year 2025 results with resilient margins despite tariff-related headwinds, especially in apparel. Management provided cautious Q1 2026 guidance with flat organic growth, emphasizing growth in high-value categories like intelligent labels, powered by key wins such as the Walmart rollout. The company is leveraging AI and automation to drive innovation and productivity. Q4 2025 adjusted EPS of $2.45, up 3% YoY; full-year adjusted EPS of $9.53 and free cash flow of $707M. 전체 분석 보기분석 접기

Avery Dennison delivered solid Q4 and full-year 2025 results with resilient margins despite tariff-related headwinds, especially in apparel. Management provided cautious Q1 2026 guidance with flat organic growth, emphasizing growth in high-value categories like intelligent labels, powered by key wins such as the Walmart rollout. The company is leveraging AI and automation to drive innovation and productivity. Q4 2025 adjusted EPS of $2.45, up 3% YoY; full-year adjusted EPS of $9.53 and free cash flow of $707M.

  • Q1 2026 guidance: reported sales growth 5-7%, organic growth 0-2%, adjusted EPS $2.40-$2.46.
  • High-value categories now represent ~45% of sales; intelligent labels saw mid-single-digit growth in Q4 with food/logistics up high teens.
  • Announced major fresh grocery intelligent label rollout with Walmart, ramping in H2 2026 and generating high-single to low-double-digit value vs 2025 sales.
Revenue $2.2712B reported
EPS $2.45 reported
Gross margin 28.65% reported
Op margin 12.39% reported

이번 분기에 달라진 점

01
Guidance

IL growth expected above 2025 pace, back-half weighted

Guidance · revenue to 6%

02
Growth

Walmart fresh grocery rollout ramps in 2H 2026

Q4 2025 adjusted EPS of $2.45, up 3% YoY; full-year adjusted EPS of $9.53 and free cash flow of $707M.

03
AI

AI cuts inlay design cycle from 8-10 weeks to 2 weeks

Management discussed using AI to improve operational productivity and shorten innovation cycles, such as a proprietary AI model that reduced inlay design time from 8-10 weeks to about 2 weeks. They are leveraging AI across SG&A and operations, but see it as early stage.

04
Guidance

Q1 EPS to grow ~6%, organic sales 0-2%

Guidance · revenue to 6%

AI, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

Management discussed using AI to improve operational productivity and shorten innovation cycles, such as a proprietary AI model that reduced inlay design time from 8-10 weeks to about 2 weeks. They are leveraging AI across SG&A and operations, but see it as early stage.

수요

수주 및 전환

Apparel volumes fell ~7% in Q4, worse than expected. Management acknowledged challenges (soft organic growth, tariff uncertainty) and emphasized resilience and control, but stopped short of exuberance, providing only quarterly guidance and planning for no macro tailwinds.

자본지출

투자 및 생산능력

Capital spending is set to increase to approximately $260 million in 2026, up from $200 million in 2025 (plus about $30 million of cloud technology investments). The increase supports productivity initiatives and prepares for future capacity, though still below levels from a couple years prior.

톤 · Measured

Management acknowledged challenges (soft organic growth, tariff uncertainty) and emphasized resilience and control, but stopped short of exuberance, providing only quarterly guidance and planning for no macro tailwinds.

병목

Logistics & labor

Logistics or labor availability is delaying throughput

“In terms of the other pilots and trials, we're engaged in discussions that have been piloting and trialing with almost every other major logistics company, both in the United States and in Europe, And what we see this year is an expansion o”
Dion Stander

공급망 알파

A1

Avery Dennison's intelligent label design cycle for new inlays has been cut from 8-10 weeks to roughly 2 weeks via a proprietary AI model.

“We built with a partner a proprietary AI model that takes all of our learnings around the physics of designing inlays and what it takes. And now we're able to reduce that cycle down to roughly two weeks.”
Dion Stander
A2

Avery Dennison is seeing lower order volumes from its largest logistics customer, which has provided lower output volume guidance for 2026.

“We're anticipating that large customer has also provided lower output for volume guidance in this year and we're going to factor that in.”
Dion Stander
A3

Walmart's fresh grocery rollout is expected to generate value equivalent to high single digits to low double digits of Avery Dennison's 2025 sales.

“Recall we said that the rollout, if it took place over the next couple of years, 26 and 27, would be worth, for us, somewhere between low double digits to, sorry, high single digits to low double digits in value for us based on our 2025 sa…”
Dion Stander

향후 가이던스

In LineGuidance · revenue to 6%
향후 가이던스
지표기간범위중간값상태
CapexFY2026$260M$260MGUIDED
EPSFY2026 Q1$2.40–$2.46$2.43GUIDED
Free cash flowFY2026100%100%GUIDED
RevenueFY2026 Q15%–7%6%GUIDED
RevenueORGANICFY2026 Q10%–2%1%GUIDED

가이던스 신뢰도

1 / 1달성 또는 상회
가이던스 신뢰도
제시 시점지표목표 기간가이던스실제결과
FY2026 Q1EPSFY2026 Q2$2.43–$2.53$2.89Met / beat

기업 영향 분석

발표 이후
고객

Avery Dennison's work with Inditex on loss prevention expands the use case of intelligent labels, potentially driving increased adoption and volumes.

“We continue to see significant interest in leveraging the technology, not just for inventory accuracy, but also for loss prevention. The work that we did with the proprietary work with, for example, the Inditex Group.”
Dion Stander
-19.1%
발표 이후
$128.07$103.67
고객공급망 알파

Walmart's fresh grocery rollout is expected to generate value equivalent to high single digits to low double digits of Avery Dennison's 2025 sales. — The Walmart contract represents a significant revenue ramp for Avery Dennison, with meaningful volume expected in the second half of 2026 and accelerating into 2027.

“In food, adoption is set to accelerate through our major fresh grocery rollout with Walmart, with revenues ramping in the back half of 2026.”
Dion Stander
SHEIN
비상장 기업
공급망

Tariff-related uncertainty and supply chain shifts from China impacted general retail volumes, potentially affecting companies like Shein that rely heavily on China-based manufacturing.

“Most general merchandise was orientated out of China and the surrounding areas, and so there was quite a drop off in demand, at least from retailers for that product as they were thinking through the supply chains.”
Dion Stander