Cash Flow Statement

Operating Cash Flow

-8%

+17%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Jan-2005	Apr-2005	Jul-2005	Oct-2005	Dec-2005	Apr-2006	Jul-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Apr-2009	Jul-2009	Oct-2009	Jan-2010	Apr-2010	Jul-2010	Oct-2010	Jan-2011	Apr-2011	Jul-2011	Oct-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Jan-2015	Apr-2015	Jul-2015	Oct-2015	Jan-2016	Apr-2016	Jul-2016	Oct-2016	Dec-2016	Apr-2017	Jul-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Jan-2021	Apr-2021	Jul-2021	Oct-2021	Jan-2022	Apr-2022	Jul-2022	Oct-2022	Dec-2022	Apr-2023	Jul-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	244	258	260	257	263	261	264	268	250	247	255	280	285	306	317	227	238	260	259	373	384	358	332	304	293	299	303	266	(701)	(754)	(754)	(747)	207	251	253	317	307	297	282	190	189	180	189	215	229	234	222	216	229	203	217	249	250	270	292	274	292	309	316	321	343	384	403	282	295	270	311	467	195	243	238	304	585	521	527	556	631	735	749	740	729	760	817	757	680	566	483	503	554	631	674	705	699	711	696	688
Depreciation & Amortization	151	147	146	151	158	166	172	182	184	188	190	188	192	196	199	202	201	201	201	198	197	200	221	235	254	269	273	278	282	276	262	267	258	256	261	248	246	249	244	247	246	234	226	221	213	213	212	205	203	201	197	202	201	199	196	188	183	181	181	180	180	182	179	179	179	177	180	181	181	181	178	179	182	187	195	205	212	217	227	244	262	280	290	291	291	292	295	298	303	308	311	312	313	315	321	328
Change in Deffered Taxes	(1)	7	6	22	14	17	23	(4)	5	9	(1)	93	92	82	104	(12)	(12)	(7)	(14)	(7)	2	2	0	(38)	(55)	(70)	0	(114)	0	0	0	(91)	0	0	0	(48)	0	0	0	(1)	0	0	0	(1)	0	0	0	54	0	0	0	(18)	0	0	0	13	0	0	0	52	0	0	45	152	144	145	151	(33)	(198)	(192)	(201)	(217)	(38)	(34)	(23)	9	4	4	(9)	3	3	1	(4)	18	12	(8)	(3)	(24)	(23)	(11)	2	(19)	(30)	(27)	(30)	(20)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8	12	17	24	0	0	0	0	0	0	0	29	35	42	49	26	27	29	32	35	39	40	39	40	40	40	40	39	36	35	34	34	31	31	31	28	30	27	25	26	26	27	28	27	25	26	29	30	32	33	33	34	35	34	35	35	33	19	21	24	28	41	39	37	38	43	45	47	47	36	30	22	19	28	29	29	29	26	27	0
Other Non-Cash Items	0	(11)	2	13	11	16	(0)	(14)	(10)	(6)	(3)	12	6	2	6	101	110	103	103	10	10	23	54	50	61	52	47	62	943	956	957	960	91	104	95	104	113	108	112	106	101	103	107	119	115	91	41	33	29	57	120	110	121	122	118	135	130	173	164	169	170	126	127	121	133	136	143	234	662	658	652	566	135	122	131	133	113	127	108	85	96	97	99	121	119	106	110	109	116	153	156	143	146	112	115	128
Cash Taxes Paid	0	0	0	92	0	0	0	124	0	0	0	69	0	0	0	113	0	0	0	60	0	0	0	106	0	0	0	77	0	0	0	48	0	0	0	95	0	0	0	71	0	0	0	98	0	0	0	129	0	0	0	109	0	0	0	130	0	0	0	106	0	0	0	126	0	0	0	154	0	0	0	155	0	0	0	203	0	0	0	253	0	0	0	205	0	0	0	235	0	0	0	227	0	0	0	0
Cash Interest Paid	0	0	0	44	0	0	0	47	0	0	0	60	0	0	0	56	0	0	0	52	0	0	0	94	0	0	0	115	0	0	0	78	0	0	0	70	0	0	0	65	0	0	0	68	0	0	0	64	0	0	0	62	0	0	0	60	0	0	0	59	0	0	0	58	0	0	0	55	0	0	0	74	0	0	0	70	0	0	0	63	0	0	0	81	0	0	0	110	0	0	0	112	0	0	0	0
Change in Working Capital	(40)	27	21	68	71	40	4	(83)	(51)	(63)	(27)	(56)	(125)	(160)	(153)	(75)	(71)	(70)	(36)	(63)	(92)	(74)	(125)	(51)	5	21	(9)	47	69	87	124	180	61	59	18	(133)	(269)	(406)	(316)	(119)	15	42	(5)	(40)	(118)	(34)	(79)	(187)	(237)	(215)	(164)	(168)	(66)	(38)	(132)	(137)	(156)	(157)	(117)	(140)	(142)	(200)	(149)	(88)	(104)	(51)	(341)	(392)	(363)	(403)	(131)	(85)	(148)	(105)	(109)	(153)	(5)	(39)	(2)	(25)	(126)	(173)	(302)	(226)	(265)	(198)	(25)	(60)	(6)	(129)	(244)	(203)	(325)	(297)	(245)	(243)
Cash from Operating Activities	347 N/A	428 +23%	436 +2%	511 +17%	517 +1%	499 -3%	463 -7%	348 -25%	379 +9%	375 -1%	415 +10%	517 +25%	449 -13%	425 -5%	473 +11%	442 -7%	466 +6%	487 +4%	513 +5%	511 0%	501 -2%	509 +2%	457 -10%	499 +9%	544 +9%	557 +3%	576 +3%	540 -6%	500 -7%	484 -3%	474 -2%	569 +20%	525 -8%	579 +10%	536 -8%	487 -9%	397 -18%	248 -37%	323 +30%	423 +31%	551 +30%	559 +1%	517 -8%	513 -1%	437 -15%	503 +15%	395 -21%	320 -19%	278 -13%	299 +8%	425 +42%	374 -12%	487 +30%	535 +10%	456 -15%	474 +4%	463 -2%	519 +12%	557 +7%	582 +4%	604 +4%	544 -10%	606 +11%	646 +6%	646 +0%	677 +5%	444 -34%	458 +3%	477 +4%	487 +2%	737 +51%	747 +1%	716 -4%	692 -3%	721 +4%	751 +4%	956 +27%	1 044 +9%	1 072 +3%	1 047 -2%	964 -8%	964 +0%	899 -7%	961 +7%	837 -13%	758 -9%	860 +13%	826 -4%	944 +14%	952 +1%	900 -6%	939 +4%	803 -14%	814 +1%	856 +5%	881 +3%
Investing Cash Flow
Capital Expenditures	(165)	(165)	(172)	(171)	(201)	(235)	(249)	(226)	(223)	(202)	(196)	(201)	(205)	(202)	(200)	(188)	(200)	(198)	(190)	(195)	(206)	(223)	(237)	(255)	(238)	(233)	(226)	(192)	(161)	(135)	(112)	(103)	(98)	(95)	(103)	(109)	(121)	(140)	(137)	(136)	(135)	(125)	(129)	(158)	(147)	(165)	(175)	(181)	(200)	(189)	(191)	(175)	(154)	(154)	(151)	(152)	(152)	(159)	(174)	(207)	(217)	(221)	(220)	(226)	(232)	(238)	(245)	(257)	(261)	(256)	(263)	(257)	(249)	(239)	(202)	(219)	(207)	(234)	(254)	(272)	(300)	(299)	(329)	(299)	(313)	(309)	(290)	(285)	(271)	(267)	(258)	(240)	(228)	(212)	(203)	(200)
Other Items	(17)	(216)	(195)	(405)	(392)	(189)	(190)	59	57	63	53	(16)	(1)	5	18	21	14	30	21	40	38	(1 271)	(1 264)	(1 288)	(1 290)	(114)	(113)	(102)	(101)	1	2	(3)	(4)	2	1	1	(0)	(0)	5	31	30	36	28	(2)	(9)	12	505	521	521	495	9	5	7	8	9	9	3	8	(224)	(226)	(297)	(534)	(310)	(317)	(235)	(1)	18	24	22	18	2	6	(245)	(252)	(256)	(336)	(113)	(108)	(1 544)	(1 466)	(1 473)	(1 473)	(33)	(34)	(50)	(196)	(157)	(174)	(133)	12	(26)	(3)	13	26	25	(396)
Cash from Investing Activities	(182) N/A	(381) -110%	(367) +4%	(575) -57%	(593) -3%	(424) +28%	(439) -4%	(168) +62%	(166) +1%	(138) +16%	(143) -4%	(217) -51%	(207) +5%	(196) +5%	(183) +7%	(168) +8%	(186) -11%	(168) +10%	(169) -1%	(155) +9%	(169) -9%	(1 494) -786%	(1 500) 0%	(1 543) -3%	(1 528) +1%	(347) +77%	(339) +2%	(294) +13%	(262) +11%	(134) +49%	(110) +18%	(106) +4%	(102) +3%	(94) +8%	(102) -9%	(108) -6%	(121) -13%	(140) -16%	(132) +6%	(104) +21%	(105) -1%	(89) +15%	(100) -13%	(160) -59%	(156) +3%	(153) +2%	330 N/A	339 +3%	321 -5%	306 -5%	(182) N/A	(170) +6%	(147) +14%	(146) +1%	(142) +3%	(143) -1%	(150) -5%	(151) -1%	(398) -164%	(432) -9%	(513) -19%	(754) -47%	(530) +30%	(543) -2%	(467) +14%	(239) +49%	(227) +5%	(233) -2%	(239) -3%	(238) +0%	(261) -10%	(251) +4%	(495) -97%	(491) +1%	(458) +7%	(554) -21%	(320) +42%	(342) -7%	(1 797) -425%	(1 738) +3%	(1 773) -2%	(1 772) +0%	(362) +80%	(333) +8%	(363) -9%	(505) -39%	(447) +12%	(459) -3%	(404) +12%	(256) +37%	(284) -11%	(243) +14%	(214) +12%	(186) +13%	(178) +4%	(596) -234%
Financing Cash Flow
Net Issuance of Common Stock	1	11	18	11	7	(4)	(2)	5	11	17	17	18	13	8	9	(30)	(27)	(14)	(10)	(104)	(152)	(155)	(157)	(25)	19	10	(4)	(7)	(8)	(9)	0	1	1	2	3	(106)	(119)	(118)	(118)	(10)	(66)	(137)	(223)	(225)	(192)	(204)	(186)	(239)	(250)	(257)	(280)	(321)	(292)	(187)	(127)	(128)	(190)	(247)	(216)	(262)	(201)	(197)	(231)	(130)	(163)	(180)	(217)	(393)	(430)	(407)	(423)	(238)	(194)	(166)	(86)	(104)	(115)	(154)	(178)	(181)	(277)	(355)	(374)	(380)	(279)	(200)	(178)	(138)	(102)	(89)	(128)	(248)	(494)	(567)	(594)	(572)
Net Issuance of Debt	(46)	91	54	189	219	73	120	(41)	(87)	(125)	(108)	(119)	(89)	(88)	(146)	(81)	(117)	(135)	(206)	(140)	(9)	1 329	1 393	1 259	1 159	(39)	(58)	(41)	(48)	(163)	(205)	(301)	(257)	(335)	(276)	(190)	(80)	82	(7)	(148)	(200)	(183)	(10)	41	42	18	(303)	(187)	(232)	(215)	48	125	99	(41)	(76)	(106)	(1)	19	250	232	332	494	296	200	34	(60)	193	409	460	400	164	(24)	710	198	93	113	(722)	(245)	1 061	1 038	1 163	1 250	33	28	287	279	128	102	(320)	(327)	(206)	(38)	219	232	560	440
Cash Paid for Dividends	(139)	(142)	(145)	(149)	(152)	(156)	(159)	(160)	(161)	(162)	(164)	(165)	(166)	(167)	(168)	(169)	(170)	(171)	(171)	(172)	(172)	(172)	(171)	(172)	(173)	(174)	(175)	(175)	(175)	(177)	(156)	(135)	(114)	(90)	(89)	(89)	(93)	(98)	(102)	(107)	(108)	(109)	(110)	(110)	(109)	(110)	(111)	(112)	(113)	(117)	(121)	(125)	(129)	(130)	(131)	(133)	(134)	(137)	(140)	(143)	(146)	(149)	(152)	(156)	(159)	(165)	(170)	(175)	(179)	(182)	(186)	(190)	(194)	(194)	(194)	(197)	(200)	(208)	(216)	(221)	(225)	(230)	(235)	(239)	(244)	(248)	(252)	(257)	(261)	(267)	(272)	(278)	(282)	(284)	(286)	(288)
Other	14	8	17	17	20	26	18	18	18	18	18	18	18	19	19	19	19	18	18	18	18	8	3	(7)	(8)	1	4	14	9	9	8	2	4	(7)	(7)	(7)	(11)	(3)	(5)	(8)	(4)	(4)	(4)	(3)	(7)	(9)	(9)	(8)	(5)	(3)	(2)	(2)	(7)	(3)	(1)	(0)	(1)	(5)	(3)	67	56	55	51	1	(13)	(28)	(29)	(50)	(37)	(22)	(18)	(19)	(17)	(18)	(20)	(20)	(25)	(25)	(25)	(32)	(31)	(32)	(31)	(25)	(25)	(25)	(25)	(25)	(19)	(20)	(8)	(13)	(20)	(4)	(32)	6
Cash from Financing Activities	(169) N/A	(32) +81%	(56) -75%	69 N/A	93 +35%	(60) N/A	(23) +62%	(178) -670%	(219) -23%	(253) -16%	(236) +7%	(247) -5%	(223) +10%	(228) -2%	(287) -26%	(261) +9%	(295) -13%	(302) -2%	(369) -23%	(398) -8%	(315) +21%	1 010 N/A	1 068 +6%	1 055 -1%	997 -6%	(202) N/A	(233) -15%	(209) +10%	(222) -7%	(340) -53%	(353) -4%	(433) -23%	(366) +16%	(429) -17%	(369) +14%	(392) -6%	(303) +23%	(137) +55%	(233) -70%	(272) -17%	(378) -39%	(434) -15%	(346) +20%	(298) +14%	(266) +11%	(304) -14%	(609) -100%	(546) +10%	(600) -10%	(592) +1%	(355) +40%	(324) +9%	(330) -2%	(360) -9%	(335) +7%	(367) -10%	(326) +11%	(369) -13%	(109) +70%	(106) +3%	41 N/A	204 +392%	(37) N/A	(84) -128%	(300) -258%	(432) -44%	(223) +49%	(208) +7%	(187) +10%	(211) -13%	(464) -120%	(470) -1%	304 N/A	(179) N/A	(207) -15%	(208) -1%	(1 062) -411%	(631) +41%	642 N/A	604 -6%	629 +4%	634 +1%	(606) N/A	(615) -1%	(260) +58%	(194) +25%	(327) -68%	(317) +3%	(702) -121%	(702) 0%	(614) +13%	(576) +6%	(576) +0%	(623) -8%	(352) +43%	(415) -18%
Change in Cash
Effect of Foreign Exchange Rates	(1)	0	(1)	(1)	1	2	2	4	4	1	3	2	2	2	2	0	1	1	1	2	1	2	2	1	2	2	(0)	(4)	(6)	(5)	(1)	2	3	1	2	2	4	6	4	4	3	(0)	1	2	2	5	3	3	(1)	(3)	(1)	(5)	(6)	(5)	(11)	(12)	(7)	(9)	(4)	(7)	(7)	(1)	4	11	14	1	(8)	(10)	(13)	(7)	(6)	(4)	(9)	(6)	4	9	11	12	5	(3)	(1)	(7)	(10)	(9)	(10)	(6)	(4)	(2)	(3)	(2)	2	(6)	(2)	1	(2)	3
Net Change in Cash	(5) N/A	16 N/A	11 -27%	4 -68%	17 +365%	17 -1%	3 -84%	7 +148%	(2) N/A	(15) -684%	38 N/A	55 +44%	22 -61%	3 -86%	6 +87%	14 +145%	(14) N/A	18 N/A	(25) N/A	(40) -62%	19 N/A	28 +46%	27 -4%	13 -51%	15 +18%	11 -31%	4 -62%	34 +750%	10 -71%	5 -51%	11 +121%	33 +208%	61 +86%	57 -6%	66 +16%	(11) N/A	(23) -119%	(24) -1%	(38) -62%	51 N/A	70 +39%	36 -49%	71 +97%	57 -19%	17 -70%	50 +195%	119 +137%	116 -2%	(3) N/A	10 N/A	(114) N/A	(125) -9%	4 N/A	24 +551%	(32) N/A	(48) -51%	(19) +60%	(10) +48%	46 N/A	36 -20%	125 +245%	(7) N/A	43 N/A	29 -32%	(107) N/A	6 N/A	(15) N/A	8 N/A	38 +403%	32 -18%	7 -79%	22 +229%	516 +2 279%	15 -97%	61 +295%	(1) N/A	(414) -29 471%	82 N/A	(78) N/A	(90) -16%	(181) -102%	(180) +0%	(79) +56%	5 N/A	204 +4 438%	52 -74%	82 +56%	48 -41%	(166) N/A	(8) +95%	3 N/A	114 +3 975%	10 -91%	7 -30%	324 +4 458%	(126) N/A
Free Cash Flow
Free Cash Flow	182 N/A	263 +44%	264 +0%	341 +29%	316 -7%	264 -16%	214 -19%	122 -43%	156 +28%	174 +11%	219 +26%	316 +45%	243 -23%	223 -8%	272 +22%	253 -7%	266 +5%	289 +8%	323 +12%	316 -2%	295 -7%	286 -3%	220 -23%	245 +11%	305 +25%	324 +6%	351 +8%	348 -1%	339 -3%	349 +3%	363 +4%	466 +29%	427 -8%	484 +13%	433 -11%	378 -13%	276 -27%	108 -61%	187 +72%	287 +54%	416 +45%	434 +4%	388 -11%	355 -9%	290 -18%	338 +16%	220 -35%	139 -37%	78 -44%	111 +42%	234 +112%	199 -15%	333 +67%	382 +15%	305 -20%	322 +6%	311 -4%	360 +16%	383 +6%	376 -2%	387 +3%	324 -16%	386 +19%	420 +9%	415 -1%	439 +6%	198 -55%	201 +2%	216 +7%	231 +7%	475 +105%	489 +3%	466 -5%	452 -3%	519 +15%	533 +3%	750 +41%	810 +8%	819 +1%	775 -5%	664 -14%	666 +0%	570 -14%	663 +16%	524 -21%	449 -14%	570 +27%	541 -5%	673 +24%	685 +2%	641 -6%	699 +9%	575 -18%	602 +5%	653 +8%	681 +4%

Income Statement Balance Sheet Cash Flow Statement

Avery Dennison Corp
NYSE:AVY

Cash Flow Statement

Cash Flow Statement
Avery Dennison Corp

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Avery Dennison Corp NYSE:AVY

Cash Flow Statement

Cash Flow Statement Avery Dennison Corp

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Avery Dennison Corp
NYSE:AVY

Cash Flow Statement
Avery Dennison Corp