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Avery Dennison started FY2026 with Q1 adjusted EPS of $2.47, up 7% year-over-year, though organic sales grew only approximately 1% with the GAAP 7.0% overstated by FX and Taylor M&A. That gap underscored that underlying demand was softer than the reported figure implied. Materials base categories grew mid-single digits, and a $75 million Wiliot investment deepened the IL platform into condition monitoring. However, IL was down low single digits on logistics weakness and a chip transition, while customer prebuying created a $0.05 tailwind expected to reverse in Q2.
Demand | Innovation & R&D | Cost Pressure | Competitive Dynamics | Trade Tariffs | Pricing | Supply Chain | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 2 | 2 | 1 | 2 | 1 | 1 |
| 2025Q1 | 4 | 4 | 3 | 1 | 7 | 2 | 4 | |
| 2025Q2 | 6 | 5 | 1 | 1 | 2 | 1 | 1 | |
| 2025Q3 | 4 | 7 | 1 | 3 | 2 | 1 | ||
| 2025Q4 | 5 | 5 | 4 | 3 | 1 | 1 | 4 | |
| 2026Q1 | 7 | 4 | 3 | 2 | 3 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 4 | 6 | 4 | 5 | 7 |
| Innovation & R&D | 2 | 4 | 5 | 7 | 5 | 4 |
| Cost Pressure | 2 | 3 | 1 | 1 | 4 | 3 |
| Competitive Dynamics | 2 | 1 | 1 | 3 | 3 | 2 |
| Trade Tariffs | 1 | 7 | 2 | 1 | ||
| Pricing | 2 | 2 | 1 | 2 | 1 | 3 |
| Supply Chain | 1 | 4 | 1 | 1 | ||
| Margin | 1 | 1 | 4 | 1 |
Calendar quarter Q1 2026Earnings call Apr 28, 2026
FY2026 Q1 in brief
Avery Dennison started FY2026 with Q1 adjusted EPS of $2.47, up 7% year-over-year, though organic sales grew only approximately 1% with the GAAP 7.0% overstated by FX and Taylor M&A. That gap underscored that underlying demand was softer than the reported…
Sources. Tellvest earnings-call sentiment score for Avery Dennison (AVY), FY2026 Q1: 5/10. Scores: Avery Dennison’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: AVY daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.19B | +3.6% | $2.16 | +22.0% | 27.9% | 8.0% | $282M |
| FY2025 Q1 | $2.15B | -0.1% | $2.09 | -1.9% | 28.9% | 7.7% | $-52M |
| FY2025 Q2 | $2.22B | -0.7% | $2.41 | +10.6% | 28.8% | 8.5% | $179M |
| FY2025 Q3 | $2.22B | +1.5% | $2.13 | -5.3% | 28.7% | 7.5% | $276M |
| FY2025 Q4 | $2.27B | +3.9% | $2.15 | -0.5% | 28.7% | 7.3% | $310M |
| FY2026 Q1Selected | $2.30B | +7.0% | $2.18 | +4.3% | 28.9% | 7.3% | $108M |
| FY2026 Q2 | $2.46B | +10.9% | $2.67 | +10.8% | 29.6% | 8.3% | $369M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| George Staphos | Bank of America | 15 questions · 20% challenging |
| Jeff Zekauskas | JPMorgan | 9 questions · 22% challenging |
| John McNulty | BMO Capital Markets | 8 questions · 0% challenging |
| Mike Roxland | Truist Securities | 7 questions · 29% challenging |
| Matt Roberts | Raymond James | 7 questions · 0% challenging |
| Ghansham Panjabi | Robert W. Baird | 7 questions · 14% challenging |
| John Dunigan | Jefferies | 6 questions · 17% challenging |
| Josh Spector | UBS | 6 questions · 67% challenging |
| Anthony Pettinari | Citigroup | 6 questions · 0% challenging |
| Mike Leithead | Barclays | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 15 questions · 20% challenging |
| JPMorgan | 1 analyst | 9 questions · 22% challenging |
| BMO Capital Markets | 1 analyst | 8 questions · 0% challenging |
| Citigroup | 2 analysts | 7 questions · 0% challenging |
| UBS | 2 analysts | 7 questions · 57% challenging |
| Robert W. Baird | 1 analyst | 7 questions · 14% challenging |
| Truist Securities | 1 analyst | 7 questions · 29% challenging |
| Raymond James | 1 analyst | 7 questions · 0% challenging |
What AVY and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“one point of growth from the Taylor Adhesives acquisition.”
The acquired Taylor Adhesives business contributed about one point of reported sales growth and is performing in line with expectations.
“We spoke last year about the rollout with the Inditex Group based on our loss prevention and visibility solution.”
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +6.99% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Inditex is an apparel Intelligent Labels customer using Avery Dennison's loss-prevention and visibility solution.
“The biggest part of our overall IL program during 2026 is going to be our food program as we roll out with Walmart during the second half of the year.”
Avery Dennison's largest 2026 Intelligent Labels growth driver is its food RFID rollout with Walmart across bakery, meat and deli in the back half of the year.
“we recently signed an agreement to invest an incremental $75 million in Williard, a move that deepens our long-standing partnership and strengthens our enterprise-wide Intelligent Labels platform.”
Avery Dennison is investing another $75 million in Williard, deepening a partnership around Bluetooth-based condition-monitoring technology for its Intelligent Labels platform.