Avery Dennison
26 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Food, beverage, and home and personal care packaging
earns fromnamed as a riskA substantial amount of our label materials is sold for use in packaging in the food, beverage, and home and personal care market segments.Risk factors (Item 1A)
Materials Group customer in Chapter 11 bankruptcy
earns fromnamed as a riskIn January 2026, a large customer of our Materials Group reportable segment filed for prepackaged Chapter 11 bankruptcy protection; we currently expect to collect on our prepetition outstanding receivables from this customer.Risk factors (Item 1A)
Apparel industry
earns fromnamed as a riskIn our Solutions Group reportable segment, sales in our overall apparel categories declined in 2025 as a result of tariff-related uncertainty.Risk factors (Item 1A)
Other companies
W.F. Taylor Holdings, Inc. (Taylor Adhesives)
approximately $390 millionnamed as a riskIn 2025, we acquired Taylor Adhesives for purchase consideration of approximately $390 million.Risk factors (Item 1A)
Competitors
3M Company
competes withFor graphics and reflective products, our largest competitors are 3M Company (“3M”) and the Orafol Group.Business (Item 1)
UPM Adhesive Materials
competes withOur larger competitors in label materials include UPM Adhesive Materials, a subsidiary of UPM Corporation; Fedrigoni Self-Adhesives; Lintec Corporation; Flexcon Corporation, Inc.; and an array of smaller regional and local companies.Business (Item 1)
Checkpoint Systems, Inc. (CCL Industries)
competes withIn the Solutions Group, our primary competitors include Checkpoint Systems, Inc., a subsidiary of CCL Industries Inc.; R-pac International Corporation; SML Group Limited; Arizon RFID Technology Cayman Co Ltd; and Tageos SAS, a subsidiary of Fedrigoni Group.Business (Item 1)
Places
Israel
earns from · less than 1% of our total net sales in 2025named as a riskIn addition, our sales in Israel have not recovered since the beginning of the Israel-Hamas war in late 2023, with sales representing less than 1% of our total net sales in 2025.Risk factors (Item 1A)
Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, BSX, CVX and 31 more
European Union
subject to · baseline tariff rate of 15%named as a riskIn July 2025, the U.S. and the European Union agreed to a framework for a trade deal that included a baseline tariff rate of 15% on most goods imported from the European Union into the U.S.Risk factors (Item 1A)
Also named by ABBV, ADM, BA, DXCM, ENB, FPI, GEHC, GS and 4 more
Emerging markets
earns from · Approximately 40% of our net sales in 2025named as a riskApproximately 40% of our net sales in 2025 originated in emerging markets.Risk factors (Item 1A)
Also named by ABT, BEN, BGC, C, EMR, FIS, MDLZ, SWK and 1 more
Asia Pacific
concentrated in · approximately 58% of our global workforceNearly 20,000 of our approximately 35,000 employees at year-end 2025, representing approximately 58% of our global workforce, were in Asia Pacific, serving our customers in that region.Business (Item 1)
Also named by AIG, BLK, BNY, CCK, CL, COHR, DCI, EEFT and 17 more
China
operates innamed as a riskOur business operations have been and may continue to be adversely affected by the current and future political environment in China, both relating to in-country changes in laws and regulations or the interpretation thereof, as well as a result of its response to tariffs by the U.S. government on goods imported from China, tariffs by China on U.S. goods, the increasing use of economic sanctions and export control restrictions, and tensions related to Hong Kong and Taiwan.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Russia
named as a riskSince the Russia-Ukraine war began in 2022, we have maintained our position of not shipping products to the Russian market.Risk factors (Item 1A)
Also named by ALSN, ATR, AXP, BKR, BSX, C, CDNA, CEG and 50 more
Luxembourg
concentrated innamed as a riskA significant portion of our indefinite-lived net operating loss carryforwards is concentrated in Luxembourg and may require decades to be fully utilized under our current business model.Risk factors (Item 1A)
Commodities and inputs
Indian rupee
exposed to its pricenamed as a riskFluctuations in foreign currency exchange rates, such as the unfavorable impacts associated with the Indian rupee and Brazilian real and favorable impacts associated with the euro in 2025, may result in a variety of negative effects, including lower net sales, increased costs, lower gross margins, increased allowance for credit losses and/or write-offs of accounts receivable, and required recognition of impairments of capitalized assets, including goodwill and other intangible assets.Risk factors (Item 1A)
Also named by ACN, ADBE, AJG, BEN, CIEN, CTSH, EEFT, FDS and 11 more
Brazilian real
exposed to its pricenamed as a riskFluctuations in foreign currency exchange rates, such as the unfavorable impacts associated with the Indian rupee and Brazilian real and favorable impacts associated with the euro in 2025, may result in a variety of negative effects, including lower net sales, increased costs, lower gross margins, increased allowance for credit losses and/or write-offs of accounts receivable, and required recognition of impairments of capitalized assets, including goodwill and other intangible assets.Risk factors (Item 1A)
Also named by CPAY, CTVA, ECHO, MELI, MOS, NFLX, RHI, SHW and 1 more
Paper, plastic films and resins, specialty chemicals
exposed to its pricenamed as a riskWe use various raw materials — primarily paper, plastic films and resins, as well as specialty chemicals purchased from various commercial and industrial sources — that can be subject to significant price fluctuations.Business (Item 1)
Regulators
U.S. Superfund potentially responsible party sites
subject to · ten sitesnamed as a riskWe have accrued liabilities for the environmental clean-up of certain sites where it is probable that a loss will be incurred and the cost or amount of loss can be reasonably estimated, including the ten sites for which U.S. governmental agencies have designated us as a potentially responsible party as of our 2025 fiscal year-end.Risk factors (Item 1A)
Laws and programs
U.S. tariffs
subject to · low single digit rate decrease in sales in our overall apparel categoriesnamed as a riskWe estimate that the indirect impact of tariffs resulted in an aggregate low single digit rate decrease in sales in our overall apparel categories over the second, third and fourth quarters of 2025.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
EU Corporate Sustainability Reporting Directive
subject tonamed as a riskConversely, while currently in a state of flux, reporting requirements such as the European Union's Corporate Sustainability Reporting Directive, which will impose additional disclosure requirements for our company beginning in 2028 (based on 2027 data), and the state of California’s climate reporting requirements are expected to increase the amount of sustainability data we are required to generate, audit, verify through third-parties and disclose.Risk factors (Item 1A)
Also named by AMAT, CBRE, FFIV, GNRC, HLT, IEX, INGR, IP and 19 more
International Emergency Economic Powers Act
subject tonamed as a riskOn February 20, 2026, the U.S. Supreme Court issued a decision holding that the International Emergency Economic Powers Act does not authorize the President to impose tariffs.Risk factors (Item 1A)
Extended producer responsibility rules (Europe and U.S. states)
subject tonamed as a riskChanges in consumer preferences, laws and regulations related to the use of raw materials and extended producer responsibility rules focused on the end-of-life of products, particularly in Europe and certain states in the United States, present the risk of reduced demand for certain of our products if customers seek decoration technology alternatives to pressure-sensitive labeling, but also the opportunity for increased demand for our more sustainable products, a significant focus of our research and development and related innovation efforts.Risk factors (Item 1A)
Dutch Pension Act
subject tonamed as a riskWe are implementing plans to comply with the Dutch Pension Act passed in 2023, which requires traditional defined benefit plans to be phased out and transition to defined contribution plans before January 1, 2028.Risk factors (Item 1A)
Technology
RFID
earns fromOur ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.Business (Item 1)