Avery Dennison Corporation (AVY) Income Statement

Quarterly revenue has been broadly flat across the ten-quarter window, with the most recent 2026Q3 print showing 5.2% growth against a weaker prior-year base that flatters the comparison. The 1.1% annual figure suggests underlying volume demand remains soft, and it is unclear from the supplied data how much of the period's growth reflects pricing versus volume. Investors should monitor whether RFID and intelligent label expansion can offset stagnation in core LGM demand.

The tight range suggests the company has been able to pass through much of the volatility in resin, paper pulp, and chemical inputs without sustained compression. Given the high variable cost structure described in the company intelligence, this stability appears to reflect effective pricing discipline rather than cost deflation. Sustained expansion above 30% would likely require a meaningful mix shift toward higher-value RFID and specialty products, which the current data does not yet demonstrate.

Operating margin has ranged between roughly 11.7% and 12.9%, with the latest quarter at the lower end, which suggests SG&A has absorbed much of any gross profit gain. SG&A has stayed near $350 to $395 million, implying overhead has grown in step with revenue rather than scaling more slowly. Investors should monitor whether overhead discipline can translate incremental gross profit into a higher operating margin.