Avery Dennison (AVY) official guidance

Additionally, we remain committed to strong free cash flow, targeting roughly 100% conversion for the year with fixed and IT capital spending of approximately $260 million.

We remain committed to strong adjusted free cash flow, targeting roughly 100% conversion for the year with fixed and IT capital spending at approximately $260 million.

We remain committed to strong free cash flow, again, targeting roughly 100% conversion with fixed and IT capital spending of approximately $260 million.

This full-year earnings growth is driven by benefits of organic growth, which is primarily volume mix driven, a largely neutral impact from customer inventory management for the full year, productivity actions, including restructuring benefits of more than $60 million, offsetting headwinds from wage inflation, and the normalization of 2025 temporary savings, which are largely incentive compensation related in a net benefit of approximately $0.30 from combined currency, share count, interest, and tax.

Excluding an estimated $0.65 impact of restructuring charges and other items, the company expects full year 2026 adjusted EPS of $10.10 to $10.24.

For the full year 2026, we anticipate $10-$10.30 in adjusted earnings per share on organic sales growth of 3%-4%.

Excluding an estimated $0.60 per share impact of other items and restructuring charges, the company expects full year 2026 adjusted EPS of $10.00 to $10.30.

Additionally, we remain committed to strong free cash flow, targeting roughly 100% conversion for the year with fixed and IT capital spending of approximately $260 million.

We remain committed to strong adjusted free cash flow, targeting roughly 100% conversion for the year with fixed and IT capital spending at approximately $260 million.

We remain committed to strong free cash flow, again, targeting roughly 100% conversion with fixed and IT capital spending of approximately $260 million.

For the full year 2026, we anticipate $10-$10.30 in adjusted earnings per share on organic sales growth of 3%-4%.

This full-year earnings growth is driven by benefits of organic growth, which is primarily volume mix driven, a largely neutral impact from customer inventory management for the full year, productivity actions, including restructuring benefits of more than $60 million, offsetting headwinds from wage inflation, and the normalization of 2025 temporary savings, which are largely incentive compensation related in a net benefit of approximately $0.30 from combined currency, share count, interest, and tax.

We've increased our expectations for restructuring savings, now anticipating greater than $55 million as we continue to lean into our productivity levers.

We expect restructuring savings of approximately $50 million as we continue to execute our productivity playbook, and we expect the normalization of a majority of the 2025 temporary savings, which was largely related to lower incentive compensation costs.

Turning now to our full-year 2026 outlook. We anticipate reported sales growth of 5%-6%. This includes organic growth of 3%-4%, with approximately 1.5% from currency translation, 1% from the Taylor Adhesives acquisition, and a nearly half point headwind from the fiscal calendar change.

Based on the factors listed and other assumptions, the company expects full year 2026 reported EPS of $9.40 to $9.70.

In apparel and general retail, we expect to deliver full-year growth, while our food category is set for an inflection as our rollout with the largest U.S. grocery retailer across bakery, meat, and deli ramps up in the back half of the year.

In apparel and general retail, we expect to return to growth as we continue to navigate the impacts of tariff policy uncertainty.

In apparel and general retail, we expect to deliver full-year growth, while our food category is set for an inflection as our rollout with the largest U.S. grocery retailer across bakery, meat, and deli ramps up in the back half of the year.

Looking ahead, we continue to expect 2026 growth for our enterprise intelligent labels platform to outpace 2025, with performance more heavily weighted towards the second half of the year as major programs scale.

We had low single digits in 2025 growth, and we're anticipating our growth rate in 2026 to be above what we delivered in 2025.