艾利丹尼森 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___________________ to ___________________ Commission file number 1-7685 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: AVERY DENNISON CORPORATION EMPLOYEE SAVINGS PLAN B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AVERY DENNISON CORPORATION8080 Norton ParkwayMentor, Ohio 44060 Report of Independent Registered Public Accounting Firm Financial Statements: Statements of Net Assets Available for Benefits as of December 31, 2025 and 20242Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 20253Notes to Financial Statements4 Supplemental Information: Signatures Exhibit: The Avery Dennison Corporation Employee Savings Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974, asamended (“ERISA”). In lieu of the requirements of Items1-3of Form11-K,the financial statements of the Plan and the supplemental informationpresented herein have been prepared in accordance with the financial reporting requirements of ERISA. Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Plan Administrator and Plan Participants ofAvery Dennison Corporation Employee Savings PlanMentor, Ohio Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of Avery Dennison Corporation Employee Savings Plan (the"Plan") as ofDecember 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31,2025, and the related notes(collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all materialrespects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the Basis for Opinion These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financialstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not requiredto have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, andperforming procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts anddisclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Supplemental Information The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit proceduresperformed in conjunction with the audit of the Plan’sfinancial statements. The supplemental scheduleisthe responsibility of the Plan’s management.Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements orthe underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the informationpresented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, /s/ Crowe LLP We have served as the Plan's auditor since 2025. Oakbrook Terrace, IllinoisJune 16, 2026 (In millions)2025Additions:Participation in net income of Master Trust$181.5Interest on notes receivable from participants1.6 Table of Contents 1.Summary Description of the Plan The following description of the Avery Dennison Corporation Employee Savings Plan (the “Plan”) is provided for financial reporting purposesonly. For information regarding the terms and conditions of the Plan for benefit purposes, participants should refer to the Plan document. GeneralThe Plan covers eligible U.S. employees of Avery Dennison Corporation (the “Company”), the