Avery Dennison's Q2 2026 print was a quarter in which every operating line moved in the same direction at the same time. Net sales rose 10.9% to $2,462.9 million, with organic growth of 7.6% and a 200-basis-point foreign-currency tailwind on top; adjusted operating margin (non-GAAP) expanded 70 basis points to 13.6%; adjusted EBITDA (non-GAAP) margin expanded 50 basis points to 17.1% to $421.0 million; adjusted free cash flow roughly doubled to $365.4 million; and adjusted EPS (non-GAAP) rose 19.4% to $2.89, the company's own quarterly adjusted EPS record. GAAP diluted EPS was $2.67, up 10.8% on a 2.4% lower share count, against $2.41 in the year-ago quarter. The single load-bearing observation is not the headline growth - it is that the two segments told two different stories, and the market is paying the price of the bigger one. Materials Group grew 15.9% reported and 9.7% organic on a "volume/mix growth of high single digits and price up low single digits," and adjusted EBITDA margin held at 18.0% even as the quarter absorbed the Taylor Adhesives acquisition closed in October 2025. Solutions Group reported sales essentially flat at -0.5% but turned a 150-basis-point adjusted operating margin expansion and a 50-basis-point improvement in reported operating margin to 8.9%. Management has guided full-year 2026 reported EPS to $9.40-$9.70 and adjusted EPS to $10.00-$10.30; the adjusted midpoint of $10.15 implies 19% adjusted EPS growth on a 2.4% lower share count from a year ago. The next six months are about whether the H1 2026 organic run-rate holds when the easier base effect from the prior year rolls off and the Taylor integration costs hit the print.