What ACCO Brands Corporation told the SEC could break it.

ACCO Brands depends on a limited number of large customers: its five largest customers accounted for $484.7 million of net sales in 2025, with Amazon (its largest) representing $158.1 million, or 10%, of net sales, and its top-ten customers a significant further portion; the loss of, a substantial reduction in sales to, lower gross profit from, or a significant decline in the financial condition of one or more of these large retail customers has and is likely to continue to adversely impact its business and results.

“Net sales to our five largest customers totaled $ 484.7 million , $ 532.9 million and $ 609.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2025 , net sales to Amazon, our largest customer, were $ 158.1 million (10 percent).”

ACCO Brands faces secular demand softness in its mature office and consumer products categories: consolidated net sales declined to $1,524.7 million in 2025 from $1,666.2 million in 2024 and $1,832.8 million in 2023, prompting an ongoing global footprint-rationalization program (closing/leveraging facilities, e.g., the 2024 Sidney, NY and Czech Republic facility actions) to improve efficiency; continued top-line erosion, if not offset by cost reductions and new-product/category growth, would pressure its profitability and the success of its restructuring.

“Net sales (2) $ 1,524.7 $ 1,666.2 $ 1,832.8”

ACCO Brands is significantly exposed to trade policy: a significant number of the products it sells and certain raw materials it uses in its U.S. production facilities are sourced from China, Vietnam and other tariff-impacted countries, and the U.S. has implemented broad reciprocal tariffs (with Canada and others imposing retaliatory tariffs); existing tariffs have had and are likely to continue to have a material adverse impact on its business and operating results, and ongoing trade-policy uncertainty and disputes compound the risk.

“A significant number of the products we sell and certain raw materials we use in our U.S. production facilities are sourced from China, Vietnam, and other impacted countries, and we optimize our North American supply chain by, in some cases, consolidating inventories in the U.S. The existing tariffs have had, and are likely to continue to have an adverse impact on our business and operating results which may be material.”

ACCO Brands manufactures only about 40% of its products in its own facilities and sources the remaining ~60% from third-party suppliers in lower-cost countries, primarily in Asia; this heavy reliance on Asian third-party sourcing concentrates its supply chain geographically and exposes it to supplier disruptions, transportation/logistics constraints, quality issues, lead-time variability and tariff/trade actions affecting those countries, any of which could interrupt product availability and raise costs.

“We currently manufacture approximately 40 percent of our products in our own facilities located in the countries where we operate and source the remaining 60 percent from lower cost countries, primarily in Asia.”