ACCO Brands reported Q2 2025 revenue of $394.8 million, down 9.9% year over year, with gross margin of 32.9% and an operating margin of 8.36%. Net income was $29.2 million, delivering $0.32 per share on a reported basis and $0.31 per share on a diluted basis. Management attributed the results to tariff-related disruption in the Americas and softer demand across multiple channels, offset by ongoing cost-reduction actions and price increases. The company has progressed its multi-year cost-reduction program, realizing $8 million in savings in the quarter and over $40 million of annualized savings to date. This, together with tariff mitigation efforts and strategic pricing, is positioned to support margin stabilization and modest sequential improvement into Q3 and beyond. Looking into the second half, ACCO expects pricing actions to partially offset tariff costs and currency tailwinds to contribute positively in the near term. Management reaffirmed a longer-term growth thesis centered on expanding higher-growth product categories, accelerating new product introductions (notably in computer accessories and gaming peripherals), and selective acquisitions (e.g., Buro Seating) to enhance footprint in Australia and New Zealand. The company continues to target a gross margin of 33%â34% and expects adjusted free cash flow of approximately $100 million for the year, with leverage guided to the 3.8xâ3.9x range by year-end. Management also signaled ongoing operational discipline and leadership changes to accelerate transformation.