Amcor Reports Solid Second Quarter Results and Reaffirms Fiscal 2026 Guidance

Rhea-AI Summary

Amcor (NYSE:AMCR) reported strong Q2 results and reaffirmed fiscal 2026 guidance on Feb 3, 2026. Q2 net sales $5,449M (+68%), adjusted EBITDA $826M (+83%), adjusted EPS $0.86 (+7%), and free cash flow $289M. The company declared a quarterly dividend of $0.65 and expects FY26 adjusted EPS $4.00–$4.15 and FCF $1.8–$1.9B. Net debt was $14,081M and Berry acquisition synergies are tracking at the upper end (~$55M in the quarter).

Positive

• Net sales +68% in Q2 to $5,449 million
• Adjusted EBITDA +83% in Q2 to $826 million
• Fiscal 2026 guidance reaffirmed: Adjusted EPS $4.00–$4.15 and FCF $1.8–$1.9B
• Acquisition synergies ~ $55 million in quarter, at upper end of expectations
• Quarterly dividend declared of $0.65 per share

Negative

• GAAP diluted EPS fell to $0.38 in Q2 despite adjusted EPS growth
• Free cash flow declined to $289 million (Q2) from $358 million prior year
• Net debt of $14,081 million at Dec 31, 2025
• GAAP net interest expense increased by $73 million versus prior year due to acquisition-related net debt
• Estimated combined volumes ~1.5% below pro forma prior-year levels in the December quarter

Key Figures

Q2 2026 Net sales: $5,449 million Q2 GAAP net income: $177 million Q2 Adjusted EBITDA: $826 million +5 more

8 metrics

Q2 2026 Net sales $5,449 million Three months ended December 31, 2025; up 68% year over year

Q2 GAAP net income $177 million Three months ended December 31, 2025, including acquisition costs

Q2 Adjusted EBITDA $826 million Three months ended December 31, 2025; up 83% year over year

Q2 Adjusted EPS $0.86 Three months ended December 31, 2025; up 7% year over year

Q2 Free cash flow $289 million After ~$69 million Berry transaction, restructuring and integration costs

Net debt $14,081 million Balance at December 31, 2025

FY 2026 EPS guidance $4.00–$4.15 Adjusted EPS guidance; 12–17% constant currency growth vs. $3.56

FY 2026 FCF guidance $1.8–$1.9 billion Reaffirmed free cash flow guidance for fiscal 2026

Market Reality Check

Price: $44.92 Vol: Volume 7,806,646 is 27% a...

normal vol

$44.92 Last Close

Volume Volume 7,806,646 is 27% above the 20-day average of 6,123,808, indicating elevated trading interest ahead of/around the print. normal

Technical Shares at $43.75 are trading slightly below the 200-day MA of $43.83 and about 16.3% under the 52-week high.

Peers on Argus

AMCR was down 1.13% while key packaging peers like PKG, BALL, SW, IP and AVY sho...

AMCR was down 1.13% while key packaging peers like PKG, BALL, SW, IP and AVY showed gains between 0.32% and 2.08%, pointing to a stock-specific reaction rather than a sector-wide move.

Common Catalyst Peers had mixed company-specific news (earnings and dividends), but the negative move in AMCR contrasted with generally positive sector performance.

Historical Context

5 past events · Latest: Dec 11 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 11	Reverse stock split	Neutral	-1.2%	Announcement of 1-for-5 reverse stock split and share structure changes.
Nov 18	Innovation program	Positive	+0.1%	Launch of Lift-Off challenge to source sustainable packaging technologies.
Nov 05	Q1 2026 earnings	Positive	+2.5%	Strong Q1 sales, EBITDA growth and reaffirmed fiscal 2026 guidance.
Oct 27	Sustainability report	Positive	+1.6%	FY25 sustainability report showing progress on circularity and emissions.
Oct 22	Earnings call notice	Neutral	+1.1%	Scheduling announcement for upcoming Q1 2026 results conference call.

Pattern Detected

Over the last five news events, AMCR has more often traded in line with generally positive or neutral headlines, with three aligned moves and two divergences.

Recent Company History

Recent AMCR news shows a mix of corporate actions and operational updates. A 1-for-5 reverse stock split announcement on Dec 11, 2025 saw a modest -1.2% move. Prior items highlighted sustainability progress, an innovation challenge, and solid Q1 2026 results with reaffirmed guidance, which drew small positive reactions (up to +2.54%). The current Q2 2026 report with reaffirmed fiscal 2026 guidance continues this pattern of steady execution after the Berry combination.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-07-15

The company has an active S-3ASR shelf registration filed on 2025-07-15 and effective through 2028-07-15, with no recorded usage to date according to the provided context.

Market Pulse Summary

This announcement detailed strong Q2 and first-half growth following the Berry acquisition, with net...

Analysis

This announcement detailed strong Q2 and first-half growth following the Berry acquisition, with net sales of $5,449 million in the quarter and reaffirmed fiscal 2026 targets, including adjusted EPS of $4.00–$4.15 and free cash flow of $1.8–$1.9 billion. Historical news points to steady delivery against strategic goals. Investors may focus on continued synergy realization, leverage trends from net debt of $14,081 million, and any updates to the FY26 outlook.

Key Terms

adjusted ebitda, ebit, free cash flow, effective tax rate, +3 more

7 terms

adjusted ebitda financial

"Adjusted EBITDA $826 million, up 83% and adjusted EBIT $603 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebit financial

"Adjusted EBITDA $826 million, up 83% and adjusted EBIT $603 million..."

EBIT (Earnings Before Interest and Taxes) measures a company's profit from normal business operations after paying direct running costs but before subtracting interest on debt and income taxes. Think of it as how well a store does at selling its goods once everyday expenses are covered, ignoring loan payments and tax bills. Investors use EBIT to compare operational performance across companies without the distortion of different financing or tax situations.

free cash flow financial

"Free Cash Flow $289 million including Berry transaction, restructuring..."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

effective tax rate financial

"adjusted tax expense was $63 million representing an effective tax rate of 13.6%."

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

reverse stock split financial

"1-for-5 reverse stock split effected on January 14, 2026."

A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.

chess depositary interests financial

"Holders of CDIs trading on the ASX will receive an unfranked dividend..."

CHESS depositary interests are tradable certificates used on the Australian settlement system that represent ownership of underlying foreign shares held by a custodian. They let investors buy and sell foreign-listed stocks on the local exchange as if they were domestic shares, simplifying trading, dividend collection and record-keeping, though they may involve custodian fees and can alter certain direct shareholder rights and tax treatments.

basis points financial

"Adjusted EBIT margins of 10.1% were 280 basis points higher than the prior year..."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. Not financial advice.

Highlights - Three Months Ended December 31, 2025

• Net sales $5,449 million, up 68% driven by the Berry acquisition
• GAAP Net income $177 million including acquisition related costs and GAAP diluted EPS of $0.38
• Acquisition synergies of $55 million at upper end of expectations and targets reaffirmed
• Adjusted EBITDA $826 million, up 83% and adjusted EBIT $603 million, up 66%
• Adjusted EBITDA margin of 15.2%, up from 14% and adjusted EBIT margin of 11.1%, flat
• Adjusted EPS of $0.86, up 7%
• Free Cash Flow $289 million including Berry transaction, restructuring and integration costs of $69 million
• Quarterly dividend of $0.65 declared

Highlights - Fiscal First Half Ended December 31, 2025

• Net sales $11,194 million, up 70% driven by the Berry acquisition
• GAAP Net income $439 million including acquisition related costs and GAAP diluted EPS of $0.95
• Adjusted EBITDA $1,736 million, up 89% and adjusted EBIT $1,290 million, up 77%
• Adjusted EBITDA margin of 15.5%, up from 13.9% and adjusted EBIT margin of 11.5%, up from 11.0%
• Adjusted EPS of $1.83, up 14%

Fiscal 2026 Guidance Reaffirmed:

• Adjusted EPS $4.00-$4.15 representing 12-17% constant currency growth
• Free Cash Flow $1.8-1.9 billion

ZURICH, Feb. 3, 2026 /PRNewswire/ -- Amcor CEO Peter Konieczny said, "Our Q2 financial performance was in line with expectations in a challenging volume environment. Strong Adjusted EPS growth was driven by disciplined execution and synergy benefits from the Berry acquisition at the upper end of expectations. Performance through the first half of the year supports our confidence in reaffirming fiscal 2026 earnings and free cash flow guidance. Portfolio optimization actions are progressing well, positioning us to be the global leader in consumer packaging and dispensing solutions for nutrition, health, beauty and wellness."

Key Financials (1)(2)(3)						Three Months Ended December 31,				Six Months Ended December 31,
GAAP results						2024 $ million		2025 $ million		2024 $ million		2025 $ million
Net sales						3,241		5,449		6,594		11,194
Net income attributable to Amcor plc						163		177		354		439
EPS (diluted, $)						0.56		0.38		1.22		0.95
						Reported ∆%						Reported ∆%
		Three Months Ended December 31,						Six Months Ended December 31,
Adjusted non-GAAP results		2024 $ million		2025 $ million				2024 $ million		2025 $ million
Net sales		3,241		5,449		68		6,594		11,194		70
EBITDA		453		826		83		919		1,736		89
EBIT		363		603		66		728		1,290		77
Net income		233		400		72		467		848		82
EPS ($)		0.80		0.86		7		1.61		1.83		14
Free Cash Flow		358		289				(38)		(53)
All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to rounding.
(1)  Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information".
(2)  All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry Global.
(3)  All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further details can be found under 'Reverse Stock Split.

Financial Results

Three months ended December 31, 2025

Net sales of $5,449 million were 63% higher than last year on a constant currency basis, including approximately $2.2 billion of acquired sales net of divestments, which represents growth of approximately 66%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (3%) year over year variation reflects the impact of lower volumes.

The Company estimates that volumes were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the December quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix did not have a material impact on net sales.

Adjusted EBIT of $603 million was 62% higher than last year on a constant currency basis, including approximately $210 million of acquired EBIT net of divestments which represents growth of approximately 58%. The remaining 4% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $50 million, continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes, primarily in non-core businesses.

GAAP net interest expense was $154 million and GAAP income tax expense was $3 million. Inclusive of acquisition related financial benefits of approximately $5 million, adjusted net interest expense was $140 million and adjusted tax expense was $63 million representing an effective tax rate of 13.6%. Interest expense was $73 million higher than the prior year primarily as a result of increased acquisition related net debt. The effective tax rate was lower than 18.6% in the prior year primarily as a result of discrete tax events which occurred in the current period.

Free cash flow of $289 million was in-line with expectations after funding approximately $69 million of net acquisition related cash costs. 

Net debt was $14,081 million at December 31, 2025.  

Six months ended December 31, 2025

Net sales of $11,194 million were 66% higher than last year on a constant currency basis, including approximately $4.5 billion of acquired sales net of divestments, which represents growth of approximately 69%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (3%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $1,290 million was 73% higher than last year on a constant currency basis, including approximately $510 million of acquired EBIT net of divestments which represents growth of approximately 69%. The remaining 4% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $83 million partly offset by lower volumes. 

GAAP net interest expense was $307 million and GAAP income tax expense was $52 million. Inclusive of acquisition related financial benefits of approximately $10 million, adjusted net interest expense was $281 million and adjusted tax expense was $161 million representing an effective tax rate of 16.0%.

Free cash outflow was $53 million after funding approximately $184 million of net acquisition related cash costs. Prior to funding of acquisition related cash costs cash flow increased by approximately $170 million compared with last year.

Dividend

The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of a quarterly cash dividend of 65.0 cents per share, compared with 63.75 cents per share in the same quarter last year, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 93.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.6970 over the five trading days ended January 30, 2026.

The ex-dividend date will be February 24, 2026 for holders of CDIs trading on the ASX and February 25, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be February 25, 2026 and the payment date will be March 17, 2026. 

Fiscal 2026 Guidance Reaffirmed

For the fiscal year ending June 30, 2026, the Company expects:

• Adjusted EPS of $4.00 to $4.15
  • Remains unchanged from the previous $0.80 to $0.83 cents per share range, which has been updated to reflect the 1-for-5 reverse stock split effected on January 14, 2026
  • Represents constant currency growth of 12% to 17% compared with $3.56, reported as 71.2 cents per share before adjusting for the 1-for-5 reverse stock split which became effective on January 14, 2026, in fiscal 2025
  • Includes pre-tax synergy benefits related to the Berry acquisition of at least $260 million
• Free Cash Flow of $1.8 billion to $1.9 billion.

Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry business and does not take into account the impact of potential portfolio optimization actions that may be completed through the year.

Conference Call

Amcor is hosting a conference call with investors and analysts to discuss these results on Tuesday February 3, 2026 at 5:30pm US Eastern Standard Time / Wednesday February 4, 2026 at 9:30am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.

Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 8282712

• USA: 800 715 9871 (toll free)
• USA: 646 307 1963 (local)
• Australia: 1800 519 630 (toll free), 02 9133 7103 (local)
• United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local)
• Singapore: +65 3159 5133 (local)
• Hong Kong: +852 3002 3410 (local)

From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).

A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.

Segment Information

Global Flexible Packaging Solutions segment - December 2025 quarter
		Three Months Ended December 31,				Reported ∆%		Constant currency ∆%
		2024 $ million		2025 $ million
Net sales		2,511		3,188		27		23
Adjusted EBIT		322		402		25		22
Adjusted EBIT / Sales %		12.8		12.6

Net sales of $3,188 million, were 23% higher than last year on a constant currency basis including approximately $605 million of acquired sales net of divestments, which represents growth of approximately 24%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. 

The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 2% lower compared to volumes for the combined legacy Amcor and Berry businesses in the December quarter last year. By market category, volumes were higher in pet food and meat proteins. This was offset by lower volumes in other nutrition, liquids and unconverted film and foil. By region, volumes were lower across North America and Europe. Volumes in emerging markets were in line with the prior year, with growth in Asia Pacific offset by volume declines in Latin America. The Company estimates that price/mix had no material impact on net sales.

Adjusted EBIT of $402 million was 22% higher than last year on a constant currency basis, reflecting approximately $65 million of acquired EBIT, net of divestments which represents growth of approximately 20%. The remaining 2% year over year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits, partly offset by lower volumes.  

Global Flexible Packaging Solutions segment - December 2025 YTD
		Six Months Ended December 31,				Reported ∆%		Constant currency ∆%
		2024 $ million		2025 $ million
Net sales		5,062		6,445		27		24
Adjusted EBIT		651		828		27		25
Adjusted EBIT / Sales %		12.9		12.9

Net sales of $6,445 million, were 24% higher than last year on a constant currency basis including approximately $1.2 billion of acquired sales net of divestments, which represents growth of approximately 25%.  The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $828 million was 25% higher than last year on a constant currency basis, reflecting approximately $140 million of acquired EBIT, net of divestments which represents growth of approximately 22%.  The remaining 3% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes.  

Global Rigid Packaging Solutions segment - December 2025 quarter
		Three Months Ended December 31,				Reported ∆%		Constant currency ∆%
		2024 $ million		2025 $ million
Net sales		730		2,264		210		200
Adjusted EBIT		53		228		327		308
Adjusted EBIT / Sales %		7.3		10.1

Net sales of $2,264 million, were 200% higher than last year on a constant currency basis, including approximately $1.5 billion of acquired sales net of divestments, which represents growth of approximately 212% and an unfavorable impact of approximately (1%) from the pass through of lower raw material costs.  The remaining (11%) year over year variation reflects price/mix and lower non-core business volumes. 

Excluding non-core and divested businesses, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were flat compared with volumes for the combined legacy Amcor and Berry businesses in the December quarter last year.  By market category, volumes were higher in pet food, beauty & wellness and specialty containers.  This offset softer volumes in healthcare and foodservice.  By region, volumes were in line with the prior year in North America.  Volumes were lower across Europe and this was partly offset by volume growth across emerging markets, primarily in Latin America.  The Company estimates that price/mix had no material impact on net sales.

Adjusted EBIT of $228 million was 308% higher than last year on a constant currency basis, including approximately $165 million of acquired EBIT net of divestments which represents growth of approximately 306%.  The remaining 2% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives which offset lower volumes and performance in non-core businesses. 

Adjusted EBIT margins of 10.1% were 280 basis points higher than the prior year reflecting the improved quality of the combined business.

Global Rigid Packaging Solutions segment - December 2025 YTD
		Six Months Ended December 31,				Reported ∆%		Constant currency ∆%
		2024 $ million		2025 $ million
Net sales		1,532		4,752		210		202
Adjusted EBIT		115		523		354		339
Adjusted EBIT / Sales %		7.5		11.0

Net sales of $4,752 million, were 202% higher than last year on a constant currency basis, including approximately $3.3 billion of acquired sales net of divestments, which represents growth of approximately 213% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs.  The remaining (8%) year over year variation reflects price mix and lower non-core business volumes. 

Adjusted EBIT of $523 million was 339% higher than last year on a constant currency basis, including approximately $405 million of acquired EBIT net of divestments which represents growth of approximately 352%.  The remaining 13% year over year variation mainly reflects lower volumes and performance in non-core businesses, partly offset by synergy benefits from the Berry acquisition and cost reduction initiatives. 

Adjusted EBIT margins of 11.0% were 350 basis points higher than the prior year reflecting the improved quality of the combined business.

About Amcor

Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC 

www.amcor.com I LinkedIn I YouTube

 

U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
		Three Months Ended December 31,			Six Months Ended December 31,
$ in millions, except per share data		2024		2025	2024		2025
Net sales		3,241		5,449	6,594		11,194
Cost of sales		(2,615)		(4,410)	(5,309)		(9,031)
Gross profit		626		1,039	1,285		2,163
Selling, general, and administrative expenses		(255)		(440)	(531)		(875)
Amortization of acquired intangible assets		(40)		(144)	(79)		(277)
Research and development expenses		(27)		(38)	(55)		(84)
Restructuring, transaction and integration expenses, net		(33)		(118)	(39)		(193)
Other income, net		26		32	28		58
Operating income		297		331	609		792
Interest expense, net		(72)		(154)	(147)		(307)
Other non-operating income/(expenses), net		(1)		1	(2)		2
Income before income taxes and equity in income of affiliated companies		224		178	460		487
Income tax expense		(58)		(3)	(101)		(52)
Equity in income of affiliated companies, net of tax		1		2	1		4
Net income		167		177	360		439
Net income attributable to non-controlling interests		(4)		—	(6)		—
Net income attributable to Amcor plc		163		177	354		439
USD:EUR average FX rate		0.9379		0.8592	0.9238		0.8575
Basic earnings per share attributable to Amcor		0.57		0.38	1.22		0.95
Diluted earnings per share attributable to Amcor		0.56		0.38	1.22		0.95
Weighted average number of shares outstanding – Basic		288.50		463.10	288.30		462.60
Weighted average number of shares outstanding – Diluted		289.10		463.80	288.90		463.00
All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.

 

U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
		Six Months Ended December 31,
($ million)		2024		2025
Net income		360		439
Depreciation, amortization and impairment		267		737
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency		(503)		(761)
Other non-cash items		35		(45)
Net cash provided by operating activities		159		370
Purchase of property, plant and equipment and other intangible assets		(243)		(459)
Proceeds from sales of property, plant and equipment and other intangible assets		7		36
Business acquisitions		(11)		(18)
Proceeds from divestitures, net of cash divested		113		—
Net debt proceeds		267		955
Dividends paid		(366)		(594)
Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share- based incentive plans		(38)		(58)
Other, including effect of exchange rate on cash and cash equivalents		(31)		(2)
Net increase/(decrease) in cash and cash equivalents		(143)		230
Cash and cash equivalents balance at beginning of the year		588		827
Cash and cash equivalents balance at end of the period		445		1,057

 

U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million)		June 30, 2025		December 31, 2025
Cash and cash equivalents		827		1,057
Trade receivables, net		3,426		3,161
Inventories, net		3,471		3,481
Property, plant, and equipment, net		8,202		7,766
Goodwill and other intangible assets, net		18,679		18,900
Other assets		2,461		2,681
Total assets		37,066		37,046
Trade payables		3,490		3,045
Short-term debt and current portion of long-term debt		257		519
Long-term debt, less current portion		13,841		14,619
Accruals and other liabilities		7,738		7,216
Shareholders' equity		11,740		11,647
Total liabilities and shareholders' equity		37,066		37,046

 

Components of Fiscal 2026 Net Sales growth
	Three Months Ended December 31,			Six Months Ended December 31,
($ million)	Global Flexible Packaging Solutions	Global Rigid Packaging Solutions	Total	Global Flexible Packaging Solutions	Global Rigid Packaging Solutions	Total
Net sales fiscal 2026	3,188	2,264	5,449	6,445	4,752	11,194
Net sales fiscal 2025	2,511	730	3,241	5,062	1,532	6,594
Reported Growth %	27	210	68	27	210	70
FX %	4	10	5	3	8	4
Constant Currency Growth %	23	200	63	24	202	66
RM Pass Through %	—	(1)	—	—	(3)	—
Items affecting comparability %	24	212	66	25	213	69
Organic Growth %	(1)	(11)	(3)	(1)	(8)	(3)
Volume %	(2)	(6)	(3)	(2)	(5)	(3)
Price/Mix %	1	(6)	—	2	(3)	1

 

Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow
		Three Months Ended December 31, 2024								Three Months Ended December 31, 2025
($ million)		EBITDA		EBIT		Net Income		EPS (Diluted)		EBITDA		EBIT		Net Income		EPS (Diluted)
Net income attributable to Amcor		163		163		163		0.56		177		177		177		0.38
Net income attributable to non-controlling interests		4		4						—		—
Tax expense		58		58						3		3
Interest expense, net		72		72						154		154
Depreciation and amortization		130								368
EBITDA, EBIT, Net income, and EPS		427		297		163		0.56		702		334		177		0.38
Impact of hyperinflation		3		3		3		0.01		4		4		4		0.01
Restructuring, integration and related expenses, net(1)		23		23		23		0.08		112		112		112		0.24
Transaction costs		10		10		10		0.03		6		6		6		0.01
Other		(10)		(10)		(10)		(0.03)		3		3		3		0.01
Amortization of acquired intangibles(2)				40		40		0.14				144		144		0.31
Interest expense Berry Transaction						—		—						13		0.03
Tax effect of above items						4		0.01						(59)		(0.13)
Adjusted EBITDA, EBIT, Net income and EPS		453		363		233		0.80		826		603		400		0.86
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS										83		66		72		7
% currency impact										(5)		(5)		(5)		(3)
% constant currency growth										77		62		67		4
% items affecting comparability(3)										75		58
% from all other sources										2		4
Adjusted EBITDA		453								826
Interest paid, net		(91)								(114)
Income tax paid		(52)								(86)
Purchase of property, plant and equipment and other intangible assets		(98)								(222)
Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring		6								8
Movement in working capital		153								(42)
Other		(13)								(12)
Adjusted Free Cash Flow		358								358
Berry Transaction, restructuring and Integration costs, net		—								(69)
Free Cash Flow		358								289
All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.
(1) Three months ended December 31, 2025 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition, inclusive of inventory discrepancies of $15 million, including errors from prior periods, tied to manufacturing inefficiencies and other management issues which supported the decision to close three facilities in Asia.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.

 

		Six Months Ended December 31, 2024							Six Months Ended December 31, 2025
($ million)		EBITDA		EBIT		Net Income		EPS (Diluted) (1)	EBITDA		EBIT		Net Income		EPS (Diluted) (1)
Net income attributable to Amcor		354		354		354		1.22	439		439		439		0.95
Net income attributable to non controlling interests		6		6					—		—
Tax expense		101		101					52		52
Interest expense, net		147		147					307		307
Depreciation and amortization		270							723
EBITDA, EBIT, Net income and EPS		878		608		354		1.22	1,521		798		439		0.95
Impact of hyperinflation		5		5		5		0.02	15		15		15		0.03
Restructuring, integration and related expenses, net(2)		29		29		29		0.10	165		165		165		0.35
Transaction costs		10		10		10		0.03	28		28		28		0.06
Other		(3)		(3)		(3)		(0.01)	7		7		7		0.01
Amortization of acquired intangibles(3)				79		79		0.27			277		277		0.60
Interest expense Berry Transaction						—		—					26		0.06
Tax effect of above items						(7)		(0.02)					(109)		(0.24)
Adjusted EBITDA, EBIT, Net income and EPS		919		728		467		1.61	1,736		1,290		848		1.83
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS									89		77		82		14
% currency impact									(4)		(4)		(4)		(3)
% constant currency growth									85		73		77		11
% items affecting comparability(4)									83		69
% from all other sources									2		4
Adjusted EBITDA		919							1,736
Interest paid, net		(127)							(263)
Income tax paid		(127)							(191)
Purchase of property, plant and equipment and other intangible assets		(243)							(459)
Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring		7							10
Movement in working capital		(433)							(611)
Other		(34)							(91)
Adjusted Free Cash Flow		(38)							131
Berry Transaction, restructuring and Integration costs, net		—							(184)
Free Cash Flow		(38)							(53)
All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.
(1) Calculation of diluted EPS for the six months ended December 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.
(2) Six months ended December 31, 2025 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.

 

Reconciliation of adjusted EBIT by reportable segment
		Three Months Ended December 31, 2024								Three Months Ended December 31, 2025
($ million)		Global Flexible Packaging Solutions		Global Rigid Packaging Solutions		Other		Total		Global Flexible Packaging Solutions		Global Rigid Packaging Solutions		Other		Total
Net income attributable to Amcor								163								177
Net income attributable to non- controlling interests								4								—
Tax expense								58								3
Interest expense, net								72								154
EBIT		259		62		(24)		297		250		137		(53)		334
Impact of hyperinflation		—		3		—		3		1		3		—		4
Restructuring, integration and related expenses, net(1)		23		—		—		23		70		25		16		112
Transaction costs		—		—		10		10		—		1		5		6
Other		3		(14)		1		(10)		6		(7)		4		3
Amortization of acquired intangibles(2)		37		2		1		40		75		68		1		144
Adjusted EBIT		322		53		(12)		363		402		228		(27)		603
Adjusted EBIT / sales %		12.8 %		7.3 %				11.2 %		12.6 %		10.1 %				11.1 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT										25		327		—		66
% currency impact										(3)		(18)		—		(5)
% constant currency growth										22		308		—		62
% items affecting comparability(3)										20		306		—		58
% from all other sources										2		2		—		4
(1) Three months ended December 31, 2025 primarily includes costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.

 

		Six Months Ended December 31, 2024								Six Months Ended December 31, 2025
($ million)		Global Flexible Packaging Solutions		Global Rigid Packaging Solutions		Other		Total		Global Flexible Packaging Solutions		Global Rigid Packaging Solutions		Other		Total
Net income attributable to Amcor								354								439
Net income attributable to non- controlling interests								6								—
Tax expense								101								52
Interest expense, net								147								307
EBIT		539		121		(52)		608		572		338		(111)		798
Impact of hyperinflation		—		5		—		5		3		12		—		15
Restructuring, integration and related expenses, net(1)		29		—		—		29		84		54		26		165
Transaction costs		—		—		10		10		8		2		18		28
Other		9		(14)		2		(3)		8		(4)		3		7
Amortization of acquired intangibles(2)		74		3		2		79		153		121		3		277
Adjusted EBIT		651		115		(38)		728		828		523		(61)		1,290
Adjusted EBIT / sales %		12.9 %		7.5 %				11.0 %		12.9 %		11.0 %				11.5 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT										27		354		—		77
% currency impact										(2)		(15)		—		(4)
% constant currency growth										25		339		—		73
% items affecting comparability(3)										22		352		—		69
% from all other sources										3		(13)		—		4
(1) Six months ended December 31, 2025 primarily includes costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.

 

Reconciliation of net debt
($ million)		June 30, 2025		December 31, 2025
Cash and cash equivalents		(827)		(1,057)
Short-term debt		116		83
Current portion of long-term debt		141		436
Long-term debt, less current portion		13,841		14,619
Net debt		13,271		14,081

Cautionary Statement Regarding Forward-Looking Statements

Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the merger completed on April 30, 2025 (the "Transaction" or "Merger"); risk of continued substantial and unexpected costs or expenses resulting from the Transaction; risk that the anticipated benefits of the Transaction may not be realized when expected or at all; risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs; risk that the Merger-related tax liabilities could have a material impact on the Company's financial results; risk that the strategic review of our portfolio may cause disruptions to our business or may not result in completion of a transaction to restructure or divest non-core businesses or may not create additional value for our shareholders; changes in consumer demand patterns and customer requirements in numerous industries; risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, develop, and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; significant disruption at a key manufacturing facility; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and changes in trade policy, including tariff and custom regulations or failure to comply with such regulations.  These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. 

Presentation of non-GAAP information

Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, and net debt.  In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's CEO and CFO  transition; and impacts related to the Russia-Ukraine conflict.

Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.  

Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort.  These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

Reconciliations of  fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed.

Reverse Stock Split

On January 14, 2026, the Company filed a an amendment to its memorandum of association to effect a 1-for-5 reverse stock split (the "Reverse Split") of the Company's ordinary shares. The Reverse Split became effective on January 14, 2026 and reduced the number of authorized ordinary shares to 1,800,000,000 and increased the par value of the ordinary shares to $0.05 per share. Accordingly, all share and per share amounts for all periods presented in the discussion within this release have been adjusted retroactively, where applicable, to reflect the Reverse Split.

Presentation of combined volume performance

In order to provide the most meaningful comparison of results of volume performance by region and end market for Amcor plc and for each of its reportable segments, the Company has included commentary to reflect Amcor's estimate of year-over-year volume performance for the three and six months ended December 31, 2025 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and six months ended December 31, 2024. The combined volume performance information has been presented for informational purposes and Amcor believes this information reflects the impact of the combination including allocation of volumes across the combined production footprint since May 1, 2025.  For the avoidance of doubt, combined volume performance information is not intended to be, and was not, prepared on a basis consistent with pro forma financial information required by Article 11 of Regulation S-X.

Dividends

Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from February 24, 2026 to February 25, 2026 inclusive. 

 

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SOURCE Amcor

FAQ

What drove Amcor (AMCR) Q2 2026 net sales growth to $5,449 million?

Primary driver was the Berry acquisition, which added roughly $2.2 billion of sales in the quarter. According to the company, acquired sales net of divestments accounted for the majority of the 68% reported increase, with volumes modestly below pro forma prior-year levels.

How did Amcor (AMCR) perform on profitability metrics in Q2 December 2025?

Adjusted EBITDA rose to $826 million, an 83% increase year-over-year. According to the company, adjusted EBIT was $603 million and adjusted EPS was $0.86, reflecting synergy gains and cost productivity after the Berry acquisition.

What fiscal 2026 guidance did Amcor (AMCR) reaffirm on February 3, 2026?

Amcor reaffirmed adjusted EPS guidance of $4.00–$4.15 and free cash flow of $1.8–$1.9 billion for fiscal 2026. According to the company, guidance assumes a full 12 months of Berry ownership and at least $260 million pre-tax synergy benefits.

Will Amcor (AMCR) pay a dividend after the Q2 results and what is the timeline?

Yes. The board declared a quarterly cash dividend of $0.65 per share, payable March 17, 2026. According to the company, the ex-dividend dates are Feb 24, 2026 for ASX CDIs and Feb 25, 2026 for NYSE shares, record date Feb 25, 2026.

How materially did the Berry acquisition affect Amcor's debt and interest expense?

Net debt increased to $14,081 million and GAAP interest expense rose by $73 million versus prior year. According to the company, higher acquisition-related net debt drove increased net interest expense and influenced adjusted net interest of $140 million in the quarter.

What operational headwinds did Amcor (AMCR) report in the December quarter?

The company estimated combined volumes were about 1.5% lower year-over-year and noted lower volumes in certain markets. According to the company, lower volumes mainly affected non-core businesses and some regional markets despite overall synergy and cost improvements.