Amcor Reports Solid Third Quarter Results and Updates Fiscal 2026 Guidance

Rhea-AI Summary

Amcor (NYSE:AMCR) reported Q3 net sales of $5,914m (up 77% YoY) and GAAP net income of $278m with GAAP EPS of $0.60. Adjusted EBITDA was $892m and adjusted EPS was $0.96. Fiscal 2026 guidance expects adjusted EPS of $3.98–$4.03 and revised free cash flow of $1.5–$1.6bn. Acquisition synergies reached $77m for the quarter; net debt was $14,266m. Board declared a quarterly dividend of $0.65 per share, ex-dividend late May and payable June 17, 2026.

Positive

• Net sales +77% three months to $5,914m
• Adjusted EBITDA +87% to $892m
• Adjusted EPS guidance ~$3.98–$4.03 for FY26
• Acquisition synergies of $77m in Q3
• Quarterly dividend increased to $0.65 per share

Negative

• Free Cash Flow guidance cut to $1.5–$1.6bn
• Net debt of $14,266m at March 31, 2026
• GAAP EPS declined to $0.60 in Q3
• Volumes ~1.5% lower versus combined legacy businesses

Market Reaction – AMCR

+8.02% $40.66

15m delay 33 alerts

+8.02% Since News

$40.66 Last Price

$39.69 $41.36 Day Range

+$1.39B Valuation Impact

$18.79B Market Cap

0.8x Rel. Volume

Following this news, AMCR has gained 8.02%, reflecting a notable positive market reaction. Our momentum scanner has triggered 33 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $40.66. This price movement has added approximately $1.39B to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Q3 2026 net sales: $5,914 million Q3 2026 adjusted EBITDA: $892 million Q3 2026 adjusted EPS: $0.96 +5 more

8 metrics

Q3 2026 net sales $5,914 million Three months ended March 31, 2026; up 77% reported year over year

Q3 2026 adjusted EBITDA $892 million Three months ended March 31, 2026; up 87% year over year

Q3 2026 adjusted EPS $0.96 Three months ended March 31, 2026; up 6% year to date

FY26 adjusted EPS guidance $3.98–$4.03 Fiscal 2026 guidance; ~12% growth at midpoint; prior guide $4.00–$4.15

FY26 FCF guidance (revised) $1.5–$1.6 billion Fiscal 2026 free cash flow; prior guidance $1.8–$1.9 billion

Berry synergy benefits FY26 $270 million Pre-tax synergy benefits related to the Berry acquisition in FY26 guidance

Net debt $14,266 million Net debt at March 31, 2026 after Berry acquisition

Quarterly dividend $0.65 per share Quarterly cash dividend; up from $0.6375 per share year over year

Market Reality Check

Price: $37.64 Vol: Volume 5,349,315 is 30% a...

normal vol

$37.64 Last Close

Volume Volume 5,349,315 is 30% above the 20-day average of 4,111,504 shares, indicating elevated interest ahead of results. normal

Technical Shares at $37.64 are trading below the 200-day MA of $42.69 and about 26.11% under the 52-week high.

Peers on Argus

AMCR was up 1.98% with above-average volume. Key packaging peers PKG, SW, IP and...

AMCR was up 1.98% with above-average volume. Key packaging peers PKG, SW, IP and AVY were also positive (e.g., SW up 3.46%), while BALL lagged at -7.32%, suggesting a generally supportive sector backdrop with some stock-specific divergence.

Historical Context

5 past events · Latest: Apr 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 24	Facility expansion	Positive	-1.7%	Opened $35M advanced healthcare packaging coating facility in Malaysia.
Apr 21	Earnings date notice	Neutral	-1.5%	Announced timing and webcast details for Q3 FY26 earnings release.
Mar 19	Product award	Positive	-2.9%	Won FPA award for Earth Sense Pro recycled-content stretch hand film.
Feb 12	Peer governance	Neutral	+0.7%	Tennant Company board changes; tangential sector governance context.
Feb 03	Earnings results	Positive	+8.1%	Reported solid Q2 FY26 results and reaffirmed EPS and FCF guidance.

Pattern Detected

Recent Amcor-specific operational wins and facility expansions often saw flat-to-negative next-day moves, while the prior earnings beat and guidance reaffirmation coincided with a strong positive reaction.

Recent Company History

Over the last six months, Amcor has combined steady operational execution with portfolio expansion. A strong Q2 2026 report with Berry synergy progress and FY26 guidance reaffirmation on Feb 3, 2026 coincided with a +8.1% move. Subsequent news around sustainable products and a new Malaysian healthcare facility drew modestly negative price reactions. The current third-quarter release continues the integration story, with higher sales, margins and synergy realization, but also a trimmed free cash flow outlook versus the earlier FY26 guidance.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-07-15

The company has an effective S-3ASR shelf registration filed on 2025-07-15, expiring on 2028-07-15. It shows 0 recorded usage events in the provided context, indicating disclosed capacity has not yet been tapped in recent 424B filings.

Market Pulse Summary

This announcement details strong Q3 growth, with net sales of $5,914 million and adjusted EBITDA of ...

Analysis

This announcement details strong Q3 growth, with net sales of $5,914 million and adjusted EBITDA of $892 million, highlighting successful integration of the Berry acquisition and rising synergy benefits. At the same time, Amcor trimmed FY26 adjusted EPS and free cash flow guidance to $3.98–$4.03 and $1.5–$1.6 billion, citing Middle East-related impacts and higher inventories. Investors may track synergy delivery, leverage given net debt of $14,266 million, and execution on portfolio optimization against this updated outlook.

Key Terms

adjusted ebitda, ebit, free cash flow, reverse stock split, +3 more

7 terms

adjusted ebitda financial

"Adjusted EBITDA $892 million, up 87% and adjusted EBIT $687 million, up 79%"

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 $892 million, up 87% and adjusted EBIT $687 million, up 79%"

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 revised to be $1.5-1.6 billion"

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.

reverse stock split financial

"reflect the 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.

constant currency financial

"were 70% higher than last year on a constant currency basis"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

effective tax rate financial

"adjusted tax expense was $91 million representing an effective tax rate of 17.0%"

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.

non-gaap financial

"Adjusted non-GAAP results exclude items not considered representative of ongoing operations."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

AI-generated analysis. Not financial advice.

ZURICH, May 6, 2026 /PRNewswire/ --

Highlights - Three Months Ended March 31, 2026

• Net sales $5,914 million, up 77% driven by the Berry acquisition
• GAAP Net income $278 million including acquisition related costs and GAAP diluted EPS of $0.60
• Acquisition synergies of $77 million, at upper end of expectations
• Adjusted EBITDA $892 million, up 87% and adjusted EBIT $687 million, up 79%
• Adjusted EBITDA margin of 15.1%, up from 14.3% and adjusted EBIT margin of 11.6%, up modestly
• GAAP EPS of $0.60 and Adjusted EPS of $0.96, up 6% 

YTD Highlights - Nine Months Ended March 31, 2026

• Net sales $17,108 million, up 72% driven by the Berry acquisition
• GAAP Net income $717 million including acquisition related costs and GAAP diluted EPS of $1.55
• Adjusted EBITDA $2,628 million, up 88% and adjusted EBIT $1,977 million, up 78%
• Adjusted EBITDA margin of 15.4%, up from 14.1% and adjusted EBIT margin of 11.6%, up from 11.2%
• Adjusted EPS of $2.79, up 11%
• Six divestiture agreements reached under previously announced portfolio optimization initiative

Fiscal 2026 Guidance:

• Adjusted EPS $3.98 to $4.03, growth of ~12% at the midpoint; Mitigating impact of Middle East conflict
• Free Cash Flow revised to be $1.5-1.6 billion

Amcor CEO Peter Konieczny said, "Third quarter results were in line with expectations and reflect the resilience of our business as we mark the first anniversary of bringing legacy Amcor and Berry together as One Amcor. Over the past year, we have executed a smooth integration, built a strong leadership structure, and made meaningful progress on synergy delivery and portfolio optimization. While we continue to operate in a challenging market environment, our global scale, diversified portfolio, and strong customer and supplier partnerships position us well. We remain focused on what we can control—ensuring reliable supply, managing costs and pricing responsibly to offset inflation, and supporting our customers. With clear visibility to additional synergy benefits and a proven ability to navigate volatility, we are confident in our outlook and the continued strength of our business."

Key Financials (1)(2)(3)						Three Months Ended March 31,				Nine Months Ended March 31,
GAAP results						2025 $ million		2026 $ million		2025 $ million		2026 $ million
Net sales						3,333		5,914		9,927		17,108
Net income attributable to Amcor plc						196		278		550		717
EPS (diluted, $)						0.68		0.60		1.90		1.55
						Reported ∆%						Reported ∆%
		Three Months Ended March 31,						Nine Months Ended March 31,
Adjusted non-GAAP results		2025 $ million		2026 $ million				2025 $ million		2026 $ million
Net sales		3,333		5,914		77		9,927		17,108		72
EBITDA		477		892		87		1,397		2,628		88
EBIT		384		687		79		1,112		1,977		78
Net income		261		446		71		728		1,293		78
EPS ($)		0.90		0.96		6		2.51		2.79		11
Free Cash Flow		20		(39)				(17)		(93)

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 March 31, 2026

Net sales of $5,914 million were 70% higher than last year on a constant currency basis, including approximately $2.4 billion of acquired sales net of divestments, which represents growth of approximately 71%. 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 were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the March 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 $687 million was 72% higher than last year on a constant currency basis, including approximately $239 million of acquired EBIT net of divestments which represents growth of approximately 62%. The remaining 10% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $57 million and continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes.

GAAP net interest expense was $153 million and GAAP income tax expense was $32 million. Inclusive of acquisition related financial benefits of approximately $20 million, adjusted net interest expense was $150 million and adjusted tax expense was $91 million representing an effective tax rate of 17.0%.   Adjusted net interest expense was $79 million higher than the prior year primarily as a result of increased acquisition related net debt.

Free cash outflow of $39 million was in-line with expectations after funding approximately $78 million of net transaction, restructuring and integration costs.

Net debt was $14,266 million at March 31, 2026.

Nine months ended March 31, 2026

Net sales of $17,108 million were 67% higher than last year on a constant currency basis, including approximately $6.9 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 (2%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $1,977 million was 73% higher than last year on a constant currency basis, including approximately $746 million of acquired EBIT net of divestments which represents growth of approximately 67%. The remaining 6% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $140 million partly offset by lower volumes. 

GAAP net interest expense was $460 million and GAAP income tax expense was $84 million. Inclusive of acquisition related financial benefits of approximately $30 million, adjusted net interest expense was $431 million and adjusted tax expense was $253 million representing an effective tax rate of 16.3%.

Free cash outflow was $93 million after funding approximately $262 million of net transaction, restructuring and integration costs. Prior to funding of transaction, restructuring and integration related cash costs, cash flow increased by approximately $186 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 91.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.7167 over the five trading days ended May 4, 2026.

The ex-dividend date will be May 27, 2026 for holders of CDIs trading on the ASX and May 28, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be May 28, 2026 and the payment date will be June 17, 2026.

Fiscal 2026 Guidance

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

• Adjusted EPS of approximately $3.98 to $4.03
  • Represents growth of approximately 12% at the midpoint
  • Mitigating adjusted EPS impact of Middle East conflict
  • Includes pre-tax synergy benefits related to the Berry acquisition of $270 million
    
    
• Free Cash Flow of $1.5 billion to $1.6 billion
  • Relative to previous $1.8 billion to $1.9 billion which assumed ~$200 million of inventory reduction by year end, now reflects higher inventory levels at higher cost to secure customer service levels given the impact of the Middle East conflict

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.

Amcor's guidance contemplates a range of factors, including ongoing geopolitical developments related to the conflict in the Middle East, which creates a higher degree of uncertainty and additional complexity when estimating future financial results, and actual results could vary materially. Reconciliations of the 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.  Refer to page 14 for further information.

Conference Call

Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday, May 6, 2026 at 8:00am US Eastern Daylight Time / Wednesday May 6, 2026 at 10:00pm Australian Eastern Standard 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: 645052977

• USA: 833 461 5787 (toll free)

• Australia: 1800 849 752 (toll free)

• United Kingdom: 0808 196 8935 (toll free)

• Singapore: 1800 408 1721 (toll free)

• Hong Kong: 800 938 481 (toll free)

From all other countries, the call can be accessed by dialing +1 585 542 9983 (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 - March 2026 quarter

		Three Months Ended March 31,				Reported ∆%		Constant currency ∆%
		2025 $ million		2026 $ million
Net sales		2,406		3,250		35		29
Adjusted EBIT		343		452		32		28
Adjusted EBIT / Sales %		14.3		13.9

Net sales of $3,250 million were 29% higher than last year on a constant currency basis including approximately $695 million of acquired sales net of divestments, which represents growth of approximately 29%. The pass through of movements in raw material costs had a favorable impact of approximately 1% 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 1.5% lower compared to volumes for the combined legacy Amcor and Berry businesses in the March quarter last year.  By market category, volumes were higher in pet food and protein, offset by lower volumes in healthcare and other nutrition.  By region, volumes were lower across North America and Europe, and higher than the prior year across the Asian region. The Company estimates that price/mix had an unfavorable impact of less than (1%) on net sales.

Adjusted EBIT of $452 million was 28% higher than last year on a constant currency basis, reflecting approximately $78 million of acquired EBIT, net of divestments which represents growth of approximately 23%.  The remaining 5% 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 - March 2026 YTD

		Nine Months Ended March 31,				Reported ∆%		Constant currency ∆%
		2025 $ million		2026 $ million
Net sales		7,072		9,304		32		27
Adjusted EBIT		963		1,256		30		28
Adjusted EBIT / Sales %		13.6		13.5

Net sales of $9,304 million were 27% higher than last year on a constant currency basis including approximately $1.9 billion of acquired sales net of divestments, which represents growth of approximately 27%.  The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $1,256 million was 28% higher than last year on a constant currency basis, reflecting approximately $220 million of acquired EBIT, net of divestments which represents growth of approximately 23%.  The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes.  

Global Rigid Packaging Solutions segment - March 2026 quarter

		Three Months Ended March 31,				Reported ∆%		Constant currency ∆%
		2025 $ million		2026 $ million
Net sales		927		2,664		187		174
Adjusted EBIT		70		276		294		273
Adjusted EBIT / Sales %		7.6		10.4

Net sales of $2,664 million were 174% higher than last year on a constant currency basis, including approximately $1.7 billion of acquired sales, which represents growth of approximately 182% and an unfavorable impact of approximately (5%) from the pass through of lower raw material costs. The remaining (3%) year over year variation reflects the impact of volumes and price/mix. 

Excluding non-core business, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were approximately 1.5% lower compared with volumes for the combined legacy Amcor and Berry businesses in the March quarter last year.  By market category, volumes were higher in liquids, foodservice and beauty & wellness offset by lower volumes in healthcare and other nutrition. By region, volumes in North America were lower than the prior year inclusive of U.S. storm related disruptions. Volumes were higher in Europe and across emerging markets, primarily in Latin America. The Company estimates that price/mix had no material impact on net sales.

Adjusted EBIT of $276 million was 273% higher than last year on a constant currency basis, including approximately $175 million of acquired EBIT which represents growth of approximately 253%. The remaining 20% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives, partly offset by lower volumes. 

Adjusted EBIT margins of 10.4% were 280 basis points higher than the prior year reflecting the improved quality of the combined business.

Global Rigid Packaging Solutions segment - March 2026 YTD

		Nine Months Ended March 31,				Reported ∆%		Constant currency ∆%
		2025 $ million		2026 $ million
Net sales		2,855		7,804		173		164
Adjusted EBIT		216		824		281		266
Adjusted EBIT / Sales %		7.6		10.6

Net sales of $7,804 million, were 164% higher than last year on a constant currency basis, including approximately $5.0 billion of acquired sales net of divestments, which represents growth of approximately 173% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs.  The remaining (6%) year over year variation reflects lower volumes and price/mix. 

Adjusted EBIT of $824 million was 266% higher than last year on a constant currency basis, including approximately $580 million of acquired EBIT net of divestments which represents growth of approximately 269%.  The remaining (3%) 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 10.6% were 300 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 enable 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

Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom UK Overseas Company Number: BR020803 Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278

 

U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)

		Three Months Ended March 31,			Nine Months Ended March 31,
$ in millions, except per share data		2025		2026	2025		2026
Net sales		3,333		5,914	9,927		17,108
Cost of sales		(2,679)		(4,724)	(7,988)		(13,755)
Gross profit		654		1,190	1,939		3,353
Selling, general, and administrative expenses		(266)		(488)	(797)		(1,363)
Amortization of acquired intangible assets		(37)		(134)	(116)		(411)
Research and development expenses		(27)		(44)	(82)		(128)
Restructuring, transaction and integration expenses, net		(32)		(69)	(71)		(262)
Other income, net		21		6	49		64
Operating income		313		461	922		1,253
Interest expense, net		(75)		(153)	(222)		(460)
Other non-operating income/(expenses), net		(1)		2	(3)		4
Income before income taxes and equity in income of affiliated companies		237		310	697		797
Income tax expense		(40)		(32)	(141)		(84)
Equity in income of affiliated companies, net of tax		—		—	1		4
Net income		197		278	557		717
Net income attributable to non-controlling interests		(1)		—	(7)		—
Net income attributable to Amcor plc		196		278	550		717
USD:EUR average FX rate		0.9507		0.8543	0.9327		0.8564
Basic earnings per share attributable to Amcor		0.68		0.60	1.91		1.55
Diluted earnings per share attributable to Amcor		0.68		0.60	1.90		1.55
Weighted average number of shares outstanding – Basic		288.6		463.4	288.4		463.1
Weighted average number of shares outstanding – Diluted		289.1		463.8	289.0		463.5

All prior 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)

		Nine Months Ended March 31,
($ million)		2025		2026
Net income		557		717
Depreciation, amortization and impairment		399		1,114
Net (gain)/loss on disposal of businesses and investments		(8)		2
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency		(804)		(1,101)
Other non-cash items		132		(176)
Net cash provided by operating activities		276		556
Purchase of property, plant and equipment and other intangible assets		(360)		(687)
Proceeds from sales of property, plant and equipment and other intangible assets		9		38
Business acquisitions		(11)		(17)
Proceeds from divestitures, net of cash divested		113		—
Proceeds from sale of affiliated companies and other investments		—		70
Net debt proceeds		2,044		1,787
Dividends paid		(550)		(894)
Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-based incentive plans		(38)		(57)
Cash and cash equivalents included in held for sale		—		(17)
Other, including effect of exchange rate on cash and cash equivalents		(26)		(19)
Net increase in cash and cash equivalents		1,457		760
Cash and cash equivalents balance at beginning of the year		588		827
Cash and cash equivalents balance at end of the period		2,045		1,587

 

U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)

($ million)		June 30, 2025		March 31, 2026
Cash and cash equivalents		827		1,587
Trade receivables, net		3,426		3,513
Inventories, net		3,471		3,362
Property, plant, and equipment, net		8,202		7,410
Goodwill and other intangible assets, net		18,679		18,639
Assets held for sale, net		—		503
Other assets		2,461		2,568
Total assets		37,066		37,582
Trade payables		3,490		2,989
Short-term debt and current portion of long-term debt		257		653
Long-term debt, less current portion		13,841		15,200
Liabilities held for sale		—		177
Accruals and other liabilities		7,738		6,901
Shareholders' equity		11,740		11,662
Total liabilities and shareholders' equity		37,066		37,582

 

Components of Fiscal 2026 Net Sales growth

	Three Months Ended March 31,			Nine Months Ended March 31,
($ million)	Global Flexible Packaging Solutions	Global Rigid Packaging Solutions	Total	Global Flexible Packaging Solutions	Global Rigid Packaging Solutions	Total
Net sales fiscal year 2026	3,250	2,664	5,914	9,304	7,804	17,108
Net sales fiscal year 2025	2,406	927	3,333	7,072	2,855	9,927
Reported Growth %	35	187	77	32	173	72
FX %	6	13	7	5	9	5
Constant Currency Growth %	29	174	70	27	164	67
RM Pass Through %	1	(5)	—	1	(3)	—
Items affecting comparability %	29	182	71	27	173	69
Organic Growth %	(1)	(3)	(1)	(1)	(6)	(2)
Volume %	(2)	(3)	(2)	(2)	(5)	(3)
Price/Mix %	1	—	1	1	(1)	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 March 31, 2025								Three Months Ended March 31, 2026
($ million)		EBITDA		EBIT		Net Income		EPS (Diluted)		EBITDA		EBIT		Net Income		EPS (Diluted)
Net income attributable to Amcor		196		196		196		0.68		278		278		278		0.60
Net income attributable to non-controlling interests		1		1						—		—
Tax expense		40		40						32		32
Interest expense, net		75		75						153		153
Depreciation and amortization		131								346
EBITDA, EBIT, Net income, and EPS		443		312		196		0.68		809		463		278		0.60
Impact of hyperinflation		3		3		3		0.01		(2)		(2)		(2)		—
Restructuring, integration and related expenses, net(1)		14		14		14		0.06		59		65		65		0.15
Transaction costs		18		18		18		0.06		4		4		4		0.01
Other		—		—		—		—		22		22		22		0.04
Amortization of acquired intangibles(2)				37		37		0.13				134		134		0.29
Interest expense Berry Transaction						5		—						3		0.01
Tax effect of above items						(12)		(0.04)						(59)		(0.13)
Adjusted EBITDA, EBIT, Net income and EPS		477		384		261		0.90		892		687		446		0.96
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS										87		79		71		6
% currency impact										(7)		(7)		(8)		(4)
% constant currency growth										80		72		63		2
% items affecting comparability(3)										70		62
% from all other sources										10		10
Adjusted EBITDA		477								892
Interest paid, net		(40)								(143)
Income tax paid		(21)								(190)
Purchase of property, plant and equipment and other intangible assets		(117)								(227)
Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring		2								4
Movement in working capital		(277)								(287)
Other		(4)								(9)
Adjusted Free Cash Flow		20								39
Berry Transaction, restructuring and Integration costs, net		—								(78)
Free Cash Flow		20								(39)

All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026. (1) Three months ended March 31, 2026 primarily reflects restructuring and integration 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.

 

		Nine Months Ended March 31, 2025								Nine Months Ended March 31, 2026
($ million)		EBITDA		EBIT		Net Income		EPS (Diluted)(1)		EBITDA		EBIT		Net Income		EPS (Diluted)(1)
Net income attributable to Amcor		550		550		550		1.90		717		717		717		1.55
Net income attributable to non controlling interests		7		7						—		—
Tax expense		141		141						84		84
Interest expense, net		222		222						460		460
Depreciation and amortization		401								1,083
EBITDA, EBIT, Net income and EPS		1,321		920		550		1.90		2,344		1,261		717		1.55
Impact of hyperinflation		8		8		8		0.03		13		13		13		0.03
Restructuring, integration and related expenses, net(2)		44		44		44		0.15		210		230		230		0.50
Transaction costs		27		27		27		0.09		32		32		32		0.07
Other		(3)		(3)		(3)		(0.01)		29		29		29		0.06
Amortization of acquired intangibles(3)				116		116		0.40				411		411		0.89
Interest expense Berry Transaction						5		0.02						29		0.06
Tax effect of above items						(19)		(0.07)						(168)		(0.37)
Adjusted EBITDA, EBIT, Net income and EPS		1,397		1,112		728		2.51		2,628		1,977		1,293		2.79
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS										88		78		78		11
% currency impact										(5)		(5)		(6)		(3)
% constant currency growth										83		73		72		8
% items affecting comparability(4)										78		67
% from all other sources										5		6
Adjusted EBITDA		1,397								2,628
Interest paid, net		(167)								(406)
Income tax paid		(148)								(381)
Purchase of property, plant and equipment and other intangible assets		(360)								(687)
Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring		9								13
Movement in working capital		(710)								(899)
Other		(38)								(99)
Adjusted Free Cash Flow		(17)								169
Berry Transaction, restructuring and Integration costs, net		—								(262)
Free Cash Flow		(17)								(93)

All prior 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 nine months ended March 31, 2025 excludes net income attributable to shares to be repurchased under forward contracts of $1 million. (2) Nine months ended March 31, 2026 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 March 31, 2025								Three Months Ended March 31, 2026
($ 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								196								278
Net income attributable to non-controlling interests								1								—
Tax expense								40								32
Interest expense, net								75								153
EBIT		303		64		(55)		312		362		187		(86)		463
Impact of hyperinflation		—		3		—		3		—		(2)		—		(2)
Restructuring, integration and related expenses, net(1)		4		2		8		14		15		21		29		65
Transaction costs		—		1		17		18		—		—		4		4
Other		1		(2)		1		—		2		10		10		22
Amortization of acquired intangibles(2)		35		2		—		37		73		60		1		134
Adjusted EBIT		343		70		(29)		384		452		276		(42)		687
Adjusted EBIT / sales %		14.3 %		7.6 %				11.5 %		13.9 %		10.4 %				11.6 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT										32		294		—		79
% currency impact										(4)		(21)		—		(7)
% constant currency growth										28		273		—		72
% items affecting comparability(3)										23		253		—		62
% from all other sources										5		20		—		10

(1) Three months ended March 31, 2026 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 operations.

 

		Nine Months Ended March 31, 2025								Nine Months Ended March 31, 2026
($ 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								550								717
Net income attributable to non-controlling interests								7								—
Tax expense								141								84
Interest expense, net								222								460
EBIT		815		212		(107)		920		934		525		(197)		1,261
Impact of hyperinflation		—		8				8		1		12		—		13
Restructuring, integration and related expenses, net(1)		30		5		9		44		78		97		55		230
Transaction costs		—		1		26		27		8		2		22		32
Other		10		(16)		3		(3)		10		6		13		29
Amortization of acquired intangibles(2)		108		6		2		116		225		183		3		411
Adjusted EBIT		963		216		(67)		1,112		1,256		824		(104)		1,977
Adjusted EBIT / sales %		13.6 %		7.6 %				11.2 %		13.5 %		10.6 %				11.6 %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT										30		281		—		78
% currency impact										(2)		(15)		—		(5)
% constant currency growth										28		266		—		73
% items affecting comparability(3)										23		269		—		67
% from all other sources										5		(3)		—		6

(1) Nine months ended March 31, 2026 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		March 31, 2026
Cash and cash equivalents		(827)		(1,587)
Short-term debt		116		92
Current portion of long-term debt		141		561
Long-term debt, less current portion		13,841		15,200
Net debt		13,271		14,266

 

Historical net sales and adjusted EBIT by reporting segment

Effective January 1, 2026, the Company's flexible operations in Latin America previously included in the Global Flexible Packaging Solutions reportable segment are now reflected in the Global Rigid Packaging Solutions reportable segment as the Company has consolidated management of its flexible and rigid packaging operations under one management team and the Company's Chief Operating Decision Maker is now reviewing results under this new structure.  Prior period amounts have been recast to conform with current period presentation.

($ million)		Three Months Ended June 30, 2024		Three Months Ended September 30, 2024		Three Months Ended December 31, 2024		Three Months Ended March 31, 2025		Three Months Ended June 30, 2025		Three Months Ended September 30, 2025		Three Months Ended December 31, 2025
Global Flexibles Packaging Solutions - Net Sales			2,467		2,345		2,322		2,406		2,993		3,055		2,998
Global Flexibles Packaging Solutions - adjusted EBIT			385		312		309		343		435		409		394
Flexibles adjusted EBIT Margin %		15.6		13.3		13.3		14.3		14.5		13.4		13.1
Global Rigids Packaging Solutions - Net Sales			1,067		1,008		920		927		2,088		2,689		2,451
Global Rigids Packaging Solutions - adjusted EBIT			93		79		67		70		219		312		236
Rigid adjusted EBIT Margin %		8.7		7.8		7.3		7.6		10.5		11.6		9.6
Other - Net Sales
Other - adjusted EBIT			(24)		(26)		(12)		(29)		(43)		(34)		(27)
Other adjusted EBIT Margin %
Total Net Sales			3,535		3,353		3,241		3,333		5,082		5,745		5,449
Total adjusted EBIT			454		365		363		384		611		687		603
Total adjusted EBIT Margin %		12.8		10.9		11.2		11.5		12.0		12.0		11.1

 

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 in full; 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, including impacts from the Middle East conflict; 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 those resulting from geopolitical conflicts and 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 and conflict in the Middle East.

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 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 prior 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 nine months ended March 31, 2026 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and nine months ended March 31, 2025. 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 May 27, 2026 to May 28, 2026 inclusive.

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SOURCE Amcor

FAQ

What did Amcor (AMCR) report for Q3 FY2026 revenue and adjusted EBITDA?

Amcor reported Q3 net sales of $5,914 million and adjusted EBITDA of $892 million. According to the company, the increases reflect the Berry acquisition contribution and synergy delivery offset partly by lower volumes and integration costs.

What is Amcor's fiscal 2026 adjusted EPS guidance (AMCR) and growth outlook?

Amcor expects adjusted EPS of $3.98 to $4.03 for fiscal 2026, about 12% growth at the midpoint. According to the company, guidance reflects a full 12 months of Berry ownership and includes estimated pre-tax synergy benefits.

Why did Amcor (AMCR) revise free cash flow guidance for fiscal 2026?

Free cash flow was revised to $1.5–$1.6 billion, down from prior $1.8–$1.9 billion. According to the company, the reduction reflects higher inventory levels and costs to secure customer service amid Middle East conflict uncertainty.

How much net debt does Amcor (AMCR) have and how might it affect investors?

Net debt was reported at $14,266 million as of March 31, 2026. According to the company, elevated acquisition-related net debt increased interest expense and influences adjusted net interest expense and cash-flow metrics.

What dividend did Amcor (AMCR) declare and when will shareholders be paid?

The Board declared a quarterly cash dividend of $0.65 per share, payable June 17, 2026. According to the company, ex-dividend dates are May 27 (ASX CDIs) and May 28 (NYSE shares) with record date May 28, 2026.