Amcor (AMCR) details Berry merger synergies, $14B debt load and ESG targets
Rhea-AI Filing Summary
Amcor plc reports on a year of major strategic change, highlighted by the completed merger with Berry Global Group, Inc. on April 30, 2025. Berry shareholders received 7.25 Amcor ordinary shares for each Berry share, and Amcor expects the merger to deliver approximately $650 million in annual pre-tax cost synergies by the end of the third year after closing.
The company is a global leader in flexible and rigid consumer packaging, with two reportable segments: Global Flexible Packaging Solutions generated about 55% of net sales and Global Rigid Packaging Solutions about 45% in fiscal 2026. Amcor spent roughly $170 million on R&D, holds more than 7,000 patents, designs and trademarks, and employed about 75,000 people as of June 30, 2026.
Amcor is shifting its fiscal year to a calendar year starting in 2027 and is reviewing non-core businesses with about $2.5 billion of sales, having already divested around $500 million. As of June 30, 2026, debt totaled $14.0 billion, including $1.29 billion drawn on $3.75 billion of revolving credit capacity, and goodwill and other intangibles were $18.7 billion. The company emphasizes sustainability, targeting net zero greenhouse gas emissions by 2050, with Science Based Targets initiative validation of its near-term and net-zero goals.
Positive
- Berry merger adds scale and synergies: The 2025 combination with Berry Global is expected to generate about $650 million in annual pre-tax cost synergies by the end of year three, supporting higher cash generation and investment capacity.
- Strong innovation and IP base: Amcor spent approximately $170 million on R&D in fiscal 2026 and holds more than 7,000 patents, designs and trademarks, reinforcing product differentiation and long-term competitiveness.
Negative
- High leverage: Total debt was $14.0 billion as of June 30, 2026, including $1.29 billion drawn under revolving credit lines, increasing sensitivity to interest rates and economic downturns.
- Large goodwill and intangibles: Goodwill and other intangible assets of $18.7 billion expose Amcor to potential non-cash impairment charges if business performance or market assumptions weaken.
Key Figures
Aggregate market value of non-affiliate shares: $19.3 billion
Shares outstanding: 462,345,690 shares
Total debt outstanding: $14.0 billion
+5 more
8 metrics
Aggregate market value of non-affiliate shares
$19.3 billion
Ordinary shares held by non-affiliates as of the last business day of the most recent second quarter
Shares outstanding
462,345,690 shares
Ordinary shares issued and outstanding as of August 12, 2026
Total debt outstanding
$14.0 billion
Debt balance as of June 30, 2026
Revolving credit usage
$1.29 billion of $3.75 billion
Borrowings under revolving credit facilities as of June 30, 2026
Goodwill and other intangible assets
$18.7 billion
Carrying amount as of June 30, 2026
Target Berry cost synergies
$650 million
Estimated annual pre-tax net cost synergies by end of third year post-merger
R&D spending
$170 million
Approximate research and development expense in fiscal year 2026
Global workforce
75,000 employees
Total employees worldwide as of June 30, 2026
Key Terms
large accelerated filer, Science Based Targets initiative, extended producer responsibility, highly inflationary economy, +2 more
6 terms
large accelerated filer regulatory
"We are a large accelerated filer (as defined in the Securities Exchange Act of 1934…"
A large accelerated filer is a publicly traded company that meets the U.S. securities regulator’s size and reporting history thresholds, qualifying it as one of the largest issuers. For investors, that label matters because such companies face faster filing deadlines, more rigorous audit and internal-control disclosure requirements, and generally more transparent and timely financial reporting—like a big, well-regulated store required to post its inventory and receipts promptly for customers to see.
Science Based Targets initiative environmental
"net zero science-based targets…were validated by the Science Based Targets initiative ("SBTi")…"
A global nonprofit program that helps companies set and verify greenhouse gas reduction targets that match what climate science says is needed to avoid dangerous warming. Think of it like a certified road map and stamp of approval showing a company has a credible plan to cut emissions; investors use it as a shorthand for firms likely to manage climate risks, regulatory changes, and future costs better than peers without such verified plans.
extended producer responsibility regulatory
"including regulations related to extended producer responsibility ("EPR") and pollution mitigation funds…"
Extended producer responsibility is a regulation that makes the maker or seller of a product pay for or manage the product’s disposal, recycling, or take-back at the end of its life. Like a store that must also handle its customers’ trash, it matters to investors because it can add ongoing costs, create compliance risks, influence product design and competitiveness, and change capital or operating expenses across industries.
highly inflationary economy financial
"currency devaluation in Argentina and its designation as a highly inflationary economy under U.S. GAAP."
Segment Reporting financial
"Accounting Standards Codification ("ASC") 280, "Segment Reporting," establishes the standards…"
Segment reporting is the practice of breaking a company's financial results into the separate parts of its business—such as product lines, geographic areas, or divisions—so outsiders can see how each part is performing. For investors, it matters because it reveals which areas drive profit or loss, like inspecting individual rooms in a house to know which need repair or add value, helping assess growth prospects and risks more accurately.
net zero greenhouse gas emissions environmental
"to reduce GHG emissions and achieve net zero greenhouse gas emissions by 2050…"
FAQ
What major transaction did Amcor (AMCR) complete with Berry Global?
Amcor completed its merger with Berry Global Group, Inc. on April 30, 2025. Berry shareholders received 7.25 Amcor shares for each Berry share, and Amcor targets about $650 million in annual pre-tax cost synergies by year three.
How is Amcor (AMCR) organized after the Berry merger?
Amcor reports two segments: Global Flexible Packaging Solutions, about 55% of fiscal 2026 net sales, and Global Rigid Packaging Solutions, about 45%. Together they serve global food, beverage, healthcare, beauty, and other consumer markets across more than 30 countries.
What is Amcor’s (AMCR) debt position as of June 30, 2026?
As of June 30, 2026, Amcor reported $14.0 billion of debt outstanding, including $1.29 billion drawn under revolving credit facilities with an aggregate limit of $3.75 billion, and notes that about 15% of its debt carries variable interest rates.
How many employees does Amcor (AMCR) have and where are they located?
Amcor employed approximately 75,000 people globally as of June 30, 2026. Around 39% are in North America, 34% in Europe, Middle East and Africa, 12% in Latin America, and 15% in Asia Pacific; about 37% are covered by collective bargaining agreements.
What sustainability and climate targets has Amcor (AMCR) set?
Amcor has committed to achieving net zero greenhouse gas emissions by 2050, with near-term and net-zero targets validated by the Science Based Targets initiative (SBTi). It focuses on renewable electricity, recycled materials, supply chain footprint reduction, product redesign, and operational efficiency.
Is Amcor (AMCR) changing its fiscal year, and how will it report?
Yes. On May 1, 2026 Amcor’s board approved changing the fiscal year to run January 1–December 31. It will file a transition report for July 1–December 31, 2026 and then file calendar-year annual reports beginning with the year ending December 31, 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
For the fiscal year ended June 30 , 2026
or
For the transition period from __________ to __________
Commission File Number 001-38932
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: +44 117 9753200
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
| ☒ | Smaller Reporting Company | |||||||||||||
| Accelerated Filer | ☐ | Emerging Growth Company | ||||||||||||
| Non-Accelerated Filer | ☐ | |||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the ordinary shares held by non-affiliates of the registrant, computed by reference to the closing price of such shares as of the last business day of the registrant’s most recently completed second quarter, was $19.3 billion.
As of August 12, 2026, the Registrant had 462,345,690 shares issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Amcor plc
Annual Report on Form 10-K
Table of Contents
Part I | ||||||||
Item 1. | Business | 6 | ||||||
Item 1A. | Risk Factors | 13 | ||||||
Item 1B. | Unresolved Staff Comments | 27 | ||||||
Item 1C. | Cybersecurity | 27 | ||||||
Item 2. | Properties | 28 | ||||||
Item 3. | Legal Proceedings | 28 | ||||||
Item 4. | Mine Safety Disclosures | 28 | ||||||
Part II | ||||||||
Item 5. | Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 29 | ||||||
Item 6. | [Reserved] | 31 | ||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32 | ||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 49 | ||||||
Item 8. | Financial Statements and Supplementary Data | 51 | ||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | 51 | |||||||
Consolidated Statements of Income | 53 | |||||||
Consolidated Statements of Comprehensive Income | 54 | |||||||
Consolidated Balance Sheets | 55 | |||||||
Consolidated Statements of Cash Flows | 56 | |||||||
Consolidated Statements of Equity | 57 | |||||||
Notes to Consolidated Financial Statements | 58 | |||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 117 | ||||||
Item 9A. | Controls and Procedures | 117 | ||||||
Item 9B. | Other Information | 117 | ||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 117 | ||||||
Part III | ||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | 118 | ||||||
Item 11. | Executive Compensation | 119 | ||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 119 | ||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 119 | ||||||
Item 14. | Principal Accountant Fees and Services | 119 | ||||||
Part IV | ||||||||
Item 15. | Exhibits and Financial Statement Schedules | 120 | ||||||
Exhibit Index | 120 | |||||||
Item 16. | Form 10-K Summary | 128 | ||||||
Signatures | 129 | |||||||
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Forward-Looking Statements
Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this Annual Report on Form 10-K refer to Amcor plc and its consolidated subsidiaries.
This Annual Report on Form 10-K 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. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to:
•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;
•risk of integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition;
•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;
•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;
•risk that the use of artificial intelligence could adversely affect our business and financial results;
•risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs;
•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.
Additional factors that could cause actual results to differ from those expected are discussed in this Annual Report on Form 10-K, including in the sections entitled "Item 1A. - Risk Factors" and "Item 7. - Management’s Discussion and Analysis of Financial Condition and Results of Operations," and in Amcor’s subsequent filings with the Securities and Exchange Commission.
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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.
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PART I
Item 1. - Business
The Company
Amcor plc (ARBN 630 385 278) is a public limited company incorporated under the Laws of the Bailiwick of Jersey. Our history dates back more than 150 years, with origins in both Australia and the United States of America. Today, we are the global leader in developing and producing responsible primary 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 packaging and dispensing solutions 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.
Berry Global Group, Inc. Merger
On April 30, 2025, we completed our merger ("Merger") with Berry Global Group, Inc. ("Berry"), a global manufacturer of rigid and flexible packaging products pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) between Amcor, Aurora Spirit, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and Berry, dated November 19, 2024. Under the terms of the Merger Agreement, Berry shareholders received 7.25 Amcor ordinary shares for each share of Berry common stock issued and outstanding. Upon completion of the transaction, Berry shares were delisted from the New York Stock Exchange.
Change of Fiscal Year
Historically, we have reported on a fiscal year basis starting July 1 and ending June 30. On May 1, 2026, our Board of Directors acted to change our fiscal year end to a year beginning on January 1 and ending December 31. We plan to report our financial results for the six-month transition period of July 1, 2026 through December 31, 2026, on a Transition Report on Form 10-K/T and to thereafter file an Annual Report on Form 10-K beginning with the first full calendar fiscal year ending on December 31, 2027. Our fiscal quarters will remain calendar quarters. Prior to filing our transition report, we will file a Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.
In this Form 10-K, the fiscal years ended on June 30, 2026, 2025 and 2024 are referred to as "fiscal year 2026", "fiscal year 2025" and "fiscal year 2024", respectively.
Business Strategy
Amcor is the global leader in primary consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories. We have leading positions in large, resilient and growing end markets where we have significant room for growth via disciplined organic growth and long-term strategic mergers and acquisitions. We aim to drive value through orienting our core portfolio toward faster-growing, higher-margin categories and leveraging our competitive advantages which includes global scale and breadth, innovation, material science, technical and innovation capabilities, and leadership.
We believe there will always be a role for the primary packaging solutions we produce to preserve food, beverages, and healthcare products, protect consumers, and promote brands. Behind every one of our products stands a unique combination of technical know-how, business experience, and innovation expertise. We embrace a growth-oriented mindset, working closely with our customers to identify feasible, high-performance, responsible packaging solutions based on their unique needs. Where solutions do not currently exist, we work to innovate new ones. We believe we are uniquely positioned to deliver exceptional value to our customers by leveraging our global scale and innovation and sustainability capabilities to offer a broad range of differentiated consumer packaging and dispensing solutions using a variety of materials including paper, aluminum, polymer resins, recycled, and bio-based materials. We empower our teams with the tools, processes, and skills needed to operationalize growth, accelerate volume expansion, and sustain profitability.
Innovation is central to Amcor’s success and in fiscal year 2026 we spent approximately $170 million on research and development ("R&D"), not including ongoing investments in continuous improvements. We are highly regarded for our innovation capabilities and have over 7,000 patents, registered designs and trademarks, as well as a global network of Innovation Centers focused on bringing advanced packaging technologies and more sustainable material science to our markets
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around the world. We solve packaging challenges by developing differentiated products, services, and processes to protect our customers' products and fulfill the needs of the consumers who rely on them. Drawing on our unrivaled heritage in design, science, and manufacturing, our approximately 1,500 R&D professionals and engineers are constantly innovating across new materials, formats, functions, and technologies to provide products with superior clarity, protection, design versatility, consumer safety, convenience, cost efficiency, barrier properties and environmental performance.
Sustainability is also comprehensively embedded across our business, from the investments we are making in packaging innovation and design, to the work we undertake within our own operations and with our upstream and downstream partners to develop a more responsible packaging value chain. For years, Amcor has been an industry leader in driving progress toward a circular economy for packaging. In January 2018, we became the world’s first packaging company to pledge via our global commitment that all our packaging would be designed to be recyclable, compostable, or reusable by 2025, and also committed to using 10% post-consumer recycled ("PCR") materials in our packaging. We announced the outcome of this journey in our 2025 Sustainability Report and building on this progress, committed to the next phase of our journey, setting 2030 targets for recycled content. We know that our environmental footprint also extends beyond the products we create and we strive to reduce the environmental impacts of our operations. For more than a decade, we have implemented programs focused on improving how we manage energy, greenhouse gas (GHG) emissions, water, and waste in our manufacturing locations. We established ambitious near-term and net zero science-based targets to reduce GHG emissions and achieve net zero emissions by 2050 which were validated by the Science Based Targets initiative ("SBTi") in fiscal year 2026. Our decarbonization roadmap outlines how we will achieve these targets by focusing on five key GHG emission levers: renewable electricity, supply chain footprint reduction, recycled materials, product redesign, and operational efficiency.
We believe this strategy will help us continue to deliver sustainable value aligned with Amcor’s "Shareholder Value Creation Model". Long-term value creation has been strong and consistent and has reflected strong cash flow generation combined with disciplined redeployment into a combination of dividends, organic growth in the base business, and using free cash flow to pursue targeted acquisitions and/or returning cash to shareholders via share buybacks, while maintaining an investment-grade credit rating.
When full synergies are achieved, the strategic Merger with Berry is expected to further increase cash generation, enabling increased investment in organic growth and targeted acquisitions, enabling us to sustain our track record of strong and consistent long-term value creation.
Segment Information
Accounting Standards Codification ("ASC") 280, "Segment Reporting," establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280, we have determined we have two reportable segments, Global Flexible Packaging Solutions and Global Rigid Packaging Solutions. The reportable segments produce differentiated solutions, which are sold to customers participating in a range of attractive end markets throughout Europe, North America, Latin America, and the Asia Pacific regions. Refer to Note 21, "Segments," of the notes to consolidated financial statements for financial information about reportable segments.
Global Flexible Packaging Solutions Segment
Our Global Flexible Packaging Solutions segment develops and supplies flexible packaging globally. With approximately 36,000 employees at approximately 190 manufacturing and support facilities in 33 countries as of June 30, 2026, the Global Flexible Packaging Solutions segment is one of the world's largest suppliers of polymer resin, aluminum, and fiber based flexible packaging solutions. In fiscal year 2026, the Global Flexible Packaging Solutions segment accounted for approximately 55% of consolidated net sales.
Global Rigid Packaging Solutions Segment
Our Global Rigid Packaging Solutions segment manufactures rigid packaging containers, closures, dispensing and pharma delivery devices, and related products globally. As of June 30, 2026, the Global Rigid Packaging Solutions segment employed approximately 38,000 employees at approximately 210 manufacturing and support facilities in 33 countries. In fiscal year 2026, the Global Rigid Packaging Solutions segment accounted for approximately 45% of consolidated net sales.
Marketing, Distribution, and Competition
Our sales are made through a variety of distribution channels, but predominantly through our direct sales force. Sales offices and plants are located primarily throughout Europe, North America, Latin America, and the Asia-Pacific regions to
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provide prompt and economical service to thousands of customers. Our technically trained sales force is supported by product development engineers, design technicians, field service technicians, and customer service teams. Our scale enables us to dedicate certain sales and marketing efforts to particular products or customers, when applicable, which supports us in developing expertise that we believe is valued by our customers.
We did not have sales to a single customer that exceeded 10% of consolidated net sales in the last three fiscal years.
The major markets in which we sell our products historically have been, and continue to be, highly competitive. Areas of competition include service, sustainability, innovation, quality, and price. We consider ourselves to be a significant participant in the markets in which we operate. Competitors include 3M, AptarGroup, Inc., Avery Dennison Corporation, Ball Corporation, Crown Holdings, Inc., Graphic Packaging International, Inc., Huhtamaki Oyj, International Paper Company, O-I Glass, Inc., Orora Limited, Packaging Corporation of America, Silgan Holdings Inc., Smurfit WestRock, and Sonoco Products Company, and a variety of privately held companies.
Backlog
Working capital fluctuates throughout the year in relation to business volume and other marketplace conditions. We maintain inventory levels that provide a reasonable balance between obtaining raw materials at favorable prices and maintaining adequate inventory levels to enable us to fulfill our commitment to promptly fill customer orders. Manufacturing backlogs are not a significant factor in the markets in which we operate.
Raw Materials
Polymer resins and films, paper, paperboard, inks, solvents, adhesives, and aluminum constitute the major raw materials we use. These are purchased from a variety of global industry sources, and we are not significantly dependent on any one supplier for our raw materials. While we have experienced industry-wide shortages of certain raw materials in the past, including following the Middle East conflict that began in February 2026, we have been able to manage supply disruptions by working closely with our suppliers and customers. Supply shortages, along with other factors, can lead and have in the past led to increased raw material price volatility. Increases in the price of raw materials are generally able to be passed on to customers including through contractual price mechanisms over time. We manage the risks associated with our supply chain and have generally been able to maintain adequate raw materials through relationship management, inventory management, and evaluation of alternative sources when practical. For more information, see "Item 1A. - Raw Materials - Price fluctuations or shortages in the availability of raw materials, energy, and other inputs could adversely affect our business."
Intellectual Property
We are the owner or licensee of more than 5,000 United States and other country patents and patent applications that relate to our products, manufacturing processes, and equipment. We also have a number of trademarks and trademark registrations in the United States and in other countries. In addition, we keep certain technology and processes as trade secrets. Our patents, licenses, and trademarks collectively provide a competitive advantage. However, the loss of any single patent or license alone would not have a material adverse effect on our results of operations as a whole or those of our reportable segments. Patents, patent applications, and license agreements will expire or terminate over time by operation of law, in accordance with their terms, or otherwise.
Governmental Laws and Regulations
Our operations and the real property we own, or lease, are subject to broad governmental laws and regulations, including environmental laws and regulations by multiple jurisdictions. These laws and regulations pertain to employee health and safety, the discharge of certain materials into the environment, handling and disposition of waste, cleanup of contaminated soil and ground water, other rules to control pollution and manage natural resources, and other government regulations. We believe that we are in substantial compliance with applicable health and safety laws, environmental laws and regulations based on the execution of our Environmental, Health, and Safety Management System and regular audits of those processes and systems. However, we cannot predict with certainty that we will not, in the future, incur liability with respect to noncompliance with health and safety laws, environmental laws and regulations due to contamination of sites formerly or currently owned or operated by us (including contamination caused by prior owners and operators of such sites) or the off-site disposal of regulated materials, or other broad government regulations which could be significant. In addition, these laws and regulations are constantly changing, and we cannot always anticipate these changes. Refer to Note 20, "Contingencies and Legal Proceedings," of the notes to consolidated financial statements for information about legal proceedings. For a more detailed description of the various laws and regulations that affect our business and related risks, see "Item 1A. - Legal and Compliance Risks."
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Seasonal Factors
Our business and operations of each of the reportable segments are subject to moderate seasonality with demand usually increasing towards the middle of the calendar year due to increased demand for beverage and food products in certain markets. Historically, cash flow from operations has been lower in the six months ending December 31, and higher in the six months ending June 30, due to moderate seasonality, working capital requirements, and the timing of certain cash payments made in the six months ending December 31, including incentive compensation.
Research and Development
Refer to section "Business Strategy" within "Item 1. - Business" of this Annual Report on Form 10-K, and to Note 2, "Significant Accounting Policies," of the notes to consolidated financial statements, for further information about our research and development activities, expenditures, and policies.
Human Capital Management
Overview
At Amcor, effective human capital management is foundational to our ability to deliver long-term value. As we continue to integrate and transform our business following the combination with Berry, we remain focused on building a purpose-driven, high-performing, and inclusive culture that supports innovation, operational excellence, and sustainable growth.
Our people are central to our success. We believe we are winning for our people when they feel safe, engaged, and supported in their development. Our human capital strategy emphasizes leadership development, succession planning, employee engagement, and inclusion as key drivers of a strong and resilient workforce. These efforts are designed to ensure alignment with Amcor’s broader strategic priorities and our company purpose: Together, we elevate customers, shape lives, and protect the future.
As of June 30, 2026, Amcor employed approximately 75,000 employees globally, including part-time and temporary workers. The regional breakdown is approximately 39% in North America, 34% in Europe, Middle East, and Africa, 12% in Latin America, and 15% in the Asia Pacific region. Approximately 37% of our workforce is covered by collective bargaining agreements. As of June 30, 2026, about 2% of employees were working under expired contracts, and approximately 19% were covered under agreements due to expire within one year.
Health and Safety
Safety is a core value at Amcor, as well as an integral component in our global Environment, Health and Safety ("EHS") programs. We take care of ourselves and each other, so everyone returns home safely every day. We champion a safe and healthy workplace, establish key accountabilities at all levels of the organization, and aspire to achieve a culture of care and an injury-free Amcor. All our facilities are subject to global EHS standards which serve as blueprints for a safe and healthy workplace. We also have established policies, procedures, and training intended to minimize risks to people, property, and reputation. We track health and safety metrics to identify issues and trends and provide our Board of Directors with monthly reports on safety performance and compliance with our global EHS standards.
Talent Management and Development
At Amcor, we are committed to attracting, developing, and retaining top talent as a key enabler of our business strategy. We remain focused on building a scalable Human Resources ("HR") strategy that enables our people and business to grow together. Our HR strategy is anchored in our Employer Value Proposition, "Possibility unpacked. For you. For the world." This reflects our commitment to creating meaningful opportunities for our people to learn, develop, and thrive while advancing Amcor's long-term growth and value creation objectives.
Following the merger with Berry, we continue to align elements of our organizational structures, leadership teams, and people practices to support consistency, fairness, and an enhanced employee experience across our global organization.
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We also maintain a structured approach to talent reviews and succession planning across the organization, using common talent assessment practices and regular talent review discussions to identify, develop, and prepare leaders for future opportunities. These processes support leadership continuity while informing targeted development investments across the business.
We offer a range of executive development, leadership training, and awareness programs designed to support career growth across all levels of the organization. Examples of our global leadership programs include the Senior Leader Development Program which builds strategic management capabilities and inclusive leadership skills among a broader leadership population. These initiatives are complemented by mentoring and tailored learning experiences that support succession planning and strengthen organizational capability.
In addition to leadership development, we maintain a structured performance management process to ensure employees have clear goals aligned with business priorities. Through formal reviews, regular coaching, and feedback, we empower employees to understand their contributions and continuously grow in their roles. These processes are designed to foster a high-performance culture across the company.
Culture and Employee Experience
Our Culture Framework serves as the foundation for how we work together through a shared purpose, common values, and consistent behaviors:
•Purpose: Together, we elevate customers, shape lives, and protect the future.
•Values: Safety, Customers, Winning, Agility, Sustainability.
•Behaviors: I do the right thing, I champion customers, I dream big, I make things happen, I play for team Amcor.
By reinforcing a common culture across the organization, the framework supports collaboration, performance, and a shared understanding of expectations and ways of working across all levels and locations.
To reinforce our culture through everyday actions, we also recently strengthened our employee recognition approach through the Amcor Diamond Award, our global recognition program celebrating employees who exemplify our Behaviors and make meaningful contributions across the organization. Together with our Kudos recognition cards, these initiatives help reinforce our culture, celebrate employee contributions, and strengthen engagement across our global workforce.
We are also committed to creating an exceptional employee experience by continuing to advance our talent development, engagement, and inclusion efforts as integral elements of our Culture Framework. These efforts reinforce a consistent and inspiring environment where employees feel valued, supported, and empowered to contribute, grow, and thrive.
A key element of this approach is a dedicated program designed to equip our Plant Leadership teams and People Managers with the mindset, tools, and behaviors needed to lead effectively at every stage of the employee lifecycle from recruitment and onboarding to performance management and development. By fostering high-impact leadership on the ground, we are strengthening engagement, enabling growth, and driving performance across the organization. This program plays a pivotal role in supporting our business transformation and talent goals while reinforcing consistent, values-driven leadership across diverse teams and geographies.
Engagement
We prioritize employee engagement as a driver of performance and cultural alignment. We run global employee surveys, supplemented by regular pulse checks, to gather insights on topics including leadership, inclusion, ways of working, and our culture. We continue to reinforce a unified "One Amcor" culture through consistent leadership communications and employee engagement initiatives designed to support alignment across the combined organization.
Our engagement mechanisms also include listening sessions, town halls, and Employee Resource Groups, which help to surface employee feedback and foster a more connected workforce. The results of these feedback channels inform leadership actions and support continuous improvement efforts at both global and local levels.
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Ethics and Integrity
Integrity is a foundational behavior at Amcor, reflected in our expectation that employees and directors always act with objectivity, fairness, and transparency. Our behavior "I do the right thing" underpins our commitment to ethical conduct and responsible business practices.
Every Amcor employee signs our Code of Business Conduct and Ethics which outlines our principles for ethical decision-making. This code is reinforced through targeted training programs delivered across all operating regions and aligned with the legal requirements of each jurisdiction in which we operate.
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Information about our Executive Officers
The following sets forth the name, age, and business experience for at least the last five years of our executive officers. Unless otherwise indicated, positions shown are with Amcor.
| Name (Age) | Positions Held | Period the Position was Held | ||||||||||||
| Peter Konieczny (61) | Chief Executive Officer | 2024 to present | ||||||||||||
| Interim Chief Executive Officer | 2024 | |||||||||||||
| Chief Commercial Officer | 2021 to 2024 | |||||||||||||
| President, Amcor Flexibles Europe, Middle East and Africa | 2015 to 2021 | |||||||||||||
| Stephen R. Scherger (62) | Executive VP, Chief Financial Officer | 2025 to present | ||||||||||||
| Executive VP and Chief Financial Officer of Graphic Packaging Holding Company | 2015 to 2025 | |||||||||||||
| Susana Suarez Gonzalez (57) | Executive VP and Chief Human Resources Officer | 2022 to present | ||||||||||||
| Executive VP, Chief Human Resources and Diversity & Inclusion Officer, International Flavors and Fragrances | 2016 to 2022 | |||||||||||||
| Deborah Rasin (59) | Executive VP and General Counsel | 2022 to present | ||||||||||||
| Senior VP, Chief Legal Officer and Secretary, Hill-Rom Holdings | 2016 to 2022 | |||||||||||||
| Jean-Marc Galvez (59) | Division President, Global Rigid Packaging Solutions | 2025 to present | ||||||||||||
| President of Berry’s Consumer Packaging — International Division | 2019 to 2025 | |||||||||||||
| Ryan D. Yost (50) | Division President, Global Flexible Packaging Solutions | 2026 to present | ||||||||||||
| President of Avery Dennison Materials Group | 2024 to 2026 | |||||||||||||
| VP and General Manager of Vestcom | 2023 to 2024 | |||||||||||||
| VP and General Manager of Avery Dennison Identification Solutions | 2021 to 2024 | |||||||||||||
| VP and General Manager of Avery Dennison Printer Solutions | 2019 to 2021 | |||||||||||||
| Ian Wilson (68) | Executive VP, Strategy and Development | 2000 to present | ||||||||||||
Available Information
We are a large accelerated filer (as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 12b-2) and we are also an electronic filer. Electronically filed reports (Forms 4, 8-K, 10-K, 10-Q, S-3, S-8, etc.) can be accessed at the SEC's website (sec.gov). We make available free of charge (other than an investor’s own Internet access charges) through the Investor Relations section of our website (amcor.com/investors), under "Financial Information" and then "SEC Filings," our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We are not including the information contained on our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K.
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Item 1A. - Risk Factors
The following factors, as well as factors described elsewhere in this Annual Report on Form 10-K, or in other filings by us with the Securities and Exchange Commission, could have a material adverse effect on our business, financial condition, results of operations, or cash flows. Other factors not presently known to us or that we presently believe are not material could also affect our business operations and financial results.
Strategic Risks
Changes in Consumer Demand — Demand for our products could be affected by a variety of factors, including economic conditions and regulatory developments.
Sales of our products and services are closely tied to our customers' sales volumes to end consumers. Shifts in consumer preferences across the industries we serve, or in the packaging formats used to deliver those products, may arise from changes in cost, economic conditions, regulatory developments (including end user taxes), or evolving expectations related to convenience, health, environmental impact, and social considerations. For example, increasing focus on reducing packaging waste and limiting the use of petrochemical components, may decrease demand for certain products or render portions of our existing portfolio less relevant or obsolete. Additionally, new products we introduce may not achieve expected sales volumes or margin levels due to various factors, including our or our customers' inability to accurately predict consumer demand, end user preferences or movements in industry standards, or to develop products that meet consumer demand in a timely and cost-effective manner.
If changing preferences are not offset by growth in new or substitute products or changes in consumer demand are not adequately mitigated by growth in new or substitute products, our business, financial condition, results of operations, or cash flows could be materially adversely affected.
Key Customers and Customer Consolidation — The loss of key customers, a reduction in their production requirements or consolidation among key customers could have a significant adverse impact on our sales revenue and profitability.
Relationships with our customers are fundamental to our success, particularly given the nature of the packaging industry and other supply choices available to customers. While we do not have a single customer accounting for more than 10% of our net sales, customer concentration can be more pronounced within certain businesses. Consequently, the loss of any of our key customers or any significant reduction in their production requirements, or an adverse change in the terms of our supply agreements with them, could reduce our sales revenue and net profit. In addition, geopolitical tensions, wars, and terrorism can impact local demand for our products. Although we have been largely successful in maintaining customer relationships in the past, there is no assurance that existing customer relationships will be renewed at existing volumes, product mix, or price levels, or at all.
Customers with operations subject to physical risks, including those caused by natural disasters and adverse weather conditions related to climate change, may relocate production to less affected areas, which could be beyond the range of Amcor's production sites. Supplying such relocated facilities may lead to additional costs. New regulations can also affect our relationships with customers. Any loss, change, or other adverse event related to our key customer relationships could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
Furthermore, in recent years, some of our customers have acquired companies with similar or complementary product lines. This consolidation has increased the concentration of our business with these customers. Such consolidation may be accompanied by pressure from customers for lower prices, reflecting the increase in the total volume of products purchased or the elimination of a price differential between the acquiring customer and the acquired company. While we have generally been successful in managing customer consolidations, increased pricing pressures from our customers could have a material adverse effect on our results of operations or cash flows.
Competition — We face significant competition in the industries and regions in which we operate, which could adversely affect our business.
We operate in highly competitive geographies and end use areas, each with varying barriers to entry, industry structures, and competitive behavior. We regularly bid for new and continuing business in the industries and regions in which we operate, and we continually adapt to changes in consumer demand. While we cannot predict with certainty the changes that may impact our competitiveness, the main methods of competition in the general packaging industry include price, innovation, sustainability, service, and quality.
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Our competitors may develop or utilize disruptive technologies or other technological innovations that could increase their ability to compete for our current or potential customers. Our failure to adequately respond to the actions that established or potential competitors take could materially affect our ability to implement our plans and materially adversely affect our business, financial condition, results of operations, or cash flows.
Integration — We may face challenges with integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition.
We may face challenges in integrating our acquisitions with our existing operations. The successful integration of acquisitions is complex and potential difficulties we may encounter as part of any integration process include, but are not limited to, the following: employees may voluntarily or involuntarily separate from employment with us or the acquired businesses because of the acquisitions; our management may have its attention diverted while trying to integrate the acquired businesses; we may encounter obstacles when incorporating the acquired businesses into our operations and management; we may be required to recognize impairment charges; integration may be more costly or more time consuming and complex or less effective than anticipated; and increased risk of cybersecurity incidents. Future acquisitions also could result in potentially dilutive issuances of equity securities, the incurrence of debt, contingent liabilities, and depreciation and amortization expenses related to certain tangible and intangible assets and increased operating expenses, all of which could, individually or collectively, adversely affect our business, financial condition, results of operations, and cash flows.
We generally expect that we will realize synergy cost savings and other financial and operating benefits from our acquisitions. For example, we expect the Merger with Berry completed in 2025 will generate estimated pre-tax annual net cost synergies by the end of the third-year post Merger of approximately $650 million from procurement, manufacturing, general and administrative, financial and revenue synergies. While we are currently on track to achieve the targeted Berry synergies, we cannot predict with certainty that the full savings will be realized or current savings will be sustained. If we are not able to successfully integrate our acquisitions and achieve the expected synergy cost savings, the anticipated benefits of the transaction may not be realized fully, or at all, or may take longer to realize than expected or involve more costs than expected.
Strategic Review of Portfolio — Our strategic review of our portfolio may cause disruptions to our business, may not result in the completion of transactions to restructure or divest all non-core businesses, and may not create additional value for our shareholders.
In August 2025, we announced that we had completed a review of portfolio-related strategic alternatives and identified businesses with combined sales of approximately $2.5 billion for further investigation, which could result in restructuring or sale of the identified businesses, among other options. While we have completed, or are in the process of completing, transactions to divest non-core businesses comprising approximately $500 million of the total non-core portfolio identified, there is no assurance as to the timeline or outcome of the completion of the strategic review process, including that actions taken will increase shareholder value. In addition, the strategic review process may require the deployment of significant resources and expenses and may cause disruption in our business given speculation and uncertainty around our ultimate actions. If we are unable to mitigate these or other potential risks related to our strategic review of our portfolio, then this process may adversely impact our business, financial condition, results of operations, or cash flows.
Expanding Our Current Business — We may be unable to expand our current business effectively through organic growth, investments, or acquisitions.
Our business strategy includes both organic expansion of our existing operations, particularly through efforts to strengthen and expand relationships with customers in emerging markets, product innovation (including addressing changes in the industry or regulatory environments) and expansion through investments and acquisitions. However, we may not be able to execute our strategy effectively for reasons within and outside our control. Our ability to grow organically may be limited by, among other things, extensive saturation in the locations in which we operate or a change or reduction in our customers’ growth plans due to changing economic conditions, strategic priorities, or otherwise. For many of our businesses, organic growth depends on product innovation, new product development, and timely responses to changing consumer demands and preferences. Consequently, failure to develop new or improved products in response to changing consumer preferences in a timely manner may hinder our growth potential, impact our competitive position, and adversely affect our business and results of operations.
We have pursued growth through acquisitions, including our recent combination with Berry, and there can be no assurance that we will be able to identify suitable acquisition targets in the right geographic regions and with the right participation strategy in the future, or to complete such acquisitions on acceptable terms or at all. If we are unable to identify acquisition targets that meet our investment criteria and close such transactions on acceptable terms, our potential for growth by way of acquisition may be restricted, which could have a material adverse effect on the achievement of our strategy and the resulting expected financial benefits.
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We have also invested in companies in which we do not exercise control. Our investment partners or other parties that hold the remaining ownership interests in companies that we do not control may not have interests that are aligned with our goals. We have recognized impairment losses in the past in connection with our investments and we may be required to do so again in the future. If we determine that an investment is other than temporarily impaired, the resulting impairment charge could adversely affect our results of operations.
Operational Risks
Global Economic Conditions — Challenging global economic conditions, have had, and may continue to have, a negative impact on our business operations and financial results.
Demand for our products and services depends on consumer demand for our packaging products, including packaged food, beverages, healthcare, personal care, agribusiness, industrial, and other consumer goods. Geopolitical events, such as increased trade barriers or restrictions on global trade, political, financial, or social instability, wars, civil or social unrest, natural disasters, or health crises, could result in general economic downturns, such as a recession or economic slowdown, and could adversely affect our business operations and financial results.
Recent global economic challenges, including the current Middle East conflict and relatively high inflation and interest rates in certain regions, which have substantially increased the cost of energy and many of the raw materials we use to produce packaging while also disrupting global supply chains, may continue to put pressure on our business. Current and future unrest in regions where we operate, and political developments, could have a material impact on our financial condition.
When challenging economic conditions exist, our customers may delay, decrease, or cancel purchases from us, and may also delay payments or fail to pay us altogether. Suppliers may also have difficulties filling our orders and we may have difficulties getting our products to customers, which may affect our ability to meet customer demand and result in a loss of business. Weakened global economic conditions may also result in unfavorable changes in our product prices and product mix and lower profit margins. Although we take measures to mitigate the impact of inflation, including through pricing actions and productivity programs, if these actions are not effective, our cash flow, financial condition, and results of operations could be materially and adversely impacted. In addition, there could be a time lag between recognizing the benefit of our mitigating actions and the impact of inflation and there is no guarantee that our mitigating measures will fully offset the impacts of inflation.
International Operations — Our international operations subject us to various risks that could adversely affect our business operations and financial results.
We have operations throughout the world, including facilities in emerging markets. In fiscal year 2026, approximately 81% of our sales revenue came from developed markets and 19% came from emerging markets. We expect to continue to expand our operations in the future, including in emerging markets.
Managing global operations is complex, particularly due to substantial differences in the cultural, political, and regulatory environments of the countries where we operate. In addition, many countries where we have operations, including Argentina, Brazil, China, Colombia, India, and Peru, have legal, regulatory, or political systems, that are dynamic and subject to change.
The profitability of our operations may be adversely impacted by, among other things:
•changes in applicable fiscal or regulatory regimes;
•changes in, or difficulties in interpreting and complying with, local laws, sanctions, and regulations, including tax, labor, foreign investment, and foreign exchange control laws;
•nullification, modification, or renegotiation of, or difficulties or delays in enforcing contracts with clients or joint venture partners that are subject to local law;
•reversal of current political, judicial, or administrative policies encouraging foreign investment or foreign trade, or related to the use of local agents, representatives, or partners in relevant jurisdictions;
•trade restrictions, sanctions, and quotas;
•wars, acts of terrorism, social and ethnic unrest, and geopolitical events;
•pandemics and other health crises impacting different regions of the world unequally;
•difficulties associated with nationalization or expropriation of assets, or expatriating or repatriating cash generated or held abroad; and
•changes in exchange rates and inflation, including hyperinflation.
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Furthermore, prolonged periods of economic, legal, regulatory, or political instability in the emerging markets where we operate could have a material adverse effect on our business, cash flow, financial condition, and results of operations.
The current Middle East conflict has negatively impacted the global economy, and it is not possible to predict the broader or longer-term consequences of this conflict. Continued escalation of geopolitical tensions, including the conflict in the Middle East and tensions between China and Taiwan, could result in supply chain disruptions, significant inflationary pressure on raw material prices and other resources (such as energy and natural gas), fluctuations in our customers’ buying patterns given regional shortages of food ingredients and other factors, lower demand by end consumers given rising inflation, enhanced risks to our global technology infrastructure (such as through cyberattack or ransomware attack), exposure to foreign currency fluctuations, credit and capital market disruption which could impact our ability to obtain financing, increased interest rates, the loss of property, and adverse foreign exchange impacts. These broader consequences could have a material adverse effect on our business, cash flow, financial condition, and results of operations.
Our international operations involve limited sales to entities located in countries subject to economic sanctions administered by the U.S. Office of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of Commerce and other applicable national and supranational organizations (collectively, "Sanctions"). We also operate in certain countries that are occasionally subject to Sanctions, which require us to maintain internal processes and control procedures. Maintaining a strong ethical culture and effective compliance environment across our global operations is critical to our business.
Failure to do so could result in a breach by our employees of various laws and regulations, including those relating to money laundering, corruption, export control, fraud, bribery, insider trading, antitrust, competition, and economic sanctions, whether due to a lack of integrity or awareness or otherwise. We have implemented safeguards, training and policies to discourage these practices by our employees and agents. Any such breach could result in sanctions (including fines and penalties) and could have a material adverse effect on our financial condition and reputation.
Raw Materials — Price fluctuations or shortages in the availability of raw materials, energy, and other inputs could adversely affect our business.
As a manufacturer of packaging products, our sales and profitability are dependent on the availability and cost of raw materials, labor, and other inputs, including energy. All of the raw materials we use are purchased from third parties, and our primary inputs include polymer resins and films, paper, paperboard, inks, solvents, adhesives and aluminum. Prices for these raw materials are subject to substantial fluctuations that are beyond our control due to factors such as changing economic conditions (including inflation), currency and commodity price fluctuations, resource availability and other supply chain challenges, transportation costs, geopolitical risks (including the conflict in the Middle East and between Russia and Ukraine), pandemics and other health crises, an increase in the demand for products manufactured from recycled materials, weather conditions and natural disasters, environmental regulations related to greenhouse gas emissions, product circularity, biodiversity and deforestation, human rights due diligence regulations, and other factors impacting supply and demand pressures. For example, since the escalation of conflict in the Middle East, global energy markets have been disrupted resulting in higher energy prices which have had an unprecedented impact on the cost of certain raw materials used in the manufacturing and transportation of our products while also disrupting supply chains.
While we have largely been able to successfully manage through any supply disruptions and related price volatility in the past, there is no assurance that we will be able to successfully navigate any future disruptions. Increases in costs and disruptions in supply can have a material adverse effect on our business and financial results. We seek to mitigate these risks through various strategies, including entering into contracts with certain customers that permit price adjustments to reflect increased raw material and other costs or by otherwise seeking to increase our prices to offset increases in raw material and other costs and seeking alternative sources of supply for key raw materials. In addition, energy used in our operations is largely derived from non-renewable energy sources, which may increase our exposure to emissions-related regulations, including carbon pricing or carbon taxes, energy price volatility, and stakeholder reputational risks, and may require us to make investments in renewable energy and other energy-related initiatives. There is no guarantee that we will be able to anticipate or mitigate commodity and input price movements or supply disruptions. In addition, there may be delays in adjusting prices to correspond with underlying raw material costs and corresponding impacts on our working capital and level of indebtedness and any failure to anticipate or mitigate against such movements could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
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Commercial Risks — We are subject to production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility.
We face a number of commercial risks, including (i) operational disruption, such as mechanical or technological failures, disruptions due to natural disasters, geopolitical conflicts, or health crises, each of which could lead to production loss and/or increased costs, (ii) shortages in manufacturing inputs due to the loss of key suppliers or their inability to supply inputs, and (iii) risks associated with development projects (such as cost overruns and delays).
Supply or workforce shortages, fluctuations in freight costs, limitations on shipping capacity, or other disruptions in our supply chain, including sourcing materials from a single supplier or those that may occur related to wars, including the conflict in the Middle East, geopolitical tensions, natural disasters, health crises, or new regulations, could affect our ability to obtain timely delivery of raw materials, equipment, and other supplies, and in turn, adversely impact our ability to supply products to our customers. Additionally, severe weather events and other adverse effects of climate change could have negative effects on agricultural productivity, leading customers to face both availability and price challenges with agricultural commodities, which may impact the demand for our products. The potential magnitude of these commercial risks on our business, financial condition, results of operations, or cash flows could be material.
Additionally, the insolvency of, or contractual default by, any of our customers, suppliers, and financial institutions, such as banks and insurance providers, may have a material adverse effect on our operations and financial condition. Such risks are exacerbated in times of economic volatility, either globally or in the geographies and industries in which our customers, suppliers, or financial institutions operate. If a counterparty defaults on its payment obligation to us, we may be unable to collect the amounts owed, and some or all of these outstanding amounts may need to be written off. If a counterparty becomes insolvent or is otherwise unable to meet its obligations in connection with a particular project, we may need to find a replacement to fulfill that party’s obligations or, alternatively, fulfill those obligations ourselves, which may be more expensive. The occurrence of any of these risks could have a material adverse effect on our business, financial condition, results of operations, or cash flows, which may result in a competitive disadvantage.
Health Crises — Our business and operations may be adversely affected by pandemics, epidemics, or other disease outbreaks.
Our business and financial results may be negatively impacted by outbreaks of contagious diseases. Health crises have resulted in the past and could in the future result in supply chain disruptions due to the temporary closure of our facilities, the facilities of our suppliers, or other suppliers in our supply chain, the shut-down of customers’ operations, volatility in raw material costs, and labor shortages and may have broader global economic or geopolitical implications. In addition, any major animal disease outbreak could adversely impact the demand for our packaging. While we have established protocols to manage these potential impacts, the extent to which health crises may impact our business and operations is unknown and the effect on our business, financial condition, results of operations, or cash flows could be material.
Attracting, Developing, and Retaining Talent — If we are unable to attract, develop, and retain our global executive management team and our other skilled workforce, we may be adversely affected.
Our ability to execute our strategy and deliver long-term value depends on our success in attracting, developing, and retaining a skilled and engaged workforce, including our global executive management and operational teams. Following the merger with Berry, we are continuing to integrate and align our organization, including talent strategies, systems, practices, and leadership structures across the combined business. While this integration creates opportunities to enhance organizational capability and scale our talent strategies, it also requires effective change management to ensure continuity and retention of critical talent. If we are unable to successfully manage this integration or retain key employees, our ability to execute our business plans and achieve expected performance outcomes could be adversely affected, which may in turn impact our financial condition, results of operations, and cash flows.
We continue to face labor market challenges in certain regions, including skilled labor shortages, wage inflation, demographic shifts, and evolving workforce expectations. While we have responded effectively to date through workforce planning, succession strategies, and employee engagement efforts, we cannot guarantee continued success in attracting or retaining the talent critical to our growing organization. Prolonged gaps in workforce continuity or capability may negatively affect our productivity, operations, and ability to meet customer commitments.
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Labor Disputes — Our business could be adversely affected by labor disputes and an inability to renew collective bargaining agreements at acceptable terms.
As of June 30, 2026, approximately 37% of our employees were covered by collective bargaining agreements. Labor relations remain a key consideration, particularly in regions with high union representation. Although we have not experienced significant labor disruptions in recent years, we have encountered isolated work stoppages and may face labor disputes in the future, including protests or strikes, which could disrupt our operations and negatively impact our financial performance.
Delays or challenges in renewing agreements could result in higher labor costs or operational disruptions. However, there is no assurance that we will avoid future disputes or be able to renegotiate agreements on favorable terms. Additionally, labor actions by employees of our suppliers, customers, or other third parties could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
Physical Impacts of Climate Change — Our business is subject to physical risks related to climate change which could negatively impact our business operations and financial results.
Climate change may have a progressively adverse impact on our business and those of our customers, suppliers, and partners. Many of the geographic areas where our production is located and where we conduct business may be affected by natural disasters, including snowstorms, extreme heat, hurricanes, flooding, forest fires, deforestation, loss of biodiversity, earthquakes, and drought. Such events may have a physical impact on our facilities, information technology centers, workforce, inventory, suppliers, and equipment and any unplanned downtime could result in unabsorbed costs that could negatively impact our business and results of operations. We may also incur significant costs to relocate or reestablish these operations. Additionally, climate change may result in higher insurance premiums or the inability to insure certain risks.
Longer-term climate change patterns could significantly alter supplier availability or customer demand, which is especially true for suppliers and customers who rely on supply chains routinely impacted by weather. For example, agricultural supply chains could be impacted by increased levels of drought or flooding and customers in coastal regions could be impacted by frequent flooding. These changes are uncertain, and we cannot predict the potential magnitude of such events on our business, financial condition, results of operations, or cash flows.
Significant Disruption at Key Manufacturing Facility — A significant disruption at one of our key manufacturing facilities could adversely affect our business operations and financial results.
Our diversification of facilities for product manufacturing and current or future insurance coverage for our facilities, including business interruption insurance, may not be sufficient to protect our business in the event of a significant disruption at one of our key manufacturing facilities. Significant disruptions due to accidents, labor issues, weather conditions, power outages, cyberattacks or otherwise, could negatively impact our business, financial condition, or results of operations, or cash flows.
Information Technology and Cybersecurity Risks
Cybersecurity Risk — The disruption of our operations or risk of loss of our sensitive business information could negatively impact our financial condition and results of operations.
Increased cyber-attacks, including computer viruses, ransomware, unauthorized access attempts, phishing, hacking, and other types of attacks pose a risk to the security and availability of our information technology systems, including those provided by third parties. Artificial intelligence ("AI") technologies have also enabled threat actors to identify vulnerabilities at an accelerated pace, which increases the scale and sophistication of threats and which may intensify these cybersecurity risks. In addition to traditional attacks, we face threats from sophisticated nation-state and nation-state-supported actors who engage in attacks, including advanced persistent threat intrusions. We have experienced and expect to continue to experience actual and attempted cyber-attacks on our information technology systems by threat parties of all types (including nation-states, criminal enterprises, individuals, or advanced persistent threat groups). Geopolitical instability, including as a result of the conflict in the Middle East, evolution, scope, and sophistication of cyber-attacks, accessibility of our data by third parties through interconnected networks, and work-from-home arrangements heighten the risk of cyber-attacks.
We have operational safeguards in place to detect and prevent cyber-attacks, such as employee training, monitoring of our networks and systems, ensuring strong data protection standards, and maintaining and upgrading security systems but it is virtually impossible to entirely eliminate this risk. To date, we have not experienced any material impacts. However, our
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safeguards may not always be able to prevent a cyber-attack from impacting our systems and we may not be able to successfully and timely execute our business recovery protocol, which could have a material impact on our business, financial condition, results of operations, or cash flows. Further, as cybersecurity threats continue to evolve, we may be required to make significant investments to modify or enhance our systems to improve our ability to respond and recover. In addition, our customers, suppliers, and third-party service providers are susceptible to cyber-attacks and disruption to their information technology systems, which could result in reduced demand for our products or limit our ability to supply our products.
We also maintain and have access to sensitive, confidential, or personal data or information that is subject to privacy and security laws, regulations, and customer controls. Data privacy laws and regulations continue to evolve and impose more complex and stringent requirements especially in the U.S., Europe, and China, which increases the complexity of our processes and associated costs. Despite our efforts to protect such information and to comply with privacy and data protection laws and regulations, our facilities and systems and those of our customers, suppliers, and third-party service providers may be vulnerable to security breaches, cyber-attacks, misplaced or lost data, and programming and/or user errors that could lead to the compromising of sensitive, confidential, or personal data or information, the improper use of our systems and networks, and the manipulation and destruction of data. Information system damages, disruptions, shutdowns, or compromises could result in production downtimes and operational disruptions, transaction errors, loss of customers and business opportunities, violation of privacy laws and legal liability, regulatory fines, penalties or intervention, negative publicity resulting in reputational damage, reimbursement or compensatory payments, and other costs, any of which could have an adverse effect on our business, financial condition, results of operations, or cash flows, which effect may be material and result in a competitive disadvantage. Although we attempt to mitigate these risks by employing a number of measures, our systems, networks, products, and services remain potentially vulnerable to advanced and persistent threats.
Information Technology — A failure or disruption in our information technology systems could disrupt our operations, compromise customer, employee, supplier, and other data, and could negatively affect our business.
We rely on the successful and uninterrupted functioning of our information technology and control systems, which includes operating multiple enterprise resource planning systems, to support critical business operations and various business functions, and on various technologies to process, store, and report information about our business, and to interact with customers, suppliers, and employees around the world. We cannot guarantee that our systems will fully meet future business requirements or that upgrades will proceed as intended.
In addition, our information systems rely on internal information technology systems and third-party systems, including cloud solutions, which require different security measures. These measures cover technical changes to our network security, organization, and governance changes as well as alignment of third-party suppliers on market standards. As with all information technology systems, our systems may be susceptible to damage, disruption, information loss, or shutdown due to a variety of factors including power outages, failures during the process of upgrading or replacing software, hardware failures, cyber-attacks (e.g., phishing, ransomware, computer viruses), natural disasters, telecommunications failures, user errors, unauthorized access, and malicious or accidental destruction, or catastrophic events. Infrastructure changes, including migration to new data centers or cloud solutions, updates or patches to our core software infrastructure, and changes in our data processing pipelines could lead to significant business disruptions due to human error in our deployment processes or third-party software errors. While we have established and regularly test our business disaster recovery plan, there is no guarantee that it will resolve issues resulting from those disruptions in a timely manner. We may suffer material adverse effects on our business, financial condition, results of operations, and cash flows.
Artificial Intelligence — Our use of artificial intelligence technologies could adversely affect our business and financial results.
We are increasingly leveraging AI technologies, including data analytics and machine learning, across our business, including in R&D, operational processes, and other functional areas. While these technologies present opportunities to enhance efficiency, innovation, and decision-making, they may not perform as intended and could generate outputs that are inaccurate, incomplete, or unreliable.
The development and deployment of AI involves significant operational, legal, regulatory, and reputational risks, and there can be no assurance that our use of AI will result in the anticipated benefits. In addition, our vendors and third-party partners may incorporate AI into their products or services in ways that do not comply with existing or evolving laws, regulations, or industry standards, which could expose us to additional risk.
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Further, the unauthorized or improper use of open-source AI tools or generative platforms by employees or third parties could result in the inadvertent disclosure or misuse of our confidential information or intellectual property. Any of these factors could adversely impact our business, financial condition, and results of operations.
Financial Risks
Indebtedness and Credit Rating — Our indebtedness may limit our flexibility or result in a downgrade in our credit rating, which could reduce our operating flexibility, increase our borrowing costs, and negatively affect our financial condition and results of operations.
As of June 30, 2026, we had $14.0 billion of debt outstanding, including borrowings of $1.29 billion under revolving credit facilities in an aggregate limit of $3.75 billion, and we are not restricted in incurring, and may incur, additional indebtedness in the future. Increased indebtedness could have significant consequences for our business and any investment in our securities, including increasing our vulnerability to adverse economic, industry or competitive developments; requiring more of our cash flows from operations to be used to pay principal and interest on our indebtedness, thus limiting our cash flows available to fund our operations, capital expenditures and other future business opportunities or the return of cash to our shareholders. Our ability to pay interest and repay the principal of our indebtedness is dependent on our ability to generate sufficient cash flows, which is dependent, in part, on prevailing economic and competitive conditions and certain legislative, regulatory, and other factors beyond our control. If we are unable to maintain sufficient cash flows from operations to meet our debt commitments, and related covenants, our financial condition and results of operations are likely to be materially adversely impacted. Additionally, conditions in financial markets could affect financial institutions with which we have relationships and could result in adverse effects on our ability to utilize fully our committed borrowing facilities. For example, a lender under our senior secured credit facilities may be unwilling or unable to fund a borrowing request, and we may not be able to replace such lender.
We use cash provided by operations, commercial paper issuances, bank term loans, committed and uncommitted revolving credit facilities, asset divestitures, debt issuances, and equity issuances to meet our funding needs. Credit rating agencies rate our debt securities based on many factors, including our financial results, their view of the general outlook for our industry, and their view of the general outlook for the global economy. Any significant additional indebtedness would likely negatively affect the credit ratings of our debt. Actions taken by the rating agencies include maintaining, upgrading, or downgrading the current rating or assigning a negative outlook for a possible future downgrade. If rating agencies downgrade our credit rating, place us on a watch list, or if there are adverse market conditions, including disruptions in the commercial paper market, the impacts could include reduced access to commercial paper, credit, and capital markets, an increase in the cost of our borrowings or the fees associated with our bank credit facilities, or an increase in the credit spread incurred when issuing debt in the capital markets. Our desire to maintain the Company's investment grade credit rating may also cause us to take certain actions designed to improve our cash flow, including sales of assets, suspension or reduction of our dividend, or share buybacks, and reductions in capital expenditures and working capital. Refer to Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations," "Liquidity and Capital Resources," of this Annual Report on Form 10-K for more information on our credit rating profile.
In addition, a significant number of our operating subsidiaries are not guarantors of our indebtedness. In the event that any non-guarantor subsidiary becomes insolvent, liquidates, reorganizes, dissolves, or otherwise winds up, the assets of such subsidiary will be used to satisfy the claims of its creditors. The non-guarantor subsidiaries have no direct obligations in respect of our indebtedness, and therefore, a direct claim against any non-guarantor subsidiary and any claims to enforce payment on our indebtedness will be structurally subordinated to all of the claims of the creditors of our non-guarantor subsidiaries.
Interest Rates — Rising interest rates increase our borrowing costs on our variable rate indebtedness and could have other negative impacts.
As of June 30, 2026, approximately 15% of our indebtedness was subject to variable interest rates. When interest rates increase, our debt service obligations on our variable rate indebtedness increase even when the amount borrowed remains the same. Any future increases in interest rates could increase the costs of obtaining new debt and refinancing existing fixed rate debt as well as variable rate indebtedness, negatively impacting our business, financial condition, results of operations, or cash flow.
We manage exposure to interest rates by maintaining a mixture of fixed-rate and variable-rate debt, monitoring global interest rates, and, where appropriate, entering into various derivative instruments. However, if our derivative instruments are not effective in mitigating our interest rate risk, if we are under-hedged, or if a hedge provider defaults on their obligations
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under hedging arrangements, it could have a material adverse impact on our business, financial condition, results of operations, or cash flows.
In addition, increases in interest rates could reduce the attractiveness of the cash management programs we use, such as customer and supply chain finance programs, which could negatively impact our cash and working capital and increase our borrowings. Refer to Note 14, "Debt," of the notes to consolidated financial statements for information about our variable rate borrowings. Also refer to "Item 7A. - Quantitative and Qualitative Disclosures About Market Risk," including interest rate risk, in this Annual Report on Form 10-K.
Exchange Rates — We are exposed to foreign exchange rate risk.
We are subject to foreign exchange rate risk, both transactional and translational, which may negatively affect our reported cash flow, financial condition, and results of operations. Transactional foreign exchange exposures are associated with transactions in currencies other than the entity's functional currency. Translational foreign exchange exposures result from exchange rate fluctuations in the conversion of entity functional currencies to U.S. dollars, our reporting currency, and may affect the reported value of our assets and liabilities and our income and expenses. In particular, our translational exposure may be impacted by movements in the exchange rate between the Euro, the Brazilian Real, the Swiss Franc, the Chinese Yuan, and the United Kingdom Pound Sterling against the U.S. dollar. Refer to "Item 7A. - Quantitative and Qualitative Disclosures About Market Risk," including foreign exchange risk, in this Annual Report on Form 10-K.
Exchange rates between transactional currencies may change rapidly due to a variety of factors. In addition, we have recognized foreign exchange losses related to the currency devaluation in Argentina and its designation as a highly inflationary economy under U.S. GAAP. Refer to Note 2, "Significant Accounting Policies," of the notes to consolidated financial statements in this Annual Report on Form 10-K for further information regarding highly inflationary accounting.
To the extent currency devaluation occurs across our business, we are likely to experience a lag in the timing to pass through U.S. dollar-denominated input costs across our business, which would adversely impact our margins and profitability. As such, we may be exposed to future exchange rate fluctuations, and such fluctuations could have a material adverse effect on our reported cash flow, financial condition, and results of operations. Our Board of Directors has approved a hedging policy to limit and manage the risk of such foreign exchange fluctuations, however, if our hedges are not effective in mitigating our foreign currency risks, if we are under-hedged, or if a hedge provider defaults on their obligations under hedging arrangements, it could have a material adverse impact on our reported cash flow, financial condition, and results of operations.
Goodwill and Other Intangible Assets — A significant write-down of goodwill and/or other intangible assets would have a material adverse effect on our reported results of operations and financial position.
As of June 30, 2026, we had $18.7 billion of goodwill and other intangible assets. We review our goodwill balance for impairment at least once a year and whenever events or a change in circumstances indicate that an impairment may have occurred using the appropriate business valuation methods in accordance with current accounting standards. Future changes in the cost of capital, market multiples, market growth, expected cash flows, or other factors may cause our goodwill and/or other intangible assets to be impaired, resulting in a non-cash charge in our results of operations to reduce the value of these assets to their fair value. Furthermore, if we make changes to our business strategy or if external conditions adversely affect our business operations, we could be required to record an impairment charge for goodwill and/or other intangible assets, which could have a material adverse effect on our business, financial condition, and results of operations. We have identified the valuation of goodwill and other intangible assets as a critical accounting estimate. Refer to "Item 7. - Management’s Discussion and Analysis of Financial Condition and Results of Operations," "Critical Accounting Estimates and Judgments," of this Annual Report on Form 10-K.
Internal Controls — If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results which may adversely affect investor confidence and adversely impact our stock price.
We have been subject to the requirements of Section 404 of the Sarbanes-Oxley Act ("SOX") since fiscal year 2020. Management is responsible for establishing and maintaining adequate internal controls over financial reporting and while they meet the standards set forth in SOX, our internal control over financial reporting may not prevent or detect misstatements, as any controls or procedures, no matter how well designed and operated, can provide only reasonable assurance against misstatement. If we fail to maintain the adequacy of our internal controls, we could be subject to regulatory scrutiny, civil or criminal penalties, or litigation. In addition, failure to maintain adequate internal controls could result in financial statements that do not accurately reflect our financial condition, and we may be required to restate previously published financial
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information, which could lead to a material adverse effect on our operations, loss of investor confidence, and a negative impact on the trading price of our common stock.
Insurance — Our insurance policies, including our use of a captive insurance company, may not provide adequate protection against all of the key operational risks we face.
We seek protection from a number of our key operational risk exposures through the purchase of insurance. A significant portion of our insurance is placed in the insurance market with third-party reinsurers. Our policies with such third-party reinsurers cover a variety of risk exposures, including property damage and business interruption. Although we believe the coverage provided by such policies is consistent with industry practice, the insurance coverage does not insure us against all risks in our operations or all claims we may receive and there is no guarantee that any claims made under such policies will ultimately be paid or that we will be able to maintain such insurance at acceptable premium cost levels in the future.
Additionally, we retain a portion of our insurable risk through our captive insurance companies, located in Singapore and Guernsey. Our captive insurance companies collect annual premiums from our business groups and assume specific risks relating to various risk exposures, including property damage. The captive insurance companies may be required to make payments for insurance claims that exceed the captive's reserves, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
Legal and Compliance Risks
Intellectual Property — Our inability to defend our intellectual property rights or intellectual property infringement claims against us could have an adverse impact on our ability to compete effectively.
Our ability to compete effectively depends, in part, on our ability to protect and maintain the proprietary nature of our owned and licensed intellectual property. We own a number of patents on our products, aspects of our products, methods of use and/or methods of manufacturing, and we own, or have licenses to use, the material trademark and trade name rights used in connection with the packaging, marketing and distribution of our major products. We also rely on trade secrets, know-how, and other unpatented proprietary technology. If we are unable to detect the infringement of our intellectual property or to enforce our intellectual property rights, our competitive position may suffer. The unauthorized use of our intellectual property by someone else could reduce certain of our competitive advantages, cause us to lose sales, or otherwise harm our business.
We attempt to protect and restrict access to our intellectual property and proprietary information by relying on the patent, trademark, copyright, and trade secret laws of the countries in which we operate, as well as non-disclosure agreements. However, it may be possible for a third-party to obtain our information without authorization, independently develop similar technologies, or breach a non-disclosure agreement entered into with us. Our pending patent applications and our pending trademark registration applications may not be allowed, or competitors may challenge the validity or scope of our patents or trademarks. Our competitors might avoid infringement by designing around our intellectual property rights or by developing non-infringing competing technologies. In addition, our patents, trademarks, and other intellectual property rights may not provide us with a significant competitive advantage. Furthermore, many of the countries in which we operate, particularly emerging markets, do not have intellectual property laws that protect proprietary rights as fully as the laws of more developed jurisdictions, such as the United States and the European Union. The costs associated with protecting our intellectual property rights could also adversely impact our business.
Similarly, while we have not received any significant claims from third parties suggesting that we may be infringing, directly or indirectly, on their intellectual property rights, there can be no assurance that we will not receive such claims in the future. If we were held liable for a claim of infringement, we could be required to pay damages, obtain licenses, or cease making, using or selling certain products or technologies. Intellectual property litigation, which could result in substantial costs to us and divert the attention of management, may be necessary to protect our trade secrets or proprietary technology or for us to defend against claimed infringement of the rights of others and to determine the scope and validity of others’ proprietary rights. We may not prevail in any such litigation, and if we are unsuccessful, we may not be able to obtain any necessary licenses on reasonable terms or at all. Failure to protect our patents, trademarks, and other intellectual property rights could have a material adverse effect on our business, financial condition, results of operations, or cash flows.
Litigation — Litigation, including product liability claims and litigation related to Environmental, Social and Governance ("ESG") impacts, or regulatory developments could adversely affect our business operations and financial performance.
We are, and in the future will likely become, involved in lawsuits, regulatory inquiries, and governmental and other legal proceedings that arise in the ordinary course of our business, including product liability claims, which may lead to
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financial or reputational damages. We may be exposed to litigation related to the environmental, health, and human rights impacts of our operations, products, and sourcing activities, as well as our external communications related to such topics. Given our global footprint, we are exposed to uncertainty regarding the regulatory environment. The timing of the final resolutions to lawsuits, regulatory actions and inquiries, and governmental and other legal proceedings is typically uncertain, and any such proceedings or claims, regardless of merit, could be time consuming and expensive to defend and could divert management’s attention and resources. Additionally, the possible outcomes of, or resolutions to, these proceedings could include adverse judgments or settlements, either of which could require substantial payments. Even if we are successful in defending ourselves against these actions, the costs of such defense may be significant.
ESG Practices — Increasing scrutiny and emerging expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments may impose additional costs on us or expose us to additional risks.
There is significant scrutiny from investors, customers, suppliers, governments, and other stakeholders on corporate ESG practices. Our commitment to sustainability and ESG practices remains at the core of our business, and we have established related goals and targets. For example, we have made a public commitment to achieve net zero greenhouse gas emissions by 2050 and have set long-term emissions targets which were approved by the SBTi. However, our ESG practices may not meet the standards of all of our stakeholders, and advocacy groups may campaign for further changes based on emerging standard practices related to ESG issues. Many of our large, global customers are also committing to long-term targets to reduce greenhouse gas emissions and reliance on fossil fuels within their supply chains. If we are unable to support our customers in achieving these reductions, customers may seek out competitors who are better able to support such reductions. A failure, or perceived failure, to respond to expectations of all parties, including with meeting our own climate-related and other ESG target ambitions, whether due to our own actions or the inability of participants in our value chain to reduce emissions or otherwise support our climate objectives, could cause harm to our business and reputation and have a negative impact on the trading price of our common stock. Moreover, not all of our competitors establish, or will be legally required to establish, climate or other ESG sustainability targets and goals at levels comparable to ours, which could result in competitors having lower supply chain, operating or compliance costs as well as reduced reputational and legal risks associated with not meeting such goals.
ESG Regulations — Changing and emerging ESG government regulations, including climate and circularity-related rules, may adversely affect our company.
Numerous ESG-related legislative and regulatory initiatives, including those related to our products, operations, and sourcing activities, have been passed and are likely to continue to be introduced in the various jurisdictions in which we operate. These new ESG-related regulations are evolving rapidly, and the regulations being enacted are often not harmonized across the jurisdictions in which we operate, increasing the complexity and cost of compliance and exposing us to increased legal risks associated with compliance. Our failure to comply with ESG regulatory reporting requirements could result in fines, loss of reputation, and other negative impacts which could be material, and the cost of compliance may negatively impact our business, financial condition, and results of operations.
Increased regulation of emissions linked to climate change, including carbon pricing and greenhouse gas emissions and other climate-related regulations, could potentially increase the cost of our operations due to increased costs of compliance (which may not be recoverable through adjustment of prices), increased cost of fossil fuel-based inputs and increased cost of energy intensive raw material inputs. We could also incur additional compliance costs for monitoring and reporting emissions and for maintaining permits. However, any such changes are uncertain, and we cannot predict the amount of additional capital expenses or operating expenses that would be necessary for compliance.
Increased environmental legislation or regulation, including regulations related to extended producer responsibility ("EPR") and pollution mitigation funds, could result in higher costs for us in the form of payments under EPR programs, higher raw material costs, increased energy and freight costs, new taxes on packaging products which could reduce demand for our products, and result in increased litigation.
As a plastics packaging manufacturer, we face risks associated with inadvertent releases of plastic materials and other chemicals used in our operations, as well as the downstream management of our products at the end of their useful lives. Legislative and regulatory activity relating to plastic packaging, recycling, waste management, and EPR programs has increased in many jurisdictions and is expected to continue evolving. Such developments may result in product bans or restrictions on certain packaging formats or materials or could impose additional compliance obligations, taxes, fees, or investment requirements and/or operational adjustments, and could result in increased costs, litigation, penalties, reputational harm, unplanned capital expenditures or other liabilities that may adversely affect our business, financial condition, results of operations, or cash flows.
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In addition, it is possible that certain chemicals and materials might cease to be permitted to be used in our processes. Government bans of, or restrictions on, certain materials or packaging formats may close off markets to Amcor's business. For example, governmental authorities in the U.S., Europe and in other countries have become increasingly focused on the contamination of soil, air, and water exacerbated by the use of non-degradable chemicals, including per- and polyfluoroalkyl substances ("PFAS"). Various U.S. states have implemented, or are in the process of implementing, laws to restrict the use of PFAS in various applications, including in packaging materials or production processes. While we believe we are in compliance with existing regulations, the cost of compliance in the future to modify our products or production processes may be significant and adversely impact our financial position, results of operations, and cash flows.
Increased social legislation or regulation, including requirements related to human rights due diligence and modern slavery reporting, could result in increased costs of compliance resulting from enhanced efforts to assess and remediate potential human rights risk across our global operations and supply chain. Gaps in our ability to identify potential human rights violations could lead to negative publicity or loss of business.
Biodiversity-related incidents or alleged impacts in our value chain could expose us to increased compliance costs due to increasingly stringent regulations, and potential fines, legal penalties, and enforcement actions if requirements are not met.
Many of our products are manufactured using petrochemical-based raw materials. Emerging restrictions on certain plastics or mandates to reduce plastic use may require shifts to more costly alternative materials or additional investment in the redesign of existing products and these costs might not be able to be passed on to our customers. Mandates to use certain types of materials, such as PCR content, may lead to supply shortages and higher prices for those materials as current recycling rates may be insufficient to meet increased demand for PCR within and beyond the packaging industry.
Additionally, a sizable portion of our business comes from healthcare packaging and food and beverage packaging, both highly regulated markets. Therefore, we are also subject to certain local and international standards related to such products. Compliance with these laws and regulations can require a significant expenditure of financial and employee resources. A failure to comply with these regulatory requirements could adversely affect our reputation, our results of operations or result in, among other things, litigation, revocation of required licenses, internal investigations, governmental investigations or proceedings, administrative enforcement actions, fines, and civil and criminal liability.
Operations EHS Risks — We are subject to risks, liabilities, and costs related to EHS laws and regulations, as well as changes in the global climate, that could adversely affect our business.
We are required to comply with EHS laws and regulations in each of the countries we operate and do business. Federal, state, provincial, and local laws and requirements related to the provision of a safe and healthy workplace represent critical obligations for the Company to ensure that our people are able to return home safely each day. In addition, workers throughout our value chain may be exposed to adverse impacts related to inadequate working conditions. Changes to EHS laws and regulations and evolving legal and regulatory requirements relating to human rights due diligence and supply chain transparency may result in increased compliance costs and require enhanced monitoring, reporting and remediation activities across our Company and value chain. Failure to identify, prevent, mitigate or adequately report actual or perceived worker or labor-related impacts in our own operations or value-chain operations could adversely affect our reputation, customer relationships, ability to attract and retain business, results of operations, financial condition or cash flows.
Federal, state, provincial, and local environmental requirements relating to air, soil, and water quality, handling, discharge, storage, and disposal of a variety of substances, are also significant factors in our business, and changes to such requirements generally result in an increase to our costs of operations. We may be found to have environmental liability for the costs of remediating soil or water that is, or was, contaminated by us or a third-party at various facilities we own, used, or operate (including facilities that may be acquired by us in the future).
We have incurred in the past and may incur in the future, fines, penalties, and legal costs relating to environmental matters, and costs relating to the damage of natural resources, lost property values, and toxic tort claims. Provisions are raised when it is considered probable that we have some liability, and the amount can be reasonably estimated. However, because the extent of potential environmental damage and the extent of our liability for such damage is usually difficult to assess and may only be ascertained over a long period of time, our actual liability in such cases may end up being substantially higher than the currently provisioned amount. Accordingly, additional charges could be incurred that would have an adverse effect on our operating results and financial position, which may be material.
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Tax Law Changes — Changes in tax laws or changes in our geographic mix of earnings could have a material impact on our financial condition and results of operations.
We are subject to income and other taxes in the many jurisdictions in which we operate. Tax laws and regulations are complex and the determination of our global provision for income taxes and current and deferred tax assets and liabilities requires judgment and estimation. We are subject to routine examinations of our income tax returns, and tax authorities may disagree with our tax positions and assess additional tax. Our future income taxes could also be negatively impacted by our mix of earnings in the jurisdictions in which we operate being different than anticipated given differences in statutory tax rates in the countries in which we operate.
Trade Policy — Our business may be impacted by changes to trade policy, including tariff and custom regulations, or failure to comply with such regulations may have an adverse effect on our reputation, business, financial condition and results of operations.
Changes in, and uncertainty with respect to, international trade policies in the United States or other countries in which we operate could materially impact the cost and supply of raw materials as duties are assessed on raw materials used in our production process or on items in our other spend categories, including the procurement of production equipment. The U.S. government has enacted significant tariffs on imports and exports, which has disrupted global trade relationships and triggered retaliatory actions by certain foreign governments. Although a portion of these tariffs has subsequently been lifted or invalidated, while other tariffs have recently been introduced, the overall trade policy environment remains uncertain. Countries impose, modify, and remove tariffs and other trade restrictions in response to a wide variety of factors, including national economic and political considerations. While we have generally been able to pass on the cost of tariffs in the past, we may not be able to fully mitigate the impact of increased tariffs or any future tariffs or source alternative suppliers of raw materials if supply chains are impacted. In addition, customs authorities have disagreed in the past and may in the future also disagree with our claimed tariff treatment or enact retroactive duties on items we import. Tariffs could also adversely impact market demand for our products, including any fluctuation in exchange rates as a result of such activity. The occurrence of any of these risks could materially impact our business, financial condition, results of operations, or cash flows.
Risks Relating to Being a Jersey, Channel Islands Company Listing Ordinary Shares
Our ordinary shares are issued under the laws of Jersey, Channel Islands, which may not provide the level of legal certainty and transparency afforded by incorporation in a U.S. jurisdiction and which differ in some respects to the laws applicable to U.S. corporations.
We are organized under the laws of Jersey, Channel Islands, a British crown dependency that is an island located off the coast of Normandy, France. Jersey is not a member of the European Union. Jersey, Channel Islands legislation regarding companies is largely based on English corporate law principles. The rights of holders of our ordinary shares are governed by Jersey law, including the Companies (Jersey) Law 1991, as amended, and by the Amcor Articles of Association, as may be amended from time to time. These rights differ in some respects from the rights of other shareholders in corporations incorporated in the United States. Further, there can be no assurance that the laws of Jersey, Channel Islands, will not change in the future or that they will serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of investors.
U.S. shareholders may not be able to enforce civil liabilities against us.
A significant portion of our assets is located outside of the United States and several of our directors and officers are citizens or residents of jurisdictions outside of the United States. As a result, it may be difficult for investors to successfully serve a claim within the United States upon those non-U.S. directors and officers, or to enforce judgments realized in the United States.
Judgments of U.S. courts may not be directly enforceable outside of the U.S. and the enforcement of judgments of U.S. courts outside of the U.S., including those in Australia and Jersey, may be subject to limitations. Investors may also have difficulties pursuing an original action brought in a court in a jurisdiction outside the U.S., including Australia and Jersey, for liabilities under the securities laws of the U.S. Additionally, our Articles of Association provide that while the Royal Court of Jersey will have non-exclusive jurisdiction over actions brought against us, the Royal Court of Jersey will be the sole and exclusive forum for derivative shareholder actions, actions for breach of fiduciary duty by our directors and officers, actions arising out of Companies (Jersey) Law 1991, as amended, or actions asserting a claim against our directors or officers governed by the internal affairs doctrine. The exclusive forum provision would not prevent derivative shareholder actions based on claims arising under U.S. federal securities laws from being raised in a U.S. court and would not prevent a U.S. court from asserting
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jurisdiction over such claims. However, there is uncertainty whether a U.S. or Jersey court would enforce the exclusive forum provision for actions claiming breach of fiduciary duty and other claims.
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Item 1B. - Unresolved Staff Comments
None.
Item 1C. - Cybersecurity
We recognize the critical importance of securing the information of the Company’s customers, vendors, and employees and maintaining the security of our systems and data and have developed a comprehensive cybersecurity incident response plan. We engage in an annual enterprise-wide risk assessment process which includes an evaluation of cybersecurity risks.
Our recent merger with Berry presented an opportunity to enhance and unify our cybersecurity risk programs by integrating the strengths of both legacy cybersecurity organizations. As part of this integration, we are conducting a comprehensive cybersecurity risk assessment, harmonizing cybersecurity policies, processes, operations, and consolidating the cybersecurity functions into a single organization. Our integration efforts will concentrate on maintaining the continuous availability of our operations while aligning our organization's risk management strategy.
Governance
Risk Management and Strategy
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Item 2. - Properties
We consider our plants and other physical properties, whether owned or leased, to be suitable, adequate, and of sufficient productive capacity to meet the requirements of our business. Our manufacturing plants operate at varying levels of utilization depending on the type of operation and market conditions. The breakdown of our manufacturing and support facilities at June 30, 2026, was as follows:
Global Flexible Packaging Solutions Segment
This segment has approximately 190 manufacturing and support facilities located in 33 countries, of which approximately 75% are owned directly by us and approximately 25% are leased from outside parties. Initial building lease terms typically provide for minimum terms in a range of two to 30 years and have one or more renewal options.
Global Rigid Packaging Solutions Segment
This segment has approximately 210 manufacturing and support facilities located in 33 countries, of which approximately 60% are owned directly by us and approximately 40% are leased from outside parties. Initial building lease terms typically provide for minimum terms in a range of two to 15 years and have one or more renewal options.
Corporate and General
Our primary executive office is located in Zurich, Switzerland. Beginning in 2027, we expect to initiate the migration and consolidation of select corporate functions to a new U.S. headquarters in Miami, Florida, aligning resources more closely with our operating footprint. We will continue to maintain corporate offices in other regions.
Item 3. - Legal Proceedings
Refer to Note 20, "Contingencies and Legal Proceedings," of the notes to consolidated financial statements for information about legal proceedings.
Item 4. - Mine Safety Disclosures
Not applicable.
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PART II
Item 5. - Market for Registrant's Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our ordinary shares are traded on the New York Stock Exchange (the "NYSE") under the symbol AMCR, and our CHESS Depositary Instruments ("CDIs") are traded on the Australian Securities Exchange (the "ASX") under the symbol AMC. As of June 30, 2026, there were 106,892 registered holders of record of our ordinary shares and CDIs.
Share Repurchases
Share repurchase activity during the three months ended June 30, 2026, was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts, which are expressed in U.S. dollars):
| Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1)(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs | ||||||||||||||||||||||
| April 1 - 30, 2026 | — | $ | — | — | $ | — | ||||||||||||||||||||
| May 1 - 31, 2026 | 200 | 37.65 | — | — | ||||||||||||||||||||||
| June 1 - 30, 2026 | — | — | — | — | ||||||||||||||||||||||
| Total | 200 | $ | 37.65 | — | ||||||||||||||||||||||
(1)Includes shares purchased on the open market to satisfy the vesting and exercises of share-based compensation awards.
(2)Average price paid per share excludes costs associated with the repurchases.
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Shareholder Return Performance
The information under this caption "Shareholder Return Performance" in this Item 5 of this Annual Report on Form 10-K is not deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A or 14C under the Exchange Act, or to the liabilities of Section 18 of the Exchange Act and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent we specifically incorporate it by reference into such a filing.
The line graph below illustrates our cumulative total shareholder return on our ordinary shares as compared with the cumulative total return of our Peer Group, the S&P 500 Index, the S&P 500 Materials Index, and the ASX 200 Index for the period beginning June 30, 2021. The graph assumes $100 was invested on June 30, 2021, and that all dividends were reinvested.
| June 30, 2021 | June 30, 2022 | June 30, 2023 | June 30, 2024 | June 30, 2025 | June 30, 2026 | |||||||||||||||||||||||||||||||||
| Amcor plc | $ | 100.00 | $ | 112.79 | $ | 94.54 | $ | 97.66 | $ | 96.47 | $ | 96.64 | ||||||||||||||||||||||||||
| S&P 500 | $ | 100.00 | $ | 89.38 | $ | 106.90 | $ | 133.15 | $ | 153.34 | $ | 187.57 | ||||||||||||||||||||||||||
| S&P 500 Materials | $ | 100.00 | $ | 91.27 | $ | 105.07 | $ | 114.21 | $ | 116.33 | $ | 135.80 | ||||||||||||||||||||||||||
| S&P/ASX 200 | $ | 100.00 | $ | 87.41 | $ | 98.35 | $ | 111.71 | $ | 126.55 | $ | 142.62 | ||||||||||||||||||||||||||
| Peer Group | $ | 100.00 | $ | 101.13 | $ | 107.34 | $ | 105.05 | $ | 107.15 | $ | 122.87 | ||||||||||||||||||||||||||
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The Peer Group consists of Ansell Limited, AptarGroup, Inc., Avery Dennison Corporation, Ball Corporation, Brambles Limited, Coles Group Limited, Conagra Brands, Inc., Crown Holdings, Inc., Danone SA, General Mills, Inc., Graphic Packaging Holding Company, Huhtamäki Oyj, International Paper Company, Johnson & Johnson, The Kraft Heinz Company, Mondelez International, Inc., Nestlé S.A., O-I Glass, Inc., Orora Limited, Packaging Corporation of America, PepsiCo, Inc., The Procter & Gamble Company, Silgan Holdings Inc., Smurfit Westrock plc, Sonoco Products Company, Treasury Wine Estates Limited, Unilever PLC, Wesfarmers Limited, and Woolworths Group Limited. Sealed Air Corporation was removed from the Peer Group because it no longer meets our methodology as it ceased to be publicly traded on April 9, 2026. Packaging Corporation of America was added as the next qualifying issuer under our peer group criteria. We believe this change continues to provide a relevant comparison for our cumulative total shareholder return.
Item 6. [Reserved]
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Item 7. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8 of this Annual Report on Form 10-K.
The following is a discussion and analysis of changes in the results of operations for fiscal year 2026 compared to fiscal year 2025. A discussion and analysis regarding our results of operations for fiscal year 2025, compared to fiscal year 2024 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC on August 15, 2025 and incorporated by reference.
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"). The Reverse Split became effective on January 14, 2026. In connection with the Reverse Split, the par value of the Company's ordinary shares was increased to $0.05 and the Company's number of ordinary shares authorized was reduced to 1,800 million ordinary shares. All prior year ordinary share and per share amounts throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations have been retroactively adjusted to reflect the effects of the Reverse Split.
Two Year Review of Results
| (in millions) | 2026 | 2025 | ||||||||||||||||||||||||
| Net sales | $ | 23,506 | 100.0 | % | $ | 15,009 | 100.0 | % | ||||||||||||||||||
| Cost of sales | (18,816) | (80.0) | % | (12,175) | (81.1) | % | ||||||||||||||||||||
| Gross profit | 4,690 | 20.0 | % | 2,834 | 18.9 | % | ||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Selling, general, and administrative expenses | (1,931) | (8.2) | % | (1,205) | (8.0) | % | ||||||||||||||||||||
| Amortization of acquired intangible assets | (558) | (2.4) | % | (246) | (1.6) | % | ||||||||||||||||||||
| Research and development expenses | (170) | (0.7) | % | (120) | (0.8) | % | ||||||||||||||||||||
| Restructuring, transaction and integration expenses, net | (298) | (1.3) | % | (307) | (2.0) | % | ||||||||||||||||||||
| Other income/(expenses), net | 166 | 0.7 | % | 53 | 0.4 | % | ||||||||||||||||||||
| Operating income | 1,899 | 8.1 | % | 1,009 | 6.7 | % | ||||||||||||||||||||
| Interest income | 66 | 0.3 | % | 49 | 0.3 | % | ||||||||||||||||||||
| Interest expense | (676) | (2.9) | % | (396) | (2.6) | % | ||||||||||||||||||||
| Other non-operating income/(expenses), net | (7) | — | % | (12) | (0.1) | % | ||||||||||||||||||||
| Income before income taxes and equity in income/(loss) of affiliated companies | 1,282 | 5.5 | % | 650 | 4.3 | % | ||||||||||||||||||||
| Income tax expense | (181) | (0.8) | % | (135) | (0.9) | % | ||||||||||||||||||||
| Equity in income/(loss) of affiliated companies, net of tax | 5 | — | % | 3 | — | % | ||||||||||||||||||||
| Net income | $ | 1,106 | 4.7 | % | $ | 518 | 3.5 | % | ||||||||||||||||||
| Net income attributable to non-controlling interests | — | — | % | (7) | — | % | ||||||||||||||||||||
| Net income attributable to Amcor plc | $ | 1,106 | 4.7 | % | $ | 511 | 3.4 | % | ||||||||||||||||||
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Overview
Amcor is the global leader in developing and producing responsible primary packaging 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, in fiscal year 2026, approximately 75,000 Amcor people generated $23.5 billion in annual sales from operations that span approximately 400 locations in more than 40 countries.
In the third quarter of fiscal year 2026, we began reporting certain flexible operations in Latin America that were previously reported in our Global Flexible Packaging Solutions reportable segment in our Global Rigid Packaging Solutions reportable segment as we have consolidated management of our flexible and rigid packaging solutions operations in Latin America under one management team and our Chief Operating Decision Maker reviews results under this new structure. Prior period amounts have been recast to conform with current period presentation.
In May 2026, our Board of Directors approved a change in our fiscal year end from June 30 to December 31. The fiscal year end change will be effective for the period beginning July 1, 2026.
Significant Developments and Trends
Merger with Berry Global Group, Inc.
On November 19, 2024, the Company, Aurora Spirit, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Berry Global Group, Inc., a Delaware corporation (“Berry”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provided for the merger of Merger Sub with and into Berry (the “Merger”), with Berry surviving the Merger as a wholly-owned subsidiary of Amcor. On April 30, 2025, we completed the transactions called for by the Merger Agreement to obtain all of the ownership interest in Berry for purchase consideration of $10.4 billion, not including Berry debt assumed by Amcor of approximately $5.2 billion. In connection with the closing of the Merger, we issued approximately 846 million ordinary shares to Berry shareholders (pre 1-for-5 reverse stock split), excluding shares for Berry vested share-based payment and cash settled awards at closing, and paid $2.2 billion in connection with the required extinguishment of certain Berry indebtedness using the proceeds from the cumulative issuance of $2.2 billion in long-term debt in March 2025. Refer to Part II, Item 8 - Financial Statements, Note 4, "Acquisitions and Divestitures" and Note 14, "Debt" for further information.
Berry Plan
In connection with the Merger with Berry, the Company initiated restructuring and integration activities in the fourth quarter of fiscal year 2025 ("Berry Plan") aimed at integrating the combined organization. The Company continues to target realizing approximately $530 million of pre-tax synergies driven by procurement, supply chain, and general and administrative savings, $60 million in annual financial synergies and $60 million in pre-tax earnings benefits from growth synergies by June 30, 2028. The total Berry Plan pre-tax cash cost is estimated at $280 million, net, including restructuring activities and general integration expenses. The Berry Plan is expected to be completed by June 30, 2028.
The Company incurred $104 million in employee related expenses, $26 million in other restructuring activities, $45 million in restructuring related expenses, and $19 million on fixed asset related items (net of gains on asset disposals), with
$88 million incurred in the Global Flexible Packaging Solutions reportable segment, $90 million incurred in the Global Rigid Packaging Solutions reportable segment, and $16 million incurred in Corporate, in fiscal year 2026. The Company also incurred $51 million in integration activities in fiscal year 2026 in both the Global Flexible Packaging Solutions segment and the Global Rigid Packaging Solutions segment and Corporate. Net cash expenditures of approximately $157 million have been incurred in fiscal year 2026 for restructuring and general integration activities, with $103 million representing payments for restructuring and related expenses. For further information, refer to Note 5, "Restructuring, Transaction, and Integration Expenses, Net," and Note 6, "Restructuring" of "Part II, Item 8, Notes to Consolidated Financial Statements.
Review of Portfolio-Related Strategic Alternatives
In August 2025, we announced that we are reviewing strategic alternatives to maximize the value of our portfolio and have identified businesses with combined sales of $2.5 billion, which includes our North American Beverage business, for further review given they are less aligned with one or more core portfolio attributes including attractive growth and margin
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profile, industry structure, and scale and leadership position. Possible actions for these businesses include and are not limited to restructuring, partnership and joint venture ownership models, cash sales or a combination thereof. In fiscal year 2026, we sold four businesses identified as part of the strategic review for cash proceeds of $298 million, excluding deferred consideration. We also sold our investment in ePac for estimated proceeds of $79 million, including contingent and deferred consideration. Refer to Note 4 - "Acquisitions and Divestitures" for further information. While we continue to progress in our strategic alternatives review, we have not identified a set deadline or definitive timetable for completion of the strategic alternatives review process and related actions. Refer to the risk factor captioned "Strategic Review of Portfolio" in "Item 1A. - Risk Factors" of this Annual Report on Form 10-K for additional information.
Economic and Market Conditions
Market dynamics have remained challenging during fiscal year 2026, reflecting softer consumer demand and customer order volatility in certain markets, and cost pressures in certain areas, including labor costs. These conditions were driven by a combination of factors, including ongoing geopolitical tensions and conflicts, volatility and changes in U.S. domestic and global tariff frameworks, and persistent inflation across many economies, all of which have adversely affected consumption and consumer demand. Rapid shifts in U.S. trade policy, together with sustained inflationary pressures in the United States, have further contributed to global market uncertainty and uneven demand across several end markets.
During fiscal year 2026, the escalation of conflict in the Middle East disrupted global energy markets, resulting in higher energy prices beginning in the third quarter of fiscal year 2026. These increases have had an unprecedented impact on the cost of certain raw materials used in the manufacturing and transportation of our products. The evolving geopolitical situation has also contributed to disruptions in global logistic networks and heightened supply-chain risks, particularly in Asia. Continued uncertainty surrounding the conflict and fragile diplomatic efforts has contributed to ongoing volatility in energy and raw material prices and supply chain conditions. While we generally source and manufacture our products in the local markets in which they are sold and do not have operations in the Middle East, continued volatility in tariffs, energy markets, and global logistics may negatively impact customer and consumer demand, disrupt our supply chains, and further increase inflationary pressures. Such conditions may also result in higher operating costs and increased working capital requirements.
In response to these conditions, we have remained focused on executing price and cost actions to mitigate the impact of cost inflation and on aligning our cost base with prevailing market conditions, and we expect to continue these efforts. However, these actions may not be sufficient to fully offset the effects of these macroeconomic and geopolitical factors. There is no assurance that ongoing geopolitical tensions, including tariff-related developments and other macroeconomic factors, will not negatively impact our business, financial condition, results of operations, or cash flows. Refer to the risk factor captioned "Trade Policy - Our business may be impacted by changes to trade policy, including tariff and custom regulations, or failure to comply with such regulations may have an adverse effect on our reputation, business, financial condition and results of operations" in "Item 1A. - Risk Factors" of this Annual Report on Form 10-K for additional information.
Highly Inflationary Accounting
We have subsidiaries in Argentina that historically had a functional currency of the Argentine Peso. As of June 30, 2018, the Argentine economy was designated as highly inflationary for accounting purposes. Accordingly, beginning July 1, 2018, we began reporting the financial results of our Argentine subsidiaries with a functional currency of the Argentine Peso at the functional currency of the parent, which is the U.S. dollar. Following the governmental election in the second quarter of fiscal year 2024, Argentina devalued the Argentine Peso by approximately 55% against the U.S. dollar. In April 2025, the Argentine government lifted its capital controls over the Argentine peso and implemented a currency band within which the government will allow the Argentine peso to trade against the U.S. dollar which enables the Central Bank of Argentina to increase its reserves. The measures taken in April 2025 resulted in a devaluation of approximately 10%. In December 2025, the Central Bank of Argentina announced a new phase of its economic program which included changing its foreign exchange rate band mechanism and launching an active foreign exchange reserve accumulation program to strengthen the country's economy. Highly inflationary accounting resulted in a negative impact of $19 million, $16 million and $53 million in foreign currency transaction losses that were reflected in the consolidated statements of income for the fiscal years ended June 30, 2026, 2025, and 2024, respectively. We continue to monitor the foreign currency exposure risk of our operations in Argentina, which represented less than 1% of total assets as of June 30, 2026.
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Results of Operations
Consolidated Results of Operations
| ($ in millions, except per share data) | 2026 | 2025 | ||||||||||||
| Net sales | $ | 23,506 | $ | 15,009 | ||||||||||
| Operating income | 1,899 | 1,009 | ||||||||||||
| Operating income as a percentage of net sales | 8.1 | % | 6.7 | % | ||||||||||
| Net income attributable to Amcor plc | $ | 1,106 | $ | 511 | ||||||||||
| Diluted Earnings Per Share | $ | 2.38 | $ | 1.60 | ||||||||||
Net sales increased by $8,497 million, or 57%, in fiscal year 2026, compared to fiscal year 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $7,864 million, or 52%, the positive currency impacts of approximately $649 million, and the positive impacts from the pass-through of higher raw material costs of approximately $240 million, the remaining variation in net sales for fiscal year 2026 was a decrease of approximately $260 million or 2%, primarily reflecting lower sales volume.
Net income attributable to Amcor plc increased by $595 million, or 116%, in fiscal year 2026, compared to fiscal year 2025. This is mainly due to increased gross profit of $1,856 million, increased other income, net of $113 million, increased interest income of $17 million, and lower restructuring, transaction and integration expenses, net of $9 million associated with the Merger, partially offset by higher selling, general, and administrative expenses of $726 million primarily due to the Merger, increase in amortization of acquired intangible assets of $312 million due to the Merger, increased interest expense of $280 million due primarily to Merger related financing and assumed debt, increased research and development expenses of $50 million, and higher income tax expense of $46 million.
Diluted earnings per share ("Diluted EPS") increased by $0.78, or 49%, in fiscal year 2026, compared to fiscal year 2025, with the net income attributable to ordinary shareholders of Amcor plc increasing by 117% due to the above items and the diluted weighted-average number of shares outstanding increasing by 46% in fiscal year 2026, compared to fiscal year 2025. The increase in the diluted weighted-average number of shares outstanding was largely due to the completion of the Merger with Berry and the related share issuances.
Segment Results of Operations
Global Flexible Packaging Solutions Segment
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Net sales | $ | 12,829 | $ | 10,066 | ||||||||||
| Adjusted EBIT | 1,789 | 1,398 | ||||||||||||
| Adjusted EBIT as a percentage of net sales | 13.9 | % | 13.9 | % | ||||||||||
Net sales increased by $2,763 million, or 27%, in fiscal year 2026, compared to fiscal year 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $2,240 million, or 22%, the positive currency impacts of approximately $333 million, and the positive impacts from the pass-through of higher raw material costs of approximately $240 million, the remaining variation in net sales for fiscal year 2026 was a decrease of approximately $50 million, reflecting unfavorable sales volumes of approximately 1%, partially offset by favorable price/mix impact.
Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $391 million, or 28% in fiscal year 2026, compared to fiscal year 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $250 million or 18%, and the positive currency impacts of approximately $34 million, the remaining variation in Adjusted EBIT for fiscal year 2026 was an increase of approximately $107 million or 8%, mainly reflecting synergy benefits from the Merger, operating cost performance and productivity benefits of approximately 12%, partially offset by lower volumes of approximately 3%, and unfavorable impacts from price/mix of approximately 1%.
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Global Rigid Packaging Solutions Segment
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Net sales | $ | 10,677 | $ | 4,943 | ||||||||||
| Adjusted EBIT | 1,176 | 435 | ||||||||||||
| Adjusted EBIT as a percentage of net sales | 11.0 | % | 8.8 | % | ||||||||||
Net sales increased by $5,734 million, or 116%, in fiscal year 2026, compared to fiscal year 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $5,624 million, or 114%, and the positive currency impacts of $318 million, the remaining variation in net sales for fiscal year 2026 was a decrease of $208 million, or 4%, reflecting unfavorable volumes of approximately 3% and unfavorable price/mix of approximately 1%. The pass through of movements in raw material costs had no material impact on net sales.
Adjusted EBIT increased by $741 million, or 170%, in fiscal year 2026, compared to fiscal year 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $635 million, or 146% and the positive currency impacts of $42 million, the remaining variation in adjusted EBIT for fiscal year 2026 was an increase of $64 million, or 15%, reflecting synergy benefits from the Merger and operating cost performance of approximately 26%, partially offset by the negative effect of approximately 11% from unfavorable volumes and lower earnings in non-core businesses.
Consolidated Gross Profit
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Gross profit | $ | 4,690 | $ | 2,834 | ||||||||||
| Gross profit as a percentage of net sales | 20.0 | % | 18.9 | % | ||||||||||
Gross profit increased by $1,856 million, or 65% in fiscal year 2026, compared to fiscal year 2025. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales increased to 20.0% for fiscal year 2026, driven primarily by synergies and continued disciplined execution against cost and productivity initiatives.
Consolidated Selling, General, and Administrative ("SG&A") Expenses
| ($ in millions) | 2026 | 2025 | ||||||||||||
| SG&A expenses | $ | (1,931) | $ | (1,205) | ||||||||||
| SG&A expenses as a percentage of net sales | (8.2) | % | (8.0) | % | ||||||||||
SG&A expenses increased by $726 million, or 60%, in fiscal year 2026, compared to fiscal year 2025. The increase was primarily driven by the Merger.
Consolidated Amortization of Acquired Intangible Assets
| ($ in millions) | 2026 | 2025 | ||||||||||||
Amortization of acquired intangible assets | $ | (558) | $ | (246) | ||||||||||
Amortization of acquired intangible assets as a percentage of net sales | (2.4) | % | (1.6) | % | ||||||||||
Amortization of acquired intangible assets increased by $312 million, or 127%, in fiscal year 2026, compared to fiscal year 2025. The increase was primarily driven by the additional amortization on the intangible assets acquired in the Merger.
Consolidated Research and Development Expenses
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Research and development expenses | $ | (170) | $ | (120) | ||||||||||
Research and development expenses as a percentage of net sales | (0.7) | % | (0.8) | % | ||||||||||
Research and development expenses increased by $50 million, or 42%, in fiscal year 2026, compared to fiscal year 2025. The increase was primarily driven by the Merger.
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Consolidated Restructuring, Transaction and Integration Expenses, Net
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Restructuring, transaction and integration expenses, net | $ | (298) | $ | (307) | ||||||||||
| Restructuring, transaction and integration expenses, net, as a percentage of net sales | (1.3) | % | (2.0) | % | ||||||||||
Restructuring, transaction and integration expenses, net decreased by $9 million, or 3%, in fiscal year 2026, compared to fiscal year 2025. The change was a result of a decrease in transaction costs of $137 million and accelerated merger-related compensation of $41 million, partially offset by an increase in restructuring, integration, and related expenses, net of $169 million.
Consolidated Other Income/(Expenses), net
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Other income/(expenses), net | $ | 166 | $ | 53 | ||||||||||
| Other income/(expenses), net as a percentage of net sales | 0.7 | % | 0.4 | % | ||||||||||
Other income/(expenses), net changed by $113 million, in fiscal year 2026, compared to fiscal year 2025. The change was primarily driven by the cumulative gain on sale of businesses during the fourth quarter of fiscal year 2026 of $56 million.
Consolidated Interest Income
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Interest income | $ | 66 | $ | 49 | ||||||||||
| Interest income as a percentage of net sales | 0.3 | % | 0.3 | % | ||||||||||
Interest income increased by $17 million, or 35%, in fiscal year 2026, compared to fiscal year 2025, driven by the Merger.
Consolidated Interest Expense
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Interest expense | $ | (676) | $ | (396) | ||||||||||
| Interest expense as a percentage of net sales | (2.9) | % | (2.6) | % | ||||||||||
Interest expense increased by $280 million, or 71%, in fiscal year 2026, compared to fiscal year 2025, primarily driven by the additional debt issued and assumed in the Merger.
Consolidated Income Tax Expense
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Income tax expense | $ | (181) | $ | (135) | ||||||||||
| Effective tax rate | 14.1 | % | 20.8 | % | ||||||||||
Income tax expense increased by $46 million, or 34%, in fiscal year 2026, compared to fiscal year 2025, primarily due to higher earnings driven by the Merger. The lower effective tax rate for fiscal year 2026 versus fiscal year 2025 is largely attributable to favorable return-to-provision adjustments recorded as current year discrete items identified upon completion of prior year income tax returns, movements in deferred tax positions including releases of valuation allowances, and changes in unrecognized tax benefits which are partially offset by non-deductible expenses related to the Merger.
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Presentation of Non-GAAP Information
This Annual Report on Form 10-K refers to non-GAAP financial measures: adjusted earnings before interest and taxes ("Adjusted EBIT"), earnings before interest and tax ("EBIT"), adjusted net income, and net debt. Such measures have not been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These non-GAAP financial measures adjust for factors that are unusual or unpredictable. These measures exclude the impact of certain amounts related to the effect of changes in currency exchange rates, acquisitions, and restructuring, including employee-related costs, equipment relocation costs, accelerated depreciation, and the write-down of equipment. These measures also exclude gains or losses on sales of significant property and divestitures, significant property and other impairments, net of insurance recovery, certain regulatory and litigation matters, significant pension settlements, impairments in goodwill and equity method investments, and certain acquisition-related expenses, including financing-related, transaction, and integration expenses, due diligence expenses, professional and legal fees, purchase accounting adjustments for inventory, order backlog, intangible amortization, changes in the fair value of contingent acquisition payments and economic hedging instruments on commercial paper, executive transition costs, and impacts related to the Russia-Ukraine conflict. 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 Adjusted EBIT and adjusted net income and the acquired assets contribute to revenue generation.
This adjusted information should not be construed as an alternative to results determined in accordance with U.S. GAAP. We use the non-GAAP measures to evaluate operating performance and believe that these non-GAAP measures are useful to enable investors and other external parties to perform comparisons of our current and historical performance.
A reconciliation of reported net income attributable to Amcor plc to Adjusted EBIT and adjusted net income for fiscal years 2026, 2025, and 2024 is as follows:
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Net income attributable to Amcor plc, as reported | $ | 1,106 | $ | 511 | $ | 730 | ||||||||||||||
| Add: Net income attributable to non-controlling interests | — | 7 | 10 | |||||||||||||||||
| Net income | 1,106 | 518 | 740 | |||||||||||||||||
| Add: Income tax expense | 181 | 135 | 163 | |||||||||||||||||
| Add: Interest expense | 676 | 396 | 348 | |||||||||||||||||
| Less: Interest income | (66) | (49) | (38) | |||||||||||||||||
| EBIT | 1,897 | 1,000 | 1,213 | |||||||||||||||||
| Add: Amortization of acquired intangible assets from business combinations (1) | 558 | 246 | 167 | |||||||||||||||||
| Add: Impact of hyperinflation (2) | 19 | 16 | 53 | |||||||||||||||||
| Add: Transaction costs (3) | 32 | 169 | — | |||||||||||||||||
| Add: Restructuring, integration and related expenses, net (4) | 266 | 97 | 97 | |||||||||||||||||
| Add: Executive transition costs (5) | 15 | — | 8 | |||||||||||||||||
| Add/(Less): Inventory step-up amortization (6) | (6) | 133 | — | |||||||||||||||||
| Add: Accelerated merger-related compensation (7) | — | 41 | — | |||||||||||||||||
| Add: Portfolio review expenses (8) | 22 | — | — | |||||||||||||||||
| Add: Other (9) | 10 | 21 | 22 | |||||||||||||||||
| Adjusted EBIT | 2,813 | 1,723 | 1,560 | |||||||||||||||||
| Less: Interest expense | (676) | (396) | (348) | |||||||||||||||||
| Add: Adjustments to interest expense (10) | 29 | 15 | — | |||||||||||||||||
| Less: Income tax expense | (181) | (135) | (163) | |||||||||||||||||
| Less: Adjustments to income tax expense (11) | (188) | (113) | (62) | |||||||||||||||||
| Add: Interest income | 66 | 49 | 38 | |||||||||||||||||
| Less: Net income attributable to non-controlling interests | — | (7) | (10) | |||||||||||||||||
| Adjusted net income | $ | 1,863 | $ | 1,136 | $ | 1,015 | ||||||||||||||
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(1)Amortization of acquired intangible assets from business combinations includes amortization expense related to all acquired intangible assets from past acquisitions.
(2)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso.
(3)Transaction costs includes incremental costs related to the Merger and other strategic activities. Refer to Note 5, "Restructuring, Transaction, and Integration Expenses, Net".
(4)Restructuring, integration and related activities, net in fiscal year 2026 primarily includes costs incurred in connection with the Berry Plan. Fiscal year 2025 primarily includes costs incurred in connection with the 2023 Restructuring Plan and the Berry Plan. Fiscal year 2024 primarily includes costs incurred in connection with the 2023 Restructuring Plan. Refer to Note 6, "Restructuring," for further information.
(5)Executive transition costs in fiscal year 2026 reflect accelerated compensation, including share-based compensation, granted to the Company's former executives, and other transition related expenses. Fiscal year 2024 includes expenses incurred in connection with the retirement Chief Executive Officer who retired from that role in April 2024, and other transition related expenses.
(6)Inventory step-up amortization relates to additional amortization incurred on inventories in connection with the Merger.
(7)Accelerated merger-related compensation includes accelerated share-based compensation expense and severance incurred in connection with the Merger.
(8)Portfolio review expenses includes impairment and other incremental expenses incurred in connection with the strategic review of the Company's portfolio alternatives.
(9) Other in fiscal year 2026 includes various expense and income items, primarily relating to pension settlements and related excise taxes of $26 million, professional fees of $12 million, legal related fees of $12 million and other individually immaterial expense items, partially offset by an aggregate pre-tax gain on sale of certain businesses of $56 million (refer to Note 4, "Acquisitions and Divestitures"). Fiscal year 2025 includes various expense and income items primarily relating to pension settlements of $12 million and other minor items primarily including litigation fees and a loss on disposal of a non-core business. These expenses were partially offset by a pre-tax gain on the disposal of Bericap of $15 million (refer to Note 4, "Acquisitions and Divestitures"). Fiscal year 2024 includes fair value losses of $16 million on economic hedges, retroactive foil duties, certain litigation reserve adjustments, and pension settlements, partially offset by changes in contingent purchase consideration.
(10)Adjustments to interest expense for fiscal year 2026 and 2025 includes non-cash amortization of the fair value adjustment to short term debt acquired in connection with the Merger. Refer to Note 4, "Acquisitions and Divestitures".
(11)Net tax impact on items (1) through (10) above.
Reconciliation of Net Debt
A reconciliation of total debt to net debt at June 30, 2026 and 2025 is as follows:
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Current portion of long-term debt | $ | 15 | $ | 141 | ||||||||||
| Short-term debt | 135 | 116 | ||||||||||||
| Long-term debt, less current portion | 13,862 | 13,841 | ||||||||||||
| Total debt | 14,012 | 14,098 | ||||||||||||
| Less cash and cash equivalents | (1,115) | (827) | ||||||||||||
| Net debt | $ | 12,897 | $ | 13,271 | ||||||||||
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Supplemental Guarantor Information
Amcor plc, along with certain wholly-owned subsidiary guarantors, guarantee the following senior notes issued by the wholly-owned subsidiaries, Amcor Flexibles North America, Inc. (“Amcor Flexibles North America”), Amcor UK Finance plc (“Amcor UK”), Amcor Finance (USA), Inc. (“AFUI”), Amcor Group Finance plc (“AGF”), and Berry Global, Inc. (“Berry Global”).
Notes Guaranteed by the Obligor Group companies (as defined below):
•$300 million, 3.100% Guaranteed Senior Notes due 2026 of Amcor Flexibles North America, Inc.
•$500 million, 4.500% Guaranteed Senior Notes due 2028 of Amcor Flexibles North America, Inc.
•$725 million, 4.800% Guaranteed Senior Notes due 2028 of Amcor Flexibles North America, Inc.
•$750 million, 4.250% Guaranteed Senior Notes due 2029 of Amcor Flexibles North America, Inc.
•$500 million, 2.630% Guaranteed Senior Notes due 2030 of Amcor Flexibles North America, Inc.
•$725 million, 5.100% Guaranteed Senior Notes due 2030 of Amcor Flexibles North America, Inc.
•$800 million, 2.690% Guaranteed Senior Notes due 2031 of Amcor Flexibles North America, Inc.
•$750 million, 5.500% Guaranteed Senior Notes due 2035 of Amcor Flexibles North America, Inc.
•$750 million, 5.125% Guaranteed Senior Notes due 2036 of Amcor Flexibles North America, Inc.
•€500 million, 1.125% Guaranteed Senior Notes due 2027 of Amcor UK Finance plc
•€750 million, 3.200% Guaranteed Senior Notes due 2029 of Amcor UK Finance plc
•€500 million, 3.950% Guaranteed Senior Notes due 2032 of Amcor UK Finance plc
•€750 million, 3.750% Guaranteed Senior Notes due 2033 of Amcor UK Finance plc
•$500 million, 5.625% Guaranteed Senior Notes due 2033 of Amcor Finance (USA), Inc.
•$500 million, 5.450% Guaranteed Senior Notes due 2029 of Amcor Group Finance plc
•$400 million, 1.650% First Priority Senior Secured Notes due 2027 of Berry Global, Inc. (1)
•$500 million, 5.500% First Priority Senior Secured Notes due 2028 of Berry Global, Inc. (1)
•$800 million, 5.800% First Priority Senior Secured Notes due 2031 of Berry Global, Inc. (1)
•$800 million, 5.650% First Priority Senior Secured Notes due 2034 of Berry Global, Inc. (1)
(1)On April 30, 2025, in connection with the consummation of the Merger and Amcor plc’s consent solicitations from the holders of the 1.650% First Priority Senior Secured Notes due 2027, 5.500% First Priority Senior Secured Notes due 2028, 5.800% First Priority Senior Secured Notes due 2031, and 5.650% First Priority Senior Secured Notes due 2034 issued by Berry ("Consent Solicitation Notes"), Amcor plc provided a guarantee of each series of Consent Solicitation Notes and, as a result, among other things, the liens on all of the collateral of Berry granted to secure each such series of Consent Solicitation Notes were released.
The below table summarizes the composition of the Obligor Group:
| Entity | Incorporated in | |||||||
| Amcor Plc (ultimate parent entity) | Jersey | |||||||
| Subsidiary guarantors: | ||||||||
| Amcor Flexibles North America | Missouri, USA | |||||||
| Amcor UK | United Kingdom | |||||||
| AIUK | United Kingdom | |||||||
| AFUI | Delaware, USA | |||||||
| AGF | United Kingdom | |||||||
| Berry Global | Delaware, USA | |||||||
All guarantors fully, unconditionally, and irrevocably guarantee, on a joint and several basis, to each holder of the notes of each series, the due and punctual payment of the principal of, and any premium and interest on, such notes and all other amounts payable, when and as the same shall become due and payable, whether at stated maturity, by declaration of acceleration, call for redemption or otherwise, in accordance with the terms of the notes and related indenture. The obligations of the applicable guarantors under their guarantees will be limited as necessary to recognize certain defenses generally available to guarantors (including those that relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose, or similar laws) under applicable law. The guarantees are unsecured and unsubordinated obligations of the guarantors and rank equally with all existing and future unsecured and unsubordinated debt of each guarantor. None of our
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other subsidiaries guarantee such notes. The issuers and guarantors conduct large parts of their operations through other subsidiaries of Amcor plc.
Insolvency proceedings with respect to the issuers and guarantors could proceed under, and be governed by, among others, Jersey, United States, or English insolvency law, as the case may be, if either issuer or any guarantor defaults on its obligations under the applicable notes or guarantees, respectively.
Set forth below is the summarized financial information of the Obligor Group:
Basis of Preparation
The following summarized financial information is presented for the parent, issuer, and guarantor subsidiaries ("Obligor Group") on a combined basis after elimination of intercompany transactions between entities in each Obligor Group and amounts related to investments in any subsidiary that is a non-guarantor. This information is not intended to present the financial position or results of operations of the combined group of companies in accordance with U.S. GAAP.
Statement of Income for Obligor Group
($ in millions)
For the year ended June 30, 2026 | Obligor Group | |||||||
| Net sales - external | $ | 1,804 | ||||||
| Net sales - to subsidiaries outside the Obligor Group | 11 | |||||||
| Total net sales | $ | 1,815 | ||||||
| Gross profit | 390 | |||||||
| Net loss (1) | $ | (5,504) | ||||||
| Net income attributable to non-controlling interests | — | |||||||
| Net loss attributable to Obligor Group | $ | (5,504) | ||||||
(1) Includes a loss relating to an internal restructuring.
Balance Sheet for Obligor Group
($ in millions)
| As of June 30, 2026 | Obligor Group | ||||||||||
| Assets | |||||||||||
| Current assets - external | $ | 3,886 | |||||||||
| Current assets - due from subsidiaries outside the Obligor Group | 272 | ||||||||||
| Total current assets | 4,158 | ||||||||||
| Non-current assets - external | 3,196 | ||||||||||
| Non-current assets - due from subsidiaries outside the Obligor Group | 14,886 | ||||||||||
| Total non-current assets | 18,082 | ||||||||||
| Total assets | $ | 22,240 | |||||||||
| Liabilities | |||||||||||
| Current liabilities - external | $ | 6,661 | |||||||||
| Current liabilities - due to subsidiaries outside the Obligor Group | 68 | ||||||||||
| Total current liabilities | 6,729 | ||||||||||
| Non-current liabilities - external | 14,821 | ||||||||||
| Non-current liabilities - due to subsidiaries outside the Obligor Group (1) | 9,277 | ||||||||||
| Total non-current liabilities | 24,098 | ||||||||||
| Total liabilities | $ | 30,827 | |||||||||
(1) Includes unsettled cash pooling arrangement received by the obligor group on behalf of subsidiaries outside of the obligor group.
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Liquidity and Capital Resources
We finance our business primarily through cash flows provided by operating activities, borrowings from banks, and proceeds from issuances of debt and equity. We periodically review our capital structure and liquidity position in light of market conditions, expected future cash flows, potential funding requirements for debt refinancing, capital expenditures and acquisitions, the cost of capital, sensitivity analyses reflecting downside scenarios, the impact on our financial metrics and credit ratings, and our ease of access to funding sources.
We believe that our cash flows provided by operating activities, together with borrowings available under our credit facilities and access to the commercial paper market, backstopped by our bank debt facilities, will continue to provide sufficient liquidity to fund our operations, capital expenditures, and other commitments, including dividends and purchases of our ordinary shares and CHESS Depositary Instruments under authorized share repurchase programs, if any, into the foreseeable future.
Overview
| Year Ended June 30, | ||||||||||||||
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Net cash provided by operating activities | $ | 2,151 | $ | 1,390 | ||||||||||
| Net cash used in investing activities | (524) | (2,102) | ||||||||||||
| Net cash (used in)/provided by financing activities | (1,343) | 910 | ||||||||||||
Cash Flow Overview
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased by $761 million in fiscal year 2026, compared to fiscal year 2025. The change is primarily driven by higher net income, adjusted for non-cash items, partially offset by higher working
capital outflows in the current period.
Net Cash Used in Investing Activities
Net cash used in investing activities decreased by $1,578 million in fiscal year 2026, compared to fiscal year 2025. The change is primarily driven by higher cash outflows from purchases of property, plant, and equipment, offset by proceeds received from the sale of businesses during the current period and lower cash outflows related to the Merger during the prior period.
Net Cash Provided by/(Used in) Financing Activities
Net cash provided by/(used in) financing activities changed by $2,253 million in fiscal year 2026, compared to fiscal year 2025. The change is primarily driven by higher net debt issuances in the prior period and higher dividend payments in the current period.
Net Debt
We borrow from financial institutions and debt investors in the form of bank overdrafts, bank loans, corporate bonds, unsecured notes, and commercial paper. We have a mixture of fixed and floating interest rates and use interest rate swaps to provide further flexibility in managing the interest cost of borrowings.
On November 12, 2025, the Company issued additional guaranteed senior euro notes in an aggregate principal amount of €1.5 billion (collectively, the “Notes”). The Notes consist of (i) €750 million principal amount of 3.20% Guaranteed Senior Notes due 2029 and (ii) €750 million principal amount of 3.75% Guaranteed Senior Notes due 2033. The Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries.
On January 15, 2026, the Company completed the redemption of its 1.57% First Priority Senior Secured Notes with an aggregate principal amount of $1,525 million.
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On March 5, 2026, the Company issued additional guaranteed senior notes in an aggregate principal amount of $1.5 billion (collectively, the “March Notes”). The March Notes consist of (i) $750 million principal amount of 4.25% Guaranteed Senior Notes due 2029 and (ii) $750 million principal amount of 5.125% Guaranteed Senior Notes due 2036. The March Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries.
On April 15, 2026, the Company completed the early redemption of its 4.875% First Priority Senior Secured Notes with an aggregate principal amount of $750 million, originally scheduled to mature in July 2026. The Company incurred approximately $9 million of interest payments related to the early redemption of debt in the fourth quarter of fiscal year 2026.
On April 28, 2026, the Company completed the redemption of its 3.625% First Priority Senior Secured Notes with an aggregate principal amount of $600 million.
Short-term debt consists of bank debt with a duration of less than 12 months and bank overdrafts which are classified as current due to the short-term nature of the borrowings, except where we have the ability and intent to refinance and as such extend the debt beyond 12 months. The current portion of long-term debt consists of debt amounts repayable within a year after the balance sheet date.
Our primary bank debt facilities and notes are unsecured and subject to negative pledge arrangements limiting the amount of secured indebtedness incurred outside the guarantor group as well as the secured indebtedness we can incur to an aggregate of 15.0% of our total tangible assets, subject to some exceptions and variations by facility. In addition, the covenants of the bank debt facility require us to maintain a leverage ratio not higher than 3.9 times, stepping up to 4.25 times for the twelve consecutive calendar months following the consummation of an acquisition with aggregate consideration in excess of $375 million. The negative pledge arrangements and the financial covenants are defined in the related debt agreements. As of June 30, 2026, we were in compliance with all applicable covenants under our bank debt facilities.
Our net debt as of June 30, 2026, and June 30, 2025 was $12.9 billion and $13.3 billion, respectively.
Debt Facilities and Refinancing
As of June 30, 2026, the revolving senior bank debt facility had an aggregate limit of $3.75 billion, of which $1.29 billion had been drawn, resulting in an undrawn credit facility available of $2.46 billion. Our senior facility is available to fund working capital, growth capital expenditures, and refinancing obligations. Subject to certain conditions, we can request the total commitment level to be increased by up to $1.0 billion. For further information, refer to Note 14, "Debt" of the notes to consolidated financial statements.
Dividend Payments
In fiscal years 2026, 2025, and 2024, we paid $1,195 million, $845 million, and $722 million, respectively, in dividends. The dividend per share, adjusted for the Reverse Split, has increased in each of the years.
Credit Rating
Our capital structure and financial practices have earned us investment grade credit ratings from three internationally recognized credit rating agencies. These investment grade credit ratings are important to our ability to issue debt at favorable rates of interest, for various terms, and from a diverse range of markets that are highly liquid, including European and U.S. debt capital markets, and from global financial institutions.
Share Repurchases
During fiscal year 2026, the Company did not maintain a share repurchase program.
We had cash outflows of $29 million, $47 million, and $48 million for the purchase of our shares in the open market during fiscal years 2026, 2025, and 2024, respectively, as treasury shares to satisfy the vesting and exercises of share-based compensation awards. As of June 30, 2026, 2025, and 2024, we held treasury shares at a cost of $16 million, $6 million, and $11 million, representing 0.4 million, 0.1 million, and 0.2 million shares, respectively.
Material Cash Requirements
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Our material cash requirements for future periods from known contractual obligations are included below. We expect to fund these cash requirements primarily through cash flows provided by operating activities, borrowings from banks, and proceeds from issuances of debt and equity. These amounts reflect material cash requirements for which we are contractually committed.
•Debt obligations and interest payments: Refer to Note 14, “Debt” of the notes to consolidated financial statements for additional information about our debt obligations and interest payments and the related timing of these expected payments.
•Operating and finance leases: Refer to Note 15, “Leases” of the notes to consolidated financial statements for information about our lease obligations and the related timing of the expected payments.
•Employee benefit plan obligations: Refer to Note 13, “Defined Benefit Plans” of the notes to consolidated financial statements for additional information about our employee benefit plan obligations and the related timing of the expected payments.
•Capital expenditures: As of June 30, 2026, we have $216 million in committed capital expenditures for fiscal year ending June 30, 2027.
•Other purchase obligations: Amcor has other purchase obligations, including commitments to purchase a specified minimum amount of goods, inclusive of raw materials, utilities, and other. These obligations are legally binding and non-cancellable. Where we are unable to determine the periods in which these obligations could be payable under these contracts, we present the cash requirement in the earliest period in which the minimum obligation could be payable. The estimated future cash outlays are approximately $1.2 billion, $260 million, $190 million, $80 million, and $10 million in years ending June 30, 2027, 2028, 2029, 2030, and 2031, respectively.
Off-Balance Sheet Arrangements
Other than as described under "Material Cash Requirements", we had no significant off-balance sheet contractual obligations or other commitments as of June 30, 2026.
Liquidity Risk and Outlook
Liquidity risk arises from the possibility that we might encounter difficulty in settling our debts or otherwise meeting our obligations related to financial liabilities. We manage liquidity risk centrally and such management involves maintaining available funding and ensuring that we have access to an adequate amount of committed credit facilities. Due to the dynamic nature of our business, the aim is to maintain flexibility within our funding structure through the use of bank overdrafts, bank loans, corporate bonds, unsecured notes, and commercial paper. The following guidelines are used to manage our liquidity risk:
•maintaining undrawn committed liquidity that can be drawn at short notice to cover operational requirements;
•regularly performing a comprehensive analysis of all cash inflows and outflows in relation to operational, investing, and financing activities;
•generally using tradable instruments only in highly liquid markets;
•maintaining a credit investment grade rating with reputable independent rating agencies;
•managing credit risk related to financial assets;
•monitoring the duration of long-term debt;
•only investing surplus cash with major financial institutions or well diversified money market funds; and
•to the extent practicable, spreading the maturity dates of long-term debt facilities.
As of June 30, 2026, and 2025, an aggregate principal amount of $1.29 billion and $1.70 billion, respectively, was drawn under commercial paper programs. However, such programs are backstopped by committed bank syndicated loan facilities maturing in March 2030, with options to extend, under which we had $2.46 billion in unused capacity remaining as of June 30, 2026.
We expect long-term future funding needs to primarily relate to refinancing and servicing our outstanding financial liabilities maturing as outlined above and to finance our capital expenditure and payments for acquisitions that may be completed. We expect to continue to fund our long-term business needs on the same basis as in the past, i.e., partially through the cash flow provided by operating activities available to the business and management of the capital of the business, in particular through issuance of commercial paper and debt securities on a regular basis. We decide on discretionary growth capital expenditures and acquisitions individually based on, among other factors, the return on investment after related financing costs and the payback period of required upfront cash investments in light of our mid-term liquidity planning
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covering a period of four years post the current fiscal year. Our long-term access to liquidity depends on both our results of operations and on the availability of funding in financial markets.
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Critical Accounting Estimates and Judgments
Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, we evaluate our estimates and judgments, including those related to retirement benefits, intangible assets, goodwill, and expected future performance of operations. Our estimates and judgments are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.
We believe the following are critical accounting estimates used in the preparation of our consolidated financial statements. The critical accounting estimates discussed below should be read together with our significant accounting policies in Note 2, “Significant Accounting Policies,” of the notes to consolidated financial statements.
Business Combinations
We record business combinations resulting in the consolidation of an enterprise using the acquisition method of accounting. We recognize the identifiable assets acquired, the liabilities assumed, and any non-controlling interests in an acquired business at their fair values as of the date of acquisition. Goodwill is measured as the excess of the consideration transferred, also measured at fair value, over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. The acquisition method of accounting requires us to make significant estimates and assumptions, especially with respect to intangible assets.
We use all available information to estimate fair values and typically engage outside appraisal firms to assist in the fair value determination for significant acquisitions. The fair value measurements are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. Critical estimates in valuing intangible assets include, but are not limited to, expected cash flows from customer relationships, acquired developed technology, corporate trade name and brand names; the period of time we expect to use the acquired intangible asset; and discount rates.
In estimating the future cash flows, we consider demand, competition, other economic factors and actuarial assumptions for defined benefit plans. We utilize common valuation techniques such as discounted cash flows and market approaches, including the relief-from-royalty method to value acquired developed technology, trade names and brand names. Customer relationships are valued using the cost approach or an income approach such as the excess earnings method. We believe our estimates to be based on assumptions that are reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates, which could result in impairment charges in the future.
In connection with a given business acquisition, we may identify pre-acquisition contingencies as of the acquisition date and may extend our review and evaluation of these pre-acquisition contingencies throughout the measurement period in order to obtain sufficient information to assess whether we include these contingencies as part of the fair value estimates acquired and liabilities assumed and, if so, to determine the estimated amounts.
In addition, deferred tax assets and liabilities, uncertain tax positions and related valuation allowances assumed in a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based on facts and circumstances that existed as of the acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement period.
We account for costs to exit or restructure certain activities of an acquired company separately from the business acquisition. A liability for costs associated with an exit or disposal activity is recognized and measured at fair value in the consolidated statement of income in the period in which the liability is incurred.
Pensions
The majority of our principal defined benefit plans are closed to new entrants. The accounting for defined benefit pension plans requires us to recognize the overfunded or underfunded status of the pension plans on our balance sheet. A significant portion of our pension amounts relates to our defined benefit plans in the United States, Switzerland, United Kingdom, and Germany. The net periodic pension cost recorded in fiscal year 2026 was $31 million, compared to net periodic
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pension cost of $32 million in fiscal year 2025 and $12 million in fiscal year 2024. We expect our net periodic pension cost before the effect of income taxes for the next twelve months to be approximately $15 million.
For our sponsored plans, the relevant accounting guidance requires management to make certain assumptions relating to the long-term rate of return on plan assets, discount rates used to determine the present value of future obligations and expenses, salary inflation rates, mortality rates, and other assumptions. We believe the accounting estimates related to our pension plans are critical accounting estimates because they are highly susceptible to change from period to period based on the performance of plan assets, actuarial valuations, market conditions, and contractual benefit changes. The selection of assumptions is based on historical trends, known economic and market conditions at the time of valuation, and independent studies of trends performed by our actuaries. However, actual results may differ substantially from the estimates that were based on the critical assumptions.
The difference between the fair value of plan assets and the projected benefit obligation of a pension plan must be recorded on the consolidated balance sheets as an asset, in the case of an overfunded plan, or as a liability, in the case of an underfunded plan. Gains or losses and prior service costs or credits that arise but are not recognized as components of pension cost are recorded as a component of other comprehensive income/(loss). Pension plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. Accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants.
We review annually the discount rates used to calculate the present value of pension plan liabilities. The discount rates used at each measurement date are determined based on a high-quality corporate bond yield curve, derived based on bond universe information sourced from reputable third-party indexes, data providers, and rating agencies. In countries where there is not a deep market for corporate bonds, we generally use a government bond approach to set the discount rate. Additionally, the expected long-term rates of return on plan assets are derived for each benefit plan by considering the expected future long-term return assumption for each individual asset class. A single long-term return assumption is then derived for each plan based on the plan's target asset allocation.
Pension Assumptions Sensitivity Analysis
The following chart depicts the sensitivity of estimated pension expense for the next twelve months to incremental changes in the weighted-average discount rate and expected long-term rate of return on assets.
| Discount Rate | Total Increase/(Decrease) to Net Periodic Pension Cost from Current Assumption | Rate of Return on Plan Assets | Total Increase/ (Decrease) to Net Periodic Pension Cost from Current Assumption | |||||||||||||||||
| (in $ millions) | (in $ millions) | |||||||||||||||||||
| +25 basis points | (1) | +25 basis points | (4) | |||||||||||||||||
| 4.64 percent (current assumption) | — | 5.65 percent (current assumption) | — | |||||||||||||||||
| -25 basis points | 1 | -25 basis points | 4 | |||||||||||||||||
Goodwill and Other Intangible Assets
Goodwill represents the excess of the aggregate purchase price over the fair value of net assets acquired, including intangible assets. Goodwill is not amortized but is instead tested for impairment annually as of April 1 of each fiscal year, or when events and circumstances indicate an impairment may have occurred. Our reporting units each contain goodwill that is assessed for potential impairment. All goodwill is assigned to a reporting unit, which we have defined as an operating segment, based on the relative fair value of the reporting unit at the time of each acquisition. At June 30, 2026, we have two reporting units which are our reportable segments, Global Flexible Packaging Solutions and Global Rigid Packaging Solutions.
In our impairment analysis, we may elect to first assess qualitative factors to determine whether a quantitative test is necessary. If we determine that a quantitative test is necessary or elect to perform a quantitative test instead of the qualitative test, we derive an estimate of fair values for each of our reporting units using income approaches. The most significant assumptions used in the determination of the estimated fair value of the reporting units are revenue growth, projected operating income growth, market multiples, terminal values, and discount rates. When the carrying value of a reporting unit exceeds its
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fair value, we recognize an impairment loss equal to the difference between the carrying value and estimated fair value of the reporting unit, adjusted for any tax benefits, limited to the amount of the carrying value of goodwill.
Our estimates associated with the goodwill impairment tests are considered critical due to the amount of goodwill recorded on our consolidated balance sheets and the judgment required in determining fair value amounts, including projected future cash flows. Judgment is also used in assessing whether goodwill should be tested more frequently for impairment than annually. Factors such as a significant decrease in expected net earnings, adverse equity market conditions, and other external events, such as significant inflation and rising interest rates, may result in the need for more frequent assessments.
Intangible assets consist primarily of purchased customer relationships, technology, trademarks, and software and are amortized using the straight-line method over their estimated useful lives, ranging from one to twenty years. We review these intangible assets for impairment when changes in circumstances or the occurrence of events suggest that the remaining value is not recoverable. The impairment test requires us to make estimates about fair value, most of which are based on projected future cash flows and discount rates. These estimates and projections require judgments about future events, conditions, and amounts of future cash flows.
Deferred Taxes and Uncertain Tax Positions
Significant judgments and estimates are required in determining our deferred tax assets and liabilities and uncertain tax positions as tax laws are often complex and may be subject to differing interpretations by the taxpayer and the relevant taxing authorities. Determining uncertain tax positions involves evaluating whether the weight of available positive and negative evidence indicates that it is more likely than not that the position taken or expected to be taken in the tax return will be sustained upon tax audit, including resolution of related appeals or litigation processes, if any. The recognized tax benefits are measured as the largest benefit of having a more likely than not likelihood of being sustained upon settlement. Additionally, we are required to assess the likelihood of recovering deferred tax assets against future sources of taxable income which may result in the need for a valuation allowance on deferred tax assets, including operating loss, capital loss, and tax credit carryforwards if we do not reach the more likely than not threshold based on all available evidence. Examples of factors considered in determining deferred tax asset realizability include the expected future performance of operations and taxable earnings, the expected timing of the reversal of temporary differences, as well as the feasibility of tax planning strategies. If actual results differ from these estimates or if there are future changes in tax laws or statutory tax rates, we may need to adjust valuation allowances, or deferred tax liabilities, which could have a material impact on our consolidated financial position and results of operations.
New Accounting Pronouncements
Refer to Note 3, "New Accounting Guidance," of the notes to consolidated financial statements for information about new accounting pronouncements.
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Item 7A. - Quantitative and Qualitative Disclosures About Market Risk
Overview
Our activities expose us to a variety of market risks and financial risks. Our overall risk management program seeks to minimize potential adverse effects of these risks on Amcor's financial performance. From time to time, we enter into various derivative financial instruments, such as foreign exchange contracts, commodity fixed price swaps (on behalf of customers), cross-currency swaps, and interest rate swaps to manage these risks. Our hedging activities are conducted on a centralized basis through standard operating procedures and delegated authorities, which provide guidelines for control, counterparty risk, and ongoing reporting. These derivative instruments are designed to reduce the economic risk associated with movements in foreign exchange rates, raw material prices, and to fixed and variable interest rates, but may not have been designated or qualify for hedge accounting under U.S. GAAP and hence may increase income statement volatility. However, we do not trade in derivative financial instruments for speculative purposes. In addition, we may enter into loan agreements in currencies other than the respective legal entity's functional currency to economically hedge foreign exchange risk in net investments in our non-U.S. subsidiaries, which do not qualify for hedge accounting under U.S. GAAP and hence may increase income statement volatility.
There have been no material changes in the risks described below, other than increased inflation and market volatility attributed to a variety of factors, including the Middle East conflict, in the last three fiscal years.
Interest Rate Risk
Our policy is to manage exposure to interest rate risk by maintaining a mixture of fixed-rate and variable-rate debt, monitoring global interest rates and, where appropriate, hedging floating interest rate exposure or debt at fixed interest rates through the use of various interest rate derivative instruments including, but not limited to, interest rate swaps, cross currency interest rate swaps, and interest rate locks.
A hypothetical but reasonably possible increase of 1% in the floating rate on the relevant interest rate yield curve applicable to both derivative and non-derivative instruments denominated in U.S. dollars and Euros, the currencies with the largest interest rate sensitivity, outstanding as of June 30, 2026, would have resulted in an adverse impact on income before income taxes and equity in income/(loss) of affiliated companies of $20 million expense for the fiscal year ended June 30, 2026.
Foreign Exchange Risk
We operate in over 40 countries across the world and, as a result, we are exposed to movements in foreign currency exchange rates.
For the year ended June 30, 2026, a hypothetical but reasonably possible adverse change of 1% in the underlying average foreign currency exchange rate for the Euro would have resulted in an adverse impact on our net sales of $49 million.
Economic and political events in Argentina expose us to heightened levels of foreign currency exchange risks. Although our functional currency in Argentina is the U.S. dollar, we have net assets and transactions in Argentina that are denominated in pesos. In fiscal year 2024, the new Argentine government devalued the Argentine peso by approximately 55% against the U.S. dollar which was the primary factor in our recognition of a $53 million loss on monetary balances in this fiscal year. In April 2025, the Argentine government lifted its capital controls over the Argentine peso to trade against the U.S. dollar which enables the Central Bank of Argentina to increase its reserves. The measures taken in April 2025 resulted in a devaluation of approximately 10% and have helped to reduce inflation in Argentina. In December 2025, the Central Bank of Argentina announced a new phase of its economic program which included changing its foreign exchange rate band mechanism and launching an active foreign exchange reserve accumulation program to strengthen the country's economy. As of June 30, 2026, a hypothetical but reasonably possible 10% devaluation of the Argentine peso against the U.S. dollar would have resulted in an adverse impact on our Argentine peso monetary assets of approximately $6 million. Our operations in Argentina represented approximately 1% of our consolidated net sales and annual adjusted earnings before interest and tax in fiscal year 2026.
During both fiscal years 2026 and 2025, 51% of our net sales, respectively, were effectively generated in U.S. dollar functional currency entities. During fiscal year 2026 and 2025, 21% and 18%, respectively, of our net sales were generated in Euro functional currency entities with the remaining 28% and 31% of net sales, respectively, being generated in entities with functional currencies other than U.S. dollars and Euros. The impact of translating Euro and other non-U.S. dollar net sales and
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operating expenses into U.S. dollar for reporting purposes will vary depending on the movement of those currencies from period to period.
Raw Material and Commodity Price Risk
The primary raw materials for our products are polymer resins and films, paper, paperboard, inks, solvents, adhesives and aluminum. We have market risk primarily in connection with the pricing of our products and are exposed to commodity price risk from a number of commodities and other raw materials and energy price risk.
An increase in prices of our primary raw materials may result in a temporary or permanent reduction in income before income taxes and equity in income/(loss) of affiliated companies depending on the level of recovery by material type. The level of recovery depends both on the type of material and the market in which we operate. Across our business, we have a number of contractual provisions that allow for pass through of raw material price fluctuations to customers within predefined periods.
A hypothetical but reasonably possible 1% increase on average prices for polymer resins and films, inks, solvents, adhesives, aluminum, paperboard and paper, not passed on to the customer by way of a price adjustment, would have resulted in an increase in cost of sales and hence an adverse impact on income before income taxes and equity in income/(loss) of affiliated companies of approximately $85 million for fiscal year 2026 before any contractual pass-through to selling price.
Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss. We are exposed to credit risk arising from financing activities including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments, as well as from over-the-counter raw material and commodity related derivative instruments.
We manage our credit risk from balances with financial institutions through our counterparty risk policy, which provides guidelines on setting limits to minimize the concentration of risks and therefore mitigating financial loss through potential counterparty failure and on dealing and settlement procedures. The investment of surplus funds is made only with approved counterparties and within credit limits assigned to each specific counterparty. Financial derivative instruments can only be entered into with high credit quality approved financial institutions. As of June 30, 2026, and 2025, we did not have a significant concentration of credit risk in relation to derivatives entered into in accordance with our hedging and risk management activities.
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Item 8. - Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Amcor plc
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Amcor plc and its subsidiaries (the “Company”) as of June 30, 2026 and 2025, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended June 30, 2026, including the related notes and schedule of valuation and qualifying accounts and reserves for each of the three years in the period ended June 30, 2026 appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Goodwill Impairment Assessment – Global Rigid Packaging Solutions Reporting Unit
As described in Notes 2 and 10 to the consolidated financial statements, the Company’s goodwill balance was $12,075 million as of June 30, 2026, of which $6,056 million was associated with the Global Rigid Packaging Solutions reporting unit. Management conducts an impairment test as of April 1 of each fiscal year or whenever events and circumstances indicate an impairment may have occurred during the financial year. Management’s quantitative assessment utilizes discounted cash flow models to determine the fair value of the reporting unit. As disclosed by management, if the carrying value of a reporting unit exceeds its fair value, management would recognize an impairment loss equal to the difference between the carrying value and the estimated fair value of the reporting unit, adjusted for any tax benefits, limited to the amount of the carrying value of goodwill. Management’s projected future cash flows for the Global Rigid Packaging Solutions reporting unit included key assumptions relating to the discount rate, market multiple and revenue growth.
The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Global Rigid Packaging Solutions reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Global Rigid Packaging Solutions reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the discount rate, market multiple, and revenue growth; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over the valuation of the Global Rigid Packaging Solutions reporting unit. These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the reporting unit; (ii) evaluating the appropriateness of the discounted cash flow models used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow models; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the discount rate, market multiple and revenue growth. Evaluating management’s assumptions related to the discount rate, market multiple and revenue growth involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the Global Rigid Packaging Solutions reporting unit; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the discounted cash flow models, (ii) the reasonableness of the discount rate assumption, and (iii) the appropriateness of the comparative companies as well as the market multiple considered.
/s/ | |||||
| August 14, 2026 | |||||
We have served as the Company's auditor since 2019.
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Amcor plc and Subsidiaries
Consolidated Statements of Income
($ in millions, except per share data)
| For the years ended June 30, | 2026 | 2025 | 2024 | |||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| Cost of sales | ( | ( | ( | |||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Selling, general, and administrative expenses | ( | ( | ( | |||||||||||||||||
| Amortization of acquired intangible assets | ( | ( | ( | |||||||||||||||||
| Research and development expenses | ( | ( | ( | |||||||||||||||||
| Restructuring, transaction and integration expenses, net | ( | ( | ( | |||||||||||||||||
| Other income/(expenses), net | ( | |||||||||||||||||||
| Operating income | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest expense | ( | ( | ( | |||||||||||||||||
| Other non-operating income/(expenses), net | ( | ( | ||||||||||||||||||
| Income before income taxes and equity in income/(loss) of affiliated companies | ||||||||||||||||||||
| Income tax expense | ( | ( | ( | |||||||||||||||||
| Equity in income/(loss) of affiliated companies, net of tax | ( | |||||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Net income attributable to non-controlling interests | ( | ( | ||||||||||||||||||
| Net income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
| Basic earnings per share | $ | $ | $ | |||||||||||||||||
| Diluted earnings per share | $ | $ | $ | |||||||||||||||||
All prior periods presented have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. See Note 2, "Significant Accounting Policies" for further information. See accompanying notes to consolidated financial statements.
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Amcor plc and Subsidiaries
Consolidated Statements of Comprehensive Income
($ in millions)
| For the years ended June 30, | 2026 | 2025 | 2024 | |||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||||||
| Net gains on cash flow hedges, net of tax (a) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax (b) | ( | |||||||||||||||||||
Net investment hedge of foreign operations, net of tax (c) | ( | |||||||||||||||||||
| Excluded components of fair value hedges | ( | ( | ||||||||||||||||||
Pension, net of tax (d) | ( | ( | ||||||||||||||||||
| Other comprehensive income/(loss) | ( | ( | ||||||||||||||||||
| Total comprehensive income | ||||||||||||||||||||
| Comprehensive income attributable to non-controlling interests | ( | ( | ||||||||||||||||||
| Comprehensive income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
| (a) Tax expense related to cash flow hedges | $ | ( | $ | $ | ( | |||||||||||||||
| (b) Tax benefit/(expense) related to foreign currency translation adjustments | ( | |||||||||||||||||||
| (c) Tax benefit/(expense) related to net investment hedge of foreign operations | ( | |||||||||||||||||||
| (d) Tax benefit/(expense) related to pension adjustments | $ | $ | ( | $ | ||||||||||||||||
See accompanying notes to consolidated financial statements.
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Amcor plc and Subsidiaries
Consolidated Balance Sheets
($ in millions, except share and per share data)
| As of June 30, | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
Trade receivables, net of allowance for credit losses of $ | ||||||||||||||
| Inventories, net | ||||||||||||||
| Raw materials and supplies | ||||||||||||||
| Work in process and finished goods | ||||||||||||||
| Prepaid expenses and other current assets | ||||||||||||||
| Total current assets | ||||||||||||||
| Non-current assets: | ||||||||||||||
| Property, plant, and equipment, net | ||||||||||||||
| Operating lease assets | ||||||||||||||
| Deferred tax assets | ||||||||||||||
| Other intangible assets, net | ||||||||||||||
| Goodwill | ||||||||||||||
| Employee benefit assets | ||||||||||||||
| Other non-current assets | ||||||||||||||
| Total non-current assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Liabilities | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Current portion of long-term debt | $ | $ | ||||||||||||
| Short-term debt | ||||||||||||||
| Trade payables | ||||||||||||||
| Accrued employee costs | ||||||||||||||
| Other current liabilities | ||||||||||||||
| Total current liabilities | ||||||||||||||
| Non-current liabilities: | ||||||||||||||
| Long-term debt, less current portion | ||||||||||||||
| Operating lease liabilities | ||||||||||||||
| Deferred tax liabilities | ||||||||||||||
| Employee benefit obligations | ||||||||||||||
| Other non-current liabilities | ||||||||||||||
| Total non-current liabilities | ||||||||||||||
| Total liabilities | $ | $ | ||||||||||||
Commitments and contingencies (See Note 20) | ||||||||||||||
| Shareholders' Equity | ||||||||||||||
| Amcor plc shareholders’ equity: | ||||||||||||||
Ordinary shares ($ | ||||||||||||||
Authorized ( | ||||||||||||||
Issued ( | $ | $ | ||||||||||||
| Additional paid-in capital | ||||||||||||||
| Retained earnings | ||||||||||||||
| Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury shares ( | ( | ( | ||||||||||||
| Total Amcor plc shareholders' equity | ||||||||||||||
| Non-controlling interests | ||||||||||||||
| Total shareholders' equity | ||||||||||||||
| Total liabilities and shareholders' equity | $ | $ | ||||||||||||
All prior periods presented have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. See Note 2, "Significant Accounting Policies" for further information. See accompanying notes to consolidated financial statements.
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Amcor plc and Subsidiaries
Consolidated Statements of Cash Flows
($ in millions)
| For the years ended June 30, | 2026 | 2025 | 2024 | |||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation, amortization, and impairment | ||||||||||||||||||||
| Net periodic benefit cost | ||||||||||||||||||||
| Amortization of debt discount and deferred financing costs | ||||||||||||||||||||
| Net gain on disposal of property, plant, and equipment | ( | ( | ( | |||||||||||||||||
| Net gain on disposal of businesses and investments | ( | ( | ||||||||||||||||||
| Equity in (income)/loss of affiliated companies | ( | ( | ||||||||||||||||||
| Net foreign exchange loss | ||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||
| Inventory step-up amortization | ( | |||||||||||||||||||
| Other, net | ( | ( | ||||||||||||||||||
| Loss from highly inflationary accounting for Argentine subsidiaries | ||||||||||||||||||||
| Deferred income taxes, net | ( | ( | ( | |||||||||||||||||
| Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency: | ||||||||||||||||||||
| Trade receivables | ( | ( | ( | |||||||||||||||||
| Inventories | ( | |||||||||||||||||||
| Prepaid expenses and other current assets | ( | ( | ( | |||||||||||||||||
| Trade payables | ( | |||||||||||||||||||
| Other current liabilities | ( | |||||||||||||||||||
| Accrued employee costs | ||||||||||||||||||||
| Employee benefit obligations | ( | ( | ( | |||||||||||||||||
| Other, net | ( | ( | ( | |||||||||||||||||
| Net cash provided by operating activities | ||||||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Investments in affiliated companies and other | ( | |||||||||||||||||||
| Business acquisitions | ( | ( | ( | |||||||||||||||||
| Purchase of property, plant, and equipment, and other intangible assets | ( | ( | ( | |||||||||||||||||
| Proceeds from divestitures, net of cash divested | ||||||||||||||||||||
| Proceeds from sale of affiliated companies and other investments | ||||||||||||||||||||
| Proceeds from sales of property, plant, and equipment, and other intangible assets | ||||||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Proceeds from exercise of options | ||||||||||||||||||||
| Purchase of treasury shares and tax withholdings for share-based incentive plans | ( | ( | ( | |||||||||||||||||
| Purchase of non-controlling interest | ( | ( | ||||||||||||||||||
| Proceeds from issuance of long-term debt | ||||||||||||||||||||
| Repayment of long-term debt | ( | ( | ( | |||||||||||||||||
| Financing-related transaction fees | ( | |||||||||||||||||||
| Net borrowing/(repayment) of commercial paper | ( | ( | ||||||||||||||||||
| Net borrowing/(repayment) of short-term debt | ( | ( | ||||||||||||||||||
| Repayment of lease liabilities | ( | ( | ( | |||||||||||||||||
| Share buyback/cancellations | ( | ( | ||||||||||||||||||
| Dividends paid | ( | ( | ( | |||||||||||||||||
| Net cash (used in)/provided by financing activities | ( | ( | ||||||||||||||||||
| Effect of exchange rates on cash and cash equivalents | ( | |||||||||||||||||||
| Net increase/(decrease) in cash and cash equivalents | ( | |||||||||||||||||||
| Cash and cash equivalents balance at beginning of the fiscal year | ||||||||||||||||||||
| Cash and cash equivalents balance at end of the fiscal year | $ | $ | $ | |||||||||||||||||
See accompanying notes to consolidated financial statements, including Note 23, "Supplemental Cash Flow Information".
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Amcor plc and Subsidiaries
Consolidated Statements of Equity
($ in millions, except per share data)
| Ordinary Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Share buyback/cancellations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Shares vested, and related tax withholdings | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax | ||||||||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
| Change in non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Options exercised and shares vested, and related tax withholdings | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax | ||||||||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
| Change in non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Acquisition of Berry Global Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
| Share buyback/cancellations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares for share-based awards | ( | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Options exercised and shares vested, and related tax withholdings | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net settlement of forward contracts to purchase own equity for share-based incentive plans, net of tax | ||||||||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
| Change in non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
All prior periods presented have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. See Note 2, "Significant Accounting Policies" for further information. See accompanying notes to consolidated financial statements.
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Amcor plc and Subsidiaries
Notes to Consolidated Financial Statements
Note 1 - Business Description
Amcor plc ("Amcor" or the "Company") is a public limited company incorporated under the Laws of the Bailiwick of Jersey. The Company's history dates back more than 150 years, with origins in both Australia and the United States of America. On April 30, 2025, the Company completed its acquisition (the "Merger") of Berry Global Group, Inc ("Berry"). The combination of Amcor and Berry has created a global packaging leader that employs approximately 75,000 individuals and has approximately 400 manufacturing facilities in more than 40 countries. See Note 4, "Acquisitions and Divestitures" for more information on the Berry acquisition.
Today, we are the global leader in developing and producing primary 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.
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Note 2 - Significant Accounting Policies
Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries, for which the Company has a controlling financial interest. All significant intercompany transactions and balances have been eliminated. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain amounts in the Company's notes to consolidated financial statements may not add up or recalculate due to rounding. The Company has certain U.S. and foreign subsidiaries that report on a 5-4-4 calendar or 52-week fiscal year, all of which were acquired as part of the Berry Merger completed on April 30, 2025, and which the Company consolidates into its respective fiscal period. The difference in period end for these foreign and U.S. subsidiaries has been determined to not be material.
Change in Fiscal Year
Historically, the Company reported on a fiscal year basis starting July 1 and ending June 30. Effective July 1, 2026, the Company will transition the fiscal year-end from June 30 to December 31. The Company plans to report its financial results for the six-month transition period of July 1, 2026 through December 31, 2026, on a Transition Report on Form 10-K/T and to thereafter file an Annual Report on Form 10-K for the first full calendar fiscal year ending on December 31, 2027. Prior to filing the transition report, the Company will file its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026. In these consolidated financial statements, the fiscal years ended on June 30, 2026, 2025 and 2024 are referred to as "fiscal year 2026", "fiscal year 2025" and "fiscal year 2024", respectively.
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"). The Reverse Split became effective on January 14, 2026. In connection with the Reverse Split, the par value of the Company's ordinary shares was increased to $0.05 and the Company's number of ordinary shares authorized was reduced to 1,800 million ordinary shares. Any resulting fractional shares were settled in cash. All share and per share amounts for all prior periods presented in the accompanying consolidated financial statements and applicable disclosures have been adjusted retroactively to reflect the Reverse Split, unless otherwise indicated.
Business Combinations: The Company uses the acquisition method of accounting, which requires separate recognition of assets acquired and liabilities assumed from goodwill, at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the fair value of any non-controlling interests in the acquiree over the net of the acquisition date fair values of the assets acquired and liabilities assumed. During the measurement period, which may be up to one year from the acquisition date, the Company has the ability to record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. The Company's estimates of fair value are based upon assumptions believed to be reasonable, but the Company's estimates and assumptions are inherently uncertain and subject to modification. After the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of income. Acquisition related costs and any related restructuring costs are expensed as incurred.
Held for Sale and Discontinued Operations: The Company classifies assets and liabilities (the "disposal group") as held for sale in the period when all of the relevant criteria to be classified as held for sale are met. These criteria include management's commitment to sell the disposal group in its present condition and the sale being deemed probable of being completed within one year. Assets held for sale are reported at the lower of their carrying value or fair value less cost to sell. Fair value is determined based on management’s assessment of indicative bids, a market multiples model in which a market multiple is applied to forecasted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), discounted cash flows, appraised values, or management's estimates, depending on the specific situation. Any loss resulting from the measurement is recognized in the period when the held for sale criteria are met. If the disposal group meets the definition of a business, the goodwill within the reporting unit is allocated to the disposal group based on its relative fair value. The Company assesses the fair value of a disposal group, less any disposal cost, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group. Assets held for sale are not amortized or depreciated.
A disposal group that represents a strategic shift to the Company or is acquired with the intention to sell is reflected as a discontinued operation on the consolidated statements of income and prior periods are recast to reflect the earnings or losses as income from discontinued operations.
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Estimates and Assumptions Required: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.
These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Management evaluates these estimates on an ongoing basis and adjusts or revises them as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments necessary to fairly present the results of the periods presented.
Translation of Foreign Currencies: The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s subsidiaries is generally the local currency of each entity. Transactions in currencies other than the functional currency of the entity are recorded at the exchange rates prevailing at the transaction date. Monetary assets and liabilities in currencies other than the entity’s functional currency are remeasured at the exchange rates as of the balance sheet date to the entity’s functional currency. Foreign currency transaction gains and losses are recorded in other income/(expenses), net in the consolidated statements of income. These foreign currency transaction net gains or net losses, not including losses on monetary balances in Argentina, amounted to a net loss of $1 million, $6 million, and $10 million during the fiscal years ended June 30, 2026, 2025, and 2024, respectively.
Upon consolidation, the results of operations of subsidiaries with functional currencies other than the reporting currency of the Company are translated using average exchange rates during each year. Assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at the exchange rates as of the balance sheet date, while equity balances are translated at historical rates. Translation gains and losses are reported in accumulated other comprehensive loss as a component of shareholders’ equity.
Highly Inflationary Accounting: A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. As of July 1, 2018, the Argentine economy was designated as highly inflationary for accounting purposes. Accordingly, the U.S. dollar replaced the Argentine peso as the functional currency for the Company's subsidiaries in Argentina. The impact of highly inflationary accounting on monetary balances was a loss of $19 million, $16 million, and $53 million for the fiscal years ended June 30, 2026, 2025, and 2024, respectively, in the consolidated statements of income.
Segment Reporting: Effective January 1, 2026, certain of 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 consolidated management of these 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. Refer to Note 21, "Segments" for information on the Company's reportable segments.
Revenue Recognition: The Company generates revenue primarily by providing its customers with flexible and rigid packaging solutions, serving a variety of markets including food, beverage, consumer products, and healthcare end markets. The Company enters into a variety of agreements with customers, including quality agreements, pricing agreements, and master supply agreements, which outline the terms under which the Company does business with a specific customer. The Company also sells to some customers solely based on purchase orders. The Company has concluded for the vast majority of its revenues, that its contracts with customers are either a purchase order or the combination of a purchase order with a master supply agreement. All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers.
The Company typically satisfies the obligation to provide packaging to customers at a point in time upon shipment when control is transferred to customers. Revenue is recognized net of allowances for returns and customer claims and any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company does not have any material contract assets or contract liabilities. The Company disaggregates revenue based on major product lines. Disaggregation of revenue is presented in Note 21, "Segments."
Significant Judgments
Determining whether products and services should be accounted for as distinct performance obligations or as combined performance obligations may require significant judgment. The Company has identified potential performance obligations in its customer master supply agreements and determined that none of them are capable of being distinct as the
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customer can only benefit from the supplied packaging. Therefore, the Company has concluded that it has one performance obligation, which is to supply packaging to customers.
The Company may provide variable consideration in several forms, which are determined through its agreements with customers. The Company can offer prompt payment discounts, sales rebates, or other incentive payments to customers. Sales rebates and other incentive payments can be awarded contingent on the achievement of certain performance metrics, including volume. The Company accounts for variable consideration using the most likely amount method. The Company utilizes forecasted sales data and rebate percentages specific to each customer agreement and updates its judgment of the amounts to which the customer is entitled each period.
The Company enters into long-term agreements with certain customers, under which it is obligated to make various up-front payments for which it expects to receive a benefit in excess of the cost over the term of the contract. These up-front payments are deferred and reflected in prepaid expenses and other current assets or other non-current assets on its consolidated balance sheets. Contract incentives are typically recognized as a reduction to revenue over the term of the customer agreement.
Practical Expedients
The Company sells primarily through its direct sales force. Any external sales commissions are expensed when incurred because the amortization period would be one year or less. External sales commission expense is included in selling, general, and administrative expenses in the consolidated statements of income.
The Company accounts for shipping and handling activities as fulfillment costs. Accordingly, shipping and handling costs are classified as a component of cost of sales while amounts billed to customers are classified as a component of net sales.
The Company excludes from the measurement of the transaction price all taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue producing transaction and collected from the customer, including sales taxes, value added taxes, excise taxes, and use taxes. Accordingly, the tax amounts are not included in net sales.
The Company does not adjust the promised consideration for the time value of money for contracts where the difference between the time of payment and performance is one year or less.
Research and Development: Research and development expenses are expensed as incurred.
Restructuring Costs: Restructuring costs are recognized when the liability is incurred. The Company calculates severance obligations based on its standard customary practices. Accordingly, the Company records provisions for severance when payments are probable and estimable and when the Company has committed to the restructuring plan. In the absence of a standard customary practice or established local practice, liabilities for severance are recognized when incurred. If fixed assets become impaired as a result of the Company’s restructuring efforts, these assets are written down to their fair value less costs to sell, as the Company commits to dispose of them, and they are no longer in use. Depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. Other restructuring costs, including costs to relocate equipment, are generally recorded as the cost is incurred or the service is provided. See Note 6, "Restructuring," for more information on the Company’s restructuring plans.
Cash, Cash Equivalents, and Restricted Cash: The Company considers all highly liquid investments, with a maturity of three months or less when purchased, to be cash equivalents. Cash equivalents include demand deposits that can be readily liquidated without penalty at the Company’s option. Cash equivalents are carried at cost which approximates fair market value. The Company had restricted cash of $14 million as of June 30, 2026. The amount of restricted cash as of June 30, 2025 was immaterial.
Trade Receivables, net of allowance for credit losses ("Trade accounts receivable, net"): Trade accounts receivable, net, are stated at the amount the Company expects to collect, which is net of an allowance for sales returns and the estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is estimated based on the current expected credit loss model and it incorporates information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. When determining the collectability of specific customer accounts, several factors are evaluated, including customer creditworthiness, past transaction history with the customer, and changes in customer payment terms or practices. In addition, overall historical collection experience, current economic industry trends, and a review of the current status of trade accounts receivable are considered when determining the required allowance for credit losses. Changes in allowance for doubtful accounts were not material for fiscal years ended June 30, 2026, 2025, and 2024.
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The Company enters into customer-based supply-chain financing programs from time to time to sell trade receivables to third-party financial institutions. Agreements which result in true sales of the transferred receivables, which occur when receivables are transferred without recourse to the Company, are reflected as a reduction of trade receivables, net on the consolidated balance sheets and the proceeds are included in the cash flows from operating activities in the consolidated statements of cash flows. Agreements that allow the Company to maintain effective control over the transferred receivables and which do not qualify as a true sale are accounted for as secured borrowings and recorded on the consolidated balance sheets within trade receivables, net and short-term debt. The expenses associated with receivables factoring are recorded in the consolidated statements of income primarily as a reduction of net sales. The Company did not factor any material trade receivables in fiscal years 2026 and 2025 which did not qualify as true sales of the receivables.
Inventories, net: Inventories are stated at the lower of cost and net realizable value. The cost of inventories is based upon the first-in, first-out method or average cost method. Costs related to inventories include raw materials, direct labor, and manufacturing overhead.
Property, Plant, and Equipment, Net ("PP&E"): PP&E is carried at cost less accumulated depreciation and impairment and includes expenditures for new facilities and equipment, as well as costs that substantially increase the useful lives or capacity of existing PP&E. Cost of constructed assets includes capitalized interest incurred during the construction period. Maintenance and repairs that do not improve efficiency or extend economic life are expensed as incurred.
PP&E, including assets held under finance leases, is depreciated using the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements and finance leases, over the period of the lease or useful life of the asset as described below. The Company periodically reviews these estimated useful lives and, when appropriate, changes are made prospectively.
| Leasehold land | Over lease term | |||||||
| Land improvements | Up to | |||||||
| Buildings | Up to | |||||||
| Machinery and equipment | Up to | |||||||
| Finance leases | Lease term or up to | |||||||
Impairment of Long-lived Assets: The Company reviews long-lived assets, primarily PP&E and certain identifiable intangible assets with finite lives, for impairment when facts or circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to their estimated fair value. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as applicable.
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Other income/(expenses), net | $ | $ | $ | |||||||||||||||||
| Restructuring, transaction and integration expenses, net | ||||||||||||||||||||
| Total impairment losses recognized in the consolidated statements of income | $ | $ | $ | |||||||||||||||||
Leases: The Company enters into leasing arrangements for certain manufacturing sites, offices, warehouses, land, vehicles, and equipment. The Company determines at the inception of the contract whether the contract is or contains a lease. A contract is a lease if it conveys the right to control an identified asset for a period of time in exchange for consideration.
For leases with an original term of more than twelve months, the Company recognizes a right-of-use (“ROU”) asset and a lease liability. Short-term leases with a term of twelve months or less are not recorded on the consolidated balance sheets and the related expense is recognized on a straight-line basis over the term of the lease.
Lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease terms, which include any noncancellable lease terms and any renewal periods that the Company is reasonably certain to exercise. A significant portion of the Company's leases includes an option or options to extend the lease term. The
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Company re-evaluates its leases on a regular basis to consider the economic and strategic incentives of exercising lease renewal options. As the implicit rates in the Company's leases generally cannot be readily determined, the Company uses estimates of its incremental borrowing rate as the discount rates to determine the lease liabilities.
The Company accounts for lease and non-lease components as a single lease component for all asset classes. For certain equipment leases, the Company applies a portfolio approach in measuring and recognizing the associated operating lease ROU assets and lease liabilities.
Certain leases require variable payments that are dependent on usage, output, or other factors. Variable lease payments that do not depend on an index or rate are excluded from lease payments in the measurement of the ROU lease asset and lease liability and recognized as an expense in the period in which the obligation for the payments occurs.
Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired in a business combination. Goodwill is not amortized but is instead tested annually for impairment by the Company as of April 1 of each fiscal year or whenever events and circumstances indicate an impairment may have occurred during the fiscal year. Factors that could trigger an impairment review include a significant decline in a reporting unit’s operating results compared to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates. All goodwill is assigned to a reporting unit, which is defined as the operating segment.
When performing the required impairment tests, the Company has the option to first assess qualitative factors to determine if a quantitative assessment for goodwill impairment is necessary. If the qualitative assessment concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative assessment. The Company's quantitative assessment utilizes discounted cash flow models to determine the fair value of the reporting units. Deriving fair value using discounted cash flows requires judgment and is sensitive to changes in underlying assumptions and market factors. Key assumptions include revenue growth, projected income growth, market multiples, terminal values, and discount rates. Sensitivity analyses are performed around certain of these assumptions to assess the reasonableness of the assumptions and the resulting estimated fair values. If current expectations of future growth rates and margins are not met, or if market factors beyond the Company’s control, such as factors impacting the applicable discount rate or economic or political conditions in key markets, change significantly, then goodwill allocated to one or more reporting units may be impaired.
In fiscal year 2026, the Company performed quantitative impairment tests for its two reporting units and the Company concluded that goodwill was not impaired as the fair value of the reporting units substantially exceeded their carrying values. There were no events or circumstances which indicated goodwill might be impaired as of June 30, 2026.
Other Intangible Assets, Net: Contractual or separable intangible assets that have finite useful lives are amortized against income using the straight-line method over their estimated useful lives, which range from 1 to 20 years. The straight-line method of amortization reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period.
Costs incurred to develop software programs to be used solely to meet the Company's internal needs have been capitalized as computer software within other intangible assets.
Fair Value Measurements: The fair values of the Company's financial assets and financial liabilities reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The Company determines fair value based on a three-tiered fair value hierarchy. The hierarchy consists of:
•Level 1: fair value measurements represent exchange-traded securities, which are valued at quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date;
•Level 2: fair value measurements are determined using input prices that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data; and
•Level 3: fair value measurements are determined using unobservable inputs, such as internally developed pricing models for the asset or liability due to little or no market activity for the asset or liability.
Derivative Instruments: The Company recognizes all derivative instruments on the consolidated balance sheets at fair value. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. Derivatives not
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designated as hedging instruments are adjusted to fair value through income. Depending on the nature of derivatives designated as hedging instruments, changes in the fair value are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in shareholders’ equity through other comprehensive income/(loss) until the hedged item is recognized. Gains or losses, if any, related to the ineffective portion of any hedge are recognized through earnings over the life of the hedging relationship.
See Note 12, "Derivative Instruments," for more information regarding specific derivative instruments included on the Company’s consolidated balance sheets, such as forward foreign currency exchange contracts, currency swap contracts, and interest rate swap arrangements, among other derivative instruments.
The Company recognizes the funded status of each defined benefit pension plan in the consolidated balance sheets. Each overfunded plan is recognized as an asset in employee benefit assets and each underfunded plan is recognized as a liability in employee benefit obligations. Pension plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. Accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants. The service costs related to defined benefits are included in operating income. The other components of net benefit cost other than service cost are recorded within other non-operating income/(expenses), net in the consolidated statements of income.
Equity Method and Other Investments: Investments in ordinary shares of companies, in which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method of accounting. Investments in limited partnerships or limited liability companies that maintain separate ownership accounts are also accounted for under the equity method unless the Company's interest is so minor that it has virtually no influence over the investee's operating and financial policies. Under this method, the investment is carried at cost and is adjusted to recognize the investor’s share of earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever it is determined that a decline in the fair value below the cost basis is other than temporary. The fair value of the investment then becomes the new cost basis of the investment, and it is not adjusted for subsequent recoveries in fair value. The Company reviews its investments accounted for under the equity method for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable.
All equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value with unrealized gains and losses related to mark-to-market adjustments included in net income. The Company utilizes the measurement alternative for equity investments that do not have readily determinable fair values and measures these investments at cost adjusted for impairments and observable price changes in orderly transactions. See Note 8, "Equity Method and Other Investments," for more information on the Company's equity method and other investments.
Contingencies: The Company is subject to numerous contingencies arising in the ordinary course of business, such as legal and administrative proceedings, environmental claims and proceedings, workers' compensation, and other claims. Accruals for estimated losses are recorded by the Company at the time information becomes available indicating that losses are probable, and the amounts can be reasonably estimated. When management can reasonably estimate a range of losses that it may incur, it records an accrual for the amount within the range that constitutes its best estimate. If no amount within a range appears to be a better estimate than any other, the low end of the range is accrued. The Company records anticipated recoveries under existing insurance contracts when recovery is probable.
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Share-based Compensation: The Company has a variety of equity incentive plans. For employee awards with a service or market condition, compensation expense is recognized over the vesting period on a straight-line basis using the grant date fair value of the award and the estimated number of awards that are expected to vest. For awards with a non-market performance condition, the Company reassesses the probability of vesting at each reporting period and adjusts compensation cost based on its probability assessment. The Company also has immaterial cash-settled share-based compensation plans which are accounted for as liabilities. Such share-based awards are remeasured to fair value at each reporting date. The Company estimates forfeitures based on employee level, time remaining to vest, and historical forfeiture experience. In connection with the Berry Merger, the Company assumed replacement equity awards, including restricted stock units and the outstanding and unexercised options to purchase Berry common stock, and converted them into share-based awards for ordinary shares of Amcor. See Note 18, "Share-based Compensation."
Income Taxes: The Company uses the asset and liability method to account for income taxes. Deferred income taxes reflect the future tax consequences of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts at each balance sheet date, based upon enacted income tax laws and tax rates. Income tax expense or benefit is provided based on earnings reported in the consolidated financial statements. The provision for income tax expense or benefit differs from the amounts of income taxes currently payable because certain items of income and expense included in the consolidated financial statements are recognized in different time periods by taxing authorities.
Deferred tax assets, including operating losses, capital losses, and tax credit carryforwards, are reduced by a valuation allowance when it is more likely than not that any portion of these tax attributes will not be realized. In addition, from time to time, management assesses the need to accrue or disclose uncertain tax positions. In making these assessments, management must often analyze complex tax laws of multiple jurisdictions. Accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company records the related interest expense and penalties, if any, as tax expense in the tax provision. See Note 17, "Income Taxes," for more information on the Company's income taxes.
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Note 3 - New Accounting Guidance
Recently Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that adds new income tax disclosure requirements primarily related to existing income tax rate reconciliation and income taxes paid information. The standard's amendments became effective for the Company for annual periods beginning July 1, 2025. The Company has adopted the guidance prospectively for the fiscal year ending June 30, 2026. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements but did require additional disclosures. Refer to Note 17, "Income Taxes."
Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03 that requires companies to disclose disaggregated information about certain income statement expense line items. The ASU becomes effective for the Company for annual periods beginning January 1, 2027, and interim reporting periods beginning with the first quarter of fiscal year beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its disclosures.
In September 2025, the FASB issued ASU 2025-06 to modernize the guidance for accounting for software costs by aligning the accounting with how software is developed today. The ASU becomes effective for the Company for annual periods beginning January 1, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance can be applied either prospectively, retrospectively, or utilizing a modified transition approach. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosures.
In December 2025, the FASB issued ASU 2025-10 to establish authoritative guidance on the accounting for government grants received by business entities. The ASU becomes effective for the Company for annual periods beginning January 1, 2029, and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance can be applied on a modified prospective basis, a modified retrospective basis, or a retrospective basis. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosures.
In May 2026, the FASB issued ASU 2026-02 that establishes guidance on the recognition, measurement, presentation and disclosure of environmental credits and related obligations. The ASU provides a framework for accounting for environmental credit assets, including those generated, purchased or received, and environmental credit obligations. The ASU is effective for the Company beginning January 1, 2028, and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and disclosures.
The effective dates of the standards not yet adopted reflect the Company's announced fiscal year end change (refer to Note 2, "Significant Accounting Policies"). The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs not yet adopted are either not applicable or are expected to have minimal impact on the Company's consolidated financial statements.
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Note 4 - Acquisitions and Divestitures
Acquisitions
Fiscal Year 2026 - Acquisition
On August 29, 2025, the Company completed the acquisition of 100 % equity interest in a Brazilian entity manufacturing rigid packaging. The purchase consideration amounted to $17 million. The acquisition is part of the Company's Global Rigid Packaging Solutions reportable segment and has resulted in the recognition of acquired identifiable net assets of $16 million and goodwill of $1 million. Goodwill is not deductible for tax purposes. The fair value estimates for the acquisition were based on market and cost valuation methods.
Pro forma information related to the acquisition has not been presented, as the effect of the acquisition on the Company's consolidated financial statements was not material.
Fiscal Year 2025 - Acquisition of Berry Global Group, Inc.
On November 19, 2024, Amcor plc, Aurora Spirit, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Berry Global Group, Inc., a Delaware corporation (“Berry”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).
On April 30, 2025, the Company completed the Merger with Berry, a global leader in innovative packaging solutions based in the United States, acquiring 100 percent of their equity. Pursuant to the Merger Agreement, the purchase consideration of $10.4 billion, was based on the conversion of each outstanding share of Berry common stock issued (excluding shares held by Berry as treasury stock immediately prior to Merger) to 7.25 Amcor ordinary shares (and, if applicable, cash in lieu of fractional shares), fair value of converted vested Berry share-based awards at closing, fair value of converted unvested share-based awards attributable to pre-combination service, and debt required to be paid off at transaction close. In addition to the purchase consideration below, approximately $5.2 billion of debt was assumed by Amcor. The purchase price excludes transaction costs of $169 million incurred in the period ended June 30, 2025, which were expensed as incurred.
The following table summarizes the fair value of consideration exchanged:
| ($ in millions, except price per share) | |||||
| Berry shares outstanding at April 30, 2025 (in millions) | |||||
| Share Exchange Ratio (1) | |||||
| Price per Share (Based on Amcor’s closing share price on April 30, 2025) (1) | $ | ||||
| Total equity consideration issued to legacy Berry shareholders | $ | ||||
| Issuance of replacement equity awards | $ | ||||
| Repayment of outstanding Berry indebtedness upon consummation of Merger | $ | ||||
| Total consideration | $ | ||||
(1) The share exchange ratio and price per share have not been adjusted for the Reverse Split.
In connection with the Merger, outstanding Berry share-based compensation awards, including restricted stock unit (RSU) and performance share unit (PSU) awards were replaced with Amcor RSU and options awards with generally the same terms and conditions as the original awards subject to the terms of the Merger Agreement. Outstanding short-term Berry options were deemed fully vested at the close of the transaction and unvested options were converted into Amcor option awards with generally the same terms and conditions as the original awards subject to the terms of the Merger Agreement. The Merger consideration includes $310 million related to Berry awards that were settled or replaced in connection with the acquisition. Compensation expense of $27 million was recognized immediately post-acquisition and $31 million of compensation expense will be recognized over the remaining service period of up to three years from the acquisition date.
The Merger with Berry positions the Company as a global leader in consumer packaging and dispensing solutions for healthcare, beauty and wellness, and nutrition with a comprehensive global footprint in flexible and rigid packaging solutions and greater scale in key regions of North America, Latin America, Asia Pacific and Europe, along with industry-leading research and development capabilities.
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The Merger with Berry was accounted for as a business combination in accordance with ASC 805, "Business Combinations," with Amcor management determining that Amcor is the accounting acquirer in the Merger. The purchase consideration was required to be allocated to the estimated fair values of identifiable assets acquired and liabilities assumed in the transaction.
($ in millions) | Final Purchase Price Allocation | |||||||
| Cash and cash equivalents | $ | |||||||
| Trade receivables | ||||||||
| Inventories | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Property, plant, and equipment | ||||||||
| Operating lease assets | ||||||||
| Deferred tax assets | ||||||||
| Other intangible assets | ||||||||
| Employee benefit assets | ||||||||
| Other non-current assets | ||||||||
| Total identifiable assets acquired | $ | |||||||
| Current portion of long-term debt | $ | |||||||
| Short term debt | ||||||||
| Trade payables | ||||||||
| Accrued employee costs | ||||||||
| Other current liabilities | ||||||||
| Non-current operating lease liabilities | ||||||||
| Long-term debt, less current portion | ||||||||
| Deferred tax liabilities | ||||||||
| Employee benefit obligations | ||||||||
| Other non-current liabilities | ||||||||
| Total liabilities assumed | $ | |||||||
| Net identifiable assets acquired | ||||||||
| Fair value of non-controlling interest | ( | |||||||
| Goodwill | ||||||||
| Net assets acquired | $ | |||||||
| Fair Value ($ in millions) | Weighted-average Useful Life (Years) | |||||||
| Customer relationships | $ | |||||||
| Technology | ||||||||
| Other | ||||||||
| Total other intangible assets | $ | |||||||
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The final allocation of the purchase price resulted in $1,783 million of goodwill for the Global Flexible Packaging Solutions segment and $5,014 million of goodwill for the Global Rigid Packaging Solutions segment, which is not tax deductible. The goodwill on acquisition represents the future economic benefit expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and non-contractual relationships, as well as expected future synergies.
The fair value measurement of tangible and intangible assets and liabilities was based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. Level 3 fair market values were determined using a variety of information, including estimated future cash flows, appraisals and market comparables. The fair value of customer relationships was determined using an income approach methodology, specifically the multi-period excess earnings method. Key assumptions used in estimating future cash flows included revenue growth rates, long-term growth rates, projected earnings before interest, tax, depreciation and amortization ("EBITDA"), income tax rates, discount rates, and customer attrition rates.
| Years ended June 30, | ||||||||||||||
| ($ in millions) | 2025 | 2024 | ||||||||||||
| Net sales | $ | $ | ||||||||||||
| Net income attributable to Amcor plc | $ | $ | ||||||||||||
Pro forma adjustments to income from continuing operations attributable to Amcor plc included the following:
•interest expense for acquisition financing and the amortization of the fair value adjustment to debt assumed;
•preliminary acquisition accounting adjustments, including amortization expense from the preliminary fair value adjustments to acquired intangible assets and purchase accounting related inventory effects;
•incremental share-based compensation expense associated with the Merger;
•transaction expenses associated with the Merger; and
•the associated tax related impacts of adjustments.
The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisition been in effect for the periods presented, nor is it intended to be a projection of future results. For example, the pro forma results do not include the expected synergies from the transactions, nor the related costs to achieve.
Year ended June 30, 2024
On September 27, 2023, the Company completed the acquisition of a small manufacturer of flexible packaging for food, home care, and personal care applications in India for a purchase consideration of $14 million plus the assumption of debt of $10 million. The acquisition is part of the Company's Global Flexible Packaging Solutions reportable segment and resulted in the recognition of goodwill of $12 million. Goodwill is not deductible for tax purposes.
Divestitures
Fiscal year 2026
On January 14, 2026, the Company completed the sale of its investment in ePac Holdings, LLC ("ePac") and its operating subsidiaries for estimated proceeds of approximately $79 million, including contingent and deferred consideration. The sale resulted in a loss of approximately $2 million, which was recorded as other income/(expenses), net, within the consolidated statements of income. ePac had been accounted for under the equity method since fiscal year 2023.
On June 30, 2026, the Company completed the sale of a business identified as part of the strategic review of the Company's portfolio for cash consideration of $210 million. This business was part of the Global Rigid Packaging Solutions reportable segment, and resulted in a pre-tax net gain on sale of $25 million. In addition, during the fourth quarter of 2026, as part of the same strategic review, the Company disposed of three individually immaterial businesses for a cash consideration of $88 million. In addition to cash consideration, the Company recognized a $40 million deferred consideration receivable which is recorded in other non-current assets within the consolidated balance sheet as of June 30, 2026. These businesses were mainly
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part of the Global Rigid Packaging Solutions reportable segment. The cumulative pre-tax, net gain from the sale of these businesses recorded in the fourth quarter of fiscal year 2026 was $31 million. In addition, the Company incurred a $6 million impairment charge in the third quarter of the fiscal year 2026 related to the strategic review of the Company's portfolio. The gains from the strategic review of the Company's portfolio have all been recorded as other income/(expenses), net, within the consolidated statements of income. The proceeds from these sales were used to reduce the Company's debt.
Fiscal year 2025
On November 25, 2024, the Company completed the sale of a non-core business in France in the Global Flexible Packaging Solutions reportable segment, recording a pre-tax net loss on sale of $7 million which includes a $4 million impairment charge recorded in the first quarter of fiscal year 2025. The loss has been recorded as other income/(expenses), net, within the consolidated statements of income.
On December 27, 2024, the Company completed the sale of its 50 % equity interest in the Bericap North America closures business ("Bericap"), which was fully consolidated under the Global Rigid Packaging Solutions reportable segment, for cash consideration of $123 million. The sale resulted in a pre-tax net gain of $15 million which was recorded as , within the consolidated statements of income. The proceeds from the sale were used to reduce the Company's debt.
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Note 5 - Restructuring, Transaction, and Integration Expenses, Net
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| $ | ( | $ | ( | $ | ( | |||||||||||||||
| Transaction costs | ( | ( | ||||||||||||||||||
| Accelerated merger-related compensation | ( | |||||||||||||||||||
| Restructuring, transaction and integration expenses, net | $ | ( | $ | ( | $ | ( | ||||||||||||||
(1)Includes restructuring and related expenses of $215 million, $64 million, and $97 million for fiscal years ended June 30, 2026, 2025 and 2024 and integration costs of $51 million, $33 million, and $0 million for fiscal years ended June 30, 2026, 2025 and 2024 respectively.
Refer to Note 6, "Restructuring," for information on restructuring, integration and related expenses, net.
Transaction costs include advisory services, financing-related, legal, and other costs associated with the Merger. Refer to Note 4, "Acquisitions and Divestitures".
Accelerated merger-related compensation in fiscal year 2025 primarily includes additional share-based compensation expense incurred in connection with the Merger. Refer to Note 18, "Share-based Compensation".
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Note 6 - Restructuring
Restructuring and related expenses, net were $215 million, $64 million, and $97 million, for the fiscal years ended June 30, 2026, 2025, and 2024, respectively. The net expenses related to restructuring activities have been presented on the consolidated statements of income as part of restructuring, transaction and integration expenses, net. The Company's restructuring activities for the fiscal year ended June 30, 2026 were primarily comprised of restructuring activities related to the Berry Plan (as defined below). In the fiscal years ended June 30, 2025, and 2024, the Company's
restructuring activities primarily related to the 2023 Restructuring Plan (as described in footnote 2 in the Consolidated Restructuring Plans table below).
Restructuring related expenses are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. The Company believes the disclosure of restructuring related costs provides more complete information on its restructuring activities.
Berry Plan
In connection with the Merger with Berry, the Company initiated restructuring and integration activities in the fourth quarter of fiscal year 2025 ("Berry Plan") aimed at integrating the combined organization. The total Berry Plan pre-tax cash cost is estimated at $280 million, including restructuring activities and general integration expenses. As of June 30, 2026, the Company has initiated restructuring projects with an expected net cost of approximately $280 million, of which $126 million relates to employee related expenses, $46 million to fixed asset related expenses (net of expected gains on asset disposals), $47 to other restructuring expenses, and $61 million to restructuring related expenses. In addition, the Company expects to spend approximately $100 million on general integration costs. The Company estimates that restructuring and general integration activities initiated to date will result in net cash expenditures of approximately $245 million. The Berry Plan relates to both reportable segments and Corporate, and is expected to be completed by June 30, 2028.
From the initiation of the Berry Plan through June 30, 2026, the Company has incurred $118 million in employee related expenses, $19 million on fixed asset related items (net of gains on asset disposals), $26 million in other restructuring and $45 million in restructuring related expenses, with $78 million incurred in the Global Flexible Packaging Solutions reportable segment, $114 million incurred in the Global Rigid Packaging Solutions reportable segment, and $16 million incurred in Corporate. To date, the Berry Plan has resulted in approximately $107 million of restructuring net cash outflows. The Company has also incurred $84 million in general integration expenses to date, in both reportable segments and Corporate. Restructuring related expenses for fiscal year 2026, include inventory discrepancies of $15 million, including errors from prior periods, tied to manufacturing inefficiencies and other management issues which supported the decision to close two facilities in Asia and other costs, including start-up costs after relocation of equipment.
Other Restructuring Plans
The Company has entered into other individually immaterial restructuring plans ("Other Restructuring Plans"). Expenses incurred under such programs are primarily costs to move equipment and other costs.
During fiscal year 2026, the Company recorded $21 million in restructuring and related expenses classified within Other Restructuring Plans of which $2 million related to employee related expenses, $2 million to fixed asset related expenses, $5 million related to other restructuring expenses, and $12 million related to restructuring related expenses. During fiscal year 2025, the Company recorded $6 million in restructuring and related expenses classified within Other Restructuring Plans of which $2 million related to employee related expenses, $1 million to other restructuring expenses, and $3 million to restructuring related expenses. During fiscal year 2024, the Company recorded $10 million in restructuring and related expenses classified within Other Restructuring Plans of which $1 million related to employee related expenses, $2 million to fixed asset related expenses, $3 million to other restructuring expenses, and $4 million to restructuring related expenses.
Consolidated Restructuring Plans
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| ($ in millions) | Berry Plan (1) | 2023 Restructuring Plan (2) | Other Restructuring Plans (3) | Total Restructuring and Related Expenses | |||||||||||||||||||||||||
| Fiscal year 2024 | $ | $ | $ | $ | |||||||||||||||||||||||||
| Fiscal year 2025 | |||||||||||||||||||||||||||||
| Fiscal year 2026 | |||||||||||||||||||||||||||||
(1)Includes restructuring related expenses of $45 million for fiscal year 2026.
(2)The 2023 Restructuring Plan was announced on February 7, 2023, and relates to the Company’s various cost saving initiatives to partly offset divested earnings from the three manufacturing facilities in Russia that were sold in fiscal year 2023. This plan was completed at the end of calendar year 2025 and included restructuring related expenses of $10 million and $15 million for fiscal years 2025 and 2024 respectively. In fiscal years 2025, and 2024, respectively, $43 million and $69 million of restructuring and related expenses, net, were incurred in the Global Flexible Packaging Solutions reportable segment and $1 million, and $18 million in the Global Rigid Packaging Solutions reportable segment.
(3)Includes restructuring related costs of $12 million, $3 million and $4 million in for fiscal years 2026, 2025, and 2024, respectively.
An analysis of the restructuring expenses by type incurred is as follows:
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Employee related expenses | $ | $ | $ | |||||||||||||||||
| Fixed asset related expenses/(gains) (1) | ||||||||||||||||||||
| Other expenses | ||||||||||||||||||||
| Total restructuring expenses, net | $ | $ | $ | |||||||||||||||||
(1) Fiscal year 2026 includes a net gain on disposals of $25 million. Fiscal year 2025 includes a net gain on disposal of $2 million. Fiscal year 2024 includes a net gain on disposal of properties of $6 million.
| ($ in millions) | Employee Costs | Fixed Asset Related Costs | Other Costs | Total Restructuring Costs | ||||||||||||||||||||||
Liability balance at June 30, 2025 | $ | $ | $ | $ | ||||||||||||||||||||||
| Net charges to earnings | ||||||||||||||||||||||||||
| Additions through business acquisition | ||||||||||||||||||||||||||
| Cash paid | ( | ( | ( | ( | ||||||||||||||||||||||
| Non-cash and other | ( | ( | ( | ( | ||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||
Liability balance at June 30, 2026 | $ | $ | $ | $ | ||||||||||||||||||||||
The table above includes liabilities arising from the above restructuring plans. The majority of the liabilities related to restructuring activities have been recorded on the consolidated balance sheets under other current liabilities.
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Note 7 - Supply Chain Financing Arrangements
The Company facilitates several regional voluntary supply chain financing ("SCF") programs with financial institutions, all of which have similar characteristics. The Company establishes these SCF programs to provide its suppliers with a potential source of liquidity and to enable a more efficient payment process. Under these SCF programs, qualifying suppliers may elect, but are not obligated, to sell their receivables due from Amcor to these financial institutions in advance of the agreed payment due date. The Company is not involved in negotiations between the suppliers and the financial institutions, and its rights and obligations to its suppliers are not impacted by its suppliers’ decisions to sell amounts to the financial institutions. Under these SCF programs, the Company agrees to pay the financial institution the stated invoice amounts from its participating suppliers on the original maturity dates of the invoices. The range of payment terms negotiated with suppliers under these arrangements are consistent with industry norms and short-term in nature, regardless of whether a supplier participates in the program. The Company's SCF programs do not include any guarantees to the financial institutions, or any assets pledged as securities.
All outstanding amounts related to suppliers participating in the SCF programs are reflected in in the Company’s consolidated balance sheets, and associated payments are included in operating activities within the Company’s consolidated statements of cash flows. The following table illustrates the activity and the outstanding payment obligations under the Company's programs.
($ in millions) | Total Payment Obligations | ||||
Liability balance at June 30, 2025 | $ | ||||
| Invoices confirmed during the year | |||||
| Confirmed invoices paid during the year | ( | ||||
| Impact of foreign currency | ( | ||||
Liability balance at June 30, 2026 | $ | ||||
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Note 8 - Equity Method and Other Investments
As of June 30, 2026 and 2025, the Company has investments of $24 million and $100 million, respectively, in multiple equity and other investments. On January 14, 2026, the Company completed the sale of its investment in ePac for estimated proceeds of approximately $79 million. The largest investment at June 30, 2025, was the Company's investment in ePac representing an ownership of 21.1 %. For further information, refer to Note 4, “Acquisitions and Divestitures”.
All of the Company's investments are individually immaterial. All investments are included in other non-current assets in the Company's consolidated balance sheets. The Company accounted for its share in ePac's net result in equity in income/(loss) of affiliated companies, net of tax in the consolidated statements of income, with a three month lag due to the availability of financial information.
The Company received no
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Note 9 - Property, Plant, and Equipment, Net
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Land and land improvements | $ | $ | ||||||||||||
| Buildings and improvements | ||||||||||||||
| Plant and equipment | ||||||||||||||
| Total property, plant, and equipment | ||||||||||||||
| Accumulated depreciation | ( | ( | ||||||||||||
| Accumulated impairment | ( | ( | ||||||||||||
| Total property, plant, and equipment, net | $ | $ | ||||||||||||
Depreciation expense amounted to $873 million, $453 million, and $402 million for fiscal years 2026, 2025, and 2024, respectively. Amortization of assets under finance leases is included in depreciation expense.
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Note 10 - Goodwill and Other Intangible Assets
| ($ in millions) | Global Flexible Packaging Solutions Segment | Global Rigid Packaging Solutions Segment | Total | |||||||||||||||||
| Balance as of June 30, 2024 (1) | $ | $ | $ | |||||||||||||||||
| Acquisitions and acquisition adjustments (2) | ||||||||||||||||||||
| Disposals (2) | ( | ( | ( | |||||||||||||||||
| Foreign currency translation | ||||||||||||||||||||
| Balance as of June 30, 2025 | ||||||||||||||||||||
| Acquisitions and acquisition adjustments (2) | ||||||||||||||||||||
| Disposals (2) | ( | ( | ( | |||||||||||||||||
| Foreign currency translation | ( | ( | ( | |||||||||||||||||
| Balance as of June 30, 2026 | $ | $ | $ | |||||||||||||||||
(1) Segment balances have been retroactively adjusted for the change in segment allocation. Refer to Note 21, "Segments" for further information.
(2) Acquisitions and acquisition adjustments and disposals are detailed in Note 4, "Acquisitions and Divestitures."
Other Intangible Assets, Net
| June 30, 2026 | ||||||||||||||||||||
| ($ in millions) | Gross Carrying Amount | Accumulated Amortization and Impairment (1) | Net Carrying Amount | |||||||||||||||||
| Customer relationships | $ | $ | ( | $ | ||||||||||||||||
| Computer software | ( | |||||||||||||||||||
| Other | ( | |||||||||||||||||||
| Total other intangible assets | $ | $ | ( | $ | ||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||
| ($ in millions) | Gross Carrying Amount | Accumulated Amortization and Impairment (1) | Net Carrying Amount | |||||||||||||||||
| Customer relationships | $ | $ | ( | $ | ||||||||||||||||
| Computer software | ( | |||||||||||||||||||
| Other | ( | |||||||||||||||||||
| Total other intangible assets | $ | $ | ( | $ | ||||||||||||||||
(1)Accumulated amortization and impairment as of June 30, 2026 and 2025, included $52 million and $39 million, respectively, of accumulated impairment in the Other category. In addition, both June 30, 2026, and 2025 included $13
Amortization expenses for intangible assets were $577 million, $263 million, and $181 million during the fiscal years 2026, 2025, and 2024, respectively. Amortization expense on intangible assets acquired in business combinations is recorded within amortization of acquired intangible assets in the consolidated statements of income. The remaining amortization is recorded within selling, general, and administrative expenses in the consolidated statements of income. During fiscal year 2026 the Company recorded an impairment charge of $14 million in the Other category. In fiscal year 2025, the Company recorded an impairment charge of $7 million in the Computer software category. In fiscal year 2024 there were no impairment charges recorded on intangible assets.
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| ($ in millions) | Amortization | |||||||
| 2027 | $ | |||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 | ||||||||
| 2031 | ||||||||
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Note 11 - Fair Value Measurements
The Company's non-derivative financial instruments primarily include cash and cash equivalents, trade receivables, trade payables, short-term debt, and long-term debt. At June 30, 2026, and 2025, the carrying value of these financial instruments, excluding long-term debt, approximated fair value because of the short-term nature of these instruments.
Fair value disclosures are classified based on the fair value hierarchy. See Note 2, "Significant Accounting Policies," for information about the Company's fair value hierarchy.
The carrying value of long-term debt with variable interest rates approximates its fair value. The fair value of the Company's long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles.
| June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
| ($ in millions) | (Level 2) | (Level 2) | ||||||||||||||||||||||||
Total long-term debt with fixed interest rates (excluding commercial paper and finance leases) | $ | $ | $ | $ | ||||||||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Additionally, the Company measures and records certain assets and liabilities, including derivative instruments and contingent purchase consideration liabilities, at fair value. The following tables summarize the fair values of these instruments, which are measured at fair value on a recurring basis, by level, within the fair value hierarchy:
| June 30, 2026 | ||||||||||||||||||||||||||
| ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Contingent sale consideration | $ | $ | $ | $ | ||||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||||||||
| Total assets measured at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Contingent purchase consideration | $ | $ | $ | $ | ||||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||||||||
| Interest rate swaps | ||||||||||||||||||||||||||
| Cross currency swaps | ||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||
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| June 30, 2025 | ||||||||||||||||||||||||||
| ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Commodity contracts | $ | $ | $ | $ | ||||||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||||||||
| Total assets measured at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Contingent purchase consideration | $ | $ | $ | $ | ||||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||||||||
| Interest rate swaps | ||||||||||||||||||||||||||
| Cross currency swaps | ||||||||||||||||||||||||||
| Total liabilities measured at fair value | $ | $ | $ | $ | ||||||||||||||||||||||
The fair value of the commodity contracts was determined using a discounted cash flow analysis based on the terms of the contracts and observed market forward prices discounted at a currency specific rate. Forward exchange contract fair values were determined based on quoted prices for similar assets and liabilities in active markets using inputs such as currency rates and forward points. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates. The fair value of the cross currency swaps was determined using a discounted cash flow method based on market-observed currency rates, forward points, and swap yield curves, adjusted for current interest rates in the respective currencies.
Contingent purchase consideration liabilities arise from business acquisitions and other investments. As of June 30, 2026, the Company had contingent purchase consideration liabilities of $6 million. The Company derecognized in fiscal year 2026 a $12 million liability that was contingent on future royalty income generated by Discma AG, a subsidiary acquired in March 2017, to a fair value of nil. The derecognition was linked to the Company's restructuring initiatives and was recorded within restructuring, transaction and integration expenses, net, in the consolidated statements of income (refer to Note 6, "Restructuring"). Contingent sale consideration relates to the sale of ePac (refer to Note 4, "Acquisitions and Divestitures"). The fair values of the contingent purchase consideration liabilities and contingent sale consideration assets were determined for each arrangement individually. The fair values were determined using an income approach with significant inputs that are not observable in the market. Key assumptions include the selection of discount rates consistent with the level of risk of achievement and probability-adjusted financial projections. The expected outcomes are recorded at net present value, which require adjustment over the life for changes in risks and probabilities. Changes arising from modifications in forecasts related to contingent consideration are not expected to be material.
The fair value of contingent purchase consideration liabilities is included in other current liabilities and other non-current liabilities in the consolidated balance sheets. Contingent sale consideration is included in other non-current assets in the consolidated balance sheets.
| June 30, | |||||||||||||||||
| ($ in millions) | 2026 | 2025 | |||||||||||||||
| Fair value at the beginning of the year | $ | $ | |||||||||||||||
| Change in fair value of Level 3 liabilities | ( | ( | |||||||||||||||
| Payments | ( | ( | |||||||||||||||
| Foreign currency translation | |||||||||||||||||
| Fair value at the end of the year | $ | $ | |||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets at fair value on a nonrecurring basis, generally when events or changes in circumstances indicate the carrying value may
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During fiscal year 2026, the Company recorded impairment charges, including the effect of accelerated depreciation, of $53 million, related to long-lived assets, with $25 million incurred in the Global Rigid Packaging Solutions reportable segment, and $9 million incurred in the Global Flexible Packaging Solutions reportable segment, and $19 million in Corporate. For information on long-lived asset impairments, refer to Note 6, "Restructuring". In addition, as a result of a remeasurement of a disposal group held for sale, which is considered a Level 3 fair value measurement, the Company recognized an impairment charge of $6 million in fiscal year 2026 which was recorded within other income/(expenses), net, in the consolidated statements of income in the Global Rigid Packaging Solutions reportable segment.
During fiscal year 2025, the Company recorded an impairment charge of $4 million within the Global Flexible Packaging Solutions reportable segment, to adjust the carrying value of the net assets of $11 million that were held for sale to their estimated fair value less cost to sell. The Company completed the sale of these non-core assets in the three months ended December 31, 2024.
During the fiscal years ended June 30, 2026 and June 30, 2025, there were no
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Note 12 - Derivative Instruments
Interest Rate Risk
The Company's policy is to manage exposure to interest rate risk by maintaining a mixture of fixed-rate and variable-rate debt, monitoring global interest rates, and, where appropriate, hedging floating interest rate exposure or debt at fixed interest rates through various interest rate derivative instruments, including, but not limited to, interest rate swaps, and interest rate locks. For interest rate swaps that are accounted for as fair value hedges, the gains and losses related to the changes in the fair value of the interest rate swaps are included in interest expense and offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. Changes in the fair value of interest rate swaps that have not been designated as hedging instruments are reported in the accompanying consolidated statements of income in other income/(expenses), net.
On August 5, 2024, the Company entered into an interest rate swap contract for a notional amount of $500 million, which was subsequently downsized to $400 million notional on November 4, 2024. Under the terms of the contract, the Company paid a fixed rate of interest of 4.30 % and receives a variable rate of interest, based on compound overnight Secured Overnight Financing Rate ("SOFR"), effective from August 12, 2024, through June 30, 2025, with monthly settlements commencing on September 1, 2024. The interest rate swap contract served as an economic hedge of the SOFR component of the Company's commercial paper issuances. As of June 30, 2026, the Company had no receive-variable/pay-fixed interest rate swaps outstanding. As of June 30, 2025, this $400 million receive-variable/pay-fixed swap matured, and the Company had no other receive-variable/pay-fixed interest rate swaps outstanding. The Company did not apply hedge accounting on these economic hedging instruments.
As of June 30, 2026, and 2025, the total notional amount of the Company's receive-fixed, pay-variable interest rate swaps was $650
Foreign Currency Risk
The Company manufactures and sells its products and finances operations in a number of countries throughout the world and, as a result, is exposed to movements in foreign currency exchange rates. The purpose of the Company's foreign currency hedging program is to manage the volatility associated with the changes in exchange rates. To manage this exchange rate risk, the Company utilizes forward contracts and cross currency swaps.
Forward contracts that qualify for hedge accounting are designated as cash flow hedges of certain forecasted transactions denominated in foreign currencies. The effective portion of the changes in fair value of these instruments is reported in accumulated other comprehensive loss ("AOCI") and reclassified into earnings in the same financial statement line item and in the same period or periods during which the related hedged transactions affect earnings. The ineffective portion is recognized in earnings over the life of the hedging relationship in the same consolidated statements of income line item as the underlying hedged item. Changes in the fair value of forward contracts that have not been designated as hedging instruments are reported in the accompanying consolidated statements of income.
As of June 30, 2026, and 2025, the notional amount of the outstanding forward contracts was $0.7 billion and $0.6 billion respectively.
In May 2024, the Company entered into cross currency swap contracts for a total notional amount of $500 million. Under the terms of the contracts, the Company U.S. dollar swapped the notional and periodic interest payments to Swiss francs to manage foreign currency risk. The Company receives a fixed U.S. dollar rate of interest of 5.450 % and pays a fixed weighted-average Swiss franc rate of interest of 2.218 %. The Company has designated these cross currency swap contracts as a fair value hedge of its $500 million notes, recognizing the components excluded from the hedging relationship in accumulated other comprehensive loss ("AOCI") and reclassifying into earnings through the accrual of the periodic interest settlements on the swaps. During fiscal year 2026, there have not been any changes to these hedging relationships. These contracts mature on May 23, 2029.
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Upon completion of the Merger, the Company assumed legacy Berry cross currency swaps. At acquisition date, certain of these swaps were designated as net investment hedges of both euro and pound sterling foreign operations. The Company designated notional amounts of €925 million and £700 million (pound sterling) swaps as net investment hedges, with the effective movements in fair value of the swaps being recognized in AOCI. In addition, the Company had an outstanding long-term debt of €375 million that was designated as a hedge of the Company's net investment in certain euro-denominated foreign subsidiaries. The Company also assumed an additional notional amount of €700 million cross currency swaps as a result of the Merger which are used as an economic hedge to certain foreign intercompany loans. During fiscal year 2026, the swaps were extended and all mature on June 15, 2027. There have not been any other changes to these hedging relationships in fiscal year 2026.
As of June 30, 2026 and 2025, the notional amount of outstanding cross currency swaps was $3
Commodity Risk
Certain raw materials used in the Company's production processes are subject to price volatility caused by weather, supply conditions, political and economic variables, including tariffs, and other unpredictable factors. The Company's policy is to minimize exposure to price volatility by passing through the commodity price risk to customers, including through the use of fixed price swaps.
In some cases, the Company purchases, on behalf of customers, fixed price commodity swaps to offset the exposure of price volatility on the underlying sales contracts. These instruments are cash closed out on maturity and the related cost or benefit is passed through to customers. Information about commodity price exposure is derived from supply forecasts submitted by customers and these exposures are hedged by central treasury units. Changes in the fair value of commodity hedges are recognized in AOCI. The cumulative amount of the hedge is recognized in the consolidated statements of income when the forecasted transaction is realized.
| June 30, 2026 | June 30, 2025 | |||||||||||||
| Commodity | Volume | Volume | ||||||||||||
| Aluminum | ||||||||||||||
| Aluminum Premium (1) | ||||||||||||||
| PET resin | ||||||||||||||
(1)Aluminum Premium represents the regional cost to obtain physical delivery of aluminum and includes shipping, insurance, taxes and freight to a designated offloading harbor in a certain region.
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| ($ in millions) | Balance Sheet Location | June 30, 2026 | June 30, 2025 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Derivatives in cash flow hedging relationships: | ||||||||||||||||||||
| Commodity contracts | $ | $ | ||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||
| Total current derivative contracts | ||||||||||||||||||||
| Total non-current derivative contracts | ||||||||||||||||||||
| Total derivative asset contracts | $ | $ | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Derivatives in cash flow hedging relationships: | ||||||||||||||||||||
| Commodity contracts | $ | $ | ||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||
| Derivatives in net investment hedge relationships: | ||||||||||||||||||||
| Cross currency swaps | ||||||||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||||
| Forward exchange contracts | ||||||||||||||||||||
| Cross currency swaps | ||||||||||||||||||||
| Total current derivative contracts | ||||||||||||||||||||
| Derivatives in fair value hedging relationships: | ||||||||||||||||||||
| Interest rate swaps | ||||||||||||||||||||
| Cross currency swaps | ||||||||||||||||||||
| Total non-current derivative contracts | ||||||||||||||||||||
| Total derivative liability contracts | $ | $ | ||||||||||||||||||
Refer to Note 11, "Fair Value Measurements", for further information about the fair value of the derivative instruments, by level, within the fair value hierarchy.
Certain derivative financial instruments are subject to master netting arrangements and are eligible for offset. The Company has made an accounting policy election not to offset the fair values of these instruments within the consolidated balance sheets.
84
| Location of Gain / (Loss) Reclassified from AOCI into Income | Gain / (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||||||||||
| Years ended June 30, | ||||||||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||||||||
| Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
| Commodity contracts | Cost of sales | $ | $ | $ | ( | |||||||||||||||||||||
| Forward exchange contracts | Net sales | |||||||||||||||||||||||||
| Treasury locks | Interest expense | ( | ( | ( | ||||||||||||||||||||||
| Total | $ | $ | ( | $ | ( | |||||||||||||||||||||
| Location of Gain / (Loss) Recognized in the Consolidated Income Statements | Gain / (Loss) Recognized in Income for Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||||
| Years ended June 30, | ||||||||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
| Forward exchange contracts | Other income/(expenses), net | $ | $ | ( | $ | |||||||||||||||||||||
| Interest rate swaps | Other income/(expenses), net | ( | ||||||||||||||||||||||||
| Cross currency swaps | Other income/(expenses), net | ( | ||||||||||||||||||||||||
| Total | $ | $ | ( | $ | ( | |||||||||||||||||||||
| Location of Gain Recognized in the Consolidated Income Statements | Gain Recognized in Income for Derivatives in Fair Value Hedging Relationships | |||||||||||||||||||||||||
| Years ended June 30, | ||||||||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||||||||
| Derivatives in fair value hedging relationships: | ||||||||||||||||||||||||||
| Interest rate swaps | Interest expense | $ | $ | $ | ||||||||||||||||||||||
| Cross currency swaps (1) | Interest expense | |||||||||||||||||||||||||
| Cross currency swaps | Other income/(expenses), net | ( | ( | |||||||||||||||||||||||
| Total | $ | $ | ( | $ | ( | |||||||||||||||||||||
(1)Represents the gains for amounts excluded from the effectiveness testing.
85
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Amounts reclassified into earnings: | ||||||||||||||||||||
| Commodity contracts | $ | ( | $ | ( | $ | |||||||||||||||
| Forward exchange contracts | ( | ( | ||||||||||||||||||
| Treasury locks | ||||||||||||||||||||
| Cross currency swaps | ( | |||||||||||||||||||
| Fair value gains / (losses): | ||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||
| Forward exchange contracts | ( | ( | ||||||||||||||||||
| Cross currency swaps | ( | ( | ||||||||||||||||||
| Tax effect | ( | ( | ||||||||||||||||||
| Total | $ | $ | ( | $ | ( | |||||||||||||||
86
Note 13 - Defined Benefit Plans
The Company sponsors both funded and unfunded defined benefit pension plans that include statutory and mandated benefit provision in various countries as well as voluntary plans. Voluntary plans are generally closed to new joiners. The Company’s principal defined benefit plans are in the United States, Switzerland, United Kingdom, and Germany. The United States plans are closed to new entrants and mostly closed to future accruals, and are funded. The Swiss principal plan is open to new entrants, and is funded. The United Kingdom benefit plans are closed to new entrants and mostly closed to future accruals, and are funded. The German principal plans are closed to new entrants and mostly closed to future accruals, and are unfunded.
In December 2025, certain defined benefit pension plans in the United States were merged to form the Amcor Combined Pension Plan ("ACPP"). The ACPP was subsequently terminated effective December 31, 2025. Benefits for participants who elected a lump sum distribution were settled through payments made in June 2026. In addition, a bulk annuity transaction with Fidelity & Guaranty Life Insurance Company was completed in June 2026 to secure the pension obligations for the remaining participants.
As a result of the plan termination and settlement activities, the Company recognized a non-cash pension settlement charge of approximately $9 million during fiscal year 2026. Following completion of the termination and settlement processes, the Company had a remaining pre-tax surplus balance of approximately $20 million as of June 30, 2026. This amount is included in Prepaid expenses and other current assets in the Consolidated Balance Sheets as of June 30, 2026. The Company is currently completing a data reconciliation process, with final cash settlement expected in December 2026.
In July 2025, the Trustee of the Amcor Holding 2023 UK Pension Plan purchased bulk annuities with Rothesay Life Plc (“Rothesay”) to insure benefits for a subgroup of members’ within the plan. Benefits payable to all members are now covered by an insurance policy with Rothesay or by an insurance policy with Aviva (purchased in 2017). The bulk annuity contracts are held as assets of the relevant section of the Plan.
During the fourth quarter of fiscal year 2025, the Company contracted with Fidelity & Guaranty Life Insurance Company on a retiree annuity purchase program and transferred $110 million of its pension plan assets and related benefit obligations related to two principal defined benefit plans in the United States. This transaction necessitated a remeasurement of the pension plan assets and obligations and resulted in a non-cash settlement charge of approximately $7 million.
During the second quarter of fiscal year 2025, payments were made to certain eligible active and terminated vested participants, in one of the Company's closed principal funded defined benefit plans in the United States, who opted to receive a lump-sum payment. The settlement reduced both the projected benefit obligation and fair value of plan assets of the plan by $27 2 million.
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Service cost | $ | $ | $ | |||||||||||||||||
| Interest cost | ||||||||||||||||||||
| ( | ( | ( | ||||||||||||||||||
| Amortization of net loss | ||||||||||||||||||||
| Amortization of prior service credit | ( | ( | ( | |||||||||||||||||
| Curtailment credit | ( | |||||||||||||||||||
| Settlement costs | ||||||||||||||||||||
| Net periodic benefit cost | $ | $ | $ | |||||||||||||||||
87
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Change in benefit obligation: | ||||||||||||||
| Benefit obligation at the beginning of the year | $ | $ | ||||||||||||
| Service cost | ||||||||||||||
| Participant contributions | ||||||||||||||
| Actuarial (gain)/loss | ( | |||||||||||||
| Settlements | ( | ( | ||||||||||||
| Benefits paid | ( | ( | ||||||||||||
| Administrative expenses | ( | ( | ||||||||||||
| Acquisitions and divestitures | ||||||||||||||
| Other | ( | |||||||||||||
| Foreign currency translation | ( | |||||||||||||
| Benefit obligation at the end of the year | $ | $ | ||||||||||||
| Accumulated benefit obligation at the end of the year | $ | $ | ||||||||||||
| Change in plan assets: | ||||||||||||||
| Fair value of plan assets at the beginning of the year | $ | $ | ||||||||||||
| Actual return on plan assets | ||||||||||||||
| Employer contributions | ||||||||||||||
| Participant contributions | ||||||||||||||
| Benefits paid | ( | ( | ||||||||||||
| Settlements | ( | ( | ||||||||||||
| Administrative expenses | ( | ( | ||||||||||||
| Acquisitions and divestitures | ||||||||||||||
| Foreign currency translation | ( | |||||||||||||
| Fair value of plan assets at the end of the year | $ | $ | ||||||||||||
| Funded status at the end of the year | $ | ( | $ | ( | ||||||||||
During fiscal year 2026, actuarial losses were primarily due to higher inflation assumptions in the United Kingdom and Eurozone, lower discount rates for plans in Switzerland and the United States, and updates to mortality and other assumptions. These losses were partially offset by actuarial gains resulting from higher discount rates in the Eurozone and certain plans in the United Kingdom and lower salary increase assumptions for certain plans in the European Union. The weighted-average discount rate for the Company's pension plans decreased by 0.1 % during fiscal year 2026, compared with an increase of 0.5 % during fiscal year 2025. Favorable asset returns, particularly in Switzerland and the United States, together with employer contributions, contributed to the improvement in the funded status of the Company's defined benefit plans during fiscal year 2026. During fiscal year 2025, the Merger resulted in an increase of the net liability by $123 million at April 30, 2025, partially offset by a decrease of approximately $2 million relating to the divestiture of Bericap and a non-core business.
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Projected benefit obligation | $ | $ | ||||||||||||
| Fair value of plan assets | ||||||||||||||
88
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Accumulated benefit obligation | $ | $ | ||||||||||||
| Fair value of plan assets | ||||||||||||||
| ($ in millions) | June 30, 2026 | June 30, 2025 | ||||||||||||
| Current assets - Prepaid expenses and other current assets | $ | $ | ||||||||||||
| Non-current assets - Employee benefit assets | ||||||||||||||
| Current liabilities - Other current liabilities | ( | ( | ||||||||||||
| Non-current liabilities - Employee benefit obligations | ( | ( | ||||||||||||
| Funded status | $ | ( | $ | ( | ||||||||||
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Changes in plan assets and benefit obligations recognized in other comprehensive (income)/loss: | ||||||||||||||||||||
| Net actuarial loss occurring during the year | $ | $ | $ | |||||||||||||||||
| Net prior service loss occurring during the year | ||||||||||||||||||||
| Amortization of actuarial loss | ( | ( | ( | |||||||||||||||||
| Gain recognized due to settlement/curtailment | ( | ( | ( | |||||||||||||||||
| Amortization of prior service credit | ||||||||||||||||||||
| Acquisition related loss | ||||||||||||||||||||
| Tax effect | ( | ( | ||||||||||||||||||
| Total recognized in other comprehensive (income)/loss | $ | $ | ( | $ | ||||||||||||||||
Amounts in AOCI that have not yet been recognized as net periodic benefit cost are as follows:
| June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Net prior service credit | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Net actuarial loss | ||||||||||||||||||||
| Accumulated other comprehensive loss at the end of the year | $ | $ | $ | |||||||||||||||||
| June 30, | ||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||
| Discount rate | % | % | % | |||||||||||||||||
| Rate of compensation increase | % | % | % | |||||||||||||||||
89
Weighted-average assumptions used to determine net periodic benefit cost were:
| Years ended June 30, | ||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||
| Discount rate | % | % | % | |||||||||||||||||
| Rate of compensation increase | % | % | % | |||||||||||||||||
| Expected long-term rate of return on plan assets | % | % | % | |||||||||||||||||
Where funded, the Company and, in some countries, the employees make cash contributions into the pension funds. In the case of unfunded plans, the Company is responsible for benefit payments as they fall due. Plan funding requirements are generally determined by local regulation and/or best practice and differ between countries. The local statutory funding positions are not necessarily consistent with the funded status disclosed on the consolidated balance sheets. For any funded plans in deficit (as measured under local country guidelines), the Company agrees with the trustees and plan fiduciaries to undertake suitable funding programs to provide additional contributions over time in accordance with local country requirements. Contributions to the Company's defined benefit pension plans, not including unfunded plans, are expected to be $65.1 million during the next 12 months.
| ($ in millions) | ||||||||
| 2027 | $ | |||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 | ||||||||
| 2031 | ||||||||
| Thereafter | ||||||||
The ERISA Benefit Plan Committee in the United States, the Pension Plan Committee in Switzerland, and the Trustees of the pension plans in the United Kingdom establish investment policies, investment strategies, allocation strategies, and investment risk profiles for the Company's pension plan assets and are required to consult with the Company on changes to their investment policy. The German plans are unfunded and liability management is the responsibility of the Board of Directors of the sponsoring entities. A proportion of the German plan liabilities are indemnified under a Contractual Trust Agreement, which is administered by an independent third party. In developing the expected long-term rate of return on plan assets at each measurement date, the Company considers the plan assets' historical returns, asset allocations, and the anticipated future economic environment and long-term performance of the asset classes. While appropriate consideration is given to recent and historical investment performance, the assumption represents management's best estimate of the long-term prospective return.
| June 30, 2026 | ||||||||||||||||||||||||||
| ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
| Debt securities (1) | ( | |||||||||||||||||||||||||
| Real estate | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
(1)This category includes repurchase agreement ("repo") positions utilized within certain pension schemes' liability-driven investment ("LDI") strategies. Under a repo, cash is borrowed from a counterparty against bond collateral and invested in additional fixed income assets, resulting in the recognition of both an asset (the acquired securities) and a corresponding repo liability representing the obligation to repay the borrowing. Repo arrangements are used to efficiently manage liquidity and obtain exposure to fixed-income assets. Securities subject to repo arrangements are classified as Level 2 in the fair value hierarchy. The related repo liabilities are classified as Level 1, reflecting valuation based on quoted market prices in active markets.
90
| June 30, 2025 | ||||||||||||||||||||||||||
| ($ in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
| Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
| Debt securities | ||||||||||||||||||||||||||
| Real estate | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities: Valued primarily at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on significant observable inputs such as fund values provided by the independent fund administrators (Level 2).
Debt securities: Consists of government and corporate debt securities, valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on observable inputs such as fund values provided by independent fund administrators, pricing of similar agency issues, reported trades, broker/dealer quotes, issuer spread, live trading feeds from several vendors, and benchmark yields (Level 2); or based on a cashflow analysis of the discounted value of the promised principal at maturity less an estimate of defaults (Level 3). Inputs may be prioritized differently at certain times based on market conditions.
Real estate: Valued at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on observable inputs such as fund values provided by independent fund administrators (Level 2); or based on independent property valuations using the income approach, comparable sales, and market trends (Level 3).
Insurance contracts: Valued based on the present value of the underlying insured liabilities (Level 3).
Cash and cash equivalents: Consists of cash on deposit with brokers and short-term money market funds, shown net of receivables and payables for securities traded at period end but not yet settled (Level 1) and cash indirectly held across investment funds (Level 2). All cash and cash equivalents are stated at cost, which approximates fair value.
Other:
Level 1: Derivatives valued at the closing prices reported in the active market.
Level 2: Assets held in diversified growth funds, pooled funds, financing funds, and derivatives, where the values of the assets are determined by the investment managers or other independent third parties, based on observable inputs.
Level 3: Indemnified plan assets and pooled funds (equity, credit, macro-orientated, multi-strategy, cash, and other). The values of indemnified plan assets are determined based on the value of the liabilities that the assets cover. The value of the pooled funds is calculated by the investment managers based on the net asset values of the underlying portfolios.
| ($ in millions) | ||||||||
| Balance as of June 30, 2025 | $ | |||||||
| Actual return on plan assets | ||||||||
| Purchases, sales, and settlements | ||||||||
| Transfer into Level 3 | ||||||||
| Foreign currency translation | ( | |||||||
| Balance as of June 30, 2026 | $ | |||||||
91
Note 14 - Debt
Long-Term Debt
| June 30, | |||||||||||||||||||||||
| ($ in millions) | Maturities | Interest rates | 2026 | 2025 | |||||||||||||||||||
| Term debt | |||||||||||||||||||||||
First Priority Senior Secured Notes, $ | Jan 2026 | % | $ | $ | |||||||||||||||||||
U.S. dollar notes, $ | Apr 2026 | % | |||||||||||||||||||||
First Priority Senior Secured Notes, $ | Jul 2026 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Sep 2026 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Jan 2027 | % | |||||||||||||||||||||
Euro bonds, € | Jan 2027 | % | |||||||||||||||||||||
Euro bonds, € | Jun 2027 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Mar 2028 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Apr 2028 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2028 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Mar 2029 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2029 | % | |||||||||||||||||||||
Euro notes, € | Nov 2029 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Mar 2030 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Jun 2030 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2031 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Jun 2031 | % | |||||||||||||||||||||
Euro notes, € | May 2032 | % | |||||||||||||||||||||
Euro notes, € | Feb 2033 | % | |||||||||||||||||||||
U.S. dollar notes, $ | May 2033 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Jan 2034 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Mar 2035 | % | |||||||||||||||||||||
U.S. dollar notes, $ | Mar 2036 | % | |||||||||||||||||||||
| Total term debt (7) | $ | $ | |||||||||||||||||||||
| Bank loans | $ | $ | |||||||||||||||||||||
| Commercial paper (3) | |||||||||||||||||||||||
| Other loans | |||||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| Fair value hedge accounting adjustments (6) | ( | ( | |||||||||||||||||||||
| Unamortized discounts and debt issuance costs | ( | ( | |||||||||||||||||||||
| Total debt | $ | $ | |||||||||||||||||||||
| Less: current portion | ( | ( | |||||||||||||||||||||
| Total long-term debt | $ | $ | |||||||||||||||||||||
(1)On November 12, 2025, the Company issued additional guaranteed senior euro notes in an aggregate principal amount of €1.5 billion (collectively, the “November Notes”). The November Notes consist of (i) €750 million principal amount of 3.20 % Guaranteed Senior Notes due 2029 and (ii) €750 million principal amount of 3.75 % Guaranteed Senior Notes due 2033. The November Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries. The Company used the net proceeds from the Notes to repay certain existing indebtedness of Berry in connection with the closing of the Merger.
(2)On March 5, 2026, the Company issued additional guaranteed senior notes in an aggregate principal amount of $1.5 billion (collectively, the “March Notes”). The March Notes consist of (i) $750 million principal amount of 4.25 % Guaranteed Senior Notes
92
due 2029 and (ii) $750 million principal amount of 5.125 % Guaranteed Senior Notes due 2036. The March Notes are senior unsecured obligations and are unconditionally guaranteed on a senior unsecured basis by the Company and certain of its subsidiaries.
(3)Indicates debt which has been classified as long-term liabilities in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis.
(4)The €375 million bond that was assumed as a result of the Merger is designated as a Net Investment Hedge.
(5)Bonds linked to designated fair value interest rate hedging relationships. There is a corresponding fair value basis adjustment to the carrying value of these bonds.
(6)Relates to fair value hedge basis adjustments relating to interest rate hedging.
| ($ in millions) | ||||||||
| 2027 | $ | |||||||
| 2028 | ||||||||
| 2029 | ||||||||
| 2030 (1) | ||||||||
| 2031 | ||||||||
| Thereafter | ||||||||
(1) Commercial paper is classified as maturing in 2030, supported by the 5-year syndicated facility, with two 12-month options available to the Company to extend the maturity date.
Bank and other loans
In connection with the Merger (refer to Note 4, "Acquisitions and Divestitures"), the Company entered into a commitment letter with lending institutions, dated as of November 19, 2024, to provide a 364-day senior unsecured bridge loan facility (the "Bridge Facility") in an aggregate principal amount of up to $3.0 billion to fund the repayment of certain outstanding debt of Berry upon the closing of the Merger, and the payment of fees and expenses related to the Merger. The Company paid a commitment fee of $11 million on the Bridge Facility in the three months ended December 31, 2024. On February 13, 2025, the Company voluntarily reduced the commitments under the Bridge Facility by $800 million to an aggregate principal amount of $2.2 billion. On March 17, 2025, following the issuance of Notes (as defined above), the commitment for the Bridge Facility was terminated and the balance of the unamortized commitment fee of $8 million was expensed.
The Company has entered into syndicated and bilateral multi-currency credit facilities with financial institutions. On March 3, 2025, the Company terminated its previous - and five-year syndicated facility agreements, which collectively provided for $3.75 billion of credit facilities. On the same day, the Company entered into a five-year syndicated facility agreement of $3.75 billion which is unsecured and has a contractual maturity in March 2030. The agreement includes customary terms and conditions for a syndicated facility of this nature, and the facility has two 12 month options available to management to extend the maturity date. Subject to certain conditions, the Company can request the total commitment level under the agreement to be increased by up to $1.0 billion. Interest charged on borrowings under the credit facility is based on the applicable market rate plus the applicable margin. The three-year syndicated facility agreement also contains a covenant to maintain a net leverage ratio not to exceed 3.9 :1.00, stepping up to a net leverage ratio not to exceed 4.25 :1.00 for the twelve consecutive calendar months following the consummation of an acquisition with aggregate consideration in excess of $375 million.
Interest charged on borrowings under the credit facilities is based on the applicable market rate plus the applicable margin. As of June 30, 2026 and 2025, the Company's credit facility amounted to $3.75
As of June 30, 2026, and 2025, the Company had $2.46 billion and $2.05 billion of undrawn commitments, respectively. The Company incurs facility fees of 0.11 % on the undrawn commitments. Such facility fees incurred were immaterial in the fiscal years ended June 30, 2026, 2025, and 2024, respectively.
As of June 30, 2026, and 2025, land and buildings with a carrying value of $38 million and $51 million, respectively, have been pledged as security for bank and other loans.
93
Redemption of term debt
The Company may redeem its long-term debt, in whole or in part, at any time or from time to time prior to its maturity. The redemption prices typically represent 100 % of the principal amount of the relevant debt plus any accrued and unpaid interest. In addition, for notes that are redeemed by the Company before their stated permitted redemption date, a make-whole premium is payable.
On January 15, 2026, the Company completed the redemption of its 1.57 % First Priority Senior Secured Notes with an aggregate principal amount of $1,525 million.
On April 15, 2026, the Company completed the early redemption of its 4.875 % First Priority Senior Secured Notes with an aggregate principal amount of $750 million, originally scheduled to mature in July 2026. The Company incurred approximately $9 million of coupon payment associated with the early redemption in the fourth quarter of fiscal year 2026.
On April 28, 2026, the Company completed the redemption of its 3.625 % First Priority Senior Secured Notes with an aggregate principal amount of $600 million.
Priority, Guarantees, and Financial Covenants
All the notes are general unsecured senior obligations of the Company and are fully and unconditionally guaranteed on a joint and several basis by certain existing subsidiaries that guarantee its other indebtedness.
The Company's primary bank debt facilities and notes are unsecured and subject to negative pledge arrangements limiting the amount of secured indebtedness the Company can incur and indebtedness outside the guarantor group to 15.0 % of total tangible assets, subject to some exceptions and variations by facility. The Company is required to satisfy certain financial covenants pursuant to its bank debt facilities, which are tested as of the last day of each quarterly and annual financial period. The covenants require the Company to maintain a leverage ratio of not higher than 3.9 times, stepping up to 4.25 times for the twelve consecutive calendar months following the consummation of an acquisition with an aggregate consideration in excess of $375 million. As of June 30, 2026, and 2025, the Company was in compliance with all debt covenants.
Short-Term Debt
Short-term debt is generally used to fund working capital requirements. The Company has classified commercial paper as long-term as of June 30, 2026, in accordance with the Company’s ability and intent to refinance such obligations on a long-term basis.
| June 30, | ||||||||||||||
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Bank loans | $ | $ | ||||||||||||
| Secured borrowings | ||||||||||||||
| Bank overdrafts | ||||||||||||||
| Total short-term debt | $ | $ | ||||||||||||
As of June 30, 2026, the Company paid a weighted-average interest rate of 3.98 % per annum on short-term debt, payable at maturity. As of June 30, 2025, the Company paid a weighted-average interest rate of 4.39 % per annum, payable at maturity.
94
Note 15 - Leases
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Operating lease expense (1) | $ | $ | $ | |||||||||||||||||
| Short-term and variable lease expense (2) | ||||||||||||||||||||
| Finance lease expense | ||||||||||||||||||||
| Amortization of right-of-use assets (2) | ||||||||||||||||||||
| Interest on lease liabilities (3) | ||||||||||||||||||||
| Total lease expense | $ | $ | $ | |||||||||||||||||
(1)Included in both cost of sales and selling, general, and administrative expenses
(2)Included primarily in cost of sales
(3)Included in interest expense
| June 30, | ||||||||||||||||||||
| ($ in millions) | Balance Sheet Location | 2026 | 2025 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Operating lease right-of-use assets, net | Operating lease assets | $ | $ | |||||||||||||||||
| Finance lease assets, net (1) | ||||||||||||||||||||
| Total lease assets, net | $ | $ | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Operating leases: | ||||||||||||||||||||
| Current operating lease liabilities | $ | $ | ||||||||||||||||||
| Non-current operating lease liabilities | Operating lease liabilities | |||||||||||||||||||
| Finance leases: | ||||||||||||||||||||
| Current finance lease liabilities | ||||||||||||||||||||
| Non-current finance lease liabilities | ||||||||||||||||||||
| Total lease liabilities | $ | $ | ||||||||||||||||||
(1)Finance lease assets are recorded net of accumulated amortization of $11 million and $15 million as of June 30, 2026 and 2025, respectively.
95
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | $ | $ | |||||||||||||||||
| Operating cash flows from finance leases | ||||||||||||||||||||
| Financing cash flows from finance leases | ||||||||||||||||||||
| Lease assets obtained in exchange for new lease obligations: | ||||||||||||||||||||
| Operating leases (1) | $ | $ | $ | |||||||||||||||||
| Finance leases | ||||||||||||||||||||
| Other non-cash modifications to lease assets: | ||||||||||||||||||||
| Operating leases | $ | $ | $ | |||||||||||||||||
| Finance leases | ( | |||||||||||||||||||
(1)Fiscal year 2025 primarily includes operating leases acquired in the Merger.
| ($ in millions) | Operating Leases | Finance Leases | ||||||||||||
| 2027 | $ | $ | ||||||||||||
| 2028 | ||||||||||||||
| 2029 | ||||||||||||||
| 2030 | ||||||||||||||
| 2031 | ||||||||||||||
| Thereafter | ||||||||||||||
| Total lease payments | ||||||||||||||
| Less: imputed interest | ( | ( | ||||||||||||
| Total lease liabilities | $ | $ | ||||||||||||
The Company's leases do not contain any material residual value guarantees or material restrictive covenants. The table above excludes approximately $40 million of minimum lease payments relating to operating leases for which the Company has committed to, but which have not yet commenced as of June 30, 2026.
| June 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Weighted-average remaining lease term (in years): | ||||||||||||||
| Operating leases | ||||||||||||||
| Finance leases | ||||||||||||||
| Weighted-average discount rate: | ||||||||||||||
| Operating leases | % | % | ||||||||||||
| Finance leases | % | % | ||||||||||||
96
Note 16 - Shareholders' Equity
| Ordinary Shares | Treasury Shares | |||||||||||||||||||||||||
| (shares and $ in millions) | Number of Shares | Amount | Number of Shares | Amount | ||||||||||||||||||||||
| Balance as of June 30, 2023 | $ | $ | ( | |||||||||||||||||||||||
| Share buyback/cancellations | ( | — | — | |||||||||||||||||||||||
| Shares vested | — | — | ( | |||||||||||||||||||||||
| Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
| Balance as of June 30, 2024 | ( | |||||||||||||||||||||||||
| Options exercised and shares vested | — | — | ( | |||||||||||||||||||||||
| Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
| Acquisition of Berry Global Group, Inc. | — | — | ||||||||||||||||||||||||
| Balance as of June 30, 2025 | ( | |||||||||||||||||||||||||
| Options exercised and shares vested | — | — | ( | |||||||||||||||||||||||
| Purchase of treasury shares | — | — | ( | |||||||||||||||||||||||
| Issuance of shares | ( | |||||||||||||||||||||||||
| Balance as of June 30, 2026 | $ | $ | ( | |||||||||||||||||||||||
| Foreign Currency Translation | Net Investment Hedge | Pension | Effective Derivatives | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||
| ($ in millions) | (Net of Tax) | (Net of Tax) | (Net of Tax) | (Net of Tax) | ||||||||||||||||||||||||||||
| Balance as of June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||
| Other comprehensive loss before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
| Net current period other comprehensive income / (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Other comprehensive income / (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||||||||||||||||||
| Net current period other comprehensive income / (loss) | ( | ( | ( | |||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
| Other comprehensive income/(loss) before reclassifications | ( | |||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||
| Net current period other comprehensive income/(loss) | ( | |||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||
97
| For the years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Pension: | ||||||||||||||||||||
| Amortization of prior service credit | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Amortization of actuarial loss | ||||||||||||||||||||
| Effect of pension settlement/curtailment | ||||||||||||||||||||
| Total before tax effect | ||||||||||||||||||||
| Tax effect on amounts reclassified into earnings | ||||||||||||||||||||
| Total net of tax | $ | $ | $ | |||||||||||||||||
| (Gains)/losses on cash flow hedges: | ||||||||||||||||||||
| Commodity contracts | $ | ( | $ | ( | $ | |||||||||||||||
| Forward exchange contracts | ( | ( | ||||||||||||||||||
| Treasury locks | ||||||||||||||||||||
| Total before tax effect | ( | |||||||||||||||||||
| Tax effect on amounts reclassified into earnings | ||||||||||||||||||||
| Total net of tax | $ | ( | $ | $ | ||||||||||||||||
| Gains on net investment hedges: | ||||||||||||||||||||
| Cross currency swaps | $ | ( | $ | $ | ||||||||||||||||
| Total before tax effect | ( | |||||||||||||||||||
| Tax effect on amounts reclassified into earnings | ||||||||||||||||||||
| Total net of tax | $ | ( | $ | $ | ||||||||||||||||
| Losses on foreign currency translation: | ||||||||||||||||||||
| Foreign currency translation adjustment (1) | $ | $ | $ | |||||||||||||||||
| Total before tax effect | ||||||||||||||||||||
| Tax effect on amounts reclassified into earnings | ||||||||||||||||||||
| Total net of tax | $ | $ | $ | |||||||||||||||||
Forward contracts to purchase own shares
The Company's employee share plans require the delivery of shares to employees in the future when rights vest or vested options are exercised. The Company acquires shares on the open market to deliver shares to employees to satisfy vesting or exercising commitments which exposes the Company to market price risk.
To protect the Company from share price volatility, the Company has entered into forward contracts for the purchase of its ordinary shares. As of June 30, 2026, the Company had forward contracts outstanding which mature in May 2027 and June 2027 to purchase a total of 0.5 million shares at a weighted-average price of $38.87 . As of June 30, 2025, the Company had forward contracts outstanding that were entered into in September 2022 to purchase 0.4 million shares at a weighted-average price of $60.80 . During the first quarter of fiscal year 2026, the Company settled the forward contracts which were outstanding as of June 30, 2025.
The forward contracts to purchase the Company's own shares have been included in other current liabilities in the consolidated balance sheets. Equity is reduced by an amount equal to the fair value of the shares at inception. The carrying value of the forward contracts at each reporting period was determined based on the present value of the cost required to settle the contracts.
98
Note 17 - Income Taxes
Amcor plc is a tax resident of the United Kingdom of Great Britain and Northern Ireland ("UK").
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Domestic (UK) | $ | $ | ( | $ | ( | |||||||||||||||
| Foreign | ||||||||||||||||||||
| Total income before income taxes and equity in income/(loss) of affiliated companies | $ | $ | $ | |||||||||||||||||
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Current tax: | ||||||||||||||||||||
| Domestic (UK) | $ | $ | $ | |||||||||||||||||
| Foreign | ||||||||||||||||||||
| Total current tax | ||||||||||||||||||||
| Deferred tax: | ||||||||||||||||||||
| Domestic (UK) | ( | ( | ||||||||||||||||||
| Foreign | ( | ( | ( | |||||||||||||||||
| Total deferred tax | ( | ( | ( | |||||||||||||||||
| Income tax expense | $ | $ | $ | |||||||||||||||||
| ($ in millions) | Year Ended June 30, 2026 | |||||||||||||
| Tax expense at UK statutory tax rate | $ | % | ||||||||||||
| Foreign tax effects: | ||||||||||||||
| United States of America: | ||||||||||||||
| Effect of cross-border tax laws | ( | ( | % | |||||||||||
| Tax credits | ( | ( | % | |||||||||||
| Unified loss rules | ( | ( | % | |||||||||||
| Other, net | ( | ( | % | |||||||||||
| Australia: | ||||||||||||||
| Changes in valuation allowance | ( | ( | % | |||||||||||
| Other, net | % | |||||||||||||
| Other foreign jurisdictions, net | % | |||||||||||||
| Other adjustments, net | % | |||||||||||||
| Changes in unrecognized tax benefits, net | ( | ( | % | |||||||||||
| Income tax expense | $ | % | ||||||||||||
The following is a reconciliation of income tax computed at the United Kingdom statutory tax rate of 25.0 % for fiscal years 2025, and 2024 to income tax expense.
99
| Years ended June 30, | ||||||||||||||
| ($ in millions) | 2025 | 2024 | ||||||||||||
| Income tax expense at statutory rate | $ | $ | ||||||||||||
| Foreign tax rate differential | ( | ( | ||||||||||||
| Non-deductible expenses, non-taxable items, net | ( | |||||||||||||
| Change in valuation allowance | ( | |||||||||||||
| Uncertain tax positions, net | ( | ( | ||||||||||||
| Other (1) | ( | ( | ||||||||||||
| Income tax expense | $ | $ | ||||||||||||
Amcor operates in over forty different jurisdictions with a wide range of statutory tax rates. The tax expense from operating in non-UK jurisdictions in excess of the UK statutory tax rate is included in the line "Foreign tax rate differential" in the above tax rate reconciliation table. For fiscal year 2026, the Company's effective tax rate was 14.1 % as compared to the effective tax rates of 20.8 % and 18.0 % for fiscal years 2025 and 2024, respectively. The lower effective tax rate for fiscal year 2026 versus fiscal year 2025 is largely attributable to favorable return-to-provision adjustments recorded as current year discrete items identified upon completion of prior year income tax returns, movements in deferred tax positions including releases of valuation allowances, and changes in unrecognized tax benefits which are partially offset by non-deductible expenses related to the Merger. The higher effective tax rate for fiscal year 2025 versus fiscal year 2024 is largely attributable to non-deductible expenses in 2025 related to the Merger.
| June 30, | ||||||||||||||
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Deferred tax assets: | ||||||||||||||
| Inventories | $ | $ | ||||||||||||
| Accrued employee benefits | ||||||||||||||
| Derivatives and financial instruments | ||||||||||||||
| Provisions | ||||||||||||||
| Net operating loss carryforwards | ||||||||||||||
| Tax credit carryforwards | ||||||||||||||
| Accruals and other | ||||||||||||||
| Total deferred tax assets | ||||||||||||||
| Valuation allowance | ( | ( | ||||||||||||
| Net deferred tax assets | ||||||||||||||
| Deferred tax liabilities: | ||||||||||||||
| Property, plant, and equipment | ( | ( | ||||||||||||
| Other intangible assets | ( | ( | ||||||||||||
| Undistributed foreign earnings | ( | ( | ||||||||||||
| Total deferred tax liabilities | ( | ( | ||||||||||||
| Net deferred tax liability | ( | ( | ||||||||||||
| Balance sheet location: | ||||||||||||||
| Deferred tax assets | ||||||||||||||
| Deferred tax liabilities | ( | ( | ||||||||||||
| Net deferred tax liability | $ | ( | $ | ( | ||||||||||
100
The Company maintains a valuation allowance on net operating losses and other deferred tax assets in jurisdictions for which it does not believe it is more likely than not to realize those deferred tax assets based upon all available positive and negative evidence, including historical operating performance, carry-back periods, reversal of taxable temporary differences, tax planning strategies, and earnings expectations. The Company's valuation allowance decreased by $54 million, increased by $261 million, and increased by $3 million for fiscal years 2026, 2025, and 2024, respectively.
As of June 30, 2026, and 2025, the Company had total net operating loss carry forwards, including capital losses, in the amount of $2.2 billion and $2.3 billion, respectively, and tax credits of $59 million and $54 million, respectively. The vast majority of the net operating loss carry forwards and tax credits do not expire.
The Company considers the following factors, among others, in evaluating its plans for indefinite reinvestment of its subsidiaries' earnings: (i) the forecasts, budgets, and financial requirements of the Company and its subsidiaries, both for the long-term and for the short-term; and (ii) the tax consequences of any decision to repatriate or reinvest earnings of any subsidiary. Upon distribution of such earnings in the form of dividends or otherwise, the Company may be subject to incremental foreign tax. It is not practicable to estimate the amount of foreign tax that might be payable.
As of June 30, 2026, a cumulative deferred tax liability of $110 million has been recorded attributable to undistributed earnings that the Company has deemed are not indefinitely reinvested. The remaining undistributed earnings of the Company's subsidiaries are not deemed to be indefinitely reinvested and can be repatriated at no tax cost. Accordingly, there is no provision for income or withholding taxes on these earnings.
The Company accounts for its unrecognized tax benefits in accordance with ASC 740, "Income Taxes." At June 30, 2026, and 2025, unrecognized tax benefits totaled $212 million and $224 million, respectively, all of which would favorably impact the effective tax rate if recognized.
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of June 30, 2026, 2025, and 2024, the Company's accrual for interest and penalties for these uncertain tax positions was $45 million, $37 million, and $17 million, respectively.
| June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Balance at the beginning of the year | $ | $ | $ | |||||||||||||||||
| Additions related to acquisitions | ||||||||||||||||||||
| Additions based on tax positions related to the current year | ||||||||||||||||||||
| Additions for tax positions of prior years | ||||||||||||||||||||
| Reductions for tax positions from prior years | ( | ( | ( | |||||||||||||||||
| Reductions for settlements | ( | |||||||||||||||||||
| Reductions due to lapse of statute of limitations | ( | ( | ( | |||||||||||||||||
| Balance at the end of the year | $ | $ | $ | |||||||||||||||||
The Company conducts business in a number of tax jurisdictions and, as such, is required to file income tax returns in multiple jurisdictions globally. The fiscal years 2022 through 2025 remain open for examination by the United States Internal Revenue Service ("IRS"), the fiscal years 2024 and 2025 remain open for examination by His Majesty’s Revenue & Customs ("HMRC"), and the fiscal years 2015 through 2025 are currently subject to audit or remain open for examination in various tax jurisdictions.
The Company believes that its income tax reserves are adequately maintained taking into consideration both the technical merits of its tax return positions and ongoing developments in its income tax audits. However, the final determination of the Company's tax return positions, if audited, is uncertain and therefore there is a possibility that final resolution of these matters could have a material impact on the Company's results of operations or cash flows.
The total amount of income taxes paid, net of refunds received, in 2026 is as follows:
101
| ($ in millions) | Year Ended June 30, 2026 | |||||||
| United States of America | $ | |||||||
| Germany | ||||||||
| France | ||||||||
| Switzerland | ||||||||
| Canada | ||||||||
| Rest of the world | ||||||||
| Total income taxes paid (net of refunds received) | $ | |||||||
102
Note 18 - Share-based Compensation
The Company's equity incentive plans include grants of share options, restricted share units, performance shares, performance rights, and share rights.
In fiscal years 2026, 2025, and 2024, share options and performance rights or performance shares were granted to officers and employees. The exercise price for share options was set at the time of grant. The requisite service period for outstanding share options, performance rights, or performance shares ranges from to four years . The option awards issued in fiscal year 2025 and prior to fiscal year 2025 and all performance rights and performance shares awards issued are subject to performance and market conditions. Share options issued in fiscal year 2026 have no performance or market conditions. At vesting, share options can be exercised and converted to ordinary shares on a one -for-one basis, subject to payment of the exercise price. The contractual terms of the share options range from to ten years from the grant date. At vesting, performance rights can be exercised and converted to ordinary shares on a one -for-one basis. Performance shares vest automatically and convert to ordinary shares on a one -for-one basis.
Restricted share units may be granted to directors, officers, and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the restricted share units during the vesting period. The fair value of restricted share units is determined based on the closing price of the Company's shares on the grant date.
Share rights may be granted to directors, officers, and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the share rights during the vesting period. The fair value of share rights is determined based on the closing price of the Company's shares on the grant date, adjusted for dividend yield.
In connection with the Merger, outstanding Berry share-based compensation and cash-settled awards (the "Berry Awards") including restricted stock unit (RSU) and performance share unit (PSU) awards were replaced with Amcor share rights and options awards with generally the same terms and conditions as the original awards subject to the terms of the Merger Agreement. Outstanding short-term Berry options were deemed fully vested at the close of the transaction and unvested options were converted into Amcor option awards with generally the same terms and conditions as the original awards subject to the terms of the Merger Agreement. The grant date of the Berry Awards is considered to be the Merger date for the purpose of the fair valuation of the awards. The aggregate grant date fair value of Berry Awards post-conversion amounted to $356 million of which $310 million related to pre-acquisition vesting and was therefore included as part of purchase consideration.
As of June 30, 2026, 2 million shares were available for future grants under shareholder approved equity incentive plans. The Company uses treasury shares to settle share-based compensation obligations. Treasury shares were acquired through market purchases throughout the fiscal year for the required number of shares.
The total share-based compensation expense settled in equity in fiscal years 2026, 2025, and 2024 amounted to $83 million, $74 million, and $32 million, respectively. Share-based compensation expense in fiscal years 2024 and 2026 was primarily recorded in selling, general, and administrative expenses in the consolidated statements of income. In fiscal year 2025 $34 million of accelerated share-based compensation expense relating to the Merger was recorded within restructuring, transaction and integration expenses, net, with the remainder of share-based compensation expense recorded within selling, general, and administrative expenses in the consolidated statements of income.
As of June 30, 2026, the Company had $109 million of total unrecognized compensation cost related to all unvested share options and other equity incentive plans. That cost is expected to be recognized over a weighted-average period of 1.6 years.
| Years ended June 30, | ||||||||||||||||||||
| (in $ per unit of award) | 2026 | 2025 | 2024 | |||||||||||||||||
| Share options (1) | $ | $ | $ | |||||||||||||||||
| Restricted share units | ||||||||||||||||||||
| Performance rights/shares (2) | ||||||||||||||||||||
| Share rights | ||||||||||||||||||||
103
(1)The fair values of share options issued in fiscal year 2026 were determined using the Black-Scholes option pricing model. The fair values of shares options issued in fiscal years 2025 and 2024 were determined using the Black-Scholes option pricing model and Monte Carlo simulations. The following key assumptions were used for the fiscal years ended June 30, 2026, 2025, and 2024, respectively: risk-free interest rate of 3.8 % (2025: 3.6 %, 2024: 4.6 %), expected share-price volatility of 23.9 % (2025: 23.3 %, 2024: 21.8 %), expected dividend yield of 6.2 % (2025: 5.0 %, 2024: 5.2 %), and expected life of options of 6.5 years (2025: 5.7 years, 2024: 6.6 years).
(2)The fair values of performance rights/shares were determined using discounting and Monte Carlo simulations. The key assumptions for the fiscal years ended June 30, 2026, 2025, and 2024, respectively, were: risk-free interest rate of 3.5 % (2025: 3.5 %, 2024: 4.8 %), expected share-price volatility of 23.3 % (2025: 23.9 %, 2024: 23.4 %), and expected dividend yield of 6.2 % (2025: 4.5 %, 2024: 5.2 %).
| Share options | ||||||||||||||
| Number | Weighted-average Exercise Price | |||||||||||||
| (in millions) | ||||||||||||||
Share options outstanding at June 30, 2025 | $ | |||||||||||||
| Granted | ||||||||||||||
| Exercised | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
Share options outstanding at June 30, 2026 | $ | |||||||||||||
Vested and exercisable at June 30, 2026 | $ | |||||||||||||
As of June 30, 2026, the share options outstanding have an intrinsic value of $14 million and a remaining weighted-average contractual life of 7.9 years. As of June 30, 2026, the share options that have vested and are exercisable have an intrinsic value of zero and a remaining weighted-average contractual life of 0.7 years.
The Company received $6 million, $15 million, and nil on the exercise of stock options during the fiscal years ended June 30, 2026, 2025, and 2024, respectively. During the fiscal years ended June 30, 2026, 2025, and 2024, the intrinsic value associated with the exercise of share options was $1 million, $5 million, and zero , respectively. The grant date fair value of share options vested was $2 million, $11 million, and $5 million for fiscal years ended June 30, 2026, 2025, and 2024, respectively.
| Restricted share units | Performance rights/shares | Share rights | ||||||||||||||||||||||||||||||||||||
| Number | Weighted-average Grant Date Fair Value | Number | Weighted-average Grant Date Fair Value | Number | Weighted-average Grant Date Fair Value | |||||||||||||||||||||||||||||||||
| (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||
| Outstanding at June 30, 2025 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Granted | ||||||||||||||||||||||||||||||||||||||
| Vested | ( | ( | ||||||||||||||||||||||||||||||||||||
| Forfeited | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Outstanding at June 30, 2026 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Fair value vested ($ in millions) | Restricted share units | Performance rights/shares | Share rights | |||||||||||||||||||||||||||||||||||
| Year Ended June 30, 2026 | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Year Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Year Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||
104
Note 19 - Earnings Per Share Computations
The Company applies the two-class method when computing its earnings per share ("EPS"), which requires that net income per share for each class of share be calculated assuming all of the Company's net income is distributed as dividends to each class of share-based on their contractual rights.
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions, except per share amounts) | 2026 | 2025 | 2024 | |||||||||||||||||
| Numerator | ||||||||||||||||||||
| Net income attributable to Amcor plc | $ | $ | $ | |||||||||||||||||
| Distributed and undistributed earnings attributable to shares to be repurchased | ( | ( | ||||||||||||||||||
| Net income available to ordinary shareholders of Amcor plc—basic and diluted | $ | $ | $ | |||||||||||||||||
| Denominator | ||||||||||||||||||||
| Weighted-average ordinary shares outstanding (1) | ||||||||||||||||||||
| Weighted-average ordinary shares to be repurchased by Amcor plc | ( | ( | ( | |||||||||||||||||
| Weighted-average ordinary shares outstanding for EPS—basic | ||||||||||||||||||||
| Effect of dilutive shares | ||||||||||||||||||||
| Weighted-average ordinary shares outstanding for EPS—diluted | ||||||||||||||||||||
| Per ordinary share income | ||||||||||||||||||||
| Basic earnings per ordinary share | $ | $ | $ | |||||||||||||||||
| Diluted earnings per ordinary share | $ | $ | $ | |||||||||||||||||
Certain stock awards outstanding were not included in the computation of diluted earnings per share above because they would not have had a dilutive effect. The excluded stock awards represented an aggregate of 6.1 million, 3.9 million, and 5.7 million shares for the years ended June 30, 2026, 2025, and 2024, respectively. Basic and diluted weighted-average ordinary shares outstanding have increased in fiscal years 2025 and 2026 due to the completion of the Merger with Berry and the related share issuances in the fourth quarter of fiscal year 2025. For further information, refer to Note 4, "Acquisitions and Divestitures". In fiscal year 2024, basic and diluted weighted-average ordinary shares outstanding decreased due to share repurchases.
105
Note 20 - Contingencies and Legal Proceedings
Contingencies - Brazil
The Company's operations in Brazil are involved in various governmental assessments and litigation, principally related to claims for excise and income taxes. The Company vigorously defends its positions and believes it will prevail on most, if not all, of these matters. The Company does not believe that the ultimate resolution of these matters will materially impact the Company's consolidated results of operations, financial position, or cash flows. Under customary local regulations, the Company's Brazilian subsidiaries may need to post cash or other collateral if a challenge to any administrative assessment proceeds to the Brazilian court system; however, the level of cash or collateral already pledged or potentially required to be pledged would not significantly impact the Company's liquidity. As of June 30, 2026, the Company has recorded accruals of $14 million, included in other non-current liabilities in the consolidated balance sheets. The Company has estimated a reasonably possible loss exposure in excess of the recorded accrual of $27 million as of June 30, 2026. The litigation process is subject to many uncertainties and the outcome of individual matters cannot be accurately predicted. The Company routinely assesses these matters as to the probability of ultimately incurring a liability and records the best estimate of the ultimate loss in situations where the likelihood of an ultimate loss is probable. The Company's assessments are based on its knowledge and experience, but the ultimate outcome of any of these matters may differ from the Company's estimates.
As of June 30, 2026, the Company provided letters of credit of $20 million, judicial insurance of $1 million, and deposited cash of $17 million with the courts to continue to defend the cases referenced above.
Contingencies - Environmental Matters
The Company, along with others, has been identified as a potentially responsible party ("PRP") at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may face potentially material environmental remediation obligations. While the Company benefits from various forms of insurance policies, actual coverage may not, or may only partially, cover the total potential exposures. As of June 30, 2026, the Company has recorded aggregate accruals of $10 million for its share of estimated future remediation costs at these sites.
In addition to the matters described above, as of June 30, 2026, the Company has also recorded aggregate accruals of $59 million for potential liabilities for remediation obligations at various worldwide locations that are owned or operated by the Company or were formerly owned or operated.
The SEC requires the Company to disclose certain information about proceedings arising under federal, state, or local environmental provisions if the Company reasonably believes that such proceeding may result in monetary sanctions above a stated threshold. Pursuant to SEC regulations, the Company uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for the fiscal year ended June 30, 2026.
While the Company believes that its accruals are adequate to cover its future obligations, there can be no assurance that the ultimate payments will not exceed the accrued amounts. Nevertheless, based on the available information, the Company does not believe that its potential environmental obligations will have a material adverse effect upon its liquidity, results of operations, or financial condition.
Other Matters
In the normal course of business, the Company is subject to legal proceedings, lawsuits, and other claims. While the potential financial impact with respect to these ordinary course matters is subject to many factors and uncertainties, management believes that any financial impact to the Company from these matters, individually and in the aggregate, would not have a material adverse effect on the Company's financial position or results of operations.
106
Note 21 - Segments
The Company's business is organized and presented in two reportable segments based on product lines as outlined below.
Global Flexible Packaging Solutions: Consists of operations that manufacture flexible and film packaging in the food and beverage, medical and pharmaceutical, personal care, and other industries.
Global Rigid Packaging Solutions: Consists of operations that manufacture rigid containers and closures for a broad range of predominantly beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and beer, sauces, dressings, spreads and personal care items, and plastic caps for a wide variety of applications.
Other consists of the Company's undistributed corporate expenses including executive and functional compensation costs, equity method and other investments, intercompany eliminations, and other business activities.
In the fourth quarter of fiscal year 2025, following the Merger, the Company appointed Chief Operating Officers to lead each of its reportable segments. The Chief Operating Officers report directly to the Company's Chief Operating Decision Maker ("CODM") which the Company has determined is its Chief Executive Officer. The Company's measure of profit for its reportable segments is adjusted earnings before interest and taxes ("Adjusted EBIT"). The Company defines Adjusted EBIT as operating income adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance and to include equity in income/(loss) of affiliated companies, net of tax. The Company's management, including the CODM, uses Adjusted EBIT to evaluate segment performance and allocate resources. The Company's CODM uses consolidated expense information in the evaluation of segment performance and to allocate resources and is not regularly provided disaggregated expense information for each of the reportable segments. The Company does not aggregate operating segments when determining the Company's reportable segments.
Effective January 1, 2026, certain of 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 in Latin America under one management team and the Company's CODM is now reviewing results under this new structure. Prior period amounts have been recast to conform with current period presentation.
The accounting policies of the reportable segments are the same as those in the consolidated financial statements.
107
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Sales including intersegment sales | ||||||||||||||||||||
| Global Flexible Packaging Solutions | $ | $ | $ | |||||||||||||||||
| Global Rigid Packaging Solutions | ||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| Global Flexible Packaging Solutions | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Global Rigid Packaging Solutions | ( | ( | ( | |||||||||||||||||
| Segment expenses (1) | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Global Flexible Packaging Solutions | $ | $ | $ | |||||||||||||||||
| Global Rigid Packaging Solutions | ||||||||||||||||||||
| Adjusted segment earnings before interest and taxes ("Adjusted Segment EBIT") | ||||||||||||||||||||
| Less: Unallocated corporate costs (1) | ( | ( | ( | |||||||||||||||||
| Less: Amortization of acquired intangible assets from business combinations (2) | ( | ( | ( | |||||||||||||||||
| Less: Impact of hyperinflation (3) | ( | ( | ( | |||||||||||||||||
| Less: Transaction costs (4) | ( | ( | ||||||||||||||||||
| Less: Restructuring, integration and related activities, net (5) | ( | ( | ( | |||||||||||||||||
| Less: Executive transition costs (6) | ( | ( | ||||||||||||||||||
| Add/(Less): Inventory step-up amortization (7) | ( | |||||||||||||||||||
| Less: Accelerated merger-related compensation (8) | ( | |||||||||||||||||||
| Less: Portfolio review expenses (9) | ( | |||||||||||||||||||
| Less: Other (10) | ( | ( | ( | |||||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest expense | ( | ( | ( | |||||||||||||||||
| Equity in (income)/loss of affiliated companies, net of tax | ( | ( | ||||||||||||||||||
| Income before income taxes and equity in (income)/loss of affiliated companies | $ | $ | $ | |||||||||||||||||
(1)Segment expenses and unallocated corporate costs primarily cost of goods sold, selling, general, and administrative expenses, research and development expenses, other income/(expenses), net, and other non-operating income.
(2)Amortization of acquired intangible assets from business combinations includes amortization expense related to all acquired intangible assets from past acquisitions.
(3)Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso.
(4)Transaction costs includes incremental costs related to the Merger and other strategic activities. Refer to Note 5, "Restructuring, Transaction, and Integration Expenses, Net".
(5)Restructuring, integration and related activities, net in fiscal year 2026 primarily includes costs incurred in connection with the Berry Plan. Fiscal year 2025 primarily includes costs incurred in connection with the 2023 Restructuring Plan and the Berry Plan. Fiscal year 2024 primarily includes costs incurred in connection with the 2023 Restructuring Plan. Refer to Note 6, "Restructuring," for further information.
(6)Executive transition costs in fiscal year 2026 reflect accelerated compensation, including share-based compensation, granted to the Company's former executives, and other transition related expenses. Fiscal year 2024 includes expenses incurred in connection with the retirement Chief Executive Officer who retired from that role in April 2024, and other transition related expenses.
(7)Inventory step-up amortization relates to additional amortization incurred on inventories in connection with the Merger.
(8)Accelerated merger-related compensation includes accelerated share-based compensation expense and severance incurred in connection with the Merger.
(9)Portfolio review expenses includes impairment and other incremental expenses incurred in connection with the strategic review of the Company's portfolio alternatives.
108
The tables below present additional financial information by reportable segments:
Capital expenditures for the acquisition of long-lived assets by reportable segment were:
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Global Flexible Packaging Solutions | $ | $ | $ | |||||||||||||||||
| Global Rigid Packaging Solutions | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Total capital expenditures for the acquisition of long-lived assets | $ | $ | $ | |||||||||||||||||
Depreciation and amortization on long-lived assets by reportable segment were:
| Years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Global Flexible Packaging Solutions | $ | $ | $ | |||||||||||||||||
| Global Rigid Packaging Solutions | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Total depreciation and amortization on long-lived assets | $ | $ | $ | |||||||||||||||||
Total assets by segment are not disclosed as the CODM does not use total assets by segment to evaluate segment performance or allocate resources and capital.
The Company did not have sales to a single customer that exceeded 10% of consolidated net sales for the fiscal years ended June 30, 2026, 2025, and 2024, respectively.
| Years ended June 30, | ||||||||||||||||||||||||||
| ($ in millions) | Segment | 2026 | 2025 | 2024 | ||||||||||||||||||||||
| Films and other flexible products | Global Flexible Packaging Solutions | $ | $ | $ | ||||||||||||||||||||||
| Films and other flexible products | Global Rigid Packaging Solutions | |||||||||||||||||||||||||
| Specialty flexible folding cartons | Global Flexible Packaging Solutions | |||||||||||||||||||||||||
| Containers, preforms, and closures | Global Rigid Packaging Solutions | |||||||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||||||||
| June 30, | ||||||||||||||
| ($ in millions) | 2026 | 2025 | ||||||||||||
| United States of America | $ | $ | ||||||||||||
| Other countries (1) | ||||||||||||||
| Long-lived assets | $ | $ | ||||||||||||
(1)Includes the Company's country of domicile, Jersey. The Company had no long-lived assets in Jersey in any period shown. No individual country represented more than 10% of the respective totals.
109
| Year Ended June 30, 2026 | ||||||||||||||||||||
| ($ in millions) | Global Flexible Packaging Solutions | Global Rigid Packaging Solutions | Total | |||||||||||||||||
| North America | $ | $ | $ | |||||||||||||||||
| Latin America | ||||||||||||||||||||
| Europe (1) | ||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| Year Ended June 30, 2025 | ||||||||||||||||||||
| ($ in millions) | Global Flexible Packaging Solutions | Global Rigid Packaging Solutions | Total | |||||||||||||||||
| North America | $ | $ | $ | |||||||||||||||||
| Latin America | ||||||||||||||||||||
| Europe (1) | ||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| Year Ended June 30, 2024 | ||||||||||||||||||||
| ($ in millions) | Global Flexible Packaging Solutions | Global Rigid Packaging Solutions | Total | |||||||||||||||||
| North America | $ | $ | $ | |||||||||||||||||
| Latin America | ||||||||||||||||||||
| Europe (1) | ||||||||||||||||||||
| Asia Pacific | ||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
(1)Includes the Company's country of domicile, Jersey. The Company had no sales in Jersey in the periods shown.
110
Note 22 - Deed of Cross Guarantee
The parent entity, Amcor plc, and its wholly-owned subsidiaries listed below are subject to a Deed of Cross Guarantee dated June 24, 2019 (the "Deed") under which each company guarantees the debts of the others:
| Amcor Pty Ltd | Amcor Holdings (Australia) Pty Ltd | ||||
| Amcor Services Pty Ltd | Amcor Flexibles Group Pty Ltd | ||||
| Amcor Investments Pty Ltd | Amcor Flexibles (Australia) Pty Ltd | ||||
| Amcor Finance Australia Pty Ltd | Amcor Flexibles (Port Melbourne) Pty Ltd | ||||
| Amcor European Holdings Pty Ltd | Amcor Packaging (Asia) Pty Ltd | ||||
| ARP North America Holdco Ltd | ARP LATAM Holdco Ltd | ||||
The entities above were the only parties to the Deed as of June 30, 2026, and comprise the closed group for the purposes of the Deed (and also the extended closed group). ARP North America Holdco Ltd and ARP LATAM Holdco Ltd were newly incorporated entities and were added to the deed on September 25, 2019. By a Revocation Deed, dated September 9, 2021, the Deed was revoked in respect of Amcor Flexibles (Dandenong) Pty Ltd, Packsys Pty Ltd, Packsys Holdings (Aus) Pty Ltd, and Techni-Chem Australia Pty Ltd. No other parties have been added, removed or the subject to a notice of disposal since September 9, 2021.
By entering into the Deed, the wholly-owned subsidiaries have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.
The following consolidated financial statements are additional disclosure items specifically required by ASIC and represent the consolidated results of the entities subject to the Deed.
111
Deed of Cross Guarantee
Consolidated Statements of Income
($ in millions)
| For the years ended June 30, | 2026 | 2025 | ||||||||||||
| Net sales | $ | $ | ||||||||||||
| Cost of sales | ( | ( | ||||||||||||
| Gross profit | ||||||||||||||
| Operating expenses (1) | ( | ( | ||||||||||||
| Other income, net | ||||||||||||||
| Operating income/(loss) | ( | |||||||||||||
| Interest income | ||||||||||||||
| Interest expense | ( | ( | ||||||||||||
| Income/(loss) before income taxes | ( | |||||||||||||
| Income tax expense/(benefit) | ( | |||||||||||||
| Net income/(loss) | $ | ( | $ | |||||||||||
| (Net income)/loss attributable to non-controlling interest | ( | |||||||||||||
| Net income/(loss) attributable to Deed | $ | ( | $ | |||||||||||
(1)Includes intercompany expenses incurred with Amcor entities outside the Deed, mainly attributable to intercompany restructuring activities.
112
Deed of Cross Guarantee
Consolidated Statements of Comprehensive Income
($ in millions)
| For the years ended June 30, | 2026 | 2025 | ||||||||||||
| Net income/(loss) | $ | ( | $ | |||||||||||
| Other comprehensive income/(loss) (1): | ||||||||||||||
| Foreign currency translation adjustments, net of tax | ( | |||||||||||||
| Other comprehensive income/(loss) | ( | |||||||||||||
| Comprehensive income/(loss) attributable to non-controlling interest | ( | |||||||||||||
| Total comprehensive income/(loss) | $ | ( | $ | |||||||||||
(1)All of the items in other comprehensive income/(loss) may be reclassified subsequently to profit or loss.
Deed of Cross Guarantee
Consolidated Statements of Income and Retained Earnings
($ in millions)
| For the years ended June 30, | 2026 | 2025 | ||||||||||||
| Retained earnings, beginning balance | $ | $ | ||||||||||||
| Net income/(loss) attributable to Deed | ( | |||||||||||||
| Retained earnings before distribution | ||||||||||||||
| Dividends recognized during the financial period | ( | ( | ||||||||||||
| Retained earnings at the end of the financial period | $ | $ | ||||||||||||
113
Deed of Cross Guarantee
Consolidated Balance Sheets
($ in millions)
| As of June 30, | 2026 | 2025 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
| Receivables, net | ||||||||||||||
| Inventories | ||||||||||||||
| Prepaid expenses and other current assets | ||||||||||||||
| Total current assets | ||||||||||||||
| Non-current assets: | ||||||||||||||
| Property, plant, and equipment, net | ||||||||||||||
| Deferred tax assets | ||||||||||||||
| Other intangible assets, net | ||||||||||||||
| Goodwill | ||||||||||||||
| Other non-current assets | ||||||||||||||
| Total non-current assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Liabilities | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Short-term debt | $ | $ | ||||||||||||
| Payables | ||||||||||||||
| Accrued employee costs | ||||||||||||||
| Other current liabilities | ||||||||||||||
| Total current liabilities | ||||||||||||||
| Non-current liabilities: | ||||||||||||||
| Other non-current liabilities | ||||||||||||||
| Total liabilities | ||||||||||||||
| Shareholders' Equity | ||||||||||||||
| Issued capital | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
| Retained earnings | ||||||||||||||
| Accumulated other comprehensive income | ||||||||||||||
| Total Deed shareholders' equity | ||||||||||||||
| Non-controlling interest (1) | ||||||||||||||
| Total shareholders' equity | ||||||||||||||
| Total liabilities and shareholders' equity | $ | $ | ||||||||||||
(1)The non-controlling interest in ARP North America Holdco Ltd was fully acquired by Amcor plc in June 2026.
114
Note 23 - Supplemental Cash Flow Information
| For the years ended June 30, | ||||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Supplemental cash flow information: | ||||||||||||||||||||
| Interest paid, net of amounts capitalized | $ | $ | $ | |||||||||||||||||
| Income taxes paid | ||||||||||||||||||||
| Non-cash financing activities: | ||||||||||||||||||||
| Issuance of equity to acquire Berry Global Group, Inc. (1) | $ | $ | $ | |||||||||||||||||
| Non-cash investing activities: | ||||||||||||||||||||
| Purchase of property, plant, and equipment accrued, but not paid | $ | $ | $ | |||||||||||||||||
| Contingent and deferred liabilities incurred related to acquired businesses, but not paid | ||||||||||||||||||||
(1)Non-cash financing activities in fiscal year 2025 include the issuance of ordinary shares as equity consideration related to the Merger. Refer to Note 4, "Acquisitions and Divestitures" for further information.
115
Note 24 - Subsequent Events
On August 12, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.65 per share to be paid on September 24, 2026, to shareholders of record as of September 4, 2026. Amcor has received a waiver from the Australian Securities Exchange ("ASX") settlement operating rules, which will allow Amcor to defer processing conversions between its ordinary share and CHESS Depositary Instrument ("CDI") registers from September 3, 2026, to September 4, 2026, inclusive.
116
Item 9. - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. - Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and financial officers, as appropriate, to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026.
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our management evaluated the design and operating effectiveness of our internal control over financial reporting based on the criteria established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO framework") (2013). All internal control systems, no matter how well designed, have inherent limitations. Accordingly, even effective internal controls and procedures can provide only reasonable assurance with respect to financial statement preparation and presentation.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2026. Based on this evaluation, our management concluded that we maintained effective internal control over financial reporting as of June 30, 2026.
The effectiveness of our internal control over financial reporting as of June 30, 2026, has been audited by PricewaterhouseCoopers AG, an independent registered public accounting firm, as stated in their report, which appears on "Item 8. - Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fourth quarter of fiscal year 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. - Other Information
During the three months ended June 30, 2026, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
Item 9C. - Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
117
PART III
Item 10. - Directors, Executive Officers and Corporate Governance
The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after June 30, 2026, and such information is expressly incorporated herein by reference. Information with respect to our executive officers appears in Part I of this Annual Report on Form 10-K.
Our Board Committee Charters, Corporate Governance Guidelines, and our Code of Conduct & Ethics Policy can be electronically accessed at our website (http://www.amcor.com/investors) under "Corporate Governance" or, free of charge, by writing directly to us, Attention: Corporate Secretary. Our Board of Directors has adopted a Code of Conduct that applies to our principal executive officer, principal financial officer, principal accounting officer, and other persons performing similar functions. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to or waivers from our Code of Conduct by posting such information on the Investor Relations section of our website promptly following the date of such amendment or waiver.
We are not including the information contained on our website as part of, or incorporating it by reference into, this report.
Insider Trading Policy
Our Board of Directors has adopted an Insider Trading Policy which governs the purchase, sale, and/or other dispositions of our securities by our directors, officers, other key employees, and covered persons which we believe is reasonably designed to ensure compliance with applicable insider trading rules, regulations, and listing standards. A copy of our Insider Trading Policy is filed as Exhibit 19 to this Annual Report on Form 10-K.
118
Item 11. - Executive Compensation
Information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after June 30, 2026, and such information is expressly incorporated herein by reference.
Item 12. - Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Equity compensation plans as of June 30, 2026, were as follows:
| Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average exercise price of outstanding options, warrants, and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||||||
| Plan Category | (a) | (b) | (c) | ||||||||||||||||||||
| Equity compensation plans approved by security holders | 15,908,927 | (1) | $ | 44.77 | (2) | 1,513,128 | (3) | ||||||||||||||||
| Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||
| Total | 15,908,927 | (1) | $ | 44.77 | (2) | 1,513,128 | (3) | ||||||||||||||||
(1)Includes outstanding option awards of 8,609,586, which have a weighted-average exercise price of $44.77, 4,113,294 awards of ordinary shares issuable upon vesting of performance shares/rights, 2,027,006 awards of ordinary shares issuable upon vesting of share rights, and 1,159,041 restricted shares issued under the share retention plan.
(2)Performance shares/rights, share rights, restricted share units, and non-executive director share plans are excluded when determining the weighted-average exercise price of outstanding options.
(3)May be issued as options, performance shares/rights, share rights, or restricted share units.
The additional information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after June 30, 2026, and such information is expressly incorporated herein by reference.
Item 13. - Certain Relationships and Related Transactions, and Director Independence
The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after June 30, 2026, and such information is expressly incorporated herein by reference.
Item 14. - Principal Accountant Fees and Services
The information required to be submitted in response to this item is omitted because a definitive proxy statement containing such information will be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after June 30, 2026, and such information is expressly incorporated herein by reference.
119
PART IV
Item 15. - Exhibits and Financial Statement Schedules
| Pages in Form 10-K | ||||||||
(a) Financial Statements, Financial Statement Schedule, and Exhibits | ||||||||
(1) Financial Statements | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID 1358) | 51 | |||||||
Consolidated Statements of Income | 53 | |||||||
Consolidated Statements of Comprehensive Income | 54 | |||||||
Consolidated Balance Sheets | 55 | |||||||
Consolidated Statements of Cash Flows | 56 | |||||||
Consolidated Statements of Equity | 57 | |||||||
Notes to Consolidated Financial Statements | 58 | |||||||
(2) Financial Statement Schedule | ||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | 130 | |||||||
| All other schedules are omitted because they are not applicable, or the required information is shown in the financial statements or notes thereto. | ||||||||
(3) Exhibits | ||||||||
| Exhibit | Description | Form of Filing | |||||||||||||||
| 2 | .1 | Agreement and Plan of Merger, dated as of November 19, 2024, by and among Amcor plc, Aurora Spirit, Inc. and Berry Global Group, Inc. (incorporated by reference to Exhibit 2.1 to Amcor plc’s Current Report on Form 8-K/A filed on November 19, 2024). | Incorporated by Reference | ||||||||||||||
| 2 | .2 | RMT Transaction Agreement, dated February 6, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc., Glatfelter Corporation, Treasure Merger Sub I, Inc. and Treasure Merger Sub II, LLC (incorporated by reference to Exhibit 2.1 to Berry Global Group, Inc.'s, Current Report on Form 8-K/A filed on February 12, 2024). | Incorporated by Reference | ||||||||||||||
| 3 | .1 | Articles of Association of Amcor plc (incorporated by reference to Exhibit 3.1 to Amcor plc’s Current Report on Form 8-K filed on June 13, 2019). | Incorporated by Reference | ||||||||||||||
| 3 | .2 | Memorandum of Association of Amcor plc (incorporated by reference to Exhibit 3.1 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019). | Incorporated by Reference | ||||||||||||||
| 3 | .3 | Amended Memorandum of Association of Amcor plc, dated January 14, 2026 (incorporated by reference to Exhibit 3.1 to Amcor plc’s Form 8-K filed on January 15, 2026). | Incorporated by Reference | ||||||||||||||
| 4 | .1 | Indenture, dated as of April 28, 2016, among Amcor Finance (USA), Inc., Amcor Limited, Amcor UK Finance PLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019). | Incorporated by Reference | ||||||||||||||
| 4 | .2 | Form of 5.625% Guaranteed Senior Note due 2033 (incorporated by reference to Exhibit 4.3 on Amcor plc's Current Report on Form 8-K filed on May 26, 2023. | Incorporated by Reference | ||||||||||||||
| 4 | .3 | Indenture, dated as of May 26, 2023, among Amcor Finance (USA), Inc., Amcor plc, Amcor UK Finance plc, Amcor Pty Ltd and Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas, as trustee (including the guarantees) (incorporated by reference to Exhibit 4.1 on Amcor plc's Current Report on Form 8-K filed on May 26, 2023). | Incorporated by Reference | ||||||||||||||
| 4 | .4 | Form of 4.500% Notes due 2028 (incorporated by reference to Exhibit 4.9 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019). | Incorporated by Reference | ||||||||||||||
| 4 | .5 | Form of 3.100% Notes due 2026 (incorporated by reference to Exhibit 4.13 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019). | Incorporated by Reference | ||||||||||||||
120
| Exhibit | Description | Form of Filing | |||||||||||||||
| 4 | .6 | Form of Indenture, dated as of June 15, 1995, between Bemis Company, Inc. and U.S. Bank Trust National Association (formerly known as First Trust National Association), as trustee (incorporated by reference to Exhibit 4.10 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019) | Incorporated by Reference | ||||||||||||||
| 4 | .7 | Form of 2.630% Guaranteed Senior Note Due 2030 (incorporated by reference to Exhibit 4.2 on Amcor plc’s Current Report on Form 8-K filed on June 19, 2020). | Incorporated by Reference | ||||||||||||||
| 4 | .8 | Form of 1.125% Guaranteed Senior Note Due 2027 (incorporated by reference to Exhibit 4.2 on Amcor plc’s Current Report on Form 8-K filed on June 23, 2020). | Incorporated by Reference | ||||||||||||||
| 4 | .9 | Supplemental Indenture, dated as of June 13, 2019, by and between Bemis Company, Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 10.1 on Amcor plc’s Current Report on Form 8-K filed on June 17, 2019). | Incorporated by Reference | ||||||||||||||
| 4 | .10 | Indenture, dated as of June 13, 2019, by and among Bemis Company, Inc., as issuer, Amcor plc, Amcor Limited, AFUI, Amcor UK Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 10.3 on Amcor plc’s Current Report on Form 8-K filed on June 17, 2019). | Incorporated by Reference | ||||||||||||||
| 4 | .11 | Indenture, dated as of June 13, 2019, by and among AFUI, as issuer, Amcor plc, Amcor Limited, Bemis Company, Inc., Amcor UK Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 10.4 on Amcor plc’s Current Report on Form 8-K filed on June 17, 2019). | Incorporated by Reference | ||||||||||||||
| 4 | .12 | First Supplemental Indenture, dated as of May 23, 2024, among Amcor Flexibles North America, Inc., Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.4 on Amcor plc's Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .13 | Second Supplemental Indenture, dated as of May 23, 2024, among Amcor Flexibles North America, Inc., Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.5 on Amcor plc's Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .14 | First Supplemental Indenture, dated as of May 23, 2024, among Amcor Flexibles North America, Inc., Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.6 on Amcor plc's Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .15 | First Supplemental Indenture, dated as of May 23, 2024, among Amcor UK Finance plc, Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.7 on Amcor plc's Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .16 | First Supplemental Indenture, dated as of May 23, 2024, among Amcor Finance (USA), Inc., Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.8 on Amcor plc's Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .17 | Indenture, dated as of May 23, 2024, among Amcor Group Finance plc, Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc, Amcor Pty Ltd and Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas, as trustee (including the guarantees) (incorporated by reference to Exhibit 4.1 to Amcor plc’s Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .18 | Indenture, dated as of May 29, 2024, among Amcor UK Finance plc, Amcor plc, Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor Pty Ltd and Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas, as trustee (including the guarantees) (incorporated by reference to Exhibit 4.1 on Amcor plc's Current Report on Form 8-K filed on May 29, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .19 | Indenture, dated as of June 19, 2020, by and among Bemis Company, Inc., as issuer, Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc, Amcor Pty Ltd and Deutsche Bank Trust Company Americas, the trustee (incorporated by reference to Exhibit 4.1 on Amcor plc’s Current Report on Form 8-K filed on June 19, 2020). | Incorporated by Reference | ||||||||||||||
| 4 | .20 | Indenture, dated as of June 23, 2020, by and among Amcor UK Finance plc, as issuer, Amcor plc, Amcor Finance (USA), Inc., Amcor Pty Ltd, Bemis Company, Inc., Inc. and Deutsche Bank Trust Company Americas, the trustee (incorporated by reference to Exhibit 4.1 on Amcor plc’s Current Report on Form 8-K filed on June 23, 2020). | Incorporated by Reference | ||||||||||||||
| 4 | .21 | Description of the Company's Common Stock | Filed Herewith | ||||||||||||||
121
| Exhibit | Description | Form of Filing | |||||||||||||||
| 4 | .22 | Description of the Company's 1.125% Guaranteed Senior Note Due 2027 | Filed Herewith | ||||||||||||||
| 4 | .23 | Description of the Company's 5.450% Guaranteed Senior Note Due 2029 | Filed Herewith | ||||||||||||||
| 4 | .24 | Description of the Company's 3.950% Guaranteed Senior Note Due 2032 | Filed Herewith | ||||||||||||||
| 4 | .25 | Form of 2.690% Guaranteed Senior Note Due 2031 (incorporated by reference to Exhibit 4.3 on Amcor plc's Current Report on Form 8-K filed on May 25, 2021). | Incorporated by Reference | ||||||||||||||
| 4 | .26 | Form of 5.450% Guaranteed Senior Note due 2029 (incorporated by reference to Exhibit 4.3 to Amcor plc’s Current Report on Form 8-K filed on May 23, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .27 | Form of 3.950% Guaranteed Senior Note due 2032 (incorporated by reference to Exhibit 4.3 to Amcor plc’s Current Report on Form 8-K filed on May 29, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .28 | First Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 on Amcor plc's Current Report on Form 8-K filed on July 1, 2022). | Incorporated by Reference | ||||||||||||||
| 4 | .29 | Second Supplemental Indenture, dated as of June 30, 2022, among Amcor Finance (USA), Inc., Amcor Flexibles North America, Inc. and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.6 on Amcor plc's Current Report on Form 8-K filed on July 1, 2022). | Incorporated by Reference | ||||||||||||||
| 4 | .30 | Indenture, dated as of March 17, 2025, among Amcor Flexibles North America, Inc., Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc, Amcor Pty Ltd and Amcor Group Finance plc and Deutsche Bank Trust Company Americas, as trustee (including the guarantees)(incorporated by reference to Exhibit 4.1 to Amcor plc’s Current Report on Form 8-K filed on March 17, 2025).** | Incorporated by Reference | ||||||||||||||
| 4 | .31 | Form of 4.800% Guaranteed Senior Note due 2028 (incorporated by reference to Exhibit 4.5 to Amcor plc’s Current Report on Form 8-K filed on March 17, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .32 | Form of 5.100% Guaranteed Senior Note due 2030 (incorporated by reference to Exhibit 4.6 to Amcor plc’s Current Report on Form 8-K filed on March 17, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .33 | Form of 5.500% Guaranteed Senior Note due 2035 (incorporated by reference to Exhibit 4.7 to Amcor plc’s Current Report on Form 8-K filed on March 17, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .34 | Registration Rights Agreement, dated as of March 17, 2025, by and among Amcor Flexibles North America, Inc., Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc, Amcor Pty Ltd and Amcor Group Finance plc and Goldman Sachs & Co. LLC and UBS Securities LLC, as representatives of the initial purchasers of the 4.800% Guaranteed Senior Notes due 2028, the 5.100% Guaranteed Senior Notes due 2030 and the 5.500% Guaranteed Senior Notes due 2035 (incorporated by reference to Exhibit 4.8 to Amcor plc’s Current Report on Form 8-K filed on March 17, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .35 | Third Supplemental Indenture, dated April 30, 2025, between Berry Global, Inc., Amcor plc, Amcor Flexibles North America, Inc., Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor UK Finance plc and U.S. Bank Trust Company, National Association, relating to the 1.65% First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.39 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .36 | Second Supplemental Indenture, dated April 30, 2025, between Berry Global, Inc., Amcor plc, Amcor Flexibles North America, Inc., Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor UK Finance plc and U.S. Bank Trust Company, National Association, relating to the 1.50% First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.40 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .37 | Third Supplemental Indenture, dated April 30, 2025, between Berry Global, Inc., Amcor plc, Amcor Flexibles North America, Inc., Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor UK Finance plc and U.S. Bank Trust Company, National Association, relating to the 5.50% First Priority Senior Secured Notes due 2028 (incorporated by reference to Exhibit 4.41 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .38 | Third Supplemental Indenture, dated April 30, 2025, between Berry Global, Inc., Amcor plc, Amcor Flexibles North America, Inc., Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor UK Finance plc and U.S. Bank Trust Company, National Association, relating to the 5.650% First Priority Senior Secured Notes due 2034 (incorporated by reference to Exhibit 4.42 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
122
| Exhibit | Description | Form of Filing | |||||||||||||||
| 4 | .39 | Second Supplemental Indenture, dated April 30, 2025, between Berry Global, Inc., Amcor plc, Amcor Flexibles North America, Inc., Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor UK Finance plc and U.S. Bank Trust Company, National Association, relating to the 5.800% First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.43 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .40 | First Supplemental Indenture, dated April 30, 2025, among Amcor Flexibles North America, Inc., Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 4.800% Guaranteed Senior Notes due 2028, 5.100% Guaranteed Senior Notes due 2030 and 5.500% Guaranteed Senior Notes due 2035 (incorporated by reference to Exhibit 4.44 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .41 | First Supplemental Indenture, dated April 30, 2025, among Amcor Group Finance plc, Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 5.450% Guaranteed Senior Notes due 2029 (incorporated by reference to Exhibit 4.45 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .42 | First Supplemental Indenture, dated April 30, 2025, among Amcor UK Finance plc, Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 3.950% Guaranteed Senior Notes due 2032 (incorporated by reference to Exhibit 4.46 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .43 | Second Supplemental Indenture, dated April 30, 2025, among Amcor Flexibles North America, Inc., Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 3.100% Guaranteed Senior Notes due 2026 (incorporated by reference to Exhibit 4.47 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .44 | Second Supplemental Indenture, dated April 30, 2025, among Amcor Flexibles North America, Inc., Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 4.000% Guaranteed Senior Notes due 2025, 2.630% Guaranteed Senior Notes due 2030 and 2.690% Guaranteed Senior Notes due 2031 (incorporated by reference to Exhibit 4.48 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .45 | Second Supplemental Indenture, dated April 30, 2025, among Amcor UK Finance plc, Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 1.125% Guaranteed Senior Notes due 2027 (incorporated by reference to Exhibit 4.49 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .46 | Second Supplemental Indenture, dated April 30, 2025, among Amcor Finance (USA), Inc., Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 5.625% Guaranteed Senior Notes due 2033 (incorporated by reference to Exhibit 4.50 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .47 | Third Supplemental Indenture, dated April 30, 2025, among Amcor Flexibles North America, Inc., as Substitute Issuer, Berry Global Group, Inc., Berry Global, Inc., and Deutsche Bank Trust Company Americas, relating to the 4.500% Guaranteed Senior Notes due 2028 (incorporated by reference to Exhibit 4.51 to Amcor plc’s Annual Report on Form 10-K filed on August 15, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .48 | Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company National Association (as successor to U.S. Bank National Association), as Trustee and Collateral Agent, and Elavon Financial Services DAC, as Paying Agent, Transfer Agent and Registrar, relating to the 1.00% First Priority Senior Secured Notes due 2025 and 1.50% First Priority Senior Secured Notes due 2027, dated January 2, 2020 (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc’s Current Report on Form 8-K filed on January 2, 2020). | Incorporated by Reference | ||||||||||||||
| 4 | .49 | Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company National Association (as successor to U.S. Bank National Association), as Trustee and Collateral Agent, relating to the 1.65% First Priority Senior Secured Notes due 2027, dated June 14, 2021 (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc.’s Current Report on Form 8-K filed on June 14, 2021). | Incorporated by Reference | ||||||||||||||
123
| Exhibit | Description | Form of Filing | |||||||||||||||
| 4 | .50 | Indenture, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent, relating to the 5.50% First Priority Senior Secured Notes due 2028, dated March 30, 2023 (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc.’s Current Report on Form 8-K filed on March 30, 2023). | Incorporated by Reference | ||||||||||||||
| 4 | .51 | Indenture, dated January 17, 2024, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent, relating to the 5.650% First Priority Senior Secured Notes due 2034, (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc.’s Current Report on Form 8-K filed on January 17, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .52 | Indenture, dated May 28, 2024, among Berry Global, Inc., certain guarantors party thereto, U.S. Bank Trust Company, National Association, as Trustee and Collateral Agent, relating to the 5.800% First Priority Senior Secured Notes due 2031, (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc.’s Current Report on Form 8-K filed on May 28, 2024). | Incorporated by Reference | ||||||||||||||
| 4 | .53 | First Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 1.50% First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.1 to Berry Global Group, Inc.'s Form 8-K filed on March 5, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .54 | Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 1.65% First Priority Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.2 to Berry Global Group, Inc.'s Form 8-K filed on March 5, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .55 | Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.50% First Priority Senior Secured Notes due 2028 (incorporated by reference to Exhibit 4.3 to Berry Global Group, Inc.'s Form 8-K filed on March 5, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .56 | First Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.800% First Priority Senior Secured Notes due 2031 (incorporated by reference to Exhibit 4.4 to Berry Global Group, Inc.'s Form 8-K filed on March 5, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .57 | Second Supplemental Indenture, dated March 5, 2025, between Berry Global, Inc. and U.S. Bank Trust Company, National Association, relating to the 5.650% First Priority Senior Secured Notes due 2034 (incorporated by reference to Exhibit 4.5 to Berry Global Group, Inc.'s Form 8-K filed on March 5, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .58 | Indenture, dated as of March 10, 2026, among Amcor Flexibles North America, Inc., Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc, Amcor Group Finance plc, Amcor International UK, plc, Berry Global Group, Inc., Berry Global, Inc. and U.S. Bank Trust Company, National Association, as trustee (including the guarantees) (incorporated herein by reference to Exhibit 4.1 to Amcor plc’s Current Report on Form 8-K filed on March 10, 2026). | Incorporated by Reference | ||||||||||||||
4 | .59 | Form of 4.250% Guaranteed Senior Note due 2029 (incorporated herein by reference to Exhibit 4.4 to Amcor plc’s Current Report on Form 8-K filed on March 10, 2026). | Incorporated by Reference | ||||||||||||||
4 | .60 | Form of 5.125% Guaranteed Senior Note due 2036 (incorporated herein by reference to Exhibit 4.5 to Amcor plc’s Current Report on Form 8-K filed on March 10, 2026). | Incorporated by Reference | ||||||||||||||
| 4 | .61 | Indenture, dated as of November 17, 2025, among Amcor UK Finance plc, Amcor plc, Amcor Finance (USA), Inc., Amcor Group Finance plc, Amcor International UK, plc, Amcor Flexibles North America, Inc., Berry Global Group, Inc., Berry Global, Inc. and U.S. Bank Trust Company, National Association, as trustee (including the guarantees) (incorporated herein by reference to Exhibit 4.1 to Amcor plc’s Current Report on Form 8-K filed on November 17, 2025). | Incorporated by Reference | ||||||||||||||
4 | .62 | Form of 3.200% Guaranteed Senior Note due 2029 (incorporated by reference to Exhibit 4.5 to Amcor plc's Current Report on Form 8-K filed on November 17, 2025). | Incorporated by Reference | ||||||||||||||
4 | .63 | Form of 3.750% Guaranteed Senior Note due 2033 (incorporated by reference to Exhibit 4.6 to Amcor plc's Current Report on Form 8-K filed on November 17, 2025). | Incorporated by Reference | ||||||||||||||
| 4 | .64 | Description of 3.200% Senior Notes Due 2029 | Filed Herewith | ||||||||||||||
124
| Exhibit | Description | Form of Filing | |||||||||||||||
| 4 | .65 | Description of 3.750% Senior Notes Due 2033 | Filed Herewith | ||||||||||||||
| 4 | .66 | Fourth Supplemental Indenture, dated November 17, 2025, between Berry Global, Inc., Amcor International UK plc and U.S. Bank Trust Company, National Association, relating to the 1.65% First Priority Senior Secured Notes due 2027. | Filed Herewith | ||||||||||||||
| 4 | .67 | Third Supplemental Indenture, dated November 17, 2025, between Berry Global, Inc., Amcor International UK plc and U.S. Bank Trust Company, National Association, relating to the 1.50% First Priority Senior Secured Notes due 2027. | Filed Herewith | ||||||||||||||
| 4 | .68 | Fourth Supplemental Indenture, dated November 17, 2025, between Berry Global, Inc., Amcor International UK plc and U.S. Bank Trust Company, National Association, relating to the 5.50% First Priority Senior Secured Notes due 2028. | Filed Herewith | ||||||||||||||
| 4 | .69 | Fourth Supplemental Indenture, dated November 17, 2025, between Berry Global, Inc., Amcor International UK plc and U.S. Bank Trust Company, National Association, relating to the 5.650% First Priority Senior Secured Notes due 2034. | Filed Herewith | ||||||||||||||
| 4 | .70 | Third Supplemental Indenture, dated November 17, 2025, between Berry Global, Inc., Amcor International UK plc and U.S. Bank Trust Company, National Association, relating to the 5.800% First Priority Senior Secured Notes due 2031. | Filed Herewith | ||||||||||||||
| 4 | .71 | Second Supplemental Indenture, dated November 17, 2025, among Amcor Flexibles North America, Inc., Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 4.800% Guaranteed Senior Notes due 2028, 5.100% Guaranteed Senior Notes due 2030 and 5.500% Guaranteed Senior Notes due 2035. | Filed Herewith | ||||||||||||||
| 4 | .72 | Second Supplemental Indenture, dated November 17, 2025, among Amcor Group Finance plc, Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 5.450% Guaranteed Senior Notes due 2029. | Filed Herewith | ||||||||||||||
| 4 | .73 | Second Supplemental Indenture, dated November 17, 2025, among Amcor UK Finance plc, Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 3.950% Guaranteed Senior Notes due 2032. | Filed Herewith | ||||||||||||||
| 4 | .74 | Third Supplemental Indenture, dated November 17, 2025, among Amcor Flexibles North America, Inc., Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 3.100% Guaranteed Senior Notes due 2026. | Filed Herewith | ||||||||||||||
| 4 | .75 | Third Supplemental Indenture, dated November 17, 2025, among Amcor Flexibles North America, Inc., Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 4.000% Guaranteed Senior Notes due 2025, 2.630% Guaranteed Senior Notes due 2030 and 2.690% Guaranteed Senior Notes due 2031. | Filed Herewith | ||||||||||||||
| 4 | .76 | Third Supplemental Indenture, dated November 17, 2025, among Amcor UK Finance plc, Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 1.125% Guaranteed Senior Notes due 2027. | Filed Herewith | ||||||||||||||
| 4 | .77 | Third Supplemental Indenture, dated November 17, 2025, among Amcor Finance (USA), Inc., Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 5.625% Guaranteed Senior Notes due 2033. | Filed Herewith | ||||||||||||||
| 4 | .78 | Fourth Supplemental Indenture, dated November 17, 2025, among Amcor Flexibles North America, Inc., as Substitute Issuer, Amcor International UK plc, and Deutsche Bank Trust Company Americas, relating to the 4.500% Guaranteed Senior Notes due 2028. | Filed Herewith | ||||||||||||||
| 4 | .79 | Supplemental Indenture, dated as of June 13, 2019, by and between AFUI and Deutsche Bank, as trustee (incorporated by reference to Exhibit 10.1 on Amcor plc’s Current Report on Form 8-K filed on June 17, 2019). | Incorporated by Reference | ||||||||||||||
| 10 | .1 | Amcor plc 2019 Omnibus Incentive Share Plan (incorporated by reference to Exhibit 99.1 to Amcor plc’s Registration Statement on Form S-8 filed on July 22, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .2 | Amcor Rigid Plastics Deferred Compensation Plan, as amended by that certain First Amendment, dated December 11, 2014, that certain Second Amendment, dated December 10, 2018 and that certain Third Amendment, dated December 16, 2019 (incorporated by reference to Exhibit 10.8 to Amcor plc's Form 10-K filed on August 27, 2020).* | Incorporated by Reference | ||||||||||||||
125
| Exhibit | Description | Form of Filing | |||||||||||||||
| 10 | .3 | Employment Agreement between Amcor Limited and Michael Casamento, dated as of September 23, 2015 (incorporated by reference to Exhibit 10.4 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .4 | Employment Agreement between Amcor Limited and Ian Wilson, dated as of May 22, 2014 (incorporated by reference to Exhibit 10.5 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .5 | Employment Agreement between Amcor Limited and Peter Konieczny, dated as of September 17, 2009 (incorporated by reference to Exhibit 10.6 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .6 | Employment Agreement between Amcor Limited and Eric Roegner, dated as of August 28, 2018 (incorporated by reference to Exhibit 10.7 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .7 | Form of Deed of Appointment (incorporated by reference to Exhibit 10.8 to Amcor plc’s Registration Statement on Form S-4 filed on March 12, 2019).* | Incorporated by Reference | ||||||||||||||
| 10 | .8 | Employment Agreement between Amcor Limited and Michael Zacka, dated as of February 24, 2017 (incorporated by reference to Exhibit 10.24 to Amcor plc's Form 10-K filed on August 24, 2021).* | Incorporated by Reference | ||||||||||||||
| 10 | .9 | Transition and Release Agreement between Amcor plc and Ronald Delia, dated as of March 16, 2024 (incorporated by reference to Exhibit 10.1 to Amcor plc's Form 10-Q filed on May 1, 2024)*. | Incorporated by Reference | ||||||||||||||
| 10 | .10 | Interim CEO Letter Agreement between Amcor plc and Peter Konieczny, dated as of March 16, 2024 (incorporated by reference to Exhibit 10.2 to Amcor plc's Form 10-Q filed on May 1, 2024)*. | Incorporated by Reference | ||||||||||||||
| 10 | .11 | CEO Letter Agreement between Amcor plc, Amcor Group GmbH, and Peter Konieczny, dated as of September 4, 2024 (incorporated by reference to Exhibit 10.1 to Amcor plc's Form 8-K filed on September 4, 2024)* | Incorporated by Reference | ||||||||||||||
| 10 | .12 | Employment Agreement between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of June 21, 2019 (incorporated by reference to Exhibit 10.2 to Amcor plc's Current Report on Form 8-K filed on September 5, 2024).* | Incorporated by Reference | ||||||||||||||
| 10 | .13 | Letter Agreement between Amcor Rigid Plastics USA Inc. and Eric Roegner, effective as of January 1, 2025 (incorporated by reference to Exhibit 10.1 to Amcor plc’s Current Report on Form 8-K filed on January 6, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .14 | COO Letter Agreement between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of September 5, 2024 (incorporated by reference to Exhibit 10.1 to Amcor plc's Current Report on Form 8-K filed on September 5, 2024).* | Incorporated by Reference | ||||||||||||||
| 10 | .15 | Offer Letter between Amcor Group GmbH and Jean-Marc Galvez, dated as of April 30, 2025 (incorporated by reference to Exhibit 10.1 to Amcor plc's Form 8-K filed on April 30, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .16 | Letter Agreement between Amcor Group GmbH and Peter Konieczny, dated as of April 30, 2025 (incorporated by reference to Exhibit 10.2 to Amcor plc's Form 8-K filed on April 30, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .17 | Letter Agreement between Amcor Group GmbH and Michael Casamento, dated as of April 30, 2025 (incorporated by reference to Exhibit 10.3 to Amcor plc's Form 8-K filed on April 30, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .18 | Letter Agreement between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of April 30, 2025 (incorporated by reference to Exhibit 10.4 to Amcor plc's Form 8-K filed on April 30, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .19 | Five-Year Syndicated Facility Agreement, dated as of March 3, 2025, by and among, Amcor plc, Amcor Pty Ltd, Amcor Finance (USA), Inc., Amcor UK Finance plc and Amcor Flexibles North America, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A. *** | Incorporated by Reference | ||||||||||||||
| 10 | .20 | Berry Global Group, Inc. 2015 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Berry Global Group, Inc.’s Current Report on Form 8-K filed on March 10, 2015). | Incorporated by Reference | ||||||||||||||
126
| Exhibit | Description | Form of Filing | |||||||||||||||
| 10 | .21 | First Amendment to Berry Global Group, Inc. 2015 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Berry Global Group, Inc.’s Current Report on Form 8-K filed on March 6, 2018). | Incorporated by Reference | ||||||||||||||
| 10 | .22 | Second Amendment to Berry Global Group, Inc. 2015 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Amcor plc's Registration Statement on Form S-8 filed on May 7, 2025). | Incorporated by Reference | ||||||||||||||
| 10 | .23 | Separation and Distribution Agreement, dated February 6, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 2.2 to Berry Global Group, Inc.’s Current Report on Form 8-K/A filed on February 12, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .24 | Tax Matters Agreement, dated February 6, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.1 to Berry Global Group, Inc.’s Current Report on Form 8-K/A filed on February 12, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .25 | Employee Matters Agreement, dated February 6, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.2 to Berry Global Group, Inc.’s Current Report on Form 8-K/A filed on February 12, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .26 | First Amendment to the Employee Matters Agreement, dated July 8, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.46 to Berry Global Group, Inc.’s Annual Report on Form 10-K filed on November 26, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .27 | Second Amendment to the Employee Matters Agreement, dated September 25, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.47 to Berry Global Group, Inc.’s Annual Report on Form 10-K filed on November 26, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .28 | Third Amendment to the Employee Matters Agreement, dated October 24, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.48 to Berry Global Group, Inc.’s Annual Report on Form 10-K filed on November 26, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .29 | Fourth Amendment to the Employee Matters Agreement, dated November 1, 2024, by and among Berry Global Group, Inc., Treasure Holdco, Inc. and Glatfelter Corporation (incorporated by reference to Exhibit 10.49 to Berry Global Group, Inc.’s Annual Report on Form 10-K filed on November 26, 2024). | Incorporated by Reference | ||||||||||||||
| 10 | .30 | Mutual Settlement Agreement between Amcor Group GmbH and Michael Casamento, dated as of October 8, 2025 (incorporated by reference to Exhibit 10.3 to Amcor plc’s Form 8-K filed on October 9, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .31 | Letter Agreement between Amcor plc and Stephen R. Scherger, dated as of October 8, 2025 (incorporated by reference to Exhibit 10.4 to Amcor plc’s Form 8-K filed on October 9, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .32 | Amcor plc Executive Change in Control Severance Plan (incorporated by reference to Exhibit 10.1 to Amcor Plc's Form 8-K filed on September 25, 2025).* | Incorporated by Reference | ||||||||||||||
| 10 | .33 | Transition, Retirement Agreement and General Release between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of June 10, 2026 (incorporated by reference to Exhibit 10.1 to Amcor plc’s Form 8-K filed on June 15, 2026).* | Incorporated by Reference | ||||||||||||||
| 10 | .34 | Letter Agreement between Amcor Flexibles North America, Inc. and Ryan D. Yost, dated as of June 10, 2026 (incorporated by reference to Exhibit 10.2 to Amcor plc’s Form 8-K filed June 15, 2026).* | Incorporated by Reference | ||||||||||||||
| 19 | Insider Share Trading Policy | Filed Herewith | |||||||||||||||
| 21 | Subsidiaries of Amcor plc. | Filed Herewith | |||||||||||||||
| 22 | Subsidiary Guarantors and Issuers of Guaranteed Securities. | Filed Herewith | |||||||||||||||
| 23 | Consent of PricewaterhouseCoopers AG as auditors for the financial statements of Amcor plc. | Filed Herewith | |||||||||||||||
| 31 | .1 | Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended. | Filed Herewith | ||||||||||||||
| 31 | .2 | Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended. | Filed Herewith | ||||||||||||||
127
| Exhibit | Description | Form of Filing | |||||||||||||||
| 32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of 2002. | Furnished Herewith | |||||||||||||||
| 97 | Amcor plc Compensation Recovery Policy (incorporated by reference to Exhibit 97 to Amcor plc's Form 10-K filed on August 16, 2024). | Incorporated by Reference | |||||||||||||||
| 101 | .INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document. | Filed Electronically | ||||||||||||||
| 101 | .SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed Electronically | ||||||||||||||
| 101 | .CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed Electronically | ||||||||||||||
| 101 | .DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed Electronically | ||||||||||||||
| 101 | .LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed Electronically | ||||||||||||||
| 101 | .PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed Electronically | ||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed Electronically | |||||||||||||||
* This exhibit is a management contract or compensatory plan or arrangement.
**Certain provisions of this Exhibit have been redacted pursuant to Item 601(a)(6) of Regulation S-K. Amcor agrees to furnish supplementally to the SEC or its staff an unredacted copy of this Exhibit upon request.
***Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to supplementally furnish copies of any omitted schedules and exhibits to the Securities and Exchange Commission upon request.
Item 16. - Form 10-K Summary
None.
128
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMCOR PLC | ||||||||||||||
| By | /s/ Stephen R. Scherger | By | /s/ Julie Sorrells | |||||||||||
| Stephen R. Scherger, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | Julie Sorrells, Vice President & Corporate Controller (Principal Accounting Officer) | |||||||||||||
| August 14, 2026 | August 14, 2026 | |||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| /s/ Stephen R. Scherger | /s/ Julie Sorrells | |||||||
| Stephen R. Scherger, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | Julie Sorrells, Vice President & Corporate Controller (Principal Accounting Officer) | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Peter Konieczny | /s/ Lucrèce Foufopoulos-De Ridder | |||||||
| Peter Konieczny, Director and Chief Executive Officer (Principal Executive Officer) | Lucrèce Foufopoulos-De Ridder, Director | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Graeme Liebelt | /s/ Graham Chipchase | |||||||
| Graeme Liebelt, Director and Chairman | Graham Chipchase, Director | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Nicholas (Tom) Long | /s/ Jonathan F. Foster | |||||||
| Nicholas (Tom) Long, Director | Jonathan F. Foster, Director | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Stephen E. Sterrett | /s/ Susan Carter | |||||||
| Stephen E. Sterrett, Director | Susan Carter, Director | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Achal Agarwal | /s/ James T. Glerum, Jr. | |||||||
| Achal Agarwal, Director | James T. Glerum, Jr., Director | |||||||
| August 14, 2026 | August 14, 2026 | |||||||
| /s/ Jill A. Rahman | ||||||||
| Jill A. Rahman, Director | ||||||||
| August 14, 2026 | ||||||||
129
Schedule II - Valuation and Qualifying Accounts and Reserves
($ in millions)
Reserves for Credit Losses, Sales Returns, Discounts, and Allowances:
| Year ended June 30, | Balance at Beginning of the Year | Additions Charged to Profit and Loss | Write-offs | Foreign Currency Impact and Other (1) | Balance at End of the Year | |||||||||||||||||||||||||||
| 2026 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
| 2025 | ( | |||||||||||||||||||||||||||||||
| 2024 | ( | ( | ||||||||||||||||||||||||||||||
(1)Foreign Currency Impact and Other includes reserve accruals related to acquisitions. Fiscal year 2026 and 2025 include $12 million and $10 million impact from the Merger.
130