Amcor (AMCR) Earnings Date & Reports

Key Takeaways

• Amcor reported fiscal fourth-quarter 2026 adjusted earnings per share (EPS) of $1.23, above the $1.19 analyst consensus, while full-year adjusted EPS rose 13% to $4.02.
• Net sales increased 26% year over year to $6.4 billion, ahead of the $6.05 billion consensus, supported by the Berry Global acquisition and higher raw-material pass-through.
• Berry integration synergies reached $115 million in the quarter and $285 million for fiscal 2026, roughly 10% above the company’s initial first-year target.
• Fiscal 2026 free cash flow came in at $1.3 billion, below guidance, as inventory held to protect customer supply during the Middle East conflict weighed on working capital.
• Amcor introduced adjusted EPS guidance of $1.80 to $1.90 for the six-month transition period ending December 31, 2026, as it shifts to a calendar-aligned fiscal year.
• The board declared a quarterly dividend of $0.65 per share, up from $0.6375.

Earnings Context and Why It Matters

This was Amcor’s final report under its June 30 fiscal year and the first full fiscal year since completing its all-stock combination with Berry Global on April 30, 2025. Investors were focused on whether the packaging leader could sustain margin expansion, confirm a volume inflection, and convert Berry synergies into earnings. The quarterly earnings release also served as a bridge to a new reporting structure, with Amcor moving its fiscal year-end to December 31. The results matter beyond a single quarter because they indicate whether the combined company can manage input-cost inflation, protect free cash flow, and maintain investment-grade credit metrics while integrating a transformative acquisition.

Reported Results

For the quarter ended June 30, 2026, Amcor reported adjusted diluted EPS of $1.23, up 23% year over year and $0.04 above the $1.19 consensus. Net sales rose 26% to $6.4 billion from $5.1 billion, exceeding the $6.05 billion consensus. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 32% to $1.045 billion, while adjusted EBIT (earnings before interest and taxes) reached $836 million.

Net income was $389 million, reversing a $39 million prior-year loss. GAAP (generally accepted accounting principles) diluted EPS was $0.83, compared with a $0.10 loss a year earlier. Comparable volumes rose about 0.5% excluding non-core and divested operations, a sequential improvement of roughly 200 basis points. Segment margins expanded, with adjusted EBIT margins of 15.1% in flexible packaging and 12.3% in rigid packaging.

Fiscal 2026 free cash flow totaled $1.3 billion, below guidance, while adjusted free cash flow reached $1.593 billion before roughly $290 million of Berry transaction, restructuring, and integration costs. Net debt stood at $12.897 billion, with leverage of 3.5 times, in line with expectations. Amcor expects to recover more than $500 million of working-capital and integration-related cash flow over the next 12 months.

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Market Reaction and Investor Sentiment

The stock delivered a muted response to an otherwise strong earnings beat. Amcor shares edged about 0.9% lower in premarket trading on August 12, 2026, and closed down 1.77% at $46.56, according to market data. Investors appeared to focus less on the EPS and revenue beats and more on the free cash flow shortfall, elevated inventory, and the transition-period guidance. The reaction suggests that sentiment is being shaped by balance-sheet and cash-conversion concerns rather than operating momentum, even as management pointed to improving volumes and faster-than-planned synergy capture.

Forward Outlook and Key Factors to Monitor

Amcor’s near-term focus is its transition period. For the six months ending December 31, 2026, the company guided to adjusted EPS of $1.80 to $1.90, with a midpoint of $1.85. For the September 2026 quarter, it projected adjusted EPS of approximately $0.92 to $0.98. Management expects leverage of 3.5 to 3.6 times by December 31, 2026, and continues to target roughly 3.0 times by the end of calendar 2027.

Cash flow recovery will be a central monitor. Amcor expects to recover more than $500 million over the next 12 months as Middle East-related working capital effects and integration costs unwind. Investors will also track whether the modest volume inflection continues across food service, pet care, and protein categories, and whether weakness in lower-margin healthcare categories stabilizes.

Looking further ahead, management has framed calendar 2027 as the first “clean” year for the combined company, with double-digit adjusted EPS growth targeted and the majority of the $650 million synergy program expected to be realized. Key factors include raw-material and resin cost trends, pricing actions, divestiture execution, and the pace of debt reduction.

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