10-QPeriod: Q2 FY2026

Amcor plc Quarterly Report for Q2 Ended Dec 31, 2025

Filed February 4, 2026For Securities:AMCRAMCCF

Summary

Amcor plc (AMCR) reported a significant increase in net sales for the three and six months ended December 31, 2025, primarily driven by the acquisition of Berry Global Group, Inc. (the "Merger"). While revenue saw substantial growth due to the consolidation of Berry's operations, net income attributable to Amcor plc experienced a more modest increase, with diluted EPS showing a decline for the quarter. This is largely attributable to increased operating expenses, including higher amortization of acquired intangible assets, increased restructuring, transaction, and integration costs, and higher interest expenses resulting from the Merger. The company is actively managing integration costs and pursuing synergies from the Berry acquisition, with a target of realizing approximately $530 million in pre-tax synergies by the end of fiscal year 2028. Amcor also announced a strategic review of its portfolio, identifying businesses with $2.5 billion in sales for further evaluation, which could lead to divestitures or restructuring. Despite the increased debt load from the acquisition, the company maintains investment-grade credit ratings and believes it has sufficient liquidity for its operations.

Financial Highlights

51 data points
Beta

Revenue

$5.45B

19.1% Gross Margin

Net Income

$177.00M

3.2% Net Margin

EPS (Diluted)

$0.38

Total Assets

$37.05B

Cash & Equivalents

$1.06B

Free Cash Flow

$503.00M

Financial Statements
Beta
Revenue$5.45B
Cost of Revenue$4.41B
Gross Profit$1.04B
R&D Expenses$38.00M
SG&A Expenses$440.00M
Operating Income$331.00M
Net Income$177.00M
EPS (Basic)$0.38
EPS (Diluted)$0.38
Shares Outstanding (Basic)1.60M
Shares Outstanding (Diluted)463.80M

Key Highlights

  • 1Net sales increased by 68% for the three months and 70% for the six months ended December 31, 2025, largely due to the acquisition of Berry Global Group, Inc.
  • 2Net income attributable to Amcor plc increased by 9% for the quarter and 24% for the six months, but diluted EPS decreased by 32% for the quarter, primarily due to increased expenses related to the Berry acquisition.
  • 3Restructuring, transaction, and integration expenses increased significantly to $118 million for the quarter and $193 million for the six months, driven by the Berry Plan and associated integration activities.
  • 4Amcor is undertaking a strategic review of its portfolio, identifying $2.5 billion in sales for potential restructuring or divestiture to enhance value.
  • 5The company incurred higher interest expenses of $169 million for the quarter and $337 million for the six months, mainly due to additional debt issued and assumed in connection with the Berry acquisition.
  • 6Goodwill increased by $613 million to $11,889 million as of December 31, 2025, reflecting the allocation of purchase price from the Berry acquisition.
  • 7Amcor maintains investment-grade credit ratings and has sufficient liquidity to fund operations, capital expenditures, and other commitments.

Frequently Asked Questions

The primary driver of the substantial increase in Amcor's net sales for the three and six months ended December 31, 2025, was the acquisition of Berry Global Group, Inc. (the "Merger"), which consolidated Berry's revenue into Amcor's financial statements.

Despite increased revenue, diluted EPS decreased by 32% for the quarter due to a combination of factors stemming from the Berry acquisition. These include higher operating expenses such as amortization of acquired intangible assets, increased restructuring, transaction, and integration costs, and a significant rise in interest expense due to additional debt financing.

The "Berry Plan" refers to the restructuring and integration activities initiated by Amcor to integrate the combined organization following the acquisition of Berry Global Group, Inc. The company has incurred significant restructuring, transaction, and integration expenses related to this plan, totaling $118 million for the quarter and $193 million for the six months ended December 31, 2025. Amcor expects to realize substantial pre-tax synergies from these activities by fiscal year 2028.

Amcor announced a strategic review of its portfolio, identifying businesses with approximately $2.5 billion in sales for further evaluation. The company is considering various options, including restructuring, partnerships, joint ventures, or divestitures, with the goal of maximizing portfolio value. Amcor has already completed the sale of its investment in ePac Holdings, LLC subsequent to the reporting period.