01—Abstract
Summary
Summary of the 8-K filed August 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Amcor plc reported fiscal Q4 and full-year FY2026 (year ended June 30, 2026) results that were dominated by the Berry Global acquisition, which closed April 30, 2025 and is now consolidated for a full year.
Q4 net sales rose 26% to $6,398 milliona, with roughly 19% growth from acquired sales net of divestitures, and GAAP net income swung to $389 million from a $39 million loss. Adjusted EBIT grew 37% to $836 million and adjusted diluted EPS rose 23% to $1.23. For the full year, net sales reached $23,506 million (up 57%), adjusted EBIT rose 63% to $2,813 million, and adjusted EPS grew 13% to $4.02.
Organic performance was weak: full-year volumes fell about 2% and price/mix was flat, with the Global Rigid segment's organic sales down about 4%. Most of the reported growth came from acquisitions, synergies (roughly $240 millionb in FY2026) and cost actions, not underlying demand. The outlook introduces a six-month 'Transition Period' from July 1 to December 31, 2026, as Amcor changes its fiscal year-end to December.
The company guided to adjusted EPS of $1.80 to $1.90c for that period and expects leverage of 3.5x to 3.6x at December 31, 2026. Net debt was $12,897 million at June 30, 2026, down from $13,271 million a year earlier. Free cash flow was $1,303 million for the year after about $290 million of Berry integration and transaction costs.
The Board declared a quarterly dividend of 65.0 cents per share (post 1-for-5 reverse split), up from 63.75 cents. Investors should note that the guidance excludes unannounced portfolio optimization actions, and that the reverse split and year-end change make year-over-year comparisons less direct.
The filing is largely a results release furnished under Item 2.02 and is not deemed filed under the Exchange Act. Key items for investors are the quality of growth (acquisition-driven rather than organic), the sustainability of synergy capture, the transition-period guidance implying a lower run-rate than the full-year figure, and deleveraging progress against the 3.5xd to 3.6x target.
02—Key points
Key Highlights
- Q4 FY2026 net sales of $6,398 million rose 26% reported, with about 19% from acquired sales net of divestitures and only about 0.5% underlying volume growth versus the combined legacy businesses.
- GAAP net income reached $389 million in Q4 versus a $39 million loss a year earlier; diluted GAAP EPS was $0.83 versus -$0.10.
- Adjusted EBIT rose 37% to $836 million in Q4 and 63% to $2,813 million for FY2026, with Berry synergies of about $100 million in the quarter and about $240 million for the year.
- Adjusted diluted EPS was $1.23 in Q4 (up 23%) and $4.02 for FY2026 (up 13%), the latter a smaller gain than the EBIT growth because of higher interest and share count from the Berry deal.
- Full-year organic performance was weak, with volumes down about 2%, price/mix flat, and Global Rigid organic sales down about 4%, so growth is largely acquisition-driven.
- Transition Period guidance (July 1 to December 31, 2026) calls for adjusted EPS of $1.80 to $1.90 and leverage of 3.5x to 3.6x, reflecting the move to a December year-end.
- Net debt fell to $12,897 million from $13,271 million, free cash flow was $1,303 million after about $290 million of integration costs, and the quarterly dividend was raised to 65.0 cents per share.
03—Questions
Frequently Asked Questions
How much of Amcor's growth is from the Berry acquisition versus underlying business performance?
Most of it is acquisition-driven. For FY2026, about $7.9 billion of the $8.5 billion sales increase came from acquired sales net of divestitures, and organic volumes and price/mix were negative (about -2% volumes). Synergies of about $240 million and cost actions contributed to EBIT growth, but the underlying top line is not growing.
What does the six-month Transition Period mean for investors?
Amcor is changing its fiscal year-end from June 30 to December 31, so July 1 to December 31, 2026 is reported as a separate six-month period. The guided adjusted EPS of $1.80 to $1.90 covers only that half-year and is not directly comparable with the full-year $4.02, so investors should avoid simply annualizing it without accounting for seasonality and the portfolio actions excluded from guidance.
Is Amcor's balance sheet improving?
Modestly. Net debt declined to $12,897 million from $13,271 million, and FY2026 free cash flow was $1,303 million even after about $290 million of Berry transaction and integration costs. Management targets leverage of 3.5x to 3.6x at December 31, 2026, which implies continued deleveraging, although the leverage metric is defined on a net debt to LTM adjusted EBITDA plus share-based compensation basis.
What risks or caveats does the guidance carry?
The outlook excludes any portfolio optimization actions not yet announced, and management notes that geopolitical developments (including the Middle East conflict) add uncertainty. Management also cites limited access to full Berry financial information as a factor in forecasting accuracy, and the company has not provided a GAAP reconciliation for the transition-period guidance.
Did the dividend change, and what are the key dates?
The Board declared a quarterly dividend of 65.0 cents per share, up from 63.75 cents on a split-adjusted basis (12.75 cents before the 1-for-5 reverse split). The ex-dividend date is September 4, 2026 for NYSE shares (September 3 for ASX CDIs), the record date is September 4, 2026, and payment is September 24, 2026.
04—Continue