Amcor plc

What they do

Amcor develops and produces responsible primary consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories, using materials including paper, aluminum, polymer resins, recycled and bio-based materials. The company operates more than 400 locations in over 40 countries with roughly 77,000 employees, producing flexible packaging, rigid packaging, cartons and closures. It supports customers through approximately 1,500 R&D professionals and over 7,000 patents, registered designs and trademarks.

Revenue drivers

• Global flexible and rigid packaging operations — Amcor sells primary consumer packaging and dispensing solutions across nutrition, health, beauty and wellness end markets, with net sales of $23,506 million in fiscal year 2026, up 57% largely driven by the Berry acquisition.
• Berry Global acquired business — The April 30, 2025 merger added Berry's rigid and flexible packaging products; in the June 2026 quarter acquired sales net of divestitures contributed approximately $962 million, or about 19% growth.
• Raw material cost pass-through — Pass-through of higher raw material costs added approximately $280 million, or about 6% growth, to June 2026 quarter net sales, indicating a meaningful portion of reported revenue reflects input cost movements rather than volume.
• Non-core and divested businesses — Management reported that performance in non-core businesses improved substantially in the June 2026 quarter, though these businesses are excluded from comparable volume and price mix commentary.

Recent performance

For the three months ended June 30, 2026, Amcor reported net sales of $6,398 million, up 26% from $5,082 million a year earlier, and net income of $389 million versus a prior-year loss of $39 million. Diluted EPS was $0.83 versus $-0.10, and adjusted diluted EPS was $1.23 versus $1.00, up 23%. Adjusted EBITDA rose 32% to $1,045 million from $789 million. For fiscal year 2026, net sales were $23,506 million, up 57%, net income was $1,106 million versus $511 million, and adjusted EBITDA was $3,673 million, up 68%. Free cash flow for the fiscal year was $1,303 million versus $926 million.

Strategy

Amcor aims to orient its core portfolio toward faster-growing, higher-margin categories and to leverage global scale, innovation, material science and technical capabilities. The company completed the Berry merger on April 30, 2025, paying Berry shareholders 7.25 Amcor ordinary shares per Berry share, and is now focused on integration and synergy capture. Management spent approximately $170 million on research and development in fiscal year 2026, supporting more sustainable and differentiated packaging. The Board changed the fiscal year end to December 31 beginning with a July 1, 2026 to December 31, 2026 transition period. A 1-for-5 reverse stock split became effective January 14, 2026, and prior-period per-share amounts were retroactively adjusted.

Risks

• Customer and demand concentration — Amcor states that while no single customer exceeds 10% of net sales, customer concentration can be more pronounced within certain businesses, and loss of key customers or their consolidation could significantly reduce sales and profitability.
• Packaging waste regulation and consumer preferences — Increasing focus on reducing packaging waste and limiting petrochemical components could decrease demand for certain products or render portions of Amcor's existing portfolio less relevant or obsolete.
• Merger integration and synergy delivery — The company cites risk of integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition, following the Berry transaction.
• Raw material, energy and input costs — Price fluctuations or shortages in raw materials, energy and other inputs could adversely affect the business, and the June 2026 quarter included about $280 million of raw material cost pass-through in net sales.

Outlook

For the six months ending December 31, 2026 transition period, management guided adjusted diluted EPS of $1.80 to $1.90. CEO Peter Konieczny said the company is encouraged by momentum across the business and the greater potential for growth and continued synergy capture following the Berry acquisition. Amcor plans to report the July 1, 2026 through December 31, 2026 transition period on Form 10-K/T, with annual reports on Form 10-K beginning with the full calendar year ending December 31, 2027.