Key Takeaways:
- Amcor Q4 adjusted EPS of $1.23 beat consensus, up 23% year over year.
- FY26 net sales rose 57% to $23.5 billion on the Berry Global acquisition.
- Company guides transition-period EPS of $1.80-$1.90 and raises dividend to $0.65.
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Amcor beats Q4 estimates as Berry deal lifts adjusted EPS 23%
Amcor reported Q4 adjusted EPS of $1.23, up 23% and above the $1.20 consensus, as Berry Global cost savings accelerated.
"We delivered strong operating performance in the fourth quarter despite a challenging macro environment," Chief Executive Officer Peter Konieczny said.
Q4 net sales rose 26% to $6.4 billion, beating the $6.03 billion consensus. Adjusted EBITDA climbed 32% to $1.045 billion. For fiscal 2026, net sales jumped 57% to $23.5 billion, adjusted EBITDA rose 68% to $3.673 billion, and adjusted EPS gained 13% to $4.02, above the $3.97 consensus.
The board raised the quarterly dividend to $0.65 a share from an equivalent 63.75 cents, with payment set for Sept. 24. Amcor guided to adjusted EPS of $1.80-$1.90 for the six-month transition period ending Dec. 31, as it shifts its fiscal year-end to December, and expects double-digit adjusted EPS growth in calendar 2027.
The Berry acquisition, completed in April 2025, contributed about $7.9 billion of fiscal 2026 sales. Amcor realized $285 million of cost savings in the year, about 10% ahead of its initial target, including $115 million in the fourth quarter. The company reaffirmed its three-year target of $650 million in total savings.
Global Flexible Packaging sales rose 18% to $3.525 billion in the quarter, with adjusted EBIT up 23% to $533 million. Global Rigid Packaging sales climbed 38% to $2.873 billion, with adjusted EBIT up 61% to $352 million. Comparable volumes rose about 0.5% in the quarter, a sequential improvement of roughly 200 basis points, led by foodservice, pet care and protein.
Free cash flow for fiscal 2026 was $1.303 billion, up 41%, after about $290 million of transaction and integration costs. Net debt stood at $12.897 billion, with leverage at 3.5 times. The company expects to recover more than $500 million in working capital tied to the Middle East conflict over the next 12 months and targets leverage of about 3 times by the end of calendar 2027.
Amcor closed five divestitures in the second half of fiscal 2026 as it sharpens focus on higher-growth categories. The company also completed a 1-for-5 reverse stock split in January. Peer packaging companies have reported mixed quarters, with Packaging Corporation of America beating estimates on record corrugated shipments while Sonoco Products missed on revenue after divesting its ThermoSafe unit.
The guidance signals management expects earnings momentum to continue as integration costs fade. Investors will watch the transition-period results, due in early 2027, for evidence that volume growth and cost savings translate into the double-digit EPS growth Amcor has projected.
This article is for informational purposes only and does not constitute investment advice.
[1] Amcor Stock Yields 5.5% With Earnings Growth Picking Up[2] Amcor plc (NYSE: AMCR) surges on FY26 growth, Berry deal synergies and higher dividend[3] Amcor Q4 Earnings Beat Estimates on Berry Global Acquisition — TradingView News[4] Amcor Plc (AMCR) Q4 2026 Earnings Call Transcript - Alphastreet[5] Amcor to Report Q4 Earnings: What's in the Cards for the Stock?
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