Amcor plc (ASX:AMC): How Are FY26 Earnings and Berry Integration Shaping Its Packaging Business?

Aditi Sarkar

29 October 2026 03:15 PM AEDT

Amcor plc (ASX:AMC): How Are FY26 Earnings and Berry Integration Shaping Its Packaging Business?

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Highlights

Amcor plc (ASX:AMC) reported FY26 net sales of US$23.506 billion, an increase of 57% year on year.
FY26 net income was US$1.106 billion, compared with US$511 million in FY25.
Adjusted EBITDA reached US$3.673 billion in FY26, compared with US$2.186 billion a year earlier.
September-quarter results for the period ended 30 September are scheduled for 4 November 2026.

Amcor plc develops and manufactures consumer packaging and dispensing products for food, beverages, healthcare, beauty and other markets across multiple regions. Its FY26 results reflected the expanded business following the combination with Berry Global, alongside integration activity and changes in packaging demand. On 29 October 2026, Amcor (ASX:AMC) shares traded at AUD 64.93, down 0.08% during the session. The company is preparing to report its September-quarter performance in early November, when investors will have further information on volumes, operational costs and progress in capturing integration benefits.

Company Business

Amcor (ASX:AMC) supplies flexible films, rigid containers, cartons, closures and dispensing systems used by manufacturers and consumer-product companies. Packaging serves functions such as protecting products, supporting distribution, preserving product integrity and meeting technical specifications. Its customers operate in categories where packaging characteristics can be affected by food-safety rules, product presentation and the materials accepted by recycling systems.

The company reports two operating segments: Global Flexible Packaging Solutions and Global Rigid Packaging Solutions. Following the Berry Global combination, its operations encompass approximately 400 locations in more than 40 countries. Amcor describes its end-market mix as approximately 60% nutrition, 25% health, beauty and wellness, and 15% specialty applications. These markets differ in their product cycles, material requirements and customer demand patterns.

Recent Development

In August 2026, Amcor announced results for the year ended 30 June 2026, the first full financial year following its combination with Berry Global. The transaction materially enlarged the reported revenue base, making a simple year-on-year sales comparison less representative of changes in underlying customer demand. The company also attributed some sales movement to changes in raw-material cost pass-through and foreign exchange.

During 2026, Amcor continued integrating the acquired operations, rationalising selected non-core businesses and developing its packaging capabilities. In June, the company announced an additional investment in healthcare packaging production at its Sira facility in Karnataka, India. In September, it announced a collaboration with Dow related to lower-carbon packaging solutions. These activities sit alongside portfolio management and manufacturing initiatives rather than replacing the company’s existing business segments.

On 22 October, Amcor confirmed that its next results announcement would cover the three months ended 30 September 2026 and be released after the US market closes on 4 November. No September-quarter financial outcome should be inferred before that release.

Financial Performance and Sector Context

For FY26, Amcor (ASX:AMC) recorded net sales of US$23.506 billion versus US$15.009 billion in FY25, an increase of 57%. The company identified approximately US$7.9 billion of acquired sales net of divestitures as the principal contributor to the reported increase. Net income attributable to Amcor was US$1.106 billion, compared with US$511 million, while diluted earnings per share were US$2.38 against US$1.60.

Adjusted EBITDA, a non-GAAP measure, was US$3.673 billion versus US$2.186 billion, a 68% increase. Adjusted EBIT rose to US$2.813 billion from US$1.723 billion. FY26 free cash flow was US$1.303 billion, compared with US$926 million in FY25. Its global flexible segment generated US$12.829 billion of sales, and its global rigid segment generated US$10.677 billion. Those figures reflect different acquisition contributions across the segments.

The June quarter recorded US$6.398 billion in sales and US$389 million in net income, compared with a US$39 million net loss in the corresponding quarter of 2025. Adjusted quarterly EBITDA was US$1.045 billion, up from US$789 million. Packaging producers remain exposed to resin and other input prices, currency movements, production utilisation and purchasing conditions across food, health and consumer categories. Amcor’s reported sales comparisons therefore require consideration of acquisitions and raw-material price pass-through, not just volumes.

Risks to Consider

The integration of acquired operations carries execution and restructuring risks, including disruption to manufacturing networks and uncertainty around the timing of efficiencies. Raw-material prices can affect reported revenue and margins, while customer demand can shift across product categories and geographies. Amcor also faces regulatory requirements relating to packaging waste, recycled content and product safety. With long-term borrowings of US$13.862 billion at 30 June 2026, financing costs and debt management remain relevant financial considerations.

What to Watch Next

Amcor (ASX:AMC) is scheduled to publish its September 2026 results on 4 November, followed by a shareholder meeting on 11 November. The company has indicated adjusted diluted earnings per share of US$1.80–US$1.90 for the six-month transition period ending 31 December 2026. Future disclosures can clarify demand and price/mix trends, the contribution of integration efficiencies, cash generation and progress on portfolio changes. Comparisons should distinguish organic activity from acquired revenue.

Key Insights

Amcor (ASX:AMC) entered the next reporting period with a larger manufacturing footprint following the Berry combination and higher reported FY26 revenue, earnings and adjusted EBITDA. Acquisition accounting and integration benefits were significant drivers of reported growth. September-quarter volumes, profitability, free cash flow and debt metrics will provide further evidence of how the combined packaging operations are progressing. The company’s 4 November results remain the next scheduled financial update.

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