Amcor Plc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.33%.
Did AMCR Beat Earnings? Q4 2025 Results
Amcor delivered a sharply mixed fiscal Q4 2025, posting earnings per share of just $0.20 against a consensus estimate of $1.10, a miss of 81.82%, even as revenue climbed 43.8% year over year to $5.08 billion, falling only modestly short of the $5.15 billion estimate. The headline earnings gap was driven primarily by the weight of Amcor's transformational all-stock acquisition of Berry Global, which closed April 30, 2025, bringing with it $166.00 million in transaction and integration costs, $133.00 million in inventory step-up amortization, and $41.00 million in merger-related compensation, collectively pushing the company to a GAAP net loss of $39.00 million for the quarter. Combined volumes also disappointed, declining approximately 1.7% year over year, with North America proving particularly soft amid operational challenges in the high-volume beverage business, a unit management has since flagged for potential divestiture or restructuring. Looking ahead, Amcor guided fiscal 2026 adjusted EPS of $0.80 to $0.83 and free cash flow of $1.80 to $1.90 billion, roughly doubling from fiscal 2025, anchored by an anticipated $260.00 million in Berry synergies.
- Berry Global acquisition contributing approximately $1.5 billion of acquired sales and $200 million acquired EBIT in Q4
- Favorable price/mix impact of approximately 1% driven by higher relative volume growth in high value categories
- Pass through of higher raw material costs contributed approximately 1% to sales growth
- Strong cost performance partly offsetting unfavorable price/mix impacts on full-year earnings
“This quarter marks a significant milestone for Amcor. The acquisition of Berry Global transforms our ability to create significant value for our customers and shareholders. This is clearly reflected in our expectation to deliver strong adjusted EPS growth of 12-17% and a significant increase in Free Cash Flow to $1.8 to $1.9 billion in fiscal 2026.”
Amcor CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2026 (twelve months ending June 30, 2026), Amcor expects adjusted EPS of approximately 80 to 83 cents per share, representing constant currency growth of 12% to 17% versus 71.2 cents in fiscal 2025, including approximately $260 million of pre-tax synergy benefits from the Berry Global acquisition. Free Cash Flow is expected to approximately double to $1.8 to $1.9 billion, after deducting approximately $220 million in net cash integration and transaction costs. Other guidance includes capital expenditure of $850–$900 million, net interest expense of $570–$600 million, and an effective tax rate of 19%–21%. Guidance reflects a full 12 months of Berry Global ownership and does not account for potential portfolio optimization actions. Leverage is expected to decline to approximately 3.1–3.2x by June 2026.
AMCR YoY Financials
AMCR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.