Amcor (AMCR) Q2 2026 earnings summary

Executive summary

• Completed the transformative merger with Berry Global, creating a global leader in consumer packaging and dispensing solutions, with over 77,000 employees and 400+ manufacturing facilities in 40+ countries.

• Q2 FY2026 net sales reached $5,449 million, up 68% year-over-year, primarily due to the Berry acquisition, with adjusted EBITDA up 83% to $826 million and adjusted EBIT up 66% to $603 million.

• Adjusted EPS for Q2 was $0.86, up 7% year-over-year; H1 adjusted EPS was $1.83, up 14% year-over-year, with synergy realization at the upper end of expectations.

• Portfolio optimization and synergy realization are progressing, with $93 million in synergies realized in H1 and agreements to divest two businesses for ~$100 million.

• Safety remains a core value, with a total recordable incident rate of 0.52 and 79% of sites injury-free in Q2.

Financial highlights

• Q2 net sales were $5,449 million, adjusted EBITDA $826 million (15.2% margin), adjusted EBIT $603 million (11.1% margin), and free cash flow $289 million after $69–$70 million in acquisition-related costs.

• H1 net sales reached $11,194 million, adjusted EBITDA $1,736 million (15.5% margin), adjusted EBIT $1,290 million (11.5% margin), and free cash flow was a use of $53 million.

• Q2 GAAP net income was $177 million, with diluted EPS of $0.38, impacted by a 60% increase in share count post-merger.

• Quarterly dividend increased to $0.65 per share, a 2% increase year-over-year.

• Net debt at December 31, 2025, was $14,081 million.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance reaffirmed at $4.00–$4.15 per share, representing 12–17% constant currency growth, with free cash flow guidance of $1.8–$1.9 billion.

• Management expects to realize at least $260 million in pre-tax synergy benefits in FY26 and $530 million by FY28.

• Year-end leverage expected at 3.1–3.2x, with double-digit EPS growth and doubled free cash flow versus fiscal 2025.

• Q3 adjusted EPS expected at $0.90–$1.00, with $70–$80 million in synergy benefits.

• Restructuring and integration activities under the Berry Plan are expected to be completed by the end of fiscal 2028.