Amcor (AMCR) Q3 2026 earnings summary

Executive summary

• Achieved first anniversary of the Amcor-Berry merger, with smooth integration and robust synergy delivery, creating a unified organization and positioning as a global leader in consumer packaging.

• Net sales for Q3 2026 reached $5.9 billion, up 77% year-over-year, primarily due to the Berry acquisition, with net income up 42% to $278 million despite share dilution.

• Six non-core business divestitures totaling $500 million in value were completed or announced as part of portfolio optimization.

• Q3 results were resilient and in line with expectations, with synergy capture at the upper end of expectations.

• No material operational or financial impact from the Middle East conflict expected in Q4, but ongoing geopolitical and inflationary pressures introduce uncertainty.

Financial highlights

• Q3 adjusted EPS rose 6% year-over-year to $0.96; nine-month adjusted EPS up 11% to $2.79; Q3 GAAP net income was $278 million.

• Quarterly revenue reached $5.9 billion, adjusted EBITDA $892 million (up 87%), and adjusted EBIT $687 million (up 79%), all significantly higher year-over-year.

• Free cash outflow for Q3 was $39 million after $78 million in restructuring/integration costs; adjusted free cash flow for nine months was $169 million.

• Quarterly dividend declared at $0.65 per share, up 2% year-over-year.

• Net debt as of March 31, 2026 was $14,266 million, with leverage at 3.8x LTM EBITDA.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance is $3.98–$4.03, representing ~12% growth; Q4 EPS growth projected at over 20% year-over-year.

• Fiscal 2026 free cash flow guidance revised to $1.5–$1.6 billion due to higher inventory, down from $1.8–$1.9 billion.

• Year-end leverage expected at 3.4x–3.5x, with a clear path to 2.5x–3x as supply chains normalize and divestitures close.

• Guidance includes $270 million in pre-tax synergy benefits from the Berry acquisition.

• Board approved change of financial year-end to December 31, effective after a transition period ending December 2026.