Amcor (AMCR) FY2026 results: revenue $23.5 billion, up 56.6% on the year

Amcor develops and produces primary packaging across a variety of materials for nutrition, health, beauty and wellness categories, making flexible packaging, rigid packaging, cartons and closures. In fiscal 2026 approximately 75,000 people worked across operations spanning approximately 400 locations in more than 40 countries. The financial year ended on 30 June, though in May 2026 the board approved a change of year end to 31 December, effective for the period beginning 1 July 2026. On 14 January 2026 the company effected a one-for-five reverse stock split, raising the par value of its ordinary shares and reducing the authorised share count, with prior period share and per share amounts restated.

The two segments

Reporting runs through Global Flexible Packaging Solutions and Global Rigid Packaging Solutions. In the third quarter of fiscal 2026 certain flexible operations in Latin America moved from the flexible segment into the rigid segment, after management of flexible and rigid operations in Latin America was consolidated under one team and the chief operating decision maker began reviewing results on that basis, with prior periods recast. Flexible packaging is the larger of the two by sales. Both segments gained substantially from the Berry merger during the year, and both saw volumes fall slightly excluding that effect, with the flexible business helped by favourable price and mix and the rigid business held back by price and mix.

The Berry merger

On 19 November 2024 Amcor agreed to merge with Berry Global Group, and on 30 April 2025 it completed the transaction, acquiring all of Berry's ownership interest and assuming Berry debt. It issued approximately 846 million ordinary shares to Berry shareholders, measured before the reverse split, and repaid certain Berry indebtedness using proceeds from long-term debt issued in March 2025. Restructuring and integration under what the company calls the Berry Plan began in the fourth quarter of fiscal 2025, aimed at integrating the combined organisation, and it targets pre-tax synergies from procurement, supply chain and administrative savings, financial synergies and earnings benefits from growth synergies by 30 June 2028, the date by which the plan is expected to be complete. During fiscal 2026 the company incurred employee related expenses, other restructuring activities, restructuring related expenses and fixed asset items across both segments and Corporate, along with integration costs.

Reshaping the portfolio

In August 2025 Amcor announced a review of strategic alternatives to raise the value of its portfolio and identified businesses, including its North American Beverage business, as less aligned with core attributes such as growth and margin profile, industry structure, and scale and position. Possible actions named include restructuring, partnership and joint venture ownership models, cash sales or a combination. In fiscal 2026 it sold four of the businesses identified in the review and also sold its investment in ePac. The review continues without a set deadline or definitive timetable.

Conditions and currency

Market conditions through fiscal 2026 were challenging, with softer consumer demand, customer order volatility in certain markets and cost pressure including labour costs, which the company attributes to geopolitical tensions and conflicts, volatility in United States and global tariff frameworks and persistent inflation. Escalating conflict in the Middle East disrupted energy markets from the third quarter, raising the cost of certain raw materials used in manufacturing and transport and adding to logistics disruption and supply-chain risk, particularly in Asia, though the company generally sources and manufactures in the local markets where it sells and has no operations in the Middle East. Its response has been price and cost actions to offset inflation and alignment of the cost base to conditions. Argentine subsidiaries have been accounted for under highly inflationary rules since July 2018, reporting in United States dollars rather than the peso, through a roughly 55% devaluation after the election in the second quarter of fiscal 2024, the lifting of capital controls and a currency band in April 2025 that brought a further devaluation of approximately 10%, and a new phase of the central bank's economic programme announced in December 2025; those operations were less than 1% of total assets at 30 June 2026.

From Amcor's annual report on Form 10-K for the year ended 30 June 2026, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 14 August 2026: read the full 10-K.