Amcor plc · Q4 FY2026

The quarter in short

Revenue $6.40B, up 25.9% year over year and 8.2% on the quarter. Adjusted EPS $1.23, up 23.0% year over year and 28.1% on the quarter. GAAP EPS $0.83. Free cash flow $1.36B, up 52.1% year over year. Adjusted EPS beat consensus by 4%. Rule of 40 score +47.

What we learned

1. Amcor publishes the bridge that dismantles its own headline, and that is to its credit. Of 57% full-year sales growth, about 52 points is acquired sales from Berry Global, 2 points is resin pass-through and 5 points is currency — leaving −2 points of volume and price/mix.
2. Strip the transaction and the underlying business shrank slightly. The same shape holds in the quarter: of +26%, 19 points acquired , 6 points raw-material pass-through, 2 points FX, −1 point volume and price/mix.
3. Volumes were +0.5% and price/mix was −1% against estimated combined legacy Amcor and legacy Berry — roughly flat on volume and giving back a point on price, in a quarter management describes as managing "unprecedented input cost inflation."
4. Gross margin of 20.90% is the best since the Berry deal closed— up 3.3 points and the highest in our stored series since June 2024, when Amcor was less than half its current size. It improved while price/mix was negative, so it came from cost.
5. The GAAP lines swung further than the adjusted ones. Operating income +642% to $646M and GAAP EPS from −$0.10 to $0.83 , against adjusted diluted EPS of $1.23 against $1.00. The distance between those two rates of change is the deal accounting annualising out.

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