Amcor’s acquisition of Berry Global substantially increased the packaging company’s scale during fiscal 2026, adding approximately $7.9 billion of acquired sales net of divestitures as full-year revenue increased 57% to $23.5 billion and Adjusted EBITDA surged 68% to $3.67 billion.
The acquired sales represented approximately 52 percentage points of Amcor’s reported annual revenue growth. Raw material cost pass-through contributed another approximately two percentage points and foreign exchange contributed five points, while the remaining impact from volume and price/mix reduced growth by approximately two percentage points.
Adjusted EBIT increased 63% to $2.81 billion from $1.72 billion. Approximately $842 million of acquired EBIT net of divestitures contributed about 49 percentage points of reported growth, while Berry acquisition synergies contributed approximately $240 million during the fiscal year.
The impact of the combination was also visible during Q4. Quarterly revenue increased 26% to $6.40 billion, including approximately $962 million of acquired sales net of divestitures. Adjusted EBITDA increased 32% to $1.05 billion and adjusted EBIT increased 37% to $836 million.
Amcor realized approximately $100 million of Berry synergies in Q4 alone. Combined comparable volumes for the legacy Amcor and Berry businesses increased approximately 0.5%, illustrating how much of the profit improvement came from integration benefits, productivity and cost initiatives rather than underlying volume expansion.
The Global Flexible Packaging Solutions segment generated $12.83 billion of fiscal 2026 revenue, up 24% on a constant-currency basis, while adjusted EBIT increased 26% to $1.79 billion. Approximately $2.2 billion of acquired sales net of divestitures contributed to the segment’s revenue increase.
Global Rigid Packaging Solutions also posted substantial profit growth. In Q4, segment revenue increased 35% on a constant-currency basis to $2.87 billion and adjusted EBIT increased 57% to $352 million. The segment’s adjusted EBIT margin improved to 12.3% from 10.5%.
Amcor’s full-year net income increased to approximately $1.11 billion from $511 million. Adjusted net income increased 64% to $1.86 billion, while adjusted diluted EPS increased 13% to $4.02.
Adjusted free cash flow increased to approximately $1.59 billion from $926 million. After approximately $290 million of Berry transaction and integration costs, reported free cash flow reached $1.30 billion, up 41%.
Amcor ended June with net debt of approximately $12.90 billion, down from $13.27 billion a year earlier.
The company is transitioning from a June 30 fiscal year-end to a December 31 year-end and will report a six-month transition period covering July through December 2026. For that period, Amcor expects adjusted diluted EPS of $1.80 to $1.90 and year-end leverage of 3.5x to 3.6x.
Amcor also raised its quarterly dividend to $0.65 per share, compared with $0.6375 on a reverse-split-adjusted basis previously.
KEY QUOTES:
“We delivered strong operating performance in the fourth quarter despite a challenging macro environment. We drove broad-based volume growth, while effectively managing unprecedented input cost inflation. Synergy realization came in ahead of plan, while performance in our non-core businesses improved substantially.”
“Looking ahead, we are encouraged by the momentum we see across the business and the greater potential for growth and continued synergy capture following the transformative acquisition of Berry. As we complete the integration and begin to realize our potential as a global leader in consumer packaging, we remain confident in delivering on our medium and long-term commitments.”
Peter Konieczny, Chief Executive Officer Of Amcor
