Amcor plc (AMCR) · Nov 4, 2026 · Earnings

Amcor earnings miss as costs force lower transition guidance

Miss — Adjusted EPS $0.95 vs ~$0.96 consensus; transition guide cut to $1.70-$1.80

Amcor earnings showed steady volumes and Berry synergy progress, but higher energy and distribution costs drove an EPS miss and guidance cut.

Amcor is in the first six-month transition period after shifting its fiscal year-end, while integrating Berry and pursuing a $650 million three-year synergy target. The prior transition-period outlook was $1.80-$1.90 of adjusted EPS and 3.5x-3.6x leverage, so this filing matters mainly because it changes that near-term outlook rather than because the quarter itself was dramatically different.

The quarter was operationally steady, but not an earnings beat. Revenue benefited heavily from raw-material pass-through, while underlying volume growth was only 1%; adjusted EBIT was flat year over year and adjusted EPS fell 2%. The published consensus was roughly $0.96-$0.98 of adjusted EPS, putting Amcor's $0.95 result slightly below the bar, even as revenue exceeded the roughly $5.84 billion consensus. The release says, “Volumes were approximately 1% higher compared to the September quarter last year.” 〔0〕

Berry integration is progressing, but it did not offset the new cost pressure. Amcor says synergy realization remains on plan toward the $650 million target, and flexible packaging produced modest EBIT growth. The release says, “Synergy realization was in line with expectations, and we are on track to achieve our three-year $650million target.” That supports the integration thesis, but rigid-packaging EBIT declined 3% on a constant-currency basis and group adjusted EBITDA fell 3%.

The real change is the outlook cut. Amcor lowered transition-period adjusted EPS to $1.70-$1.80 from $1.80-$1.90 because energy and distribution costs rose faster than pass-through pricing. It also moved expected leverage to approximately 3.6x, the high end of the former range. The release explicitly attributes the reduction to “the timing of pass-through of higher energy and distribution costs.” The company frames the pressure as temporary and says it should not affect 2027, but that is still an earnings downgrade in the period investors can currently measure.

Cash conversion is the second weak spot. Free cash outflow widened to $820 million from $343 million, with working capital absorbing roughly $1.1 billion as resin prices and geopolitical disruption affected inventories and receivables. The release says, “Free cash outflow of $820million, after funding approximately $31million of Berry related net restructuring and integration costs, was lower than prior year due to working capital impacts driven by resin price volatility related to the Middle East conflict.” This makes the balance-sheet deleveraging path less clean even though management expects working capital to recover.

Bottom line: Amcor is executing the Berry integration and seeing modest volume traction, but the new cost headwind has turned a steady quarter into a modest earnings miss with lower near-term guidance. The business story is not overturned, but the transition is proving more expensive and less smooth than previously expected.

What to watch next

Transition-period results, December 31, 2026

Original filing on SEC EDGAR

More Amcor plc news

• A new auditor, but no accounting alarm bells
• The Berry deal is paying off—but underlying demand still isn’t
• Planned division-president retirement formalized; transition terms add little new information