Amcor (AMCRN) Q4 2026 Earnings Report

The call presented a generally positive operational and financial story: management delivered strong EPS growth, exceeded initial synergy expectations, showed sequential volume improvement, expanded margins in both core segments, and announced dividend growth while improving safety performance. However, near-term cash flow and balance-sheet metrics were pressured by a $500M working-capital impact tied to the Middle East conflict, $290M of integration-related cash costs, and modest organic volume expansion. Management expects to recover working capital over 12 months, achieve the remaining synergies toward the $650M target, and deliver double-digit adjusted EPS growth in calendar 2027, which underpins a constructive outlook despite short-term headwinds.

Amcor guided adjusted EPS of $1.80–$1.90 for the six months ending Dec. 31, 2026 (versus prior-year $1.83, after a $0.04 divestiture impact bringing the baseline to $1.79), with the outlook reflecting a $0.10–$0.12 headwind from higher interest and taxes and a $0.13–$0.21 tailwind from synergy capture and net operating performance; leverage is expected to be 3.5–3.6x at Dec. 31, 2026 (seasonally lower earnings/cash flow) and roughly 3x by year-end 2027, with management targeting double-digit adjusted EPS growth in calendar 2027 and mid-single-digit EBITDA growth implied into that year; management also reiterated capital/cash assumptions (FY2026 free cash flow $1.3B, target to recover >$500M of working capital over 12 months—roughly $100–$300M in the first six months—CapEx ≈5% of sales), noted Q4 synergies of $115M and FY synergies of $285M toward a $650M three‑year target (including ~$140M of growth wins so far), and declared a quarterly dividend of $0.65 per share.