Executive Summary

Q4 FY2025 delivered strong top-line growth with net sales $5.082B (+43% constant currency) and adjusted EBIT $611M (+34% cc), but adjusted EPS of $0.20 missed consensus and North America Beverage operational issues drove higher costs .
Consensus vs actual: EPS $0.216 → $0.200 (miss), Revenue $5.181B → $5.082B (miss), EBITDA $840M → $789M adjusted (miss); management cited weaker North America demand and site-level challenges as drivers .
FY2026 guidance introduced: Adjusted EPS $0.80–$0.83 (+12–17% cc), Free Cash Flow $1.8–$1.9B, with $260M of year-one synergies; capex $850–$900M, net interest $570–$600M, tax 19–21% .
Catalysts: pace of synergy realization, stabilization/improvement in North America Beverage, and portfolio optimization actions (including potential monetization of ~$2.5B non-core sales, of which ~$1.5B is NA Beverage) .

What Went Well and What Went Wrong

What Went Well
- Adjusted growth: Net sales +43% cc, adjusted EBIT +34% cc, adjusted EBITDA +43% cc; CEO emphasized combination-driven momentum and positive customer feedback yielding wins tied to the Berry deal .
- Segment performance: Rigid Packaging adjusted EBIT up 173% cc; Flexible Packaging adjusted EBIT +11% cc with favorable price/mix in high-value categories .
- Synergies and integration: $650M total synergies reaffirmed by FY2028; $260M in FY2026 with >200 duplicate roles removed and five site closures actioned; “We are tracking well against our synergy targets and our delivery run rate is building” — CEO Peter Konieczny .
What Went Wrong
- North America Beverage: Lower volumes and operating challenges at high‑volume sites elevated freight, labor, and reduced fixed cost absorption; EBIT down ~$20M YoY excluding prior Berry Cap JV contribution .
- Volume softness: Combined volumes −1.7% YoY in Q4 (−1.4% ex NA Beverage), driven by weaker North America consumer demand; Flexibles −1.5% and Rigid −2% combined .
- EPS and Revenue miss vs consensus: Adjusted EPS ($0.20) and Revenue ($5.082B) below street estimates, reflecting softer demand and beverage cost headwinds .

Financial Results

Metric	Q4 2024	Q3 2025	Q4 2025
Net Sales ($USD Billions)	$3.535	$3.3	$5.082
GAAP Diluted EPS ($USD)	$0.178	—	($0.019)
Adjusted EPS (US cents)	21.1	—	20.0
Adjusted EBITDA ($USD Millions)	550	—	789
Adjusted EBIT ($USD Millions)	454	384	611
Adjusted EBIT Margin (%)	12.8%	—	12.0%

Notes: Q3 metrics from call remarks; adjusted figures per Exhibit 99.1. Dashes indicate not disclosed in those sources.

Segment breakdown (Adjusted, Q4 YoY):

Segment	Q4 2024 Net Sales ($MM)	Q4 2025 Net Sales ($MM)	Reported Δ%	Constant Currency Δ%	Adjusted EBIT Q4 2024 ($MM)	Adjusted EBIT Q4 2025 ($MM)	EBIT Margin Q4 2025
Global Flexible Packaging Solutions	2,686	3,205	+19%	+18%	403	450	14.1%
Global Rigid Packaging Solutions	849	1,877	+121%	+121%	75	204	10.9%
Total Adjusted (incl. Corporate)	3,535	5,082	+44%	+43%	454	611	12.0%

KPIs and Balance

KPI	Q4 2024	Q4 2025
Adjusted Free Cash Flow ($USD Millions)	837	943
Net Debt ($USD Millions, 6/30)	6,111	13,271
Cash and Equivalents ($USD Millions, 6/30)	588	827
Weighted Avg. Diluted Shares (Millions)	1,443	2,040
Dividend per Share (Quarterly, US cents)	12.5 (prior year)	12.75 (declared)

FY context (for trajectory):

Metric	FY 2024	FY 2025
Net Sales ($USD Billions)	$13.640	$15.009
Adjusted EBIT ($USD Billions)	$1.560	$1.723
Adjusted EBITDA ($USD Billions)	$1.962	$2.186
Adjusted EPS (US cents)	70.2	71.2
GAAP Diluted EPS ($USD)	0.505	0.320
Adjusted Free Cash Flow ($USD Millions)	952	926

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY2026	Not previously provided	$0.80–$0.83 (12–17% cc growth vs 71.2c FY2025)	Introduced
Free Cash Flow	FY2026	Not previously provided	$1.8–$1.9B (after ~$220M integration/transaction costs)	Introduced
Capital Expenditure	FY2026	Not previously provided	$850–$900M	Introduced
Net Interest Expense	FY2026	Not previously provided	~$570–$600M	Introduced
Effective Tax Rate	FY2026	Not previously provided	19%–21%	Introduced
Dividend (Quarterly)	Q4 FY2025	12.5c (prior year same quarter)	12.75c (annual DPS 51.0c)	Raised

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q3 2025)	Current Period (Q4 2025)	Trend
Synergies from Berry	Reaffirmed $650M total; $260M in FY26; clean teams and IMOs set; ~3% procurement capture on ~$10B raw materials base	Early close; reaffirm $260M FY26; integration moving fast; leadership in place	$260M FY26 synergies as core driver of EPS growth; >200 roles removed; 5 site closures; procurement quick wins	Building momentum
North America Beverage	Soft demand; destocking behind; margins managed via cost focus; beverage soft mid‑single digits in Q2	Weaker volumes than expected; high single-digit decline; sequential softness; preparation for seasonally strong Q4	Elevated costs from operating challenges; EBIT down ~$20M ex-JV; new dedicated BU; stabilization plan underway	Deteriorated then addressing
Volume Environment	Low to mid‑single‑digit growth expected; health care destocking abating	Combined volumes flat to slightly up expected; actually −1.7% YoY in Q4; NA weaker	Combined −1.7% YoY; NA softness; Flex −1.5%, Rigid −2% combined	Softer than plan
Portfolio Optimization	Discussed pruning to higher growth/margin profile; criteria outlined	Review accelerated post-close; timing disciplined; exposure highlighted	Identified ~~$2.5B non-core sales (~~$1.5B NA Beverage + ~$1B smaller units); exploring JV/sale/restructuring	Action plan defined
Healthcare & High-Value Categories	Destocking largely behind; medical up, pharma improving; category growth drivers	Emerging market growth; flexibles price/mix supported by high-value categories	Flexibles favorable price/mix (+2%) from healthcare/protein/liquids; healthcare volumes higher in several regions	Improving mix
Tariffs/Macro	Regionalized supply chain; benign input basket; limited tariff impact	Customer demand uncertainty; tariff volatility cited	Management assumes broadly flat consumer demand for FY26; prudence in guidance	Neutral to cautious

Management Commentary

“This quarter marks a significant milestone for Amcor. The acquisition of Berry Global transforms our ability to create significant value... we expect to deliver strong adjusted EPS growth of 12–17% and a significant increase in Free Cash Flow to $1.8 to $1.9 billion in fiscal 2026.” — CEO Peter Konieczny .
“We are tracking well against our synergy targets and our delivery run rate is building as expected.” — CEO Peter Konieczny .
“We’re addressing the operating challenges [in North America Beverage] and we will be improving efficiency across the network... North American Beverage is now being run as a separate dedicated beverage business unit with new and focused management.” — CEO Peter Konieczny .
“We anticipate broadly flat volumes for FY ’26... our confidence in delivering at least 12% earnings growth in FY ’26 is based on self‑help in executing against our identified synergies of $260 million.” — CFO Michael Casamento .

Q&A Highlights

Procurement synergies: ~$260M in FY26 (pretax), with ~$240M cost and ~$20M financial; phasing builds through 2H; procurement a major contributor and not materially impacted by potential NA Beverage actions .
North America Beverage quantification: EBIT down ~$20M YoY excluding ~$7M prior JV benefit; elevated freight/labor and lower absorption due to site challenges; stabilization plan in place, elevated costs persist into Q1 FY26 .
Volume drivers: Weak North America consumer demand; emerging markets growth offsets Europe softness; healthcare/protein/liquids resilient; destocking largely behind in healthcare .
Capital allocation and leverage: Target leverage 2.5–3.0x; FY26 delever to ~3.1–3.2x excluding asset sale proceeds; proceeds prioritized to debt reduction before buybacks/M&A .
Portfolio optimization: ~$2.5B non-core identified; customer alignment critical; disciplined approach with some smaller asset progress expected in FY26 .

Estimates Context

Consensus vs Actual (Q4 FY2025):
- Primary EPS: $0.216 estimate vs $0.200 actual — bold miss (−$0.016) .
- Revenue: $5.181B estimate vs $5.082B actual — miss (−$99M) .
- EBITDA: $840M estimate vs $789M adjusted actual — miss (−$51M) .

Values retrieved from S&P Global for consensus metrics.*

Where estimates may adjust: Analysts likely to trim near-term Beverage expectations and margin assumptions, while maintaining FY26 EPS trajectory anchored by $260M synergies and portfolio optimization benefits .

Key Takeaways for Investors

Execution focus: Near-term stock reaction hinges on visible progress fixing North America Beverage operations and the quarterly cadence of synergy realization; management guided to heavier 2H EPS as synergy run-rate builds .
Guidance credibility: FY26 EPS/FCF targets are largely “self-help” and not predicated on macro improvement; monitoring procurement and SG&A synergy delivery should anchor confidence .
Portfolio actions: The ~$2.5B optimization (incl. ~$1.5B NA Beverage) is a structural lever to improve growth/margin mix; announcements on JV/sale/restructuring will be key catalysts .
Mix resilience: High-value categories (healthcare, protein, liquids) support price/mix and segment EBIT despite softer volumes; continued R&D/innovation and multi-format offerings enhance differentiation .
Balance sheet: Leverage ~3.5x post-combination with plan to reach ~3.1–3.2x by FY26; asset sale proceeds would accelerate deleveraging and improve optionality for buybacks/M&A .
Dividend stability: Quarterly DPS raised to 12.75c; annual DPS 51c underscores cash generation even through integration .
Risk watch: Consumer softness in North America, tariff/macro uncertainty, and operational execution in Beverage remain watchpoints; integration risks mitigated by detailed playbooks and early progress .

Search notes:

Read in full: Q4 FY2025 8-K (Item 2.02) with Exhibit 99.1 and investor presentation –.
Read in full: Q4 FY2025 earnings call transcript –.
Prior quarters for trend: Q3 FY2025 call –; Q2 FY2025 call –.
No separate AMCR corporate press releases in Aug 2025 beyond the 8-K/investor materials; other listed “press releases” were third-party market research and not directly relevant to corporate results –.

S&P Global disclaimer: Consensus estimate values marked with an asterisk were retrieved from S&P Global.

Amcor plc (AMCR)·Q4 2025 Earnings Summary