Analyst Consensus ?
ConsensusBuy14 ratings
Bullish964.3%
Neutral428.6%
Bearish17.1%
Amcor plc · AMCR · FY2026 Q3 · Calendar Q2 2026
Amcor Q3: Berry Synergies on Track, But Free Cash Flow Guidance Cut on Inventory Build
Amcor's FY2026 Q3 results illustrate a company in active transformation following the Berry acquisition. Adjusted EPS of $0.96 beat consensus by a narrow margin while revenue of $5.91B exceeded estimates by 3.5%. The core story is execution: $77M in synergies were captured in Q3 alone, keeping the company on track for $270M in FY2026 synergies and $650M over three years. Six non-core divestiture agreements totaling roughly $500M in cash proceeds are underway to accelerate deleveraging. However, management lowered free cash flow guidance to $1.5-1.6B from prior levels due to a deliberate inventory build, which ties up working capital even as it buffers against geopolitical and supply-chain risk. Adjusted EPS guidance was maintained at $3.98-4.03. The market reacted positively on the session with a 5.4% abnormal move, but subsequent drift of -6.4% suggests investors are weighing the FCF…
Reported Before market openNYSEConsumer Cyclical
$20.87B market cap
90quality score
Company context
Snapshot as of publicationAmcor plc stands as a prominent global provider of packaging solutions, focusing on the creation, production, and distribution of its diverse product portfolio across Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company's operations are divided into two main segments: Flexibles and Rigid Packaging. The Flexibles division specializes in offering advanced flexible and film packaging solutions, catering to a wide array of industries including food and beverages, medical and pharmaceutical sectors, fresh produce, snack foods, and personal care items.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.96
Consensus $1
EPS surprise
+0.3%
Reported versus consensus
Reported revenue
$5.91B
Consensus $5.71B
Revenue surprise
+3.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$45.15Current
$43Low
$52.4Average
$82.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Hold | Buy | Downgrade | Jul 22, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jul 17, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 15, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 14, 2026 |
| Citigroup | Buy | Buy | Maintain | May 8, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 7, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Apr 1, 2026 |
| Baird | Outperform | Neutral | Upgrade | Jan 7, 2026 |
| UBS | Buy | Neutral | Upgrade | Jun 26, 2025 |
| Macquarie | Outperform | Neutral | Upgrade | Nov 27, 2024 |
| Goldman Sachs | Sell | Sell | Maintain | May 3, 2023 |
| CLSA | Buy | Buy | Maintain | Jul 19, 2022 |
| Seaport Global | Neutral | Neutral | Maintain | Oct 14, 2020 |
Named analyst price targets
Upside is calculated against the persisted current price $45.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Ramoun Lazar | $44.92 | $43.44 | -0.5% | Jul 21, 2026 |
| BMO Capital | Analyst unavailable | $47 | $44.84 | +4.1% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $43 | $42.78 | -4.8% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $41 | $36.69 | -9.2% | May 20, 2026 |
| Truist Financial | Michael Roxland | $50 | $40.74 | +10.7% | Apr 15, 2026 |
| Robert W. Baird | Analyst unavailable | $54 | $44.92 | +19.6% | Feb 4, 2026 |
| Morgan Stanley | Joseph Michael | $46 | $44.2 | +1.9% | Jan 28, 2026 |
| Robert W. Baird | Ghansham Panjabi | $50 | $42.85 | +10.7% | Jan 7, 2026 |
| Truist Financial | Michael Roxland | $60 | $42.3 | +32.9% | Jan 6, 2026 |
| Morgan Stanley | Joseph Michael | $57.5 | $42.3 | +27.4% | Nov 12, 2025 |
| Wells Fargo | Analyst unavailable | $45 | $40.5 | -0.3% | Oct 15, 2025 |
| Stifel Nicolaus | Analyst unavailable | $51 | $39.72 | +13.0% | Oct 10, 2025 |
| Goldman Sachs | Analyst unavailable | $82.5 | $41.15 | +82.7% | Sep 10, 2025 |
| Truist Financial | Michael Roxland | $55 | $48.3 | +21.8% | Jul 11, 2025 |
| Wells Fargo | Gabe Hajde | $54 | $56.7 | +19.6% | Oct 15, 2024 |
| Stifel Nicolaus | Lars Kjellberg | $54 | $48.15 | +19.6% | Jul 9, 2024 |
| Wells Fargo | Gabe Hajde | $49 | $49.05 | +8.5% | Jun 28, 2024 |
Track every rating change on AMCR the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+6.8%
Event window
SPY move
+1.4%
Same window
Abnormal move
+5.4%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-6.4%
Up to 20 sessions
AMCRSPY benchmark
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What changed
Adjusted EPS of $0.96 beat the $0.957 estimate by 0.3% and grew 6% year-over-year. Revenue of $5.91B exceeded the $5.71B estimate by 3.5%, reflecting contribution from the Berry acquisition. Free cash flow guidance lowered to $1.5-1.6B for FY2026 due to higher inventory levels. Adjusted EPS guidance maintained at $3.98-4.03 for FY2026. Six non-core divestiture agreements signed, expected to bring approximately $500M in cash to reduce debt. Fiscal year-end transition to December 31, 2027 announced, with corporate functions relocating to Miami. Amcor expects no material impact from the Middle East conflict, citing diversified sourcing and inventory buffers.
Guidance delta
Adjusted EPS guidance maintained at $3.98-4.03 for FY2026. Free cash flow guidance lowered to $1.5-1.6B due to a deliberate inventory build. Synergy target of $270M for FY2026 reiterated, with $650M expected over three years. Capex outlook is increasing.
Key takeaways
- Synergy delivery is on track, with $77M achieved in Q3 and $270M expected for FY2026
- Divestiture of six non-core businesses will bring roughly $500M in cash to reduce debt and sharpen focus on a $20B core portfolio across six focus categories
- Adjusted EPS guidance remains at $3.98-4.03, but free cash flow guidance is lowered due to inventory decisions
- No material impact is expected from the Middle East conflict thanks to diversified sourcing and inventory buffers
- Strategic initiatives include a fiscal year-end change to December 31, 2027, relocation of corporate functions to Miami, and continued focus on core categories
Management priorities
- Achieve FY2026 synergy target of $270M and $650M over three years from the Berry integration
- Complete remaining non-core divestitures and use proceeds to reduce debt
- Expand growth synergies with combined Amcor-Berry product offerings, including a multi-regional pharma contract for a GLP-1 drug generating $100M annualized
- Transition fiscal year-end to December 31, 2027 and relocate corporate functions to Miami
- Invest in capital projects including a new coating facility and other capacity expansions
Related earnings events
Consumer CyclicalSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T01:41:55.801327+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T01:41:55.798572+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.