Global packaging leader Amcor has reported its fiscal 2025 results, marking a milestone year with the completion of its transformational acquisition of Berry Global. The company delivered solid financial performance and signalled strong earnings and free cash flow growth in FY26.
Amcor CEO Peter Konieczny described FY25 as a “significant milestone” for the business.
“The acquisition of Berry Global transforms our ability to create significant value for our customers and shareholders,” he said. “This is clearly reflected in our expectation to deliver strong adjusted EPS growth of 12–17% and a significant increase in free cash flow to US$1.8 to US$1.9 billion in fiscal 2026.”
Konieczny added that integration efforts were progressing well, with early customer wins already linked to the expanded portfolio.
FY25: Financial highlights
For the year ended 30 June 2025, Amcor recorded net sales of US$15.0 billion, up 11% on a constant currency basis. Adjusted EBIT rose 12% to US$1.72 billion, while adjusted EBITDA climbed 13% to US$2.19 billion.
GAAP net income was US$511 million, reflecting acquisition-related costs, while adjusted net income came in at US$1.14 billion. Adjusted EPS grew 3% to 71.2 US cents. Free cash flow was US$926 million, broadly in line with guidance.
For the fourth quarter, net sales surged 43% to US$5.08 billion excluding currency impacts, while adjusted EBIT rose 34% to US$611 million.
The board declared a quarterly dividend of 12.75 US cents per share, taking the annual dividend for FY25 to 51 US cents per share, up from 50 US cents in FY24.
Milestone acquisition
Amcor completed its all-stock acquisition of Berry Global on 30 April 2025, establishing itself as a global leader in consumer packaging and dispensing solutions for nutrition and health. The transaction is expected to generate US$650 million in synergies by FY28, with US$260 million of pre-tax synergy benefits forecast in FY26.
Through a strategic portfolio review, the company identified a US$20 billion core portfolio in consumer packaging and dispensing solutions for health, beauty and wellness, and nutrition. Businesses representing around US$2.5 billion in sales that are less aligned with this core – including the North America Beverage division – are being evaluated for restructuring, partnership, or divestment.
Divisional performance
Global Flexible Packaging Solutions reported FY25 sales of US$10.9 billion, up 6% in constant currency, with adjusted EBIT of US$1.46 billion, up 5%. Volume growth was recorded across healthcare, protein and liquids.
Global Rigid Packaging Solutions posted FY25 sales of US$4.1 billion, up 26% in constant currency, with adjusted EBIT of US$375 million, up 47%. Performance was tempered by lower beverage volumes in North America and operating challenges at high-volume sites.
FY26 guidance
For FY26, Amcor is forecasting:
- Adjusted EPS of 80–83 US cents, representing 12–17% constant currency growth;
- Free cash flow of US$1.8–1.9 billion, after transaction and integration costs;
- Capital expenditure of US$850–900 million; and
- an effective tax rate of 19–21%.
With the Berry integration underway and portfolio optimisation in progress, Kozniecny says the company is well placed to “accelerate organic growth” and strengthen its position as the “global packaging partner of choice”.
