Beyond The Budget — 3 Ways To Combat Financial Anxiety In A High-Cost EconomyMay 8, 2026
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You can do everything right and still feel like you're losing.
A study from Credit Karma highlights a massive disconnect between paper wealth and daily reality.
The study found that 78% of Americans don't feel financially secure. The kicker? Most of them aren't reckless spenders.
In fact, 70% believe they've made smart financial decisions, but as many as 7 in 10 say that having a good financial standing on paper doesn't actually buy a comfortable life in 2026.
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With gasoline prices surging to more than $4 per gallon because of the war in Iran and inflation at over 3%, experts suggest three strategic shifts to regain a sense of control.
Reframe the American Dream
The classic script — steady job, suburban home, retirement at 65 — feels increasingly out of reach. In fact, 40% of Gen Z respondents believe homeownership is impossible.
Intuit Credit Karma Courtney Consumer Financial Advocate Courtney Alev said that adjusting goals isn't "giving up" — it's a necessary step toward sustainability.
"Build a budget that reflects your actual life, not an idealized version of it, and tackle high-interest debt head-on," she said.
Whether it's aiming for a smaller home or delaying the traditional retirement date, defining success on your own terms reduces the psychological weight of falling behind.
Trending: Explore whether your retirement strategy is optimized for income, taxes, and long-term withdrawals — take the AdviserMatch quiz today.
Leverage Real Estate as an Inflation Hedge
While high interest rates make homebuyers hesitant, the alternative is often more costly.
While homeowners lock in their principal payments, renters are vulnerable to annual hikes in lease payments, according to Realtor.com. A 5% annual rent increase could turn a $2,055 payment today into over $2,600 by 2130.
"A fixed-rate mortgage is essentially a hedge against inflation," Realtor.com Senior Research Analyst Hannah Jones said.
Beyond the monthly payment, home equity provides a safety net. Accessing a home equity line of credit at 8% or 9% is more sustainable than relying on credit cards, which now often exceed a 20% annual percentage rate, Jones said.
Prioritize High-Interest Debt and Real-Life Tracking
Financial anxiety often stems from the unknown. Credit Karma recommends tracking spending for 30 days to build a budget around actual habits rather than idealized goals. Once the reality is clear, the focus should shift aggressively to high-interest debt.
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See Also: See What AI Could Build for Your Portfolio — Try a Custom Index Now
For the 37% of Americans who have abandoned long-term savings to cover short-term essentials, the path back starts with debt consolidation. By tackling high-interest balances first, consumers can stop the debt spiral that makes even a six-figure salary feel insufficient in today's volatile market.
Desperate Times, Extreme Measures
Americans aren't giving up without a fight, but the measures are getting radical. To hit their goals, 78% of respondents are willing to take "extreme" steps, including cutting all entertainment and dining out, taking on a second or third job or delaying major life milestones, according to the Credit Karma study.
"When the cost of living outpaces income growth, even the smartest financial decisions can feel pointless," Alev said. "If you're feeling financially insecure, the most important thing you can do is start with what you can control."
When Financial Stress Persists Even After "Doing Everything Right"
Rising costs, inflation, and shifting expectations around financial stability are leaving many households feeling behind even when they've made responsible financial decisions. As the gap widens between income growth and everyday expenses, financial anxiety is increasingly becoming less about isolated spending choices and more about long-term planning and structure.
For many individuals, that has led to a renewed focus on building a clearer financial strategy—one that accounts for debt management, savings priorities, and changing cost pressures. Working with a financial advisor can help translate day-to-day financial stress into a structured plan that aligns with both short-term needs and long-term goals.
Read Next: You Saved for Retirement — But Do You Know What You'll Keep After Taxes?
Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.
Connect Invest
Connect Invest is a real estate investment platform that allows investors to access short-term, fixed-income opportunities backed by a diversified portfolio of residential and commercial real estate loans.Through its Short Notes structure, investors can choose defined terms (6, 12, or 24 months) and earn monthly interest payments while gaining exposure to real estate as an asset class. For investors focused on diversification, Connect Invest may serve as one component within a broader portfolio that also includes traditional equities, fixed income, and other alternative assets—helping balance exposure across different risk and return profiles.
Mode Mobile
Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream. For investors, Mode Mobile offers exposure to the expanding mobile advertising and attention economy through a pre-IPO opportunity tied to a new approach to user monetization.
rHealth
rHealth is building a space-tested diagnostics platform designed to bring lab-quality blood testing closer to patients in minutes rather than weeks. Originally validated in collaboration with NASA for use aboard the International Space Station, the technology is now being adapted for at-home and point-of-care settings to address widespread delays in diagnostic access.
Backed by institutions including NASA and the NIH, rHealth is targeting the large global diagnostics market with a multi-test platform and a model built around devices, consumables, and software. With FDA registration in progress, the company is positioning itself as a potential shift toward faster, more decentralized healthcare testing.
Direxion
Direxion specializes in leveraged and inverse ETFs designed to help active traders express short-term market views during periods of volatility and major market events. Rather than long-term investing, these products are built for tactical use—allowing investors to take magnified bullish or bearish positions across indices, sectors, and single stocks. For experienced traders, Direxion offers a way to respond quickly to changing market conditions and act on high-conviction views with greater flexibility.
Immersed
Immersed is a spatial computing company building immersive productivity software that enables users to work across multiple virtual screens inside VR and mixed-reality environments.Its platform is used by remote workers and enterprises to create virtual workspaces that reduce reliance on traditional physical hardware while improving focus and collaboration. The company is also developing its own lightweight VR headset and AI productivity tools, positioning itself in the future-of-work and spatial computing space. Through its pre-IPO offering, Immersed is opening access to early-stage investors looking to diversify beyond traditional assets and gain exposure to emerging technologies shaping how people work.
Arrived
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Masterworks
Masterworks enables investors to diversify into blue-chip art, an alternative asset class with historically low correlation to stocks and bonds. Through fractional ownership of museum-quality works by artists like Banksy, Basquiat, and Picasso, investors gain access without the high costs or complexities of owning art outright. With hundreds of offerings and strong historical exits on select works, Masterworks adds a scarce, globally traded asset to portfolios seeking long-term diversification.
Public
Public is a multi-asset investing platform built for long-term investors who want more control, transparency, and innovation in how they grow wealth. Founded in 2019 as the first broker-dealer to offer commission-free, real-time fractional investing, Public now lets users invest in stocks, bonds, options, crypto, and more—all in one place. Its latest feature, Generated Assets, uses AI to turn a single idea into a fully customized, investable index that can be explained and backtested before committing capital. Combined with AI-powered research tools, clear explanations of market moves, and an uncapped 1% match for transferring an existing portfolio, Public positions itself as a modern platform designed to help serious investors make more informed decisions with context.
AdviserMatch
AdviserMatch is a free online tool that helps individuals connect with financial advisors based on their goals, financial situation, and investment needs. Instead of spending hours researching advisors on your own, the platform asks a few quick questions and matches you with professionals who can assist with areas like retirement planning, investment strategy, and overall financial guidance. Consultations are no-obligation, and services vary by advisor, giving investors a chance to explore whether professional advice could help improve their long-term financial plan.
Accredited Debt Relief
Accredited Debt Relief is a debt consolidation company focused on helping consumers reduce and manage unsecured debt through structured programs and personalized solutions. Having supported more than 1 million clients and helped resolve over $3 billion in debt, the company operates within the growing consumer debt relief industry, where demand continues to rise alongside record household debt levels. Its process includes a quick qualification survey, personalized program matching, and ongoing support, with eligible clients potentially reducing monthly payments by 40% or more. With industry recognition, an A+ BBB rating, and multiple customer service awards, Accredited Debt Relief positions itself as a data-driven, client-focused option for individuals seeking a more manageable path toward becoming debt-free.
Finance Advisors
Finance Advisors helps Americans approach retirement with greater clarity by connecting them to vetted, fiduciary financial advisors who specialize in tax-aware retirement planning. Rather than focusing on products or investment performance alone, the platform emphasizes strategies that account for after-tax income, withdrawal sequencing, and long-term tax efficiency—factors that can materially impact retirement outcomes. Free to use, Finance Advisors gives individuals with meaningful savings access to a level of planning sophistication historically reserved for high-net-worth households, helping reduce hidden tax risk and improve long-term financial confidence.
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Amcor Reports Solid Third Quarter Results and Updates Fiscal 2026 GuidanceMay 6, 2026
ZURICH, May 6, 2026 /PRNewswire/ --
Highlights - Three Months Ended March 31, 2026
Net sales $5,914 million, up 77% driven by the Berry acquisition GAAP Net income $278 million including acquisition related costs and GAAP diluted EPS of $0.60 Acquisition synergies of $77 million, at upper end of expectations Adjusted EBITDA $892 million, up 87% and adjusted EBIT $687 million, up 79% Adjusted EBITDA margin of 15.1%, up from 14.3% and adjusted EBIT margin of 11.6%, up modestly GAAP EPS of $0.60 and Adjusted EPS of $0.96, up 6%
YTD Highlights - Nine Months Ended March 31, 2026
Net sales $17,108 million, up 72% driven by the Berry acquisition GAAP Net income $717 million including acquisition related costs and GAAP diluted EPS of $1.55 Adjusted EBITDA $2,628 million, up 88% and adjusted EBIT $1,977 million, up 78% Adjusted EBITDA margin of 15.4%, up from 14.1% and adjusted EBIT margin of 11.6%, up from 11.2% Adjusted EPS of $2.79, up 11% Six divestiture agreements reached under previously announced portfolio optimization initiative
Fiscal 2026 Guidance:
Adjusted EPS $3.98 to $4.03, growth of ~12% at the midpoint; Mitigating impact of Middle East conflict Free Cash Flow revised to be $1.5-1.6 billion
Amcor CEO Peter Konieczny said, "Third quarter results were in line with expectations and reflect the resilience of our business as we mark the first anniversary of bringing legacy Amcor and Berry together as One Amcor. Over the past year, we have executed a smooth integration, built a strong leadership structure, and made meaningful progress on synergy delivery and portfolio optimization. While we continue to operate in a challenging market environment, our global scale, diversified portfolio, and strong customer and supplier partnerships position us well. We remain focused on what we can control—ensuring reliable supply, managing costs and pricing responsibly to offset inflation, and supporting our customers. With clear visibility to additional synergy benefits and a proven ability to navigate volatility, we are confident in our outlook and the continued strength of our business."
Key Financials (1)(2)(3) Three Months Ended March 31, Nine Months Ended March 31, GAAP results 2025 $ million 2026 $ million 2025 $ million 2026 $ million Net sales 3,333 5,914 9,927 17,108 Net income attributable to Amcor plc 196 278 550 717 EPS (diluted, $) 0.68 0.60 1.90 1.55 Reported
∆% Reported
∆% Three Months Ended March 31, Nine Months Ended March 31, Adjusted non-GAAP results 2025 $ million 2026 $ million 2025 $ million 2026 $ million Net sales 3,333 5,914 77 9,927 17,108 72 EBITDA 477 892 87 1,397 2,628 88 EBIT 384 687 79 1,112 1,977 78 Net income 261 446 71 728 1,293 78 EPS ($) 0.90 0.96 6 2.51 2.79 11 Free Cash Flow 20 (39) (17) (93)
All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to rounding.
(1) Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information".
(2) All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry Global.
(3) All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further details can be found under 'Reverse Stock Split'.
Financial Results
Three months ended March 31, 2026
Net sales of $5,914 million were 70% higher than last year on a constant currency basis, including approximately $2.4 billion of acquired sales net of divestments, which represents growth of approximately 71%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
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The Company estimates that volumes were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the March quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix did not have a material impact on net sales.
Adjusted EBIT of $687 million was 72% higher than last year on a constant currency basis, including approximately $239 million of acquired EBIT net of divestments which represents growth of approximately 62%. The remaining 10% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $57 million and continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes.
GAAP net interest expense was $153 million and GAAP income tax expense was $32 million. Inclusive of acquisition related financial benefits of approximately $20 million, adjusted net interest expense was $150 million and adjusted tax expense was $91 million representing an effective tax rate of 17.0%. Adjusted net interest expense was $79 million higher than the prior year primarily as a result of increased acquisition related net debt.
Free cash outflow of $39 million was in-line with expectations after funding approximately $78 million of net transaction, restructuring and integration costs.
Net debt was $14,266 million at March 31, 2026.
Nine months ended March 31, 2026
Net sales of $17,108 million were 67% higher than last year on a constant currency basis, including approximately $6.9 billion of acquired sales net of divestments, which represents growth of approximately 69%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (2%) year over year variation reflects the impact of volumes and price/mix.
Adjusted EBIT of $1,977 million was 73% higher than last year on a constant currency basis, including approximately $746 million of acquired EBIT net of divestments which represents growth of approximately 67%. The remaining 6% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $140 million partly offset by lower volumes.
GAAP net interest expense was $460 million and GAAP income tax expense was $84 million. Inclusive of acquisition related financial benefits of approximately $30 million, adjusted net interest expense was $431 million and adjusted tax expense was $253 million representing an effective tax rate of 16.3%.
Free cash outflow was $93 million after funding approximately $262 million of net transaction, restructuring and integration costs. Prior to funding of transaction, restructuring and integration related cash costs, cash flow increased by approximately $186 million compared with last year.
Dividend
The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of a quarterly cash dividend of 65.0 cents per share, compared with 63.75 cents per share in the same quarter last year, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 91.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.7167 over the five trading days ended May 4, 2026.
The ex-dividend date will be May 27, 2026 for holders of CDIs trading on the ASX and May 28, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be May 28, 2026 and the payment date will be June 17, 2026.
Fiscal 2026 Guidance
For the fiscal year ending June 30, 2026, the Company expects:
Adjusted EPS of approximately $3.98 to $4.03
Represents growth of approximately 12% at the midpoint Mitigating adjusted EPS impact of Middle East conflict Includes pre-tax synergy benefits related to the Berry acquisition of $270 million Free Cash Flow of $1.5 billion to $1.6 billion
Relative to previous $1.8 billion to $1.9 billion which assumed ~$200 million of inventory reduction by year end, now reflects higher inventory levels at higher cost to secure customer service levels given the impact of the Middle East conflict
Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry business and does not take into account the impact of potential portfolio optimization actions that may be completed through the year.
Amcor's guidance contemplates a range of factors, including ongoing geopolitical developments related to the conflict in the Middle East, which creates a higher degree of uncertainty and additional complexity when estimating future financial results, and actual results could vary materially. Reconciliations of the fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed. Refer to page 14 for further information.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday, May 6, 2026 at 8:00am US Eastern Daylight Time / Wednesday May 6, 2026 at 10:00pm Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 645052977
USA: 833 461 5787 (toll free)
Australia: 1800 849 752 (toll free)
United Kingdom: 0808 196 8935 (toll free)
Singapore: 1800 408 1721 (toll free)
Hong Kong: 800 938 481 (toll free)
From all other countries, the call can be accessed by dialing +1 585 542 9983 (toll).
A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.
Segment Information
Global Flexible Packaging Solutions segment - March 2026 quarter
Three Months Ended March 31, Reported ∆% Constant currency ∆% 2025 $ million 2026 $ million Net sales 2,406 3,250 35 29 Adjusted EBIT 343 452 32 28 Adjusted EBIT / Sales % 14.3 13.9
Net sales of $3,250 million were 29% higher than last year on a constant currency basis including approximately $695 million of acquired sales net of divestments, which represents growth of approximately 29%. The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 1.5% lower compared to volumes for the combined legacy Amcor and Berry businesses in the March quarter last year. By market category, volumes were higher in pet food and protein, offset by lower volumes in healthcare and other nutrition. By region, volumes were lower across North America and Europe, and higher than the prior year across the Asian region. The Company estimates that price/mix had an unfavorable impact of less than (1%) on net sales.
Adjusted EBIT of $452 million was 28% higher than last year on a constant currency basis, reflecting approximately $78 million of acquired EBIT, net of divestments which represents growth of approximately 23%. The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits, partly offset by lower volumes.
Global Flexible Packaging Solutions segment - March 2026 YTD
Nine Months Ended March 31, Reported ∆% Constant currency ∆% 2025 $ million 2026 $ million Net sales 7,072 9,304 32 27 Adjusted EBIT 963 1,256 30 28 Adjusted EBIT / Sales % 13.6 13.5
Net sales of $9,304 million were 27% higher than last year on a constant currency basis including approximately $1.9 billion of acquired sales net of divestments, which represents growth of approximately 27%. The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
Adjusted EBIT of $1,256 million was 28% higher than last year on a constant currency basis, reflecting approximately $220 million of acquired EBIT, net of divestments which represents growth of approximately 23%. The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes.
Global Rigid Packaging Solutions segment - March 2026 quarter
Three Months Ended March 31, Reported ∆% Constant currency ∆% 2025 $ million 2026 $ million Net sales 927 2,664 187 174 Adjusted EBIT 70 276 294 273 Adjusted EBIT / Sales % 7.6 10.4
Net sales of $2,664 million were 174% higher than last year on a constant currency basis, including approximately $1.7 billion of acquired sales, which represents growth of approximately 182% and an unfavorable impact of approximately (5%) from the pass through of lower raw material costs. The remaining (3%) year over year variation reflects the impact of volumes and price/mix.
Excluding non-core business, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were approximately 1.5% lower compared with volumes for the combined legacy Amcor and Berry businesses in the March quarter last year. By market category, volumes were higher in liquids, foodservice and beauty & wellness offset by lower volumes in healthcare and other nutrition. By region, volumes in North America were lower than the prior year inclusive of U.S. storm related disruptions. Volumes were higher in Europe and across emerging markets, primarily in Latin America. The Company estimates that price/mix had no material impact on net sales.
Adjusted EBIT of $276 million was 273% higher than last year on a constant currency basis, including approximately $175 million of acquired EBIT which represents growth of approximately 253%. The remaining 20% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives, partly offset by lower volumes.
Adjusted EBIT margins of 10.4% were 280 basis points higher than the prior year reflecting the improved quality of the combined business.
Global Rigid Packaging Solutions segment - March 2026 YTD
Nine Months Ended March 31, Reported ∆% Constant currency ∆% 2025 $ million 2026 $ million Net sales 2,855 7,804 173 164 Adjusted EBIT 216 824 281 266 Adjusted EBIT / Sales % 7.6 10.6
Net sales of $7,804 million, were 164% higher than last year on a constant currency basis, including approximately $5.0 billion of acquired sales net of divestments, which represents growth of approximately 173% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs. The remaining (6%) year over year variation reflects lower volumes and price/mix.
Adjusted EBIT of $824 million was 266% higher than last year on a constant currency basis, including approximately $580 million of acquired EBIT net of divestments which represents growth of approximately 269%. The remaining (3%) year over year variation mainly reflects lower volumes and performance in non-core businesses partly offset by synergy benefits from the Berry acquisition and cost reduction initiatives.
Adjusted EBIT margins of 10.6% were 300 basis points higher than the prior year reflecting the improved quality of the combined business.
About Amcor
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enable us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I YouTube
Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom
UK Overseas Company Number: BR020803
Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey
Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended March 31, Nine Months Ended March 31, $ in millions, except per share data 2025 2026 2025 2026 Net sales 3,333 5,914 9,927 17,108 Cost of sales (2,679) (4,724) (7,988) (13,755) Gross profit 654 1,190 1,939 3,353 Selling, general, and administrative expenses (266) (488) (797) (1,363) Amortization of acquired intangible assets (37) (134) (116) (411) Research and development expenses (27) (44) (82) (128) Restructuring, transaction and integration expenses, net (32) (69) (71) (262) Other income, net 21 6 49 64 Operating income 313 461 922 1,253 Interest expense, net (75) (153) (222) (460) Other non-operating income/(expenses), net (1) 2 (3) 4 Income before income taxes and equity in income of affiliated companies 237 310 697 797 Income tax expense (40) (32) (141) (84) Equity in income of affiliated companies, net of tax — — 1 4 Net income 197 278 557 717 Net income attributable to non-controlling interests (1) — (7) — Net income attributable to Amcor plc 196 278 550 717 USD:EUR average FX rate 0.9507 0.8543 0.9327 0.8564 Basic earnings per share attributable to Amcor 0.68 0.60 1.91 1.55 Diluted earnings per share attributable to Amcor 0.68 0.60 1.90 1.55 Weighted average number of shares outstanding – Basic 288.6 463.4 288.4 463.1 Weighted average number of shares outstanding – Diluted 289.1 463.8 289.0 463.5
All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended March 31, ($ million) 2025 2026 Net income 557 717 Depreciation, amortization and impairment 399 1,114 Net (gain)/loss on disposal of businesses and investments (8) 2 Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency (804) (1,101) Other non-cash items 132 (176) Net cash provided by operating activities 276 556 Purchase of property, plant and equipment and other intangible assets (360) (687) Proceeds from sales of property, plant and equipment and other intangible assets 9 38 Business acquisitions (11) (17) Proceeds from divestitures, net of cash divested 113 — Proceeds from sale of affiliated companies and other investments — 70 Net debt proceeds 2,044 1,787 Dividends paid (550) (894) Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-based incentive plans (38) (57) Cash and cash equivalents included in held for sale — (17) Other, including effect of exchange rate on cash and cash equivalents (26) (19) Net increase in cash and cash equivalents 1,457 760 Cash and cash equivalents balance at beginning of the year 588 827 Cash and cash equivalents balance at end of the period 2,045 1,587
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million) June 30, 2025 March 31, 2026 Cash and cash equivalents 827 1,587 Trade receivables, net 3,426 3,513 Inventories, net 3,471 3,362 Property, plant, and equipment, net 8,202 7,410 Goodwill and other intangible assets, net 18,679 18,639 Assets held for sale, net — 503 Other assets 2,461 2,568 Total assets 37,066 37,582 Trade payables 3,490 2,989 Short-term debt and current portion of long-term debt 257 653 Long-term debt, less current portion 13,841 15,200 Liabilities held for sale — 177 Accruals and other liabilities 7,738 6,901 Shareholders' equity 11,740 11,662 Total liabilities and shareholders' equity 37,066 37,582
Components of Fiscal 2026 Net Sales growth
Three Months Ended March 31, Nine Months Ended March 31, ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Total Net sales fiscal year 2026 3,250 2,664 5,914 9,304 7,804 17,108 Net sales fiscal year 2025 2,406 927 3,333 7,072 2,855 9,927 Reported Growth % 35 187 77 32 173 72 FX % 6 13 7 5 9 5 Constant Currency Growth % 29 174 70 27 164 67 RM Pass Through % 1 (5) — 1 (3) — Items affecting comparability % 29 182 71 27 173 69 Organic Growth % (1) (3) (1) (1) (6) (2) Volume % (2) (3) (2) (2) (5) (3) Price/Mix % 1 — 1 1 (1) 1
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow
Three Months Ended March 31, 2025 Three Months Ended March 31, 2026 ($ million) EBITDA EBIT Net Income EPS (Diluted) EBITDA EBIT Net Income EPS (Diluted) Net income attributable to Amcor 196 196 196 0.68 278 278 278 0.60 Net income attributable to non-controlling interests 1 1 — — Tax expense 40 40 32 32 Interest expense, net 75 75 153 153 Depreciation and amortization 131 346 EBITDA, EBIT, Net income, and EPS 443 312 196 0.68 809 463 278 0.60 Impact of hyperinflation 3 3 3 0.01 (2) (2) (2) — Restructuring, integration and related expenses, net(1) 14 14 14 0.06 59 65 65 0.15 Transaction costs 18 18 18 0.06 4 4 4 0.01 Other — — — — 22 22 22 0.04 Amortization of acquired intangibles(2) 37 37 0.13 134 134 0.29 Interest expense Berry Transaction 5 — 3 0.01 Tax effect of above items (12) (0.04) (59) (0.13) Adjusted EBITDA, EBIT, Net income and EPS 477 384 261 0.90 892 687 446 0.96 Reconciliation of adjusted growth to constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS 87 79 71 6 % currency impact (7) (7) (8) (4) % constant currency growth 80 72 63 2 % items affecting comparability(3) 70 62 % from all other sources 10 10 Adjusted EBITDA 477 892 Interest paid, net (40) (143) Income tax paid (21) (190) Purchase of property, plant and equipment and
other intangible assets (117) (227) Proceeds from sales of property, plant and
equipment and other intangible assets, net of restructuring 2 4 Movement in working capital (277) (287) Other (4) (9) Adjusted Free Cash Flow 20 39 Berry Transaction, restructuring and Integration costs, net — (78) Free Cash Flow 20 (39)
All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.
(1) Three months ended March 31, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Nine Months Ended March 31, 2025 Nine Months Ended March 31, 2026 ($ million) EBITDA EBIT Net Income EPS (Diluted)(1) EBITDA EBIT Net Income EPS (Diluted)(1) Net income attributable to Amcor 550 550 550 1.90 717 717 717 1.55 Net income attributable to non controlling interests 7 7 — — Tax expense 141 141 84 84 Interest expense, net 222 222 460 460 Depreciation and amortization 401 1,083 EBITDA, EBIT, Net income and EPS 1,321 920 550 1.90 2,344 1,261 717 1.55 Impact of hyperinflation 8 8 8 0.03 13 13 13 0.03 Restructuring, integration and related expenses, net(2) 44 44 44 0.15 210 230 230 0.50 Transaction costs 27 27 27 0.09 32 32 32 0.07 Other (3) (3) (3) (0.01) 29 29 29 0.06 Amortization of acquired intangibles(3) 116 116 0.40 411 411 0.89 Interest expense Berry Transaction 5 0.02 29 0.06 Tax effect of above items (19) (0.07) (168) (0.37) Adjusted EBITDA, EBIT, Net income and EPS 1,397 1,112 728 2.51 2,628 1,977 1,293 2.79 Reconciliation of adjusted growth to constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS 88 78 78 11 % currency impact (5) (5) (6) (3) % constant currency growth 83 73 72 8 % items affecting comparability(4) 78 67 % from all other sources 5 6 Adjusted EBITDA 1,397 2,628 Interest paid, net (167) (406) Income tax paid (148) (381) Purchase of property, plant and equipment and
other intangible assets (360) (687) Proceeds from sales of property, plant and
equipment and other intangible assets, net of restructuring 9 13 Movement in working capital (710) (899) Other (38) (99) Adjusted Free Cash Flow (17) 169 Berry Transaction, restructuring and Integration costs, net — (262) Free Cash Flow (17) (93)
All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.
(1) Calculation of diluted EPS for the nine months ended March 31, 2025 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.
(2) Nine months ended March 31, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of adjusted EBIT by reportable segment
Three Months Ended March 31, 2025 Three Months Ended March 31, 2026 ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Net income attributable to Amcor 196 278 Net income attributable to non-controlling interests 1 — Tax expense 40 32 Interest expense, net 75 153 EBIT 303 64 (55) 312 362 187 (86) 463 Impact of hyperinflation — 3 — 3 — (2) — (2) Restructuring, integration and related expenses, net(1) 4 2 8 14 15 21 29 65 Transaction costs — 1 17 18 — — 4 4 Other 1 (2) 1 — 2 10 10 22 Amortization of acquired intangibles(2) 35 2 — 37 73 60 1 134 Adjusted EBIT 343 70 (29) 384 452 276 (42) 687 Adjusted EBIT / sales % 14.3 % 7.6 % 11.5 % 13.9 % 10.4 % 11.6 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT 32 294 — 79 % currency impact (4) (21) — (7) % constant currency growth 28 273 — 72 % items affecting comparability(3) 23 253 — 62 % from all other sources 5 20 — 10
(1) Three months ended March 31, 2026 primarily includes costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired operations.
Nine Months Ended March 31, 2025 Nine Months Ended March 31, 2026 ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Net income attributable to Amcor 550 717 Net income attributable to non-controlling interests 7 — Tax expense 141 84 Interest expense, net 222 460 EBIT 815 212 (107) 920 934 525 (197) 1,261 Impact of hyperinflation — 8 8 1 12 — 13 Restructuring, integration and related expenses, net(1) 30 5 9 44 78 97 55 230 Transaction costs — 1 26 27 8 2 22 32 Other 10 (16) 3 (3) 10 6 13 29 Amortization of acquired intangibles(2) 108 6 2 116 225 183 3 411 Adjusted EBIT 963 216 (67) 1,112 1,256 824 (104) 1,977 Adjusted EBIT / sales % 13.6 % 7.6 % 11.2 % 13.5 % 10.6 % 11.6 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT 30 281 — 78 % currency impact (2) (15) — (5) % constant currency growth 28 266 — 73 % items affecting comparability(3) 23 269 — 67 % from all other sources 5 (3) — 6
(1) Nine months ended March 31, 2026 primarily includes costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of net debt
($ million) June 30, 2025 March 31, 2026 Cash and cash equivalents (827) (1,587) Short-term debt 116 92 Current portion of long-term debt 141 561 Long-term debt, less current portion 13,841 15,200 Net debt 13,271 14,266
Historical net sales and adjusted EBIT by reporting segment
Effective January 1, 2026, the Company's flexible operations in Latin America previously included in the Global Flexible Packaging Solutions reportable segment are now reflected in the Global Rigid Packaging Solutions reportable segment as the Company has consolidated management of its flexible and rigid packaging operations under one management team and the Company's Chief Operating Decision Maker is now reviewing results under this new structure. Prior period amounts have been recast to conform with current period presentation.
($ million) Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 Three Months Ended December 31, 2024 Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Three Months Ended December 31, 2025 Global Flexibles Packaging Solutions - Net Sales 2,467 2,345 2,322 2,406 2,993 3,055 2,998 Global Flexibles Packaging Solutions - adjusted EBIT 385 312 309 343 435 409 394 Flexibles adjusted EBIT Margin % 15.6 13.3 13.3 14.3 14.5 13.4 13.1 Global Rigids Packaging
Solutions - Net Sales 1,067 1,008 920 927 2,088 2,689 2,451 Global Rigids Packaging
Solutions - adjusted EBIT 93 79 67 70 219 312 236 Rigid adjusted EBIT Margin % 8.7 7.8 7.3 7.6 10.5 11.6 9.6 Other - Net Sales Other - adjusted EBIT (24) (26) (12) (29) (43) (34) (27) Other adjusted EBIT Margin % Total Net Sales 3,535 3,353 3,241 3,333 5,082 5,745 5,449 Total adjusted EBIT 454 365 363 384 611 687 603 Total adjusted EBIT Margin % 12.8 10.9 11.2 11.5 12.0 12.0 11.1
Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the merger completed on April 30, 2025 (the "Transaction" or "Merger"); risk of continued substantial and unexpected costs or expenses resulting from the Transaction; risk that the anticipated benefits of the Transaction may not be realized when expected or in full; risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs; risk that the Merger-related tax liabilities could have a material impact on the Company's financial results; risk that the strategic review of our portfolio may cause disruptions to our business or may not result in completion of a transaction to restructure or divest non-core businesses or may not create additional value for our shareholders; changes in consumer demand patterns and customer requirements in numerous industries; risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions, including impacts from the Middle East conflict; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business; production, supply, and other commercial risks, including those resulting from geopolitical conflicts and counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, develop, and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; significant disruption at a key manufacturing facility; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and changes in trade policy, including tariff and custom regulations or failure to comply with such regulations. These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
Presentation of non-GAAP information Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, and net debt. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's CEO and CFO transition; and impacts related to the Russia-Ukraine conflict and conflict in the Middle East.
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.
Reconciliations of fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed.
Reverse Stock Split On January 14, 2026, the Company filed an amendment to its memorandum of association to effect a 1-for-5 reverse stock split (the "Reverse Split") of the Company's ordinary shares. The Reverse Split became effective on January 14, 2026 and reduced the number of authorized ordinary shares to 1,800,000,000 and increased the par value of the ordinary shares to $0.05 per share. Accordingly, all share and per share amounts for all prior periods presented in the discussion within this release have been adjusted retroactively, where applicable, to reflect the Reverse Split.
Presentation of combined volume performance In order to provide the most meaningful comparison of results of volume performance by region and end market for Amcor plc and for each of its reportable segments, the Company has included commentary to reflect Amcor's estimate of year-over-year volume performance for the three and nine months ended March 31, 2026 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and nine months ended March 31, 2025. The combined volume performance information has been presented for informational purposes and Amcor believes this information reflects the impact of the combination including allocation of volumes across the combined production footprint since May 1, 2025. For the avoidance of doubt, combined volume performance information is not intended to be, and was not, prepared on a basis consistent with pro forma financial information required by Article 11 of Regulation S-X.
Dividends Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from May 27, 2026 to May 28, 2026 inclusive.Cision
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