Revenue growth reached 77.4% in 2026Q3, yet operating margins remain constrained at 8.9%, failing to surpass the 9.4% level achieved in 2025Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 22.19B | 15.01B | 13.64B | 14.69B | 14.54B | 12.86B | 12.47B | 9.46B | 9.32B | 9.09B | 9.47B | 9.6B | 10.22B | 11.34B | 12.48B | 13.27B | 8.37B | 7.7B | 8.84B | 8.45B | 8.19B | 8.46B | 7.28B | 7.22B | 4.22B | 2.89B | 3.43B | 0 | 0 | 0 | 0 |
| Revenue Growth % | 64.83% | 10.04% | -7.17% | 1.03% | 13.09% | 3.15% | 31.82% | 1.49% | 2.5% | -4.03% | -1.3% | -6.06% | -9.89% | -9.13% | -5.94% | 58.48% | 8.77% | -12.9% | 4.59% | 3.1% | -3.19% | 16.33% | 0.82% | 71.17% | 45.78% | -15.57% | - | - | - | - | - |
| Cost of Goods Sold | 18.22B | 12.18B | 10.93B | 11.97B | 11.72B | 10.13B | 9.93B | 7.66B | 7.46B | 7.18B | 7.47B | 7.67B | 8.29B | 9.34B | 10.37B | 11B | 6.89B | 6.49B | 7.42B | 7.07B | 6.92B | 7.09B | 6.01B | 5.92B | 3.41B | 2.32B | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 81.12% | 80.12% | 81.45% | 80.61% | 78.76% | 79.66% | 80.98% | 80.08% | 78.99% | 78.83% | 79.9% | 81.11% | 82.33% | 83.07% | 82.89% | 82.31% | 84.3% | 83.95% | 83.65% | 84.5% | 83.83% | 82.55% | 82.04% | 80.84% | 80.15% | - | - | - | - | - |
| Gross Profit | 3.97B | 2.83B | 2.71B | 2.73B | 2.82B | 2.73B | 2.54B | 1.8B | 1.86B | 1.91B | 2.01B | 1.93B | 1.93B | 2B | 2.11B | 2.27B | 1.48B | 1.21B | 1.42B | 1.38B | 1.27B | 1.37B | 1.27B | 1.3B | 807.74M | 574.09M | 3.43B | 0 | 0 | 0 | 0 |
| Gross Margin % | 17.89% | 18.88% | 19.88% | 18.55% | 19.39% | 21.24% | 20.34% | 19.02% | 19.92% | 21.01% | 21.17% | 20.1% | 18.89% | 17.67% | 16.93% | 17.11% | 17.69% | 15.7% | 16.05% | 16.35% | 15.5% | 16.17% | 17.45% | 17.96% | 19.16% | 19.85% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 4.5% | -0.48% | -3.37% | 3.22% | 7.73% | 40.97% | -3.11% | -2.78% | -4.79% | 3.96% | -0.01% | -3.68% | -5.17% | -6.91% | 53.29% | 22.57% | -14.83% | 2.67% | 8.73% | -7.17% | 7.78% | -2.01% | 60.42% | 40.7% | -83.24% | - | - | - | - | - |
| Operating Expenses | 2.48B | 1.82B | 1.5B | 1.22B | 1.58B | 1.41B | 1.54B | 1.01B | 862.9M | 1.91B | 2.01B | 1.93B | 1.93B | 2B | 2.11B | 2.27B | 1.48B | 1.21B | 1.42B | 1.38B | 1.27B | 1.37B | 1.27B | 1.3B | 807.74M | 574.09M | 3.43B | 143.06M | 136.33M | 162.55M | 508.41M |
| OpEx % of Revenue | - | 12.16% | 10.98% | 8.28% | 10.87% | 10.97% | 12.37% | 10.65% | 9.26% | 21.01% | 21.17% | 20.1% | 18.89% | 17.67% | 16.93% | 17.11% | 17.69% | 15.7% | 16.05% | 16.35% | 15.5% | 16.17% | 17.45% | 17.96% | 19.16% | 19.85% | 100% | - | - | - | - |
| Selling, General & Admin | 1.66B | 1.21B | 1.09B | 1.09B | 1.28B | 1.29B | 1.39B | 999M | 793.2M | 998.63M | 1.47B | 960.55M | 890M | 1.21B | 1.43B | 1.67B | 1.1B | 925.93M | 1.06B | 998.81M | 823.6M | 1.16B | 928.4M | 875.13M | 589.91M | 366.45M | 36.8M | 54.74M | 46.31M | 0 | 0 |
| SG&A % of Revenue | - | 8.03% | 8.01% | 7.39% | 8.83% | 10.05% | 11.11% | 10.56% | 8.51% | 10.98% | 15.51% | 10.01% | 8.71% | 10.67% | 11.47% | 12.57% | 13.17% | 12.03% | 11.95% | 11.82% | 10.05% | 13.75% | 12.76% | 12.13% | 13.99% | 12.67% | 1.07% | - | - | - | - |
| Research & Development | 166M | 120M | 106M | 101M | 96M | 100M | 97M | 64M | 72.7M | 69.03M | 67.78M | 62.82M | 71.55M | 59.87M | 69.69M | 99.61M | 46.91M | 32.12M | 34.63M | 27.31M | 27.46M | 30.27M | 32.44M | 30.19M | 20.27M | 7.65M | 11.76M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.8% | 0.78% | 0.69% | 0.66% | 0.78% | 0.78% | 0.68% | 0.78% | 0.76% | 0.72% | 0.65% | 0.7% | 0.53% | 0.56% | 0.75% | 0.56% | 0.42% | 0.39% | 0.32% | 0.34% | 0.36% | 0.45% | 0.42% | 0.48% | 0.26% | 0.34% | - | - | - | - |
| Other Operating Expenses | 2M | 500M | 299M | 30M | 201M | 19M | 60M | -56M | -3M | 842.28M | 468.83M | 906.32M | 968.33M | 733.82M | 611.89M | 502.32M | 330.94M | 249.86M | 327.78M | 355.22M | 419.33M | 174.15M | 308.95M | 390.47M | 197.56M | 199.99M | 3.38B | 0 | 0 | 162.55M | 508.41M |
| Operating Income | 1.49B | 1.01B | 1.21B | 1.51B | 1.24B | 1.32B | 994M | 792M | 993.9M | 842.28M | 468.83M | 906.32M | 968.33M | 733.82M | 611.89M | 502.32M | 330.94M | 249.86M | 327.78M | 355.22M | 419.33M | 174.15M | 308.95M | 273.36M | 197.56M | 199.99M | 3.15B | -54.74M | -46.31M | -162.55M | 508.41M |
| Operating Margin % | 6.71% | 6.72% | 8.9% | 10.26% | 8.52% | 10.27% | 7.97% | 8.37% | 10.67% | 9.26% | 4.95% | 9.44% | 9.48% | 6.47% | 4.9% | 3.79% | 3.95% | 3.25% | 3.71% | 4.2% | 5.12% | 2.06% | 4.25% | 3.79% | 4.69% | 6.92% | 92% | - | - | - | - |
| Operating Income Growth % | - | -16.89% | -19.5% | 21.71% | -6.21% | 32.9% | 25.51% | -20.31% | 18% | 79.66% | -48.27% | -6.4% | 31.96% | 19.93% | 21.81% | 51.79% | 32.45% | -23.77% | -7.72% | -15.29% | 140.78% | -43.63% | 13.02% | 38.37% | -1.22% | -93.65% | 5857.13% | -18.2% | 71.51% | -131.97% | 3.54% |
| EBITDA | 3.17B | 1.73B | 1.81B | 2.09B | 1.86B | 1.9B | 1.65B | 1.25B | 1.35B | 963.96M | 613.54M | 1.09B | 1.14B | 952.85M | 812.88M | 839.41M | 447.12M | 358.41M | 475.41M | 447.58M | 573.46M | 307.36M | 431.31M | 440.53M | 630.05M | 285.26M | 3.3B | 88.32M | 90.02M | 0 | 508.41M |
| EBITDA Margin % | 14.28% | 11.53% | 13.26% | 14.25% | 12.82% | 14.73% | 13.2% | 13.16% | 14.5% | 10.6% | 6.48% | 11.37% | 11.13% | 8.4% | 6.51% | 6.33% | 5.34% | 4.66% | 5.38% | 5.3% | 7% | 3.63% | 5.93% | 6.1% | 14.95% | 9.86% | 96.23% | - | - | - | - |
| EBITDA Growth % | 70.05% | -4.31% | -13.61% | 12.34% | -1.64% | 15.13% | 32.21% | -7.85% | 40.15% | 57.12% | -43.76% | -4.08% | 19.37% | 17.22% | -3.16% | 87.74% | 24.75% | -24.61% | 6.22% | -21.95% | 86.57% | -28.74% | -2.09% | -30.08% | 120.87% | -91.35% | 3632.26% | -1.89% | - | -100% | 3.54% |
| D&A (Non-Cash Add-back) | 1.68B | 722M | 595M | 586M | 625M | 574M | 652M | 453M | 357.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144.78M | 143.06M | 136.33M | 162.55M | 0 |
| EBIT | 1.44B | 1.05B | 1.25B | 1.54B | 1.27B | 1.35B | 1.03B | 812M | 932.9M | 963.96M | 613.54M | 1.09B | 1.14B | 952.85M | 812.88M | 839.41M | 447.12M | 358.41M | 475.41M | 447.58M | 573.46M | 307.36M | 431.31M | 440.53M | 630.05M | 285.26M | 314.11M | 54.67M | 55.31M | 101.36M | 508.41M |
| Net Interest Income | -593M | -347M | -310M | -259M | -135M | -139M | -185M | -191M | -196.9M | -186.82M | -167.74M | -168.98M | -198.09M | -200.86M | -210.62M | -232.03M | -155.87M | -146.64M | -171.93M | -178.46M | -179.72M | -104.61M | -92.43M | -104.57M | -68.4M | -71.95M | -78.03M | -73.36M | -69.78M | -83.12M | -106.94M |
| Interest Income | 34M | 49M | 38M | 31M | 24M | 14M | 22M | 17M | 13.1M | 12.19M | 34.59M | 27.26M | 28.27M | 24.82M | 22.62M | 20.31M | 19.63M | 8.24M | 26.57M | 18.37M | 16.1M | 15.94M | 9.23M | 6.74M | 9.23M | 7.14M | 9.13M | 11.55M | 8.01M | 8.44M | 8.66M |
| Interest Expense | 627M | 396M | 348M | 290M | 159M | 153M | 207M | 208M | 210M | 199.01M | 202.33M | 196.24M | 227.09M | 225.69M | 233.23M | 252.34M | 174.82M | 155.68M | 200.34M | 198.3M | 195.83M | 120.55M | 101.66M | 111.31M | 77.64M | 79.1M | 87.17M | 84.91M | 77.79M | 91.56M | 115.61M |
| Other Income/Expense | -733M | -356M | -311M | -257M | -124M | -109M | -183M | -188M | -271M | -77.32M | -57.62M | -11.58M | -58M | -6.66M | -32.24M | 84.75M | -58.64M | -47.13M | -52.72M | -105.94M | -41.7M | 12.66M | 20.69M | 55.86M | 354.86M | 6.17M | -2.92B | 254.87M | 136.76M | 138.06M | -115.61M |
| Pretax Income | 756M | 653M | 903M | 1.25B | 1.11B | 1.21B | 811M | 604M | 722.9M | 764.95M | 411.2M | 894.73M | 859.42M | 766.99M | 579.65M | 502.89M | 272.3M | 202.73M | 275.06M | 249.28M | 377.63M | 261.8M | 335.11M | 329.22M | 552.41M | 206.16M | 226.94M | 200.13M | 90.45M | -24.49M | 392.81M |
| Pretax Margin % | 3.41% | 4.35% | 6.62% | 8.51% | 7.67% | 9.42% | 6.5% | 6.39% | 7.76% | 8.41% | 4.34% | 9.32% | 8.41% | 6.76% | 4.65% | 3.79% | 3.25% | 2.63% | 3.11% | 2.95% | 4.61% | 3.09% | 4.61% | 4.56% | 13.1% | 7.13% | 6.63% | - | - | - | - |
| Income Tax | 78M | 135M | 163M | 193M | 300M | 261M | 187M | 172M | 144.41M | 214.09M | 241.85M | 187.75M | 75.51M | 204.6M | 269.56M | 230.64M | 51.33M | 118.96M | 171.64M | 75.32M | 106.04M | 134.2M | 85.09M | 96.83M | 67.67M | 60.32M | 49.73M | 6.47M | 55.93M | 35.95M | 131.67M |
| Effective Tax Rate % | 10.32% | 20.67% | 18.05% | 15.43% | 26.91% | 21.53% | 23.06% | 28.48% | 19.98% | 27.99% | 58.82% | 20.98% | 8.79% | 26.68% | 46.5% | 45.86% | 18.85% | 58.68% | 62.4% | 30.21% | 28.08% | 51.26% | 25.39% | 29.41% | 12.25% | 29.26% | 21.92% | 3.24% | 61.84% | -146.77% | 33.52% |
| Net Income | 678M | 511M | 730M | 1.05B | 805M | 939M | 612M | 430.2M | 719.58M | 596.42M | 245.47M | 679.41M | 531.76M | 539.39M | 422.25M | 351.66M | 155.53M | 170.85M | 247.61M | 452.67M | 260.68M | 132.06M | 241.7M | 243.44M | 479.51M | 144.11M | 173.68M | 189.52M | 31.35M | -60.36M | 266.81M |
| Net Margin % | 3.06% | 3.4% | 5.35% | 7.13% | 5.53% | 7.3% | 4.91% | 4.55% | 7.72% | 6.56% | 2.59% | 7.08% | 5.2% | 4.76% | 3.38% | 2.65% | 1.86% | 2.22% | 2.8% | 5.36% | 3.18% | 1.56% | 3.32% | 3.37% | 11.37% | 4.98% | 5.07% | - | - | - | - |
| Net Income Growth % | -15.99% | -30% | -30.34% | 30.19% | -14.27% | 53.43% | 42.26% | -40.22% | 20.65% | 142.97% | -63.87% | 27.77% | -1.41% | 27.74% | 20.08% | 126.11% | -8.97% | -31% | -45.3% | 73.65% | 97.39% | -45.36% | -0.72% | -49.23% | 232.74% | -17.03% | -8.36% | 504.52% | 151.93% | -122.62% | 4.44% |
| Net Income (Continuing) | 678M | 518M | 740M | 1.06B | 815M | 951M | 624M | 436M | 604.1M | 599.9M | 275.14M | 706.98M | 723.54M | 573.48M | 447.02M | 406.02M | 171.33M | 176.26M | 227.8M | 179.67M | 309.14M | 141.98M | 251.83M | 254.76M | 484.74M | 145.84M | 177.21M | 189.52M | 31.35M | -60.36M | 266.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | -598K | 0 | 921.22K | -162.13M | -5.57M | -37.84M | -70.14M | -29.49M | -484K | 27.17M | 249.53M | -27.75M | -14.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 11M | 12M | 72M | 64M | 59M | 57M | 61M | 65.7M | 68.38M | 69.6M | 61.95M | 120.64M | 109.12M | 85.33M | 90.72M | 64.45M | 47.3M | 50.93M | 52.3M | 44.27M | 38.34M | 59.86M | 63.34M | 132.06M | 96.95M | 106.75M | 50.09M | 29.51M | 29.36M | 29.69M | 28.19M |
| EPS (Diluted) | 1.46 | 1.60 | 2.53 | 3.53 | 2.65 | 3.00 | 1.90 | 1.50 | 2.00 | 2.55 | 1.05 | 2.75 | 2.15 | 2.25 | 1.70 | 1.55 | 0.65 | 0.60 | 1.25 | 2.15 | 1.30 | 0.46 | 1.05 | 1.10 | 1.65 | 0.50 | 0.60 | 0.65 | 0.11 | -0.21 | 0.95 |
| EPS Growth % | -48.75% | -36.76% | -28.33% | 33.21% | -11.67% | 57.89% | 26.67% | -25% | -21.57% | 142.86% | -61.82% | 27.91% | -4.44% | 32.35% | 9.68% | 138.46% | 8.33% | -52% | -41.86% | 65.38% | 184.15% | -56.43% | -4.55% | -33.33% | 230% | -16.67% | -7.69% | 496.33% | 152.03% | -122.05% | 5.56% |
| EPS (Basic) | - | 1.61 | 2.53 | 3.55 | 2.65 | 3.02 | 1.90 | 1.50 | 2.00 | 2.60 | 1.05 | 2.85 | 2.20 | 2.25 | 1.75 | 1.55 | 0.65 | 0.60 | 1.25 | 2.20 | 1.30 | 0.46 | 1.05 | 1.10 | 1.65 | 0.50 | 0.60 | 0.65 | 0.11 | -0.21 | 0.95 |
| Diluted Shares Outstanding | 463.8M | 318.6M | 288.2M | 295.2M | 303.2M | 311.2M | 320.32M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M |
| Basic Shares Outstanding | 463.4M | 317.8M | 287.8M | 293.6M | 302.8M | 310.2M | 320M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M | 287.8M |
| Dividend Payout Ratio | - | 165.36% | 98.9% | 68.99% | 90.93% | 79.02% | 124.35% | 158.07% | 73.21% | 82.01% | 195.66% | 70.66% | 85.68% | 90.96% | 108.32% | 121.39% | 161.98% | 124.19% | 110.48% | 55.35% | 88.53% | 197.33% | 65.09% | 53.42% | 24.81% | 60.38% | 84.02% | 87.32% | 477.03% | - | - |
Margin compression from inflation
According to recent quarterly filings, Amcor reported a significant revenue acceleration to 77.4% year-over-year in 2026Q3, yet this top-line expansion appears disconnected from historical volume trends, suggesting that inflationary pass-through mechanisms and potential inorganic contributions are currently driving the headline growth figures rather than organic demand.
The sharp jump in revenue from $3.3B in 2025Q3 to $5.9B in 2026Q3 warrants caution, as it likely reflects the aggressive pass-through of volatile raw material costs rather than genuine market share gains. Investors should monitor whether this growth is sustainable or if it merely masks underlying volume weakness in the core packaging segments.
As reported in financial statements, Amcor's gross margin contracted to 17.9% in 2026Q3 from 19.6% in 2025Q3, indicating that the firm is struggling to fully offset rising input costs despite its scale and contractual pricing adjustments with major consumer goods customers.
The persistent gap between revenue growth and margin stability suggests that the company's pricing power may be limited by the bargaining strength of its large CPG clients. This trend implies that until raw material volatility subsides, the firm may continue to face difficulty in expanding its profitability profile.
Based on the provided income statement data, operating income scaled to $524M in 2026Q3, yet the operating margin of 8.9% remains below the 9.4% achieved in 2025Q3, suggesting that SG&A and overhead costs are rising at a pace that outstrips the company's ability to drive operational efficiency.
The inability to achieve meaningful operating leverage during a period of high revenue growth suggests that administrative or logistics costs are becoming increasingly burdensome. This warrants further investigation into whether the current cost structure is optimized for the company's expanded revenue base.
Analysis of the income statement reveals that net income volatility, highlighted by the -$39M loss in 2025Q4, suggests that the company's earnings quality is susceptible to significant non-operating charges and integration costs that frequently disrupt the bottom-line performance of the business.
Short-sellers may focus on the inconsistency of net income conversion, which appears to be frequently impacted by restructuring and acquisition-related expenses. This pattern suggests that the reported EPS may not always reflect the underlying cash-generating capability of the core packaging operations.
Quick answers to the most common questions about buying AMCR stock.
For fiscal year 2025, Amcor plc (AMCR) reported total revenue of $15.01B.
Amcor plc (AMCR) is profitable, generating $511.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.4%.
Amcor plc (AMCR) reported an operating income of $1.01B, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Amcor plc (AMCR) generated $2.83B in gross profit for the year, representing a gross profit margin of 18.9%. This demonstrates the company's core pricing power and production efficiency.