Amcor: Three Earnings Beats, $150M in Free Cash Flow
Amcor plc reports full fiscal year 2026 results before the U.S. market opens August 12, entering the event with three consecutive EPS beats and a 6.6% share price rally on analyst upgrades. The centra
Amcor Rides 3-Quarter Beat Streak Into FY2026 Results
NEW YORK, August 11 —
Amcor plc (AMCR) releases fiscal year 2026 full results before the U.S. market opens August 12, after three consecutive quarterly earnings beats and a 6.6% share price rally from analyst forecast upgrades. The harder question is whether that earnings recovery has yet produced free cash flow adequate for a balance sheet carrying $16.76 billion in debt.
- Three consecutive EPS beats: +5.4%, +2.4%, and +0.5%; shares up 6.6% on broad analyst forecast upgrades before FY2026 results.
- Free cash flow is $150 million; total debt is $16.76 billion; net debt tops trailing FCF by more than 100x.
- AMCR trades at $47.40, forward P/E of 11.1x; the consensus target of $48.36 leaves roughly 2% of implied upside.
Beats Without Cash
Amcor, a Zurich-headquartered packaging manufacturer with 77,000 employees, wraps flexible polymer films around pharmaceuticals and snack foods and produces rigid containers for food and beverage producers. Four quarters ago the company missed EPS estimates by 7.4%, delivering $1.00 against a $1.08 consensus. What followed was a tightening sequence of beats: +5.4%, then +2.4%, then +0.5%. Trailing revenue of $22.19 billion reflects 77.4% growth, suggesting the expanded business footprint from prior investment is now reaching the income statement. The free cash flow conversion is where that story stalls.
What $1.52 Billion in Capex Explains
Operating cash flow of $1.67 billion looks adequate for a $22 billion revenue business until capital expenditures of approximately $1.52 billion take their share, leaving $150 million in free cash flow. Set against net debt of roughly $15.17 billion, that figure frames the central question: debt service depends on operating cash performance, not the FCF line. At a gross margin of 19.1%, Amcor's packaging economics leave little room for FCF expansion unless capex intensity falls; investors can test the sensitivity using the DCF calculator.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| AMCR | $21.9B | 11.1x | -3.6% |
| BEN | $16.9B | 10.6x | +30.5% |
| ESS | $19.5B | 45.7x | +11.5% |
| AOS | $8.7B | 15.5x | -12.5% |
| ATO | $28.6B | 18.8x | +1.3% |
| FRT | $10.1B | 37.8x | +26.2% |
The August 12 Checkpoint
When results land before the open, the EPS headline will matter less than the trajectory of operating cash flow and capital expenditure intensity: those two inputs determine whether free cash flow can grow toward levels that reduce the debt load at any significant pace. Empowered Funds LLC and Glenmede Trust Co. NA both trimmed AMCR holdings in the days before the report, a cautionary signal at $47.40, where the consensus target of $48.36 leaves only 2% of implied upside. A sustained FCF improvement is the specific figure that changes the stock's setup. Run the free Amcor plc deep-dive →
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Frequently Asked Questions
When does Amcor report FY2026 full-year earnings?
Amcor releases fiscal year 2026 full results before the U.S. market opens August 12. The report follows three consecutive quarterly earnings beats and a 6.6% share price rally driven by broad analyst forecast upgrades.
How many consecutive EPS beats has Amcor posted?
Amcor has beaten EPS estimates in three consecutive quarters, with beats of +5.4%, +2.4%, and +0.5%. This followed a miss of 7.4% four quarters ago, when the company delivered $1.00 against a $1.08 consensus.
What is Amcor's free cash flow?
Amcor's free cash flow is $150 million, the result of operating cash flow of $1.67 billion reduced by capital expenditures of approximately $1.52 billion. Set against net debt of roughly $15.17 billion, net debt exceeds trailing free cash flow by more than 100 times.
How much debt does Amcor carry?
Amcor carries total debt of $16.76 billion, with net debt of roughly $15.17 billion. The company's gross margin of 19.1% leaves limited room for free cash flow expansion unless capital expenditure intensity falls.
What is the analyst price target for Amcor stock?
The consensus analyst price target for Amcor is $48.36, against a share price of $47.40, implying roughly 2% of upside. Empowered Funds LLC and Glenmede Trust Co. NA both trimmed AMCR holdings in the days immediately before the report.
Amcor plc releases fiscal year 2026 full results before the U.S. market opens August 12, arriving on the heels of three consecutive quarterly earnings beats and a 6.6% stock rally driven by analyst forecast upgrades. Yet free cash flow of just $150 million trails $16.76 billion in total debt by a factor exceeding 100, raising the question of whether the earnings recovery has yet produced the cash the balance sheet requires.
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