Amcor reported adjusted EPS of $0.31 for Q2 FY26, surpassing consensus estimates by $0.04. Net income rose to $220 million compared with $145 million a year earlier. Non-GAAP earnings per share benefited from ongoing cost synergies in recently acquired businesses and favorable currency translation effects, while management reaffirmed the full-year EPS guidance range unchanged.

Group revenues jumped 68% year-over-year to $5.4 billion, driven primarily by the completed acquisition of Bemis Company in Q3 FY25. Divestment of smaller non-core assets slightly offset the top-line boost. Organic revenue growth remained modest at 2.3%, reflecting stable pricing in the healthcare and specialty packaging divisions but weaker volumes in consumer markets.

Total shipment volumes declined 4.7% compared with the prior-year quarter, marking the third consecutive quarter of volume contraction. The consumer and beverage segments saw volume declines of 6.2% and 5.8% respectively, attributed to destocking by key customers and softer end-market demand. Healthcare packaging volumes were essentially flat, helping to partly offset the overall decline.

Free cash flow improved to $350 million for the quarter, up from $280 million, driven by tighter working capital management and one-time tax benefits. Management reiterated plans to divest an additional $200 million of non-strategic assets by year end. The company confirmed its long-term target of returning 50% of free cash flow to shareholders through dividends and share repurchases, while continuing to invest $450 million annually in automation and sustainability initiatives.