Amcor plc (AMCR) Income Statement

The step-change in revenue from the 2025 quarters onward coincides with the scale of the Bemis integration, so the headline 56.6% YoY growth should not be read as underlying momentum. Management's reported 1% broad-based organic volume growth implies that pricing and pass-through of resin costs account for much of the top-line lift. Investors should monitor whether organic volume can recover toward mid-single digits, since growth durability depends on that rather than further acquisitions.

The quarter-to-quarter swings, including a 25.2% gross margin in 2026Q4 against 16.4% in 2026Q2, are consistent with the lagged pass-through of polymer and aluminum costs rather than a structural shift in pricing power. Relative to Sealed Air's reported 29.8% gross margin, AMCR's lower figure suggests weaker differentiation in its commodity-heavy portfolio. Margin direction is therefore likely to hinge on healthcare and specialty mix rather than on headline volume.

SG&A has risen from roughly $329M to $468M per quarter while gross profit grew more slowly in percentage terms relative to the acquired revenue base, which points to negative operating leverage during integration. The apparent failure to convert revenue scale into proportionally higher operating income warrants scrutiny of whether synergy savings are being absorbed by overhead and integration costs. Management's $650M synergy target will need to show up in SG&A and COGS trends to restore operating leverage.