AMCRAmcor
Amcor plc (ARBN 630 385 278) is a public limited company incorporated under the Laws of the Bailiwick of Jersey. 10-K, Item 1
- Employees
- 75,000
- Headquarters
- Warmley, Bristol
- CEO
- Peter Konieczny
- Next results
- around Feb 2, 2027
14 paragraphs in Risk Factors of the 10-K filed Aug 14, 2026 with nothing like them in the 10-K filed Aug 15, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 23 Materials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Integration — We may face challenges with integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition.
We may face challenges in integrating our acquisitions with our existing operations. The successful integration of acquisitions is complex and potential difficulties we may encounter as part of any integration process include, but are not limited to, the following: employees may voluntarily or involuntarily separate from employment with us or the acquired businesses because of the acquisitions; our management may have its attention diverted while trying to integrate the acquired businesses; we may encounter obstacles when incorporating the acquired businesses into our operations and management; we may be required to recognize impairment charges; integration may be more costly or more time consuming and complex or less effective than anticipated; and increased risk of cybersecurity incidents. Future acquisitions also could result in potentially dilutive issuances of equity securities, the incurrence of debt, contingent liabilities, and depreciation and amortization expenses related to certain tangible and intangible assets and increased operating expenses, all of which could, individually or collectively, adversely affect our business, financial condition, results of operations, and cash flows.
We generally expect that we will realize synergy cost savings and other financial and operating benefits from our acquisitions. For example, we expect the Merger with Berry completed in 2025 will generate estimated pre-tax annual net cost synergies by the end of the third-year post Merger of approximately $650 million from procurement, manufacturing, general and administrative, financial and revenue synergies. While we are currently on track to achieve the targeted Berry synergies, we cannot predict with certainty that the full savings will be realized or current savings will be sustained. If we are not able to successfully integrate our acquisitions and achieve the expected synergy cost savings, the anticipated benefits of the transaction may not be realized fully, or at all, or may take longer to realize than expected or involve more costs than expected.
Strategic Review of Portfolio — Our strategic review of our portfolio may cause disruptions to our business, may not result in the completion of transactions to restructure or divest all non-core businesses, and may not create additional value for our shareholders.
In August 2025, we announced that we had completed a review of portfolio-related strategic alternatives and identified businesses with combined sales of approximately $2.5 billion for further investigation, which could result in restructuring or sale of the identified businesses, among other options. While we have completed, or are in the process of completing, transactions to divest non-core businesses comprising approximately $500 million of the total non-core portfolio identified, there is no assurance as to the timeline or outcome of the completion of the strategic review process, including that actions taken will increase shareholder value. In addition, the strategic review process may require the deployment of significant resources and expenses and may cause disruption in our business given speculation and uncertainty around our ultimate actions. If we are unable to mitigate these or other potential risks related to our strategic review of our portfolio, then this process may adversely impact our business, financial condition, results of operations, or cash flows.
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We are increasingly leveraging AI technologies, including data analytics and machine learning, across our business, including in R&D, operational processes, and other functional areas. While these technologies present opportunities to enhance efficiency, innovation, and decision-making, they may not perform as intended and could generate outputs that are inaccurate, incomplete, or unreliable.
The development and deployment of AI involves significant operational, legal, regulatory, and reputational risks, and there can be no assurance that our use of AI will result in the anticipated benefits. In addition, our vendors and third-party partners may incorporate AI into their products or services in ways that do not comply with existing or evolving laws, regulations, or industry standards, which could expose us to additional risk.
Further, the unauthorized or improper use of open-source AI tools or generative platforms by employees or third parties could result in the inadvertent disclosure or misuse of our confidential information or intellectual property. Any of these factors could adversely impact our business, financial condition, and results of operations.
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information, which could lead to a material adverse effect on our operations, loss of investor confidence, and a negative impact on the trading price of our common stock.
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We are, and in the future will likely become, involved in lawsuits, regulatory inquiries, and governmental and other legal proceedings that arise in the ordinary course of our business, including product liability claims, which may lead to
Similar paragraph at 1 of 23 other Materials companies: MOSRead in the 10-K ↗
As a plastics packaging manufacturer, we face risks associated with inadvertent releases of plastic materials and other chemicals used in our operations, as well as the downstream management of our products at the end of their useful lives. Legislative and regulatory activity relating to plastic packaging, recycling, waste management, and EPR programs has increased in many jurisdictions and is expected to continue evolving. Such developments may result in product bans or restrictions on certain packaging formats or materials or could impose additional compliance obligations, taxes, fees, or investment requirements and/or operational adjustments, and could result in increased costs, litigation, penalties, reputational harm, unplanned capital expenditures or other liabilities that may adversely affect our business, financial condition, results of operations, or cash flows.
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Biodiversity-related incidents or alleged impacts in our value chain could expose us to increased compliance costs due to increasingly stringent regulations, and potential fines, legal penalties, and enforcement actions if requirements are not met.
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We are required to comply with EHS laws and regulations in each of the countries we operate and do business. Federal, state, provincial, and local laws and requirements related to the provision of a safe and healthy workplace represent critical obligations for the Company to ensure that our people are able to return home safely each day. In addition, workers throughout our value chain may be exposed to adverse impacts related to inadequate working conditions. Changes to EHS laws and regulations and evolving legal and regulatory requirements relating to human rights due diligence and supply chain transparency may result in increased compliance costs and require enhanced monitoring, reporting and remediation activities across our Company and value chain. Failure to identify, prevent, mitigate or adequately report actual or perceived worker or labor-related impacts in our own operations or value-chain operations could adversely affect our reputation, customer relationships, ability to attract and retain business, results of operations, financial condition or cash flows.
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jurisdiction over such claims. However, there is uncertainty whether a U.S. or Jersey court would enforce the exclusive forum provision for actions claiming breach of fiduciary duty and other claims.
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New in the latest 10-Q
24 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed May 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• risk of integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition;
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• risk that the use of artificial intelligence could adversely affect our business and financial results;
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Financial statements and notes
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency (1,175) (718)
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Purchase of property, plant, and equipment, and other intangible assets (301) (238)
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Proceeds from sales of property, plant, and equipment, and other intangible assets 6 28
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Purchase of treasury shares and tax withholdings for share-based incentive plans (36) (36)
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Supplemental non-cash disclosures relating to investing and financing activities:
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Contingent purchase considerations related to acquired businesses, accrued but not paid $ 6 $ 6
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The carrying values and estimated fair values of the Company's senior unsecured bonds are presented below. For the periods presented, this debt consists solely of fixed-rate bonds. Carrying values reflect unamortized debt issuance costs and applicable fair value hedge basis adjustments. Estimated fair values reflect the aggregate market values of the underlying bonds and excludes the fair values of the related interest rate swaps.
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Three Months Ended September 30, ($ in millions) 2026 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Global Flexible Packaging Solutions $ 3,359 $ 3,056 Global Rigid Packaging Solutions 2,770 2,689 Net sales $ 6,129 $ 5,745 Global Flexible Packaging Solutions $ (2,945) $ (2,647) Global Rigid Packaging Solutions (2,467) (2,377) Segment expenses (1) $ (5,412) $ (5,024) Global Flexible Packaging Solutions $ 414 $ 409 Global Rigid Packaging Solutions 303 312 Adjusted segment earnings before interest and taxes ("Adjusted EBIT") 717 721 Less: Unallocated corporate costs (1) (28) (34) Less: Amortization of acquired intangible assets from business combinations (2) (140) (133) Less: Impact of hyperinflation (3) (1) (11) Less: Portfolio review disposal costs (4) (9) (22) Less: Restructuring, integration and related expenses, net (5) (62) (53) Less: Property and other losses, net (6) (8) — Less: Fiscal year end change expenses (7) (7) — Less: Other (8) (9) (4) Interest income 13 15 Interest expense (166) (168) Equity in income of affiliated companies, net of tax (1) (2) Income before income taxes and equity in income of affiliated companies $ 299 $ 309
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(6) Property and other losses, net, include property claims and losses related to fire damage incurred at our manufacturing sites, net of any insurance recoveries.
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(7) Fiscal year end change expenses include incremental expenses incurred in connection with the Company's change of fiscal year end.
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(8) For the three months ended September 30, 2026, Other includes various expense and income items primarily relating to professional fees and pension settlements of $ 7 million. For the three months ended September 30, 2025, Other included various expense and income items primarily relating to legal matters.
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Three Months Ended September 30, (in millions, except per share amounts) 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Numerator Net income attributable to Amcor plc $ 242 $ 262 Distributed and undistributed earnings attributable to shares to be repurchased — — Net income available to ordinary shareholders of Amcor plc—basic and diluted $ 242 $ 262 Denominator Weighted-average ordinary shares outstanding (1) 462.4 463.0 Weighted-average ordinary shares to be repurchased by Amcor plc (0.5) (0.2) Weighted-average ordinary shares outstanding for EPS—basic 461.9 462.8 Effect of dilutive shares 2.7 0.1 Weighted-average ordinary shares outstanding for EPS—diluted 464.6 462.9 Per ordinary share income Basic earnings per ordinary share $ 0.52 $ 0.57 Diluted earnings per ordinary share $ 0.52 $ 0.57
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In May 2026, our Board of Directors approved a change in our fiscal year end from June 30 to December 31. The fiscal year end change became effective for the period beginning July 1, 2026 through December 31, 2026 (the "Transition Period").
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We have subsidiaries in Argentina that historically used the Argentine peso as their functional currency. Effective July 1, 2018, following Argentina's designation as a highly inflationary economy for accounting purposes, we changed the functional currency of these subsidiaries to the U.S. dollar, the reporting currency of the parent company. Although the Argentine government has implemented measures intended to stabilize the peso, including rebuilding foreign currency reserves with support from International Monetary Fund programs, the sustainability of these efforts remains dependent on continued reserve accumulation and fiscal discipline.
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Highly inflationary accounting resulted in losses on net monetary assets of approximately $1 million and $11 million during the three months ended September 30, 2026 and 2025, respectively. Foreign currency transaction losses recognized in the consolidated statements of income were $3 million and $16 million for the three months ended September 30, 2026 and 2025, respectively. We continue to monitor the foreign currency risks associated with our Argentine operations, which represented less than 1% of our total assets as of September 30, 2026.
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Three Months Ended September 30, ($ in millions) 2026 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income attributable to Amcor plc, as reported $ 242 $ 262 Add: Net income attributable to non-controlling interests — — Net income 242 262 Add: Income tax expense 58 49 Add: Interest expense 166 168 Less: Interest income (13) (15) EBIT 453 464 Add: Amortization of acquired intangible assets from business combinations (1) 140 133 Add: Impact of hyperinflation (2) 1 11 Add: Portfolio review disposal costs (3) 9 22 Add: Restructuring, integration and related expenses, net (4) 62 53 Add: Property and other losses, net (5) 8 — Add: Fiscal year end change expenses (6) 7 — Add: Other (7) 9 4 Adjusted EBIT $ 689 $ 687 Less: Interest expense (166) (168) Add: Adjustments to interest expense (8) — 13 Less: Income tax expense (58) (49) Less: Adjustments to income tax expense (9) (38) (50) Add: Interest income 13 15 Add: Net income attributable to non-controlling interests — — Adjusted net income $ 440 $ 448
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(5) Property and other losses, net, include property claims and losses related to fire damage incurred at our manufacturing sites, net of any insurance recoveries.
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(6) Fiscal year end change expenses include incremental expenses incurred in connection with the Company's change of fiscal year end.
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(7) For the three months ended September 30, 2026, Other includes various expense and income items primarily relating to professional fees and pension settlements of $7 million. For the three months ended September 30, 2025, Other included various expense and income items primarily relating to legal matters.
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Three Months Ended September 30, 2026 Obligor Group ──────────────────────────────────────────────────────────────────────────── Net sales - external $482 Net sales - to subsidiaries outside the Obligor Group 4 Total net sales $486 Gross profit 77 Net income (1) $3,676 Net income attributable to non-controlling interests — Net income attributable to Obligor Group $3,676
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Share sales and buybacks
(1) Includes shares purchased on the open market to satisfy the vesting and exercises of share-based compensation awards.
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(2) Average price paid per share excludes costs associated with the repurchases.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Aug 14, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes from the risk factors contained in "Item 1A. - Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. Additional risks not currently known to us or that we currently deem to be immaterial may also materially affect our consolidated financial position, results of operations, or cash flows.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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