Amcor dividend
MyStockButler's October 2026 analysis: Amcor's forecast dividend rises from $2.64 in October 2027 to $2.69 in October 2028 and $2.75 in October 2029. After allowing for $83 million of stock pay, “real free cash flow” was $1.1 billion, less than the $1.2 billion paid in dividends.
How much does Amcor pay its shareholders?
Dividends grow from $2.64 in October 2027 to $2.69 in October 2028 and $2.75 in October 2029. That continues the roughly 2% annual increases of the previous five years. The bear case holds the current run rate first, then cuts to $2.20 as cash pressure intensifies. The bull case reaches $2.92 through 4% annual growth, supported by better cash conversion, although FY2026 real free cash flow did not cover dividends.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 2,025 (1,752 / 2,108) | 2,108 (1,750 / 2,236) | 2,202 (1,747 / 2,385) |
| Shares (millions) | 464 (464 / 463) | 466 (466 / 464) | 467 (468 / 464) |
| Dividends per share | 2.64 (2.59 / 2.70) | 2.69 (2.20 / 2.81) | 2.75 (2.20 / 2.92) |
| Price to earnings | 14.00 (12.00 / 17.00) | 14.00 (10.00 / 18.00) | 14.00 (9.00 / 19.00) |
How much would Amcor's dividend pay you?
$10,000 invested in Amcor at its 5.6% dividend yield (our report of October 23, 2026) pays $560.00 in the first year, before tax. If its dividend per share keeps changing 2.0% a year, as it did from Jun 2022 to Jun 2026, and the dividends are reinvested, year 10 pays $1,142.02, with $8,149.54 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is Amcor's dividend covered by its cash?
After allowing for $83 million of stock pay, “real free cash flow” was $1.1 billion, less than the $1.2 billion paid in dividends. Stock pay is not a current cash payment, but it represents dilution. The cash question therefore leads directly to debt capacity.
Cash therefore gives the tougher test. Amcor generated $1.303 billion of FY26 free cash flow after about $290 million of transaction, restructuring and integration costs. It paid $1.195 billion in dividends, leaving little before debt repayment and other uses. Working capital can tighten the squeeze because cash becomes tied up in receivables and inventories even when adjusted profit rises.
| Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | |
|---|---|---|---|---|---|
| Free cash flow | 1,229 | 810 | 829 | 735 | 999 |
| − Dividends paid | 1,195 | 842 | 716 | 717 | 723 |
| = Free cash flow not paid out | 34 | 77 | |||
| Paid out, % of free cash flow | 97.2% | 104.0% | 90.0% | 156.3% | 132.5% |
| Paid out, % of real free cash flow | 104.3% | 114.4% | 93.6% | 168.7% | 141.5% |
What this means. In some years, the company paid shareholders more cash than its business generated, so it had to use savings or borrow money to cover the difference.
What could change Amcor's dividend?
Management guides to adjusted EPS of US$1.80–US$1.90 for the six months to December 2026. It guides to leverage of 3.5x–3.6x at December 31, 2026. Expected cash-flow recovery is US$100–US$300 million in that period. The 12-month target is US$500 million. Retained Berry synergies target US$650 million by the end of FY2028, after US$285 million of FY2026 benefits.
What is Amcor's dividend yield today?
Today’s price assumes that Berry’s remaining benefits will lift earnings and release cash. At $46.375, the next-twelve-month P/E is 10.6x. That arithmetic implies about $4.38 of earnings per share on the forecast’s definition.
| Today (Oct 23, 2026) | |
|---|---|
| Share price | 46.375 |
| Market value (calculated) | 21,441.28 |
| P/E, next 12 months (calculated) | 10.6x |
| Dividend yield (calculated) | 5.6% |
What this means. The next-12-month price-to-earnings ratio uses analysts’ estimates of future profit, so it is not based on money the company has already earned.