CENCORA REPORTS FISCAL 2026 FOURTH QUARTER AND FISCAL YEAR END RESULTS
Fourth Quarter Revenue of $88.4 Billion up 5.5 Percent. GAAP Diluted EPS of $2.71 and Adjusted Diluted EPS of $4.66
Fiscal Year 2026 Revenue of $337.4 Billion up 5.0 Percent. GAAP Diluted EPS of $17.95 and Adjusted Diluted EPS of $17.97
Fiscal 2027 Adjusted Diluted EPS Expected to be in the Range of $19.40 to $19.75, reflecting growth of 8 percent to 10 percent
Company introduces new reportable segments and provides segment-level long-term growth targets
- Cencora, Inc. (NYSE: COR) today reported that in its fiscal year 2026 fourth quarter ended September 30, 2026, revenue increased 5.5 percent to $88.4 billion. Revenue increased 5.0 percent to $337.4 billion for fiscal year 2026. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $2.71 for the fourth quarter of fiscal 2026, compared to $(1.75) in the prior year quarter. Adjusted diluted EPS, which is a non-GAAP measure that excludes items described below, increased 21.4 percent to $4.66 in the fiscal fourth quarter. For fiscal year 2026, diluted GAAP EPS increased 125.5 percent to $17.95 . For fiscal year 2026, adjusted diluted EPS increased 12.3 percent to $17.97.
“Fiscal 2026 was a pivotal year for Cencora, as we expanded our MSO platform through the acquisition of OneOncology, sharpened the focus of our portfolio and delivered record results,” said Robert P. Mauch, President and Chief Executive Officer of Cencora. “These actions laid the foundation and position us to move forward with significant momentum and clear strategic priorities.”
“As we enter fiscal 2027, our new operating model is designed to strengthen our execution and provide visibility to our progress,” Mr. Mauch continued. “By uniting our specialty businesses and elevating the voices of our customers, we are better able to advance our purpose and deliver sustained value for our shareholders.”
GAAP Adjusted (Non-GAAP) Revenue $88.4B $88.4B Gross Profit $3.6B $3.6B Operating Expenses $2.7B $2.3B Operating Income $907M $1.2B Interest Expense, Net $136M $136M Effective Tax Rate 32.8% 20.2% Net Income Attributable to Cencora $519M $893M Diluted Earnings Per Share $2.71 $4.66 Diluted Shares Outstanding 191.7M 191.7M
Below, Cencora presents descriptive summaries of the Company’s GAAP and adjusted (non-GAAP) quarterly and fiscal year results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the Supplemental Information Regarding Non- GAAP Financial Measures following the tables.
Revenue: In the fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, reflecting a 5.4 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.1 percent increase in revenue within the International Healthcare Solutions segment.
• Gross Profit: Gross profit in the fourth quarter of fiscal 2026 was $3.6 billion, a 21.9 percent increase compared to the same quarter in the previous fiscal year, primarily due to increases in gross profit in both reportable segments. Gross profit as a percentage of revenue was 4.08 percent, an increase of 55 basis points from the prior year quarter due to the increase in U.S. Healthcare Solutions’ gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by increased sales of GLP-1s, which have lower gross profit margins.
• Operating Expenses: In the fourth quarter of fiscal 2026, operating expenses were $2.7 billion, an 8.2 percent decrease compared to the same quarter in the previous fiscal year, primarily due to the $723.9 million PharmaLex goodwill impairment charge recorded in the prior year quarter. The decrease in operating expenses was partially offset by operating expenses from OneOncology acquired in February 2026.
• Operating Income: In the fourth quarter of fiscal 2026, operating income was $906.8 million, an increase of $888.3 million compared to the same period in the previous fiscal year, due to the increase in gross profit and decrease in operating expenses. Operating income as a percentage of revenue was 1.03 percent in the fourth quarter of fiscal 2026 compared to 0.02 percent for the same period in the previous fiscal year.
• Interest Expense, Net: In the fourth quarter of fiscal 2026, net interest expense was $136.3 million, an increase of $58.5 million versus the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and entering into variable-rate term loans to finance a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.
• Income Tax Expense: Income tax expense was $258.1 million in the fourth quarter of fiscal 2026 compared to $146.0 million in the prior year quarter primarily due to discrete tax items, net expense in the current year quarter.
• Diluted Earnings Per Share: Diluted earnings per share was $2.71 in the fourth quarter of fiscal 2026, compared to $(1.75) in the previous fiscal year’s fourth quarter.
• Diluted Shares Outstanding: Diluted weighted average shares outstanding for the fourth quarter of fiscal 2026 were 191.7 million, a decrease of 1.1 percent versus the prior fiscal year fourth quarter due to share repurchases.
• Revenue: No adjustments were made to the GAAP presentation of revenue. In the fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, reflecting a 5.4 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.1 percent increase in revenue within the International Healthcare Solutions segment.
Adjusted Gross Profit: Adjusted gross profit in the fourth quarter of fiscal 2026 was $3.6 billion, a 23.0 percent increase compared to the same quarter in the previous fiscal year, primarily due to increases in gross profit in both reportable segments. Adjusted gross profit as a percentage of revenue was 4.04 percent in the fiscal 2026 fourth quarter, an increase of 57 basis points when compared to the prior year quarter primarily due to the increase in U.S. Healthcare Solutions gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by increased sales of GLP-1s, which have lower gross profit margins.
• Adjusted Operating Expenses: In the fourth quarter of fiscal 2026, adjusted operating expenses were $2.3 billion, a 23.5 percent increase compared to the same quarter in the previous fiscal year, primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.
Adjusted Operating Income: In the fourth quarter of fiscal 2026, adjusted operating income was $1.2 billion, a 22.1 percent increase compared to the same quarter in the prior fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income as a percentage of revenue was 1.41 percent in the fiscal 2026 fourth quarter, an increase of 19 basis points when compared to the prior year quarter.
• Interest Expense, Net: No adjustments were made to the GAAP presentation of net interest expense. In the fourth quarter of fiscal 2026, net interest expense was $136.3 million, an increase of $58.5 million versus the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and entering into variable-rate term loans to finance a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.
• Adjusted Effective Tax Rate: The adjusted effective tax rate was 20.2 percent for the fourth quarter of fiscal 2026 compared to 20.6 percent in the prior year quarter.
• Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.66 in the fourth quarter of fiscal 2026, a 21.4 percent increase compared to $3.84 in the previous fiscal year’s fourth quarter.
• Adjusted Diluted Shares Outstanding: Adjusted diluted weighted average shares outstanding for the fourth quarter of fiscal 2026 were 191.7 million, a decrease of 1.8 percent versus the prior fiscal year fourth quarter due to share repurchases.
The Company is organized geographically based upon the products and services it provides to its customers under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. Additionally, other businesses for which the Company is exploring strategic alternatives have been grouped together in Other. These businesses include MWI Animal Health, Profarma, U.S. Consulting Services (which was divested in April 2026), and certain components of PharmaLex.
U.S. Healthcare Solutions revenue was $78.3 billion in the fourth quarter of fiscal 2026, an increase of 5.4 percent compared to the same quarter in the previous fiscal year due to overall market growth primarily driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and increased sales of products labeled for diabetes and/or weight loss in the GLP-1 class. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products and lower sales to our large mail order customer. Segment operating income of $997.6 million in the fourth quarter of fiscal 2026 was up 22.0 percent compared to the same period in the previous fiscal year due to an increase in gross profit, as a result of increased pharmaceutical sales and the February 2026 acquisition of OneOncology, offset in part by an increase in operating expenses.
International Healthcare Solutions revenue was $7.8 billion in the fourth quarter of fiscal 2026, an increase of 5.1 percent compared to the same period in the prior fiscal year due to growth in all businesses within this reportable segment. Segment operating income in the fourth quarter of fiscal 2026 was $152.1 million, an increase of 16.4 percent, primarily due to increased operating income at our Canadian and global specialty logistics businesses. On a constant currency basis, International Healthcare Solutions revenue increased by 7.8 percent and operating income increased by 18.9 percent.
Revenue in Other was $2.3 billion in the fourth quarter of fiscal 2026, an increase of 10.1% compared to the same period in the prior fiscal year primarily due to growth at Profarma and MWI Animal Health, offset in part by decreases in sales at our consulting services businesses primarily due to the April 2026 divestiture of U.S. Consulting Services. Operating income in Other in the fourth quarter of fiscal 2026 was $101.1 million, an increase of 35.8 percent, primarily due to an increase in operating income at MWI Animal Health due to business growth and, to a lesser extent, a decline in depreciation expense resulting from its classification as held for sale.
GAAP Adjusted (non-GAAP) Revenue $337.4B $337.4B Gross Profit $13.9B $13.5B Operating Expenses $9.9B $8.6B Operating Income $3.9B $4.8B Interest Expense, Net $490M $490M Effective Tax Rate 23.6% 19.5% Net Income Attributable to Cencora $3.5B $3.5B Diluted Earnings Per Share $17.95 $17.97 Diluted Shares Outstanding 194.1M 194.1M
In fiscal year 2026, GAAP diluted EPS was $17.95 compared to $7.96 in the prior fiscal year. Revenue increased 5.0 percent from the prior fiscal year to $337.4 billion. Gross profit increased 20.8 percent to $13.9 billion primarily due to increases in gross profit in both reportable segments and a higher LIFO credit in the current fiscal year compared to the prior fiscal year, offset in part by lower gains from antitrust litigation settlements in the current fiscal year compared to the prior fiscal year. Operating expenses increased 12.3 percent largely due to increased distribution, selling, and administrative expenses, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of Retina Consultants of America (RCA). Operating expense growth was offset in part by lower impairment charges in the current fiscal year compared to the prior fiscal year. Operating income increased 49.5 percent due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income margin increased by 34 basis points to 1.16 percent. Diluted weighted average shares outstanding in fiscal 2026 were 194.1 million, down 0.6 percent from the prior fiscal year primarily due to share repurchases.
In fiscal year 2026, adjusted diluted EPS was $17.97 compared to $16.00 in the prior fiscal year. Revenue increased 5.0 percent to $337.4 billion. Adjusted gross profit increased 20.0 percent to $13.5 billion primarily due to increases in gross profit in both reportable segments. Adjusted operating expenses increased 23.7 percent to $8.6 billion largely driven by an increase in distribution, selling, and administrative expenses, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of RCA. Adjusted operating income increased 14.0 percent to $4.8 billion due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income margin increased by 12 basis points to 1.43 percent, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of RCA. Diluted weighted average shares outstanding in fiscal 2026 were 194.1 million, down 0.6 percent from the prior fiscal year primarily due to share repurchases.
• Cencora announced a new organizational and financial reporting structure intended to strengthen execution and improve visibility.
• Cencora announced it has signed a definitive agreement to acquire American Oncology Network, a physician-led network of more than 350 oncology providers across 21 states.
• The Company has signed a definitive agreement to sell its stake in Profarma, and the transaction is expected to close in the first quarter of fiscal 2027.
On November 3, 2026, the Company declared a quarterly dividend of $0.66 per common share, a 10 percent increase in its quarterly dividend rate from $0.60 per common share. The quarterly dividend of $0.66 per common share is payable November 30, 2026, to stockholders of record at the close of business on November 13, 2026.
In order to advance its growth priorities, Cencora recently completed a restructuring of its operating model intended to strengthen execution and improve visibility. As a result of this restructuring, the Company has reorganized all business components within the U.S. Healthcare Solutions and International Healthcare Solutions reportable segments. Beginning in the first quarter of fiscal 2027, the Company’s reporting structure will be comprised of Pharmaceutical Distribution and Services, Specialty Pharmaceutical and Provider Services, and Other. The Pharmaceutical Distribution and Services reportable segment will consist of U.S. and international wholesale pharmaceutical distribution and related services that support health systems, retail pharmacies, and alternate sites of care. The Specialty Pharmaceutical and Provider Services reportable segment will consist of specialty distribution services to physician practices, management services organizations, World Courier and third-party logistics (3PL) services, Innomar and strategic components of PharmaLex. Other, which is not considered a reportable segment, will continue to consist of businesses for which the Company is exploring strategic alternatives, including MWI Animal Health, Profarma, and the other components of PharmaLex.
The Company does not provide forward-looking expectations on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Please refer to the Supplemental Information Regarding Non-GAAP Financial Measures following the tables for additional information.
2027 Expectations Fiscal 2026 Actuals Revenue 3% to 5% growth $337.4B Pharmaceutical Distribution and 4% to 6% growth $284.5B Services(1) Specialty Pharmaceutical and Provider 9% to 14% growth $45.4B Services(1) Other(2) ~$3.5B $8.7B Adjusted operating income 4% to 6% growth $4.8B Pharmaceutical Distribution and 2% to 4% growth $2.7B Services(1) Specialty Pharmaceutical and Provider 18% to 21% growth $1.7B Services(1) Other(2) ~$200M $393M Adjusted diluted earnings per $19.40 to $19.75 $17.97 share Net interest expense $490M to $510M $490M Adjusted effective tax rate ~20% 19.5% Diluted weighted average shares ~190M 194.1M outstanding Adjusted free cash flow ~$3.5B $3.8B Capital expenditures ~$1.0B $910M
(1) For further detail on fiscal 2026 revised reportable segment information, please reference Exhibit 99.1 to the Company’s Form 8-K to be furnished November 4, 2026. (2) The Company’s fiscal year 2027 expectations contemplate the sale of the equity interest in Profarma closing in the first fiscal quarter and assume a March 31, 2027 closing of the MWI Animal Health merger with Covetrus.
The Company is reaffirming its long-term growth target that contemplates adjusted operating income growth of 7% to 10% and adjusted diluted EPS growth of 10% to 14%.
To reflect the Company’s new reporting structure, the Company is introducing long-term adjusted operating income growth targets for its newly defined segments:
Long-Term Growth Targets Adjusted Operating Income 7% to 10% Pharmaceutical Distribution and Services Segment Mid-single digit percent growth Operating Income(1) Specialty Pharmaceutical and Provider Services Mid-teens percent growth Segment Operating Income(1) Capital Deployment 3% to 4% Adjusted Diluted EPS 10% to 14%
(1) For further detail on fiscal 2026 revised reportable segment information, please reference Exhibit 99.1 to the Company’s Form 8-K to be furnished November 4, 2026.
The Company will host a conference call to discuss the results at 8:30 a.m. ET on November 4, 2026. A slide presentation for investors has also been posted on the Company’s website at investor.cencora.com. The live call will be webcast via the Company’s website at investor.cencora.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.
Replays of the call will be made available via webcast. A replay of the webcast will be posted on investor.cencora.com approximately one hour after the completion of the call and will remain available for one year.
Cencora management will be attending the following investor event in the coming months: • J.P. Morgan Healthcare Conference, January 11-14, 2027. Please check the website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.
Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #16 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com
Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included (i) in the “Risk Factors” and “Management’s Discussion and Analysis” sections in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws. CENCORA, INC.
________________________________________ 1 Includes a $38.4 million gain from antitrust litigation settlements, a $5.6 million LIFO credit, and Türkiye foreign currency remeasurement expense of $15.4 million in the three months ended September 30, 2026. Includes a $5.4 million gain from antitrust litigation settlements, a $57.0 million LIFO credit, and Türkiye foreign currency remeasurement expense of $13.2 million in the three months ended September 30, 2025.
2 Includes $93.9 million and $46.7 million of adjustments to RCA and OneOncology equity units in the three months ended September 30, 2026 and 2025, respectively. The Company also increased its estimate for contingent consideration related to the RCA acquisition by $16.8 million and $19.6 million in the three months ended September 30, 2026 and 2025, respectively.
3 Represents a goodwill impairment charge related to PharmaLex in the three months ended September 30, 2025.
4 Includes a $113.5 million impairment of an equity investment and a $16.5 million loss on the remeasurement of an equity investment in the three months ended September 30 2025. CENCORA, INC.
________________________________________ 1 Includes a $72.5 million gain from antitrust litigation settlements, a $387.5 million LIFO credit, and Türkiye foreign currency remeasurement expense of $53.9 million in the fiscal year ended September 30, 2026. Includes a $236.4 million gain from antitrust litigation settlements, a $76.9 million LIFO credit, and Türkiye foreign currency remeasurement expense of $49.6 million in the fiscal year ended September 30, 2025.
2 Includes a $102.0 million reduction of opioid liability related to the dismissal of opioid litigation and an $86.8 million credit related to a derivative lawsuit settlement in the fiscal year ended September 30, 2026.
3 Includes $246.7 million and $121.7 million of adjustments to RCA and OneOncology equity units in the fiscal years ended September 30, 2026 and 2025, respectively. The Company also increased its estimate for contingent consideration related to the RCA acquisition by $16.8 million and $19.6 million in the fiscal years ended September 30, 2026 and 2025, respectively.
4 Impairment of assets, including goodwill, related to our U.S. Consulting Services business, which was divested in April 2026, in the fiscal year ended September 30, 2026. Represents a goodwill impairment charge related to PharmaLex in the fiscal year ended September 30, 2025.
5 In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the fiscal year ended September 30, 2026. Includes a $113.5 million impairment of an equity investment and a $35.5 million loss on the divestiture of non-core businesses, offset in part by the Company’s portion of an equity method investment’s gain on the sale of a business of $39.7 million and a $14.1 million gain on the remeasurement of an equity investment in the fiscal year ended September 30, 2025. CENCORA, INC.
RECONCILIATION OF DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (GAAP TO NON-GAAP)
1 For the non-GAAP presentation, diluted weighted average common shares outstanding was adjusted to include the impact of the restricted stock units and stock options that were antidilutive for the GAAP presentation for the three months ended September 30, 2025.
Percentages of Revenue: GAAP Adjusted Non-GAAP Gross profit 4.08% 4.04% Operating expenses 3.05% 2.63% Operating income 1.03% 1.41%
________________________________________ 1 Includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets. Additionally, in the fourth quarter of fiscal 2026, the Company recorded a tax benefit of $87.1 million related to the pending divestiture of MWI Animal Health and an unfavorable valuation adjustment of $146.8 million related to Swiss deferred tax assets.
Percentages of Revenue: GAAP Adjusted Non-GAAP Gross profit 3.53% 3.47% Operating expenses 3.51% 2.25% Operating income 0.02% 1.22%
______________________________________ 1 Includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.
Percentages of Revenue: GAAP Adjusted Non-GAAP Gross profit 4.11% 3.99% Operating expenses 2.95% 2.56% Operating income 1.16% 1.43%
________________________________________ 1 Includes a $102.0 million reduction of opioid liability related to the dismissal of opioid litigation and an $86.8 million credit related to a derivative lawsuit settlement.
2 Impairment of assets, including goodwill related to our U.S. Consulting Services business, which was divested in April 2026.
3 In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.
4 Includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets. Additionally, in fourth quarter of fiscal 2026, the Company recorded a tax benefit of $87.1 million related to the pending divestiture of MWI Animal Health and an unfavorable valuation adjustment of $146.8 million related to Swiss deferred tax assets.
Note: For more information related to non-GAAP financial measures, refer to the section titled “ Supplemental Information Regarding Non-GAAP Financial Measures ” of this release. CENCORA, INC.
Percentages of Revenue: GAAP Adjusted Non-GAAP Gross profit 3.57% 3.49% Operating expenses 2.75% 2.18% Operating income 0.82% 1.31%
________________________________________ 1 Represents the Company’s portion of an equity method investment’s gain on the sale of a business.
2 Includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets. Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release. CENCORA, INC.
Three Months Ended Operating September income 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── U.S. Healthca… $ 997,635 $ 817,889 22.0% Solutions Internat… Healthca… 152,132 130,752 16.4% Solutions Other 101,075 74,429 35.8% Interseg… -1,944 — eliminat… Total segment 1,248,898 1,023,070 22.1% operating income Gains from antitrust 38,355 5,361 litigati… settleme… LIFO 5,595 56,963 credit Türkiye highly -15,439 -13,161 inflatio… impact Acquisit… intangib… -116,035 -126,292 amortiza… Litigati… and -12,066 -14,408 opioid-r… expenses Acquisit… and divestit… deal -177,375 -100,114 and integrat… expenses, net Restruct… and other -65,127 -89,032 expenses, net Goodwill — -723,884 impairme… Operating $ 906,806 $ 18,503 4,800.9% income Percenta… of revenue: U.S. Healthca… Solutions Gross 3.12% 2.51% profit Operating 1.85% 1.40% expenses Operating 1.27% 1.10% income Internat… Healthca… Solutions Gross 10.29% 9.99% profit Operating 8.34% 8.23% expenses Operating 1.95% 1.76% income Other Gross 14.30% 14.57% profit Operating 9.91% 11.01% expenses Operating 4.39% 3.56% income Cencora, Inc. (GAAP) Gross 4.08% 3.53% profit Operating 3.05% 3.51% expenses Operating 1.03% 0.02% income Cencora, Inc. (Non-GAA… Adjusted gross 4.04% 3.47% profit Adjusted operating 2.63% 2.25% expenses Adjusted operating 1.41% 1.22% income
Note: For more information related to non-GAAP financial measures, refer to the section titled “ Supplemental Information Regarding Non-GAAP Financial Measures ” of this release. CENCORA, INC.
Fiscal Year Ended Operating September income 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── U.S. Healthcare $ 3,793,443 $ 3,283,433 15.5% Solutions Internati… Healthcare 635,937 587,805 8.2% Solutions Other 392,861 351,713 11.7% Intersegm… -9,194 22 eliminati… Total segment 4,813,047 4,222,973 14.0% operating income Gains from antitrust 72,539 236,372 litigation settlemen… LIFO 387,491 76,876 credit Türkiye highly -53,886 -49,571 inflation… impact Acquisiti… intangibl… -474,677 -553,028 amortizat… Litigation and opioid-re… 148,870 -60,671 credit (expenses… net Acquisiti… and divestitu… deal -533,027 -291,044 and integrati… expenses, net Restructu… and other -180,794 -229,422 expenses, net Impairment of assets, -249,498 -723,884 including goodwill Operating $ 3,930,065 $ 2,628,601 49.5% income Percentag… of revenue: U.S. Healthcare Solutions Gross 3.00% 2.46% profit Operating 1.73% 1.31% expenses Operating 1.27% 1.15% income Internati… Healthcare Solutions Gross 10.53% 10.44% profit Operating 8.45% 8.37% expenses Operating 2.07% 2.07% income Other Gross 14.81% 15.40% profit Operating 10.31% 11.08% expenses Operating 4.50% 4.31% income Cencora, Inc. (GAAP) Gross 4.11% 3.57% profit Operating 2.95% 2.75% expenses Operating 1.16% 0.82% income Cencora, Inc. (Non-GAAP) Adjusted gross 3.99% 3.49% profit Adjusted operating 2.56% 2.18% expenses Adjusted operating 1.43% 1.31% income
Note: For more information related to non-GAAP financial measures, refer to the section titled “ Supplemental Information Regarding Non-GAAP Financial Measures ” of this release. CENCORA, INC.
Fiscal Year Ended September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Operating Activities: Net income $ 3,501,421 $ 1,567,814 Adjustments to reconcile net income to net cash provided by 603,638 2,271,882 operating activities Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable -1,491,136 -1,923,411 Inventories -1,343,488 -1,269,429 Accounts payable 4,014,548 3,693,364 Other, net -494,816 -465,100 Net cash provided by operating 4,790,167 3,875,120 activities Investing Activities: Capital expenditures -909,501 -667,981 Cost of acquired companies, net of cash -4,994,581 -4,095,630 acquired Cost of equity investments -39,434 -196,242 Other, net 142,913 -17,440 Net cash used in investing -5,800,603 -4,977,293 activities Financing Activities: Net debt borrowings1 3,248,489 3,195,668 Purchases of common stock -1,000,052 -435,471 Cash dividends on common -476,813 -437,081 stock Employee tax withholdings related to -105,357 -77,783 restricted share vesting Other, net -13,138 3,781 Net cash provided by financing 1,653,129 2,249,114 activities Effect of exchange rate changes on cash, -46,486 -50,272 cash equivalents, and restricted cash Increase in cash, cash equivalents, and restricted cash, including 596,207 1,096,669 cash classified within assets held for sale Less: Increase in cash classified within -19,267 — assets held for sale Increase in cash, cash equivalents, and 576,940 1,096,669 restricted cash Cash, cash equivalents, and restricted 4,394,549 3,297,880 cash at beginning of fiscal year2 Cash, cash equivalents, and restricted $ 4,971,489 $ 4,394,549 cash at end of fiscal year2
________________________________________ 1 Includes the issuance of $3.0 billion of senior notes and $1.5 billion of term loans to finance a portion of the February 2, 2026 acquisition of OneOncology in the fiscal year ended September 30, 2026. Includes the issuance of $1.8 billion of senior notes and a $1.5 billion term loan to finance a portion of the January 2, 2025 acquisition of Retina Consultants of America and the issuance of $1.1 billion of senior notes, offset in part by $700 million of term loan repayments and the repayment of $500 million of senior notes in the fiscal year ended September 30, 2025. 2 The following represents a reconciliation of cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents, and restricted cash in the Condensed Consolidated Statements of Cash Flows:
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.
The non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are outside the control of the Company or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. We have included the following non-GAAP earnings-related financial measures in this release:
• Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit is a non-GAAP financial measure that excludes gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact. Adjusted gross profit margin is the ratio of adjusted gross profit to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental measure of the Company’s ongoing operating performance. Gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact are excluded because the Company cannot control the amounts recognized or timing of these items. Gains from antitrust litigation settlements relate to the settlement of lawsuits that have been filed against brand pharmaceutical manufacturers alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. LIFO expense (credit) is affected by changes in inventory quantities, product mix, and manufacturer pricing practices, which may be impacted by market and other external influences.
• Adjusted operating expenses and adjusted operating expense margin: Adjusted operating expenses is a non-GAAP financial measure that excludes acquisition- related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses, net; restructuring and other expenses, net; and impairment of assets, including goodwill. Adjusted operating expense margin is the ratio of adjusted operating expenses to total revenue. Acquisition-related intangibles amortization is excluded because it is a non-cash item and does not reflect the operating performance of the acquired companies. We exclude acquisition and divestiture-related deal and integration expenses, net and restructuring and other expenses, net that relate to unpredictable and/or non-recurring business activities. We exclude the amount of litigation and opioid-related (credit) expenses, net, and the impairment of assets, including goodwill, that are unusual, non-operating, unpredictable, non-recurring or non-cash in nature because we believe these exclusions facilitate the analysis of our ongoing operational performance.
• Adjusted operating income and adjusted operating income margin: Adjusted operating income is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted gross profit and adjusted operating expenses. Adjusted operating income margin is the ratio of adjusted operating income to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental way to evaluate the Company’s performance because the adjustments are unusual, non-operating, unpredictable, non-recurring or non-cash in nature.
• Adjusted income before income taxes : Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, remeasurement gain related to the OneOncology acquisition, gain on an equity method investment, loss on divestiture of non-core businesses, and the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and/or non-recurring. Management believes that this non- GAAP financial measure is useful to investors because it facilitates the calculation of the Company’s adjusted effective tax rate.
• Adjusted income tax expense : Adjusted income tax expense is a non-GAAP financial measure that excludes the income tax expense (benefits) associated with the same items that are described above and excluded from adjusted income before income taxes. Certain discrete tax expense (benefits) are also excluded from adjusted income tax expense. Further, the amortization of deferred tax assets relating to 2020 Swiss tax reform is excluded from adjusted income tax expense. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because the adjustments are unusual, non-operating, unpredictable, non-recurring or non- cash in nature.
• Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP financial measure that is determined by dividing adjusted income tax expense by adjusted income before income taxes. Management believes that this non-GAAP financial measure is useful to investors because it presents an effective tax rate that does not reflect unusual, non-operating, unpredictable, non-recurring, or non-cash amounts or items that are outside the control of the Company.
• Adjusted net income attributable to the Company: Adjusted net income attributable to the Company is a non-GAAP financial measure that excludes the same items that are described above. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.
• Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary impact; acquisition-related intangibles amortization; litigation and opioid- related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses, net; restructuring and other expenses, net; impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; gain on equity method investment; loss on divestiture of non-core businesses; and the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform, in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of certain discrete tax items and the per share impact of the amortization of deferred tax assets relating to 2020 Swiss tax reform are also excluded from adjusted diluted earnings per share. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature. Diluted weighted average common shares outstanding has been adjusted to include the impact of restricted stock units and stock options that were antidilutive for the GAAP presentation due to a GAAP net loss in the fourth quarter and fiscal year ended September 30, 2025. Management believes that adjusted diluted shares outstanding is useful to investors because it facilitates the calculation of adjusted diluted earnings per share.
• Adjusted Free Cash Flow: Adjusted free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, excluding significant unpredictable or non-recurring cash payments or receipts relating to legal settlements, minus capital expenditures. Adjusted free cash flow is used internally by management for measuring operating cash flow generation and setting performance targets and has historically been used as one of the means of providing expectations on possible future cash flows. The Company does not provide forward looking expectations on a GAAP basis for free cash flow because the timing and amount of favorable and unfavorable settlements excluded from this metric, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated. Below is a reconciliation of operating cash flows to adjusted free cash flows for the fiscal year ended September 30, 2026:
Reconciliation of adjusted free cash flows Operating cash flows $4,790M Capital expenditures $(910)M Free cash flows $3,881M Gains from antitrust litigation settlements $(73)M Adjusted free cash flows $3,808M
The Company also presents revenue and operating income on a “constant currency” basis, which are non-GAAP financial measures. These amounts are calculated by translating current period GAAP results at the foreign currency exchange rates used in the comparable period in the prior year. The Company presents such constant currency financial information because it has significant operations outside of the United States reporting in currencies other than the U.S. dollar and management believes that this presentation provides a framework to assess how its business performed excluding the impact of foreign currency exchange rate fluctuations. Below is a summary of revenue and adjusted operating income on an as-reported basis and on a constant currency basis for the three months ended September 30, 2026:
Revenue Adjusted Operating Income Consolidated As reported $88.4B $1,249M Impact of foreign currency $0.2B $3M translation Constant currency $88.6B $1,252M International Healthcare Solutions segment As reported $7.8B $152M Impact of foreign currency $0.2B $3M translation Constant currency $8.0B $155M
In addition, the Company has provided non-GAAP fiscal year 2027 expectations for diluted earnings per share, operating income, effective income tax rate and free cash flow that excludes the same or similar items as those that are excluded from the historical non-GAAP financial measures, as well as significant items that are outside the control of the Company or inherently unusual, non- operating, unpredictable, non-recurring or non-cash in nature. The Company does not provide forward looking expectations on a GAAP basis for such metrics because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, LIFO expense (credit) is largely dependent upon the future inflation or deflation of brand and generic pharmaceuticals, which is out of the Company’s control, and acquisition-related intangibles amortization depends on the timing and amount of future acquisitions, which cannot be reasonably estimated. Similarly, the timing and amount of favorable and unfavorable settlements, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated. Contacts:
Full text with the tables
Exhibit 99.1
CENCORA REPORTS FISCAL 2026 FOURTH QUARTER AND FISCAL YEAR END RESULTS
Fourth Quarter Revenue of $88.4 Billion up 5.5 Percent. GAAP Diluted EPS of
$2.71 and Adjusted Diluted EPS of $4.66
Fiscal Year 2026 Revenue of $337.4 Billion up 5.0 Percent. GAAP Diluted EPS of
$17.95 and Adjusted Diluted EPS of $17.97
Fiscal 2027 Adjusted Diluted EPS Expected to be in the Range of $19.40 to
$19.75, reflecting growth of 8 percent to 10 percent
Company introduces new reportable segments and provides segment-level long-term
growth targets
Company increases its quarterly dividend by 10 percent
CONSHOHOCKEN, PA, November 4, 2026
- Cencora, Inc. (NYSE: COR) today reported that in its fiscal year 2026 fourth
quarter ended September 30, 2026, revenue increased 5.5 percent to $88.4
billion. Revenue increased 5.0 percent to $337.4 billion for fiscal year 2026.
On the basis of U.S. generally accepted accounting principles (GAAP), diluted
earnings per share (EPS) was $2.71 for the fourth quarter of fiscal 2026,
compared to $(1.75) in the prior year quarter. Adjusted diluted EPS, which is a
non-GAAP measure that excludes items described below, increased 21.4 percent to
$4.66 in the fiscal fourth quarter. For fiscal year 2026, diluted GAAP EPS
increased 125.5 percent to $17.95 . For fiscal year 2026, adjusted diluted EPS
increased 12.3 percent to $17.97.
“Fiscal 2026 was a pivotal year for Cencora, as we expanded our MSO platform
through the acquisition of OneOncology, sharpened the focus of our portfolio and
delivered record results,” said Robert P. Mauch, President and Chief Executive
Officer of Cencora. “These actions laid the foundation and position us to move
forward with significant momentum and clear strategic priorities.”
“As we enter fiscal 2027, our new operating model is designed to strengthen our
execution and provide visibility to our progress,” Mr. Mauch continued. “By
uniting our specialty businesses and elevating the voices of our customers, we
are better able to advance our purpose and deliver sustained value for our
shareholders.”
Fourth Quarter Fiscal Year 2026 Summary Results
GAAP Adjusted (Non-GAAP)
Revenue $88.4B $88.4B
Gross Profit $3.6B $3.6B
Operating Expenses $2.7B $2.3B
Operating Income $907M $1.2B
Interest Expense, Net $136M $136M
Effective Tax Rate 32.8% 20.2%
Net Income Attributable to Cencora $519M $893M
Diluted Earnings Per Share $2.71 $4.66
Diluted Shares Outstanding 191.7M 191.7M
Below, Cencora presents descriptive summaries of the Company’s GAAP and adjusted
(non-GAAP) quarterly and fiscal year results. In the tables that follow, GAAP
results and GAAP to non-GAAP reconciliations are presented. For more information
related to non-GAAP financial measures, including adjustments made in the
periods presented, please refer to the Supplemental Information Regarding Non-
GAAP Financial Measures following the tables.
Fourth Quarter GAAP Results
•
Revenue: In the fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5
percent compared to the same quarter in the previous fiscal year, reflecting a
5.4 percent increase in revenue within the U.S. Healthcare Solutions segment and
a 5.1 percent increase in revenue within the International Healthcare Solutions
segment.
• Gross Profit: Gross profit in the fourth quarter of fiscal 2026 was $3.6
billion, a 21.9 percent increase compared to the same quarter in the previous
fiscal year, primarily due to increases in gross profit in both reportable
segments. Gross profit as a percentage of revenue was 4.08 percent, an increase
of 55 basis points from the prior year quarter due to the increase in U.S.
Healthcare Solutions’ gross profit margin as a result of the February 2026
acquisition of OneOncology, offset in part by increased sales of GLP-1s, which
have lower gross profit margins.
• Operating Expenses: In the fourth quarter of fiscal 2026, operating expenses
were $2.7 billion, an 8.2 percent decrease compared to the same quarter in the
previous fiscal year, primarily due to the $723.9 million PharmaLex goodwill
impairment charge recorded in the prior year quarter. The decrease in operating
expenses was partially offset by operating expenses from OneOncology acquired in
February 2026.
• Operating Income: In the fourth quarter of fiscal 2026, operating income was
$906.8 million, an increase of $888.3 million compared to the same period in the
previous fiscal year, due to the increase in gross profit and decrease in
operating expenses. Operating income as a percentage of revenue was 1.03 percent
in the fourth quarter of fiscal 2026 compared to 0.02 percent for the same
period in the previous fiscal year.
• Interest Expense, Net: In the fourth quarter of fiscal 2026, net interest
expense was $136.3 million, an increase of $58.5 million versus the prior year
quarter primarily due to an increase in interest expense as a result of our
issuance of senior notes and entering into variable-rate term loans to finance a
portion of the February 2026 acquisition of OneOncology and a decrease in
interest income.
• Income Tax Expense: Income tax expense was $258.1 million in the fourth
quarter of fiscal 2026 compared to $146.0 million in the prior year quarter
primarily due to discrete tax items, net expense in the current year quarter.
• Diluted Earnings Per Share: Diluted earnings per share was $2.71 in the fourth
quarter of fiscal 2026, compared to $(1.75) in the previous fiscal year’s fourth
quarter.
• Diluted Shares Outstanding: Diluted weighted average shares outstanding for
the fourth quarter of fiscal 2026 were 191.7 million, a decrease of 1.1 percent
versus the prior fiscal year fourth quarter due to share repurchases.
Fourth Quarter Adjusted (non-GAAP) Results
• Revenue: No adjustments were made to the GAAP presentation of revenue. In the
fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5 percent
compared to the same quarter in the previous fiscal year, reflecting a 5.4
percent increase in revenue within the U.S. Healthcare Solutions segment and a
5.1 percent increase in revenue within the International Healthcare Solutions
segment.
•
Adjusted Gross Profit: Adjusted gross profit in the fourth quarter of fiscal
2026 was $3.6 billion, a 23.0 percent increase compared to the same quarter in
the previous fiscal year, primarily due to increases in gross profit in both
reportable segments. Adjusted gross profit as a percentage of revenue was 4.04
percent in the fiscal 2026 fourth quarter, an increase of 57 basis points when
compared to the prior year quarter primarily due to the increase in U.S.
Healthcare Solutions gross profit margin as a result of the February 2026
acquisition of OneOncology, offset in part by increased sales of GLP-1s, which
have lower gross profit margins.
• Adjusted Operating Expenses: In the fourth quarter of fiscal 2026, adjusted
operating expenses were $2.3 billion, a 23.5 percent increase compared to the
same quarter in the previous fiscal year, primarily driven by higher expenses as
a result of the February 2026 acquisition of OneOncology.
•
Adjusted Operating Income: In the fourth quarter of fiscal 2026, adjusted
operating income was $1.2 billion, a 22.1 percent increase compared to the same
quarter in the prior fiscal year due to the increase in gross profit, offset in
part by the increase in operating expenses. Adjusted operating income as a
percentage of revenue was 1.41 percent in the fiscal 2026 fourth quarter, an
increase of 19 basis points when compared to the prior year quarter.
• Interest Expense, Net: No adjustments were made to the GAAP presentation of
net interest expense. In the fourth quarter of fiscal 2026, net interest expense
was $136.3 million, an increase of $58.5 million versus the prior year quarter
primarily due to an increase in interest expense as a result of our issuance of
senior notes and entering into variable-rate term loans to finance a portion of
the February 2026 acquisition of OneOncology and a decrease in interest income.
• Adjusted Effective Tax Rate: The adjusted effective tax rate was 20.2 percent
for the fourth quarter of fiscal 2026 compared to 20.6 percent in the prior year
quarter.
• Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was
$4.66 in the fourth quarter of fiscal 2026, a 21.4 percent increase compared to
$3.84 in the previous fiscal year’s fourth quarter.
• Adjusted Diluted Shares Outstanding: Adjusted diluted weighted average shares
outstanding for the fourth quarter of fiscal 2026 were 191.7 million, a decrease
of 1.8 percent versus the prior fiscal year fourth quarter due to share
repurchases.
Segment Discussion
The Company is organized geographically based upon the products and services it
provides to its customers under two reportable segments: U.S. Healthcare
Solutions and International Healthcare Solutions. Additionally, other businesses
for which the Company is exploring strategic alternatives have been grouped
together in Other. These businesses include MWI Animal Health, Profarma, U.S.
Consulting Services (which was divested in April 2026), and certain components
of PharmaLex.
U.S. Healthcare Solutions Segment
U.S. Healthcare Solutions revenue was $78.3 billion in the fourth quarter of
fiscal 2026, an increase of 5.4 percent compared to the same quarter in the
previous fiscal year due to overall market growth primarily driven by unit
volume growth, including increased sales of specialty products to health systems
and physician practices and increased sales of products labeled for diabetes
and/or weight loss in the GLP-1 class. The revenue growth was offset in part by
a decline in manufacturer prices related to certain brand pharmaceutical
products and lower sales to our large mail order customer. Segment operating
income of $997.6 million in the fourth quarter of fiscal 2026 was up 22.0
percent compared to the same period in the previous fiscal year due to an
increase in gross profit, as a result of increased pharmaceutical sales and the
February 2026 acquisition of OneOncology, offset in part by an increase in
operating expenses.
International Healthcare Solutions Segment
International Healthcare Solutions revenue was $7.8 billion in the fourth
quarter of fiscal 2026, an increase of 5.1 percent compared to the same period
in the prior fiscal year due to growth in all businesses within this reportable
segment. Segment operating income in the fourth quarter of fiscal 2026 was
$152.1 million, an increase of 16.4 percent, primarily due to increased
operating income at our Canadian and global specialty logistics businesses. On a
constant currency basis, International Healthcare Solutions revenue increased by
7.8 percent and operating income increased by 18.9 percent.
Other
Revenue in Other was $2.3 billion in the fourth quarter of fiscal 2026, an
increase of 10.1% compared to the same period in the prior fiscal year primarily
due to growth at Profarma and MWI Animal Health, offset in part by decreases in
sales at our consulting services businesses primarily due to the April 2026
divestiture of U.S. Consulting Services. Operating income in Other in the fourth
quarter of fiscal 2026 was $101.1 million, an increase of 35.8 percent,
primarily due to an increase in operating income at MWI Animal Health due to
business growth and, to a lesser extent, a decline in depreciation expense
resulting from its classification as held for sale.
Fiscal Year 2026 Summary Results
GAAP Adjusted (non-GAAP)
Revenue $337.4B $337.4B
Gross Profit $13.9B $13.5B
Operating Expenses $9.9B $8.6B
Operating Income $3.9B $4.8B
Interest Expense, Net $490M $490M
Effective Tax Rate 23.6% 19.5%
Net Income Attributable to Cencora $3.5B $3.5B
Diluted Earnings Per Share $17.95 $17.97
Diluted Shares Outstanding 194.1M 194.1M
Summary Fiscal Year GAAP Results
In fiscal year 2026, GAAP diluted EPS was $17.95 compared to $7.96 in the prior
fiscal year. Revenue increased 5.0 percent from the prior fiscal year to $337.4
billion. Gross profit increased 20.8 percent to $13.9 billion primarily due to
increases in gross profit in both reportable segments and a higher LIFO credit
in the current fiscal year compared to the prior fiscal year, offset in part by
lower gains from antitrust litigation settlements in the current fiscal year
compared to the prior fiscal year. Operating expenses increased 12.3 percent
largely due to increased distribution, selling, and administrative expenses,
primarily due to the February 2026 acquisition of OneOncology and the January
2025 acquisition of Retina Consultants of America (RCA). Operating expense
growth was offset in part by lower impairment charges in the current fiscal year
compared to the prior fiscal year. Operating income increased 49.5 percent due
to the increase in gross profit, offset in part by the increase in operating
expenses. Operating income margin increased by 34 basis points to 1.16 percent.
Diluted weighted average shares outstanding in fiscal 2026 were 194.1 million,
down 0.6 percent from the prior fiscal year primarily due to share repurchases.
Summary Fiscal Year Adjusted (non-GAAP) Results
In fiscal year 2026, adjusted diluted EPS was $17.97 compared to $16.00 in the
prior fiscal year. Revenue increased 5.0 percent to $337.4 billion. Adjusted
gross profit increased 20.0 percent to $13.5 billion primarily due to increases
in gross profit in both reportable segments. Adjusted operating expenses
increased 23.7 percent to $8.6 billion largely driven by an increase in
distribution, selling, and administrative expenses, primarily due to the
February 2026 acquisition of OneOncology and the January 2025 acquisition of
RCA. Adjusted operating income increased 14.0 percent to $4.8 billion due to the
increase in gross profit, offset in part by the increase in operating expenses.
Adjusted operating income margin increased by 12 basis points to 1.43 percent,
primarily due to the February 2026 acquisition of OneOncology and the January
2025 acquisition of RCA. Diluted weighted average shares outstanding in fiscal
2026 were 194.1 million, down 0.6 percent from the prior fiscal year primarily
due to share repurchases.
Recent Company Highlights
• Cencora announced a new organizational and financial reporting structure
intended to strengthen execution and improve visibility.
• Cencora announced it has signed a definitive agreement to acquire American
Oncology Network, a physician-led network of more than 350 oncology providers
across 21 states.
• The Company has signed a definitive agreement to sell its stake in Profarma,
and the transaction is expected to close in the first quarter of fiscal 2027.
Dividend Declaration
On November 3, 2026, the Company declared a quarterly dividend of $0.66 per
common share, a 10 percent increase in its quarterly dividend rate from $0.60
per common share. The quarterly dividend of $0.66 per common share is payable
November 30, 2026, to stockholders of record at the close of business on
November 13, 2026.
Reportable Segments (revised as of October 1, 2026)
In order to advance its growth priorities, Cencora recently completed a
restructuring of its operating model intended to strengthen execution and
improve visibility. As a result of this restructuring, the Company has
reorganized all business components within the U.S. Healthcare Solutions and
International Healthcare Solutions reportable segments. Beginning in the first
quarter of fiscal 2027, the Company’s reporting structure will be comprised of
Pharmaceutical Distribution and Services, Specialty Pharmaceutical and Provider
Services, and Other. The Pharmaceutical Distribution and Services reportable
segment will consist of U.S. and international wholesale pharmaceutical
distribution and related services that support health systems, retail
pharmacies, and alternate sites of care. The Specialty Pharmaceutical and
Provider Services reportable segment will consist of specialty distribution
services to physician practices, management services organizations, World
Courier and third-party logistics (3PL) services, Innomar and strategic
components of PharmaLex. Other, which is not considered a reportable segment,
will continue to consist of businesses for which the Company is exploring
strategic alternatives, including MWI Animal Health, Profarma, and the other
components of PharmaLex.
Fiscal Year 2027 Expectations
The Company does not provide forward-looking expectations on a GAAP basis as
certain financial information, the probable significance of which cannot be
determined, is not available and cannot be reasonably estimated. Please refer to
the Supplemental Information Regarding Non-GAAP Financial Measures following the
tables for additional information.
Fiscal Year 2027 Expectations on an Adjusted (non-GAAP) Basis
2027 Expectations Fiscal 2026 Actuals
Revenue 3% to 5% growth $337.4B
Pharmaceutical Distribution and 4% to 6% growth $284.5B
Services(1)
Specialty Pharmaceutical and
Provider 9% to 14% growth $45.4B
Services(1)
Other(2) ~$3.5B $8.7B
Adjusted operating income 4% to 6% growth $4.8B
Pharmaceutical Distribution and 2% to 4% growth $2.7B
Services(1)
Specialty Pharmaceutical and
Provider 18% to 21% growth $1.7B
Services(1)
Other(2) ~$200M $393M
Adjusted diluted earnings per $19.40 to $19.75 $17.97
share
Net interest expense $490M to $510M $490M
Adjusted effective tax rate ~20% 19.5%
Diluted weighted average shares ~190M 194.1M
outstanding
Adjusted free cash flow ~$3.5B $3.8B
Capital expenditures ~$1.0B $910M
(1) For further detail on fiscal 2026 revised reportable segment information,
please reference Exhibit 99.1 to the Company’s Form 8-K to be furnished November
4, 2026.
(2) The Company’s fiscal year 2027 expectations contemplate the sale of the
equity interest in Profarma closing in the first fiscal quarter and assume a
March 31, 2027 closing of the MWI Animal Health merger with Covetrus.
Long-Term Growth Targets
The Company is reaffirming its long-term growth target that contemplates
adjusted operating income growth of 7% to 10% and adjusted diluted EPS growth of
10% to 14%.
To reflect the Company’s new reporting structure, the Company is introducing
long-term adjusted operating income growth targets for its newly defined
segments:
Long-Term Growth Targets
Adjusted Operating Income 7% to 10%
Pharmaceutical Distribution and Services
Segment Mid-single digit percent growth
Operating Income(1)
Specialty Pharmaceutical and Provider
Services Mid-teens percent growth
Segment Operating Income(1)
Capital Deployment 3% to 4%
Adjusted Diluted EPS 10% to 14%
(1) For further detail on fiscal 2026 revised reportable segment information,
please reference Exhibit 99.1 to the Company’s Form 8-K to be furnished November
4, 2026.
Conference Call & Slide Presentation
The Company will host a conference call to discuss the results at 8:30 a.m. ET
on November 4, 2026. A slide presentation for investors has also been posted on
the Company’s website at investor.cencora.com. The live call will be webcast via
the Company’s website at investor.cencora.com. Users are encouraged to log on to
the webcast approximately 10 minutes in advance of the scheduled start time of
the call.
Replays of the call will be made available via webcast. A replay of the webcast
will be posted on investor.cencora.com approximately one hour after the
completion of the call and will remain available for one year.
Upcoming Investor Event
Cencora management will be attending the following investor event in the coming
months:
• J.P. Morgan Healthcare Conference, January 11-14, 2027.
Please check the website for updates regarding the timing of the live
presentation webcasts, if any, and for replay information.
About Cencora
Cencora is a leading global pharmaceutical solutions organization centered on
improving the lives of people and animals around the world. We partner with
pharmaceutical innovators across the value chain to facilitate and optimize
market access to therapies. Care providers depend on us for the secure, reliable
delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide
team members contribute to positive health outcomes through the power of our
purpose: We are united in our responsibility to create healthier futures.
Cencora is ranked #10 on the Fortune 500 and #16 on the Global Fortune 500 with
more than $300 billion in annual revenue. Learn more at investor.cencora.com
Cencora’s Cautionary Note Regarding Forward-Looking Statements
Certain of the statements contained in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the
“Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,”
“opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,”
“should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar
expressions are intended to identify such forward-looking statements, but the
absence of these words does not mean the statement is not forward-looking. These
statements are based on management’s current expectations and are subject to
uncertainty and changes in circumstances and speak only as of the date hereof.
These statements are not guarantees of future performance and are based on
assumptions and estimates that could prove incorrect or could cause actual
results to vary materially from those indicated. A more detailed discussion of
the risks and uncertainties that could cause our actual results to differ
materially from those indicated is included (i) in the “Risk Factors” and
“Management’s Discussion and Analysis” sections in the Company’s Annual Report
on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that
report and (ii) in other reports filed by the Company pursuant to the Securities
Exchange Act. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, except as required by the federal securities
laws.
CENCORA, INC.
FINANCIAL SUMMARY
(in thousands, except per share data)
(unaudited)
Three Three
Months Months
Ended Ended
Septem… Septem…
30, % of 30, % of
2026 Reven… 2025 Revenue
──────────────────────────────────────────────────────────────────────────────
Reven… $ 88,354… $ 83,728… 5.5%
Cost
of 84,754… 80,774… 4.9%
goods
sold
Gross 3,600,… 4.08% 2,953,… 3.53% 21.9%
profi…
Opera…
expen…
Distr…
selli… 2,172,… 2.46% 1,748,… 2.09% 24.2%
and
admin…
Depre…
and 266,242 0.30% 258,770 0.31% 2.9%
amort…
Litig…
and
opioi… 12,066 14,408
expen…
net
Acqui…
and
dives…
deal 177,375 100,114
and
integ…
expen…
net2
Restr…
and
other 65,127 89,032
expen…
net
Goodw… — 723,884
impai…
Total
opera… 2,693,… 3.05% 2,935,… 3.51% (8.2)%
expen…
Opera… 906,806 1.03% 18,503 0.02% 4,800…
income
Other
(inco… -16,690 127,714
loss,
net4
Inter…
expen… 136,288 77,833 75.1%
net
Income
(loss)
before 787,208 0.89% -187,0… (0.22… 520.9%
income
taxes
Income
tax 258,108 146,027
expen…
Net
income 529,100 0.60% -333,0… (0.40… 258.9%
(loss)
Net
income
attri… -9,698 -6,633
to
nonco…
inter…
Net
income
(loss)
attri… $ 519,402 0.59% $ -339,7… (0.41… 252.9%
to
Cenco…
Inc.
Earni…
per
share:
Basic $ 2.72 $ -1.75 255.4%
Dilut… $ 2.71 $ -1.75 254.9%
Weigh…
avera…
common
shares
outst…
Basic 190,827 193,899 (1.6)%
Dilut… 191,741 193,899 (1.1)%
________________________________________
1 Includes a $38.4 million gain from antitrust litigation settlements, a $5.6
million LIFO credit, and Türkiye foreign currency remeasurement expense of $15.4
million in the three months ended September 30, 2026. Includes a $5.4 million
gain from antitrust litigation settlements, a $57.0 million LIFO credit, and
Türkiye foreign currency remeasurement expense of $13.2 million in the three
months ended September 30, 2025.
2 Includes $93.9 million and $46.7 million of adjustments to RCA and OneOncology
equity units in the three months ended September 30, 2026 and 2025,
respectively. The Company also increased its estimate for contingent
consideration related to the RCA acquisition by $16.8 million and $19.6 million
in the three months ended September 30, 2026 and 2025, respectively.
3 Represents a goodwill impairment charge related to PharmaLex in the three
months ended September 30, 2025.
4 Includes a $113.5 million impairment of an equity investment and a $16.5
million loss on the remeasurement of an equity investment in the three months
ended September 30 2025.
CENCORA, INC.
FINANCIAL SUMMARY
(in thousands, except per share data)
(unaudited)
Fiscal Fiscal
Year Year
Ended Ended
Septem… Septem…
30, % of 30, % of
2026 Revenue 2025 Revenue
──────────────────────────────────────────────────────────────────────────────
Reven… $ 337,39… $ 321,33… 5.0%
Cost
of 323,52… 309,85… 4.4%
goods
sold
Gross 13,868… 4.11% 11,478… 3.57% 20.8%
profi…
Opera…
expen…
Distr…
selli… 8,078,… 2.39% 6,493,… 2.02% 24.4%
and
admin…
Depre…
and 1,045,… 0.31% 1,051,… 0.33% (0.5)%
amort…
Litig…
and
opioi… -148,8… 60,671
(cred…
expen…
net2
Acqui…
and
dives…
deal 533,027 291,044
and
integ…
expen…
net3
Restr…
and
other 180,794 229,422
expen…
net
Impai…
of
asset… 249,498 723,884
inclu…
goodw…
Total
opera… 9,938,… 2.95% 8,849,… 2.75% 12.3%
expen…
Opera… 3,930,… 1.16% 2,628,… 0.82% 49.5%
income
Other
(inco… -1,140… 78,717
loss,
net5
Inter…
expen… 489,862 291,548 68.0%
net
Income
before 4,580,… 1.36% 2,258,… 0.70% 102.8%
income
taxes
Income
tax 1,079,… 690,522
expen…
Net 3,501,… 1.04% 1,567,… 0.49% 123.3%
income
Net
income
attri… -17,522 -13,645
to
nonco…
inter…
Net
income
attri… $ 3,483,… 1.03% $ 1,554,… 0.48% 124.2%
to
Cenco…
Inc.
Earni…
per
share:
Basic $ 18.03 $ 8.02 124.8%
Dilut… $ 17.95 $ 7.96 125.5%
Weigh…
avera…
common
shares
outst…
Basic 193,178 193,820 (0.3)%
Dilut… 194,090 195,214 (0.6)%
________________________________________
1 Includes a $72.5 million gain from antitrust litigation settlements, a $387.5
million LIFO credit, and Türkiye foreign currency remeasurement expense of $53.9
million in the fiscal year ended September 30, 2026. Includes a $236.4 million
gain from antitrust litigation settlements, a $76.9 million LIFO credit, and
Türkiye foreign currency remeasurement expense of $49.6 million in the fiscal
year ended September 30, 2025.
2 Includes a $102.0 million reduction of opioid liability related to the
dismissal of opioid litigation and an $86.8 million credit related to a
derivative lawsuit settlement in the fiscal year ended September 30, 2026.
3 Includes $246.7 million and $121.7 million of adjustments to RCA and
OneOncology equity units in the fiscal years ended September 30, 2026 and 2025,
respectively. The Company also increased its estimate for contingent
consideration related to the RCA acquisition by $16.8 million and $19.6 million
in the fiscal years ended September 30, 2026 and 2025, respectively.
4 Impairment of assets, including goodwill, related to our U.S. Consulting
Services business, which was divested in April 2026, in the fiscal year ended
September 30, 2026. Represents a goodwill impairment charge related to PharmaLex
in the fiscal year ended September 30, 2025.
5 In connection with the acquisition of OneOncology, the Company recorded a $1.1
billion gain on the remeasurement of its equity method investment and the
extinguishment of the put option liability related to its previously held
investment in OneOncology in the fiscal year ended September 30, 2026. Includes
a $113.5 million impairment of an equity investment and a $35.5 million loss on
the divestiture of non-core businesses, offset in part by the Company’s portion
of an equity method investment’s gain on the sale of a business of $39.7 million
and a $14.1 million gain on the remeasurement of an equity investment in the
fiscal year ended September 30, 2025.
CENCORA, INC.
RECONCILIATION OF DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (GAAP TO
NON-GAAP)
(in thousands)
(unaudited)
Three Fisc…
Mont… Year
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Bas…
sha… 190,… 193,… 193… 193…
out…
Res…
sto…
unit
and 914 — 912 1,394
sto…
opt…
dil…
GAAP
dil… 191,… 193,… 194,… 195,…
sha…
out…
Res…
sto…
unit
and — 1,441 — —
sto…
opt…
dil…
Non…
dil… 191,… 195,… 194,… 195,…
sha…
out…
1 For the non-GAAP presentation, diluted weighted average common shares
outstanding was adjusted to include the impact of the restricted stock units and
stock options that were antidilutive for the GAAP presentation for the three
months ended September 30, 2025.
Note: For more information related to non-GAAP financial measures, refer to the
section titled “Supplemental Information Regarding Non-GAAP Financial Measures”
of this release.
CENCORA, INC.
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
In… Net
G… Op… Be… In… In… Di…
P… O… In… In… Tax At… Sh…
Ta… Ex… to
Ce…
… $ 3… $ 2… $ 9… $ 7… $ 2… $ 5… $ 2…
…
…
… -… — -… -… -… -… -…
…
…
… -… — -… -… -… -… -…
…
…
… 1… — 1… 1… — 1… 0…
…
…
…
… — -… 1… 1… -… 1… 0…
…
…
… — -… 1… 1… 4… -… -…
…
…
…
… — -… 1… 1… 2… 1… 0…
…
…
…
… — -… 6… 6… -… 7… 0…
…
…
… — — — -… -… -… -…
…
…
… — — — 7… -… 7… 0…
…
… $ 3… $ 2… $ 1… $ 1… $ 2… $ 8… $ 4…
…
…
…
%
… 2… 2… 22… 17… 14… 19… 21…
…
…
…
…
Percentages of Revenue: GAAP Adjusted
Non-GAAP
Gross profit 4.08% 4.04%
Operating expenses 3.05% 2.63%
Operating income 1.03% 1.41%
________________________________________
1 Includes the foreign currency remeasurement of Swiss deferred tax assets
arising from 2020 Swiss tax reform and the amortization of those deferred tax
assets. Additionally, in the fourth quarter of fiscal 2026, the Company recorded
a tax benefit of $87.1 million related to the pending divestiture of MWI Animal
Health and an unfavorable valuation adjustment of $146.8 million related to
Swiss deferred tax assets.
Note: For more information related to non-GAAP financial measures, refer to the
section titled “Supplemental Information Regarding Non-GAAP Financial Measures”
of this release.
CENCORA, INC.
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
(… N…
I… I… (…
G… O… O… B… T… I… D…
P… I… I… E… A… S…
T… to
C…
… $ 2… $ 2… $ 1… $ -… $ 1… $ -… $ -…
…
…
… -… — -… -… 6… -… -…
…
…
… -… — -… -… -… -… -…
…
…
… 1… — 1… 1… 1… -… -…
…
…
…
… — -… 1… 1… 1… 1… 0…
…
…
… — -… 1… 1… 1… 1… 0…
…
…
…
…
…
… — -… 1… 1… 2… 9… 0…
…
…
…
…
… — -… 8… 8… 1… 7… 0…
…
…
…
…
… — -… 7… 8… 1… 8… 4…
…
…
… — — — 2… 5… 1… 0…
…
…
… — — — 1… -… 1… 0…
…
… $ 2… $ 1… $ 1… $ 9… $ 1… $ 7… $ 3… 2
…
Percentages of Revenue: GAAP Adjusted
Non-GAAP
Gross profit 3.53% 3.47%
Operating expenses 3.51% 2.25%
Operating income 0.02% 1.22%
______________________________________
1 Includes the foreign currency remeasurement of Swiss deferred tax assets
arising from 2020 Swiss tax reform and the amortization of those deferred tax
assets.
2 The sum of the components does not equal the total due to rounding.
Note: For more information related to non-GAAP financial measures, refer to the
section titled “Supplemental Information Regarding Non-GAAP Financial Measures”
of this release.
CENCORA, INC.
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
F…
Y…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
In… Net
G… Op… Be… In… In… Di…
P… O… In… In… Tax At… Sh…
Ta… Ex… to
Ce…
… $ 1… $ 9… $ 3… $ 4… $ 1… $ 3… $ 1…
…
…
… -… — -… -… -… -… -…
…
…
… -… — -… -… -… -… -…
…
…
… 5… — 5… 5… — 5… 0…
…
…
…
… — -… 4… 4… 9… 3… 1…
…
…
…
… — 1… -… -… 7… -… -…
…
…
…
…
…
… — -… 5… 5… 6… 4… 2…
…
…
…
…
…
…
… — -… 1… 1… 3… 1… 0…
…
…
…
…
… — -… 2… 2… 5… 1… 1…
…
…
…
…
…
… — — — -… -… -… -…
…
…
…
… — — — -… -… -… -…
…
…
… — — — -… -… 1… 0…
…
… $ 1… $ 8… $ 4… $ 4… $ 8… $ 3… $ 1…
…
…
…
%
… 2… 2… 14… 10… 4.… 11… 12…
…
…
…
Percentages of Revenue: GAAP Adjusted
Non-GAAP
Gross profit 4.11% 3.99%
Operating expenses 2.95% 2.56%
Operating income 1.16% 1.43%
________________________________________
1 Includes a $102.0 million reduction of opioid liability related to the
dismissal of opioid litigation and an $86.8 million credit related to a
derivative lawsuit settlement.
2 Impairment of assets, including goodwill related to our U.S. Consulting
Services business, which was divested in April 2026.
3 In connection with the acquisition of OneOncology, the Company recorded a gain
on the remeasurement of its equity method investment and the extinguishment of
the put option liability related to its previously held investment in
OneOncology.
4 Includes the foreign currency remeasurement of Swiss deferred tax assets
arising from 2020 Swiss tax reform and the amortization of those deferred tax
assets. Additionally, in fourth quarter of fiscal 2026, the Company recorded a
tax benefit of $87.1 million related to the pending divestiture of MWI Animal
Health and an unfavorable valuation adjustment of $146.8 million related to
Swiss deferred tax assets.
Note: For more information related to non-GAAP financial measures, refer to the
section titled “ Supplemental Information Regarding Non-GAAP Financial Measures
” of this release.
CENCORA, INC.
GAAP TO NON-GAAP RECONCILIATIONS
(in thousands, except per share data)
(unaudited)
F…
Y…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
In… Net
G… Op… Be… In… In… Di…
P… O… In… In… Tax At… Sh…
Ta… Ex… to
Ce…
… $ 1… $ 8… $ 2… $ 2… $ 6… $ 1… $ 7…
…
…
… -… — -… -… -… -… -…
…
…
… -… — -… -… -… -… -…
…
…
… 4… — 4… 5… 1… 3… 0…
…
…
…
… — -… 5… 5… 1… 4… 2…
…
…
… — -… 6… 6… 1… 4… 0…
…
…
…
…
…
… — -… 2… 2… 2… 2… 1…
…
…
…
…
… — -… 2… 2… 4… 1… 0…
…
…
…
…
… — -… 7… 8… 1… 8… 4…
…
…
…
…
… — — — -… — -… -…
…
…
…
…
… — — — 3… — 3… 0…
…
…
…
… — — — -… 1… -… -…
…
…
… — — — -… -… 3… 0…
…
… $ 1… $ 6… $ 4… $ 3… $ 8… $ 3… $ 1…
…
Percentages of Revenue: GAAP Adjusted
Non-GAAP
Gross profit 3.57% 3.49%
Operating expenses 2.75% 2.18%
Operating income 0.82% 1.31%
________________________________________
1 Represents the Company’s portion of an equity method investment’s gain on the
sale of a business.
2 Includes the foreign currency remeasurement of Swiss deferred tax assets
arising from 2020 Swiss tax reform and the amortization of those deferred tax
assets.
Note: For more information related to non-GAAP financial measures, refer to the
section titled “Supplemental Information Regarding Non-GAAP Financial Measures”
of this release.
CENCORA, INC.
SUMMARY SEGMENT INFORMATION
(dollars in thousands)
(unaudited)
Three Months
Ended
Revenue September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S.
Healthcare $ 78,290,864 $ 74,246,417 5.4%
Solutions
International
Healthcare 7,798,400 7,420,373 5.1%
Solutions
Other 2,302,073 2,091,507 10.1%
Intersegment -36,807 -29,743
eliminations
Revenue $ 88,354,530 $ 83,728,554 5.5%
Three
Months
Ended
Operating September
income 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S.
Healthca… $ 997,635 $ 817,889 22.0%
Solutions
Internat…
Healthca… 152,132 130,752 16.4%
Solutions
Other 101,075 74,429 35.8%
Interseg… -1,944 —
eliminat…
Total
segment 1,248,898 1,023,070 22.1%
operating
income
Gains
from
antitrust 38,355 5,361
litigati…
settleme…
LIFO 5,595 56,963
credit
Türkiye
highly -15,439 -13,161
inflatio…
impact
Acquisit…
intangib… -116,035 -126,292
amortiza…
Litigati…
and -12,066 -14,408
opioid-r…
expenses
Acquisit…
and
divestit…
deal -177,375 -100,114
and
integrat…
expenses,
net
Restruct…
and other -65,127 -89,032
expenses,
net
Goodwill — -723,884
impairme…
Operating $ 906,806 $ 18,503 4,800.9%
income
Percenta…
of
revenue:
U.S.
Healthca…
Solutions
Gross 3.12% 2.51%
profit
Operating 1.85% 1.40%
expenses
Operating 1.27% 1.10%
income
Internat…
Healthca…
Solutions
Gross 10.29% 9.99%
profit
Operating 8.34% 8.23%
expenses
Operating 1.95% 1.76%
income
Other
Gross 14.30% 14.57%
profit
Operating 9.91% 11.01%
expenses
Operating 4.39% 3.56%
income
Cencora,
Inc.
(GAAP)
Gross 4.08% 3.53%
profit
Operating 3.05% 3.51%
expenses
Operating 1.03% 0.02%
income
Cencora,
Inc.
(Non-GAA…
Adjusted
gross 4.04% 3.47%
profit
Adjusted
operating 2.63% 2.25%
expenses
Adjusted
operating 1.41% 1.22%
income
Note: For more information related to non-GAAP financial measures, refer to the
section titled “ Supplemental Information Regarding Non-GAAP Financial Measures
” of this release.
CENCORA, INC.
SUMMARY OF SEGMENT INFORMATION
(dollar in thousands)
(unaudited)
Fiscal Year
Ended
Revenue September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S.
Healthcare $ 298,128,530 $ 284,963,849 4.6%
Solutions
Internation…
Healthcare 30,668,578 28,329,443 8.3%
Solutions
Other 8,739,921 8,157,833 7.1%
Intersegment -139,730 -118,306
eliminations
Revenue $ 337,397,299 $ 321,332,819 5.0%
Fiscal Year
Ended
Operating September
income 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S.
Healthcare $ 3,793,443 $ 3,283,433 15.5%
Solutions
Internati…
Healthcare 635,937 587,805 8.2%
Solutions
Other 392,861 351,713 11.7%
Intersegm… -9,194 22
eliminati…
Total
segment 4,813,047 4,222,973 14.0%
operating
income
Gains from
antitrust 72,539 236,372
litigation
settlemen…
LIFO 387,491 76,876
credit
Türkiye
highly -53,886 -49,571
inflation…
impact
Acquisiti…
intangibl… -474,677 -553,028
amortizat…
Litigation
and
opioid-re… 148,870 -60,671
credit
(expenses…
net
Acquisiti…
and
divestitu…
deal -533,027 -291,044
and
integrati…
expenses,
net
Restructu…
and other -180,794 -229,422
expenses,
net
Impairment
of assets, -249,498 -723,884
including
goodwill
Operating $ 3,930,065 $ 2,628,601 49.5%
income
Percentag…
of
revenue:
U.S.
Healthcare
Solutions
Gross 3.00% 2.46%
profit
Operating 1.73% 1.31%
expenses
Operating 1.27% 1.15%
income
Internati…
Healthcare
Solutions
Gross 10.53% 10.44%
profit
Operating 8.45% 8.37%
expenses
Operating 2.07% 2.07%
income
Other
Gross 14.81% 15.40%
profit
Operating 10.31% 11.08%
expenses
Operating 4.50% 4.31%
income
Cencora,
Inc.
(GAAP)
Gross 4.11% 3.57%
profit
Operating 2.95% 2.75%
expenses
Operating 1.16% 0.82%
income
Cencora,
Inc.
(Non-GAAP)
Adjusted
gross 3.99% 3.49%
profit
Adjusted
operating 2.56% 2.18%
expenses
Adjusted
operating 1.43% 1.31%
income
Note: For more information related to non-GAAP financial measures, refer to the
section titled “ Supplemental Information Regarding Non-GAAP Financial Measures
” of this release.
CENCORA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
ASSETS September 30,
Current assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 4,880,335 $ 4,356,138
Accounts receivable, net 26,334,293 25,225,299
Inventories 21,363,504 20,492,480
Right to recover assets 1,276,481 1,625,817
Prepaid expenses and other 697,152 539,339
Assets held for sale 3,899,794 —
Total current assets 58,451,559 52,239,073
Property and equipment, net 3,039,044 2,539,076
Goodwill and other 22,456,349 17,450,701
intangible assets
Deferred income taxes 24,564 208,810
Other long-term assets 3,133,461 4,152,452
Total assets $ 87,104,977 $ 76,590,112
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 58,011,400 $ 54,719,761
Accrued expenses and other 3,260,406 2,982,993
Short-term debt 203,208 117,785
Liabilities held for sale 905,879 —
Total current liabilities 62,380,893 57,820,539
Long-term debt 11,062,938 7,542,988
Accrued income taxes 395,315 337,631
Deferred income taxes 1,759,694 1,620,724
Accrued litigation 3,670,097 3,881,283
liability
Other long-term liabilities 4,154,800 3,639,862
Total stockholders’ equity 3,681,240 1,747,085
Total liabilities and
stockholders’ $ 87,104,977 $ 76,590,112
equity
CENCORA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Fiscal Year Ended
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Operating Activities:
Net income $ 3,501,421 $ 1,567,814
Adjustments to reconcile
net income to
net cash provided by 603,638 2,271,882
operating
activities
Changes in operating
assets and
liabilities, excluding the
effects of
acquisitions and
divestitures:
Accounts receivable -1,491,136 -1,923,411
Inventories -1,343,488 -1,269,429
Accounts payable 4,014,548 3,693,364
Other, net -494,816 -465,100
Net cash provided by
operating 4,790,167 3,875,120
activities
Investing Activities:
Capital expenditures -909,501 -667,981
Cost of acquired
companies, net of cash -4,994,581 -4,095,630
acquired
Cost of equity investments -39,434 -196,242
Other, net 142,913 -17,440
Net cash used in investing -5,800,603 -4,977,293
activities
Financing Activities:
Net debt borrowings1 3,248,489 3,195,668
Purchases of common stock -1,000,052 -435,471
Cash dividends on common -476,813 -437,081
stock
Employee tax withholdings
related to -105,357 -77,783
restricted share vesting
Other, net -13,138 3,781
Net cash provided by
financing 1,653,129 2,249,114
activities
Effect of exchange rate
changes on cash, -46,486 -50,272
cash equivalents, and
restricted cash
Increase in cash, cash
equivalents, and
restricted cash, including 596,207 1,096,669
cash
classified within assets
held for sale
Less: Increase in cash
classified within -19,267 —
assets held for sale
Increase in cash, cash
equivalents, and 576,940 1,096,669
restricted cash
Cash, cash equivalents,
and restricted 4,394,549 3,297,880
cash at beginning of
fiscal year2
Cash, cash equivalents,
and restricted $ 4,971,489 $ 4,394,549
cash at end of fiscal
year2
________________________________________
1 Includes the issuance of $3.0 billion of senior notes and $1.5 billion of term
loans to finance a portion of the February 2, 2026 acquisition of OneOncology in
the fiscal year ended September 30, 2026. Includes the issuance of $1.8 billion
of senior notes and a $1.5 billion term loan to finance a portion of the January
2, 2025 acquisition of Retina Consultants of America and the issuance of $1.1
billion of senior notes, offset in part by $700 million of term loan repayments
and the repayment of $500 million of senior notes in the fiscal year ended
September 30, 2025.
2 The following represents a reconciliation of cash and cash equivalents in the
Condensed Consolidated Balance Sheets to cash, cash equivalents, and restricted
cash in the Condensed Consolidated Statements of Cash Flows:
(amounts
in September
thousands) 30, 2026 2025 2024
──────────────────────────────────────────────────────────────────────────────
Cash and
cash $ 4,880,335 $ 4,356,138 $ 3,132,648
equivale…
Restrict…
cash
(included
in 91,154 38,411 98,596
Prepaid
Expenses
and
Other)
Restrict…
cash
(included — — 66,636
in Other
Assets)
Cash,
cash
equivale… $ 4,971,489 $ 4,394,549 $ 3,297,880
and
restrict…
cash
SUPPLEMENTAL INFORMATION REGARDING
NON-GAAP FINANCIAL MEASURES
To supplement the financial measures prepared in accordance with U.S. generally
accepted accounting principles (GAAP), the Company uses the non-GAAP financial
measures described below. The non-GAAP financial measures should be viewed in
addition to, and not in lieu of, financial measures calculated in accordance
with GAAP. These supplemental measures may vary from, and may not be comparable
to, similarly titled measures by other companies.
The non-GAAP financial measures are presented because management uses non-GAAP
financial measures to evaluate the Company’s operating performance, to perform
financial planning, and to determine incentive compensation. Therefore, the
Company believes that the presentation of non-GAAP financial measures provides
useful supplementary information to, and facilitates additional analysis by,
investors. The presented non-GAAP financial measures exclude items that
management does not believe reflect the Company’s core operating performance
because such items are outside the control of the Company or are inherently
unusual, non-operating, unpredictable, non-recurring, or non-cash. We have
included the following non-GAAP earnings-related financial measures in this
release:
• Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit
is a non-GAAP financial measure that excludes gains from antitrust litigation
settlements, LIFO expense (credit), and Türkiye highly inflationary impact.
Adjusted gross profit margin is the ratio of adjusted gross profit to total
revenue. Management believes that these non-GAAP financial measures are useful
to investors as a supplemental measure of the Company’s ongoing operating
performance. Gains from antitrust litigation settlements, LIFO expense (credit),
and Türkiye highly inflationary impact are excluded because the Company cannot
control the amounts recognized or timing of these items. Gains from antitrust
litigation settlements relate to the settlement of lawsuits that have been filed
against brand pharmaceutical manufacturers alleging that the manufacturer, by
itself or in concert with others, took improper actions to delay or prevent
generic drugs from entering the market. LIFO expense (credit) is affected by
changes in inventory quantities, product mix, and manufacturer pricing
practices, which may be impacted by market and other external influences.
• Adjusted operating expenses and adjusted operating expense margin: Adjusted
operating expenses is a non-GAAP financial measure that excludes acquisition-
related intangibles amortization; litigation and opioid-related (credit)
expenses, net; acquisition and divestiture-related deal and integration
expenses, net; restructuring and other expenses, net; and impairment of assets,
including goodwill. Adjusted operating expense margin is the ratio of adjusted
operating expenses to total revenue. Acquisition-related intangibles
amortization is excluded because it is a non-cash item and does not reflect the
operating performance of the acquired companies. We exclude acquisition and
divestiture-related deal and integration expenses, net and restructuring and
other expenses, net that relate to unpredictable and/or non-recurring business
activities. We exclude the amount of litigation and opioid-related (credit)
expenses, net, and the impairment of assets, including goodwill, that are
unusual, non-operating, unpredictable, non-recurring or non-cash in nature
because we believe these exclusions facilitate the analysis of our ongoing
operational performance.
• Adjusted operating income and adjusted operating income margin: Adjusted
operating income is a non-GAAP financial measure that excludes the same items
that are described above and excluded from adjusted gross profit and adjusted
operating expenses. Adjusted operating income margin is the ratio of adjusted
operating income to total revenue. Management believes that these non-GAAP
financial measures are useful to investors as a supplemental way to evaluate the
Company’s performance because the adjustments are unusual, non-operating,
unpredictable, non-recurring or non-cash in nature.
• Adjusted income before income taxes : Adjusted income before income taxes is a
non-GAAP financial measure that excludes the same items that are described above
and excluded from adjusted operating income. In addition, remeasurement gain
related to the OneOncology acquisition, gain on an equity method investment,
loss on divestiture of non-core businesses, and the gain (loss) on the currency
remeasurement of the deferred tax asset relating to 2020 Swiss tax reform are
excluded from adjusted income before income taxes because these amounts are
unusual, non-operating, and/or non-recurring. Management believes that this non-
GAAP financial measure is useful to investors because it facilitates the
calculation of the Company’s adjusted effective tax rate.
• Adjusted income tax expense : Adjusted income tax expense is a non-GAAP
financial measure that excludes the income tax expense (benefits) associated
with the same items that are described above and excluded from adjusted income
before income taxes. Certain discrete tax expense (benefits) are also excluded
from adjusted income tax expense. Further, the amortization of deferred tax
assets relating to 2020 Swiss tax reform is excluded from adjusted income tax
expense. Management believes that this non-GAAP financial measure is useful to
investors as a supplemental way to evaluate the Company’s performance because
the adjustments are unusual, non-operating, unpredictable, non-recurring or non-
cash in nature.
• Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP
financial measure that is determined by dividing adjusted income tax expense by
adjusted income before income taxes. Management believes that this non-GAAP
financial measure is useful to investors because it presents an effective tax
rate that does not reflect unusual, non-operating, unpredictable, non-recurring,
or non-cash amounts or items that are outside the control of the Company.
• Adjusted net income attributable to the Company: Adjusted net income
attributable to the Company is a non-GAAP financial measure that excludes the
same items that are described above. Management believes that this non-GAAP
financial measure is useful to investors as a supplemental way to evaluate the
Company’s performance because it does not reflect unusual, non-operating,
unpredictable, non-recurring or non-cash amounts or items that are outside the
control of the Company.
• Adjusted diluted earnings per share: Adjusted diluted earnings per share
excludes the per share impact of adjustments including gains from antitrust
litigation settlements; LIFO expense (credit); Türkiye highly inflationary
impact; acquisition-related intangibles amortization; litigation and opioid-
related (credit) expenses, net; acquisition and divestiture-related deal and
integration expenses, net; restructuring and other expenses, net; impairment of
assets, including goodwill; the remeasurement gain related to the acquisition of
OneOncology; gain on equity method investment; loss on divestiture of non-core
businesses; and the gain (loss) on the currency remeasurement related to 2020
Swiss tax reform, in each case net of the tax effect calculated using the
applicable effective tax rate for those items. In addition, the per share impact
of certain discrete tax items and the per share impact of the amortization of
deferred tax assets relating to 2020 Swiss tax reform are also excluded from
adjusted diluted earnings per share. Management believes that this non-GAAP
financial measure is useful to investors because it eliminates the per share
impact of the items that are outside the control of the Company or that we
consider to not be indicative of our ongoing operating performance due to their
inherent unusual, non-operating, unpredictable, non-recurring, or non-cash
nature. Diluted weighted average common shares outstanding has been adjusted to
include the impact of restricted stock units and stock options that were
antidilutive for the GAAP presentation due to a GAAP net loss in the fourth
quarter and fiscal year ended September 30, 2025. Management believes that
adjusted diluted shares outstanding is useful to investors because it
facilitates the calculation of adjusted diluted earnings per share.
• Adjusted Free Cash Flow: Adjusted free cash flow is a non-GAAP financial
measure defined as net cash provided by operating activities, excluding
significant unpredictable or non-recurring cash payments or receipts relating to
legal settlements, minus capital expenditures. Adjusted free cash flow is used
internally by management for measuring operating cash flow generation and
setting performance targets and has historically been used as one of the means
of providing expectations on possible future cash flows. The Company does not
provide forward looking expectations on a GAAP basis for free cash flow because
the timing and amount of favorable and unfavorable settlements excluded from
this metric, the probable significance of which cannot be determined, are
unavailable and cannot be reasonably estimated. Below is a reconciliation of
operating cash flows to adjusted free cash flows for the fiscal year ended
September 30, 2026:
Reconciliation of adjusted free cash flows
Operating cash flows $4,790M
Capital expenditures $(910)M
Free cash flows $3,881M
Gains from antitrust litigation settlements $(73)M
Adjusted free cash flows $3,808M
The Company also presents revenue and operating income on a “constant currency”
basis, which are non-GAAP financial measures. These amounts are calculated by
translating current period GAAP results at the foreign currency exchange rates
used in the comparable period in the prior year. The Company presents such
constant currency financial information because it has significant operations
outside of the United States reporting in currencies other than the U.S. dollar
and management believes that this presentation provides a framework to assess
how its business performed excluding the impact of foreign currency exchange
rate fluctuations. Below is a summary of revenue and adjusted operating income
on an as-reported basis and on a constant currency basis for the three months
ended September 30, 2026:
Revenue Adjusted Operating Income
Consolidated
As reported $88.4B $1,249M
Impact of foreign currency $0.2B $3M
translation
Constant currency $88.6B $1,252M
International Healthcare Solutions
segment
As reported $7.8B $152M
Impact of foreign currency $0.2B $3M
translation
Constant currency $8.0B $155M
In addition, the Company has provided non-GAAP fiscal year 2027 expectations for
diluted earnings per share, operating income, effective income tax rate and free
cash flow that excludes the same or similar items as those that are excluded
from the historical non-GAAP financial measures, as well as significant items
that are outside the control of the Company or inherently unusual, non-
operating, unpredictable, non-recurring or non-cash in nature. The Company does
not provide forward looking expectations on a GAAP basis for such metrics
because certain financial information, the probable significance of which cannot
be determined, is not available and cannot be reasonably estimated. For example,
LIFO expense (credit) is largely dependent upon the future inflation or
deflation of brand and generic pharmaceuticals, which is out of the Company’s
control, and acquisition-related intangibles amortization depends on the timing
and amount of future acquisitions, which cannot be reasonably estimated.
Similarly, the timing and amount of favorable and unfavorable settlements, the
probable significance of which cannot be determined, are unavailable and cannot
be reasonably estimated.
Contacts:
Bennett S. Murphy
Senior Vice President, Investor Relations and Enterprise Productivity
bennett.murphy@cencora.com
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