Full Press Release Details
Revenue of $85.9 billion for the First Quarter, a 5.5% Increase Year-Over-Year
First Quarter GAAP Diluted EPS of $2.87 and Adjusted Diluted EPS of $4.08
Adjusted Operating Income Guidance Raised to Growth of 11.5% to 13.5%
Adjusted Diluted EPS Guidance Range Reaffirmed at $17.45 to $17.75 for Fiscal 2026
Company Completes Acquisition of OneOncology
CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 first quarter ended December 31, 2025, revenue increased5.5 percentyear-over-year to $85.9 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $2.87 for the first quarter of fiscal 2026 compared to $2.50 in the prior year first quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 9.4 percent to $4.08 in the fiscal first quarter from $3.73 in the prior year first quarter.
Cencora is updating its outlook for fiscal year 2026. The Company does not provide forward-looking guidance on a GAAP basis as discussed below in Fiscal Year 2026 Expectations. Adjusted operating income guidance has been raised from the previous range of growth of 8% to 10% to growth of 11.5% to 13.5% primarily to reflect the completion of the acquisition of OneOncology and the performance of the U.S. Healthcare Solutions segment.
“Cencora began fiscal 2026 by delivering strong financial performance and advancing our strategy through the acquisition of OneOncology,” said Robert P. Mauch, President and Chief Executive Officer of Cencora.
“Our ownership of OneOncology cements our specialty MSO footprint and deepens our partnership with physicians leading in cancer care,” Mauch continued “As we continue to advance our leadership in specialty and execute our pharmaceutical-centric strategy, we are well positioned to drive continued value for all our stakeholders and deliver on our purpose.”
First Quarter Fiscal Year 2026 Summary Results
| GAAP | Adjusted (Non-GAAP) | |
| Revenue | $85.9B | $85.9B |
| Gross Profit | $3.1B | $3.0B |
| Operating Expenses | $2.3B | $1.9B |
| Operating Income | $760M | $1.1B |
| Interest Expense, Net | $72M | $72M |
| Effective Tax Rate | 20.1% | 19.0% |
| Net Income Attributable to Cencora, Inc. | $560M | $797M |
| Diluted Earnings Per Share | $2.87 | $4.08 |
| Diluted Shares Outstanding | 195.3M | 195.3M |
Below, Cencora presents descriptive summaries of the Company’s GAAP and adjusted (non-GAAP) quarterly 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.
First Quarter GAAP Results
First Quarter Adjusted (non-GAAP) Results
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, and certain components of PharmaLex.
U.S. Healthcare Solutions Segment
U.S. Healthcare Solutions revenue was $76.2 billion in the first quarter of fiscal 2026, an increase of 5.0 percent compared to the same quarter of the previous fiscal year primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class, offset in part by a decrease in sales due to the losses of a grocery customer and an oncology customer. Segment operating income of $831.3 million in the first quarter of fiscal 2026 was up 21.0 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, as a result of the January 2025 acquisition of RCA and increased product sales, offset in part by the increase in operating expenses and the loss of the oncology customer.
International Healthcare Solutions Segment
International Healthcare Solutions revenue was $7.6 billion in the first quarter of fiscal 2026, an increase of 9.6 percent compared to the previous fiscal year’s first quarter primarily due to growth in our European distribution business. Segment operating income in the first quarter of fiscal 2026 was $142.2 million, a decrease of 13.9 percent, primarily due to lower operating income at our European distribution business, offset in part by an increase in operating income at our global specialty logistics business. On a constant currency basis, International Healthcare Solutions revenue increased by 6.2 percent in the first quarter of fiscal 2026 compared to the previous fiscal year’s first quarter, while segment operating income decreased by 17.0 percent.
Other
Revenue in Other was $2.1 billion in the first quarter of fiscal 2026, an increase of 6.3 percent compared to the previous fiscal year’s first quarter due to growth at MWI Animal Health and Profarma, offset in part by a decrease in sales at our consulting services businesses. Operating income in Other in the first quarter of fiscal 2026 was $91.4 million, a decrease of 6.1 percent, primarily due to lower operating income at our consulting services businesses resulting from the loss of a manufacturer customer program, offset in part by an increase in operating income at MWI Animal Health.
Recent Company Highlights & Milestones
Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis
Cencora is now updating its fiscal year 2026 financial guidance to reflect the expected operating income and equity method income contributions from the completed acquisition of OneOncology, performance of the U.S. Healthcare Solutions Segment and improved results in Other as certain depreciable assets have been fully impaired as of December 31, 2025. As a result, Cencora is reaffirming its full fiscal 2026 adjusted diluted EPS guidance range.
| 2026 Guidance(1) | Fiscal 2025 Actuals | |
| Revenue | 7% to 9% growth | $321.3B |
| U.S. Healthcare Solutions Segment(2) | 7% to 9% growth | $285.0B |
| International Healthcare Solutions Segment(2)(3) | 7% to 9% growth | $28.3B |
| Other(2) | 1% to 5% growth | $8.2B |
| Adjusted operating income | 11.5% to 13.5% growth | $4.2B |
| U.S. Healthcare Solutions Segment(2) | 14% to 16% growth | $3.3B |
| International Healthcare Solutions Segment(2)(3) | 5% to 8% growth | $588M |
| Other(2) | Flat | $352M |
| Adjusted diluted earnings per share | $17.45 to $17.75 | $16.00 |
| Net interest expense | $480M to $500M | $292M |
| Adjusted effective tax rate | ~20% | 20.6% |
| Diluted weighted average shares outstanding | 195.5M | 195.2M |
| Adjusted free cash flow | ~$3.0B | $3.0B |
| Capital expenditures | ~$900M | $668M |
(1) Bolded figures indicate updates to guidance metrics.(2) For further detail on fiscal 2025 revised reportable segment information, please reference Exhibit 99.2 to the Company’s Current Report on Form 8-K dated November 5, 2025.(3) As reported guidance. For additional details regarding updated guidance expectations on a constant currency basis, please refer to our slide presentation for investors.
Dividend Declaration
The Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable March 2, 2026, to stockholders of record at the close of business on February 13, 2026.
Conference Call & Slide Presentation
The Company will host a conference call to discuss its operating results at 8:30 a.m. ET on February 4, 2026. A slide presentation for investors has also been posted on the Company’s website at investor.cencora.com. Participating in the conference call will be:
The dial-in number for the live call will be +1 (833) 470-1428. From outside the United States and Canada, dial +1 (646) 844-6383. The access code for the call will be 909212. The live call will also 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 telephone and 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. The telephone replay will also be available approximately one hour after the completion of the call and will remain available for seven days. To access the telephone replay from within the U.S. and Canada, dial +1 (866) 813-9403. From outside the United States, dial +1 (929) 458-6194. The access code for the replay is 618561.
Upcoming Investor Events
Cencora management will be attending the following investor events in the coming months:
Please check the Company 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 51,000+ 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 #18 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 MonthsEndedDecember 31, 2025 | % ofRevenue | Three MonthsEndedDecember 31, 2024 | % ofRevenue | %Change | |||||||||||||
| Revenue | $ | 85,932,016 | $ | 81,487,060 | 5.5 | % | |||||||||||
| Cost of goods sold1 | 82,859,945 | 78,929,022 | 5.0 | % | |||||||||||||
| Gross profit | 3,072,071 | 3.58 | % | 2,558,038 | 3.14 | % | 20.1 | % | |||||||||
| Operating expenses: | |||||||||||||||||
| Distribution, selling, and administrative | 1,795,289 | 2.09 | % | 1,472,055 | 1.81 | % | 22.0 | % | |||||||||
| Depreciation and amortization | 260,401 | 0.30 | % | 278,492 | 0.34 | % | (6.5 | )% | |||||||||
| Litigation and opioid-related (credit) expenses, net2 | (86,151 | ) | 16,765 | ||||||||||||||
| Acquisition-related deal and integration expenses | 78,419 | 38,712 | |||||||||||||||
| Restructuring and other expenses, net | 14,166 | 45,760 | |||||||||||||||
| Impairment of assets, including goodwill3 | 249,498 | — | |||||||||||||||
| Total operating expenses | 2,311,622 | 2.69 | % | 1,851,784 | 2.27 | % | 24.8 | % | |||||||||
| Operating income | 760,449 | 0.88 | % | 706,254 | 0.87 | % | 7.7 | % | |||||||||
| Other (income) loss, net4 | (20,600 | ) | 57,874 | ||||||||||||||
| Interest expense, net | 72,409 | 27,933 | 159.2 | % | |||||||||||||
| Income before income taxes | 708,640 | 0.82 | % | 620,447 | 0.76 | % | 14.2 | % | |||||||||
| Income tax expense | 142,514 | 126,728 | |||||||||||||||
| Net income | 566,126 | 0.66 | % | 493,719 | 0.61 | % | 14.7 | % | |||||||||
| Net income attributable to noncontrolling interests | (6,479 | ) | (5,119 | ) | |||||||||||||
| Net income attributable to Cencora, Inc. | $ | 559,647 | 0.65 | % | $ | 488,600 | 0.60 | % | 14.5 | % | |||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 2.88 | $ | 2.52 | 14.3 | % | |||||||||||
| Diluted | $ | 2.87 | $ | 2.50 | 14.8 | % | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 194,219 | 193,758 | 0.2 | % | |||||||||||||
| Diluted | 195,319 | 195,188 | 0.1 | % |
| ________________________________________ | ||
| 1 | Includes a $12.2 million gain from antitrust litigation settlements, a $77.6 million LIFO credit, and Türkiye foreign currency remeasurement expense of $10.9 million in the three months ended December 31, 2025. Includes a $22.9 million gain from antitrust litigation settlements, a $7.3 million LIFO credit, and Türkiye foreign currency remeasurement expense of $7.2 million in the three months ended December 31, 2024. | |
| 2 | Includes an $86.8 million credit related to a derivative lawsuit settlement in the three months ended December 31, 2025. | |
| 3 | Impairment of assets held for sale, including goodwill, related to its U.S. Consulting Services business. | |
| 4 | Includes a $10.5 million gain on the remeasurement of an equity investment in the three months ended December 31, 2025. Includes a $35.5 million loss on the divestiture of non-core businesses in the three months ended December 31, 2024. |
| CENCORA, INC.GAAP TO NON-GAAP RECONCILIATIONS(in thousands, except per share data)(unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended December 31, 2025 | ||||||||||||||||||||||||||||
| GrossProfit | OperatingExpenses | OperatingIncome | IncomeBeforeIncome Taxes | Income TaxExpense | Net IncomeAttributableto Cencora | DilutedEarningsPer Share | ||||||||||||||||||||||
| GAAP | $ | 3,072,071 | $ | 2,311,622 | $ | 760,449 | $ | 708,640 | $ | 142,514 | $ | 559,647 | $ | 2.87 | ||||||||||||||
| Gains from antitrust litigation settlements | (12,152 | ) | — | (12,152 | ) | (12,152 | ) | (3,362 | ) | (8,790 | ) | (0.05 | ) | |||||||||||||||
| LIFO credit | (77,562 | ) | — | (77,562 | ) | (77,562 | ) | (21,461 | ) | (56,101 | ) | (0.29 | ) | |||||||||||||||
| Türkiye highly inflationary impact | 10,889 | — | 10,889 | 8,723 | — | 8,723 | 0.04 | |||||||||||||||||||||
| Acquisition-related intangibles amortization | — | (125,158 | ) | 125,158 | 125,158 | 34,631 | 89,694 | 0.46 | ||||||||||||||||||||
| Litigation and opioid-related credit, net1 | — | 86,151 | (86,151 | ) | (86,151 | ) | (23,838 | ) | (62,313 | ) | (0.32 | ) | ||||||||||||||||
| Acquisition-related deal and integration expenses | — | (78,419 | ) | 78,419 | 78,419 | 10,039 | 68,380 | 0.35 | ||||||||||||||||||||
| Restructuring and other expenses, net | — | (14,166 | ) | 14,166 | 14,166 | 7,281 | 6,885 | 0.04 | ||||||||||||||||||||
| Impairment of assets, including goodwill2 | — | (249,498 | ) | 249,498 | 249,498 | 54,381 | 195,117 | 1.00 | ||||||||||||||||||||
| Gain on remeasurement of equity investment | — | — | — | (10,501 | ) | — | (10,501 | ) | (0.05 | ) | ||||||||||||||||||
| Other, net | — | — | — | 9,627 | 1,825 | 7,802 | 0.04 | |||||||||||||||||||||
| Tax reform3 | — | — | — | (14,352 | ) | (13,243 | ) | (1,109 | ) | (0.01 | ) | |||||||||||||||||
| Adjusted Non-GAAP | $ | 2,993,246 | $ | 1,930,532 | $ | 1,062,714 | $ | 993,513 | $ | 188,767 | $ | 797,434 | $ | 4.08 | ||||||||||||||
| Adjusted Non-GAAP % change vs. prior year | 18.1 | % | 21.7 | % | 11.9 | % | 8.4 | % | 3.0 | % | 9.6 | % | 9.4 | % | ||||||||||||||
| Percentages of Revenue: | GAAP | AdjustedNon-GAAP | ||||||||||||||||||||||||||
| Gross profit | 3.58 | % | 3.48 | % | ||||||||||||||||||||||||
| Operating expenses | 2.69 | % | 2.25 | % | ||||||||||||||||||||||||
| Operating income | 0.88 | % | 1.24 | % |
| ________________________________________ | ||
| 1 | Includes an $86.8 million credit related to a derivative lawsuit settlement. | |
| 2 | Impairment of assets held for sale, including goodwill, related to its U.S. Consulting Services business. | |
| 3 | Tax reform 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.GAAP TO NON-GAAP RECONCILIATIONS(in thousands, except per share data)(unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended December 31, 2024 | |||||||||||||||||||||||||||||
| GrossProfit | OperatingExpenses | OperatingIncome | Income BeforeIncome Taxes | Income TaxExpense | Net IncomeAttributableto Cencora | Diluted EarningsPer Share | |||||||||||||||||||||||
| GAAP | $ | 2,558,038 | $ | 1,851,784 | $ | 706,254 | $ | 620,447 | $ | 126,728 | $ | 488,600 | $ | 2.50 | |||||||||||||||
| Gains from antitrust litigation settlements | (22,870 | ) | — | (22,870 | ) | (22,870 | ) | (6,530 | ) | (16,340 | ) | (0.08 | ) | ||||||||||||||||
| LIFO credit | (7,324 | ) | — | (7,324 | ) | (7,324 | ) | (2,092 | ) | (5,232 | ) | (0.03 | ) | ||||||||||||||||
| Türkiye highly inflationary impact | 7,155 | — | 7,155 | 7,666 | — | 7,666 | 0.04 | ||||||||||||||||||||||
| Acquisition-related intangibles amortization | — | (164,856 | ) | 164,856 | 164,856 | 47,075 | 117,347 | 0.60 | |||||||||||||||||||||
| Litigation and opioid-related expenses | — | (16,765 | ) | 16,765 | 16,765 | 4,787 | 11,978 | 0.06 | |||||||||||||||||||||
| Acquisition-related deal and integration expenses | — | (38,712 | ) | 38,712 | 38,712 | 11,054 | 27,658 | 0.14 | |||||||||||||||||||||
| Restructuring and other expenses | — | (45,760 | ) | 45,760 | 45,760 | 13,067 | 32,693 | 0.17 | |||||||||||||||||||||
| Gain on remeasurement of equity investment | — | — | — | (3,480 | ) | — | (3,480 | ) | (0.02 | ) | |||||||||||||||||||
| Loss on divestiture of non-core businesses | — | — | — | 35,539 | — | 35,539 | 0.18 | ||||||||||||||||||||||
| Other, net | — | — | — | 5,411 | 923 | 4,488 | 0.02 | ||||||||||||||||||||||
| Tax reform1 | — | — | — | 15,204 | (11,675 | ) | 26,879 | 0.14 | |||||||||||||||||||||
| Adjusted Non-GAAP | $ | 2,534,999 | $ | 1,585,691 | $ | 949,308 | $ | 916,686 | $ | 183,337 | $ | 727,796 | $ | 3.73 | 2 | ||||||||||||||
| Percentages of Revenue: | GAAP | AdjustedNon-GAAP | |||||||||||||||||||||||||||
| Gross profit | 3.14 | % | 3.11 | % | |||||||||||||||||||||||||
| Operating expenses | 2.27 | % | 1.95 | % | |||||||||||||||||||||||||
| Operating income | 0.87 | % | 1.16 | % |
Bennett S. MurphySenior Vice President, Investor Relations and Enterprise Productivitybennett.murphy@cencora.com