Cencora Inc (COR)

Cencora Appoints Eva Boratto as Executive Vice President and Chief Financial OfficerMay 27, 2026 6:55 AM
Business Wire Cencora reaffirms fiscal 2026 and long-term financial guidance Cencora, Inc. (NYSE: COR) today announced Eva C. Boratto has been appointed Executive Vice President and Chief Financial Officer of the Company, effective June 29, 2026. Ms. Boratto succeeds James F. Cleary, who will be retiring from his role as Executive Vice President and Chief Financial Officer as previously announced. Mr. Cleary will serve in an advisory capacity through the end of 2026 to help ensure a smooth transition. Ms. Boratto is an experienced public company executive with considerable financial and operational experience across the healthcare and consumer sectors. She most recently served as Chief Financial Officer of Bath & Body Works, Inc., where she played a key leadership role in the company’s multi-year transformation strategy. During her tenure, the company strengthened its financial discipline; this work included the company’s Fuel for Growth program, which delivered more than $300 million in cumulative cost savings, supporting strategic reinvestment. She previously spent 12 years at CVS Health Corporation, where she held leadership roles, including Chief Financial Officer, and played a key role in developing and executing the company’s growth strategy, digitization investments and the integration of the company’s acquisition of Aetna. Ms. Boratto serves on the board of Mars, Inc., where she is Chair of the Audit Committee, and currently serves on the board of United Parcel Service, Inc., where she is Chair of the Audit Committee. “Eva is a purpose-driven executive with deep healthcare experience and strong financial and operational expertise, and we are pleased to welcome her,” said Robert P. Mauch, President and Chief Executive Officer of Cencora. “Her experience leading complex, global finance organizations and a track record of financial discipline and execution make her the right finance leader for Cencora. We believe she will be a great addition to the team as we continue executing our pharmaceutical-centric strategy and advancing our core growth priorities to drive sustainable shareholder value creation.” “Cencora plays a pivotal role at the center of the global pharmaceutical supply chain, and I am delighted to join this purpose-driven organization and help advance its growth strategy,” said Ms. Boratto. “I look forward to working with Bob and the rest of the leadership team as we build on Cencora’s track record of execution and growth.” Mr. Mauch added, “On behalf of the Cencora team, I want to thank Jim for his years of leadership and significant contributions to Cencora. We wish him all the best in his next chapter.” Fiscal 2026 and Long-Term Guidance Expectations Cencora is reaffirming its previously issued adjusted diluted EPS guidance range of $17.70 to $17.90 for fiscal year 2026. On May 21, 2026, Cencora updated its fiscal year 2026 guidance for adjusted diluted EPS from a previous range of $17.65 to $17.90, as a result of opportunistic share repurchases completed in May. Cencora is also reaffirming its long-term guidance for adjusted operating income growth of 7% to 10% and adjusted diluted EPS growth of 10% to 14%. About Eva C. Boratto Ms. Boratto most recently served as Chief Financial Officer of Bath & Body Works, where she played a key role in shaping the company’s financial priorities and led initiatives to reposition the business, optimize its store footprint and invest in digital capabilities to drive profitable growth. Previously, Ms. Boratto spent 12 years in leadership roles at CVS Health Corporation, most recently serving as Executive Vice President and Chief Financial Officer. Earlier in her career, Ms. Boratto held leadership positions of increasing responsibility at Merck & Co., Inc., including financial oversight of the company’s $15 billion U.S. pharmaceutical business, driving the transformation and growth of its global vaccines business and leading investor relations. Ms. Boratto serves on the board of directors of Mars, Inc., where she is Chair of the Audit Committee, and currently serves on the board of directors of United Parcel Service, Inc., where she is Chair of the Audit Committee. Ms. Boratto earned a Master of Business Administration from Drexel University and a Bachelor of Science in Accounting and Economics from Rutgers University. 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 #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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526951104/en/ Bennett S. Murphy
Senior Vice President, Investor Relations & Enterprise Productivity
bennett.murphy@cencora.com Original: Cencora Appoints Eva Boratto as Executive Vice President and Chief Financial Officer

Cencora Announces Updated Fiscal Year 2026 Financial OutlookMay 21, 2026 4:30 PM
Business Wire The Board of Directors authorized a new $2.0 billion share repurchase program Cencora, Inc. (NYSE: COR) today updated its fiscal year 2026 financial guidance as a result of recent opportunistic share repurchases. Cencora now expects adjusted diluted earnings per share to be in the range of $17.70 to $17.90, up from the previous range of $17.65 to $17.90. The opportunistic share repurchases completed in May align with the Company’s previously disclosed expectation that it will repurchase $1.0 billion in shares of common stock by the end of calendar 2026. The Company will be participating in upcoming investor discussions in which the updated outlook for fiscal year 2026 will be discussed. New Share Repurchase Authorization On May 20, 2026, Cencora’s Board of Directors authorized a new share repurchase program allowing the Company to purchase up to an additional $2.0 billion of its outstanding shares of common stock, subject to market conditions. As of May 21, 2026, the Company had $382 million remaining under the share repurchase program that was previously authorized in May 2024. 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 #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. Supplemental Information Regarding Non-GAAP Adjusted Diluted Earnings Per Share Adjusted diluted earnings per share is a non-GAAP financial measure. This non-GAAP financial measure should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. This supplemental measure may vary from, and may not be comparable to, similarly titled measures by other companies. The non-GAAP financial measure is presented because management uses this non-GAAP financial measure to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of this non-GAAP financial measure provides useful supplementary information to, and facilitates additional analysis by, investors. The non-GAAP fiscal year 2026 guidance for adjusted diluted earnings per share excludes 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. The Company does not provide forward looking guidance on a GAAP basis for such metric because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For fiscal year 2026, 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; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521109528/en/ Bennett S. Murphy
Senior Vice President, Investor Relations and Enterprise Productivity
Bennett.Murphy@cencora.com Original: Cencora Announces Updated Fiscal Year 2026 Financial Outlook

Cencora Reports Fiscal 2026 Second Quarter ResultsMay 6, 2026 6:30 AM
Business Wire Revenue of $78.4 billion for the Second Quarter, a 3.8 percent Increase Year-Over-Year Second Quarter GAAP Diluted EPS of $8.40 and Adjusted Diluted EPS of $4.75 Adjusted Diluted EPS Guidance Range Raised to $17.65 to $17.90 for Fiscal 2026 Cencora Expects to Repurchase $1 Billion in Shares by the End of Calendar 2026 Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 second quarter ended March 31, 2026, revenue increased 3.8 percent year-over-year to $78.4 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $8.40 for the second quarter of fiscal 2026 compared to $3.68 in the prior year second quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 7.5 percent to $4.75 in the fiscal second quarter from $4.42 in the prior year second 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 diluted EPS guidance has been raised from the previous range of $17.45 to $17.75 to a range of $17.65 to $17.90. “Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers,” said Robert P. Mauch, President and Chief Executive Officer of Cencora. “Our fiscal 2026 guidance reflects the strength of our business and focus on our strategy to create long-term value. As we move into the second half of our fiscal year, we are pleased to have made progress on debt paydown and to be in a position to resume opportunistic share repurchases,” Mr. Mauch continued. Second Quarter Fiscal Year 2026 Summary Results   GAAP Adjusted (Non-GAAP) Revenue $78.4B $78.4B Gross Profit $3.6B $3.4B Operating Expenses $2.4B $2.1B Operating Income $1.1B $1.3B Other Income, Net $1.1B $8M Interest Expense, Net $140M $140M Effective Tax Rate 22.0% 18.9% Net Income Attributable to Cencora, Inc. $1.6B $928M Diluted Earnings Per Share $8.40 $4.75 Diluted Shares Outstanding 195.4M 195.4M 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. Second Quarter GAAP Results Revenue: In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment. Gross Profit: Gross profit in the second quarter of fiscal 2026 was $3.6 billion, a 17.3 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increase in gross profit in both reportable segments and a LIFO credit in the current year quarter compared to LIFO expense in the prior year quarter, offset in part by lower gains from antitrust litigation settlements in the current year quarter compared to the prior year quarter. Gross profit as a percentage of revenue was 4.58 percent, an increase of 52 basis points from 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 higher sales of GLP-1s, which have lower gross profit margins. Operating Expenses: In the second quarter of fiscal 2026, operating expenses were $2.4 billion, a 20.9 percent increase compared to the same quarter in the previous fiscal year. This increase was primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology. Operating Income: In the second quarter of fiscal 2026, operating income was $1.1 billion, an increase of 10.3 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income as a percentage of revenue was 1.46 percent in the second quarter of fiscal 2026 compared to 1.37 percent in the prior year quarter. Other Income, Net: In the second quarter of fiscal 2026, in connection with the acquisition of OneOncology, the Company recorded a gain of $1.1 billion on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology. Interest Expense, Net: In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income. Effective Tax Rate: The effective tax rate was 22.0 percent for the second quarter of fiscal 2026 compared to 22.7 percent in the prior year quarter. Diluted Earnings Per Share: Diluted earnings per share was $8.40 in the second quarter of fiscal 2026, a 128.3 percent increase compared to $3.68 in the previous fiscal year’s second quarter. The increase in diluted earnings per share included a $1.1 billion remeasurement gain related to the OneOncology acquisition, which was recorded as “Other (income) loss, net.” Diluted Shares Outstanding: Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter. Second Quarter Adjusted (non-GAAP) Results Revenue: No adjustments were made to the GAAP presentation of revenue. In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment. Adjusted Gross Profit: Adjusted gross profit in the second quarter of fiscal 2026 was $3.4 billion, a 15.7 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 4.31 percent in the fiscal 2026 second quarter, an increase of 45 basis points from 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 higher sales of GLP-1s, which have lower gross profit margins. Adjusted Operating Expenses: In the second quarter of fiscal 2026, adjusted operating expenses were $2.1 billion, a 22.5 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 second quarter of fiscal 2026, adjusted operating income was $1.3 billion, a 6.0 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 1.61 percent in the fiscal 2026 second quarter, an increase of 3 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 second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income. Adjusted Effective Tax Rate: The adjusted effective tax rate was 18.9 percent for the second quarter of fiscal 2026 compared to 20.8 percent in the prior year quarter primarily due to discrete tax benefits in the current year quarter. Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.75 in the second quarter of fiscal 2026, a 7.5 percent increase compared to $4.42 in the previous fiscal year’s second quarter. Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter. 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 $68.8 billion in the second quarter of fiscal 2026, an increase of 2.9 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. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, lower sales to our large mail order customer as a result of brand conversions, and the 2025 losses of an oncology customer and a grocery customer. Segment operating income of $998.3 million in the second quarter of fiscal 2026 was up 5.6 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, as a result of the February 2026 acquisition of OneOncology and increased product sales, offset in part by the increase in operating expenses and the 2025 loss of an oncology customer. International Healthcare Solutions Segment International Healthcare Solutions revenue was $7.6 billion in the second quarter of fiscal 2026, an increase of 13.0 percent compared to the previous fiscal year’s second quarter primarily due to growth in our European distribution business. Segment operating income in the second quarter of fiscal 2026 was $175.8 million, an increase of 13.7 percent, primarily due to increased operating income at our European distribution business and our global specialty logistics business. On a constant currency basis, International Healthcare Solutions revenue increased by 7.2 percent in the second quarter of fiscal 2026 compared to the previous fiscal year’s second quarter, while segment operating income increased by 12.9 percent. Other Revenue in Other was $2.1 billion in the second quarter of fiscal 2026, an increase of 5.1 percent compared to the previous fiscal year’s second quarter due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses. Operating income in Other in the second quarter of fiscal 2026 was $91.6 million, a decrease of 1.3 percent, primarily due to lower operating income at our consulting services businesses, offset in part by an increase in operating income at MWI Animal Health. Recent Company Highlights & Milestones Cencora and Covetrus, a global animal health technology and services company, announced that they entered into a definitive agreement under which MWI Animal Health and Covetrus will merge, creating a combined company offering a comprehensive animal health platform. Cencora announced the signing of a definitive agreement to acquire EyeSouth Partners’ retina business. Upon completion of the transaction, the affiliated retina physicians of EyeSouth Partners will join Cencora’s Retina Consultants of America (“RCA”), a leading management services organization. Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis Cencora is now updating its fiscal year 2026 financial guidance which reflects its strong full year fiscal 2026 operating income growth in the U.S. Healthcare Solutions segment and updated operating income expectations in Other as a result of MWI now being accounted for as “held for sale”. Additionally, the Company has narrowed its expectations for interest expense and now expects an incrementally lower expected share count as it resumes opportunistic share repurchases.   2026 Guidance(1) Fiscal 2025 Actuals Revenue 4% to 6% growth $321.3B U.S. Healthcare Solutions Segment(2) 4% to 6% growth $285.0B International Healthcare Solutions Segment(2)(3) 8% to 10% growth $28.3B Other(2) 1% to 5% growth $8.2B Adjusted operating income 12% to 14% 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) High-single digit growth $352M Adjusted diluted earnings per share $17.65 to $17.90 $16.00 Net interest expense ~$485M $292M Adjusted effective tax rate ~20% 20.6% Diluted weighted average shares outstanding Under 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 posted on the Company’s website at investor.cencora.com. Dividend Declaration The Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable June 1, 2026, to stockholders of record at the close of business on May 15, 2026. Conference Call & Slide Presentation The Company will host a conference call to discuss its operating results at 8:30 a.m. ET on May 6, 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: Robert P. Mauch, President & Chief Executive Officer James F. Cleary, Executive Vice President & Chief Financial Officer The dial-in number for the live call will be +1 (833) 461-5787. From outside the United States and Canada, dial +1 (585) 542-9983. The meeting ID for the call will be 280720750 and the access code will be 528015. 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. 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: Bank of America Global Healthcare Conference, May 12-14, 2026 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 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 Months
Ended
March 31, 2026   % of
Revenue   Three Months
Ended
March 31, 2025   % of
Revenue   %
Change Revenue   $ 78,355,916         $ 75,453,673       3.8%                       Cost of goods sold 1     74,767,577           72,393,864       3.3%                       Gross profit     3,588,339     4.58%     3,059,809   4.06%   17.3%                       Operating expenses:                     Distribution, selling, and administrative     1,977,559     2.52%     1,600,040   2.12%   23.6% Depreciation and amortization     249,292     0.32%     259,818   0.34%   (4.1)% Litigation and opioid-related expenses     13,858           11,524         Acquisition and divestiture-related deal and integration expenses     164,164           99,380         Restructuring and other expenses     40,873           52,857         Total operating expenses     2,445,746     3.12%     2,023,619   2.68%   20.9%                       Operating income     1,142,593     1.46%     1,036,190   1.37%   10.3%                       Other (income) loss, net 2     (1,086,439 )         3,546         Interest expense, net     140,460           103,988       35.1%                       Income before income taxes     2,088,572     2.67%     928,656   1.23%   124.9%                       Income tax expense     459,044           211,239                               Net income     1,629,528     2.08%     717,417   0.95%   127.1%                       Net loss attributable to noncontrolling interests     11,804           454                               Net income attributable to Cencora, Inc.   $ 1,641,332     2.09%   $ 717,871   0.95%   128.6%                       Earnings per share:                     Basic   $ 8.44         $ 3.70       128.1% Diluted   $ 8.40         $ 3.68       128.3%                       Weighted average common shares outstanding:                     Basic     194,545           193,796       0.4% Diluted     195,383           195,094       0.1% ________________________ 1 Includes a $16.5 million gain from antitrust litigation settlements, a $210.0 million LIFO credit, and Türkiye foreign currency remeasurement expense of $12.2 million in the three months ended March 31, 2026. Includes a $198.6 million gain from antitrust litigation settlements, a $39.5 million LIFO expense, and Türkiye foreign currency remeasurement expense of $14.5 million in the three months ended March 31, 2025. 2 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 three months ended March 31, 2026. CENCORA, INC. FINANCIAL SUMMARY (in thousands, except per share data) (unaudited)       Six Months
Ended
March 31, 2026   % of
Revenue   Six Months
Ended
March 31, 2025   % of
Revenue   %
Change Revenue   $ 164,287,932         $ 156,940,733         4.7%                       Cost of goods sold 1     157,627,522           151,322,886         4.2%                       Gross profit     6,660,410     4.05%     5,617,847     3.58%   18.6%                       Operating expenses:                     Distribution, selling, and administrative     3,772,848     2.30%     3,072,095     1.96%   22.8% Depreciation and amortization     509,693     0.31%     538,310     0.34%   (5.3)% Litigation and opioid-related (credit) expenses, net 2     (72,293 )         28,289           Acquisition and divestiture-related deal and integration expenses     242,583           138,092           Restructuring and other expenses, net     55,039           98,617           Impairment of assets, including goodwill 3     249,498           —           Total operating expenses     4,757,368     2.90%     3,875,403     2.47%   22.8%                       Operating income     1,903,042     1.16%     1,742,444     1.11%   9.2%                       Other (income) loss, net 4     (1,107,039 )         61,420           Interest expense, net     212,869           131,921         61.4%                       Income before income taxes     2,797,212     1.70%     1,549,103     0.99%   80.6%                       Income tax expense     601,558           337,967                                 Net income     2,195,654     1.34%     1,211,136     0.77%   81.3%                       Net loss (income) attributable to noncontrolling interests     5,325           (4,665 )                               Net income attributable to Cencora, Inc.   $ 2,200,979     1.34%   $ 1,206,471     0.77%   82.4%                       Earnings per share:                     Basic   $ 11.32         $ 6.23         81.7% Diluted   $ 11.27         $ 6.18         82.4%                       Weighted average common shares outstanding:                     Basic     194,383           193,780         0.3% Diluted     195,352           195,144         0.1% ________________________ 1 Includes a $28.7 million gain from antitrust litigation settlements, a $287.6 million LIFO credit, and Türkiye foreign currency remeasurement expense of $23.0 million in the six months ended March 31, 2026. Includes a $221.5 million gain from antitrust litigation settlements, a $32.1 million LIFO expense, and Türkiye foreign currency remeasurement expense of $21.6 million in the six months ended March 31, 2025. 2 Includes an $86.8 million credit related to a derivative lawsuit settlement in the six months ended March 31, 2026. 3 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business. 4 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 six months ended March 31, 2026. CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited)       Three Months Ended March 31, 2026       Gross Profit   Operating
Expenses   Operating
Income   Income
Before
Income Taxes   Income Tax
Expense   Net Income
Attributable
to Cencora   Diluted
Earnings
Per Share   GAAP   $ 3,588,339     $ 2,445,746     $ 1,142,593     $ 2,088,572     $ 459,044     $ 1,641,332     $ 8.40     Gains from antitrust litigation settlements     (16,538 )     —       (16,538 )     (16,538 )     (2,346 )     (14,192 )     (0.07 )   LIFO credit     (210,030 )     —       (210,030 )     (210,030 )     (35,761 )     (174,269 )     (0.89 )   Türkiye highly inflationary impact     12,153       —       12,153       10,474       —       10,474       0.05     Acquisition-related intangibles amortization     —       (116,276 )     116,276       116,276       13,407       102,211       0.52     Litigation and opioid-related expenses     —       (13,858 )     13,858       13,858       9,454       4,404       0.02     Acquisition and divestiture-related deal and integration expenses     —       (164,164 )     164,164       164,164       32,393       131,771       0.67     Restructuring and other expenses     —       (40,873 )     40,873       40,873       4,265       36,608       0.19     Remeasurement gain related to OneOncology acquisition 1     —       —       —       (1,086,612 )     (252,460 )     (834,152 )     (4.27 )   Other, net     —       —       —       7,691       (1,833 )     9,524       0.05     Tax reform 2     —       —       —       1,880       (12,482 )     14,362       0.07     Adjusted Non-GAAP   $ 3,373,924     $ 2,110,575     $ 1,263,349     $ 1,130,608     $ 213,681     $ 928,073     $ 4.75   3                                 Adjusted Non-GAAP % change vs. prior year     15.7 %     22.5 %     6.0 %     3.8 %     (5.7 )%     7.6 %     7.5 %   Percentages of Revenue:   GAAP   Adjusted
Non-GAAP Gross profit   4.58%   4.31% Operating expenses   3.12%   2.69% Operating income   1.46%   1.61% ________________________ 1 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. 2   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. 3 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)       Three Months Ended March 31, 2025       Gross Profit   Operating
Expenses   Operating
Income   Income
Before
Income Taxes   Income Tax
Expense   Net Income
Attributable
to Cencora   Diluted
Earnings
Per Share   GAAP   $ 3,059,809     $ 2,023,619     $ 1,036,190     $ 928,656     $ 211,239     $ 717,871     $ 3.68     Gains from antitrust litigation settlements     (198,646 )     —       (198,646 )     (198,646 )     (54,162 )     (144,484 )     (0.74 )   LIFO expense     39,469       —       39,469       39,469       10,899       28,570       0.15     Türkiye highly inflationary impact     14,479       —       14,479       18,394       —       18,394       0.09     Acquisition-related intangibles amortization     —       (137,011 )     137,011       137,011       35,632       100,628       0.52     Litigation and opioid-related expenses     —       (11,524 )     11,524       11,524       2,964       8,560       0.04     Acquisition and divestiture-related deal and integration expenses     —       (99,380 )     99,380       99,380       16,517       82,863       0.42     Restructuring and other expenses     —       (52,857 )     52,857       52,857       13,953       38,904       0.20     Other, net     —       —       —       5,763       952       4,811       0.02     Tax reform 1     —       —       —       (4,855 )     (11,367 )     6,512       0.03     Adjusted Non-GAAP   $ 2,915,111     $ 1,722,847     $ 1,192,264     $ 1,089,553     $ 226,627     $ 862,629     $ 4.42   2 Percentages of Revenue:   GAAP   Adjusted
Non-GAAP Gross profit   4.06%   3.86% Operating expenses   2.68%   2.28% Operating income   1.37%   1.58% ________________________ 1 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. 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)       Six Months Ended March 31, 2026       Gross Profit   Operating
Expenses   Operating
Income   Income
Before
Income Taxes   Income Tax
Expense   Net Income
Attributable
to Cencora   Diluted
Earnings
Per Share   GAAP   $ 6,660,410     $ 4,757,368     $ 1,903,042     $ 2,797,212     $ 601,558     $ 2,200,979     $ 11.27     Gains from antitrust litigation settlements     (28,690 )     —       (28,690 )     (28,690 )     (5,708 )     (22,982 )     (0.12 )   LIFO credit     (287,592 )     —       (287,592 )     (287,592 )     (57,222 )     (230,370 )     (1.18 )   Türkiye highly inflationary impact     23,042       —       23,042       19,197       —       19,197       0.10     Acquisition-related intangibles amortization     —       (241,434 )     241,434       241,434       48,038       191,905       0.98     Litigation and opioid-related credit, net 1     —       72,293       (72,293 )     (72,293 )     (14,384 )     (57,909 )     (0.30 )   Acquisition and divestiture-related deal and integration expenses     —       (242,583 )     242,583       242,583       42,432       200,151       1.02     Restructuring and other expenses, net     —       (55,039 )     55,039       55,039       11,546       43,493       0.22     Impairment of assets, including goodwill 2     —       (249,498 )     249,498       249,498       54,381       195,117       1.00     Remeasurement gain related to OneOncology acquisition 3     —       —       —       (1,086,612 )     (252,460 )     (834,152 )     (4.27 )   Other, net     —       —       —       6,817       (8 )     6,825       0.03     Tax reform 4     —       —       —       (12,472 )     (25,725 )     13,253       0.07     Adjusted Non-GAAP   $ 6,367,170     $ 4,041,107     $ 2,326,063     $ 2,124,121     $ 402,448     $ 1,725,507     $ 8.83   5                                 Adjusted Non-GAAP % change vs. prior year     16.8 %     22.1 %     8.6 %     5.9 %     (1.8 )%     8.5 %     8.3 %   Percentages of Revenue:   GAAP   Adjusted
Non-GAAP Gross profit   4.05%   3.88% Operating expenses   2.90%   2.46% Operating income   1.16%   1.42% ________________________ 1 Includes an $86.8 million credit related to a derivative lawsuit settlement. 2 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business. 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 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. 5 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)       Six Months Ended March 31, 2025       Gross Profit   Operating Expenses   Operating Income   Income Before Income Taxes   Income Tax Expense   Net Income Attributable to Cencora   Diluted Earnings Per Share   GAAP   $ 5,617,847     $ 3,875,403     $ 1,742,444     $ 1,549,103     $ 337,967     $ 1,206,471     $ 6.18     Gains from antitrust litigation settlements     (221,516 )     —       (221,516 )     (221,516 )     (60,692 )     (160,824 )     (0.82 )   LIFO expense     32,145       —       32,145       32,145       8,807       23,338       0.12     Türkiye highly inflationary impact     21,634       —       21,634       26,060       —       26,060       0.13     Acquisition-related intangibles amortization     —       (301,867 )     301,867       301,867       82,707       217,975       1.12     Litigation and opioid-related expenses     —       (28,289 )     28,289       28,289       7,751       20,538       0.11     Acquisition and divestiture-related deal and integration expenses     —       (138,092 )     138,092       138,092       27,571       110,521       0.57     Restructuring and other expenses     —       (98,617 )     98,617       98,617       27,020       71,597       0.37     Loss on divestiture of non-core businesses     —       —       —       35,539       —       35,539       0.18     Other, net     —       —       —       7,694       1,875       5,819       0.03     Tax reform 1     —       —       —       10,349       (23,042 )     33,391       0.17     Adjusted Non-GAAP   $ 5,450,110     $ 3,308,538     $ 2,141,572     $ 2,006,239     $ 409,964     $ 1,590,425     $ 8.15   2 Percentages of Revenue:   GAAP   Adjusted Non-GAAP Gross profit   3.58%   3.47% Operating expenses   2.47%   2.11% Operating income   1.11%   1.36% ________________________ 1 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. 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. SUMMARY SEGMENT INFORMATION (in thousands) (unaudited)       Three Months Ended March 31, Revenue     2026       2025     % Change U.S. Healthcare Solutions   $ 68,765,078     $ 66,819,265     2.9% International Healthcare Solutions     7,565,749       6,696,779     13.0% Other     2,055,571       1,956,407     5.1% Intersegment eliminations     (30,482 )     (18,778 )     Revenue   $ 78,355,916     $ 75,453,673     3.8%     Three Months Ended March 31, Operating income     2026       2025     % Change U.S. Healthcare Solutions   $ 998,300     $ 944,969     5.6% International Healthcare Solutions     175,797       154,598     13.7% Other     91,633       92,851     (1.3)% Intersegment eliminations     (2,381 )     (154 )     Total segment operating income     1,263,349       1,192,264     6.0%               Gains from antitrust litigation settlements     16,538       198,646       LIFO credit (expense)     210,030       (39,469 )     Türkiye highly inflationary impact     (12,153 )     (14,479 )     Acquisition-related intangibles amortization     (116,276 )     (137,011 )     Litigation and opioid-related expenses     (13,858 )     (11,524 )     Acquisition and divestiture-related deal and integration expenses     (164,164 )     (99,380 )     Restructuring and other expenses     (40,873 )     (52,857 )     Operating income   $ 1,142,593     $ 1,036,190     10.3%               Percentages of Revenue:                           U.S. Healthcare Solutions             Gross profit     3.28 %     2.82 %     Operating expenses     1.82 %     1.40 %     Operating income     1.45 %     1.41 %                   International Healthcare Solutions             Gross profit     10.76 %     10.70 %     Operating expenses     8.44 %     8.39 %     Operating income     2.32 %     2.31 %                   Other             Gross profit     15.16 %     16.27 %     Operating expenses     10.70 %     11.53 %     Operating income     4.46 %     4.75 %                   Cencora, Inc. (GAAP)             Gross profit     4.58 %     4.06 %     Operating expenses     3.12 %     2.68 %     Operating income     1.46 %     1.37 %                   Cencora, Inc. (Non-GAAP)             Adjusted gross profit     4.31 %     3.86 %     Adjusted operating expenses     2.69 %     2.28 %     Adjusted operating income     1.61 %     1.58 %     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 (in thousands) (unaudited)       Six Months Ended March 31, Revenue     2026       2025     % Change U.S. Healthcare Solutions   $ 144,976,903     $ 139,374,559     4.0% International Healthcare Solutions     15,189,722       13,655,674     11.2% Other     4,184,518       3,958,862     5.7% Intersegment eliminations     (63,211 )     (48,362 )     Revenue   $ 164,287,932     $ 156,940,733     4.7%     Six Months Ended March 31, Operating income     2026       2025     % Change U.S. Healthcare Solutions   $ 1,829,630     $ 1,631,894     12.1% International Healthcare Solutions     317,953       319,778     (0.6)% Other     183,050       190,180     (3.7)% Intersegment eliminations     (4,570 )     (280 )     Total segment operating income     2,326,063       2,141,572     8.6%               Gains from antitrust litigation settlements     28,690       221,516       LIFO credit (expense)     287,592       (32,145 )     Türkiye highly inflationary impact     (23,042 )     (21,634 )     Acquisition-related intangibles amortization     (241,434 )     (301,867 )     Litigation and opioid-related credit (expenses), net     72,293       (28,289 )     Acquisition and divestiture-related deal and integration expenses     (242,583 )     (138,092 )     Restructuring and other expenses, net     (55,039 )     (98,617 )     Impairment of assets, including goodwill     (249,498 )     —       Operating income   $ 1,903,042     $ 1,742,444     9.2%               Percentages of Revenue:                           U.S. Healthcare Solutions             Gross profit     2.85 %     2.39 %     Operating expenses     1.59 %     1.22 %     Operating income     1.26 %     1.17 %                   International Healthcare Solutions             Gross profit     10.56 %     10.84 %     Operating expenses     8.46 %     8.50 %     Operating income     2.09 %     2.34 %                   Other             Gross profit     15.20 %     16.07 %     Operating expenses     10.83 %     11.26 %     Operating income     4.37 %     4.80 %                   Cencora, Inc. (GAAP)             Gross profit     4.05 %     3.58 %     Operating expenses     2.90 %     2.47 %     Operating income     1.16 %     1.11 %                   Cencora, Inc. (Non-GAAP)             Adjusted gross profit     3.88 %     3.47 %     Adjusted operating expenses     2.46 %     2.11 %     Adjusted operating income     1.42 %     1.36 %     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)     March 31,   September 30,   2026   2025 ASSETS               Current assets:       Cash and cash equivalents $ 2,176,496   $ 4,356,138 Accounts receivable, net   24,893,220     25,225,299 Inventories   20,010,006     20,492,480 Right to recover assets   1,574,708     1,625,817 Prepaid expenses and other   636,815     539,339 Assets held for sale   3,849,666     — Total current assets   53,140,911     52,239,073         Property and equipment, net   2,805,419     2,539,076 Goodwill and other intangible assets   22,507,385     17,450,701 Deferred income taxes   192,825     208,810 Other long-term assets   3,005,560     4,152,452 Total assets $ 81,652,100   $ 76,590,112         LIABILITIES AND STOCKHOLDERS’ EQUITY               Current liabilities:       Accounts payable $ 51,881,816   $ 54,719,761 Accrued expenses and other   3,195,861     2,982,993 Short-term debt   202,660     117,785 Liabilities held for sale   851,949     — Total current liabilities   56,132,286     57,820,539         Long-term debt   12,182,860     7,542,988 Accrued income taxes   352,768     337,631 Deferred income taxes   1,748,178     1,620,724 Accrued litigation liability   3,856,483     3,881,283 Other liabilities   3,794,575     3,639,862         Total stockholders’ equity   3,584,950     1,747,085         Total liabilities and stockholders’ equity $ 81,652,100   $ 76,590,112 CENCORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)     Six Months Ended March 31,     2026       2025   Operating Activities:       Net income $ 2,195,654     $ 1,211,136   Adjustments to reconcile net income to net cash (used in) provided by operating activities   (244,232 )     815,487   Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:       Accounts receivable   (308,675 )     (218,043 ) Inventories   (120,202 )     34,252   Accounts payable   (2,193,885 )     (669,479 ) Other, net   (295,190 )     (540,897 ) Net cash (used in) provided by operating activities   (966,530 )     632,456           Investing Activities:       Capital expenditures   (284,994 )     (234,953 ) Cost of acquired companies, net of cash acquired   (4,932,036 )     (3,947,761 ) Cost of equity investments   (19,210 )     (192,576 ) Other, net   62,024       (45,372 ) Net cash used in investing activities   (5,174,216 )     (4,420,662 )         Financing Activities:       Net debt borrowings 1   4,377,761       3,455,501   Purchases of common stock   —       (435,471 ) Cash dividends on common stock   (243,972 )     (222,076 ) Employee tax withholdings related to restricted share vesting   (105,186 )     (77,558 ) Other, net   (6,832 )     (2,984 ) Net cash provided by financing activities   4,021,771       2,717,412           Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (14,825 )     (48,520 )         Decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale   (2,133,800 )     (1,119,314 ) Less: Increase in cash classified within assets held for sale   (24,487 )     —   Decrease in cash, cash equivalents, and restricted cash   (2,158,287 )     (1,119,314 )         Cash, cash equivalents, and restricted cash at beginning of period 2   4,394,549       3,297,880           Cash, cash equivalents, and restricted cash at end of period 2 $ 2,236,262     $ 2,178,566   ________________________ 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 six months ended March 31, 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 in the six months ended March 31, 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:     March 31,
2026   September 30,
2025   March 31,
2025   September 30,
2024 Cash and cash equivalents   $ 2,176,496   $ 4,356,138   $ 1,978,061   $ 3,132,648 Restricted cash (included in Prepaid Expenses and Other)     59,766     38,411     132,298     98,596 Restricted cash (included in Other Long-Term Assets)     —     —     68,207     66,636 Cash, cash equivalents, and restricted cash   $ 2,236,262   $ 4,394,549   $ 2,178,566   $ 3,297,880 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; 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 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 these do not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company. 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, the remeasurement gain related to the OneOncology acquisition, gain (loss) on remeasurement of an equity investment, the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform, and the loss on divestiture of non-core businesses are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and 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 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 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 Cencora: 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; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; (loss) on remeasurement of an equity investment; the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform; and the loss on divestiture of non-core businesses, 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. 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 guidance on possible future cash flows. The Company does not provide forward looking guidance 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 six months ended March 31, 2026: Reconciliation of adjusted free cash flows   Operating cash flows $(966.5)M Capital expenditures $(285.0)M Free cash flows $(1,251.5)M Less gains from antitrust litigation settlements $(28.7)M Adjusted free cash flows $(1,280.2)M The Company also presents certain information related to current period operating results in “constant currency,” which is a non-GAAP financial measure. These amounts are calculated by translating current period 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 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 March 31, 2026:   Revenue Adjusted Operating income Consolidated     As reported $78.4B $1,263M Impact of foreign currency translation $(0.4)B $(1)M Constant currency $78.0B $1,262M International Healthcare Solutions segment     As reported $7.6B $176M Impact of foreign currency translation $(0.4)B $(1)M Constant currency $7.2B $175M In addition, the Company has provided non-GAAP fiscal year 2026 guidance 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 guidance 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505677153/en/ Bennett S. Murphy
Senior Vice President, Investor Relations and Enterprise Productivity
bennett.murphy@cencora.com Original: Cencora Reports Fiscal 2026 Second Quarter Results

Cencora Announces Date and Time for Second Quarter Fiscal 2026 Earnings ReleaseApril 1, 2026 4:30 PM
Business Wire
Cencora, Inc. (NYSE: COR) today announced that it plans to release its results for the Second Quarter of Fiscal 2026 on Wednesday, May 6, 2026, prior to the opening of trading on the New York Stock Exchange. The Company will host a conference call to discuss the results at 8:30 a.m. ET on May 6, 2026.


Participating in the conference call will be:

Robert P. Mauch, President & Chief Executive Officer

James F. Cleary, Executive Vice President & Chief Financial Officer


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.


To access the call via telephone from within the United States and Canada, dial +1 (833) 461-5787. From outside the United States and Canada, dial +1 (585) 542-9983. The meeting ID for the call will be 280720750 and the access code will be 528015.


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.


Please check the website investor.cencora.com for updates regarding the timing of the live webcasts 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. Cencora partners with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on Cencora for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Cencora’s 51,000+ worldwide team members contribute to positive health outcomes through the power of Cencora’s purpose: Cencora is united in its 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260401413734/en/
Melissa O’Brien

Vice President, Investor Relations

Melissa.Obrien@cencora.com


Original: Cencora Announces Date and Time for Second Quarter Fiscal 2026 Earnings Release

Covetrus and MWI Animal Health to MergeFebruary 18, 2026 7:00 AM
Business Wire

Combination of companion animal distribution, production animal distribution and technology platforms will make animal healthcare more accessible and affordable



Transaction unites complementary businesses to deliver innovative, efficient solutions and expertise across the entire animal health ecosystem



Deal values MWI at an enterprise value of $3.5 billion. Cencora to receive cash proceeds of $1.25 billion and $800 million of preferred equity while retaining a non-controlling common equity stake of 34.3% in the combined company



Cencora reaffirms fiscal 2026 financial guidance



Cencora (NYSE: COR) and Covetrus, a global animal health technology and services company, today announced that they have entered into a definitive agreement under which Covetrus and MWI Animal Health (MWI) will merge, creating a combined company offering a comprehensive animal health platform.


“Our mission has always been to empower veterinary practices to work smarter and deliver better care,” said Ben Wolin, President and Chief Executive Officer of Covetrus. “By bringing MWI’s strong distribution capabilities and expertise to our business, we can offer more solutions to more customers, improve logistics, create savings and develop innovative new ways to support the animal health ecosystem, including veterinarians, producers, dealers, manufacturers, distributors and pet parents. This combination is about making animal healthcare more affordable and accessible, and we remain committed to driving innovation across the industry.”


“As the animal health sector has grown and developed, so too have the needs of MWI’s stakeholders. This transaction positions MWI for success with a partner strategically focused on and dedicated to animal health, while allowing Cencora to further invest in our key growth priorities,” said Bob Mauch, President and Chief Executive Officer of Cencora. “By joining with Covetrus, MWI will continue its longstanding 50-year legacy of providing exceptional service and efficiency to the animal health industry.”


“MWI and Covetrus share a common vision to support our customers, manufacturer partners and innovators to advance animal care. The combination of MWI’s supply chain expertise, innovation and trusted customer relationships in companion and production animal health with Covetrus’ tech-enabled solutions for veterinarians will equip us to more effectively serve all our stakeholders,” said Steve Shell, SVP and President, MWI Animal Health. “On behalf of MWI, I am excited for our teams to come together and advance our shared mission of improving outcomes for animals and the experiences of their caregivers.”


Combination Will Expand Access and Innovation Across the Animal Health Ecosystem



Advancing Affordability and Access Across Animal Health: The combined company will deliver timely and cost-effective solutions, ensuring veterinary practices and animal health professionals have access to a broader range of products and solutions for both companion and large animals, empowering veterinary professionals to better meet the needs of their patients.



Driving Operational Efficiencies to Support Practice Growth: The combination of supply chain strength with pharmacy and practice management solutions will enable improved operational efficiencies and deliver meaningful cost savings for veterinary professionals and pet owners.



Supporting Innovation Across the Animal Health Landscape: As animal health manufacturers continue to develop innovative products, the expanded platform will be well-equipped to support expanded end-user reach and adoption for product launches, improving access-to-care across emerging customer channels, and better addressing pet owner, veterinarian and producer needs.



Transaction Overview


The transaction values MWI at an enterprise value of $3.5 billion, which exceeds Cencora’s current carrying value (book value) of the business. Upon closing, Cencora will receive upfront cash proceeds of $1.25 billion, $800 million in preferred equity and $1.45 billion paid in common equity in the combined company, resulting in a non-controlling 34.3% common equity stake in the combined company.


The completion of the transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.


Cencora’s reaffirmed fiscal 2026 financial guidance does not currently contemplate the transaction closing in its fiscal 2026 ending September 30, 2026.


Advisors


Goldman Sachs is serving as lead financial advisor to Covetrus. Wells Fargo, Deutsche Bank, Rabobank, Mizuho, Natixis, Societe Generale, SMBC, TD Securities, ING and Standard Chartered are also serving as financial advisors. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal advisors to Covetrus.


Guggenheim Securities, LLC is serving as lead financial advisor to Cencora, and Morgan Stanley & Co. LLC is also serving as financial advisor to Cencora. Freshfields LLP is serving as legal advisor to Cencora.


About Covetrus


Covetrus is a global animal-health technology and services company supporting companion, equine, and large-animal veterinary markets. The company delivers an integrated portfolio of products, software, and services that enable veterinarians to run better, more connected, and more profitable practices. Headquartered in Portland, Maine, with over 5,000 employees, Covetrus serves more than 100,000 customers worldwide. Covetrus brings over 60 years of experience as a trusted partner advancing veterinary care and practice performance.


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


About MWI Animal Health


MWI Animal Health is a leading global provider of animal health products, services, and solutions that support the operations of veterinarians and producers. By combining local expertise with global reach, MWI Animal Health delivers innovative solutions that promote animal health and well-being. Learn more at www.mwiah.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”). Such forward-looking statements may include, without limitation, statements about the proposed transaction with Covetrus, the expected timetable for completing the proposed transaction, the benefits of the proposed transaction, future opportunities for Cencora and Covetrus and any other statements regarding Cencora’s or Covetrus’ future operations, financial or operating results, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, and other expectations for future periods. 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 forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the parties’ ability to meet expectations regarding the timing of the proposed transaction; the parties’ ability to consummate the proposed transaction; the regulatory approvals required for the proposed transaction not being obtained on the terms expected or on the anticipated schedule or at all; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with GAAP and related standards, or on an adjusted basis; Cencora’s or Covetrus’ failure to achieve expected or targeted future financial and operating performance and results; the possibility that Covetrus may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the proposed transaction within the expected time frames or at all; business disruption being greater than expected following the proposed transaction; the recruiting and retention of key employees being more difficult following the proposed transaction; the effect of any changes in customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of the business, Cencora or Covetrus; and uncertainties and matters beyond the control of management and other factors described under “Risk Factors” in Cencora’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. You can access Cencora’s filings with the SEC through the SEC website at www.sec.gov or through Cencora’s website, and Cencora strongly encourages you to do so. Except as required by applicable law, Cencora undertakes no obligation to update any statements herein for revisions or changes after the date of this communication.


This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of Cencora. Any such offer will only be made pursuant to a prospectus filed with the SEC or pursuant to one or more exemptions from the registration requirements of the Securities Act of 1933, as amended.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217754087/en/
Covetrus

FGS Global

Covetrus@fgsglobal.com
Cencora

Bennett S. Murphy

Senior Vice President, Investor Relations and Enterprise Productivity

bennett.murphy@cencora.com


Original: Covetrus and MWI Animal Health to Merge

Cencora Closes $3.0 Billion Senior Notes OfferingFebruary 13, 2026 4:15 PM
Business Wire
Cencora, Inc. (NYSE: COR) today announced the closing of its public offering of $500 million aggregate principal amount of its 3.950% Senior Notes due February 13, 2029 (the “2029 Notes”), $500 million aggregate principal amount of its 4.250% Senior Notes due November 15, 2030 (the “2030 Notes”), $500 million aggregate principal amount of its 4.600% Senior Notes due February 13, 2033 (the “2033 Notes”), $1.0 billion aggregate principal amount of its 4.900% Senior Notes due February 13, 2036 (the “2036 Notes”) and $500 million aggregate principal amount of its 5.650% Senior Notes due February 13, 2056 (the “2056 Notes” and, together with the 2029 Notes, the 2030 Notes, the 2033 Notes and the 2036 Notes, the “Notes”), in an underwritten registered public offering. The offering was made pursuant to an effective shelf registration statement Cencora filed with the Securities and Exchange Commission (the “SEC”) on November 26, 2024.


Cencora intends to use the net proceeds from the offering to repay amounts outstanding under Cencora’s 364-Day Term Credit Agreement, dated as of January 12, 2026, which was used to fund a portion of Cencora’s acquisition of OneOncology, and, to the extent any proceeds remain, for general corporate purposes.


The joint book-running managers for the offering were Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC. Cencora filed a final prospectus supplement and an accompanying prospectus with the SEC in connection with the offering of the Notes. Copies of these materials can be made available by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email:

Cencora Prices $500 Million 3.950% Senior Notes Due 2029, $500 Million 4.250% Senior Notes Due 2030, $500 Million 4.600% Senior Notes Due 2033, $1.0 Billion 4.900% Senior Notes Due 2036 and $500 Million 5.650% Senior Notes Due 2056February 10, 2026 5:15 PM
Business Wire
Cencora, Inc. (NYSE: COR) today announced that it priced $500 million aggregate principal amount of its 3.950% Senior Notes due February 13, 2029 (the “2029 Notes”), $500 million aggregate principal amount of its 4.250% Senior Notes due November 15, 2030 (the “2030 Notes”), $500 million aggregate principal amount of its 4.600% Senior Notes due February 13, 2033 (the “2033 Notes”), $1.0 billion aggregate principal amount of its 4.900% Senior Notes due February 13, 2036 (the “2036 Notes”) and $500 million aggregate principal amount of its 5.650% Senior Notes due February 13, 2056 (the “2056 Notes” and, together with the 2029 Notes, the 2030 Notes, the 2033 Notes and the 2036 Notes, the “Notes”), in an underwritten registered public offering. The offering is being made pursuant to an effective shelf registration statement Cencora filed with the Securities and Exchange Commission (the “SEC”) on November 26, 2024. The offering is expected to close on February 13, 2026, subject to the satisfaction of customary closing conditions. Cencora intends to use the net proceeds from the offering to repay amounts outstanding under Cencora’s 364-Day Term Credit Agreement, dated as of January 12, 2026, which was used to fund a portion Cencora’s acquisition of OneOncology, and, to the extent any proceeds remain, for general corporate purposes.


The joint book-running managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC. Earlier today, Cencora filed a preliminary prospectus supplement and an accompanying prospectus with the SEC in connection with the offering of the Notes. Copies of these materials can be made available by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email:

Cencora tops profit estimates as revenue comes in just shy of forecastsFebruary 4, 2026 10:39 AM
IH Market News
Cencora, Inc. (NYSE:COR) reported first-quarter fiscal 2026 results on Wednesday that showed stronger-than-expected earnings, while revenue narrowly missed Wall Street projections. The pharmaceutical services group also lifted its full-year adjusted operating income outlook.Shares slipped 0.21% in pre-market trading following the announcement, as investors weighed the mixed performance.Adjusted earnings per share for the quarter ended December 31, 2025, reached $4.08, ahead of the $4.04 analyst consensus and up 9.4% from $3.73 a year earlier. Revenue increased 5.5% year over year to $85.9 billion, just below the $86.02 billion expected by the market.“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.The U.S. Healthcare Solutions division, which represents the majority of group revenue, recorded a 5% increase in sales to $76.2 billion, supported by overall market expansion and higher specialty product volumes sold to health systems and physician practices. The International Healthcare Solutions business posted faster growth, with revenue rising 9.6% to $7.6 billion.Reflecting the contribution from the OneOncology acquisition and solid momentum in its U.S. operations, Cencora raised its fiscal 2026 adjusted operating income growth forecast to a range of 11.5% to 13.5%, up from the previous 8% to 10%. The company maintained its full-year adjusted EPS guidance of $17.45 to $17.75, broadly in line with analyst expectations of $17.59.Gross profit climbed 20.1% year on year to $3.1 billion, with the gross margin improving to 3.58% from 3.14% in the prior-year quarter.“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,” Mauch added.Cencora’s board also declared a quarterly cash dividend of $0.60 per share, payable on March 2, 2026, to shareholders of record as of February 13, 2026.Cencora stock price

Original: Cencora tops profit estimates as revenue comes in just shy of forecasts

Cencora Reports Fiscal 2026 First Quarter ResultsFebruary 4, 2026 6:30 AM
Business Wire
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


Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 first quarter ended December 31, 2025, revenue increased 5.5 percent year-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



Revenue: In the first quarter of fiscal 2026, revenue was $85.9 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, primarily due to a 5.0 percent increase in revenue within the U.S. Healthcare Solutions segment and a 9.6 percent increase in revenue within the International Healthcare Solutions segment.




Gross Profit: Gross profit in the first quarter of fiscal 2026 was $3.1 billion, a 20.1 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increase in gross profit in both reportable segments and an increase in the LIFO credit in the current year quarter. Gross profit as a percentage of revenue was 3.58 percent, an increase of 44 basis points from the prior year quarter due to the increase in U.S. Healthcare Solutions’ gross profit margin, driven primarily by the January 2025 acquisition of Retina Consultants of America (RCA).




Operating Expenses: In the first quarter of fiscal 2026, operating expenses were $2.3 billion, a 24.8 percent increase compared to the same quarter in the previous fiscal year. This increase was primarily driven by higher expenses as a result of the January 2025 acquisition of RCA and to support our revenue growth and a $249.5 million impairment of assets related to its U.S. Consulting Services business that is classified as held for sale. The growth in expenses was offset in part by a litigation and opioid-related credit of $86.8 million related to a litigation settlement, compared to an expense in the prior year quarter.




Operating Income: In the first quarter of fiscal 2026, operating income was $760.4 million, an increase of 7.7 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income as a percentage of revenue was 0.88 percent in the first quarter of fiscal 2026 compared to 0.87 percent in the prior year quarter.




Interest Expense, Net: In the first quarter of fiscal 2026, net interest expense was $72.4 million, an increase of $44.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and a variable-rate term loan to finance a portion of the January 2025 acquisition of RCA and a decrease in interest income.




Effective Tax Rate: The effective tax rate was 20.1 percent for the first quarter of fiscal 2026 compared to 20.4 percent in the prior year quarter.




Diluted Earnings Per Share: Diluted earnings per share was $2.87 in the first quarter of fiscal 2026, a 14.8 percent increase compared to $2.50 in the previous fiscal year’s first quarter.




Diluted Shares Outstanding: Diluted weighted average shares outstanding for the first quarter of fiscal 2026 were 195.3 million, an increase of 0.1 percent versus the prior year first quarter.



First Quarter Adjusted (non-GAAP) Results



Revenue: No adjustments were made to the GAAP presentation of revenue. In the first quarter of fiscal 2026, revenue was $85.9 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, primarily due to a 5.0 percent increase in revenue within the U.S. Healthcare Solutions segment and a 9.6 percent increase in revenue within the International Healthcare Solutions segment.




Adjusted Gross Profit: Adjusted gross profit in the first quarter of fiscal 2026 was $3.0 billion, an 18.1 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 3.48 percent in the fiscal 2026 first quarter, an increase of 37 basis points from the prior year quarter due to the increase in U.S. Healthcare Solutions gross profit margin, primarily due to the January 2025 acquisition of RCA.




Adjusted Operating Expenses: In the first quarter of fiscal 2026, adjusted operating expenses were $1.9 billion, a 21.7 percent increase compared to the same quarter in the previous fiscal year, primarily due to higher expenses as a result of the January 2025 acquisition of RCA and to support our revenue growth.




Adjusted Operating Income: In the first quarter of fiscal 2026, adjusted operating income was $1.1 billion, an 11.9 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 1.24 percent in the fiscal 2026 first quarter, an increase of 8 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 first quarter of fiscal 2026, net interest expense was $72.4 million, an increase of $44.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and a variable-rate term loan to finance a portion of the January 2025 acquisition of RCA and a decrease in interest income.




Adjusted Effective Tax Rate: The adjusted effective tax rate was 19.0 percent for the first quarter of fiscal 2026 compared to 20.0 percent in the prior year quarter.




Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.08 in the first quarter of fiscal 2026, a 9.4 percent increase compared to $3.73 in the previous fiscal year’s first quarter.




Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the first quarter of fiscal 2026 were 195.3 million, an increase of 0.1 percent versus the prior year first quarter.



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



Cencora completed its acquisition of the majority of the outstanding equity interests that it did not own in OneOncology, a leading management services organization (MSO) for oncology practices.



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:



Robert P. Mauch, President & Chief Executive Officer



James F. Cleary, Executive Vice President & Chief Financial Officer



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:



Leerink Partners Global Healthcare Conference, March 8-11, 2026; and



Barclays Global Healthcare Conference, March 10-12, 2026



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 Months




Ended




December 31, 2025






 






% of




Revenue






 






Three Months




Ended




December 31, 2024






 






% of




Revenue






 






%




Change








Revenue






 






$






85,932,016






 






 






 






 






$






81,487,060






 






 






 






 






5.5






%








 






 






 






 






 






 






 






 






 






 






 








Cost of goods sold 1






 






 






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, net 2






 






 






(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 goodwill 3






 






 






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, net 4






 






 






(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








 







Gross




Profit







Operating




Expenses







Operating




Income







Income




Before




Income Taxes







Income Tax




Expense







Net Income




Attributable




to Cencora







Diluted




Earnings




Per 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, net 1







 






—






 







 






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 goodwill 2







 






—






 







 






(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 reform 3







 






—






 







 






—






 







 






—






 







 






(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






 






Adjusted




Non-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









 







Gross




Profit







Operating




Expenses







Operating




Income







Income Before




Income Taxes







Income Tax




Expense







Net Income




Attributable




to Cencora







Diluted Earnings




Per 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 reform 1







 






—






 







 






—






 







 






—






 







 






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







Adjusted




Non-GAAP







 








Gross profit







 






3.14






%







 






3.11






%







 








Operating expenses







 






2.27






%







 






1.95






%







 








Operating income







 






0.87






%







 






1.16






%







 









________________________________________








1






 






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.








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.




SUMMARY SEGMENT INFORMATION




(in thousands)




(unaudited)









 



 






 






Three Months Ended December 31,








Revenue






 






 






2025






 






 






 






2024






 






 






% Change








U.S. Healthcare Solutions






 






$






76,211,825






 






 






$






72,555,294






 






 






5.0






%








International Healthcare Solutions






 






 






7,623,973






 






 






 






6,958,895






 






 






9.6






%








Other






 






 






2,128,947






 






 






 






2,002,455






 






 






6.3






%








Intersegment eliminations






 






 






(32,729






)






 






 






(29,584






)






 






 








Revenue






 






$






85,932,016






 






 






$






81,487,060






 






 






5.5






%









 




 



 






 






Three Months Ended December 31,








Operating income






 






 






2025






 






 






 






2024






 






 






% Change








U.S. Healthcare Solutions






 






$






831,330






 






 






$






686,925






 






 






21.0






%








International Healthcare Solutions






 






 






142,156






 






 






 






165,180






 






 






(13.9






)%








Other






 






 






91,417






 






 






 






97,329






 






 






(6.1






)%








Intersegment eliminations






 






 






(2,189






)






 






 






(126






)






 






 








Total segment operating income






 






 






1,062,714






 






 






 






949,308






 






 






11.9






%








 






 






 






 






 






 






 








Gains from antitrust litigation settlements






 






 






12,152






 






 






 






22,870






 






 






 








LIFO credit






 






 






77,562






 






 






 






7,324






 






 






 








Türkiye highly inflationary impact






 






 






(10,889






)






 






 






(7,155






)






 






 








Acquisition-related intangibles amortization






 






 






(125,158






)






 






 






(164,856






)






 






 








Litigation and opioid-related credit (expenses), net






 






 






86,151






 






 






 






(16,765






)






 






 








Acquisition-related deal and integration expenses






 






 






(78,419






)






 






 






(38,712






)






 






 








Restructuring and other expenses






 






 






(14,166






)






 






 






(45,760






)






 






 








Impairment of assets, including goodwill






 






 






(249,498






)






 






 






—






 






 






 








Operating income






 






$






760,449






 






 






$






706,254






 






 






7.7






%








 






 






 






 






 






 






 








Percentages of Revenue:






 






 






 






 






 






 








 






 






 






 






 






 






 








U.S. Healthcare Solutions






 






 






 






 






 






 








Gross profit






 






 






2.47






%






 






 






2.01






%






 






 








Operating expenses






 






 






1.38






%






 






 






1.06






%






 






 








Operating income






 






 






1.09






%






 






 






0.95






%






 






 








 






 






 






 






 






 






 








International Healthcare Solutions






 






 






 






 






 






 








Gross profit






 






 






10.35






%






 






 






10.98






%






 






 








Operating expenses






 






 






8.49






%






 






 






8.61






%






 






 








Operating income






 






 






1.86






%






 






 






2.37






%






 






 








 






 






 






 






 






 






 








Other






 






 






 






 






 






 








Gross profit






 






 






15.24






%






 






 






15.86






%






 






 








Operating expenses






 






 






10.95






%






 






 






11.00






%






 






 








Operating income






 






 






4.29






%






 






 






4.86






%






 






 








 






 






 






 






 






 






 








Cencora, Inc. (GAAP)






 






 






 






 






 






 








Gross profit






 






 






3.58






%






 






 






3.14






%






 






 








Operating expenses






 






 






2.69






%






 






 






2.27






%






 






 








Operating income






 






 






0.88






%






 






 






0.87






%






 






 








 






 






 






 






 






 






 








Cencora, Inc. (Non-GAAP)






 






 






 






 






 






 








Adjusted gross profit






 






 






3.48






%






 






 






3.11






%






 






 








Adjusted operating expenses






 






 






2.25






%






 






 






1.95






%






 






 








Adjusted operating income






 






 






1.24






%






 






 






1.16






%






 






 








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)








 






 






 






 






 








 






 






December 31,






 






September 30,








 






 






2025






 






2025








ASSETS







 






 






 








 







 






 






 








Current assets:







 






 






 








Cash and cash equivalents







$






1,753,122






 






$






4,356,138








Accounts receivable, net







 






25,979,920






 






 






25,225,299








Inventories







 






24,078,494






 






 






20,492,480








Right to recover assets







 






1,661,822






 






 






1,625,817








Prepaid expenses and other







 






678,218






 






 






539,339








Total current assets







 






54,151,576






 






 






52,239,073








 







 






 






 








Property and equipment, net







 






2,450,799






 






 






2,539,076








Goodwill and other intangible assets







 






17,409,488






 






 






17,450,701








Deferred income taxes







 






206,821






 






 






208,810








Other long-term assets







 






4,142,530






 






 






4,152,452








 







 






 






 








Total assets







$






78,361,214






 






$






76,590,112








 







 






 






 








LIABILITIES AND STOCKHOLDERS’ EQUITY







 






 






 








 







 






 






 








Current liabilities:







 






 






 








Accounts payable







$






56,063,820






 






$






54,719,761








Accrued expenses and other







 






2,726,043






 






 






2,982,993








Short-term debt







 






342,276






 






 






117,785








Total current liabilities







 






59,132,139






 






 






57,820,539








 







 






 






 








Long-term debt







 






7,579,459






 






 






7,542,988








Accrued income taxes







 






351,490






 






 






337,631








Deferred income taxes







 






1,635,670






 






 






1,620,724








Accrued litigation liability







 






3,868,883






 






 






3,881,283








Other liabilities







 






3,697,605






 






 






3,639,862








 







 






 






 








Total stockholders’ equity







 






2,095,968






 






 






1,747,085








 







 






 






 








Total liabilities and stockholders’ equity







$






78,361,214






 






$






76,590,112









CENCORA, INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(in thousands)




(unaudited)








 






 






 








 






 






Three Months Ended December 31,








 






 






 






2025






 






 






 






2024






 








Operating Activities:







 






 






 








Net income







$






566,126






 






 






$






493,719






 








Adjustments to reconcile net income to net cash used in operating activities







 






527,905






 






 






 






390,098






 








Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:







 






 






 








Accounts receivable







 






(830,752






)






 






 






(974,256






)








Inventories







 






(3,519,839






)






 






 






(1,655,165






)








Accounts payable







 






1,307,868






 






 






 






(654,165






)








Other, net







 






(356,477






)






 






 






(319,013






)








Net cash used in operating activities







 






(2,305,169






)






 






 






(2,718,782






)








 







 






 






 








Investing Activities:







 






 






 








Capital expenditures







 






(119,376






)






 






 






(105,893






)








Cost of acquired companies, net of cash acquired







 






(219,686






)






 






 






(9,015






)








Cost of equity investments







 






(10,710






)






 






 






(182,014






)








Other, net







 






50,457






 






 






 






(46,117






)








Net cash used in investing activities







 






(299,315






)






 






 






(343,039






)








 







 






 






 








Financing Activities:







 






 






 








Net debt borrowings 1







 






266,212






 






 






 






3,788,240






 








Purchases of common stock







 






—






 






 






 






(385,471






)








Exercises of stock options







 






7,598






 






 






 






8,108






 








Cash dividends on common stock







 






(126,516






)






 






 






(110,888






)








Employee tax withholdings related to restricted share vesting







 






(98,151






)






 






 






(73,963






)








Other, net







 






(5,939






)






 






 






(16,876






)








Net cash provided by financing activities







 






43,204






 






 






 






3,209,150






 








 







 






 






 








Effect of exchange rate changes on cash, cash equivalents, and restricted cash







 






(24,576






)






 






 






(50,235






)








 







 






 






 








(Decrease) increase in cash, cash equivalents, and restricted cash







 






(2,585,856






)






 






 






97,094






 








 







 






 






 








Cash, cash equivalents, and restricted cash at beginning of period 2







 






4,394,549






 






 






 






3,297,880






 








 







 






 






 








Cash, cash equivalents, and restricted cash at end of period 2







$






1,808,693






 






 






$






3,394,974






 









________________________________________








1






 






Includes $2.0 billion of net borrowings to cover seasonal short-term working capital needs and the issuance of $1.8 billion of senior notes to finance a portion of the January 2, 2025 acquisition of Retina Consultants of America in the three months ended December 31, 2024.








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:









 






 






December 31,




2025






 






September 30,




2025






 






December 31,




2024






 






September 30,




2024








Cash and cash equivalents






 






$






1,753,122






 






$






4,356,138






 






$






3,224,260






 






$






3,132,648








Restricted cash (included in Prepaid Expenses and Other)






 






 






55,571






 






 






38,411






 






 






103,252






 






 






98,596








Restricted cash (included in Other Long-Term Assets)






 






 






—






 






 






—






 






 






67,462






 






 






66,636








Cash, cash equivalents, and restricted cash






 






$






1,808,693






 






$






4,394,549






 






$






3,394,974






 






$






3,297,880







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-related deal and integration expenses; 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-related deal and integration expenses 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 these do not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.




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, the gain (loss) on remeasurement of an equity investment, the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform, and the loss on divestiture of non-core businesses are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and 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 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 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 Cencora: 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-related deal and integration expenses; restructuring and other expenses, net; the impairment of assets, including goodwill; the gain (loss) on remeasurement of an equity investment; the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform; and the loss on divestiture of non-core businesses, 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.




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 guidance on possible future cash flows. The Company does not provide forward looking guidance 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 three months ended December 31, 2025:





Reconciliation of adjusted free cash flows






 








Operating cash flows






$(2,305.2)M








Capital expenditures






$(119.4)M








Free cash flows






$(2,424.5)M








(Less) gains from antitrust litigation settlements






$(12.2)M








Adjusted free cash flows






$(2,436.7)M







The Company also presents certain information related to current period operating results in “constant currency,” which is a non-GAAP financial measure. These amounts are calculated by translating current period 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 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 December 31, 2025:




 






Revenue






Adjusted Operating income








Consolidated






 






 








As reported






$85.9B






$1,063M








Impact of foreign currency translation






$(0.2)B






$(5)M








Constant currency






$85.7B






$1,058M








International Healthcare Solutions segment






 






 








As reported






$7.6B






$142M








Impact of foreign currency translation






$(0.2)B






$(5)M








Constant currency






$7.4B






$137M







In addition, the Company has provided non-GAAP fiscal year 2026 guidance 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 guidance 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203562721/en/
Bennett S. Murphy

Senior Vice President, Investor Relations and Enterprise Productivity

bennett.murphy@cencora.com


Original: Cencora Reports Fiscal 2026 First Quarter Results