Cencora Reports Fiscal 2026 Third Quarter Results

Revenue of $84.8 billion for the Third Quarter, a 5.1 percent Increase Year-Over-Year

Third Quarter GAAP Diluted EPS of $3.94 and Adjusted Diluted EPS of $4.48

Adjusted Diluted EPS Guidance Range Raised to $17.75 to $17.95 for Fiscal 2026

Cencora Repurchased $1 Billion of Shares in the Third Fiscal Quarter

CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 third quarter ended June 30, 2026, revenue increased 5.1 percent year-over-year to $84.8 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $3.94 for the third quarter of fiscal 2026 compared to $3.52 in the prior year third quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 12.0 percent to $4.48 in the fiscal third quarter from $4.00 in the prior year third 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 Guidance. Adjusted diluted EPS guidance has been raised from the previous range of $17.70 to $17.90 to a range of $17.75 to $17.95.

“Our third quarter results reflect the power of our pharmaceutical-centric strategy and the continued execution of our team members. Our strong performance and confidence in our outlook enabled us to raise our fiscal 2026 guidance, underscoring the value we deliver for our stakeholders,” said Robert P. Mauch, President and Chief Executive Officer of Cencora.

“Our investments in specialty, digital transformation and talent are strengthening our ability to support our customers across the healthcare ecosystem while positioning Cencora for sustainable long-term growth. The capabilities we have built, and the strength of our core businesses provide a solid foundation for continued growth as we close fiscal 2026,” Mr. Mauch continued.

Third Quarter Fiscal Year 2026 Summary Results

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.

Third Quarter GAAP Results

• Revenue: In the third quarter of fiscal 2026, revenue was $84.8 billion, up 5.1 percent compared to the same quarter in the previous fiscal year, primarily due to a 4.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.9 percent increase in revenue within the International Healthcare Solutions segment.

• Gross Profit: Gross profit in the third quarter of fiscal 2026 was $3.6 billion, a 24.1 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increases in gross profit in both reportable segments and a higher LIFO credit in the current year quarter. Gross profit as a percentage of revenue was 4.26 percent, an increase of 66 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 increased sales of GLP-1s, which have lower gross profit margins.

• Operating Expenses: In the third quarter of fiscal 2026, operating expenses were $2.5 billion, a 21.9 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 expense growth was offset in part by a $102.0 million reduction of opioid liability related to the dismissal of opioid litigation.

• Operating Income: In the third quarter of fiscal 2026, operating income was $1.1 billion, an increase of 29.1 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 1.32 percent in the third quarter of fiscal 2026, an increase of 24 basis points from the prior year quarter.

• Interest Expense, Net: In the third quarter of fiscal 2026, net interest expense was $140.7 million, an increase of $58.9 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 a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.

• Effective Tax Rate: The effective tax rate was 22.1 percent for the third quarter of fiscal 2026 compared to 23.0 percent in the prior year quarter.

• Diluted Earnings Per Share: Diluted earnings per share was $3.94 in the third quarter of fiscal 2026, an 11.9 percent increase compared to $3.52 in the previous fiscal year’s third quarter.

• Diluted Shares Outstanding: Diluted weighted average shares outstanding for the third quarter of fiscal 2026 were 193.9 million, a decrease of 0.7 percent versus the prior year third quarter as a result of opportunistic share repurchases.

Third Quarter Adjusted (non-GAAP) Results

• Revenue: No adjustments were made to the GAAP presentation of revenue. In the third quarter of fiscal 2026, revenue was $84.8 billion, up 5.1 percent compared to the same quarter in the previous fiscal year, primarily due to a 4.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.9 percent increase in revenue within the International Healthcare Solutions segment.

• Adjusted Gross Profit: Adjusted gross profit in the third quarter of fiscal 2026 was $3.5 billion, a 23.2 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 4.16 percent in the fiscal 2026 third quarter, an increase of 61 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 increased sales of GLP-1s, which have lower gross profit margins.

• Adjusted Operating Expenses: In the third quarter of fiscal 2026, adjusted operating expenses were $2.3 billion, a 26.8 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 third quarter of fiscal 2026, adjusted operating income was $1.2 billion, a 17.0 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 1.46 percent in the fiscal 2026 third quarter, an increase of 15 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 third quarter of fiscal 2026, net interest expense was $140.7 million, an increase of $58.9 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 a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.

• Adjusted Effective Tax Rate: The adjusted effective tax rate was 19.9 percent for the third quarter of fiscal 2026 compared to 20.7 percent in the prior year quarter.

• Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.48 in the third quarter of fiscal 2026, a 12.0 percent increase compared to $4.00 in the previous fiscal year’s third quarter.

• Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the third quarter of fiscal 2026 were 193.9 million, a decrease of 0.7 percent versus the prior year third quarter as a result of opportunistic share repurchases.

Segment Discussion

The Company is organized geographically based upon the products and services it provides to its customers under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. Additionally, other businesses for which the Company is exploring strategic alternatives have been grouped together in Other. These businesses include MWI Animal Health, Profarma, U.S. Consulting Services (which was divested in April 2026), and certain components of PharmaLex.

U.S. Healthcare Solutions Segment

U.S. Healthcare Solutions revenue was $74.9 billion in the third quarter of fiscal 2026, an increase of 4.9 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, the 2025 loss of an oncology customer, and lower sales to our large mail order customer, as expected and consistent with our second quarter. Segment operating income of $966.2 million in the third quarter of fiscal 2026 was up 15.9 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 pharmaceutical 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 $7.7 billion in the third quarter of fiscal 2026, an increase of 5.9 percent compared to the previous fiscal year’s third quarter primarily due to growth in our European distribution business and our global specialty logistics business. Segment operating income in the third quarter of fiscal 2026 was $165.9 million, an increase of 20.8 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 6.1 percent in the third quarter of fiscal 2026 compared to the previous fiscal year’s third quarter, while segment operating income increased by 23.1 percent.

Other

Revenue in Other was $2.3 billion in the third quarter of fiscal 2026, an increase of 6.9 percent compared to the previous fiscal year’s third quarter due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses due to the April 2026 divestiture of U.S. Consulting Services. Operating income in Other in the third quarter of fiscal 2026 was $108.7 million, an increase of 24.8 percent, primarily due to an increase in operating income at MWI Animal Health due to business growth and, to a lesser extent, a decline in depreciation expense resulting from its classification as held for sale.

Recent Company Highlights & Milestones

• Good Neighbor Pharmacy, a national franchise for independent pharmacies offered through Cencora, announced that it has been ranked “#1 in Customer Satisfaction with Chain Drug Store Pharmacies” in the J.D. Power 2026 U.S. Pharmacy Study. This is the fourteenth time that Good Neighbor Pharmacy has earned this recognition.
• Cencora announced the appointment of Eva Boratto to its Enterprise Leadership Team as Executive Vice President & Chief Financial Officer.
• Cencora announced the appointment of Samantha Hammock to its Enterprise Leadership Team as Executive Vice President & Chief Human Resources Officer.

Fiscal Year 2026 Guidance on an Adjusted (non-GAAP) Basis

Cencora is now updating its fiscal year 2026 financial guidance to reflect the Company’s expectations for continued strong full year performance and opportunistic share repurchases completed in the third quarter. In the quarter, the Company opportunistically repurchased $1 billion of shares, which is the amount that the Company previously expected to complete by the end of calendar 2026.

Dividend Declaration

The Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable August 31, 2026, to stockholders of record at the close of business on August 14, 2026.

Conference Call & Slide Presentation

The Company will host a conference call to discuss its operating results at 8:30 a.m. ET on August 5, 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
• Eva C. Boratto, 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 632 369 927. 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:

• Wells Fargo Healthcare Conference, September 8-10, 2026;
• Morgan Stanley Global Healthcare Conference, September 14-16, 2026; and
• Baird Global Healthcare Conference, September 15, 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 #17 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.

Bennett S. Murphy
Senior Vice President, Investor Relations and Enterprise Productivity
bennett.murphy@cencora.com