\nRevenue of $78.4 billion for the Second Quarter, a 3.8 percent Increase Year-Over-Year<\/i><\/p>
\nSecond Quarter GAAP Diluted EPS of $8.40 and Adjusted Diluted EPS of $4.75<\/i><\/p>
\nAdjusted Diluted EPS Guidance Range Raised to $17.65 to $17.90 for Fiscal 2026<\/i><\/p>
\nCencora Expects to Repurchase $1 Billion in Shares by the End of Calendar 2026<\/i><\/p>
CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 second quarter ended March 31, 2026, revenue increased <\/i>3.8 percent <\/i>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.<\/p>
\nCencora 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.<\/p>
\n\u201cCencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers,\u201d said Robert P. Mauch, President and Chief Executive Officer of Cencora.<\/p>
\n\u201cOur 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,\u201d Mr. Mauch continued.<\/p>
\nSecond Quarter Fiscal Year 2026 Summary Results<\/span><\/b><\/p> \n\u00a0<\/p><\/td> \nGAAP<\/b><\/p><\/td> \nAdjusted (Non-GAAP)<\/b><\/p><\/td><\/tr>\n \nRevenue<\/b><\/p><\/td> \n$78.4B<\/i><\/p><\/td> \n$78.4B<\/i><\/p><\/td><\/tr>\n \nGross Profit<\/b><\/p><\/td> \n$3.6B<\/i><\/p><\/td> \n$3.4B<\/i><\/p><\/td><\/tr>\n \nOperating Expenses<\/b><\/p><\/td> \n$2.4B<\/i><\/p><\/td> \n$2.1B<\/i><\/p><\/td><\/tr>\n \nOperating Income<\/b><\/p><\/td> \n$1.1B<\/i><\/p><\/td> \n$1.3B<\/i><\/p><\/td><\/tr>\n \nOther Income, Net<\/b><\/p><\/td> \n$1.1B<\/i><\/p><\/td> \n$8M<\/i><\/p><\/td><\/tr>\n \nInterest Expense, Net<\/b><\/p><\/td> \n$140M<\/i><\/p><\/td> \n$140M<\/i><\/p><\/td><\/tr>\n \nEffective Tax Rate<\/b><\/p><\/td> \n22.0%<\/i><\/p><\/td> \n18.9%<\/i><\/p><\/td><\/tr>\n \nNet Income Attributable to Cencora, Inc.<\/b><\/p><\/td> \n$1.6B<\/i><\/p><\/td> \n$928M<\/i><\/p><\/td><\/tr>\n \nDiluted Earnings Per Share<\/b><\/p><\/td> \n$8.40<\/i><\/p><\/td> \n$4.75<\/i><\/p><\/td><\/tr>\n \nDiluted Shares Outstanding<\/b><\/p><\/td> \n195.4M<\/i><\/p><\/td> \n195.4M<\/i><\/p><\/td><\/tr>\n<\/table> \nBelow, Cencora presents descriptive summaries of the Company\u2019s 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 \u201cSupplemental Information Regarding Non-GAAP Financial Measures\u201d following the tables.<\/p> \nSecond Quarter GAAP Results<\/span><\/b><\/p> \nSecond Quarter Adjusted (non-GAAP) Results<\/span><\/b><\/p> \nSegment Discussion<\/span><\/b><\/p> \nThe 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.<\/p> \nU.S. Healthcare Solutions Segment<\/span><\/i><\/p> \nU.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.<\/p> \nInternational Healthcare Solutions Segment<\/span><\/i><\/p> \nInternational 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\u2019s 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\u2019s second quarter, while segment operating income increased by 12.9 percent.<\/p> \nOther<\/span><\/i><\/p> \nRevenue 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\u2019s 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.<\/p> \nRecent Company Highlights & Milestones<\/span><\/b><\/p> \nFiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis<\/span><\/b><\/p> \nCencora 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 \u201cheld for sale\u201d. 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.<\/p> \n\u00a0<\/p><\/td> \n2026 Guidance(1)<\/sup><\/b><\/p><\/td> \nFiscal 2025 Actuals<\/b><\/p><\/td><\/tr>\n \nRevenue<\/b><\/p><\/td> \n4% to 6% growth<\/i><\/b><\/p><\/td> \n$321.3B<\/i><\/p><\/td><\/tr>\n \nU.S. Healthcare Solutions Segment(2)<\/sup><\/p><\/td> \n4% to 6% growth<\/i><\/b><\/p><\/td> \n$285.0B<\/i><\/p><\/td><\/tr>\n \nInternational Healthcare Solutions Segment(2)(3)<\/sup><\/p><\/td> \n8% to 10% growth<\/i><\/b><\/p><\/td> \n$28.3B<\/i><\/p><\/td><\/tr>\n \nOther(2)<\/sup><\/p><\/td> \n1% to 5% growth<\/i><\/p><\/td> \n$8.2B<\/i><\/p><\/td><\/tr>\n \nAdjusted operating income<\/b><\/p><\/td> \n12% to 14% growth<\/i><\/b><\/p><\/td> \n$4.2B<\/i><\/p><\/td><\/tr>\n \nU.S. Healthcare Solutions Segment(2)<\/sup><\/p><\/td> \n14% to 16% growth<\/i><\/p><\/td> \n$3.3B<\/i><\/p><\/td><\/tr>\n \nInternational Healthcare Solutions Segment(2)(3)<\/sup><\/p><\/td> \n5% to 8% growth<\/i><\/p><\/td> \n$588M<\/i><\/p><\/td><\/tr>\n \nOther(2)<\/sup><\/p><\/td> \nHigh-single digit growth<\/i><\/b><\/p><\/td> \n$352M<\/i><\/p><\/td><\/tr>\n \nAdjusted diluted earnings per share<\/b><\/p><\/td> \n$17.65 to $17.90<\/i><\/b><\/p><\/td> \n$16.00<\/i><\/p><\/td><\/tr>\n \nNet interest expense<\/b><\/p><\/td> \n~$485M<\/i><\/b><\/p><\/td> \n$292M<\/i><\/p><\/td><\/tr>\n \nAdjusted effective tax rate<\/b><\/p><\/td> \n~20%<\/i><\/p><\/td> \n20.6%<\/i><\/p><\/td><\/tr>\n \nDiluted weighted average shares outstanding<\/b><\/p><\/td> \nUnder 195.5M<\/i><\/b><\/p><\/td> \n195.2M<\/i><\/p><\/td><\/tr>\n \nAdjusted free cash flow<\/b><\/p><\/td> \n~$3.0B<\/i><\/p><\/td> \n$3.0B<\/i><\/p><\/td><\/tr>\n \nCapital expenditures<\/b><\/p><\/td> \n~$900M<\/i><\/p><\/td> \n$668M<\/i><\/p><\/td><\/tr>\n<\/table> \n(1) Bolded figures indicate updates to guidance metrics.<\/p><\/td><\/tr>\n \n(2) For further detail on fiscal 2025 revised reportable segment information, please reference Exhibit 99.2 to the Company\u2019s Current Report on Form 8-K dated November 5, 2025.<\/p><\/td><\/tr>\n \n(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\u2019s website at investor.cencora.com.<\/p><\/td><\/tr>\n<\/table> \nDividend Declaration<\/span><\/b><\/p> \nThe Company\u2019s 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.<\/p> \nConference Call & Slide Presentation<\/span><\/b><\/p> \nThe 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\u2019s website at investor.cencora.com<\/a>. Participating in the conference call will be:<\/p> \nThe 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\u2019s website at investor.cencora.com<\/a>. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.<\/p>\n
\n \n \n \n \n \n \n \n \n \n \n \n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n