Earnings summaries and quarterly performance for Cencora.
Executive leadership at Cencora.
Board of directors at Cencora.
Research analysts who have asked questions during Cencora earnings calls.
Charles Rhyee
TD Cowen
6 questions for COR
Also covers: AMWL, BTSG, CAH +18 more
Elizabeth Anderson
Evercore ISI
6 questions for COR
Also covers: AGL, ALGN, CAH +23 more
Eric Percher
Nephron Research
6 questions for COR
Also covers: AMWL, CAH, CVS +5 more
Erin Wright
Morgan Stanley
6 questions for COR
Also covers: ALGN, BTSG, CAH +18 more
George Hill
Deutsche Bank
6 questions for COR
Also covers: AGL, CAH, CI +16 more
Kevin Caliendo
UBS
6 questions for COR
Also covers: AHCO, ALGN, AMWL +15 more
Lisa Gill
JPMorgan Chase & Co.
6 questions for COR
Also covers: AGL, CAH, CI +13 more
Allen Lutz
Bank of America
5 questions for COR
Also covers: ACCD, CAH, DOCS +14 more
Daniel Grosslight
Citigroup
5 questions for COR
Also covers: AGL, CAH, CTEV +12 more
Michael Cherny
Leerink Partners
5 questions for COR
Also covers: ACCD, ALGN, CAH +18 more
Steven Valiquette
Mizuho
5 questions for COR
Also covers: ALGN, CAH, DOCS +12 more
Eric Coldwell
Robert W. Baird & Co.
2 questions for COR
Also covers: AHCO, CAH, CRL +9 more
Stephen Baxter
Wells Fargo & Company
2 questions for COR
Also covers: AGL, BTSG, CAH +15 more
Jack Slevin
Jefferies Financial Group Inc.
1 question for COR
Also covers: AGL, AMN, ASTH +8 more
Michael Cherney
Jefferies Financial Group Inc.
1 question for COR
Also covers: DGX, LH
Stephanie Davis
Barclays
1 question for COR
Also covers: ACCD, CAH, DGX +20 more
Recent press releases and 8-K filings for COR.
Cencora discusses FY25 results and 2026 guidance at Citi conference
COR
Guidance Update
M&A
Dividends
- FY25 performance: EPS and adjusted operating income both rose 16%, and the stock gained 55%, marking nearly seven consecutive years of growth.
- 2026 outlook and long-term guide: Consolidated operating income is projected to grow 8%–10% (U.S. 9%–11%), excluding a 1% headwind; long-term organic operating income guidance was raised to 6%–9%, with EPS growth of 9%–13%.
- MSO expansion strategy: Accelerating specialty services by building MSOs in oncology and retina via RCA and OneOncology partnerships; a put-call structure (June 2026–2028) commits Cencora to acquire the remaining 65% of OneOncology.
- Product mix trends: Continued benefit from higher-margin Part B biosimilars; GLP-1 injectables drove revenue growth but remain minimally profitable, with upcoming oral formulations expected to modestly boost margins.
- Balanced capital deployment: Plan for $900 million in capex, ongoing strategic acquisitions, opportunistic share buybacks, and a dividend growth rate raised to 9%, underpinned by strong free cash flow and ROIC focus.
Dec 2, 2025, 6:00 PM
Cencora raises FY2026 and long-term guidance at Citi Global Healthcare Conference
COR
Guidance Update
M&A
Share Buyback
- Cencora guided FY2026 operating income growth of 8–10% consolidated and 9–11% in the U.S., excluding a 1% headwind implies 10–12% U.S. growth; long-term organic operating income growth was raised to 6–9% and EPS growth to 9–13%.
- Key growth drivers include continued pharmaceutical utilization tailwinds, specialty product sales, and expansion of MSO services in oncology (OneOncology) and retina (RCA); a put‐call to acquire the remaining 65% of OneOncology is exercisable June 2026–28.
- Management expects policy shifts (e.g., exchange enrollment changes) to have limited disruption, while biosimilars in Part B remain a margin tailwind and GLP-1 oral launches will modestly improve operating income by lowering handling costs.
- International segment (15% of operating income) saw core distribution strength, with 3PL growth and a World Courier turnaround in Q4; underperforming PharmaLex consulting units were refocused on pharmacovigilance, market access, and regulatory affairs, with other noncore assets under strategic review.
- Capital deployment remains balanced: ~$900 million in FY 2026 capex, strategic acquisitions (e.g., OneOncology), opportunistic share buybacks, and a 9% dividend increase aligned with EPS growth guidance.
Dec 2, 2025, 6:00 PM
Cencora updates FY26 guidance and long-term growth targets
COR
Guidance Update
M&A
Share Buyback
- Cencora expects FY26 operating income growth of 8–10% consolidated and 9–11% in the U.S. (including a 1% net headwind), and raised its long-term organic operating income guide to 6–9% with EPS growth of 9–13%.
- Key growth drivers include strong pharmaceutical utilization and specialty sales, plus expansion into MSOs with the January 2025 acquisition of RCA (retina) and its 35% stake in OneOncology (oncology), with a put-call to acquire the remaining 65% from June 2026–28.
- International segment (15% of op. income) saw solid core distribution growth—led by 3PL in Europe—and a Q4 FY25 turnaround in global specialty logistics, underpinning a more optimistic FY26 outlook.
- Free cash flow will be deployed in a balanced way: about $900 million of capex, completing the OneOncology acquisition, opportunistic share buybacks, and a 9% dividend increase aligned with its EPS guidance.
Dec 2, 2025, 6:00 PM
Cencora outlines OneOncology buyout and FY26 outlook at HealthCONx
COR
M&A
Guidance Update
New Projects/Investments
- Plans to acquire the remaining 65% of OneOncology under the existing put-call agreement, aiming to unlock synergies between the OneOncology and RCA MSO platforms in oncology and retina markets.
- FY26 guidance calls for 9–11% US segment operating income growth, supported by $900 million in CapEx and a 9% dividend increase, alongside continued opportunistic share repurchases and the OneOncology buyout.
- International operations, representing 15% of operating income, are led by Alliance (including Alloga 3PL), World Courier and a refocused PharmaLex; World Courier and clinical trial logistics stabilized in Q4 FY25.
- Specialty distribution and MSO expansion in oncology and retina remain core growth drivers, complemented by active regulatory engagement on CMS site-of-care rules and IRA Part D/Part B price negotiations.
Dec 2, 2025, 3:00 PM
Cencora outlines FY26 guidance and MSO-driven growth strategy
COR
Guidance Update
M&A
Dividends
- FY26 guidance targets 9–11% U.S. segment operating income growth and raised long-term targets reflecting strong specialty momentum.
- Plans to fully acquire OneOncology (remaining 65% stake), expecting meaningful operating synergies with its RCA MSO platform.
- Emphasizes leadership in oncology and retina MSOs, leveraging distribution, GPO and back-office services alongside digital transformation and productivity initiatives.
- Allocates balanced capital: ~$900 million CapEx, OneOncology buyout, strategic M&A, opportunistic share repurchases, and a 9% dividend increase aligned with 9–13% EPS growth.
- International segment (~15% of adjusted operating income) led by Alliance’s 3PL, a recovering World Courier, and a streamlined PharmaLex focused on pharmacovigilance and regulatory services.
Dec 2, 2025, 3:00 PM
Cencora outlines strong FY26 guidance and OneOncology buyout plan
COR
Guidance Update
M&A
- FY26 Guidance: CFO James Cleary reiterated 9%–11% US segment operating income growth and raised long-term EPS growth to 9%–13%.
- OneOncology Buyout: Plans to exercise the put-call to acquire the remaining 65% stake, enhancing operating income and enabling MSO synergies with RCA.
- Capital Allocation: Targets $15 B–$20 B free cash flow by 2030 to fund $900 M CapEx, the OneOncology acquisition, opportunistic share repurchases, and a 9% dividend increase.
- Growth Drivers: Expansion of MSO services in oncology/retina through RCA and OneOncology, plus international 3PL growth via Alliance and World Courier, underpin long-term momentum.
Dec 2, 2025, 3:00 PM
Cencora reports Q4 2025 earnings and raises guidance
COR
Earnings
Guidance Update
Dividends
- Cencora delivered adjusted diluted EPS of $3.84, up 15%, on consolidated revenue of $83.7 billion, up 6% year-over-year in Q4 2025.
- U.S. healthcare solutions segment revenue rose to $75.8 billion (+6%), with segment operating income up 25% to $872 million.
- International healthcare solutions segment posted $7.9 billion in revenue (up 8% as-reported; +6% cc) and operating income of $151 million, down 2%.
- For fiscal 2025, Cencora reported $321.3 billion in revenue (+9%), $4.2 billion in operating income (+16%), generated $3 billion of adjusted free cash flow, and returned ~$900 million to shareholders via dividends and buybacks.
- Fiscal 2026 guidance calls for adjusted EPS of $17.45–17.75 (9–11% growth), 5–7% revenue growth, 8–10% operating income growth, while long-term adjusted operating income growth is raised to 6–9% and adjusted EPS to 9–13%; the quarterly dividend was increased by 9%.
Nov 5, 2025, 1:30 PM
Cencora reports Q4 FY2025 results
COR
Earnings
Guidance Update
- Cencora reported Q4 fiscal 2025 revenue of $83.7 B, up 5.9% y/y, and an adjusted diluted EPS of $3.84, up 15.0% y/y, with consolidated adjusted operating income of $1.0 B, up 20.2% y/y.
- U.S. Healthcare Solutions segment revenue rose 5.7% y/y to $75.8 B, while operating income increased 25.1% y/y to $0.9 B.
- International Healthcare Solutions segment revenue increased 7.6% y/y to $7.9 B (5.7% in constant currency), while operating income declined 2.0% y/y to $150.7 M (−6.0% CC).
- Fiscal 2026 guidance: expects 5–7% revenue growth, 8–10% adjusted operating income growth, and $17.45–$17.75 adjusted EPS, versus $16.00 in FY 2025.
Nov 5, 2025, 1:30 PM
Cencora reports Q4 2025 results and raises guidance
COR
Earnings
Guidance Update
Dividends
- Cencora delivered Q4 adjusted EPS of $3.84 (up 15%) on revenue of $83.7 B (up 6%) and achieved operating income of $1.0 B (up 20%).
- U.S. healthcare solutions revenue grew 6% to $75.8 B, driven by $876 M in GLP-1 sales (+10%), lifting segment operating income 25% to $872 M.
- Full‐year fiscal 2025 consolidated revenue was $321.3 B (up 9%) with operating income of $4.2 B (up 16%); generated $3.0 B in adjusted free cash flow and returned $900 M to shareholders.
- Board approved a 9% increase to the quarterly dividend (21st consecutive annual raise) and fiscal 2026 guidance of adjusted EPS $17.45–$17.75 (growth 9–11%) and revenue growth 5–7%.
- Long-term guidance lifted to adjusted operating income growth of 6–9% and EPS growth of 9–13%.
Nov 5, 2025, 1:30 PM
Cencora reports fiscal Q4 2025 results
COR
Earnings
Guidance Update
Dividends
- Delivered 16% adjusted operating income and EPS growth in Q4 2025, driven by specialty positioning and strong pharmaceutical utilization; raised long-term guidance for adjusted operating income growth to 6–9% and adjusted EPS growth to 9–13%.
- U.S. healthcare solutions segment operating income increased 25% to $872 million, while international healthcare solutions revenue rose 8% to $7.9 billion and operating income fell 2% to $151 million; GAAP results include a $724 million goodwill impairment related to Pharmalex.
- Fiscal 2025 consolidated revenue was $321.3 billion (+9%), operating income $4.2 billion (+16%), adjusted free cash flow $3 billion, and returned about $900 million to shareholders via dividends and share repurchases, with a 9% dividend increase.
- Fiscal 2026 guidance: adjusted EPS of $17.45–$17.75 (+9–11%), consolidated revenue growth 5–7%, operating income growth 8–10%, capital expenditures $900 million, and adjusted free cash flow $3 billion; will report an “other” segment for businesses under strategic review.
Nov 5, 2025, 1:30 PM
Quarterly earnings call transcripts for Cencora.
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