Cencora (COR) Q3 2026 earnings summary

Executive summary

• Q3 FY2026 revenue rose 5.1% year-over-year to $84.8 billion, driven by growth in both U.S. and International Healthcare Solutions segments, with notable contributions from specialty pharmaceuticals, GLP-1 products, and the OneOncology acquisition.

• Adjusted diluted EPS increased 12% to $4.48, and GAAP diluted EPS rose 11.9% to $3.94, reflecting strong operational performance.

• Fiscal 2026 adjusted EPS guidance was raised to $17.75–$17.95, reflecting confidence in continued execution and portfolio strength.

• $1 billion in shares were repurchased during the quarter, supporting capital deployment priorities.

• Announced new CFO and CHRO appointments, with prior executives remaining as advisors through year-end.

Financial highlights

• Gross profit grew 24.1% year-over-year to $3.6 billion, with gross margin expanding by up to 66 bps to 4.26%.

• Adjusted operating income rose 17% to $1.2 billion; GAAP operating income up 29.1% to $1.1 billion.

• Net income attributable to shareholders was $764 million for the quarter, up 11.1% year-over-year.

• Net interest expense increased to $141 million, reflecting financing for the OneOncology acquisition.

• Diluted shares outstanding decreased 0.7% year-over-year to 193.9 million due to share repurchases.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance raised to $17.75–$17.95.

• Revenue growth expected at 4–6% for U.S. and International Healthcare Solutions segments.

• Adjusted operating income growth forecasted at 13–14% for U.S. and ~9% for International segments.

• Adjusted free cash flow guidance for FY2026 is ~$3.0 billion; capital expenditures expected at ~$900 million.

• Net interest expense for FY26 expected at ~$490 million; diluted shares outstanding at ~194 million.