Cencora (COR) Q4 2026 earnings summary

Executive summary

• FY2026 revenue rose 5.0% to $337.4B; adjusted operating income grew 14.0% to $4.813B and adjusted diluted EPS rose 12.3% to $17.97.

• Q4 revenue grew 5.5% to $88.4B; adjusted operating income increased 22.1% to $1.249B and adjusted diluted EPS rose 21.4% to $4.66.

• FY2027 adjusted diluted EPS guidance is $19.40–$19.75; a new reporting structure and specialty investments support growth amid portfolio-related headwinds.

Financial highlights

• FY2026 GAAP operating income rose 49.5% to $3.93B; GAAP net income attributable was $3.484B, including a OneOncology remeasurement gain.

• Q4 GAAP net income attributable was $519M versus a $340M loss a year earlier; adjusted net income was $893M.

• FY2026 adjusted free cash flow was $3.808B, from $4.790B operating cash flow less $910M capex and $73M antitrust settlement gains.

• FY2026 year-end cash was $4.9B; adjusted free cash flow exceeded guidance on stronger year-end volume, mix and timing.

Outlook and guidance

• FY2027 adjusted diluted EPS of $19.40–$19.75 implies 8%–10% growth; excluding the assumed $0.35 MWI-Covetrus merger impact, growth is 10%–12%.

• FY2027 revenue growth is expected at 3%–5% and adjusted operating income growth at 4%–6%; excluding Other, adjusted operating income growth is 8.5%–11%.

• FY2027 adjusted free cash flow is expected at $3.5B, capex at ~$1.0B, net interest expense at $490M–$510M, adjusted tax rate at ~20% and diluted shares at ~190M.

• FY2027 segment guidance: Pharmaceutical Distribution and Services revenue growth 4%–6%, operating income growth 2%–4%; Specialty Pharmaceutical and Provider Services growth 9%–14% and 18%–21%, respectively.

• Long-term targets are 7%–10% adjusted operating income growth and 10%–14% adjusted diluted EPS growth; FY2027 Q1 adjusted EPS is expected at ~$4.55.