Cencora, Inc. · NYSE:COR
Cencora — Q2 2026 Earnings Presentation
18 slides from Cencora's earnings presentation, May 6, 2026
Slide 1: Second Quarter Fiscal 2026 Earnings Call
Cencora, Inc. Second Quarter Fiscal 2026 Earnings Call May 6, 2026
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements Certain of the statements contained in this presentation 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 “Securit
Slide 3: Driving Growth: Cencora's Enterprise Strategy
Driving Growth: Cencora’s Enterprise Strategy Our Purpose: We are united in our responsibility to create healthier futures We use our global reach and local community expertise to connect patients to pharmaceuticals through strategic partnerships with manufacturers and healthcare providers. Growth P
Slide 4: Second quarter highlights
Second quarter highlights Company highlights Financial highlights & fiscal 2026 guidance • Cencora and Covetrus, a global animal health • Adjusted diluted EPS(1) increased 7.5% year-over-year to technology and services company, announced that $4.75. they entered into a definitive agreement under • C
Slide 5: Financial results
cencora Financial results
Slide 6: Q2 fiscal 2026 financial summary
Q2 fiscal 2026 financial summary Consolidated results GAAP Adjusted (non-GAAP)(1) 3.8% Revenue $78.4B $78.4B Revenue growth y/y y/y% 3.8% 3.8% 6.0% Gross profit $3.6B $3.4B y/y% 17.3% 15.7% Consolidated adjusted operating income(1) growth y/y Operating expenses $2.4B $2.1B y/y% 20.9% 22.5% 5.6% $1.1
Slide 7: U.S. Healthcare Solutions segment
U.S. Healthcare Solutions segment Q2 fiscal 2026 financial results • Revenue increased 2.9% to $68.8 billion due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices Financial results Q2 fiscal 2026 Q
Slide 8: International Healthcare Solutions segment
International Healthcare Solutions segment Q2 fiscal 2026 financial results Constant • Revenue increased 13.0% to $7.6 billion, Financial results Q2 fiscal 2026 Q2 fiscal 2025 y/y% currency(1) y/y% primarily due to growth in our European Revenue $7.6B $6.7B 13.0% 7.2% distribution business. On a con
Slide 9: Other
Other Q2 fiscal 2026 financial results Financial results Q2 fiscal 2026 Q2 fiscal 2025 y/y% • Revenue increased 5.1% to $2.1 billion due to growth at Profarma and MWI Revenue $2.1B $2.0B 5.1% Animal Health, offset in part by a decrease in sales at our consulting services businesses. Operating income
Slide 10: Fiscal 2026 guidance
cencora Fiscal 2026 guidance
Slide 11: Fiscal 2026 Guidance
Fiscal 2026 Guidance Consolidated Fiscal 2026 guidance Fiscal 2025 actuals Revenue 4% to 6% growth $321.3B Adjusted operating income(1) 12% to 14% growth $4.2B Adjusted diluted earnings per share(1) $17.65 to $17.90 $16.00 Net interest expense ~$485M $292M Adjusted effective tax rate(1) ~20% 20.6% D
Slide 12: Fiscal 2026 Guidance
Fiscal 2026 Guidance Segment As reported Constant currency(1) Recast Fiscal 2025(2) U.S. Healthcare Solutions(2) Revenue 4% to 6% growth $285.0B Operating Income 14% to 16% growth $3.3B International Healthcare Solutions(2) Revenue 8% to 10% growth 6% to 8% growth $28.3B Operating Income 5% to 8% gr
Slide 13: Appendix
cencora Appendix
Slide 14: GAAP to Non-GAAP Reconciliations: Three Months Ended March 31, 2026
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 Net Income Operating Operating Income Before Income Tax Attributable Diluted Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 3,588
Slide 15: GAAP to Non-GAAP Reconciliations: Three Months Ended March 31, 2025
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2025 Net Income Operating Operating Income Before Income Tax Attributable Diluted Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 3,059
Slide 16: Supplemental information regarding non-GAAP financial measures
Supplemental information regarding non-GAAP financial measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in
Slide 17: Supplemental information regarding non-GAAP financial measures (cont.)
Supplemental information regarding non-GAAP financial measures (cont.) • Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary imp
Slide 18: Bennett Murphy, Senior Vice President, Investor Relations
Bennett Murphy Senior Vice President, Investor Relations and Enterprise Productivity Bennett.Murphy@cencora.com 18