Cencora, Inc. · NYSE:COR
Cencora — Q4 2026 Earnings Presentation
23 slides from Cencora's earnings presentation, Nov 4, 2026
Slide 1: Fourth Quarter Fiscal 2026 Earnings Call
Cencora, Inc. Fourth Quarter Fiscal 2026 Earnings Call November 4, 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: One enterprise organized around customers and growth opportunities
One enterprise organized around customers and growth opportunities Specialty Pharmaceutical and Pharmaceutical Distribution and Provider Services Services Pursuing higher-margin, high-growth investment Leveraging scale and efficiency to deliver growth and cash opportunities flow generation, fueling
Slide 5: Fourth quarter and fiscal 2026 highlights
Fourth quarter and fiscal 2026 highlights Company highlights Financial highlights & fiscal 2027 expectations • Cencora announced a new organizational and • Full year fiscal 2026 adjusted diluted EPS(1) increased reporting structure to strengthen execution and 12.3% year-over-year to $17.97. visibili
Slide 6: Financial results
cencora Financial results
Slide 7: Q4 fiscal 2026 financial summary
Q4 fiscal 2026 financial summary Consolidated results GAAP Adjusted (non-GAAP)(1) 5.5% $88.4B $88.4B Revenue Revenue growth y/y y/y% 5.5% 5.5% Gross profit $3.6B $3.6B 22.1% y/y% 21.9% 23.0% Consolidated adjusted operating income(1) growth y/y Operating expenses $2.7B $2.3B y/y% (8.2)% 23.5% 22.0% O
Slide 8: U.S. Healthcare Solutions segment
U.S. Healthcare Solutions segment Q4 fiscal 2026 financial results • Revenue increased 5.4% to $78.3 billion Financial results Q4 fiscal 2026 Q4 fiscal 2025 y/y% due to overall market growth primarily driven by unit volume growth, including Revenue $78.3B $74.2B 5.4% increased sales of specialty pro
Slide 9: International Healthcare Solutions segment
International Healthcare Solutions segment Q4 fiscal 2026 financial results Constant • Revenue increased 5.1% to $7.8 billion, Financial results Q4 fiscal 2026 Q4 fiscal 2025 y/y% due to growth in all businesses within this currency(1) y/y% reportable segment. On a constant Revenue $7.8B $7.4B 5.1%
Slide 10: Other
Other Q4 fiscal 2026 financial results • Revenue increased 10.1% to $2.3 billion Financial results Q4 fiscal 2026 Q4 fiscal 2025 y/y% primarily due to growth at Profarma and MWI Animal Health, offset in part by Revenue $2.3B $2.1B 10.1% decreases in sales at our consulting services businesses primar
Slide 11: Fiscal 2026 financial summary
Fiscal 2026 financial summary Consolidated results GAAP Adjusted (non-GAAP)(1) Revenue $337.4B $337.4B y/y% 5.0% 5.0% 5.0% Revenue growth y/y Gross profit $13.9B $13.5B y/y% 20.8% 20.0% 14.0% Operating expenses $9.9B $8.6B Consolidated y/y% 12.3% 23.7% adjusted operating income(1) growth y/y Operati
Slide 12: Fiscal 2027 expectations
cencora Fiscal 2027 expectations
Slide 13: Fiscal 2027 expectations
Fiscal 2027 expectations Consolidated Fiscal 2027 expectations Fiscal 2026 actuals Revenue 3% to 5% growth $337.4B Adjusted operating income(1) 4% to 6% growth $4.8B Adjusted diluted earnings per share(1) $19.40 to $19.75 $17.97 Net interest expense $490M to $510M $490M Adjusted effective tax rate(1
Slide 14: Fiscal 2027 expectations: Segment
Fiscal 2027 expectations Segment Recast fiscal Fiscal 2027 Expectations 2026(1) Pharmaceutical Distribution and Services(1) Revenue 4% to 6% growth $284.5B Operating Income 2% to 4% growth $2.7B Specialty Pharmaceutical and Provider Services(1) Revenue 9% to 14% growth $45.4B Operating Income 18% to
Slide 15: Appendix
cencora Appendix
Slide 16: Three Months Ended September 30, 2026
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended September 30, 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
Slide 17: Three Months Ended September 30, 2025
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Three Months Ended September 30, 2025 Net Income Operating Operating Income Before Income Tax Attributable Diluted Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 2
Slide 18: Fiscal Year Ended September 30, 2026
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Fiscal Year Ended September 30, 2026 Net Income Operating Operating Income Before Income Tax Attributable Diluted Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 13
Slide 19: Fiscal Year Ended September 30, 2025
CENCORA, INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share data) (unaudited) Fiscal Year Ended September 30, 2025 Net Income Operating Operating Income Before Income Tax Attributable Diluted Earnings Gross Profit Expenses Income Income Taxes Expense to Cencora Per Share GAAP $ 11
Slide 20: Reconciliation of Diluted Weighted Average Common Shares Outstanding
CENCORA, INC. RECONCILIATION OF DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (GAAP TO NON-GAAP) (in thousands) (unaudited) Three Months Ended Fiscal Year Ended September 30, September 30, 2026 2025 2026 2025 Basic shares outstanding 190,827 193,899 193,178 193,820 Restricted stock unit and sto
Slide 21: 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 22: 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 23: Bennett Murphy, Senior Vice President, Investor Relations
Bennett Murphy Senior Vice President, Investor Relations and Enterprise Productivity Bennett.Murphy@cencora.com 23