COR

MKT CAP:$60B

Cencora, Inc.

Market Cap

$60B

Healthcare·Medical - Distribution·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$306.76-$32.11 (-9.48%)

Apr 24, 2026

Company Details

Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company's U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products...

CEO

Robert Mauch

IPO Date

Apr 4, 1995

Website

www.cencora.com

Key Metrics TTM

Revenue

$321.3B

+16.2% YoY

Net Income

$1.6B

EPS (Diluted)

$7.95

Free Cash Flow

$3.2B

Revenue / Share

$1,657.22

Gross Margin

3.2%

Operating Margin

1.1%

Net Margin

0.5%

FCF Margin

1.0%

P/S

0.2x

P/E

38.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Nov 25, 2025

$83.7BEPS -$1.75

Q3 2025

Aug 6, 2025

$80.7BEPS $3.52

Q2 2025

May 7, 2025

$75.5B+10.3%EPS $3.68

Q1 2025

Feb 5, 2025

$81.5B+12.8%EPS $2.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$40.5B	$1.0B	$449M
Q1 19	$45.4B	$1.1B	$431M
Q3 19	$45.2B	$1.1B	$463M
Q4 19	$45.6B	$1.1B	$351M
Q4 20	$49.2B	$1.2B	$528M
Q2 21	$49.2B	$1.4B	$703M
Q4 21	$58.9B	$1.9B	$655M
Q1 22	$59.6B	$1.9B	$714M
Q3 23	$66.9B	$1.9B	$568M
Q4 23	$68.9B	$1.9B	$513M
Q1 24	$72.3B	$2.1B	$751M
Q2 24	$68.4B	$2.3B	$869M
Q1 25	$81.5B	$2.3B	$792M
Q2 25	$75.5B	$2.6B	$1.0B
Q3 25	$80.7B	$2.7B	$986M
Q4 25	$83.7B	$2.6B	$855M

Valuation

Quarter	P/S	P/E
Q1 18	0.1x	13.5x
Q1 19	0.1x	9.1x
Q3 19	0.1x	11.1x
Q4 19	0.1x	10.0x
Q4 20	0.1x	—
Q2 21	0.1x	—
Q4 21	0.1x	—
Q1 22	0.1x	—
Q3 23	0.2x	21.6x
Q4 23	0.1x	21.1x
Q1 24	0.2x	22.3x
Q2 24	0.2x	26.0x
Q1 25	0.1x	23.4x
Q2 25	0.2x	24.2x
Q3 25	0.2x	25.1x
Q4 25	0.2x	38.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$10M	-$63M
Q1 19	$479M	$400M
Q3 19	$568M	$499M
Q4 19	$673M	$593M
Q4 20	$1.3B	$1.2B
Q2 21	-$454M	-$540M
Q4 21	$1.0B	$845M
Q1 22	$863M	$784M
Q3 23	$745M	$641M
Q4 23	$1.8B	$1.7B
Q1 24	$885M	$811M
Q2 24	-$878M	-$991M
Q1 25	-$2.7B	-$2.8B
Q2 25	$3.4B	$3.2B
Q3 25	$109M	-$74M
Q4 25	$3.1B	$2.9B

Capital Expenditures

Quarter	CapEx
Q1 18	$74M
Q1 19	$79M
Q3 19	$69M
Q4 19	$79M
Q4 20	$119M
Q2 21	$86M
Q4 21	$165M
Q1 22	$80M
Q3 23	$104M
Q4 23	$175M
Q1 24	$74M
Q2 24	$113M
Q1 25	$106M
Q2 25	$129M
Q3 25	$183M
Q4 25	$250M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	+7.7%	+8.0%
Q1 19	+18.9%	+19.1%
Q3 19	+21.8%	+22.6%
Q4 19	+17.9%	+18.4%
Q4 20	+21.7%	+21.7%
Q2 21	+8.3%	+7.8%
Q4 21	+30.2%	+30.1%
Q1 22	+30.7%	+30.1%
Q3 23	+35.9%	+36.3%
Q4 23	+40.2%	+41.2%
Q1 24	+22.6%	+22.7%
Q2 24	+14.7%	+14.7%
Q1 25	+21.7%	+21.6%
Q2 25	+9.5%	+8.8%
Q3 25	+11.6%	+11.4%
Q4 25	+22.4%	+22.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$33M	0.1%
Q1 19	$32M	0.1%
Q3 19	$11M	0.0%
Q4 19	$10M	0.0%
Q4 20	$17M	0.0%
Q2 21	$19M	0.0%
Q4 21	$18M	0.0%
Q1 22	$43M	0.1%
Q3 23	$21M	0.0%
Q4 23	$25M	0.0%
Q1 24	$63M	0.1%
Q2 24	$28M	0.0%
Q1 25	$70M	0.1%
Q2 25	$28M	0.0%
Q3 25	$23M	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 18	$559M
Q1 19	$657M
Q3 19	$657M
Q4 19	$722M
Q4 20	$721M
Q2 21	$730M
Q4 21	$1.2B
Q1 22	$1.2B
Q3 23	$1.3B
Q4 23	$1.4B
Q1 24	$1.4B
Q2 24	$1.4B
Q1 25	$1.5B
Q2 25	$1.6B
Q3 25	$1.7B
Q4 25	$1.7B

Revenue Segments

Quarter	Other Segments	Pharmaceutical Distribution	Animal Health	International Healthcare Solutions
Q1 18	$1.5B	$38.9B	—	—
Q1 19	$1.7B	$43.7B	—	—
Q3 19	$1.7B	$43.5B	—	—
Q4 19	$1.8B	$43.9B	—	—
Q4 20	$2.0B	$47.3B	—	—
Q2 21	$2.1B	$47.1B	—	—
Q1 22	—	$51.8B	$1.2B	$6.6B
Q3 23	—	$58.6B	$1.3B	$7.0B
Q4 23	—	$60.6B	$1.3B	$7.0B
Q1 24	—	$63.9B	$1.3B	$7.1B
Q1 25	—	$72.7B	$1.4B	$7.5B
Q2 25	—	$66.9B	$1.4B	$7.2B
Q3 25	—	$71.4B	$1.5B	$7.8B
Q4 25	—	$74.3B	$1.5B	$7.9B

Revenue by Geography

Quarter	International Healthcare Solutions	U.S. Healthcare Solutions
Q1 22	$6.6B	$53.0B
Q3 23	$7.0B	$59.9B
Q4 23	$7.0B	$61.9B
Q1 24	$7.1B	$65.2B
Q1 25	$7.5B	$74.0B
Q2 25	$7.2B	$68.3B
Q3 25	$7.8B	$72.9B
Q4 25	$7.9B	$75.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$3.4B	$0	$3.4B
Q3 22	$3.2B	$0	$3.2B
Q4 22	$3.5B	$0	$3.5B
Q1 23	$1.9B	$0	$1.9B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$1.5B	$0	$1.5B
Q4 23	$2.7B	$0	$2.7B
Q1 24	$3.0B	$0	$3.0B
Q2 24	$2.2B	$0	$2.2B
Q3 24	$3.4B	$0	$3.4B
Q4 24	$3.2B	$0	$3.2B
Q1 25	$3.3B	$0	$3.3B
Q2 25	$2.1B	$0	$2.1B
Q3 25	$2.3B	$0	$2.3B
Q4 25	$4.4B	$0	$4.4B
Q1 26	$1.8B	$0	$1.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	221M	-0.5%	-2.7%
Q1 19	214M	-3.1%	-3.6%
Q3 19	211M	-1.3%	-4.5%
Q4 19	210M	-0.7%	-5.5%
Q4 20	204M	-2.7%	-7.6%
Q2 21	207M	+1.6%	-3.1%
Q4 21	211M	+1.7%	-0.2%
Q1 22	211M	+0.2%	+0.7%
Q3 23	204M	-3.2%	+0.1%
Q4 23	203M	-0.5%	-1.9%
Q1 24	202M	-0.8%	-4.3%
Q2 24	201M	-0.3%	-4.7%
Q1 25	195M	-3.0%	-4.5%
Q2 25	195M	-0.0%	-4.1%
Q3 25	195M	+0.1%	-3.3%
Q4 25	194M	-0.7%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	$2M	20K
Q1 19	$2M	21K
Q3 19	$2M	21K
Q4 19	$2M	22K
Q4 20	$2M	22K
Q2 21	$2M	22K
Q4 21	$1M	42K
Q1 22	$1M	42K
Q3 23	$2M	44K
Q4 23	$1M	46K
Q1 24	$2M	46K
Q2 24	$1M	46K
Q1 25	$2M	46K
Q2 25	$2M	46K
Q3 25	$2M	46K
Q4 25	$2M	51K

Revenue / Employee