$COR

Cencora, Inc.

CIK:0001140859|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 84,754,837	$ 80,663,532	$ 249,042,769	$ 237,604,265
Cost of goods sold	81,147,602	77,756,417	238,775,124	229,079,303
Gross profit	3,607,235	2,907,115	10,267,645	8,524,962
Operating expenses:
Distribution, selling, and administrative	2,132,465	1,672,881	5,905,313	4,744,976
Depreciation	150,960	128,128	417,384	362,655
Amortization	118,539	125,867	361,808	429,650
Litigation and opioid-related (credit) expenses, net	(88,643)	17,974	(160,936)	46,263
Acquisition and divestiture-related deal and integration expenses	113,069	52,838	355,652	190,930
Restructuring and other expenses, net	60,628	41,773	115,667	140,390
Impairment of assets, including goodwill	0	0	249,498	0
Operating income	1,120,217	867,654	3,023,259	2,610,098
Other income, net	(16,882)	(110,417)	(1,123,921)	(48,997)
Interest expense, net	140,705	81,794	353,574	213,715
Income before income taxes	996,394	896,277	3,793,606	2,445,380
Income tax expense	219,727	206,528	821,285	544,495
Net income	776,667	689,749	2,972,321	1,900,885
Net income attributable to noncontrolling interests	(13,149)	(2,347)	(7,824)	(7,012)
Net income attributable to Cencora, Inc.	$ 763,518	$ 687,402	$ 2,964,497	$ 1,893,873
Earnings per share:
Basic (in usd per share)	$ 3.95	$ 3.55	$ 15.28	$ 9.77
Diluted (in usd per share)	$ 3.94	$ 3.52	$ 15.21	$ 9.70
Weighted average common shares outstanding:
Basic (in shares)	193,147	193,822	193,971	193,794
Diluted (in shares)	193,944	195,230	194,883	195,172
Cash dividends declared per share of common stock (in usd per share)	$ 0.60	$ 0.55	$ 1.80	$ 1.65

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 2,972,321	$ 1,900,885
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, including amounts charged to cost of goods sold	431,959	367,582
Amortization, including amounts charged to interest expense	372,717	436,836
Provision for credit losses	6,849	45,514
Provision for deferred income taxes	247,653	4,475
Share-based compensation expense	122,789	122,020
LIFO credit	(381,896)	(19,913)
Türkiye highly inflationary impact	34,921	42,859
Impairment of assets, including goodwill	249,498	0
Adjustments to RCA and OneOncology equity units	152,749	74,920
Remeasurement gain related to OneOncology acquisition (Note 2)	(1,086,612)	0
(Gain) loss on divestiture of businesses	(17,247)	35,539
Gain on remeasurement of equity investment	(4,501)	(30,559)
Gain on divestiture of equity investment	0	(12,838)
Gain on sale of assets	(34,768)	0
Other, net	(12,755)	(29,954)
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable	(754,621)	(977,608)
Inventories	(1,007,059)	(949,881)
Prepaid expenses and other assets	161,838	237,814
Accounts payable	633,382	(61,892)
Accrued expenses	(221,256)	(316,650)
Income taxes payable and other liabilities	(74,537)	(127,446)
Long-term accrued litigation liability	(103,894)	0
NET CASH PROVIDED BY OPERATING ACTIVITIES	1,687,530	741,703
INVESTING ACTIVITIES
Capital expenditures	(511,033)	(418,169)
Cost of acquired companies, net of cash acquired	(4,973,696)	(4,004,220)
Proceeds from sale of assets	45,817	0
Proceeds from divestiture of a business	25,000	0
Cost of equity investments	(28,479)	(193,792)
Non-customer note receivable	23,439	(34,814)
Other, net	4,587	(4,358)
NET CASH USED IN INVESTING ACTIVITIES	(5,414,365)	(4,655,353)
FINANCING ACTIVITIES
Senior notes and loan borrowings	4,687,531	4,508,482
Senior notes and loan repayments	(1,069,139)	(763,412)
Borrowings under revolving and securitization credit facilities	83,888,834	86,153,436
Repayments under revolving and securitization credit facilities	(83,777,670)	(86,120,601)
Purchases of common stock	(1,000,052)	(435,471)
Cash dividends on common stock	(360,561)	(329,569)
Employee tax withholdings related to restricted share vesting	(105,324)	(77,674)
Other, net	(9,673)	(2,295)
NET CASH PROVIDED BY FINANCING ACTIVITIES	2,253,946	2,932,896
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(25,519)	(41,800)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH CLASSIFIED WITHIN ASSETS HELD FOR SALE	(1,498,408)	(1,022,554)
LESS: INCREASE IN CASH CLASSIFIED WITHIN ASSETS HELD FOR SALE	(31,184)	0
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(1,529,592)	(1,022,554)
Cash, cash equivalents, and restricted cash at beginning of period	4,394,549	3,297,880
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	$ 2,864,957	$ 2,275,326

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 2,815,291	$ 4,356,138
Accounts receivable, less allowances for returns and credit losses: June 30, 2026 - $1,735,207; September 30, 2025 - $1,796,172	25,448,105	25,225,299
Inventories	21,030,344	20,492,480
Right to recover assets	1,569,286	1,625,817
Prepaid expenses and other	636,051	539,339
Assets held for sale	3,836,060	0
Total current assets	55,335,137	52,239,073
Property and equipment, net	2,838,218	2,539,076
Goodwill	16,515,457	13,676,520
Other intangible assets	5,930,723	3,774,181
Deferred income taxes	179,418	208,810
Other assets	3,006,600	4,152,452
TOTAL ASSETS	83,805,553	76,590,112
Current liabilities:
Accounts payable	54,699,786	54,719,761
Accrued expenses and other	3,348,462	2,982,993
Short-term debt	279,155	117,785
Liabilities held for sale	869,700	0
Total current liabilities	59,197,103	57,820,539
Long-term debt	11,444,086	7,542,988
Accrued income taxes	395,987	337,631
Deferred income taxes	1,785,866	1,620,724
Accrued litigation liability	3,774,008	3,881,283
Other liabilities	3,969,412	3,639,862
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value - authorized, issued, and outstanding: June 30, 2026 - 600,000,000 shares, 298,334,070 shares, and 190,826,409 shares September 30, 2025 - 600,000,000 shares, 297,401,863 shares, and 193,937,673 shares	2,983	2,974
Additional paid-in capital	6,335,287	6,204,302
Retained earnings	9,138,163	6,534,227
Accumulated other comprehensive loss	(979,744)	(901,378)
Treasury stock, at cost: June 30, 2026 - 107,507,661 shares; September 30, 2025 - 103,464,190 shares	(11,445,731)	(10,332,106)
Total Cencora, Inc. stockholders’ equity	3,050,958	1,508,019
Noncontrolling interests	188,133	239,066
Total stockholders’ equity	3,239,091	1,747,085
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 83,805,553	$ 76,590,112