Cencora (COR) investor relations material

Executive summary

• Revenue for Q1 FY2026 rose 5.5% year-over-year to $85.9B, driven by growth in both U.S. and International Healthcare Solutions segments and specialty products, including GLP-1 class drugs.

• GAAP diluted EPS increased 14.8% to $2.87; adjusted diluted EPS grew 9.4% to $4.08 year-over-year.

• Completed acquisition of OneOncology, expanding specialty MSO and oncology management services capabilities.

• RCA acquisition contributed to gross profit and operating income growth.

• Advanced corporate responsibility with increased renewable energy use and community engagement.

Financial highlights

• Gross profit rose 20.1% to $3.1B; adjusted gross profit up 18.1% to $3.0B, with margin improvement to 3.48%.

• Operating income increased 7.7% to $760M (GAAP); adjusted operating income up 11.9% to $1.1B.

• Net income attributable to shareholders was $560M (GAAP), up 14.5% year-over-year; adjusted net income $797M.

• Net interest expense rose to $72M, mainly due to financing for acquisitions.

• Ended quarter with $1.8B cash; adjusted free cash flow for Q1 FY2026 was $(2.44)B, reflecting seasonal working capital needs.

Outlook and guidance

• FY2026 adjusted operating income growth guidance raised to 11.5%-13.5%.

• Adjusted diluted EPS guidance reaffirmed at $17.45-$17.75.

• U.S. Healthcare Solutions segment expected to grow 7%-9% in revenue and 14%-16% in adjusted operating income.

• International Healthcare Solutions segment revenue guidance at 7%-9% growth; operating income growth 5%-8%.

• Adjusted free cash flow for FY2026 projected at ~$3.0B; capital expenditures guided at ~$900M.