Cencora

Cencora is one of the largest distributors of medicines in the United States. It buys medicines from manufacturers and delivers them to pharmacies, hospitals, health systems and physician practices. It also owns management services organizations for physician groups in oncology (OneOncology, bought in February 2026) and retina care (Retina Consultants of America), and it gives logistics and other services to drug makers. From October 1, 2026, it reports two segments: Pharmaceutical Distribution and Services, with revenue of $284.5 billion and operating income of $2.7 billion in fiscal 2026, and Specialty Pharmaceutical and Provider Services, with revenue of $45.4 billion and operating income of $1.7 billion.

Total revenue was $337.4 billion in fiscal 2026. Its fiscal year ends on September 30. The shares trade on the New York Stock Exchange. The head office is in Conshohocken, Pennsylvania.

Robert P. Mauch is President and Chief Executive Officer.

Cencora trades close to its intrinsic value because investors pay a full price for its steady growth in drug distribution and specialty services, but they weigh the opioid settlements, the debt from its purchases of physician groups and the loss of some Walgreens volume. In fiscal 2026, adjusted diluted EPS rose 12.3% to $17.97, and Cencora expects $19.40 to $19.75 for fiscal 2027. For the value to rise, three things must be true. Operating income of the specialty segment, which includes the oncology and retina groups, must grow by 18% to 21% in fiscal 2027, as guided.

The sale of Profarma and the merger of MWI Animal Health with Covetrus must close as planned; the guidance assumes March 31, 2027 for MWI. Changes to drug prices in the United States must not cut the fees that Cencora earns from manufacturers. The Q1 fiscal 2027 report, expected in early February 2027, is the next test. Lower margins or new opioid claims can keep the value flat.

1. Nov 4, 2026Passed

   Fiscal 2026 results and fiscal 2027 guidanceAdjusted diluted EPS at the high end of the guidance and EPS growth of 8% or more guided for fiscal 2027 pass; less fails.Outcome: Adjusted diluted EPS rose 12.3% to $17.97, and Cencora guided to $19.40 to $19.75 for fiscal 2027.
2. Feb 3, 2027 · est.Pending

   Q1 fiscal 2027 resultsA confirmed or higher fiscal 2027 EPS guidance and growth in specialty operating income pass; a guidance cut fails.
3. Mar 31, 2027 · est.Pending

   Closing of the MWI Animal Health merger with CovetrusClosing by March 31, 2027 with the planned cash proceeds passes; a delay or a lower price fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Cencora reported fiscal 2026 results. Revenue rose 5.0% to $337.4 billion, GAAP diluted EPS was $17.95 and adjusted diluted EPS rose 12.3% to $17.97. For fiscal 2027, Cencora expects adjusted diluted EPS of $19.40 to $19.75 and adjusted free cash flow of about $3.5 billion. It introduced two new segments and raised the quarterly dividend by 10% to $0.66 per share.
• October 21, 2026Cencora agreed to buy American Oncology Network, a network of more than 350 oncology providers in 21 states, at an enterprise value of $2.4 billion. Cencora expects to pay about $1.7 billion for a 75% interest if other holders keep 25%, and it expects the deal to add to adjusted diluted EPS in the second year after closing.
• August 12, 2026Cencora said that some Walgreens volume outside the prime vendor agreement began to move to another supplier on July 1, 2026. The prime vendor agreement, which is most of the Walgreens business, did not change, and Cencora kept its fiscal 2026 guidance.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 8-KInvestor disclosureFiled November 4, 2026 · abc-20261104
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · abc-20261104
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Investor disclosureFiled September 25, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 14, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 12, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · cor-20260630
• 8-KNew material agreement and New debt or financial obligationFiled August 5, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled August 5, 2026 · abc-20260805
• 8-KChange of directors or officers and Investor disclosureFiled June 15, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1140859)

• A few customers give a large part of revenue, mainly Walgreens and a large mail order customer. A lost or changed contract can cut revenue and profit.
• Cencora had an accrued litigation liability of $3,670 million at September 30, 2026, mainly for opioid settlements. Other opioid lawsuits continue, and their cost can be higher.
• Changes to drug prices in the United States, such as lower list prices for brand medicines, can reduce the fees and margins of distributors.
• GLP-1 medicines for diabetes and weight loss add revenue but have lower gross margins, so a larger share of them lowers the margin percentage.
• The purchases of physician groups, such as OneOncology and American Oncology Network, add debt and can fail to give the planned profit.

Cencora funds itself mainly with payables to suppliers, bonds, term loans and cash flow. At September 30, 2026, cash and cash equivalents were $4,880 million, short-term debt $203 million and long-term debt $11,063 million. Read more

Dividend yield

0.7% (last 12 months, at today’s price of $345.76)

Paid per share

$2.40 in the last 12 months (4 payments)

Current annual rate

$2.40 ($0.60 × 4 a year)

Payout ratio

28% of the last fiscal year’s earnings (the year that ended September 30, 2025)

Latest ex-dividend date

August 14, 2026, $0.60 per share

Dividends per share by year

Over the last 10 years, the dividend grew by about 5.8% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.