Company file · COR

Cencora

Cencora's revenue rose 9.3% in FY2025, to $321.3B, and net income rose 3.0% to $1.6B

Revenue rose 9.3% to $321.3B in FY2025, from $294.0B in FY2024. Net income rose 3.0% to $1.6B. U.S. Healthcare Solutions was the largest segment, at 91% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 25, 2025) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026) · Data pulled Nov 11, 2026

Key facts

Cencora (NYSE: COR) reported revenue of $321.3B for fiscal 2025, the year ended Sep 30, 2025, up 9.3% from fiscal 2024. Net income was $1.6B, up 3.0%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $84.8B, up 5.1% from the same quarter a year earlier, and net income was $764M. The largest piece by segment was U.S. Healthcare Solutions, at 91% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Nov 25, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).

Revenue$321.3BFY2025 · +9.3% vs FY2024

Net income$1.6BFY2025 · +3.0% vs FY2024

Operating cash flow$3.9BFY2025 · +11.2% vs FY2024

Cash & equivalents$2.8Bat Jun 30, 2026 · −35.4% vs FY2025 end

Total debt$11.7Bat Jun 30, 2026 · +53.0% vs FY2025 end

Diluted shares195MFY2025 avg · −2.5% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Nov 25, 2025

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Feb 4, 2026 · 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
U.S. Healthcare Solutions$291.0B91%+9.7%
International Healthcare Solutions$30.4B9%+6.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: U.S. Healthcare Solutions (91%) and International Healthcare Solutions (9%), as shares of total revenue. Total revenue was $321.3B.

By segment: three-year mixShare of the total each fiscal year

FY2023

90%10%

FY2024

90%10%

FY2025

91%9%

U.S. Healthcare SolutionsInternational Healthcare Solutions

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$84.8B Q3 FY2026

$80.7B Q3 FY2025

5.1% increase

Net income

$764M Q3 FY2026

$687M Q3 FY2025

11.1% increase

Source: Cencora 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

By segment

U.S. Healthcare Solutions

$74.9B Q3 FY2026

$71.3B Q3 FY2025

4.9% increase

International Healthcare Solutions

$7.7B Q3 FY2026

$7.3B Q3 FY2025

5.9% increase

Source: Cencora 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

Cash & equivalents $2.8B at Jun 30, 2026, vs $4.4B at FY2025 end.
Total debt $11.7B at Jun 30, 2026, vs $7.7B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.7B vs $742M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 9.3% in FY2025 to $321.3B, from $294.0B a year earlier. 10-K, FY2025
Net income rose 3.0% in FY2025 to $1.6B, from $1.5B. 10-K, FY2025
Operating cash flow rose 11.2% in FY2025 to $3.9B. 10-K, FY2025
Diluted shares fell 2.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 74.6% in FY2025 to $7.7B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Cencora is in the health care distributors industry, part of the health care sector. The SEC files it under Wholesale-Drugs, Proprietaries & Druggists' Sundries.

Cencora reports 2 segments: U.S. Healthcare Solutions and International Healthcare Solutions.

Its fiscal year ends in September; the latest, FY2025, ended Sep 30, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care distributors industry. They are not a summary of Cencora’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$262.2B	$294.0B	$321.3B
Net income	$1.7B	$1.5B	$1.6B
Operating cash flow	$3.9B	$3.5B	$3.9B
Cash & equivalents (year end)	$2.6B	$3.1B	$4.4B
Total debt (year end)	$4.8B	$4.4B	$7.7B
Diluted shares	205M	200M	195M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
10-Q	Feb 4, 2026	Dec 31, 2025
DEF 14A	Jan 22, 2026	Mar 5, 2026
10-K	Nov 25, 2025	Sep 30, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Cencora

How does Cencora make money?

Cencora's revenue was $321.3B in fiscal 2025. By segment in FY2025: U.S. Healthcare Solutions (91%) and International Healthcare Solutions (9%), as shares of total revenue. Total revenue was $321.3B. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

What was Cencora's revenue in fiscal 2025?

$321.3B of revenue for the fiscal year ended Sep 30, 2025, up 9.3% from $294.0B in fiscal 2024. Fiscal 2023 was $262.2B. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

Is Cencora profitable?

Cencora reported net income of $1.6B for fiscal 2025, up 3.0% from $1.5B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $764M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

What did Cencora report in its latest quarterly filing?

Revenue was $84.8B in the quarter ended Jun 30, 2026, up 5.1% from $80.7B a year earlier. Net income was $764M, up 11.1% from $687M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.

How much cash and debt does Cencora have?

Cencora had $2.8B in cash and cash equivalents and $11.7B of total debt on Jun 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Aug 5, 2026.

What are the main risks Cencora faces?

Cencora's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Nov 25, 2025. Risks that are common among companies in the health care distributors industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Cencora numbers come from?

From Cencora's own SEC filings: the 10-K for fiscal 2025 (filed Nov 25, 2025) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Cencora

Citadel Advisors: 1,366,647 shares, reported value $386.7M at Jun 30, 2026 (+71.3% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 950,479 shares, reported value $269.0M at Jun 30, 2026 (+153.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 604,746 shares, reported value $171.1M at Jun 30, 2026 (+53.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 34,045 shares, reported value $9.6M at Jun 30, 2026 (+139.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 23,620 shares, reported value $6.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
Two Sigma Investments: 22,228 shares, reported value $6.3M at Jun 30, 2026 (−3.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in COR: The editor holds no position in Cencora (COR). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell COR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 3, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold COR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
CencoraCOR	FY2025	$321.3B	+9.3%	$1.6B
McKessonMCK	FY2026	$403.4B	+12.4%	$4.8B
Cardinal HealthCAH	FY2026	$254.2B	+14.2%	$1.7B
Henry ScheinHSIC	FY2025	$13.2B	+4.0%	$398M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.