01—Abstract
Summary
Summary of the 10-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Cencora, Inc. (COR) reported strong revenue growth of 9.3% for fiscal year 2025, reaching $321.3 billiona, driven by its U.S. Healthcare Solutions segment.
This growth was significantly boosted by increased sales of specialty products and a substantial $7.7 billionb in sales for GLP-1 class diabetes and weight loss medications. The company also saw a healthy increase in gross profit of 15.8%, primarily attributed to the U.S. segment's performance, including the recent acquisition of RCA, and higher gains from antitrust litigation settlements. Despite overall positive financial trends, Cencora recorded a significant goodwill impairment of $723.9 million related to its PharmaLex reporting unit, impacting operating expenses.
The company's debt also increased significantly due to financing activities for the RCA acquisition, leading to a substantial rise in interest expenses. Looking ahead, Cencora continues to focus on optimizing its U.S. and international healthcare solutions, exploring strategic acquisitions, and managing its diversified business segments.
02—Key points
Key Highlights
- Revenue increased by 9.3% to $321.3 billion in fiscal year 2025, with the U.S. Healthcare Solutions segment driving growth.
- Sales of GLP-1 class diabetes and weight loss products reached $7.7 billion, representing a 26.9% increase.
- Gross profit rose by 15.8% to $11.5 billion, benefiting from increased sales and antitrust litigation settlements.
- The company completed the acquisition of Retina Consultants of America (RCA) for approximately $5.7 billion, expanding its specialty pharmaceutical offerings.
- Operating expenses increased by 14.4%, largely due to acquisition costs, goodwill impairment, and integration expenses.
- Total debt increased significantly, reflecting borrowings for the RCA acquisition, leading to a 85.7% increase in net interest expense.
- Cencora announced a 9% increase in its quarterly dividend to $0.60 per share, signaling confidence in its financial performance.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Cencora, Inc. kept $0.00.
- Revenue$321.33B100.0%
- Cost of revenue−$309.85B96.4%
- Gross profit$11.48B3.6%
- Operating costs−$8.85B2.8%
- Operating income$2.63B0.8%
- Interest, other & tax−$1.07B0.3%
- Net income$1.55B0.5%
Where FY2025 revenue went
$321.33B- Cost of revenue: $309.85B, 96% of revenue
- Net income: $1.55B, 0.5% of revenue
- SG&A: $6.49B, 2.0% of revenue
- Other operating costs: $2.36B, 0.7% of revenue
Kept 0.5% as net incomeNet income $1.55B · 0.5%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $321.33B$293.96B | +9.3% |
| Cost of Revenue | $309.85B$284.05B | +9.1% |
| Gross Profit | $11.48B$9.91B | +15.8% |
| SG&A Expenses | $6.49B$5.66B | +14.7% |
| Operating Expenses | $6.99B$6.09B | +14.8% |
| Operating Income | $2.63B$2.18B | +20.8% |
| Net Income | $1.55B$1.51B | +3.0% |
| EPS (Basic) | $8.02$7.60 | +5.5% |
| EPS (Diluted) | $7.96$7.53 | +5.7% |
| Shares Outstanding (Basic) | 193.82M198.50M | −2.4% |
| Shares Outstanding (Diluted) | 195.21M200.28M | −2.5% |
05—Questions
Frequently Asked Questions
What was the primary driver of Cencora's revenue growth in fiscal year 2025?
Cencora's revenue growth in fiscal year 2025 was primarily driven by its U.S. Healthcare Solutions segment, which experienced increased sales of specialty products to health systems and physician practices, and notably, a significant uplift from sales of GLP-1 class diabetes and weight loss medications, totaling $7.7 billion.
How did the acquisition of Retina Consultants of America (RCA) impact the company's financials?
The acquisition of RCA, completed in January 2025 for approximately $5.7 billion, contributed to increased revenue and gross profit in the U.S. Healthcare Solutions segment. However, it also led to higher operating expenses due to acquisition-related costs and integration efforts, as well as increased debt and interest expenses.
What significant risks or challenges does Cencora highlight in its filing?
Cencora highlights several risks, including potential loss of key customers (with Walgreens and Boots accounting for 25% of fiscal 2025 revenue), cybersecurity threats, regulatory changes impacting the pharmaceutical supply chain, geopolitical risks associated with international operations, and the ongoing opioid litigation, for which the company has accrued a significant liability.
How is Cencora managing its debt and capital resources?
Cencora's debt increased substantially in fiscal 2025 due to financing the RCA acquisition, involving new senior notes and term loan borrowings. The company has a diversified debt structure including fixed-rate and variable-rate debt. It also has significant availability under its revolving credit facilities and maintains a share repurchase program and pays quarterly dividends, indicating active capital management.
06—Continue