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Cencora, Inc. 8-K Report, Financial Results (May 6, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed May 6, 2026
Period End
May 6, 2026
Security
COR
In the record · 2016–202610-K1010-Q338-K184

COR filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 184 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’18Jan ’18
  2. Impairment8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.

Cencora (COR) reported fiscal Q2 2026 (quarter ended March 31, 2026) with revenue of $78.4 billiona, up 3.8% year over year, driven by 2.9% growth in U.S. Healthcare Solutions and 13.0% growth in International Healthcare Solutions.

GAAP diluted EPS was $8.40b, but this was inflated by a $1.1 billion non-cash remeasurement gain tied to the February 2026 OneOncology acquisition. Adjusted diluted EPS rose 7.5% to $4.75, and adjusted operating income grew 6.0% to $1.26 billion. Adjusted gross margin expanded 45 basis points, helped by the OneOncology acquisition, though higher GLP-1 sales carry lower margins.

Operating expenses rose sharply (adjusted up 22.5%), reflecting the acquisition and higher interest expense of about $140 millionc. Management raised its fiscal 2026 adjusted diluted EPS guidance to $17.65 to $17.90 from $17.45 to $17.75, and narrowed net interest expense to roughly $485 million. The company also plans to resume opportunistic share repurchases, with an expected $1 billion in buybacks by the end of calendar 2026, after a period of debt paydown.

Balance sheet leverage increased materially: long-term debt rose to $12.2 billiond from $7.5 billion at fiscal year-end, following $4.5 billion of senior notes and term loans issued to finance OneOncology. Operating cash flow was negative $966.5 million for the six months, largely due to working capital changes, which investors should monitor closely. The filing also flags MWI Animal Health as held for sale, a pending merger of MWI with Covetrus, and an agreement to acquire EyeSouth Partners' retina business.

A $0.60 quarterly dividend was declared, payable June 1, 2026. Investors should weigh the strong underlying operating growth against the reliance on a one-time gain for GAAP earnings and the higher leverage from acquisition financing.

02—Key points

Key Highlights

  1. Revenue of $78.4B, up 3.8% YoY; U.S. Healthcare Solutions up 2.9% and International Healthcare Solutions up 13.0%.
  2. GAAP diluted EPS of $8.40 (up 128%) includes a $1.1B non-cash remeasurement gain from the OneOncology acquisition; adjusted diluted EPS of $4.75 rose 7.5%.
  3. Adjusted operating income of $1.26B rose 6.0%; adjusted operating margin reached 1.61%, up 3 basis points.
  4. FY2026 adjusted diluted EPS guidance raised to $17.65–$17.90 from $17.45–$17.75, with adjusted operating income growth of 12%–14%.
  5. Management expects to repurchase $1B of shares by end of calendar 2026, resuming buybacks after debt paydown.
  6. Long-term debt rose to $12.2B from $7.5B at fiscal year-end, reflecting OneOncology acquisition financing; six-month operating cash flow was negative $966.5M.
  7. MWI Animal Health now classified as held for sale, with a pending merger with Covetrus; quarterly dividend of $0.60 declared.

03—Questions

Frequently Asked Questions

  1. Why are GAAP and adjusted EPS so different this quarter?

    GAAP diluted EPS of $8.40 includes a $1.1 billion pre-tax remeasurement gain from revaluing Cencora's previously held stake in OneOncology when it became a consolidated acquisition. This gain is non-recurring and non-cash. Excluding it and other adjustments such as acquisition amortization and LIFO credits, adjusted diluted EPS was $4.75.

  2. Is the raised guidance a sign of strong underlying performance?

    The guidance raise of about $0.20 at the midpoint reflects strong U.S. Healthcare Solutions operating income growth, expected in the 14%–16% range, plus a lower expected share count. Part of the improvement comes from the OneOncology acquisition, so investors should separate organic growth from acquired contribution.

  3. How did the OneOncology acquisition change Cencora's balance sheet and cash flow?

    Cencora issued $3.0 billion of senior notes and $1.5 billion of term loans to finance the February 2026 acquisition. Long-term debt increased to $12.2B from $7.5B, and interest expense rose 35% year over year to $140.5M. Six-month operating cash flow was negative $966.5M, driven mainly by a $2.2B reduction in accounts payable, so cash generation timing is worth monitoring.

  4. What are the implications of the planned share repurchases?

    Cencora expects to repurchase about $1 billion of shares by the end of calendar 2026. This would return capital after a period focused on debt paydown. Diluted share count is expected to remain under 195.5 million, so the buyback is designed to offset dilution and support per-share growth rather than make a large reduction in shares outstanding.

04—Continue

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