CONSHOHOCKEN, PA — Cencora, Inc. (NYSE: COR) opened fiscal 2026 with a surge in revenue and profit growth, raising its adjusted operating income outlook after completing a major oncology acquisition that further cements its position in specialty healthcare.
The pharmaceutical distributor reported first-quarter revenue of $85.9 billion for the period ended December 31, 2025, a 5.5 percent increase from the prior year. On a GAAP basis, diluted earnings per share rose 14.8 percent to $2.87 from $2.50 a year earlier. Adjusted diluted earnings per share climbed 9.4 percent to $4.08, up from $3.73 in the prior-year quarter.
Cencora raised its fiscal 2026 adjusted operating income guidance to growth of 11.5 percent to 13.5 percent, up from its prior range of 8 percent to 10 percent. The company reaffirmed its adjusted diluted EPS guidance range of $17.45 to $17.75 for the full fiscal year.
“Cencora began fiscal 2026 by delivering strong financial performance and advancing our strategy through the acquisition of OneOncology,” President and Chief Executive Officer Robert P. Mauch said. “Our ownership of OneOncology cements our specialty MSO footprint and deepens our partnership with physicians leading in cancer care.”
Gross profit rose 20.1 percent to $3.1 billion, driven by gains in both reportable segments and an increase in the LIFO credit. Gross profit margin expanded 44 basis points to 3.58 percent, reflecting higher margins in the U.S. Healthcare Solutions segment, aided by the January 2025 acquisition of Retina Consultants of America.
Operating income increased 7.7 percent to $760.4 million, while operating margin ticked up slightly to 0.88 percent of revenue.
Operating expenses jumped 24.8 percent to $2.3 billion, primarily due to costs tied to the Retina Consultants of America acquisition and a $249.5 million impairment related to U.S. Consulting Services assets classified as held for sale. The increase was partially offset by an $86.8 million litigation and opioid-related credit from a settlement.
Net interest expense rose to $72.4 million, up $44.5 million from the prior year, largely due to senior note issuances and a variable-rate term loan used to finance part of the Retina Consultants acquisition.
Segment performance reflected strength in domestic operations. U.S. Healthcare Solutions revenue climbed 5.0 percent to $76.2 billion, fueled by specialty product growth, including diabetes and GLP-1 medications, as well as increased sales to health systems and physician practices. Segment operating income surged 21.0 percent to $831.3 million.
International Healthcare Solutions revenue increased 9.6 percent to $7.6 billion, driven by growth in the company’s European distribution business. However, segment operating income declined 13.9 percent to $142.2 million due to lower operating income in Europe, partially offset by gains in global specialty logistics.
Revenue in the Other segment rose 6.3 percent to $2.1 billion, led by growth at MWI Animal Health and Profarma, while operating income declined 6.1 percent to $91.4 million.
Cencora also completed its acquisition of the majority of the outstanding equity interests in OneOncology that it did not previously own, strengthening its footprint in oncology-focused management services.
The company’s board declared a quarterly cash dividend of $0.60 per common share, payable March 2, 2026, to stockholders of record at the close of business on February 13, 2026.
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