Cencora (COR) Q4 2026 Earnings: Fifth Straight Beat, Dividend Raised
As seen on the 24/7 Wall St. homepage on November 4, 2026.
Cencora guided fiscal 2027 adjusted EPS to $19.40 to $19.75, implying 8% to 10% growth, after a fifth straight quarterly beat. OneOncology did the heavy lifting, and the dividend was raised to $0.66 a share.
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Cencora posted adjusted earnings per share of $4.66 for its fiscal fourth quarter, topping the consensus estimate of $4.57 by roughly 1.9%. Revenue came in at $88.35 billion, up 5.5% year over year and about 0.5% ahead of Wall Street's $87.91 billion forecast. The quarter marked a fifth consecutive period in which the drug distribution company cleared analyst expectations on both top and bottom lines.
The clearest driver of the quarter was the February 2026 acquisition of OneOncology, which helped lift gross profit margin by 55 basis points to 4.08%. U.S. Healthcare Solutions, Cencora's largest segment with $78.3 billion in quarterly revenue, saw operating income climb 22.0% to $997.63 million, as higher-margin specialty and management services work more than offset pressure from surging but lower-margin GLP-1 drug volumes.
On a GAAP basis, diluted EPS came in at $2.71, pulled down by a $146.8 million unfavorable Swiss deferred tax adjustment and partially offset by an $87.1 million tax benefit tied to the pending MWI Animal Health divestiture. Those items, along with $177.4 million in acquisition and integration expenses and $116.0 million of acquisition-related intangibles amortization, account for the wide gap between the GAAP and adjusted figures.
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Looking into fiscal 2027, management guided adjusted diluted EPS to a range of $19.40 to $19.75, implying growth of 8% to 10%. Overall revenue is expected to grow 3% to 5%, while the Specialty Pharmaceutical and Provider Services segment is targeted for 9% to 14% revenue growth. Adjusted free cash flow is projected at approximately $3.5 billion.
The board raised the quarterly dividend 10% to $0.66 per share from $0.60, with payment scheduled for November 30, 2026, to shareholders of record as of November 13. Cencora also announced a definitive agreement to acquire American Oncology Network, which spans more than 350 oncology providers across 21 states, extending the same specialty-medicine buildout that made OneOncology the standout performer this quarter.
Mentioned: COR