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Cencora

COR Q2 2026 Earnings

Reported May 6, 2026 at 6:32 AM ET · SEC Source

Q2 26 EPS

$4.75

BEAT +0.48%

Est. $4.73

Q2 26 Revenue

$78.36B

MISS 3.31%

Est. $81.04B

vs S&P Since Q2 26

-7.0%

TRAILING MARKET

COR -7.0% vs S&P -0.1%

Market Reaction

Did COR Beat Earnings? Q2 2026 Results

Cencora delivered a mixed fiscal second quarter for 2026, narrowly beating adjusted earnings expectations while falling short on the top line. Adjusted diluted EPS of $4.75 edged past the $4.73 consensus by 0.48%, rising 7.5% year over year on the st… Read more Cencora delivered a mixed fiscal second quarter for 2026, narrowly beating adjusted earnings expectations while falling short on the top line. Adjusted diluted EPS of $4.75 edged past the $4.73 consensus by 0.48%, rising 7.5% year over year on the strength of segment operating income growth and a favorable adjusted effective tax rate of 18.9%. Revenue of $78.36 billion grew 3.9% from a year ago but came in 3.31% below the $81.04 billion consensus, a gap partly explained by the portfolio complexity introduced by the February 2026 completion of the OneOncology acquisition, which simultaneously expanded U.S. Healthcare Solutions gross margins to 3.28% from 2.82% while adding significant integration costs and debt service obligations. International Healthcare Solutions accelerated at 13.0%, offering a notable growth offset. With institutional investors monitoring Cencora's valuation closely, management raised full-year adjusted diluted EPS guidance to $17.65 to $17.90 and reaffirmed approximately $3.00 billion in adjusted free cash flow, projecting 4% to 6% revenue growth for the full fiscal year.

Key Takeaways

  • • Overall market growth driven by unit volume growth, including increased specialty product sales to health systems and physician practices
  • • Increased sales of GLP-1 class products for diabetes and/or weight loss
  • • February 2026 acquisition of OneOncology expanded gross profit margins in U.S. Healthcare Solutions
  • • Growth in European distribution business driving International Healthcare Solutions revenue
  • • LIFO credit of $210 million in Q2 2026 compared to $39.5 million LIFO expense in prior year quarter
  • • Lower adjusted effective tax rate of 18.9% vs. 20.8% in prior year due to discrete tax benefits

COR Forward Guidance & Outlook

Cencora raised its fiscal year 2026 adjusted diluted EPS guidance to $17.65–$17.90 from the prior range of $17.45–$17.75. Revenue growth is expected at 4%–6%, with U.S. Healthcare Solutions at 4%–6%, International Healthcare Solutions at 8%–10%, and Other at 1%–5%. Adjusted operating income is expected to grow 12%–14%, with U.S. Healthcare Solutions at 14%–16%, International Healthcare Solutions at 5%–8%, and Other at high-single digit growth. Net interest expense is expected at approximately $485 million. The adjusted effective tax rate is expected at approximately 20%. Diluted weighted average shares outstanding are expected under 195.5 million. Adjusted free cash flow is expected at approximately $3.0 billion, and capital expenditures at approximately $900 million. The company expects to repurchase $1 billion in shares by the end of calendar 2026.

24/7 Wall St

COR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

COR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers.”

— Robert P. Mauch, Q2 2026 Earnings Press Release

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