Cencora Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
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 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.
- 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
“Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers.”
Cencora CEO, on the earnings call
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.
COR YoY Financials
COR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.