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.
COR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
COR Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
COR Earnings Trends
COR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COR EPS Trend
Earnings per share: estimate vs actual
COR Revenue Trend
Quarterly revenue: estimate vs actual
COR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $4.73 | $4.75 | +0.48% | $78.36B | -3.31% |
| Q1 26 BEAT | $4.04 | $4.08 | +0.99% | $85.93B | -0.28% |
| Q4 25 BEAT FY | $3.79 | $3.84 | +1.44% | $83.73B | +0.40% |
| FY Full Year | $15.94 | $16.00 | +0.36% | $321.33B | +0.11% |
| Q3 25 BEAT | $3.84 | $4.00 | +4.23% | $80.66B | +0.68% |
| Q2 25 BEAT | $4.10 | $4.42 | +7.92% | $75.45B | -0.46% |