\n| \n Diluted Shares Outstanding<\/b><\/p>\n<\/td>\n | \n 191.7M<\/i><\/p>\n<\/td>\n | \n 191.7M<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nBelow, Cencora presents descriptive summaries of the Company\u2019s GAAP and adjusted (non-GAAP) quarterly and fiscal year results. In the tables that follow, GAAP results and GAAP to non-GAAP reconciliations are presented. For more information related to non-GAAP financial measures, including adjustments made in the periods presented, please refer to the Supplemental Information Regarding Non-GAAP Financial Measures following the tables.<\/p>\n Fourth Quarter GAAP Results<\/span><\/b><\/p>\n\n- Revenue:<\/span> In the fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, reflecting a 5.4 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.1 percent increase in revenue within the International Healthcare Solutions segment.\n<\/li>\n
- Gross Profit:<\/span> Gross profit in the fourth quarter of fiscal 2026 was $3.6 billion, a 21.9 percent increase compared to the same quarter in the previous fiscal year, primarily due to increases in gross profit in both reportable segments. Gross profit as a percentage of revenue was 4.08 percent, an increase of 55 basis points from the prior year quarter due to the increase in U.S. Healthcare Solutions\u2019 gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by increased sales of GLP-1s, which have lower gross profit margins.\n<\/li>\n
- Operating Expenses:<\/span> In the fourth quarter of fiscal 2026, operating expenses were $2.7 billion, an 8.2 percent decrease compared to the same quarter in the previous fiscal year, primarily due to the $723.9 million PharmaLex goodwill impairment charge recorded in the prior year quarter. The decrease in operating expenses was partially offset by operating expenses from OneOncology acquired in February 2026.\n<\/li>\n
- Operating Income:<\/span> In the fourth quarter of fiscal 2026, operating income was $906.8 million, an increase of $888.3 million compared to the same period in the previous fiscal year, due to the increase in gross profit and decrease in operating expenses. Operating income as a percentage of revenue was 1.03 percent in the fourth quarter of fiscal 2026 compared to 0.02 percent for the same period in the previous fiscal year.\n<\/li>\n
- Interest Expense, Net:<\/span>In the fourth quarter of fiscal 2026, net interest expense was $136.3 million, an increase of $58.5 million versus the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and entering into variable-rate term loans to finance a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.\n<\/li>\n
- Income Tax Expense:<\/span> Income tax expense was $258.1 million in the fourth quarter of fiscal 2026 compared to $146.0 million in the prior year quarter primarily due to discrete tax items, net expense in the current year quarter.\n<\/li>\n
- Diluted Earnings Per Share:<\/span> Diluted earnings per share was $2.71 in the fourth quarter of fiscal 2026, compared to $(1.75) in the previous fiscal year\u2019s fourth quarter.\n<\/li>\n
- Diluted Shares Outstanding:<\/span> Diluted weighted average shares outstanding for the fourth quarter of fiscal 2026 were 191.7 million, a decrease of 1.1 percent versus the prior fiscal year fourth quarter due to share repurchases.\n<\/li>\n<\/ul>\n
Fourth Quarter Adjusted (non-GAAP) Results<\/span><\/b><\/p>\n\n- Revenue:<\/span> No adjustments were made to the GAAP presentation of revenue. In the fourth quarter of fiscal 2026, revenue was $88.4 billion, up 5.5 percent compared to the same quarter in the previous fiscal year, reflecting a 5.4 percent increase in revenue within the U.S. Healthcare Solutions segment and a 5.1 percent increase in revenue within the International Healthcare Solutions segment.\n<\/li>\n
- Adjusted Gross Profit:<\/span> Adjusted gross profit in the fourth quarter of fiscal 2026 was $3.6 billion, a 23.0 percent increase compared to the same quarter in the previous fiscal year, primarily due to increases in gross profit in both reportable segments. Adjusted gross profit as a percentage of revenue was 4.04 percent in the fiscal 2026 fourth quarter, an increase of 57 basis points when compared to the prior year quarter primarily due to the increase in U.S. Healthcare Solutions gross profit margin as a result of the February 2026 acquisition of OneOncology, offset in part by increased sales of GLP-1s, which have lower gross profit margins.\n<\/li>\n
- Adjusted Operating Expenses:<\/span> In the fourth quarter of fiscal 2026, adjusted operating expenses were $2.3 billion, a 23.5 percent increase compared to the same quarter in the previous fiscal year, primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.\n<\/li>\n
- Adjusted Operating Income:<\/span> In the fourth quarter of fiscal 2026, adjusted operating income was $1.2 billion, a 22.1 percent increase compared to the same quarter in the prior fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income as a percentage of revenue was 1.41 percent in the fiscal 2026 fourth quarter, an increase of 19 basis points when compared to the prior year quarter.\n<\/li>\n
- Interest Expense, Net:<\/span>No adjustments were made to the GAAP presentation of net interest expense.In the fourth quarter of fiscal 2026, net interest expense was $136.3 million, an increase of $58.5 million versus the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and entering into variable-rate term loans to finance a portion of the February 2026 acquisition of OneOncology and a decrease in interest income.\n<\/li>\n
- Adjusted Effective Tax Rate:<\/span> The adjusted effective tax rate was 20.2 percent for the fourth quarter of fiscal 2026 compared to 20.6 percent in the prior year quarter.\n<\/li>\n
- Adjusted Diluted Earnings Per Share:<\/span> Adjusted diluted earnings per share was $4.66 in the fourth quarter of fiscal 2026, a 21.4 percent increase compared to $3.84 in the previous fiscal year\u2019s fourth quarter.\n<\/li>\n
- Adjusted Diluted Shares Outstanding:<\/span> Adjusted diluted weighted average shares outstanding for the fourth quarter of fiscal 2026 were 191.7 million, a decrease of 1.8 percent versus the prior fiscal year fourth quarter due to share repurchases.\n<\/li>\n<\/ul>\n
Segment Discussion<\/span><\/b><\/p>\n\nThe Company is organized geographically based upon the products and services it provides to its customers under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. Additionally, other businesses for which the Company is exploring strategic alternatives have been grouped together in Other. These businesses include MWI Animal Health, Profarma, U.S. Consulting Services (which was divested in April 2026), and certain components of PharmaLex.<\/p>\n U.S. Healthcare Solutions Segment<\/span><\/i><\/p>\n\nU.S. Healthcare Solutions revenue was $78.3 billion in the fourth quarter of fiscal 2026, an increase of 5.4 percent compared to the same quarter in the previous fiscal year due to overall market growth primarily driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and increased sales of products labeled for diabetes and\/or weight loss in the GLP-1 class. The revenue growth was offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products and lower sales to our large mail order customer. Segment operating income of $997.6 million in the fourth quarter of fiscal 2026 was up 22.0 percent compared to the same period in the previous fiscal year due to an increase in gross profit, as a result of increased pharmaceutical sales and the February 2026 acquisition of OneOncology, offset in part by an increase in operating expenses.<\/p>\n International Healthcare Solutions Segment<\/span><\/i><\/p>\n\nInternational Healthcare Solutions revenue was $7.8 billion in the fourth quarter of fiscal 2026, an increase of 5.1 percent compared to the same period in the prior fiscal year due to growth in all businesses within this reportable segment. Segment operating income in the fourth quarter of fiscal 2026 was $152.1 million, an increase of 16.4 percent, primarily due to increased operating income at our Canadian and global specialty logistics businesses. On a constant currency basis, International Healthcare Solutions revenue increased by 7.8 percent and operating income increased by 18.9 percent.<\/p>\n Other<\/span><\/i><\/p>\n\nRevenue in Other was $2.3 billion in the fourth quarter of fiscal 2026, an increase of 10.1% compared to the same period in the prior fiscal year primarily due to growth at Profarma and MWI Animal Health, offset in part by decreases in sales at our consulting services businesses primarily due to the April 2026 divestiture of U.S. Consulting Services. Operating income in Other in the fourth quarter of fiscal 2026 was $101.1 million, an increase of 35.8 percent, primarily due to an increase in operating income at MWI Animal Health due to business growth and, to a lesser extent, a decline in depreciation expense resulting from its classification as held for sale.<\/p>\n Fiscal Year 2026 Summary Results<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n GAAP<\/b><\/p>\n<\/td>\n | \n Adjusted (non-GAAP)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenue<\/b><\/p>\n<\/td>\n | \n $337.4B<\/i><\/p>\n<\/td>\n | \n $337.4B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Profit<\/b><\/p>\n<\/td>\n | \n $13.9B<\/i><\/p>\n<\/td>\n | \n $13.5B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating Expenses<\/b><\/p>\n<\/td>\n | \n $9.9B<\/i><\/p>\n<\/td>\n | \n $8.6B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating Income<\/b><\/p>\n<\/td>\n | \n $3.9B<\/i><\/p>\n<\/td>\n | \n $4.8B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Interest Expense, Net<\/b><\/p>\n<\/td>\n | \n $490M<\/i><\/p>\n<\/td>\n | \n $490M<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Effective Tax Rate<\/b><\/p>\n<\/td>\n | \n 23.6%<\/i><\/p>\n<\/td>\n | \n 19.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Income Attributable to Cencora<\/b><\/p>\n<\/td>\n | \n $3.5B<\/i><\/p>\n<\/td>\n | \n $3.5B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Diluted Earnings Per Share<\/b><\/p>\n<\/td>\n | \n $17.95<\/i><\/p>\n<\/td>\n | \n $17.97<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Diluted Shares Outstanding<\/b><\/p>\n<\/td>\n | \n 194.1M<\/i><\/p>\n<\/td>\n | \n 194.1M<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Summary Fiscal Year GAAP Results<\/span><\/p>\n\nIn fiscal year 2026, GAAP diluted EPS was $17.95 compared to $7.96 in the prior fiscal year. Revenue increased 5.0 percent from the prior fiscal year to $337.4 billion. Gross profit increased 20.8 percent to $13.9 billion primarily due to increases in gross profit in both reportable segments and a higher LIFO credit in the current fiscal year compared to the prior fiscal year, offset in part by lower gains from antitrust litigation settlements in the current fiscal year compared to the prior fiscal year. Operating expenses increased 12.3 percent largely due to increased distribution, selling, and administrative expenses, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of Retina Consultants of America (RCA). Operating expense growth was offset in part by lower impairment charges in the current fiscal year compared to the prior fiscal year. Operating income increased 49.5 percent due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income margin increased by 34 basis points to 1.16 percent. Diluted weighted average shares outstanding in fiscal 2026 were 194.1 million, down 0.6 percent from the prior fiscal year primarily due to share repurchases.<\/p>\n Summary Fiscal Year Adjusted (non-GAAP) Results<\/span><\/p>\n\nIn fiscal year 2026, adjusted diluted EPS was $17.97 compared to $16.00 in the prior fiscal year. Revenue increased 5.0 percent to $337.4 billion. Adjusted gross profit increased 20.0 percent to $13.5 billion primarily due to increases in gross profit in both reportable segments. Adjusted operating expenses increased 23.7 percent to $8.6 billion largely driven by an increase in distribution, selling, and administrative expenses, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of RCA. Adjusted operating income increased 14.0 percent to $4.8 billion due to the increase in gross profit, offset in part by the increase in operating expenses. Adjusted operating income margin increased by 12 basis points to 1.43 percent, primarily due to the February 2026 acquisition of OneOncology and the January 2025 acquisition of RCA. Diluted weighted average shares outstanding in fiscal 2026 were 194.1 million, down 0.6 percent from the prior fiscal year primarily due to share repurchases.<\/p>\n Recent Company Highlights<\/span><\/b><\/p>\n\n- \nCencora announced a new organizational and financial reporting structure intended to strengthen execution and improve visibility.<\/p>\n<\/li>\n
- \nCencora announced it has signed a definitive agreement to acquire American Oncology Network, a physician-led network of more than 350 oncology providers across 21 states.<\/p>\n<\/li>\n
- \nThe Company has signed a definitive agreement to sell its stake in Profarma, and the transaction is expected to close in the first quarter of fiscal 2027.<\/p>\n<\/li>\n<\/ul>\n
Dividend Declaration<\/span><\/b><\/p>\n\nOn November 3, 2026, the Company declared a quarterly dividend of $0.66 per common share, a 10 percent increase in its quarterly dividend rate from $0.60 per common share. The quarterly dividend of $0.66 per common share is payable November 30, 2026, to stockholders of record at the close of business on November 13, 2026.<\/p>\n Reportable Segments (revised as of October 1, 2026)<\/span><\/b><\/p>\n\nIn order to advance its growth priorities, Cencora recently completed a restructuring of its operating model intended to strengthen execution and improve visibility. As a result of this restructuring, the Company has reorganized all business components within the U.S. Healthcare Solutions and International Healthcare Solutions reportable segments. Beginning in the first quarter of fiscal 2027, the Company\u2019s reporting structure will be comprised of Pharmaceutical Distribution and Services, Specialty Pharmaceutical and Provider Services, and Other. The Pharmaceutical Distribution and Services reportable segment will consist of U.S. and international wholesale pharmaceutical distribution and related services that support health systems, retail pharmacies, and alternate sites of care. The Specialty Pharmaceutical and Provider Services reportable segment will consist of specialty distribution services to physician practices, management services organizations, World Courier and third-party logistics (3PL) services, Innomar and strategic components of PharmaLex. Other, which is not considered a reportable segment, will continue to consist of businesses for which the Company is exploring strategic alternatives, including MWI Animal Health, Profarma, and the other components of PharmaLex.<\/p>\n Fiscal Year 2027 Expectations<\/span><\/b><\/p>\n\nThe Company does not provide forward-looking expectations on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Please refer to the Supplemental Information Regarding Non-GAAP Financial Measures following the tables for additional information.<\/p>\n Fiscal Year 2027 Expectations on an Adjusted (non-GAAP) Basis<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2027 Expectations<\/b><\/p>\n<\/td>\n | \n Fiscal 2026 Actuals<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenue<\/b><\/p>\n<\/td>\n | \n 3% to 5% growth<\/i><\/p>\n<\/td>\n | \n $337.4B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPharmaceutical Distribution and Services(1)<\/sup><\/p>\n<\/td>\n| \n 4% to 6% growth<\/i><\/p>\n<\/td>\n | \n $284.5B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSpecialty Pharmaceutical and Provider Services(1)<\/sup><\/p>\n<\/td>\n| \n 9% to 14% growth<\/i><\/p>\n<\/td>\n | \n $45.4B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOther(2)<\/sup><\/p>\n<\/td>\n| \n ~$3.5B<\/i><\/p>\n<\/td>\n | \n $8.7B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted operating income<\/b><\/p>\n<\/td>\n | \n 4% to 6% growth<\/i><\/p>\n<\/td>\n | \n $4.8B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPharmaceutical Distribution and Services(1)<\/sup><\/p>\n<\/td>\n| \n 2% to 4% growth<\/i><\/p>\n<\/td>\n | \n $2.7B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSpecialty Pharmaceutical and Provider Services(1)<\/sup><\/p>\n<\/td>\n| \n 18% to 21% growth<\/i><\/p>\n<\/td>\n | \n $1.7B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOther(2)<\/sup><\/p>\n<\/td>\n| \n ~$200M<\/i><\/p>\n<\/td>\n | \n $393M<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted diluted earnings per share<\/b><\/p>\n<\/td>\n | \n $19.40 to $19.75<\/i><\/p>\n<\/td>\n | \n $17.97<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Net interest expense<\/b><\/p>\n<\/td>\n | \n $490M to $510M<\/i><\/p>\n<\/td>\n | \n $490M<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted effective tax rate<\/b><\/p>\n<\/td>\n | \n ~20%<\/i><\/p>\n<\/td>\n | \n 19.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Diluted weighted average shares outstanding<\/b><\/p>\n<\/td>\n | \n ~190M<\/i><\/p>\n<\/td>\n | \n 194.1M<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted free cash flow<\/b><\/p>\n<\/td>\n | \n ~$3.5B<\/i><\/p>\n<\/td>\n | \n $3.8B<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Capital expenditures<\/b><\/p>\n<\/td>\n | \n ~$1.0B<\/i><\/p>\n<\/td>\n | \n $910M<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n | \n | \n\n \n(1) For further detail on fiscal 2026 revised reportable segment information, please reference Exhibit 99.1 to the Company\u2019s Form 8-K to be furnished November 4, 2026.<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n(2) The Company\u2019s fiscal year 2027 expectations contemplate the sale of the equity interest in Profarma closing in the first fiscal quarter and assume a March 31, 2027 closing of the MWI Animal Health merger with Covetrus.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Long-Term Growth Targets<\/span><\/b><\/p>\n\nThe Company is reaffirming its long-term growth target that contemplates adjusted operating income growth of 7% to 10% and adjusted diluted EPS growth of 10% to 14%.<\/p>\n \nTo reflect the Company\u2019s new reporting structure, the Company is introducing long-term adjusted operating income growth targets for its newly defined segments:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Long-Term Growth Targets<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted Operating Income<\/p>\n<\/td>\n | \n \n7% to 10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPharmaceutical Distribution and Services Segment Operating Income(1)<\/sup><\/p>\n<\/td>\n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |