Form 8-K

8-K — Cencora, Inc.

Accession: 0001140859-26-000018

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001140859

SIC: 5122 (WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — abc-20260506.htm (Primary)

EX-99.1 (exhibit991-q22026.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: abc-20260506.htm · Sequence: 1

abc-20260506

0001140859false00011408592026-05-062026-05-060001140859us-gaap:CommonStockMember2026-05-062026-05-060001140859abc:A5000002.875SeniorNotesDue2028Member2026-05-062026-05-060001140859abc:A5000003.625SeniorNotesDue2032Member2026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_________________________________

FORM 8-K

_________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

_________________________________

Cencora, Inc.

(Exact name of registrant as specified in its charter)

_________________________________

Commission File Number: 1-16671

Delaware 23-3079390

(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

1 West First Avenue Conshohocken PA 19428-1800

(Address of principal executive offices) (Zip Code)

(610) 727-7000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of exchange on which registered

Common stock COR New York Stock Exchange (NYSE)

2.875% Senior Notes due 2028 COR28 New York Stock Exchange (NYSE)

3.625% Senior Notes due 2032 COR32 New York Stock Exchange (NYSE)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Cencora, Inc. (the “Company”) issued a news release announcing the Company’s earnings for the fiscal quarter ended March 31, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this Current Report, including the exhibit attached hereto as Exhibit 99.1 and the information under Item 7.01 below, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On May 6, 2026, the Company is conducting a conference call and webcast scheduled to be held at 8:30 a.m. Eastern time regarding its results for the fiscal quarter ended March 31, 2026 and related matters.

A link to the conference call and slides prepared for the conference call are available on the Company's website at investor.cencora.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

News Release of Cencora, Inc. dated May 6, 2026

104 Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Cencora, Inc.

Date: May 6, 2026 By: /s/ James F. Cleary

Name: James F. Cleary

Title: Executive Vice President & Chief Financial Officer

EX-99.1

Filename: exhibit991-q22026.htm · Sequence: 2

Document

Exhibit 99.1

CENCORA REPORTS FISCAL 2026 SECOND QUARTER RESULTS

Revenue of $78.4 billion for the Second Quarter, a 3.8 percent Increase Year-Over-Year

Second Quarter GAAP Diluted EPS of $8.40 and Adjusted Diluted EPS of $4.75

Adjusted Diluted EPS Guidance Range Raised to $17.65 to $17.90 for Fiscal 2026

Cencora Expects to Repurchase $1 Billion in Shares by the End of Calendar 2026

CONSHOHOCKEN, PA, May 6, 2026 - Cencora, Inc. (NYSE: COR) reported that in its fiscal year 2026 second quarter ended March 31, 2026, revenue increased 3.8 percent year-over-year to $78.4 billion. On the basis of U.S. generally accepted accounting principles (GAAP), diluted earnings per share (EPS) was $8.40 for the second quarter of fiscal 2026 compared to $3.68 in the prior year second quarter. Adjusted diluted EPS, which is a non-GAAP financial measure that excludes items described below, increased 7.5 percent to $4.75 in the fiscal second quarter from $4.42 in the prior year second quarter.

Cencora is updating its outlook for fiscal year 2026. The Company does not provide forward-looking guidance on a GAAP basis as discussed below in Fiscal Year 2026 Expectations. Adjusted diluted EPS guidance has been raised from the previous range of $17.45 to $17.75 to a range of $17.65 to $17.90.

“Cencora delivered solid results in our second quarter as our team members continued to execute to meet the needs of our customers,” said Robert P. Mauch, President and Chief Executive Officer of Cencora.

“Our fiscal 2026 guidance reflects the strength of our business and focus on our strategy to create long-term value. As we move into the second half of our fiscal year, we are pleased to have made progress on debt paydown and to be in a position to resume opportunistic share repurchases,” Mr. Mauch continued.

Second Quarter Fiscal Year 2026 Summary Results

GAAP Adjusted (Non-GAAP)

Revenue $78.4B $78.4B

Gross Profit $3.6B $3.4B

Operating Expenses $2.4B $2.1B

Operating Income $1.1B $1.3B

Other Income, Net $1.1B $8M

Interest Expense, Net $140M $140M

Effective Tax Rate 22.0% 18.9%

Net Income Attributable to Cencora, Inc. $1.6B $928M

Diluted Earnings Per Share $8.40 $4.75

Diluted Shares Outstanding 195.4M 195.4M

Below, Cencora presents descriptive summaries of the Company’s GAAP and adjusted (non-GAAP) quarterly 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.

Second Quarter GAAP Results

•Revenue: In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

•Gross Profit: Gross profit in the second quarter of fiscal 2026 was $3.6 billion, a 17.3 percent increase compared to the same quarter in the previous fiscal year, primarily due to the increase in gross profit in both reportable segments and a LIFO credit in the current year quarter compared to LIFO expense in the prior year quarter, offset in part by lower gains from antitrust litigation settlements in the current year quarter compared to the prior year quarter. Gross profit as a percentage of revenue was 4.58 percent, an increase of 52 basis points from 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 higher sales of GLP-1s, which have lower gross profit margins.

•Operating Expenses: In the second quarter of fiscal 2026, operating expenses were $2.4 billion, a 20.9 percent increase compared to the same quarter in the previous fiscal year. This increase was primarily driven by higher expenses as a result of the February 2026 acquisition of OneOncology.

•Operating Income: In the second quarter of fiscal 2026, operating income was $1.1 billion, an increase of 10.3 percent compared to the same quarter in the previous fiscal year due to the increase in gross profit, offset in part by the increase in operating expenses. Operating income as a percentage of revenue was 1.46 percent in the second quarter of fiscal 2026 compared to 1.37 percent in the prior year quarter.

•Other Income, Net: In the second quarter of fiscal 2026, in connection with the acquisition of OneOncology, the Company recorded a gain of $1.1 billion on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

•Interest Expense, Net: In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

•Effective Tax Rate: The effective tax rate was 22.0 percent for the second quarter of fiscal 2026 compared to 22.7 percent in the prior year quarter.

•Diluted Earnings Per Share: Diluted earnings per share was $8.40 in the second quarter of fiscal 2026, a 128.3 percent increase compared to $3.68 in the previous fiscal year’s second quarter. The increase in diluted earnings per share

included a $1.1 billion remeasurement gain related to the OneOncology acquisition, which was recorded as “Other (income) loss, net.”

•Diluted Shares Outstanding: Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

Second Quarter Adjusted (non-GAAP) Results

•Revenue: No adjustments were made to the GAAP presentation of revenue. In the second quarter of fiscal 2026, revenue was $78.4 billion, up 3.8 percent compared to the same quarter in the previous fiscal year, primarily due to a 2.9 percent increase in revenue within the U.S. Healthcare Solutions segment and a 13.0 percent increase in revenue within the International Healthcare Solutions segment.

•Adjusted Gross Profit: Adjusted gross profit in the second quarter of fiscal 2026 was $3.4 billion, a 15.7 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 4.31 percent in the fiscal 2026 second quarter, an increase of 45 basis points from 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 higher sales of GLP-1s, which have lower gross profit margins.

•Adjusted Operating Expenses: In the second quarter of fiscal 2026, adjusted operating expenses were $2.1 billion, a 22.5 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.

•Adjusted Operating Income: In the second quarter of fiscal 2026, adjusted operating income was $1.3 billion, a 6.0 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 1.61 percent in the fiscal 2026 second quarter, an increase of 3 basis points when compared to the prior year quarter.

•Interest Expense, Net: No adjustments were made to the GAAP presentation of net interest expense. In the second quarter of fiscal 2026, net interest expense was $140.5 million, an increase of $36.5 million from the prior year quarter primarily due to an increase in interest expense as a result of our issuance of senior notes and variable-rate term loans to finance the February 2026 acquisition of OneOncology and a decrease in interest income.

•Adjusted Effective Tax Rate: The adjusted effective tax rate was 18.9 percent for the second quarter of fiscal 2026 compared to 20.8 percent in the prior year quarter primarily due to discrete tax benefits in the current year quarter.

•Adjusted Diluted Earnings Per Share: Adjusted diluted earnings per share was $4.75 in the second quarter of fiscal 2026, a 7.5 percent increase compared to $4.42 in the previous fiscal year’s second quarter.

•Diluted Shares Outstanding: No adjustments were made to the GAAP presentation of diluted shares outstanding. Diluted weighted average shares outstanding for the second quarter of fiscal 2026 were 195.4 million, an increase of 0.1 percent versus the prior year second quarter.

Segment Discussion

The 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, and certain components of PharmaLex.

U.S. Healthcare Solutions Segment

U.S. Healthcare Solutions revenue was $68.8 billion in the second quarter of fiscal 2026, an increase of 2.9 percent compared to the same quarter of the previous fiscal year primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and 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, lower sales to our large mail order customer as a result of brand conversions, and the 2025 losses of an oncology customer and a grocery customer. Segment operating income of $998.3 million in the second quarter of fiscal 2026 was up 5.6 percent compared to the same quarter in the previous fiscal year due to the increase in

gross profit, as a result of the February 2026 acquisition of OneOncology and increased product sales, offset in part by the increase in operating expenses and the 2025 loss of an oncology customer.

International Healthcare Solutions Segment

International Healthcare Solutions revenue was $7.6 billion in the second quarter of fiscal 2026, an increase of 13.0 percent compared to the previous fiscal year’s second quarter primarily due to growth in our European distribution business. Segment operating income in the second quarter of fiscal 2026 was $175.8 million, an increase of 13.7 percent, primarily due to increased operating income at our European distribution business and our global specialty logistics business. On a constant currency basis, International Healthcare Solutions revenue increased by 7.2 percent in the second quarter of fiscal 2026 compared to the previous fiscal year’s second quarter, while segment operating income increased by 12.9 percent.

Other

Revenue in Other was $2.1 billion in the second quarter of fiscal 2026, an increase of 5.1 percent compared to the previous fiscal year’s second quarter due to growth at Profarma and MWI Animal Health, offset in part by a decrease in sales at our consulting services businesses. Operating income in Other in the second quarter of fiscal 2026 was $91.6 million, a decrease of 1.3 percent, primarily due to lower operating income at our consulting services businesses, offset in part by an increase in operating income at MWI Animal Health.

Recent Company Highlights & Milestones

•Cencora and Covetrus, a global animal health technology and services company, announced that they entered into a definitive agreement under which MWI Animal Health and Covetrus will merge, creating a combined company offering a comprehensive animal health platform.

•Cencora announced the signing of a definitive agreement to acquire EyeSouth Partners’ retina business. Upon completion of the transaction, the affiliated retina physicians of EyeSouth Partners will join Cencora’s Retina Consultants of America (“RCA”), a leading management services organization.

Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis

Cencora is now updating its fiscal year 2026 financial guidance which reflects its strong full year fiscal 2026 operating income growth in the U.S. Healthcare Solutions segment and updated operating income expectations in Other as a result of MWI now being accounted for as “held for sale”. Additionally, the Company has narrowed its expectations for interest expense and now expects an incrementally lower expected share count as it resumes opportunistic share repurchases.

2026 Guidance(1)

Fiscal 2025 Actuals

Revenue 4% to 6% growth $321.3B

U.S. Healthcare Solutions Segment(2)

4% to 6% growth $285.0B

International Healthcare Solutions Segment(2)(3)

8% to 10% growth $28.3B

Other(2)

1% to 5% growth $8.2B

Adjusted operating income 12% to 14% growth $4.2B

U.S. Healthcare Solutions Segment(2)

14% to 16% growth $3.3B

International Healthcare Solutions Segment(2)(3)

5% to 8% growth $588M

Other(2)

High-single digit growth $352M

Adjusted diluted earnings per share $17.65 to $17.90 $16.00

Net interest expense ~$485M $292M

Adjusted effective tax rate ~20% 20.6%

Diluted weighted average shares outstanding Under 195.5M 195.2M

Adjusted free cash flow ~$3.0B $3.0B

Capital expenditures ~$900M $668M

(1) Bolded figures indicate updates to guidance metrics.

(2) For further detail on fiscal 2025 revised reportable segment information, please reference Exhibit 99.2 to the Company’s Current Report on Form 8-K dated November 5, 2025.

(3) As reported guidance. For additional details regarding updated guidance expectations on a constant currency basis, please refer to our slide presentation for investors posted on the Company’s website at investor.cencora.com.

Dividend Declaration

The Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable June 1, 2026, to stockholders of record at the close of business on May 15, 2026.

Conference Call & Slide Presentation

The Company will host a conference call to discuss its operating results at 8:30 a.m. ET on May 6, 2026. A slide presentation for investors has also been posted on the Company’s website at investor.cencora.com. Participating in the conference call will be:

•Robert P. Mauch, President & Chief Executive Officer

•James F. Cleary, Executive Vice President & Chief Financial Officer

The dial-in number for the live call will be +1 (833) 461-5787. From outside the United States and Canada, dial +1 (585) 542-9983. The meeting ID for the call will be 280720750 and the access code will be 528015. The live call will also be webcast via the Company’s website at investor.cencora.com. Users are encouraged to log on to the webcast approximately 10 minutes in advance of the scheduled start time of the call.

A replay of the webcast will be posted on investor.cencora.com approximately one hour after the completion of the call and will remain available for one year.

Upcoming Investor Event

Cencora management will be attending the following investor event in the coming months:

•Bank of America Global Healthcare Conference, May 12-14, 2026

Please check the Company website for updates regarding the timing of the live presentation webcasts, if any, and for replay information.

About Cencora

Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #18 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com

Cencora’s Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not mean the statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those indicated is included (i) in the "Risk Factors" and "Management's Discussion and Analysis" sections in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and elsewhere in that report and (ii) in other reports filed by the Company pursuant to the Securities Exchange Act. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by the federal securities laws.

CENCORA, INC.

FINANCIAL SUMMARY

(in thousands, except per share data)

(unaudited)

Three Months Ended

March 31, 2026 % of

Revenue Three Months Ended

March 31, 2025 % of

Revenue %

Change

Revenue $ 78,355,916 $ 75,453,673 3.8%

Cost of goods sold 1

74,767,577 72,393,864 3.3%

Gross profit 3,588,339 4.58% 3,059,809 4.06% 17.3%

Operating expenses:

Distribution, selling, and administrative 1,977,559 2.52% 1,600,040 2.12% 23.6%

Depreciation and amortization 249,292 0.32% 259,818 0.34% (4.1)%

Litigation and opioid-related expenses 13,858 11,524

Acquisition and divestiture-related deal and integration expenses 164,164 99,380

Restructuring and other expenses 40,873 52,857

Total operating expenses 2,445,746 3.12% 2,023,619 2.68% 20.9%

Operating income 1,142,593 1.46% 1,036,190 1.37% 10.3%

Other (income) loss, net 2

(1,086,439) 3,546

Interest expense, net 140,460 103,988 35.1%

Income before income taxes 2,088,572 2.67% 928,656 1.23% 124.9%

Income tax expense 459,044 211,239

Net income 1,629,528 2.08% 717,417 0.95% 127.1%

Net loss attributable to noncontrolling interests 11,804 454

Net income attributable to Cencora, Inc. $ 1,641,332 2.09% $ 717,871 0.95% 128.6%

Earnings per share:

Basic

$ 8.44 $ 3.70 128.1%

Diluted

$ 8.40 $ 3.68 128.3%

Weighted average common shares outstanding:

Basic

194,545 193,796 0.4%

Diluted

195,383 195,094 0.1%

________________________________________

1 Includes a $16.5 million gain from antitrust litigation settlements, a $210.0 million LIFO credit, and Türkiye foreign currency remeasurement expense of $12.2 million in the three months ended March 31, 2026. Includes a $198.6 million gain from antitrust litigation settlements, a $39.5 million LIFO expense, and Türkiye foreign currency remeasurement expense of $14.5 million in the three months ended March 31, 2025.

2 In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the three months ended March 31, 2026.

CENCORA, INC.

FINANCIAL SUMMARY

(in thousands, except per share data)

(unaudited)

Six Months Ended

March 31, 2026 % of

Revenue Six Months Ended

March 31, 2025 % of

Revenue %

Change

Revenue $ 164,287,932 $ 156,940,733 4.7%

Cost of goods sold 1

157,627,522 151,322,886 4.2%

Gross profit 6,660,410 4.05% 5,617,847 3.58% 18.6%

Operating expenses:

Distribution, selling, and administrative 3,772,848 2.30% 3,072,095 1.96% 22.8%

Depreciation and amortization 509,693 0.31% 538,310 0.34% (5.3)%

Litigation and opioid-related (credit) expenses, net 2

(72,293) 28,289

Acquisition and divestiture-related deal and integration expenses 242,583 138,092

Restructuring and other expenses, net 55,039 98,617

Impairment of assets, including goodwill 3

249,498 —

Total operating expenses 4,757,368 2.90% 3,875,403 2.47% 22.8%

Operating income 1,903,042 1.16% 1,742,444 1.11% 9.2%

Other (income) loss, net 4

(1,107,039) 61,420

Interest expense, net 212,869 131,921 61.4%

Income before income taxes 2,797,212 1.70% 1,549,103 0.99% 80.6%

Income tax expense 601,558 337,967

Net income 2,195,654 1.34% 1,211,136 0.77% 81.3%

Net loss (income) attributable to noncontrolling interests 5,325 (4,665)

Net income attributable to Cencora, Inc. $ 2,200,979 1.34% $ 1,206,471 0.77% 82.4%

Earnings per share:

Basic

$ 11.32 $ 6.23 81.7%

Diluted

$ 11.27 $ 6.18 82.4%

Weighted average common shares outstanding:

Basic

194,383 193,780 0.3%

Diluted

195,352 195,144 0.1%

________________________________________

1 Includes a $28.7 million gain from antitrust litigation settlements, a $287.6 million LIFO credit, and Türkiye foreign currency remeasurement expense of $23.0 million in the six months ended March 31, 2026. Includes a $221.5 million gain from antitrust litigation settlements, a $32.1 million LIFO expense, and Türkiye foreign currency remeasurement expense of $21.6 million in the six months ended March 31, 2025.

2 Includes an $86.8 million credit related to a derivative lawsuit settlement in the six months ended March 31, 2026.

3 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

4 In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in the six months ended March 31, 2026.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31, 2026

Gross Profit

Operating

Expenses

Operating

Income

Before

Income Taxes

Income Tax

Expense Net Income Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$ 3,588,339 $ 2,445,746 $ 1,142,593 $ 2,088,572 $ 459,044 $ 1,641,332 $ 8.40

Gains from antitrust litigation settlements (16,538) — (16,538) (16,538) (2,346) (14,192) (0.07)

LIFO credit (210,030) — (210,030) (210,030) (35,761) (174,269) (0.89)

Türkiye highly inflationary impact

12,153 — 12,153 10,474 — 10,474 0.05

Acquisition-related intangibles amortization — (116,276) 116,276 116,276 13,407 102,211 0.52

Litigation and opioid-related expenses — (13,858) 13,858 13,858 9,454 4,404 0.02

Acquisition and divestiture-related deal and integration expenses — (164,164) 164,164 164,164 32,393 131,771 0.67

Restructuring and other expenses — (40,873) 40,873 40,873 4,265 36,608 0.19

Remeasurement gain related to OneOncology acquisition 1

— — — (1,086,612) (252,460) (834,152) (4.27)

Other, net — — — 7,691 (1,833) 9,524 0.05

Tax reform 2

— — — 1,880 (12,482) 14,362 0.07

Adjusted Non-GAAP $ 3,373,924 $ 2,110,575 $ 1,263,349 $ 1,130,608 $ 213,681 $ 928,073 $ 4.75

Adjusted Non-GAAP % change vs. prior year 15.7 % 22.5 % 6.0 % 3.8 % (5.7) % 7.6 % 7.5 %

Percentages of Revenue: GAAP

Adjusted

Non-GAAP

Gross profit

4.58% 4.31%

Operating expenses

3.12% 2.69%

Operating income

1.46% 1.61%

________________________________________

1 In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

2 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

3 The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31, 2025

Gross Profit

Operating

Expenses

Operating

Income

Before

Income Taxes

Income Tax

Expense Net Income Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$ 3,059,809 $ 2,023,619 $ 1,036,190 $ 928,656 $ 211,239 $ 717,871 $ 3.68

Gains from antitrust litigation settlements (198,646) — (198,646) (198,646) (54,162) (144,484) (0.74)

LIFO expense 39,469 — 39,469 39,469 10,899 28,570 0.15

Türkiye highly inflationary impact

14,479 — 14,479 18,394 — 18,394 0.09

Acquisition-related intangibles amortization — (137,011) 137,011 137,011 35,632 100,628 0.52

Litigation and opioid-related expenses — (11,524) 11,524 11,524 2,964 8,560 0.04

Acquisition and divestiture-related deal and integration expenses — (99,380) 99,380 99,380 16,517 82,863 0.42

Restructuring and other expenses — (52,857) 52,857 52,857 13,953 38,904 0.20

Other, net — — — 5,763 952 4,811 0.02

Tax reform 1

— — — (4,855) (11,367) 6,512 0.03

Adjusted Non-GAAP $ 2,915,111 $ 1,722,847 $ 1,192,264 $ 1,089,553 $ 226,627 $ 862,629 $ 4.42

Percentages of Revenue: GAAP

Adjusted

Non-GAAP

Gross profit

4.06% 3.86%

Operating expenses

2.68% 2.28%

Operating income

1.37% 1.58%

________________________________________

1 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

2 The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Six Months Ended March 31, 2026

Gross Profit

Operating

Expenses

Operating

Income

Before

Income Taxes

Income Tax

Expense Net Income Attributable

to Cencora

Diluted

Earnings

Per Share

GAAP

$ 6,660,410 $ 4,757,368 $ 1,903,042 $ 2,797,212 $ 601,558 $ 2,200,979 $ 11.27

Gains from antitrust litigation settlements (28,690) — (28,690) (28,690) (5,708) (22,982) (0.12)

LIFO credit (287,592) — (287,592) (287,592) (57,222) (230,370) (1.18)

Türkiye highly inflationary impact

23,042 — 23,042 19,197 — 19,197 0.10

Acquisition-related intangibles amortization — (241,434) 241,434 241,434 48,038 191,905 0.98

Litigation and opioid-related credit, net 1

— 72,293 (72,293) (72,293) (14,384) (57,909) (0.30)

Acquisition and divestiture-related deal and integration expenses — (242,583) 242,583 242,583 42,432 200,151 1.02

Restructuring and other expenses, net — (55,039) 55,039 55,039 11,546 43,493 0.22

Impairment of assets, including goodwill 2

— (249,498) 249,498 249,498 54,381 195,117 1.00

Remeasurement gain related to OneOncology acquisition 3

— — — (1,086,612) (252,460) (834,152) (4.27)

Other, net — — — 6,817 (8) 6,825 0.03

Tax reform 4

— — — (12,472) (25,725) 13,253 0.07

Adjusted Non-GAAP $ 6,367,170 $ 4,041,107 $ 2,326,063 $ 2,124,121 $ 402,448 $ 1,725,507 $ 8.83

Adjusted Non-GAAP % change vs. prior year 16.8 % 22.1 % 8.6 % 5.9 % (1.8) % 8.5 % 8.3 %

Percentages of Revenue: GAAP

Adjusted

Non-GAAP

Gross profit

4.05% 3.88%

Operating expenses

2.90% 2.46%

Operating income

1.16% 1.42%

________________________________________

1 Includes an $86.8 million credit related to a derivative lawsuit settlement.

2 Impairment of assets held for sale, including goodwill, related to our U.S. Consulting Services business.

3 In connection with the acquisition of OneOncology, the Company recorded a gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology.

4 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

5 The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share data)

(unaudited)

Six Months Ended March 31, 2025

Gross Profit Operating Expenses Operating Income Income Before Income Taxes Income Tax Expense Net Income Attributable

to Cencora Diluted Earnings

Per Share

GAAP

$ 5,617,847 $ 3,875,403 $ 1,742,444 $ 1,549,103 $ 337,967 $ 1,206,471 $ 6.18

Gains from antitrust litigation settlements (221,516) — (221,516) (221,516) (60,692) (160,824) (0.82)

LIFO expense 32,145 — 32,145 32,145 8,807 23,338 0.12

Türkiye highly inflationary impact

21,634 — 21,634 26,060 — 26,060 0.13

Acquisition-related intangibles amortization

— (301,867) 301,867 301,867 82,707 217,975 1.12

Litigation and opioid-related expenses — (28,289) 28,289 28,289 7,751 20,538 0.11

Acquisition and divestiture-related deal and integration expenses — (138,092) 138,092 138,092 27,571 110,521 0.57

Restructuring and other expenses — (98,617) 98,617 98,617 27,020 71,597 0.37

Loss on divestiture of non-core businesses — — — 35,539 — 35,539 0.18

Other, net — — — 7,694 1,875 5,819 0.03

Tax reform 1

— — — 10,349 (23,042) 33,391 0.17

Adjusted Non-GAAP

$ 5,450,110 $ 3,308,538 $ 2,141,572 $ 2,006,239 $ 409,964 $ 1,590,425 $ 8.15 2

Percentages of Revenue: GAAP

Adjusted

Non-GAAP

Gross profit

3.58% 3.47%

Operating expenses

2.47% 2.11%

Operating income

1.11% 1.36%

________________________________________

1 Tax reform includes the foreign currency remeasurement of Swiss deferred tax assets arising from 2020 Swiss tax reform and the amortization of those deferred tax assets.

2 The sum of the components does not equal the total due to rounding.

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

SUMMARY SEGMENT INFORMATION

(in thousands)

(unaudited)

Three Months Ended March 31,

Revenue 2026 2025 % Change

U.S. Healthcare Solutions $ 68,765,078 $ 66,819,265 2.9%

International Healthcare Solutions 7,565,749 6,696,779 13.0%

Other 2,055,571 1,956,407 5.1%

Intersegment eliminations

(30,482) (18,778)

Revenue

$ 78,355,916 $ 75,453,673 3.8%

Three Months Ended March 31,

Operating income 2026 2025 % Change

U.S. Healthcare Solutions $ 998,300 $ 944,969 5.6%

International Healthcare Solutions 175,797 154,598 13.7%

Other 91,633 92,851 (1.3)%

Intersegment eliminations (2,381) (154)

Total segment operating income

1,263,349 1,192,264 6.0%

Gains from antitrust litigation settlements 16,538 198,646

LIFO credit (expense) 210,030 (39,469)

Türkiye highly inflationary impact

(12,153) (14,479)

Acquisition-related intangibles amortization (116,276) (137,011)

Litigation and opioid-related expenses (13,858) (11,524)

Acquisition and divestiture-related deal and integration expenses (164,164) (99,380)

Restructuring and other expenses (40,873) (52,857)

Operating income

$ 1,142,593 $ 1,036,190 10.3%

Percentages of Revenue:

U.S. Healthcare Solutions

Gross profit 3.28% 2.82%

Operating expenses 1.82% 1.40%

Operating income 1.45% 1.41%

International Healthcare Solutions

Gross profit 10.76% 10.70%

Operating expenses 8.44% 8.39%

Operating income 2.32% 2.31%

Other

Gross profit 15.16% 16.27%

Operating expenses 10.70% 11.53%

Operating income 4.46% 4.75%

Cencora, Inc. (GAAP)

Gross profit 4.58% 4.06%

Operating expenses 3.12% 2.68%

Operating income 1.46% 1.37%

Cencora, Inc. (Non-GAAP)

Adjusted gross profit 4.31% 3.86%

Adjusted operating expenses 2.69% 2.28%

Adjusted operating income 1.61% 1.58%

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

SUMMARY SEGMENT INFORMATION

(in thousands)

(unaudited)

Six Months Ended March 31,

Revenue 2026 2025 % Change

U.S. Healthcare Solutions $ 144,976,903 $ 139,374,559 4.0%

International Healthcare Solutions 15,189,722 13,655,674 11.2%

Other 4,184,518 3,958,862 5.7%

Intersegment eliminations

(63,211) (48,362)

Revenue

$ 164,287,932 $ 156,940,733 4.7%

Six Months Ended March 31,

Operating income 2026 2025 % Change

U.S. Healthcare Solutions $ 1,829,630 $ 1,631,894 12.1%

International Healthcare Solutions 317,953 319,778 (0.6)%

Other 183,050 190,180 (3.7)%

Intersegment eliminations (4,570) (280)

Total segment operating income

2,326,063 2,141,572 8.6%

Gains from antitrust litigation settlements 28,690 221,516

LIFO credit (expense) 287,592 (32,145)

Türkiye highly inflationary impact

(23,042) (21,634)

Acquisition-related intangibles amortization (241,434) (301,867)

Litigation and opioid-related credit (expenses), net 72,293 (28,289)

Acquisition and divestiture-related deal and integration expenses (242,583) (138,092)

Restructuring and other expenses, net (55,039) (98,617)

Impairment of assets, including goodwill (249,498) —

Operating income

$ 1,903,042 $ 1,742,444 9.2%

Percentages of Revenue:

U.S. Healthcare Solutions

Gross profit 2.85% 2.39%

Operating expenses 1.59% 1.22%

Operating income 1.26% 1.17%

International Healthcare Solutions

Gross profit 10.56% 10.84%

Operating expenses 8.46% 8.50%

Operating income 2.09% 2.34%

Other

Gross profit 15.20% 16.07%

Operating expenses 10.83% 11.26%

Operating income 4.37% 4.80%

Cencora, Inc. (GAAP)

Gross profit 4.05% 3.58%

Operating expenses 2.90% 2.47%

Operating income 1.16% 1.11%

Cencora, Inc. (Non-GAAP)

Adjusted gross profit 3.88% 3.47%

Adjusted operating expenses 2.46% 2.11%

Adjusted operating income 1.42% 1.36%

Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

CENCORA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

March 31, September 30,

2026 2025

ASSETS

Current assets:

Cash and cash equivalents

$ 2,176,496 $ 4,356,138

Accounts receivable, net

24,893,220 25,225,299

Inventories

20,010,006 20,492,480

Right to recover assets 1,574,708 1,625,817

Prepaid expenses and other 636,815 539,339

Assets held for sale 3,849,666 —

Total current assets

53,140,911 52,239,073

Property and equipment, net

2,805,419 2,539,076

Goodwill and other intangible assets

22,507,385 17,450,701

Deferred income taxes 192,825 208,810

Other long-term assets

3,005,560 4,152,452

Total assets

$ 81,652,100 $ 76,590,112

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 51,881,816 $ 54,719,761

Accrued expenses and other 3,195,861 2,982,993

Short-term debt

202,660 117,785

Liabilities held for sale 851,949 —

Total current liabilities

56,132,286 57,820,539

Long-term debt

12,182,860 7,542,988

Accrued income taxes

352,768 337,631

Deferred income taxes

1,748,178 1,620,724

Accrued litigation liability 3,856,483 3,881,283

Other liabilities 3,794,575 3,639,862

Total stockholders’ equity 3,584,950 1,747,085

Total liabilities and stockholders’ equity $ 81,652,100 $ 76,590,112

CENCORA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Six Months Ended March 31,

2026 2025

Operating Activities:

Net income

$ 2,195,654 $ 1,211,136

Adjustments to reconcile net income to net cash (used in) provided by operating activities (244,232) 815,487

Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:

Accounts receivable

(308,675) (218,043)

Inventories

(120,202) 34,252

Accounts payable

(2,193,885) (669,479)

Other, net (295,190) (540,897)

Net cash (used in) provided by operating activities (966,530) 632,456

Investing Activities:

Capital expenditures

(284,994) (234,953)

Cost of acquired companies, net of cash acquired (4,932,036) (3,947,761)

Cost of equity investments (19,210) (192,576)

Other, net

62,024 (45,372)

Net cash used in investing activities (5,174,216) (4,420,662)

Financing Activities:

Net debt borrowings 1

4,377,761 3,455,501

Purchases of common stock

— (435,471)

Cash dividends on common stock

(243,972) (222,076)

Employee tax withholdings related to restricted share vesting (105,186) (77,558)

Other, net (6,832) (2,984)

Net cash provided by financing activities 4,021,771 2,717,412

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (14,825) (48,520)

Decrease in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale (2,133,800) (1,119,314)

Less: Increase in cash classified within assets held for sale (24,487) —

Decrease in cash, cash equivalents, and restricted cash (2,158,287) (1,119,314)

Cash, cash equivalents, and restricted cash at beginning of period 2

4,394,549 3,297,880

Cash, cash equivalents, and restricted cash at end of period 2

$ 2,236,262 $ 2,178,566

________________________________________

1 Includes the issuance of $3.0 billion of senior notes and $1.5 billion of term loans to finance a portion of the February 2, 2026 acquisition of OneOncology in the six months ended March 31, 2026. Includes the issuance of $1.8 billion of senior notes and a $1.5 billion term loan to finance a portion of the January 2, 2025 acquisition of Retina Consultants of America in the six months ended March 31, 2025.

2 The following represents a reconciliation of cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents, and restricted cash in the Condensed Consolidated Statements of Cash Flows:

March 31,

2026 September 30,

2025 March 31,

2025 September 30,

2024

Cash and cash equivalents $ 2,176,496 $ 4,356,138 $ 1,978,061 $ 3,132,648

Restricted cash (included in Prepaid Expenses and Other) 59,766 38,411 132,298 98,596

Restricted cash (included in Other Long-Term Assets) — — 68,207 66,636

Cash, cash equivalents, and restricted cash $ 2,236,262 $ 4,394,549 $ 2,178,566 $ 3,297,880

SUPPLEMENTAL INFORMATION REGARDING

NON-GAAP FINANCIAL MEASURES

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the non-GAAP financial measures described below. The non-GAAP financial measures should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. These supplemental measures may vary from, and may not be comparable to, similarly titled measures by other companies.

The non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are outside the control of the Company or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. We have included the following non-GAAP earnings-related financial measures in this release:

•Adjusted gross profit and adjusted gross profit margin: Adjusted gross profit is a non-GAAP financial measure that excludes gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact. Adjusted gross profit margin is the ratio of adjusted gross profit to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental measure of the Company’s ongoing operating performance. Gains from antitrust litigation settlements, LIFO expense (credit), and Türkiye highly inflationary impact are excluded because the Company cannot control the amounts recognized or timing of these items. Gains from antitrust litigation settlements relate to the settlement of lawsuits that have been filed against brand pharmaceutical manufacturers alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. LIFO expense (credit) is affected by changes in inventory quantities, product mix, and manufacturer pricing practices, which may be impacted by market and other external influences.

•Adjusted operating expenses and adjusted operating expense margin: Adjusted operating expenses is a non-GAAP financial measure that excludes acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; and impairment of assets, including goodwill. Adjusted operating expense margin is the ratio of adjusted operating expenses to total revenue. Acquisition-related intangibles amortization is excluded because it is a non-cash item and does not reflect the operating performance of the acquired companies. We exclude acquisition and divestiture-related deal and integration expenses and restructuring and other expenses, net that relate to unpredictable and/or non-recurring business activities. We exclude the amount of litigation and opioid-related (credit) expenses, net and the impairment of assets, including goodwill, that are unusual, non-operating, unpredictable, non-recurring or non-cash in nature because we believe these exclusions facilitate the analysis of our ongoing operational performance.

•Adjusted operating income and adjusted operating income margin: Adjusted operating income is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted gross profit and adjusted operating expenses. Adjusted operating income margin is the ratio of adjusted operating income to total revenue. Management believes that these non-GAAP financial measures are useful to investors as a supplemental way to evaluate the Company’s performance because these do not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

•Adjusted income before income taxes: Adjusted income before income taxes is a non-GAAP financial measure that excludes the same items that are described above and excluded from adjusted operating income. In addition, the remeasurement gain related to the OneOncology acquisition, gain (loss) on remeasurement of an equity investment, the gain (loss) on the currency remeasurement of the deferred tax asset relating to 2020 Swiss tax reform, and the loss on divestiture of non-core businesses are excluded from adjusted income before income taxes because these amounts are unusual, non-operating, and non-recurring. Management believes that this non-GAAP financial measure is useful to investors because it facilitates the calculation of the Company’s adjusted effective tax rate.

•Adjusted income tax expense: Adjusted income tax expense is a non-GAAP financial measure that excludes the income tax expense (benefits) associated with the same items that are described above and excluded from adjusted income before income taxes. Certain discrete tax expense (benefits) are also excluded from adjusted income tax expense. Further, the amortization of deferred tax assets relating to 2020 Swiss tax reform is excluded from adjusted income tax expense. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

•Adjusted effective tax rate: Adjusted effective tax rate is a non-GAAP financial measure that is determined by dividing adjusted income tax expense by adjusted income before income taxes. Management believes that this non-GAAP financial measure is useful to investors because it presents an effective tax rate that does not reflect unusual, non-operating, unpredictable, non-recurring, or non-cash amounts or items that are outside the control of the Company.

•Adjusted net income attributable to Cencora: Adjusted net income attributable to the Company is a non-GAAP financial measure that excludes the same items that are described above. Management believes that this non-GAAP financial measure is useful to investors as a supplemental way to evaluate the Company’s performance because it does not reflect unusual, non-operating, unpredictable, non-recurring or non-cash amounts or items that are outside the control of the Company.

•Adjusted diluted earnings per share: Adjusted diluted earnings per share excludes the per share impact of adjustments including gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary impact; acquisition-related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; (loss) on remeasurement of an equity investment; the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform; and the loss on divestiture of non-core businesses, in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of certain discrete tax items and the per share impact of the amortization of deferred tax assets relating to 2020 Swiss tax reform are also excluded from adjusted diluted earnings per share. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature.

•Adjusted Free Cash Flow: Adjusted free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, excluding significant unpredictable or non-recurring cash payments or receipts relating to legal settlements, minus capital expenditures. Adjusted free cash flow is used internally by management for measuring operating cash flow generation and setting performance targets and has historically been used as one of the means of providing guidance on possible future cash flows. The Company does not provide forward looking guidance on a GAAP basis for free cash flow because the timing and amount of favorable and unfavorable settlements excluded from this metric, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated. Below is a reconciliation of operating cash flows to adjusted free cash flows for the six months ended March 31, 2026:

Reconciliation of adjusted free cash flows

Operating cash flows $(966.5)M

Capital expenditures $(285.0)M

Free cash flows $(1,251.5)M

Less gains from antitrust litigation settlements $(28.7)M

Adjusted free cash flows $(1,280.2)M

The Company also presents certain information related to current period operating results in “constant currency,” which is a non-GAAP financial measure. These amounts are calculated by translating current period results at the foreign currency exchange rates used in the comparable period in the prior year. The Company presents such constant currency financial information because it has significant operations outside of the United States reporting in currencies other than the U.S. dollar and this presentation provides a framework to assess how its business performed excluding the impact of foreign currency exchange rate fluctuations. Below is a summary of revenue and adjusted operating income on an as-reported basis and on a constant currency basis for the three months ended March 31, 2026:

Revenue Adjusted Operating income

Consolidated

As reported $78.4B $1,263M

Impact of foreign currency translation $(0.4)B $(1)M

Constant currency $78.0B $1,262M

International Healthcare Solutions segment

As reported $7.6B $176M

Impact of foreign currency translation $(0.4)B $(1)M

Constant currency $7.2B $175M

In addition, the Company has provided non-GAAP fiscal year 2026 guidance for diluted earnings per share, operating income, effective income tax rate, and free cash flow that excludes the same or similar items as those that are excluded from the historical non-GAAP financial measures, as well as significant items that are outside the control of the Company or inherently unusual, non-operating, unpredictable, non-recurring or non-cash in nature. The Company does not provide forward looking guidance on a GAAP basis for such metrics because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, LIFO expense (credit) is largely dependent upon the future inflation or deflation of brand and generic pharmaceuticals, which is out of the Company’s control, and acquisition-related intangibles amortization depends on the timing and amount of future acquisitions, which cannot be reasonably estimated. Similarly, the timing and amount of favorable and unfavorable settlements, the probable significance of which cannot be determined, are unavailable and cannot be reasonably estimated.

Contact: Bennett S. Murphy

Senior Vice President, Investor Relations and Enterprise Productivity

bennett.murphy@cencora.com

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Cover

May 06, 2026

Document Information [Line Items]

Document Type

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May 06, 2026

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Trading Symbol

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Security Exchange Name

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€500,000, 2.875% Senior Notes Due 2028

Document Information [Line Items]

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2.875% Senior Notes due 2028

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

+ Details

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dei_DocumentType

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Namespace Prefix:

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- Definition

Name of the City or Town

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Data Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

+ Details

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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