Cencora
Distributes pharmaceuticals and provides specialty-practice, logistics and manufacturer services worldwide.
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Profile
Distributes branded, generic and specialty medicines to pharmacies, health systems and physician practices, with provider services spanning oncology and retina networks. U.S. distribution drives the business, while Alliance Healthcare, World Courier, Innomar and selected PharmaLex operations add European wholesale, global logistics and commercialization services.
Distributes branded, generic and specialty medicines through U.S. Healthcare Solutions to retail pharmacies, health systems and physician practices. OneOncology and Retina Consultants of America extend the platform into management services for community oncology and retina practices, while a broad distribution-center network and electronic ordering support high-volume fulfillment.
International Healthcare Solutions combines Alliance Healthcare's European wholesale network with World Courier's global specialty logistics, Innomar's Canadian commercialization services and selected PharmaLex regulatory capabilities. MWI Animal Health and Profarma remain in Other while strategic alternatives proceed; the U.S. consulting-services operation has been divested.
Execution depends on reliable, low-cost distribution and regulatory compliance across drug storage, transport and controlled substances. Walgreens and Boots together form the largest disclosed customer concentration, while a concentrated set of large customers accounts for most revenue.
Company facts
Key statistics
Year to date −5.0% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | RBC Capital | Initiate | Sector Perform | $330 | |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $342 | $346 |
| Aug 6, 2026 | Robert W. Baird | Target | $415 | $370 | |
| Aug 6, 2026 | UBS | Reiterate | Buy | $412 | $430 |
| Aug 6, 2026 | Evercore ISI | Reiterate | Outperform | $360 | $350 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q3 FY26 | $4.35 | $4.48 | +3.0% | $84.31B | $84.75B | +0.5% | +3.57% |
| May 6, 2026Q2 FY26 | $4.82 | $4.75 | −1.5% | $81.09B | $78.36B | −3.4% | +1.16% |
| Feb 4, 2026Q1 FY26 | $4.05 | $4.08 | +0.7% | $86.06B | $85.93B | −0.1% | +6.72% |
| Nov 5, 2025Q4 FY25 | $3.79 | $3.84 | +1.3% | $83.46B | $83.73B | +0.3% | +1.76% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $75.45B | $80.66B | $83.73B | $85.93B | $78.36B | $84.75B | |
| Gross profit | $2.62B | $2.66B | $2.60B | $2.81B | $3.32B | $3.61B | |
| Operating income | $1.02B | $985.5M | $854.6M | $1.02B | $1.34B | $1.12B | |
| Net income | $717.9M | $687.4M | −$339.7M | $559.6M | $1.64B | $763.5M | |
| Diluted EPS | $3.68 | $3.52 | −$1.75 | $2.87 | $8.40 | $3.94 | |
| Gross margin | 3.5% | 3.3% | 3.1% | 3.3% | 4.2% | 4.3% | |
| Operating margin | 1.3% | 1.2% | 1.0% | 1.2% | 1.7% | 1.3% |
Fiscal years (4-quarter sums)FY21 $213.99B · FY22 $238.59B · FY23 $262.17B · FY24 $293.96B · FY25 $321.33B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.82B · Total debt $11.72B · Total assets $83.81B · Shareholders' equity $3.05B
Dividends
Raised for 5 straight years — most recently to $0.60 from $0.55 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 31 | $0.60 | |
| May 15, 2026 | May 15 | Jun 1 | $0.60 | |
| Feb 13, 2026 | Feb 13 | Mar 2 | $0.60 | |
| Nov 14, 2025 | Nov 14 | Dec 1 | $0.60 | raised from $0.55 |
| Aug 15, 2025 | Aug 15 | Sep 3 | $0.55 | |
| May 16, 2025 | May 16 | Jun 2 | $0.55 | |
| Feb 14, 2025 | Feb 14 | Mar 3 | $0.55 | |
| Nov 15, 2024 | Nov 15 | Nov 29 | $0.55 | raised from $0.51 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 194.56M · Float 182.66M · 93.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.21M | 9.36% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 12.38M | 6.36% | 13F | Aug 13, 2026 |
| Walgreens Boots Alliance, Inc. | 10.38M | 5.40% | 13D | May 28, 2025 |
| Vanguard Portfolio Management LLC | 9.61M | 4.94% | 13F | Aug 13, 2026 |
| State Street Corp | 9.27M | 4.77% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Elizabeth S. Campbell | officer: Executive Vice President | −11,300 | $324.12 |
| Jun 22, 2026 | Lauren M. Tyler | director | +550 | $270.23 |
| Jun 18, 2026 | Dermot Mark Durcan | director | +4,000 | $274.19 |
| May 28, 2026 | Dermot Mark Durcan | director | +4,000 | $266.26 |
| Feb 20, 2026 | Robert P. Mauch | director, officer: President & CEO | −3,762 | $358.94 |
Peers
- McKesson
Largest U.S. pharma distributor; head-to-head in every distribution segment.
- Cardinal Health
Second-largest Big Three distributor; expanding specialty MSO platform.
- CVS Health
CVS Specialty and Caremark PBM self-route drug volume, bypassing distributors.
- UnitedHealth Group
OptumRx largest U.S. PBM by scripts; routes specialty volume internally.
- Cigna
Evernorth/Accredo channels specialty volume via PBM-owned pharmacy network.
- Henry Schein
Largest distributor to office-based practitioners; medical supply overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cencora | $320.00 | −0.60% | $62.65B | 23.9 | 16.6 | 0.2 | +5.1% |
| McKesson | $887.21 | −0.76% | $104.60B | 23.9 | 19.3 | 0.3 | +7.7% |
| Cardinal Health | $232.64 | −0.84% | $54.93B | 32.4 | 18.7 | 0.2 | +5.8% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| Henry Schein | $89.52 | +0.01% | $10.20B | 26.1 | 15.8 | 0.7 | +6.7% |
| Median | 24.9 | 17.1 | 0.3 | +6.7% |