Cencora (COR) Q4 2025 Financial Results Summary
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Cencora, Inc. (COR) Q4 2025 Financial Results Summary
Cencora, Inc. (NYSE: COR) released its fiscal year 2025 fourth quarter financial results on November 5, 2025. Below is a summary of the reported financial metrics.
Fourth Quarter Fiscal Year 2025 Highlights
- Overall Revenue:
- Revenue for Q4 was $83.7 billion, reflecting a 5.9% increase year-over-year.
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Revenue for the full fiscal year 2025 totaled $321.3 billion, up by 9.3% compared to the previous year.
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Earnings per Share:
- GAAP diluted EPS of $(1.75) for Q4, a decrease compared to $0.02 in the same quarter last year.
- Adjusted diluted EPS was $3.84, representing a 15.0% increase from $3.34 in Q4 of the prior year.
- For fiscal year 2025, GAAP diluted EPS was $7.96, up 5.7% from $7.53 in fiscal year 2024.
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Adjusted diluted EPS for FY 2025 reached $16.00, a 16.3% increase from $13.76 the previous year.
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Profitability Measures:
- Gross profit in Q4 was $3.0 billion, an 18.5% increase from $2.5 billion in Q4 2024.
- Operating income for the quarter was $18.5 million, an 85.4% decline from $126.6 million in the previous year.
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For the full fiscal year, gross profit increased to $11.5 billion (up 15.8% YoY) and operating income rose by 20.8% to $2.6 billion.
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Operating Expenses:
- Operating expenses surged by 24.1% in Q4 to $2.9 billion from $2.4 billion in the prior year, particularly influenced by goodwill impairment and integration costs related to acquisitions.
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For the fiscal year 2025, operating expenses rose by 14.4% to $8.8 billion.
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Segment Performance:
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U.S. Healthcare Solutions:
- Revenue was $75.8 billion, up 5.7% compared to Q4 2024.
- Operating income grew by 25.1% to $872.4 million.
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International Healthcare Solutions:
- Revenue hit $7.9 billion, reflecting a 7.6% increase.
- Operating income slightly decreased by 2.0% to $150.7 million.
Financial Activity
- Dividend Declaration:
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On November 4, 2025, the Board announced a quarterly dividend of $0.60 per share, marking a 9% increase from the previous $0.55.
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Share Repurchase:
- The diluted weighted average shares outstanding decreased by 2.1% YoY, largely due to share repurchases.
Full Year Results Summary
- Fiscal Year 2025 Key Metrics:
- Total revenue: $321.3 billion (9.3% YoY growth).
- Gross profit: $11.5 billion (15.8% YoY growth).
- Operating income: $2.6 billion (20.8% YoY growth).
- Net income attributable to Cencora was $1.6 billion, showing a 3.2% increase from the previous fiscal year.
Future Guidance
- Fiscal Year 2026 Expectations:
- Revenue is expected to grow by 5% to 7%.
- Adjusted diluted EPS is projected to be between $17.45 and $17.75.
- Adjusted operating income growth expected at 8% to 10%.
Cencora continues to position itself robustly in the healthcare sector, focusing on growth and operational improvements as it heads into fiscal year 2026.
| Three Months Ended | % of | Three Months Ended | % of | % Change | |
|---|---|---|---|---|---|
| September 30, 2025 | Revenue | September 30, 2024 | Revenue | ||
| Revenue | $83,728,554 | $79,050,106 | 5.9% | ||
| Cost of goods sold | $80,774,977 | $76,557,689 | 5.5% | ||
| Gross profit1 | $2,953,577 | 3.53% | $2,492,417 | 3.15% | 18.5% |
| Operating expenses: | |||||
| Distribution, selling, and | $1,748,866 | 2.09% | $1,490,343 | 1.89% | 17.3% |
| administrative | |||||
| Depreciation and amortization | $258,770 | 0.31% | $277,044 | 0.35% | (6.6)% |
| Litigation and opioid-related expenses2 | $14,408 | $65,517 | |||
| Acquisition-related deal and | $100,114 | $33,570 | |||
| integration expenses3 | |||||
| Restructuring and other expenses | $89,032 | $81,304 | |||
| Goodwill impairment4 | $723,884 | $418,000 | |||
| Total operating expenses | $2,935,074 | 3.51% | $2,365,778 | 2.99% | 24.1% |
| Operating income | $18,503 | 0.02% | $126,639 | 0.16% | (85.4)% |
| Other loss (income), net5 | $127,714 | $-19,507 | |||
| Interest expense, net | $77,833 | $20,969 | 271.2% | ||
| (Loss) income before income taxes | $-187,044 | (0.22)% | $125,177 | 0.16% | (249.4)% |
| Income tax expense | $146,027 | $117,711 | |||
| Net (loss) income | $-333,071 | (0.40)% | $7,466 | 0.01% | (4,561.2)% |
| Net income attributable to | $-6,633 | $-4,084 | |||
| noncontrolling interests | |||||
| Net (loss) income attributable to | $-339,704 | (0.41)% | $3,382 | —% | (10,144.5)% |
| Cencora, Inc. | |||||
| Earnings per share: | |||||
| Basic | $-1.75 | $0.02 | (8,850.0)% | ||
| Diluted | $-1.75 | $0.02 | (8,850.0)% | ||
| Weighted average common shares | |||||
| outstanding: | |||||
| Basic | 193,899 | 196,270 | (1.2)% | ||
| Diluted | 193,899 | 198,082 | (2.1)% |
| ASSETS | September 30, 2025 | September 30, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $4,356,138 | $3,132,648 |
| Accounts receivable, net | $25,225,299 | $23,871,815 |
| Inventories | $20,492,480 | $18,998,833 |
| Right to recover assets | $1,625,817 | $1,175,871 |
| Prepaid expenses and other | $539,339 | $538,646 |
| Total current assets | $52,239,073 | $47,717,813 |
| Property and equipment, net | $2,539,076 | $2,181,410 |
| Goodwill and other intangible assets | $17,450,701 | $13,319,073 |
| Deferred income taxes | $208,810 | $246,348 |
| Other long-term assets | $4,152,452 | $3,637,023 |
| Total assets | $76,590,112 | $67,101,667 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $54,719,761 | $50,942,162 |
| Accrued expenses and other | $2,982,993 | $2,758,560 |
| Short-term debt | $117,785 | $576,331 |
| Total current liabilities | $57,820,539 | $54,277,053 |
| Long-term debt | $7,542,988 | $3,811,745 |
| Accrued income taxes | $337,631 | $291,796 |
| Deferred income taxes | $1,620,724 | $1,643,746 |
| Accrued litigation liability | $3,881,283 | $4,296,902 |
| Other long-term liabilities | $3,639,862 | $1,993,683 |
| Total equity | $1,747,085 | $786,742 |
| Total liabilities and stockholders’ equity | $76,590,112 | $67,101,667 |