Cencora
COR · NYSEWholesale-Drugs, Proprietaries & Druggists' Sundries · Fiscal year ends Sep 30
Cencora reported revenue of $321B in the fiscal year ended Sep 2025, up 9.3% from the year before. Operating income was $2.6B, an operating margin of 0.8%, and net income was $1.6B. Operating cash flow of $3.9B less capital expenditure of $668M left free cash flow of $3.2B. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $214B | $239B | $262B | $294B | $321B |
| Cost of revenue | $207B | $230B | $253B | $284B | $310B |
| Gross profit | $6.9B | $8.3B | $9B | $9.9B | $11.5B |
| Selling, general & admin | $3.6B | $4.8B | $5.3B | $5.7B | $6.5B |
| Operating income | $2.4B | $2.4B | $2.3B | $2.2B | $2.6B |
| Pre-tax income | $2.2B | $2.2B | $2.2B | $2B | $2.3B |
| Income tax | $677M | $517M | $428M | $485M | $691M |
| Net income | $1.5B | $1.7B | $1.7B | $1.5B | $1.6B |
| Diluted EPS | 7.39 | 8.04 | 8.53 | 7.53 | 7.96 |
| Diluted shares | 208M | 211M | 205M | 200M | 195M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $3.4B | $2.6B | $3.1B | $4.4B |
| Receivables | $18.2B | $18.5B | $20.9B | $23.9B | $25.2B |
| Inventory | $15.4B | $15.6B | $17.5B | $19B | $20.5B |
| Current assets | $38.8B | $39.6B | $42.8B | $47.7B | $52.2B |
| Net PP&E | $2.2B | $2.1B | $2.1B | $2.2B | $2.5B |
| Goodwill | $9B | $8.5B | $9.6B | $9.3B | $13.7B |
| Total assets | $57.3B | $56.6B | $62.6B | $67.1B | $76.6B |
| Payables | $38B | $40.2B | $45.8B | $50.9B | $54.7B |
| Current liabilities | $41.4B | $43.5B | $48.8B | $54.3B | $57.8B |
| Short-term debt | $0 | $1.1B | $641M | $576M | $118M |
| Long-term debt | $6.4B | $4.6B | $4.1B | $3.8B | $7.5B |
| Shareholders' equity | $223M | −$212M | $522M | $646M | $1.5B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $2.7B | $3.9B | $3.5B | $3.9B |
| Capital expenditure | $438M | $496M | $458M | $487M | $668M |
| Free cash flow | $2.2B | $2.2B | $3.5B | $3B | $3.2B |
| Depreciation & amortisation | $505M | $694M | $964M | $1.1B | $1.1B |
| Stock-based compensation | $100M | $93M | $125M | $148M | $148M |
| Acquisitions | $5.6B | $134M | $1.4B | $70M | $4.1B |
| Share buybacks | $82M | $484M | $1.2B | $1.5B | $435M |
| Dividends paid | $367M | $392M | $399M | $416M | $437M |
| Dividend per share | 1.76 | 1.84 | 1.94 | 2.04 | 2.20 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.5% | 9.9% | 12.1% | 9.3% |
| Operating income growth (YoY) | – | 0.5% | −1.1% | −7.1% | 20.8% |
| EPS growth (YoY) | – | 8.8% | 6.1% | −11.7% | 5.7% |
| Gross margin | 3.2% | 3.5% | 3.4% | 3.4% | 3.6% |
| Operating margin | 1.1% | 1.0% | 0.9% | 0.7% | 0.8% |
| Net margin | 0.7% | 0.7% | 0.7% | 0.5% | 0.5% |
| Return on equityBlank when equity is negative | 689.5% | – | 334.3% | 233.6% | 103.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.7% | 18.1% | 17.1% | 17.0% | 14.0% |
| Free cash flow margin | 1.0% | 0.9% | 1.3% | 1.0% | 1.0% |
| Cash conversion (CFO ÷ net income) | 1.73x | 1.59x | 2.24x | 2.31x | 2.49x |
| Receivable days | 31 | 28 | 29 | 30 | 29 |
| Inventory days | 27 | 25 | 25 | 24 | 24 |
| Payable days | 67 | 64 | 66 | 65 | 64 |
| Debt ÷ equity | 28.6x | – | 9.17x | 6.79x | 5.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.8B | $2.3B | $2.2B | $1.3B | $3.3B |
| Current ratio | 0.94x | 0.91x | 0.88x | 0.88x | 0.90x |
Recent filings
More in Wholesale-Drugs, Proprietaries & Druggists' Sundries
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.