Cencora (COR) Q4 2026 Earnings Report

The call was predominantly positive, with record fiscal 2026 results, strong fourth-quarter growth, expanding specialty capabilities, positive performance from OneOncology and RCA, robust free cash flow, and above-algorithm specialty guidance. The main challenges were lower consolidated growth expected in fiscal 2027, customer volume and foreign-exchange headwinds, manufacturer price reductions, higher interest expense, and the financial impact of portfolio divestitures and the expected Covetrus merger.

For fiscal 27, Cencora expects adjusted diluted EPS to be in the range of $19.40 to $19.75, reflecting headline growth of 8% to 10%; excluding the assumed $0.35 impact of the mid fiscal year merger of MWI and Covetrus, adjusted EPS growth would be 10% to 12%. Consolidated revenue growth is expected to be in the range of 3% to 5%, operating income growth in the range of 4% to 6%, and excluding the businesses in other, adjusted operating income growth would be 8.5% to 11%; interest expense is expected to be in the range of $490 million to $510 million, the effective tax rate approximately 20%, full year diluted average shares outstanding approximately 190 million shares, additional fiscal 27 repurchases $1.25 billion, capital expenditures $1 billion, and adjusted free cash flow approximately $3.5 billion. Pharmaceutical distribution and services revenue growth is expected to be in the range of 4% to 6% and operating income growth 2% to 4%, including an approximate $20 million headwind related to the European distribution business; specialty pharmaceutical and provider services revenue growth is expected to be in the range of 9% to 14% and operating income growth in the range of 18% to 21%; revenue in other is expected to be approximately $3.5 billion and operating income in Other approximately $200 million; adjusted diluted EPS in the first quarter is expected to be approximately $4.55.