Revenue growth has trended downward to 3.8% in 2026Q2, while gross margins remain structurally limited, fluctuating within a narrow 2.7% to 4.6% range over the past ten quarters.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 328.68B | 321.33B | 293.96B | 262.17B | 238.59B | 213.99B | 189.89B | 179.59B | 167.94B | 153.14B | 146.85B | 135.96B | 119.57B | 87.96B | 79.49B | 80.22B | 77.95B | 71.76B | 70.19B | 66.07B | 61.2B | 54.58B | 53.18B | 49.66B | 45.23B | 16.19B | 11.65B | 9.81B | 8.67B | 7.82B | 5.55B |
| Revenue Growth % | 5.95% | 9.31% | 12.12% | 9.89% | 11.5% | 12.69% | 5.74% | 6.94% | 9.66% | 4.29% | 8.01% | 13.71% | 35.94% | 10.65% | -0.91% | 2.9% | 8.63% | 2.24% | 6.23% | 7.96% | 12.14% | 2.63% | 7.09% | 9.78% | 179.38% | 39.04% | 18.74% | 13.13% | 10.91% | 40.78% | 18.91% |
| Cost of Goods Sold | 317.02B | 311.19B | 285.26B | 254.42B | 230.99B | 207.72B | 185.1B | 175.06B | 163.83B | 149B | 143.08B | 132.75B | 116.8B | 85.64B | 76.98B | 77.79B | 75.7B | 69.74B | 68.24B | 63.87B | 59.1B | 52.72B | 51.07B | 47.41B | 43.21B | 15.49B | 11.12B | 9.33B | 8.25B | 7.43B | 5.25B |
| COGS % of Revenue | - | 96.84% | 97.04% | 97.04% | 96.81% | 97.07% | 97.48% | 97.48% | 97.55% | 97.29% | 97.43% | 97.64% | 97.68% | 97.36% | 96.84% | 96.97% | 97.11% | 97.19% | 97.22% | 96.67% | 96.56% | 96.59% | 96.03% | 95.47% | 95.52% | 95.68% | 95.53% | 95.15% | 95.12% | 95.02% | 94.51% |
| Gross Profit | 11.66B | 10.14B | 8.7B | 7.76B | 7.6B | 6.27B | 4.79B | 4.53B | 4.11B | 4.15B | 3.77B | 3.22B | 2.77B | 2.32B | 2.51B | 2.43B | 2.25B | 2.02B | 1.95B | 2.2B | 2.1B | 1.86B | 2.06B | 2.25B | 2.02B | 700.12M | 520.89M | 475.6M | 423.1M | 389.3M | 304.9M |
| Gross Margin % | 3.55% | 3.16% | 2.96% | 2.96% | 3.19% | 2.93% | 2.52% | 2.52% | 2.45% | 2.71% | 2.57% | 2.36% | 2.32% | 2.64% | 3.16% | 3.03% | 2.89% | 2.81% | 2.78% | 3.33% | 3.44% | 3.41% | 3.86% | 4.53% | 4.48% | 4.32% | 4.47% | 4.85% | 4.88% | 4.98% | 5.49% |
| Gross Profit Growth % | - | 16.55% | 12.18% | 2.05% | 21.24% | 30.83% | 5.78% | 10.19% | -0.86% | 9.88% | 17.38% | 15.96% | 19.37% | -7.58% | 3.48% | 7.97% | 11.4% | 3.65% | -11.43% | 4.5% | 13.23% | -9.54% | -8.55% | 11% | 189.16% | 34.41% | 9.52% | 12.41% | 8.68% | 27.68% | 13.43% |
| Operating Expenses | 7.66B | 6.49B | 5.66B | 5.31B | 4.85B | 3.59B | 2.77B | 2.66B | 2.46B | 2.13B | 2.09B | 1.91B | 1.59B | 1.33B | 1.23B | 1.2B | 1.16B | 1.12B | 1.12B | 1.41B | 1.38B | 1.23B | 1.18B | 1.36B | 1.22B | 427.63M | 320.46M | 301.7M | 271.5M | 269.7M | 207M |
| OpEx % of Revenue | - | 2.02% | 1.93% | 2.03% | 2.03% | 1.68% | 1.46% | 1.48% | 1.47% | 1.39% | 1.42% | 1.4% | 1.33% | 1.52% | 1.55% | 1.49% | 1.49% | 1.56% | 1.6% | 2.14% | 2.25% | 2.26% | 2.23% | 2.75% | 2.7% | 2.64% | 2.75% | 3.08% | 3.13% | 3.45% | 3.73% |
| Selling, General & Admin | 7.19B | 6.49B | 5.66B | 5.31B | 4.85B | 3.59B | 2.77B | 2.66B | 2.46B | 2.13B | 2.09B | 1.91B | 1.59B | 1.33B | 1.23B | 1.2B | 1.16B | 1.12B | 1.12B | 1.41B | 1.38B | 1.23B | 1.18B | 1.29B | 1.22B | 408.76M | 303.04M | 281.8M | 254.9M | 255.4M | 195.4M |
| SG&A % of Revenue | - | 2.02% | 1.93% | 2.03% | 2.03% | 1.68% | 1.46% | 1.48% | 1.47% | 1.39% | 1.42% | 1.4% | 1.33% | 1.52% | 1.55% | 1.49% | 1.49% | 1.56% | 1.6% | 2.14% | 2.25% | 2.26% | 2.23% | 2.6% | 2.7% | 2.52% | 2.6% | 2.87% | 2.94% | 3.27% | 3.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.99M | 0 | 18.87M | 17.42M | 19.9M | 16.6M | 14.3M | 11.6M |
| Operating Income | 4B | 3.65B | 3.04B | 2.45B | 2.75B | 2.68B | 2.02B | 1.87B | 1.65B | 2.02B | 1.68B | 1.31B | 1.19B | 989.02M | 1.28B | 1.23B | 1.09B | 899.13M | 823.54M | 786.61M | 727.93M | 624.83M | 870.48M | 883.11M | 718.43M | 259.38M | 200.43M | 173.9M | 151.6M | 119.6M | 97.9M |
| Operating Margin % | 1.22% | 1.14% | 1.03% | 0.93% | 1.15% | 1.25% | 1.07% | 1.04% | 0.98% | 1.32% | 1.15% | 0.96% | 0.99% | 1.12% | 1.62% | 1.53% | 1.4% | 1.25% | 1.17% | 1.19% | 1.19% | 1.14% | 1.64% | 1.78% | 1.59% | 1.6% | 1.72% | 1.77% | 1.75% | 1.53% | 1.76% |
| Operating Income Growth % | - | 19.98% | 24.26% | -11.09% | 2.87% | 32.13% | 8.47% | 13.06% | -18.2% | 19.93% | 28.72% | 10.29% | 19.85% | -22.96% | 4.31% | 13.08% | 21.05% | 9.18% | 4.69% | 8.06% | 16.5% | -28.22% | -1.43% | 22.92% | 176.98% | 29.41% | 15.26% | 14.71% | 26.76% | 22.17% | 0.1% |
| EBITDA | 5.03B | 4.71B | 4.15B | 3.42B | 3.45B | 3.18B | 2.43B | 2.36B | 2.15B | 2.44B | 2.07B | 1.56B | 1.37B | 1.15B | 1.43B | 1.35B | 1.19B | 989.16M | 915.9M | 886.29M | 820.98M | 715.71M | 957.56M | 963.55M | 785.01M | 284.09M | 217.85M | 193.8M | 168.2M | 133.9M | 109.5M |
| EBITDA Margin % | 1.53% | 1.46% | 1.41% | 1.3% | 1.45% | 1.49% | 1.28% | 1.31% | 1.28% | 1.59% | 1.41% | 1.15% | 1.15% | 1.31% | 1.79% | 1.69% | 1.52% | 1.38% | 1.3% | 1.34% | 1.34% | 1.31% | 1.8% | 1.94% | 1.74% | 1.75% | 1.87% | 1.98% | 1.94% | 1.71% | 1.97% |
| EBITDA Growth % | 17.38% | 13.35% | 21.44% | -0.89% | 8.47% | 31.08% | 3.02% | 9.51% | -11.9% | 18.05% | 32.8% | 13.38% | 18.93% | -19% | 5.46% | 13.84% | 20.06% | 8% | 3.34% | 7.96% | 14.71% | -25.26% | -0.62% | 22.74% | 176.32% | 30.4% | 12.41% | 15.22% | 25.62% | 22.28% | 1.48% |
| D&A (Non-Cash Add-back) | 1.03B | 1.06B | 1.11B | 972.39M | 697.94M | 505.17M | 401.62M | 488.54M | 499.64M | 422.92M | 385.03M | 249.78M | 188.05M | 165.83M | 141.99M | 121.23M | 99.21M | 90.03M | 92.37M | 99.68M | 93.05M | 90.88M | 87.09M | 80.44M | 66.58M | 24.71M | 17.42M | 19.9M | 16.6M | 14.3M | 11.6M |
| EBIT | 1.72B | 2.68B | 2.25B | 2.44B | 2.42B | 2.4B | -5.14B | 1.16B | 1.37B | 1.07B | 1.54B | 380.99M | 751.13M | 899.51M | 1.26B | 1.21B | 1.1B | 887.58M | 836.44M | 860.76M | 753.09M | 526.05M | 883.6M | 883.11M | 712.78M | 0 | 200.43M | 0 | 0 | 119.6M | 97.9M |
| Net Interest Income | -372.5M | -291.55M | -156.99M | -228.93M | -210.67M | -174.07M | -137.88M | -157.77M | -174.7M | -145.19M | -139.91M | -109.04M | -76.86M | -73.9M | -95.42M | -76.72M | -72.49M | -58.31M | -64.5M | -32.29M | -12.46M | -57.22M | -112.7M | 0 | -140.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 87.58M | 128.21M | 91.69M | 46.72M | 21.31M | 8.47M | 20.64M | 37.7M | 14.94M | 3.86M | 4.44M | 2.98M | 841K | 1.15M | 1.8M | 2.18M | 2.31M | 5.2M | 10.6M | 43.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 460.08M | 419.75M | 248.68M | 275.65M | 231.98M | 182.54M | 158.52M | 195.47M | 189.64M | 149.04M | 144.35M | 112.02M | 77.7M | 75.05M | 97.22M | 78.9M | 74.81M | 63.5M | 75.1M | 75.71M | 12.46M | 57.22M | 112.7M | 0 | 140.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -492.65M | -1.39B | -1.04B | -285.68M | -568.62M | -453.15M | -7.32B | -899.42M | -473.53M | -1.1B | -291.97M | -1.04B | -511.95M | -164.56M | -120.62M | -100.08M | -60.58M | -75.05M | -62.2M | -1.56M | 12.7M | -156M | -99.58M | -156.98M | -146.38M | -56.54M | -40.73M | -54.6M | -68.8M | -41.6M | -35.9M |
| Pretax Income | 3.51B | 2.26B | 2B | 2.16B | 2.18B | 2.22B | -5.29B | 967.11M | 1.18B | 917.89M | 1.39B | 268.96M | 673.43M | 824.46M | 1.16B | 1.13B | 1.03B | 824.07M | 761.34M | 785.05M | 740.63M | 468.82M | 770.9M | 726.13M | 572.05M | 202.83M | 159.7M | 119.3M | 82.8M | 78M | 62M |
| Pretax Margin % | 1.07% | 0.7% | 0.68% | 0.82% | 0.92% | 1.04% | -2.79% | 0.54% | 0.7% | 0.6% | 0.95% | 0.2% | 0.56% | 0.94% | 1.46% | 1.41% | 1.32% | 1.15% | 1.08% | 1.19% | 1.21% | 0.86% | 1.45% | 1.46% | 1.26% | 1.25% | 1.37% | 1.22% | 0.96% | 1% | 1.12% |
| Income Tax | 954.11M | 690.52M | 484.7M | 428.26M | 516.52M | 677.25M | -1.89B | 112.97M | -438.47M | 553.4M | -37.02M | 409.04M | 389.4M | 331.02M | 454.94M | 424.02M | 391.02M | 312.22M | 292.27M | 291.28M | 272.62M | 176.9M | 291.98M | 284.9M | 227.11M | 77.73M | 60.69M | 48.4M | 32.3M | 30.6M | 19.3M |
| Effective Tax Rate % | 27.21% | 30.58% | 24.19% | 19.82% | 23.66% | 30.48% | 35.78% | 11.68% | -37.24% | 60.29% | -2.66% | 152.08% | 57.82% | 40.15% | 39.11% | 37.5% | 38.05% | 37.89% | 38.39% | 37.1% | 36.81% | 37.73% | 37.88% | 39.24% | 39.7% | 38.32% | 38% | 40.57% | 39.01% | 39.23% | 31.13% |
| Net Income | 2.55B | 1.55B | 1.51B | 1.75B | 1.7B | 1.54B | -3.4B | 855.37M | 1.66B | 414.48M | 1.43B | -134.89M | 276.48M | 433.71M | 718.99M | 706.62M | 636.75M | 503.4M | 250.56M | 469.17M | 467.71M | 319.2M | 468.39M | 441.23M | 344.94M | 125.1M | 99.01M | 67.5M | 50.5M | 45.4M | 35.5M |
| Net Margin % | 0.78% | 0.48% | 0.51% | 0.67% | 0.71% | 0.72% | -1.79% | 0.48% | 0.99% | 0.27% | 0.97% | -0.1% | 0.23% | 0.49% | 0.9% | 0.88% | 0.82% | 0.7% | 0.36% | 0.71% | 0.76% | 0.58% | 0.88% | 0.89% | 0.76% | 0.77% | 0.85% | 0.69% | 0.58% | 0.58% | 0.64% |
| Net Income Growth % | 50.51% | 2.99% | -13.53% | 2.74% | 10.32% | 145.3% | -497.44% | -48.42% | 300.11% | -70.97% | 1158.61% | -148.79% | -36.25% | -39.68% | 1.75% | 10.97% | 26.49% | 100.91% | -46.59% | 0.31% | 46.53% | -31.85% | 6.16% | 27.91% | 175.73% | 26.35% | 46.69% | 33.66% | 11.23% | 27.89% | 248.04% |
| Net Income (Continuing) | 2.56B | 1.57B | 1.52B | 1.73B | 1.67B | 1.54B | -3.4B | 854.13M | 1.62B | 364.48M | 1.43B | -138.16M | 284.03M | 493.44M | 708.19M | 706.62M | 636.75M | 511.85M | 469.06M | 493.77M | 468.01M | 291.92M | 474.87M | 441.23M | 344.94M | 125.1M | 99.01M | 67.5M | 50.5M | 45.4M | 35.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.55M | -59.73M | 10.8M | 0 | 0 | -8.46M | -218.5M | -24.6M | 0 | -10.61M | -6.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 187.36M | 239.07M | 140.8M | 144.28M | 282.83M | 361.06M | 179.29M | 114.29M | 117.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.04 | 7.96 | 7.53 | 8.53 | 8.04 | 7.39 | -16.60 | 4.04 | 7.53 | 1.64 | 6.32 | -0.62 | 1.17 | 1.84 | 2.80 | 2.54 | 2.22 | 1.66 | 0.77 | 1.25 | 1.13 | 0.74 | 1.01 | 0.95 | 0.77 | 0.50 | 0.48 | 0.33 | 0.25 | 0.23 | 0.19 |
| EPS Growth % | 51.33% | 5.71% | -11.72% | 6.09% | 8.8% | 144.52% | -510.89% | -46.35% | 359.15% | -74.05% | 1119.35% | -152.99% | -36.41% | -34.29% | 10.24% | 14.41% | 33.73% | 115.58% | -38.4% | 10.62% | 52.7% | -26.73% | 6.32% | 23.38% | 54% | 4.17% | 45.45% | 32% | 8.7% | 21.05% | 171.43% |
| EPS (Basic) | - | 8.02 | 7.60 | 8.62 | 8.15 | 7.48 | -16.60 | 4.07 | 7.61 | 1.67 | 6.73 | -0.62 | 1.22 | 1.88 | 2.84 | 2.59 | 2.26 | 1.67 | 0.78 | 1.27 | 1.14 | 0.75 | 1.05 | 1.01 | 0.82 | 0.55 | 0.48 | 0.33 | 0.26 | 0.23 | 0.20 |
| Diluted Shares Outstanding | 195.38M | 195.21M | 200.28M | 204.59M | 211.21M | 208.47M | 204.78M | 211.84M | 220.34M | 221.6M | 225.96M | 217.79M | 235.41M | 235.34M | 256.9M | 277.72M | 287.25M | 302.75M | 324.92M | 375.77M | 414.89M | 431.08M | 471.12M | 463.82M | 448.91M | 251.23M | 208.08M | 206.73M | 202.85M | 200.42M | 184.42M |
| Basic Shares Outstanding | 194.54M | 193.82M | 198.5M | 204.59M | 208.47M | 205.92M | 204.78M | 210.16M | 217.87M | 218.38M | 212.21M | 217.79M | 227.37M | 231.07M | 252.91M | 272.47M | 282.26M | 300.57M | 321.28M | 370.36M | 410.02M | 425.26M | 447.35M | 435.38M | 419.74M | 228.74M | 206.21M | 202.79M | 190.71M | 198.35M | 182.05M |
| Dividend Payout Ratio | - | 28.12% | 27.58% | 22.85% | 23.06% | 23.81% | - | 39.63% | 20.08% | 77.27% | 20.2% | - | 77.57% | 45.13% | 18.46% | 16.65% | 14.23% | 12.45% | 19.43% | 7.94% | 4.4% | 3.32% | 2.39% | 2.49% | 3.04% | - | - | - | - | - | - |
Regulatory drug pricing pressure
According to recent financial disclosures, Cencora's year-over-year revenue growth has decelerated from a peak of 15.0% in 2024Q1 to 3.8% by 2026Q2, suggesting that the company's reliance on high-cost drug inflation may be encountering headwinds as volume expansion fails to offset broader market maturation.
The consistent decline in top-line growth rates indicates that the company's transactional volume is struggling to maintain momentum. Investors should monitor whether this deceleration reflects a structural shift in pharmaceutical procurement patterns or merely a temporary lull in the generic conversion cycle.
As reported in quarterly filings, Cencora's gross margin fluctuated between 2.7% and 4.6% over the last ten quarters, highlighting the inherent difficulty in expanding profitability within a high-volume, low-margin distribution model that lacks significant pricing power over global pharmaceutical manufacturers.
The narrow margin profile suggests that Cencora remains highly sensitive to product mix shifts, particularly the balance between branded and generic pharmaceuticals. Any sustained margin compression may indicate that the company is failing to capture sufficient value from its specialty services and biosimilar distribution initiatives.
Based on the provided income statement data, net income has exhibited extreme volatility, ranging from a $339.7 million loss in 2025Q4 to a $1.6 billion profit in 2026Q2, which appears to be driven by non-operating items rather than consistent core operational improvements.
The erratic nature of bottom-line results warrants further investigation into the impact of litigation-related charges and other non-recurring items. Analysts should be cautious in relying on headline EPS figures, as they may not accurately reflect the underlying cash-generating capability of the core distribution business.
Data from recent income statements shows that SG&A expenses have remained relatively contained between $1.4 billion and $2.0 billion, suggesting that management is attempting to maintain operational discipline even as revenue growth slows and the company navigates a complex, high-cost pharmaceutical supply chain environment.
While the absolute level of SG&A appears stable, the lack of significant operating leverage suggests that the company's cost structure is largely fixed and difficult to scale down during periods of slower growth. This rigidity may limit the company's ability to protect operating margins if inflationary pressures on labor and logistics persist.
Quick answers to the most common questions about buying COR stock.
For fiscal year 2025, Cencora, Inc. (COR) reported total revenue of $321.33B. This represents a 5688.0% increase compared to $5.55B in 1996.
Cencora, Inc. (COR) is profitable, generating $1.55B in net income for the fiscal year ending 2025 with a net profit margin of 0.5%.
Cencora, Inc. (COR) reported an operating income of $3.65B, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cencora, Inc. (COR) generated $10.14B in gross profit for the year, representing a gross profit margin of 3.2%. This demonstrates the company's core pricing power and production efficiency.