Cencora (COR) financial statements
Cencora reported revenue of $321.3B in fiscal 2025, up 9.1% a year over 9 years.
Net income was $1.6B and the operating margin 0.8%, against 1.0% in 2016.
Free cash flow was $3.2B, and the company returned $437M in dividends and $435M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cencora's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $146.8B | $153.1B | $167.9B | $179.6B | $189.9B | $214.0B | $238.6B | $262.2B | $294.0B | $321.3B |
| Cost of revenue | $142.6B | $148.6B | $163.3B | $174.5B | $184.7B | $207.0B | $230.3B | $253.2B | $284.0B | $309.9B |
| Gross profit | $4.3B | $4.5B | $4.6B | $5.1B | $5.2B | $6.9B | $8.3B | $9.0B | $9.9B | $11.5B |
| Selling, general and admin | $2.1B | $2.1B | $2.5B | $2.7B | $2.8B | $3.6B | $4.8B | $5.3B | $5.7B | $6.5B |
| Operating income | $1.5B | $1.1B | $1.4B | $1.1B | -$5.1B | $2.4B | $2.4B | $2.3B | $2.2B | $2.6B |
| Pre-tax income | $1.4B | $918M | $1.2B | $967M | -$5.3B | $2.2B | $2.2B | $2.2B | $2.0B | $2.3B |
| Income tax | -$37M | $553M | -$438M | $113M | -$1.9B | $677M | $517M | $428M | $485M | $691M |
| Net income | $1.4B | $364M | $1.7B | $855M | -$3.4B | $1.5B | $1.7B | $1.7B | $1.5B | $1.6B |
| EPS (diluted) | $6.32 | $1.64 | $7.53 | $4.04 | -$16.65 | $7.39 | $8.04 | $8.53 | $7.53 | $7.96 |
| Diluted shares | 226M | 222M | 220M | 212M | 205M | 208M | 211M | 205M | 200M | 195M |
| Gross margin | 2.9% | 3.0% | 2.7% | 2.9% | 2.7% | 3.2% | 3.5% | 3.4% | 3.4% | 3.6% |
| Operating margin | 1.0% | 0.7% | 0.9% | 0.6% | -2.7% | 1.1% | 1.0% | 0.9% | 0.7% | 0.8% |
| Net margin | 1.0% | 0.2% | 1.0% | 0.5% | -1.8% | 0.7% | 0.7% | 0.7% | 0.5% | 0.5% |
Balance sheet
Fiscal years, from Cencora's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.7B | $2.4B | $2.5B | $3.4B | $4.6B | $2.5B | $3.4B | $2.6B | $3.1B | $4.4B |
| Receivables | $9.2B | $10.3B | $11.3B | $12.4B | $13.8B | $18.2B | $18.5B | $20.9B | $23.9B | $25.2B |
| Inventory | $10.7B | $11.5B | $11.9B | $11.1B | $12.6B | $15.4B | $15.6B | $17.5B | $19.0B | $20.5B |
| Total current assets | $22.9B | $24.3B | $25.9B | $28.1B | $33.1B | $38.8B | $39.6B | $42.8B | $47.7B | $52.2B |
| Property, plant and equipment | $1.5B | $1.8B | $1.9B | $1.8B | $1.5B | $2.2B | $2.1B | $2.1B | $2.2B | $2.5B |
| Goodwill | $6.0B | $6.0B | $6.7B | $6.7B | $6.7B | $9.0B | $8.5B | $9.6B | $9.3B | $13.7B |
| Total assets | $33.6B | $35.3B | $37.7B | $39.2B | $44.3B | $57.3B | $56.6B | $62.6B | $67.1B | $76.6B |
| Total current liabilities | $25.3B | $26.8B | $27.9B | $29.6B | $33.9B | $41.4B | $43.5B | $48.8B | $54.3B | $57.8B |
| Long-term debt | $3.6B | $3.4B | $4.2B | $4.0B | $3.6B | $6.4B | $4.6B | $4.1B | $3.8B | $7.5B |
| Total liabilities | $31.5B | $33.3B | $34.6B | $36.2B | $45.1B | $56.8B | $56.5B | $61.9B | $66.3B | $74.8B |
| Shareholders' equity | $2.1B | $2.1B | $2.9B | $2.9B | -$1.0B | $223M | -$212M | $522M | $646M | $1.5B |
| Net debt | $1.4B | $1.0B | $1.8B | $799M | -$478M | $4.1B | $2.3B | $2.2B | $1.3B | $3.3B |
Cash flow
Fiscal years, from Cencora's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.2B | $1.5B | $1.4B | $2.3B | $2.2B | $2.7B | $2.7B | $3.9B | $3.5B | $3.9B |
| Capital spending | $465M | $466M | $336M | $310M | $370M | $438M | $496M | $458M | $487M | $668M |
| Free cash flow | $2.7B | $1.0B | $1.1B | $2.0B | $1.8B | $2.2B | $2.2B | $3.5B | $3.0B | $3.2B |
| Stock-based compensation | $65M | $62M | $62M | $59M | $74M | $100M | $93M | $125M | $148M | $148M |
| Dividends paid | $288M | $320M | $333M | $339M | $344M | $367M | $392M | $399M | $416M | $437M |
| Share buybacks (net) | -$2.3B | -$330M | -$639M | -$674M | -$420M | -$82M | -$484M | -$1.2B | -$1.5B | -$435M |
| Net borrowing | $200M | -$750M | $633M | -$4M | $1M | $2.3B | $155M | -$654M | $26M | $3.2B |
| Free cash flow margin | 1.8% | 0.7% | 0.6% | 1.1% | 1.0% | 1.0% | 0.9% | 1.3% | 1.0% | 1.0% |
| Dividends per share | $1.28 | $1.45 | $1.51 | $1.60 | $1.68 | $1.76 | $1.85 | $1.95 | $2.08 | $2.24 |
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Open COR in InvestinglyQuestions
What was Cencora's revenue in 2025?
$321.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cencora generate?
$3.2B in fiscal 2025 (operating cash flow minus capital spending).
From Cencora's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.