Cencora, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cencora, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	146,850	153,144	167,940	179,589	189,894	213,989	238,587	262,173	293,959	321,333
Cost of revenue	142,577	148,598	163,327	174,451	184,702	207,046	230,291	253,214	284,049	309,854
Gross profit	4,273	4,546	4,612	5,138	5,192	6,943	8,296	8,959	9,910	11,479
Selling, general and administrative	2,091	2,129	2,460	2,664	2,767	3,594	4,849	5,310	5,661	6,494
Operating expenses								5,723	6,093	6,992
Operating income	1,526	1,060	1,444	1,112	-5,135	2,354	2,366	2,341	2,175	2,629
Other non-operating income	5.05	2.73	-25.5	13	1.58	41.7	27.4	49	-14.3	-78.7
Pre-tax income	1,391	918	1,177	967	-5,294	2,222	2,183	2,161	2,004	2,258
Income tax	-37	553	-438	113	-1,894	677	517	428	485	691
Income from continuing operations	1,428
Net income to minority interests	0	0	-42.5	-1.23	9.16	4.68	-32.3	-12.7	10.2	13.6
Net income	1,428	364	1,658	855	-3,409	1,540	1,699	1,745	1,509	1,554
EBITDA	1,891	1,458	1,909	1,574	-4,744	2,859	3,060	3,305	3,267	3,680
EPS, basic	6.73	1.67	7.61	4.07	-16.65	7.48	8.15	8.62	7.60	8.02
EPS, diluted	6.32	1.64	7.53	4.04	-16.65	7.39	8.04	8.53	7.53	7.96
Shares, basic (weighted)	212	218	218	210	205	206	208	203	199	194
Shares, diluted (weighted)	226	222	220	212	205	208	211	205	200	195
Dividend per share	1.36	1.46	1.52	1.60	1.66	1.76	1.84	1.94	2.04	2.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,742	2,435	2,493	3,374	4,598	2,547	3,388	2,592	3,133	4,356
Receivables	9,176	10,303	11,314	12,387	13,846	18,167	18,453	20,911	23,872	25,225
Inventory	10,724	11,461	11,919	11,060	12,589	15,368	15,556	17,455	18,999	20,492
Other current assets	210	103	169	157	189	854	488	449	539	539
Total current assets	22,852	24,303	25,894	28,132	33,056	38,803	39,590	42,799	47,718	52,239
Property, plant and equipment	1,531	1,798	1,892	1,771	1,485	2,163	2,135	2,135	2,181	2,539
Lease right-of-use assets					444	1,067	945	1,019	1,142	1,548
Goodwill	5,991	6,044	6,664	6,706	6,707	9,031	8,504	9,574	9,318	13,677
Intangible assets	2,968	2,833	2,948	2,295	1,886	5,257	4,333	4,432	4,001	3,774
Other non-current assets	296	338	271	269	780	1,794	1,762	3,418	3,637	4,152
Total assets	33,638	35,316	37,670	39,172	44,275	57,338	56,561	62,559	67,102	76,590
Accounts payable	23,926	25,404	26,837	28,385	31,705	38,010	40,193	45,836	50,942	54,720
Accrued liabilities	744	1,402	881	1,057	1,647	2,856	2,215	2,354	2,759	2,983
Short-term debt	610	12.1	152	139	501	300	1,070	641	576	118
Total current liabilities	25,280	26,818	27,870	29,581	33,853	41,359	43,478	48,831	54,277	57,821
Long-term debt	3,576	3,430	4,159	4,034	3,618	6,384	4,632	4,146	3,812	7,543
Lease liabilities					386	946	864	924	1,030	1,417
Other non-current liabilities	160	75.4	110	98.8	473	1,083	977	1,885	1,994	3,640
Total liabilities	31,508	33,252	34,620	36,179	45,114	56,753	56,489	61,892	66,315	74,843
Total debt	4,187	3,442	177	4,173	4,120	6,684	5,703	4,787	4,388	7,661
Paid-in capital	4,333	4,518	4,715	4,850	5,082	5,465	5,659	5,845	6,031	6,204
Retained earnings	2,304	2,395	3,721	4,235	518	1,671	2,978	4,324	5,417	6,534
Treasury stock	-4,396	-4,755	-5,427	-6,098	-6,513	-6,470	-7,020	-8,247	-9,816	-10,332
Other comprehensive income	-114	-95.9	-79.3	-112	-109	-445	-1,831	-1,403	-989	-901
Shareholders' equity	2,129	2,064	2,933	2,879	-1,019	223	-212	522	646	1,508
Minority interests		0	117	114	179	361	283	144	141	239
Total equity	2,129	2,064	3,050	2,993	-840	584	71.3	666	787	1,747
Total liabilities and equity	33,638	35,316	37,670	39,172	44,275	57,338	56,561	62,559	67,102	76,590
Shares outstanding	220	218	213	207	204	208	206	201	195	194

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,428	364	1,616	854	-3,400	1,545	1,667	1,733	1,519	1,568
Depreciation and amortization	365	398	465	462	391	505	694	964	1,092	1,051
Stock-based compensation	65	62.2	62.3	58.9	74.4	99.6	93.4	125	148	148
Deferred income tax	-131	319	-796	28.5	-1,545	335	196	-119	-102	59.9
Change in receivables	-913	-1,278	-658	-1,242	-1,629	-930	-1,660	-2,712	-2,784	-1,923
Change in inventory	-1,107	-431	-4.92	-168	-1,621	-1,116	-665	-2,183	-1,480	-1,269
Change in payables	3,012	1,473	859	1,561	3,301	2,049	3,321	6,103	4,968	3,693
Cash from operations	3,178	1,504	1,411	2,344	2,207	2,667	2,703	3,911	3,485	3,875
Capital expenditures	-465	-466	-336	-310	-370	-438	-496	-458	-487	-668
Acquisitions	-2,731	-61.6	-785	-64	0	-5,563	-134	-1,410	-69.8	-4,096
Purchases of investments	-42.1	-48.6	0	0
Sales and maturities of investments	102	74.8	0	0
Cash from investing	-3,169	-498	-1,111	-376	-380	-6,142	-368	-2,602	-618	-4,977
Debt issued	1,000	0	1,314	507	599	3,167	155	158	688	4,508
Debt repaid	-800	-750	-681	-511	-598	-835		-811	-663	-1,281
Stock issued			0	0	66.4	0	0	61.2	37.8	29.1
Share buybacks	-2,266	-330	-639	-674	-420	-82.2	-484	-1,181	-1,491	-435
Dividends paid	-288	-320	-333	-339	-344	-367	-392	-399	-416	-437
Cash from financing	565	-1,313	-243	-1,087	-604	1,953	-1,753	-2,222	-2,331	2,249
Net change in cash	574	-307	57.4	882	1,224	-1,528	523	-841	545	1,097
Free cash flow	2,714	1,038	1,075	2,034	1,837	2,228	2,207	3,453	2,998	3,207
Interest paid	124	125	162	167	151	171	220	271	250	357
Income taxes paid	17.5	105	104	118	139	93.5	244	463	604	571

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $306.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	4.0%	Gross profit / revenue.
Operating margin	0.9%	Operating income / revenue.
EBITDA margin	1.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.1%	Pre-tax income / revenue.
Net margin	0.8%	Net income / revenue.
FCF margin	1.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.4%	Cash from operations / revenue.
Effective tax rate	26.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	86.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	18.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	12.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	3.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	5.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	133.5%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	14.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.93x	Current assets / current liabilities.
Quick ratio	0.48x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.84x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.0%	Total debt / total assets.
Liabilities / assets	96.1%	Total liabilities / total assets.
Net debt	$8.91B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	26.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$19.40B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.97x	Revenue / average total assets.
Fixed asset turnover	117x	Revenue / average property, plant and equipment.
Inventory turnover	15.2x	Cost of revenue / average inventory.
Days inventory	24 days	365 x average inventory / cost of revenue.
Receivables turnover	13.1x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-11 days	Days inventory + days sales outstanding - days payables.
FCF conversion	154.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1,716.00	Revenue / diluted weighted shares.
FCF per share	$20.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$24.86	Cash from operations / diluted weighted shares.
Book value per share	$15.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$101.64	Tangible book value / shares outstanding.
Cash per share	$14.75	(Cash + short-term investments) / shares outstanding.
Payout ratio	17.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	24.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.57B	Share price x shares outstanding.
Enterprise value	$67.48B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	0.18x	Market cap / revenue.
P/B	19.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.1x	Market cap / cash from operations, when positive.
EV/Sales	0.20x	Enterprise value / revenue.
EV/EBIT	22.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was Cencora, Inc.'s revenue in fiscal 2025?

Cencora, Inc. reported revenue of $321.33B for fiscal 2025, 9.3% higher than the year before.

Was Cencora, Inc. profitable in fiscal 2025?

Yes. Net income was $1.55B, a net margin of 0.5%.

How much free cash flow did Cencora, Inc. generate in fiscal 2025?

Cash from operations of $3.88B minus capital expenditures of $668.0M left free cash flow of $3.21B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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