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Cencora vs Elevance Health: revenue, profit, margins and growth compared

Cencora brought in $321.3B of revenue in fiscal 2025, Elevance Health $199.1B in fiscal 2025. Revenue changed by +9.3% at Cencora and +12.5% at Elevance Health on the year before, so Elevance Health grew faster. Cencora kept 0.5% of its revenue as net profit, Elevance Health 2.8%. Free cash flow was $3.2B at Cencora and $3.2B at Elevance Health.

Side by side, latest fiscal year

CORELV
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$321.3B$199.1B
Revenue growth+9.3%+12.5%
Net income$1.6B$5.7B
Net margin0.5%2.8%
Free cash flow$3.2B$3.2B
Free cash flow margin1.0%1.6%
Earnings per share (diluted)$7.96$25.21
Cash$4.4B$9.5B
Debt$7.7B$31.9B
Price to earnings38.615.7
Market value$58.6B$85.9B
Dividend yield0.72%n/a
Rank by revenue in sector#3 of 523 · Health care#6 of 523 · Health care

Over the years

Revenue
COR FY2018: $167.9BCOR FY2019: $179.6BCOR FY2020: $189.9BCOR FY2021: $214BCOR FY2022: $238.6BCOR FY2023: $262.2BCOR FY2024: $294BCOR FY2025: $321.3BELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BFY18FY19FY20FY21FY22FY23FY24FY25
COR $321.3BELV $199.1B
Net income
COR FY2018: $1.7BCOR FY2019: $855.4MCOR FY2020: -$3.4BCOR FY2021: $1.5BCOR FY2022: $1.7BCOR FY2023: $1.7BCOR FY2024: $1.5BCOR FY2025: $1.6BELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BFY18FY19FY20FY21FY22FY23FY24FY25
COR $1.6BELV $5.7B
Net margin
COR FY2018: 1.0%COR FY2019: 0.5%COR FY2020: -1.8%COR FY2021: 0.7%COR FY2022: 0.7%COR FY2023: 0.7%COR FY2024: 0.5%COR FY2025: 0.5%ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25
COR 0.5%ELV 2.8%
Revenue growth
COR FY2019: +6.9%COR FY2020: +5.7%COR FY2021: +12.7%COR FY2022: +11.5%COR FY2023: +9.9%COR FY2024: +12.1%COR FY2025: +9.3%ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
COR +9.3%ELV +12.5%
Free cash flow
COR FY2018: $1.1BCOR FY2019: $2BCOR FY2020: $1.8BCOR FY2021: $2.2BCOR FY2022: $2.2BCOR FY2023: $3.5BCOR FY2024: $3BCOR FY2025: $3.2BELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
COR $3.2BELV $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Cencora and Elevance Health

Which is bigger by revenue, Cencora or Elevance Health?

Cencora is bigger by revenue: $321.3B in fiscal 2025, against $199.1B for Elevance Health in fiscal 2025.

Which keeps more of its revenue as profit, Cencora or Elevance Health?

Cencora had a net margin of 0.5% in fiscal 2025; Elevance Health had 2.8% in fiscal 2025.

Which grew revenue faster, Cencora or Elevance Health?

In their latest fiscal years revenue changed by +9.3% at Cencora and +12.5% at Elevance Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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