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  4. [8-K] Cencora, Inc. Reports Material Event

Cencora completes revamp into two reporting segments

Fiscal 2027 reporting will distinguish wholesale distribution, specialty/provider services and businesses for which Cencora is exploring strategic alternatives.

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Form Type
8-K

Rhea-AI Filing Summary

Cencora, Inc. completed a restructuring of its operating model. Beginning in the first quarter of fiscal 2027, it will report Pharmaceutical Distribution and Services; Specialty Pharmaceutical and Provider Services; and Other, which is not a reportable segment. The first segment includes U.S. and international wholesale distribution and related services. The second includes specialty distribution, management services organizations, World Courier, third-party logistics, Innomar and strategic PharmaLex components. Other includes businesses for which Cencora is exploring strategic alternatives, including MWI Animal Health, Profarma and other PharmaLex components.

Under the revised, unaudited presentation, fiscal 2026 total revenue was $337.397299 billion, compared with $321.332819 billion in fiscal 2025. Total segment operating income was $4.813047 billion in fiscal 2026 versus $4.222973 billion in fiscal 2025. The supplemental tables recast each quarter and full year for both fiscal years on the new segment basis.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 0 points

How the balance works

Positive

  • Moderate pointFiscal 2026 segment operating income reached $4.813047 billion, up from $4.222973 billion.

Negative

  • None.

Filing Explained

The recast tables add segment-level operating margins: for fiscal 2026, Specialty Pharmaceutical and Provider Services reported 3.73%, versus 0.96% for Pharmaceutical Distribution and Services, making the profitability profiles visible under the structure Cencora will use in fiscal 2027.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Total revenue $337.397299 billion Fiscal 2026; revised, unaudited
Total revenue $321.332819 billion Fiscal 2025; revised, unaudited
Total segment operating income $4.813047 billion Fiscal 2026; revised, unaudited
Total segment operating income $4.222973 billion Fiscal 2025; revised, unaudited
Pharmaceutical Distribution and Services revenue $284.484156 billion Fiscal 2026; revised, unaudited
Specialty Pharmaceutical and Provider Services revenue $45.390532 billion Fiscal 2026; revised, unaudited
reportable segment financial
"Other, which is not considered a reportable segment"
A reportable segment is a distinct part of a company’s business that management tracks separately and for which separate financial results are published, like a company showing profit and sales for each product line or geographic region. It matters to investors because it breaks a complex business into readable pieces, letting you judge which parts drive growth, which are struggling, and where management allocates resources—similar to comparing performance across different store locations.
Intersegment eliminations financial
"Intersegment eliminations"
Intersegment eliminations are accounting adjustments made when a company removes sales, costs, or balances that occurred between its own business units before reporting consolidated financials. Like crossing out double-counted items on a combined shopping list, these eliminations prevent internal transfers from inflating total revenue or profit, so investors see the company’s results from outside customers rather than transactions that just moved money between divisions.
third-party logistics (3PL) technical
"World Courier and third-party logistics (3PL) services"
A third-party logistics (3PL) provider is an outside company hired to handle warehousing, transportation, and distribution of goods for another business. Think of it like hiring a moving company and storage facility so a firm doesn’t manage trucks, warehouses, or deliveries itself. Investors care because using a 3PL affects costs, speed, and reliability of getting products to market, which can influence sales, margins, and operational risk.
strategic alternatives financial
"exploring strategic alternatives"
Strategic alternatives are different options a company considers to improve its value or achieve its goals, such as selling the business, merging with another company, or restructuring operations. For investors, understanding these options is important because they can significantly impact the company's future direction and its stock value, often signaling potential changes or opportunities.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What periods do COR's revised segment results cover?
They cover each quarter of fiscal 2026 and fiscal 2025, plus the fiscal years ended September 30, 2026 and September 30, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

_________________________________


FORM 8-K
_________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026
  _________________________________
Cencora, Inc.
(Exact name of registrant as specified in its charter)
_________________________________
Commission File Number: 1-16671
Delaware23-3079390
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
1 West First AvenueConshohockenPA19428-1800
(Address of principal executive offices)(Zip Code)
(610) 727-7000
(Registrant’s telephone number, including area code) 
Not Applicable
(Former name or former address, if changed since last report.)
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common stockCORNew York Stock Exchange(NYSE)
2.875% Senior Notes due 2028COR28New York Stock Exchange(NYSE)
3.625% Senior Notes due 2032COR32New York Stock Exchange(NYSE)
_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 7.01. Regulation FD Disclosure.
 
New Reporting Structure
In order to advance its growth priorities, Cencora recently completed a restructuring of its operating model intended to strengthen execution and improve visibility. As a result of this restructuring, the Company has reorganized all business components within the U.S. Healthcare Solutions and International Healthcare Solutions reportable segments. Beginning in the first quarter of fiscal 2027, the Company’s reporting structure will be comprised of Pharmaceutical Distribution and Services, Specialty Pharmaceutical and Provider Services, and Other. The Pharmaceutical Distribution and Services reportable segment will consist of U.S. and international wholesale pharmaceutical distribution and related services that support health systems, retail pharmacies, and alternate sites of care. The Specialty Pharmaceutical and Provider Services reportable segment will consist of specialty distribution services to physician practices, management services organizations, World Courier and third-party logistics (3PL) services, Innomar and strategic components of PharmaLex. Other, which is not considered a reportable segment, will continue to consist of businesses for which the Company is exploring strategic alternatives, including MWI Animal Health, Profarma, and the other components of PharmaLex.
In the attached Exhibit 99.1, which is incorporated herein by reference, the Company is voluntarily furnishing a supplemental disclosure of unaudited revised summary reportable segment information for each of the quarters of fiscal 2026 and 2025 and the fiscal years ended September 30, 2026 and 2025 under the reporting structure that will be utilized in fiscal 2027 to assist investors in analyzing the changes to its reporting structure.
The information in this Current Report, including the exhibit attached hereto as Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.
 
(d)  Exhibits.
Exhibit No.Description
99.1
Unaudited revised summary reportable segment information for each of the quarters of fiscal 2026 and 2025 and the fiscal years ended September 30, 2026 and 2025
104Cover Page Interactive Data File (formatted as inline XBRL)



 










 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Cencora, Inc.
Date: November 4, 2026By:/s/ Eva C. Boratto
Name:Eva C. Boratto
Title:Executive Vice President & Chief Financial Officer

 





Exhibit 99.1

CENCORA, INC.
SUMMARY REPORTABLE SEGMENT INFORMATION
(in thousands)
(unaudited)


The following illustrates revised reportable segment revenue information for the periods indicated:

Fiscal Year Ended September 30, 2026
RevenueFirst QuarterSecond QuarterThird QuarterFourth QuarterFiscal Year
(As Revised)(As Revised)(As Revised)(As Revised)(As Revised)
Pharmaceutical Distribution and Services$72,969,277 $66,108,390 $71,164,265 $74,242,224 $284,484,156 
Specialty Pharmaceutical and Provider Services11,098,508 10,471,417 11,645,430 12,175,177 45,390,532 
Other2,128,947 2,055,571 2,253,330 2,302,073 8,739,921 
Intersegment eliminations(264,716)(279,462)(308,188)(364,944)(1,217,310)
Total revenue$85,932,016 $78,355,916 $84,754,837 $88,354,530 $337,397,299 
Fiscal Year Ended September 30, 2025
RevenueFirst QuarterSecond QuarterThird QuarterFourth QuarterFiscal Year
(As Revised)(As Revised)(As Revised)(As Revised)(As Revised)
Pharmaceutical Distribution and Services$69,441,734 $63,350,601 $67,700,658 $71,352,299 $271,845,292 
Specialty Pharmaceutical and Provider Services10,490,286 10,418,900 11,136,471 10,542,389 42,588,046 
Other2,002,455 1,956,407 2,107,464 2,091,507 8,157,833 
Intersegment eliminations(447,415)(272,235)(281,061)(257,641)(1,258,352)
Total revenue$81,487,060 $75,453,673 $80,663,532 $83,728,554 $321,332,819 

























CENCORA, INC.
SUMMARY REPORTABLE SEGMENT INFORMATION
(in thousands)
(unaudited)

The following illustrates revised reportable segment operating income and margin information for the periods indicated:

Fiscal Year Ended September 30, 2026
Operating incomeFirst QuarterSecond QuarterThird QuarterFourth QuarterFiscal Year
(As Revised)(As Revised)(As Revised)(As Revised)(As Revised)
Pharmaceutical Distribution and Services$606,904 $774,786 $664,122 $690,546 $2,736,358 
Specialty Pharmaceutical and Provider Services366,582 399,311 467,908 459,221 1,693,022 
Other91,417 91,633 108,736 101,075 392,861 
Intersegment eliminations(2,189)(2,381)(2,680)(1,944)(9,194)
Total segment operating income$1,062,714 $1,263,349 $1,238,086 $1,248,898 $4,813,047 
Percentages of revenue:
Pharmaceutical Distribution and Services
Gross profit2.26%2.70%2.39%2.31%2.41%
Operating expenses1.43%1.52%1.45%1.38%1.45%
Operating income0.83%1.17%0.93%0.93%0.96%
Specialty Pharmaceutical and Provider Services
Gross profit9.21%12.27%12.89%12.58%11.76%
Operating expenses5.91%8.45%8.88%8.81%8.03%
Operating income3.30%3.81%4.02%3.77%3.73%
Other
Gross profit15.24%15.16%14.58%14.30%14.81%
Operating expenses10.95%10.70%9.76%9.91%10.31%
Operating income4.29%4.46%4.83%4.39%4.50%


















CENCORA, INC.
SUMMARY REPORTABLE SEGMENT INFORMATION
(in thousands)
(unaudited)

Fiscal Year Ended September 30, 2025
Operating incomeFirst QuarterSecond QuarterThird QuarterFourth QuarterFiscal Year
(As Revised)(As Revised)(As Revised)(As Revised)(As Revised)
Pharmaceutical Distribution and Services$569,446 $725,639 $590,995 $614,651 $2,500,731 
Specialty Pharmaceutical and Provider Services282,531 373,741 380,246 333,989 1,370,507 
Other97,329 92,851 87,104 74,429 351,713 
Intersegment eliminations2 33 (14)1 22 
Total segment operating income$949,308 $1,192,264 $1,058,331 $1,023,070 $4,222,973 
Percentages of revenue:
Pharmaceutical Distribution and Services
Gross profit2.27%2.62%2.33%2.28%2.37%
Operating expenses1.45%1.47%1.46%1.42%1.45%
Operating income0.82%1.15%0.87%0.86%0.92%
Specialty Pharmaceutical and Provider Services
Gross profit6.14%9.01%8.67%9.23%8.27%
Operating expenses3.44%5.42%5.26%6.07%5.05%
Operating income2.69%3.59%3.41%3.17%3.22%
Other
Gross profit15.86%16.27%14.95%14.57%15.40%
Operating expenses11.00%11.53%10.82%11.01%11.08%
Operating income4.86%4.75%4.13%3.56%4.31%

Source: View Original Filing on SEC EDGAR

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