Cencora, Inc.

Strong Q3 performance; EPS up 12% and company raises FY26 guidance - Revenue: $84.8B (+5% YoY). - Adjusted operating income: $1.2B (+17%) driven by execution in U.S. Healthcare Solutions and strength across International and Other. - EPS: +12% YoY in the quarter, supported by ~$1B opportunistic share repurchases. - Good: Raises fiscal 2026 adjusted EPS guidance to $17.75–$17.95 (from $17.70–$17.90).

U.S. segment re-acceleration (main driver), led by MSOs and specialty utilization - U.S. Healthcare Solutions revenue: $74.9B (+5%). - U.S. segment operating income: $966M (+16%). - Management highlighted sequential improvement vs. prior quarter (Q2 weather disruption referenced), attributing acceleration mainly to underlying utilization strength rather than one-time effects. - Good: MSO performance—RCA and OneOncology both “ahead of expectations.” - Surprising: OneOncology accounting/assessment update—no impact to operating income, but confirmed expectations around EPS neutrality “net of financing.”

International momentum continues; FX becomes a moderating factor - International revenue: $7.7B (+6% YoY) on both as-reported and constant currency. - International operating income: $166M (+21% as-reported; +23% constant currency). - Outlook update: FY26 International revenue growth ~8% at the low end (as-reported) due to stronger USD in 2H; ~7% constant currency.