Cencora Inc.

Q3 performance: strong profitability growth + EPS up double digits - Adjusted revenue: $84.8B (+5% YoY). - Adjusted operating income: $1.2B (+17% YoY); adjusted operating income growth driven by U.S. Healthcare Solutions execution plus contributions from OneOncology and strength in International. - Adjusted EPS: +12% in the quarter (with $1B opportunistic share repurchases at an average $268/share, reducing diluted shares to 193.9M).

Guidance raised (2026 outlook improving) - Fiscal 2026 adjusted EPS raised to $17.75–$17.95 (from $17.70–$17.90). - No change to full-year guidance for consolidated and U.S. Healthcare Solutions revenue; however, CFO indicated U.S. revenue growth expected to land in the lower half of the 4%–6% range. - International revenue: ~8% growth at low end of prior range (expects stronger U.S. dollar impact); ~7% constant currency. - Operating income: bottom end raised; now expects 13%–14% operating income growth. - Cash flow: full-year adjusted free cash flow guidance ~ $3B unchanged.

Key segment drivers (what’s working) - U.S. Healthcare Solutions: revenue $74.9B (+5%); segment operating income $966M (+16%). - Strength: specialty across health systems and community/physician practices; MSO platforms performing well (specifically OneOncology and RCA ahead of expectations). - GLP-1 sales growth: increased +$2.3B YoY. - Offsets/headwinds in U.S. revenue: $2.4B manufacturer list price reductions headwind, loss of an oncology customer (noted as last July), and expected lower sales to a large mail-order customer. - International: revenue $7.7B (+6%); operating income $166M (+21% as-reported / +23% constant currency). - Continued strength in European distribution and specialty logistics (World Courier / European 3PL).