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Sep 30, 2025
Cencora Q4 2025 Earnings Report
Cencora reported strong adjusted EPS growth in Q4 2025 despite a GAAP net loss driven by goodwill impairment charges.
Key Takeaways
Cencora ended its fiscal 2025 with solid revenue and adjusted earnings growth, though the quarter showed a GAAP net loss due to impairment charges. Both U.S. and International segments posted revenue increases.
Revenue rose to $83.7B, driven by growth in both U.S. and International Healthcare segments.
GAAP EPS dropped to $(1.75) due to goodwill impairment charges related to PharmaLex.
Adjusted EPS increased 15% to $3.84, reflecting strong core performance.
Operating income dropped to $18.5M on a GAAP basis, but reached $1.0B on an adjusted basis.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cencora expects continued revenue and earnings growth in FY26, supported by expansion of its distribution network and strong performance in U.S. and International segments.
Positive Outlook
- FY26 revenue expected to grow 5–7%
- Adjusted EPS guidance of $17.45 to $17.75
- $1B investment plan to expand U.S. distribution capabilities
- U.S. segment forecasted to grow 5–7%
- International segment forecasted to grow 6–8%
Challenges Ahead
- International operating income declined 2% YoY
- FY25 Q4 GAAP net loss due to $724M goodwill impairment
- Higher interest expense from debt issued for RCA acquisition
- Increase in operating expenses outpaced revenue growth
- International segment facing lower margins in some units
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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