Short answer
Cencora (COR) filed its fiscal 2025 10-K annual report with the SEC on Nov 25, 2025. It reported revenue of $321.3B (+9.3% year over year) and net income of $1.6B.
- Top risk flagged: Board oversight of cybersecurity delegated to Audit Committee and Compliance and Risk Committee with quarterly meetings and ongoing updates
FY2025 key financial metrics · XBRL
- Revenue
- $321.3B
- +9.3% YoY
- Net income
- $1.6B
- +3.0% YoY
- Operating margin
- 0.8%
- +0.1 pp YoY
- Gross margin
- 3.6%
- +0.2 pp YoY
- EPS (diluted)
- $7.96
- +5.7% YoY
- ROE
- 103.1%
- −130.6 pp YoY
- Operating cash flow
- $3.9B
- +11.2% YoY
Source: XBRL data from the Cencora (COR) FY2025 10-K on SEC EDGAR. USD.
Cencora FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Pharmaceutical distribution competing with manufacturers, chain drugstores, specialty distributors, packaging, and healthcare technology firms
- Emphasized regulatory compliance due to new U.S. and EU laws (DSCSA, Falsified Medicines Directive, EU Critical Medicines Act, EU HTA Regulation effective Jan 2025)
- Strategic focus on managing risks from opioid regulation, drug pricing reforms (Inflation Reduction Act, OBBBA), and 340B pricing program disputes and pilot rebate models
- Two largest trade receivables (Walgreens/Boots and Evernorth) represent approx. 43% of net accounts receivable as of Sept 30, 2025
- Noteworthy: Adoption of EU HTA Regulation harmonizing drug assessments starts Jan 12, 2025, with potential major impact on reimbursement decisions and market access
Management Discussion & Analysis
- Revenue $321.3B, up 9.3% YoY; U.S. Healthcare Solutions revenue $291.0B, up 9.7% ($25.6B increase); International Solutions $30.4B, up 6.1% ($1.7B increase)
- Operating margin total 0.82% approx. (operating income $2.63B / revenue $321.3B); U.S. Healthcare margin 1.23%, up 12 bps YoY; International margin decreased 9.1% YoY
- Best segment: U.S. Healthcare Solutions operating income $3.57B, up 21.8% ($639.8M increase); worst segment: International Healthcare Solutions operating income $648M, down 9.1% ($65.1M decrease)
- Cash from operations $3.9B in fiscal 2025, capex $668M; acquisitions $3.9B for RCA; dividends $437.1M paid; share repurchases $435.5M with $882.2M authorization remaining
- Management expects ~$900M capex in 2026; key risks include nonrenewal of customer contracts, opioid litigation payments of $4.3B over 13 years, interest rate and foreign currency exposure, inflation pressures, and geopolitical uncertainties
Risk Factors
- Board oversight of cybersecurity delegated to Audit Committee and Compliance and Risk Committee with quarterly meetings and ongoing updates
- CDIO with 25+ years experience and CISO with 20+ years oversee cybersecurity risk management and incident response
- Extended Cyber Crisis Response Team leads containment, recovery, and communication during cyber incidents
- Cybersecurity risk identified by Enterprise Risk Management Team for Board-level oversight and regular risk monitoring
Generated from the filing text; verify against the original. How to read a 10-K
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