Cencora Inc F3Q26 Quick Take: U.S. Healthcare Solutions Growth Re-Acclerates; FY26 AOI and Adj EPS Guidance Raised

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Cencora Inc

F3Q26 Quick Take: U.S. Healthcare Solutions Growth

Re-Acclerates; FY26 AOI and Adj EPS Guidance

Raised

Overweight

COR, COR US

Price (04 Aug 26):$306.28

Managed Care and Facilities

This morning, COR reported stronger adjusted operating income vs

expectations and raised FY26 adj. EPS guidance to $17.75-$17.95 vs $17.70$17.90 previously and JPMe/consensus of $17.77/$17.79, while also increasing

total AOI growth by 50bps at the midpoint to +13% to +14%. Given the focus on

F2H26 reacceleration in U.S. Healthcare Solutions operating income, we believe

that the +16% U.S. Healthcare Solutions operating profit growth in F3Q26 will be

well received versus F2Q26’s +6% y/y operating profit growth being a positive.

We expect the focus from investors will be on the drivers of that reacceleration and

any puts and takes ahead of FY27. See Figures 1 and 2, below, for our variance table

and full summary of guidance updates.

COR reported F3Q26 adj. EPS of $4.48 (+12.0% y/y), which was ahead of

JPMe/consensus of $4.34/$4.35. Total adj. operating profit came in at $1,238M

(+17.0% y/y) vs. $1,193M/$1,194M JPMe/consensus driven by better-thanexpected operating profit growth in U.S. Healthcare Solutions (+15.9% y/y at

$966M vs. JPMe of $935M), with consolidated gross margins of 4.16%

coming in ~30bps ahead of our model (and U.S. Healthcare Solutions gross

margin up ~63bp y/y). This mid-teens y/y growth represents an acceleration

from F2Q26’s +6% growth rate, notable in the context of investor focus on

sequential re-acceleration into F3Q and F2H26 embedded in COR’s guidance.

International Healthcare Solutions AOI of $166M was slightly ahead of JPMe

at $158M, while Other AOI of $109M was also above our estimate of $101M.

COR raised FY26 adj EPS guidance to between $17.75 and $17.95,

representing an increase of ~$0.05 versus prior guidance and puts the midpoint

of $17.85 ahead of JPMe/consensus of $17.77/$17.79. The updated guidance

reflects increased consolidated adj. operating income growth of +13% to +14%

versus +12% to +14% previously, with growth for U.S. Healthcare Solutions

…