Cencora (COR) Financials

Cencora, Inc. (NYSE: COR) has demonstrated consistent revenue growth over the past several years, with operating revenue increasing from approximately $60.1 billion in Q3 2022 to about $80.7 billion in Q3 2025. This upward trajectory reflects strong operational performance.

Positive trends identified:

• Operating revenue increased steadily each year, rising from $60.1 billion in Q3 2022 to $80.7 billion in Q3 2025.
• Net income from continuing operations rose significantly, reaching $689.7 million in Q3 2025 compared to $363.2 million in Q3 2022, indicating improved profitability.
• Gross profit grew overall, despite some fluctuations, supporting an improved operating income stream.
• Cencora maintained positive free cash flows from operating activities in recent quarters, with $109 million in Q3 2025 supporting reinvestment and balance sheet strength.
• The company invested consistently in property, plant, and equipment, signaling ongoing capital expansion with $183 million spent in Q3 2025.
• Issuance of debt was balanced by repayments, keeping long-term debt relatively stable; long-term debt was around $8 billion in Q3 2025 compared to about $4.6 billion in early 2023, reflecting manageable leverage growth.
• Cash and equivalents increased from $1.39 billion in Q3 2023 to $2.23 billion in Q3 2025, enhancing liquidity.
• The company maintained a consistent dividend policy, with cash dividends per share rising modestly from $0.46 in early 2023 to $0.55 in late 2025.

Neutral observations:

• Selling, General & Administrative expenses increased but remained proportional to revenue growth.
• Depreciation and amortization expenses rose slightly, consistent with increased asset base from acquisitions and capital investments.
• Weighted average diluted shares outstanding remained fairly stable around 195-206 million shares, indicating moderate dilution impact.
• Other special charges have varied but represent a relatively small percentage of total operating expenses.

Negative factors to watch:

• Accounts payable and accrued expenses have increased substantially, with accounts payable rising to over $51 billion by Q3 2025, which may impact short-term liquidity risk.
• Total liabilities rose to approximately $71.7 billion in Q3 2025 from about $58.3 billion in Q3 2022, suggesting growing financial obligations that require monitoring.
• Changes in operating assets and liabilities caused a significant cash outflow in Q3 2025 (-$780.7 million), impacting operating cash flow despite net income gains.
• Net cash from continuing financing activities shifted from negative in earlier years to a positive $215 million in Q3 2025, largely due to issuance and repayment of debt; this cyclical financing activity indicates dependence on external funding.
• Treasury stock has increased negatively, peaking at around -$10.3 billion in Q3 2025, which may affect shareholders’ equity and indicate share buyback activity or accounting adjustments.

Overall, Cencora has shown solid revenue growth and profitability improvements over the last several years. The company is investing in capital assets while maintaining a stable dividend payout. While rising liabilities and payables warrant attention, the company’s cash position and income growth provide a foundation for potential long-term value.