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Cencora cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$2.4B in Q3 FY26 · $4.1B over twelve months

Operating cash flow$2.7B
Capital spending−$226M
Free cash flow+$2.4B
Cash / net income3.4×
Cash conversion cycle-10 days

Analysis

In Q3 FY26, Cencora generated $2.7B of operating cash flow and spent $226M on capital projects, leaving free cash flow of $2.4B. That is $2.5B more than in Q3 FY25 (−$74.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $4.8B; the largest uses were acquisitions ($5.1B), other financing ($1.0B), capital spending ($761M); besides operations, cash came from net borrowing (+) / repaid (−) ($3.1B), other investing ($89.6M); the cash balance rose by $590M.

Operating cash flow was $2.7B against net income of $777M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$2.8B, inventory −$887M, receivables −$446M.

Its cash conversion cycle was -10 days (receivables 27 + inventory 23 − payables 60): suppliers fund its working capital.

Free cash flow

Cencora: free cash flow by quarterCencora: free cash flow by quarter$818MQ4 FY24−$2.8BQ1 FY25$3.2BQ2 FY25−$74.0MQ3 FY25$2.9BQ4 FY25−$2.4BQ1 FY26$1.2BQ2 FY26$2.4BQ3 FY26
Operating cash flow less capital spending.
Cencora: operating cash flow against capital spendingCencora: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$182MQ4 FY24−$2.7B$106MQ1 FY25$3.4B$129MQ2 FY25$109M$183MQ3 FY25$3.1B$250MQ4 FY25−$2.3B$119MQ1 FY26$1.3B$166MQ2 FY26$2.7B$226MQ3 FY26
Latest (Q3 FY26): Operating cash flow $2.7B, Capital spending $226M.

Capital allocation, year by year

Cencora: where the cash came from (up) and went (down), by fiscal yearCencora: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $2.7BFY21: Net borrowing $2.2BFY21: Shares issued $199MFY21: Asset sales $14.4MFY21: Capital spending −$438MFY21: Acquisitions −$5.6BFY21: Buybacks −$82.2MFY21: Dividends −$367M$5.1BFY21FY22: Operating cash flow $2.7BFY22: Net borrowing $316MFY22: Shares issued $93.9MFY22: Asset sales $279MFY22: Capital spending −$496MFY22: Acquisitions −$134MFY22: Buybacks −$484MFY22: Dividends −$392M$3.4BFY22FY23: Operating cash flow $3.9BFY23: Net borrowing −$623MFY23: Shares issued $61.2MFY23: Capital spending −$458MFY23: Acquisitions −$1.4BFY23: Buybacks −$1.2BFY23: Dividends −$399M$4.0BFY23FY24: Operating cash flow $3.5BFY24: Net borrowing −$385MFY24: Shares issued $37.8MFY24: Capital spending −$487MFY24: Acquisitions −$69.8MFY24: Buybacks −$1.5BFY24: Dividends −$416M$3.5BFY24FY25: Operating cash flow $3.9BFY25: Net borrowing $3.2BFY25: Shares issued $29.1MFY25: Capital spending −$668MFY25: Acquisitions −$4.1BFY25: Buybacks −$435MFY25: Dividends −$437M$7.1BFY25
Over these 5 years operating cash flow totalled $16.6B; the largest uses were acquisitions ($11.3B) and buybacks ($3.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.8B
Debt$11.7B
Net debt$8.9B
Due within a year$115M

Cencora funds itself: free cash flow was $4.1B over the last twelve months, and $2.8B of cash and investments stands against $11.7B of debt ($115M due within a year, 24.4× covered by cash).

Cencora: debt maturities by year (FY25)Cencora: debt maturities by year (FY25)$115MYear 1$24.9MYear 2$2.7BYear 3$8.7MYear 4$1.1BYear 5$3.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.8B of cash and investments now.

Where the cash came from and went

Cencora: sources (+) and uses (−) of cash, Q3 FY26Cencora: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$2.7BBuybacks−$1.0BNet borrowing (+) / repaid (−)−$648MCash drawn (+) / kept (−)−$629MCapital spending−$226MDividends−$117MAcquisitions−$41.7MOther investing$27.6MExchange rates−$10.7MNot reconciled−$6.7MOther financing−$2.8MTaxes on employees’ shares−$138K
Cencora: sources (+) and uses (−) of cash, TTM to Q3 FY26Cencora: sources (+) and uses (−) of cash, TTM to Q3 FY26Acquisitions−$5.1BOperating cash flow$4.8BNet borrowing (+) / repaid (−)$3.1BOther financing−$1.0BCapital spending−$761MCash drawn (+) / kept (−)−$590MDividends−$468MTaxes on employees’ shares−$105MOther investing$89.6MExchange rates−$34.0MNot reconciled−$31.2M

From profit to cash

Cencora: net income to operating cash flow, Q3 FY26Cencora: net income to operating cash flow, Q3 FY26Net income$777MDepreciation & amortization$269MStock-based pay$28.7MDeferred taxes$54.9MOther non-cash−$13.8MReceivables−$446MInventory−$887MPayables$2.8BAccrued liabilities$36.1MPrepaid and other assets$108MOperating cash flow$2.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26272360-10
Q2 FY26292765-9
Q1 FY26272562-9
Q4 FY25272360-10
Q3 FY25272359-9
Q2 FY25292562-9
Q1 FY25272359-8
Q4 FY24282261-10

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$2.7B−$226M−$41.7M−$1.0B−$117M−$648M—−$629M$2.4B
Q2 FY26$1.3B−$166M−$4.7B—−$117M$4.1B—−$428M$1.2B
Q1 FY26−$2.3B−$119M−$220M—−$127M$266M$7.6M$2.6B−$2.4B
Q4 FY25$3.1B−$250M−$91.4M−$71K−$108M−$582M$6.5M−$2.1B$2.9B
Q3 FY25$109M−$183M−$56.5M—−$107M$322M$6.8M−$96.8M−$74.0M
Q2 FY25$3.4B−$129M−$3.9B−$50.0M−$111M−$333M$7.7M$1.2B$3.2B
Q1 FY25−$2.7B−$106M−$9.0M−$385M−$111M$3.8B$8.1M−$97.1M−$2.8B
Q4 FY24$1.0B−$182M−$45.3M−$505M−$101M−$354M$6.3M$179M$818M

Cencora: income statement and cash flow

Cencora, Q3 FY26: revenue $84.8B (+5% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Cencora: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.