Cencora (COR) Cash Flow Statement
Where COR’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $3.88B +11.2% vs FY2024
- Capital expenditures
- $668.0M 0.2% of revenue
- Free cash flow
- $3.21B 1.0% margin
- Returned to shareholders
- $872.6M 27% of free cash flow
- Change in cash
- $1.10B cash at year-end $4.39B
Drawn to scale: where the cash came from and how it was used. Hover for values.
COR operating cash flow, capex and free cash flow
COR cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.18BFY2016 | $3.88BFY2025 | +2.2%/yr | |
| Capital expenditures | $464.6MFY2016 | $668.0MFY2025 | +4.1%/yr | |
| Free cash flow | $2.71BFY2016 | $3.21BFY2025 | +1.9%/yr | |
| Free cash flow margin | 1.8%FY2016 | 1.0%FY2025 | −0.8 pts | |
| Operating cash flow / net income | 2.23FY2016 | 2.47FY2025 | +0.25 | |
| Stock-based compensation | $65.0MFY2016 | $148.0MFY2025 | +9.6%/yr | |
| Dividends paid | $288.5MFY2016 | $437.1MFY2025 | +4.7%/yr | |
| Share buybacks (net) | $2.27BFY2016 | $435.5MFY2025 | −16.7%/yr | |
| Capex / revenue | 0.3%FY2016 | 0.2%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COR cash flow by activity
COR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COR cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.57B | $1.52B | $1.73B | $1.67B | $1.54B | −$3.40B | $854.1M | $1.62B | $414.5M | $1.43B |
| Depreciation & amortization | $1.07B | $1.12B | $963.9M | $709.8M | $514.8M | $408.0M | $497.5M | $510.1M | $432.3M | $392.2M |
| Stock-based compensation | $148.0M | $148.0M | $124.6M | $93.4M | $99.6M | $74.4M | $58.9M | $62.3M | $62.2M | $65.0M |
| Change in working capital | $35.4M | $298.7M | $874.5M | −$139.7M | $367.3M | $6.66B | $363.4M | −$170.7M | $402.0M | $1.23B |
| Other non-cash items | $1.06B | $399.9M | $215.7M | $373.0M | $140.3M | −$1.54B | $570.1M | −$606.2M | $178.0M | $65.0M |
| Cash from operating activities | $3.88B | $3.48B | $3.91B | $2.70B | $2.67B | $2.21B | $2.34B | $1.41B | $1.49B | $3.18B |
| Investing activities | ||||||||||
| Capital expenditures | −$668.0M | −$487.2M | −$458.4M | −$496.3M | −$438.2M | −$369.7M | −$310.2M | −$336.4M | −$466.4M | −$464.6M |
| Investments (net) | −$4.98B | −$618.1M | −$2.60B | −$368.4M | −$6.14B | −$379.9M | −$375.8M | — | — | — |
| Acquisitions & other investing | $668.0M | $487.2M | $458.4M | $496.3M | $438.2M | $369.7M | $310.2M | −$774.7M | −$31.6M | −$2.70B |
| Cash from investing activities | −$4.98B | −$618.1M | −$2.60B | −$368.4M | −$6.14B | −$379.9M | −$375.8M | −$1.11B | −$498.0M | −$3.17B |
| Financing activities | ||||||||||
| Dividends paid | −$437.1M | −$416.2M | −$398.8M | −$391.7M | −$366.6M | −$343.6M | −$339.0M | −$333.0M | −$320.3M | −$288.5M |
| Share repurchases & issuance (net) | −$435.5M | −$1.49B | −$1.18B | −$483.7M | −$82.2M | −$420.4M | −$674.0M | −$639.2M | −$329.9M | −$2.27B |
| Net borrowing (repayment) | $3.20B | −$385.5M | −$623.3M | −$923.1M | $2.22B | −$32.0M | −$133.1M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $66.4M | $0 | $0 | $0 | $0 |
| Other financing | −$74.0M | −$38.0M | −$19.5M | $45.7M | $185.1M | $126.1M | $59.6M | $729.4M | −$662.6M | $3.12B |
| Cash from financing activities | $2.25B | −$2.33B | −$2.22B | −$1.75B | $1.95B | −$603.6M | −$1.09B | −$242.9M | −$1.31B | $565.1M |
| Summary | ||||||||||
| Net change in cash | $1.10B | $545.0M | −$840.6M | $523.4M | −$1.53B | $1.22B | $881.7M | $57.4M | −$321.8M | $574.4M |
| Cash at end of period | $4.39B | $3.30B | $2.75B | $3.59B | $3.07B | $4.60B | $3.37B | $2.49B | $2.42B | $2.74B |
| Free cash flow | $3.21B | $3.00B | $3.45B | $2.21B | $2.23B | $1.84B | $2.03B | $1.07B | $1.02B | $2.71B |
| Free cash flow margin | 1.0% | 1.0% | 1.3% | 0.9% | 1.0% | 1.0% | 1.1% | 0.6% | 0.7% | 1.8% |
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| Operating cash flow / net income | 2.47 | 2.29 | 2.26 | 1.62 | 1.73 | — | 2.74 | 0.87 | 3.59 | 2.23 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $764.9M | $1.64B | $566.1M | −$339.7M | $689.7M | $717.4M | $488.6M | $88.1M | $487.6M | $420.8M | $603.0M | $349.0M |
| Depreciation & amortization | $284.8M | $259.5M | $260.4M | $261.0M | $296.1M | −$42.2M | $113.6M | −$963,000 | $280.9M | $279.8M | $278.4M | $273.6M |
| Stock-based compensation | $56.7M | −$66.1M | $66.1M | $25.9M | $23.2M | $28.5M | $70.4M | $127.4M | $22.2M | $28.2M | $63.1M | $24.9M |
| Change in working capital | $1.55B | $481.2M | −$3.40B | $2.23B | −$801.5M | $2.21B | −$3.60B | $223.5M | $1.73B | −$1.60B | −$54.4M | $1.07B |
| Other non-cash items | −$4.2M | −$977.3M | $201.4M | $955.1M | −$98.3M | $439.1M | $211.2M | $562.3M | −$41.1M | −$8.7M | −$5.0M | $105.9M |
| Cash from operating activities | $2.65B | $1.34B | −$2.31B | $3.13B | $109.2M | $3.35B | −$2.72B | $1.00B | $2.48B | −$878.4M | $885.2M | $1.83B |
| Investing activities | ||||||||||||
| Capital expenditures | −$226.0M | −$165.6M | −$119.4M | −$249.8M | −$183.2M | −$129.1M | −$105.9M | −$182.3M | −$117.9M | −$112.8M | −$74.2M | −$175.5M |
| Investments (net) | — | — | — | −$321.9M | −$234.7M | −$4.08B | −$343.0M | −$241.9M | −$143.9M | −$166.5M | −$65.8M | −$183.4M |
| Acquisitions & other investing | −$14.1M | −$4.71B | −$179.9M | $249.8M | $183.2M | $129.1M | $105.9M | $182.3M | $117.9M | $112.8M | $74.2M | −$2.24B |
| Cash from investing activities | −$240.1M | −$4.87B | −$299.3M | −$321.9M | −$234.7M | −$4.08B | −$343.0M | −$241.9M | −$143.9M | −$166.5M | −$65.8M | −$2.60B |
| Financing activities | ||||||||||||
| Dividends paid | −$116.6M | −$117.5M | −$126.5M | −$107.5M | −$107.5M | −$111.2M | −$110.9M | −$100.9M | −$102.5M | −$107.0M | −$105.7M | −$98.3M |
| Share repurchases & issuance (net) | −$1.00B | $0 | $7.6M | −$109,000 | −$412.9M | −$50.0M | −$385.5M | −$505.0M | −$550.0M | −$50.8M | −$385.5M | −$273.5M |
| Net borrowing (repayment) | −$648.2M | $4.11B | $266.2M | −$582.2M | $322.4M | −$332.7M | $3.79B | −$353.5M | — | — | — | −$41.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.0M | −$15.5M | −$104.1M | $6.1M | $413.4M | $2.2M | −$82.7M | $2.2M | −$492.7M | $481.0M | −$60.4M | $6.5M |
| Cash from financing activities | −$1.77B | $3.98B | $43.2M | −$683.8M | $215.5M | −$491.7M | $3.21B | −$957.3M | −$1.15B | $323.2M | −$551.7M | −$407.0M |
| Summary | ||||||||||||
| Net change in cash | $628.7M | $427.6M | −$2.59B | $2.08B | $96.8M | −$1.22B | $97.1M | −$178.5M | $1.19B | −$751.8M | $283.2M | $1.20B |
| Cash at end of period | $2.86B | $2.24B | $1.81B | $4.36B | $2.28B | $2.18B | $3.39B | $3.30B | $3.41B | $2.22B | $3.04B | $2.75B |
| Free cash flow | $2.43B | $1.17B | −$2.42B | $2.88B | −$74.0M | $3.22B | −$2.82B | $818.1M | $2.36B | −$991.2M | $810.9M | $1.65B |
| Free cash flow margin | 2.9% | 1.5% | −2.8% | 3.4% | −0.1% | 4.3% | −3.5% | 1.0% | 3.2% | −1.4% | 1.1% | 2.4% |
| Capex / revenue | 0.3% | 0.2% | 0.1% | 0.3% | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.3% |
| Operating cash flow / net income | 3.47 | 0.82 | −4.07 | — | 0.16 | 4.67 | −5.56 | 11.36 | 5.08 | −2.09 | 1.47 | 5.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COR cash generation
In fiscal 2025 (ended September 30, 2025), Cencora generated $3.9 billion of cash from operations (up 11.2%) and spent $668.0 million on capital expenditures, leaving free cash flow of $3.2 billion, 1.0% of revenue. It returned $872.6 million to shareholders through dividends ($437.1 million) and net share buybacks ($435.5 million). Cash and equivalents rose by $1.1 billion over the year.
Related: COR income statement, COR balance sheet, COR dividend history. See the COR stock overview for the latest quote and news.
COR cash flow FAQ
What is Cencora's free cash flow?
Cencora's free cash flow was $3.2 billion in fiscal 2025: $3.9 billion of operating cash flow minus $668.0 million of capital expenditures It was $3.0 billion a year earlier..
How much cash does Cencora generate from operations?
Cencora generated $3.9 billion of cash from operating activities in fiscal 2025, 2.47 times its net income of $1.6 billion.
How much does Cencora spend on capital expenditures?
Cencora spent $668.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $487.2 million the year before.
How much stock does Cencora buy back?
Cencora spent $435.5 million on net share repurchases in fiscal 2025.
How much does Cencora pay in dividends?
Cencora paid $437.1 million in dividends in fiscal 2025, 13.6% of free cash flow.