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Side-by-side financial comparison of Cencora (COR) and CVS Health (CVS). Click either name above to swap in a different company.
CVS Health is the larger business by last-quarter revenue ($105.7B vs $85.9B, roughly 1.2× Cencora). CVS Health runs the higher net margin — 2.8% vs 0.7%, a 2.1% gap on every dollar of revenue. On growth, Cencora posted the faster year-over-year revenue change (13.9% vs 8.2%). CVS Health produced more free cash flow last quarter ($2.6B vs $-2.4B). Over the past eight quarters, Cencora's revenue compounded faster (12.1% CAGR vs 9.3%).
Cencora, Inc., formerly known as AmerisourceBergen, is an American drug wholesale and distribution company and a contract research organization, that was formed by the merger of Bergen Brunswig and AmeriSource in 2001. It was renamed to Cencora in 2023. Cencora is one of the largest pharmaceutical companies in the world and distributes generic pharmaceuticals, over-the-counter healthcare products, as well as home healthcare supplies and equipment.
CVS Health Corporation is an American multinational healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's second largest healthcare company, behind UnitedHealth Group. In 2023, the company was ranked 64th in the Forbes Global 2000. CVS started in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland.
COR vs CVS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.9B | $105.7B |
| Net Profit | $559.6M | $2.9B |
| Gross Margin | 3.6% | 44.1% |
| Operating Margin | 0.9% | 2.0% |
| Net Margin | 0.7% | 2.8% |
| Revenue YoY | 13.9% | 8.2% |
| Net Profit YoY | -22.0% | 79.0% |
| EPS (diluted) | $2.87 | $2.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $85.9B | $105.7B | ||
| Q3 25 | $83.7B | $102.9B | ||
| Q2 25 | $80.7B | $98.9B | ||
| Q1 25 | $75.5B | $94.6B | ||
| Q4 24 | $81.5B | $97.7B | ||
| Q3 24 | $79.1B | $95.4B | ||
| Q2 24 | $74.2B | $91.2B | ||
| Q1 24 | $68.4B | $88.4B |
| Q4 25 | $559.6M | $2.9B | ||
| Q3 25 | $-339.7M | $-4.0B | ||
| Q2 25 | $687.4M | $1.0B | ||
| Q1 25 | $717.9M | $1.8B | ||
| Q4 24 | $488.6M | $1.6B | ||
| Q3 24 | $3.4M | $87.0M | ||
| Q2 24 | $483.5M | $1.8B | ||
| Q1 24 | $420.8M | $1.1B |
| Q4 25 | 3.6% | 44.1% | ||
| Q3 25 | 3.5% | 44.5% | ||
| Q2 25 | 3.6% | 45.4% | ||
| Q1 25 | 4.1% | 46.0% | ||
| Q4 24 | 3.1% | 43.4% | ||
| Q3 24 | 3.2% | 44.5% | ||
| Q2 24 | 3.2% | 45.2% | ||
| Q1 24 | 3.7% | 45.6% |
| Q4 25 | 0.9% | 2.0% | ||
| Q3 25 | 0.0% | -3.1% | ||
| Q2 25 | 1.1% | 2.4% | ||
| Q1 25 | 1.4% | 3.6% | ||
| Q4 24 | 0.9% | 2.4% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.9% | 3.3% | ||
| Q1 24 | 0.8% | 2.6% |
| Q4 25 | 0.7% | 2.8% | ||
| Q3 25 | -0.4% | -3.9% | ||
| Q2 25 | 0.9% | 1.0% | ||
| Q1 25 | 1.0% | 1.9% | ||
| Q4 24 | 0.6% | 1.7% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.7% | 1.9% | ||
| Q1 24 | 0.6% | 1.3% |
| Q4 25 | $2.87 | $2.31 | ||
| Q3 25 | $-1.74 | $-3.13 | ||
| Q2 25 | $3.52 | $0.80 | ||
| Q1 25 | $3.68 | $1.41 | ||
| Q4 24 | $2.50 | $1.30 | ||
| Q3 24 | $0.04 | $0.07 | ||
| Q2 24 | $2.42 | $1.41 | ||
| Q1 24 | $2.09 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.8B | $10.6B |
| Total DebtLower is stronger | $7.9B | $60.5B |
| Stockholders' EquityBook value | $1.9B | $75.2B |
| Total Assets | $78.4B | $253.5B |
| Debt / EquityLower = less leverage | 4.15× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | $10.6B | ||
| Q3 25 | $4.4B | $11.2B | ||
| Q2 25 | $2.2B | $14.2B | ||
| Q1 25 | $2.0B | $12.7B | ||
| Q4 24 | $3.2B | $11.0B | ||
| Q3 24 | $3.1B | $9.7B | ||
| Q2 24 | $3.3B | $16.3B | ||
| Q1 24 | $2.1B | $13.1B |
| Q4 25 | $7.9B | $60.5B | ||
| Q3 25 | $7.7B | $60.5B | ||
| Q2 25 | $8.2B | $57.3B | ||
| Q1 25 | $7.9B | $59.0B | ||
| Q4 24 | $8.1B | $60.5B | ||
| Q3 24 | $4.4B | $59.8B | ||
| Q2 24 | $4.7B | $62.6B | ||
| Q1 24 | $5.2B | $57.7B |
| Q4 25 | $1.9B | $75.2B | ||
| Q3 25 | $1.5B | $72.9B | ||
| Q2 25 | $2.0B | $77.4B | ||
| Q1 25 | $1.0B | $76.9B | ||
| Q4 24 | $226.6M | $75.6B | ||
| Q3 24 | $645.9M | $74.9B | ||
| Q2 24 | $925.2M | $74.9B | ||
| Q1 24 | $1.1B | $74.0B |
| Q4 25 | $78.4B | $253.5B | ||
| Q3 25 | $76.6B | $255.3B | ||
| Q2 25 | $74.0B | $258.3B | ||
| Q1 25 | $71.2B | $255.6B | ||
| Q4 24 | $69.1B | $253.2B | ||
| Q3 24 | $67.1B | $252.4B | ||
| Q2 24 | $66.8B | $252.5B | ||
| Q1 24 | $63.9B | $249.7B |
| Q4 25 | 4.15× | 0.80× | ||
| Q3 25 | 5.08× | 0.83× | ||
| Q2 25 | 4.16× | 0.74× | ||
| Q1 25 | 7.76× | 0.77× | ||
| Q4 24 | 35.96× | 0.80× | ||
| Q3 24 | 6.79× | 0.80× | ||
| Q2 24 | 5.11× | 0.84× | ||
| Q1 24 | 4.85× | 0.78× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.3B | $3.4B |
| Free Cash FlowOCF − Capex | $-2.4B | $2.6B |
| FCF MarginFCF / Revenue | -2.8% | 2.5% |
| Capex IntensityCapex / Revenue | 0.1% | 0.7% |
| Cash ConversionOCF / Net Profit | -4.12× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | $7.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.3B | $3.4B | ||
| Q3 25 | $3.1B | $796.0M | ||
| Q2 25 | $109.2M | $1.9B | ||
| Q1 25 | $3.4B | $4.6B | ||
| Q4 24 | $-2.7B | $1.9B | ||
| Q3 24 | $1.0B | $-745.0M | ||
| Q2 24 | $2.5B | $3.1B | ||
| Q1 24 | $-878.4M | $4.9B |
| Q4 25 | $-2.4B | $2.6B | ||
| Q3 25 | $2.9B | $98.0M | ||
| Q2 25 | $-74.0M | $1.3B | ||
| Q1 25 | $3.2B | $3.8B | ||
| Q4 24 | $-2.8B | $1.1B | ||
| Q3 24 | $818.1M | $-1.4B | ||
| Q2 24 | $2.4B | $2.5B | ||
| Q1 24 | $-991.2M | $4.2B |
| Q4 25 | -2.8% | 2.5% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | -0.1% | 1.3% | ||
| Q1 25 | 4.3% | 4.0% | ||
| Q4 24 | -3.5% | 1.1% | ||
| Q3 24 | 1.0% | -1.5% | ||
| Q2 24 | 3.2% | 2.7% | ||
| Q1 24 | -1.4% | 4.7% |
| Q4 25 | 0.1% | 0.7% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.2% | 0.8% | ||
| Q4 24 | 0.1% | 0.8% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.2% | 0.7% | ||
| Q1 24 | 0.2% | 0.8% |
| Q4 25 | -4.12× | 1.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.16× | 1.86× | ||
| Q1 25 | 4.67× | 2.56× | ||
| Q4 24 | -5.56× | 1.13× | ||
| Q3 24 | 295.80× | -8.56× | ||
| Q2 24 | 5.12× | 1.75× | ||
| Q1 24 | -2.09× | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
COR
| US Healthcare Solutions | $76.2B | 89% |
| Alliance Healthcare | $6.5B | 8% |
| Animal Health | $1.5B | 2% |
| Other Healthcare Solutions | $1.1B | 1% |
| Other Non Strategic Businesses | $657.6M | 1% |
CVS
| Health Care Benefits Segment | $36.3B | 34% |
| Premiums | $34.0B | 32% |
| Sales Channel Directly To Consumer | $21.3B | 20% |
| Front Store Revenue | $5.7B | 5% |
| Services | $4.0B | 4% |
| Sales Channel Other | $2.4B | 2% |
| Other | $1.8B | 2% |
| Corporate And Other Segment | $13.0M | 0% |
