vs
Side-by-side financial comparison of Cencora (COR) and McKesson Corporation (MCK), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
McKesson Corporation is the larger business by last-quarter revenue ($106.2B vs $85.9B, roughly 1.2× Cencora). McKesson Corporation runs the higher net margin — 0.7% vs 1.1%, a 0.5% gap on every dollar of revenue. On growth, Cencora posted the faster year-over-year revenue change (13.9% vs 11.4%). McKesson Corporation produced more free cash flow last quarter ($1.1B vs $-2.4B). Over the past eight quarters, McKesson Corporation's revenue compounded faster (17.9% CAGR vs 12.1%).
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.
McKesson Corporation is an American publicly traded company that distributes pharmaceuticals and provides health information technology, medical supplies, and health management tools. The company delivers a third of all pharmaceutical products used or consumed in North America and employs over 80,000 employees. With $308.9 billion in 2024 revenue, it is the ninth-largest company by revenue in the United States and the nation's largest health care company.
COR vs MCK — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $85.9B | $106.2B |
| Net Profit | $559.6M | $1.2B |
| Gross Margin | 3.6% | 3.5% |
| Operating Margin | 0.9% | 1.5% |
| Net Margin | 0.7% | 1.1% |
| Revenue YoY | 13.9% | 11.4% |
| Net Profit YoY | -22.0% | 34.9% |
| EPS (diluted) | $2.87 | $9.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $85.9B | $106.2B | ||
| Q3 25 | $83.7B | $103.2B | ||
| Q2 25 | $80.7B | $97.8B | ||
| Q1 25 | $75.5B | $90.8B | ||
| Q4 24 | $81.5B | $95.3B | ||
| Q3 24 | $79.1B | $93.7B | ||
| Q2 24 | $74.2B | $79.3B | ||
| Q1 24 | $68.4B | $76.4B |
| Q4 25 | $559.6M | $1.2B | ||
| Q3 25 | $-339.7M | $1.1B | ||
| Q2 25 | $687.4M | $784.0M | ||
| Q1 25 | $717.9M | $1.3B | ||
| Q4 24 | $488.6M | $879.0M | ||
| Q3 24 | $3.4M | $241.0M | ||
| Q2 24 | $483.5M | $915.0M | ||
| Q1 24 | $420.8M | $791.0M |
| Q4 25 | 3.6% | 3.5% | ||
| Q3 25 | 3.5% | 3.4% | ||
| Q2 25 | 3.6% | 3.4% | ||
| Q1 25 | 4.1% | 4.0% | ||
| Q4 24 | 3.1% | 3.4% | ||
| Q3 24 | 3.2% | 3.5% | ||
| Q2 24 | 3.2% | 4.0% | ||
| Q1 24 | 3.7% | 4.7% |
| Q4 25 | 0.9% | 1.5% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 1.1% | 1.1% | ||
| Q1 25 | 1.4% | 1.8% | ||
| Q4 24 | 0.9% | 1.3% | ||
| Q3 24 | 0.2% | 0.6% | ||
| Q2 24 | 0.9% | 1.3% | ||
| Q1 24 | 0.8% | 1.6% |
| Q4 25 | 0.7% | 1.1% | ||
| Q3 25 | -0.4% | 1.1% | ||
| Q2 25 | 0.9% | 0.8% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 0.6% | 0.9% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 0.6% | 1.0% |
| Q4 25 | $2.87 | $9.59 | ||
| Q3 25 | $-1.74 | $8.92 | ||
| Q2 25 | $3.52 | $6.25 | ||
| Q1 25 | $3.68 | $9.90 | ||
| Q4 24 | $2.50 | $6.95 | ||
| Q3 24 | $0.04 | $1.87 | ||
| Q2 24 | $2.42 | $7.00 | ||
| Q1 24 | $2.09 | $6.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.8B | $3.0B |
| Total DebtLower is stronger | $7.9B | $5.4B |
| Stockholders' EquityBook value | $1.9B | $-1.3B |
| Total Assets | $78.4B | $84.2B |
| Debt / EquityLower = less leverage | 4.15× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $4.4B | $4.0B | ||
| Q2 25 | $2.2B | $2.4B | ||
| Q1 25 | $2.0B | $5.7B | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $3.1B | $2.5B | ||
| Q2 24 | $3.3B | $2.3B | ||
| Q1 24 | $2.1B | $4.6B |
| Q4 25 | $7.9B | $5.4B | ||
| Q3 25 | $7.7B | $6.0B | ||
| Q2 25 | $8.2B | $6.5B | ||
| Q1 25 | $7.9B | $4.5B | ||
| Q4 24 | $8.1B | $4.4B | ||
| Q3 24 | $4.4B | $5.7B | ||
| Q2 24 | $4.7B | $5.6B | ||
| Q1 24 | $5.2B | $5.6B |
| Q4 25 | $1.9B | $-1.3B | ||
| Q3 25 | $1.5B | $-1.7B | ||
| Q2 25 | $2.0B | $-2.0B | ||
| Q1 25 | $1.0B | $-2.1B | ||
| Q4 24 | $226.6M | $-3.1B | ||
| Q3 24 | $645.9M | $-3.0B | ||
| Q2 24 | $925.2M | $-1.8B | ||
| Q1 24 | $1.1B | $-2.0B |
| Q4 25 | $78.4B | $84.2B | ||
| Q3 25 | $76.6B | $84.2B | ||
| Q2 25 | $74.0B | $81.3B | ||
| Q1 25 | $71.2B | $75.1B | ||
| Q4 24 | $69.1B | $71.1B | ||
| Q3 24 | $67.1B | $72.4B | ||
| Q2 24 | $66.8B | $71.7B | ||
| Q1 24 | $63.9B | $67.4B |
| Q4 25 | 4.15× | — | ||
| Q3 25 | 5.08× | — | ||
| Q2 25 | 4.16× | — | ||
| Q1 25 | 7.76× | — | ||
| Q4 24 | 35.96× | — | ||
| Q3 24 | 6.79× | — | ||
| Q2 24 | 5.11× | — | ||
| Q1 24 | 4.85× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.3B | $1.2B |
| Free Cash FlowOCF − Capex | $-2.4B | $1.1B |
| FCF MarginFCF / Revenue | -2.8% | 1.1% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.1% | 0.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | -4.12× | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | $10.0B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-2.3B | $1.2B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $109.2M | $-918.0M | ||
| Q1 25 | $3.4B | $7.7B | ||
| Q4 24 | $-2.7B | $-2.4B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $2.5B | $-1.4B | ||
| Q1 24 | $-878.4M | $4.1B |
| Q4 25 | $-2.4B | $1.1B | ||
| Q3 25 | $2.9B | $2.3B | ||
| Q2 25 | $-74.0M | $-1.0B | ||
| Q1 25 | $3.2B | $7.6B | ||
| Q4 24 | $-2.8B | $-2.5B | ||
| Q3 24 | $818.1M | $2.0B | ||
| Q2 24 | $2.4B | $-1.5B | ||
| Q1 24 | $-991.2M | $4.0B |
| Q4 25 | -2.8% | 1.1% | ||
| Q3 25 | 3.4% | 2.2% | ||
| Q2 25 | -0.1% | -1.1% | ||
| Q1 25 | 4.3% | 8.3% | ||
| Q4 24 | -3.5% | -2.6% | ||
| Q3 24 | 1.0% | 2.1% | ||
| Q2 24 | 3.2% | -1.9% | ||
| Q1 24 | -1.4% | 5.2% |
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.2% | 0.1% | ||
| Q1 24 | 0.2% | 0.2% |
| Q4 25 | -4.12× | 1.04× | ||
| Q3 25 | — | 2.18× | ||
| Q2 25 | 0.16× | -1.17× | ||
| Q1 25 | 4.67× | 6.15× | ||
| Q4 24 | -5.56× | -2.71× | ||
| Q3 24 | 295.80× | 8.71× | ||
| Q2 24 | 5.12× | -1.51× | ||
| Q1 24 | -2.09× | 5.24× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
