It has been about a month since the last earnings report for Cencora (COR Quick QuoteCOR - Free Report) . Shares have added about 5.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Cencora due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Cencora, Inc. before we dive into how investors and analysts have reacted as of late.

COR Q2 Earnings & Revenue Miss, FY26 EPS View Raised

Cencora reported second-quarter fiscal 2026adjusted earnings per share (EPS) of $4.75, which missed the Zacks Consensus Estimate of $4.80 by 1%. The bottom line improved 7.5% year over year.

GAAP EPS was $8.40 compared with $3.68 in the year-ago period. The company’s second-quarter fiscal 2026 EPS included a $1.1 billion remeasurement gain related to the OneOncology acquisition.

Revenue Details

Revenues totaled $78.4 billion, up 3.8% year over year. The top line missed the Zacks Consensus Estimate by 3%.

Segmental Analysis

U.S. Healthcare Solutions

Revenues in this segment totaled $68.8 billion, up 2.9% on a year-over-year basis. This improvement was driven by overall market growth on increased unit volume, including improved sales of GLP-1 drugs and specialty products. The revenue growth was partially offset by a decline in manufacturer prices related to certain brand pharmaceutical products, lower large mail order customers due to brand conversions, and loss of an oncology customer and a grocery customer last year.

Segmental operating income totaled $998.3 million, up 5.6% year over year. Higher gross profit (as a result of increased product sales and the February 2026 acquisition of OneOncology) contributed to the upside, partly offset by increased operating expenses and the loss of an oncology customer in 2025.

International Healthcare Solutions

This segment includes Alliance Healthcare, World Courier, Innomar and Profarma Specialty.

Revenues amounted to $7.6 billion, up 13% year over year. The top line increased 7.2% at constant currency (cc).

Operating income totaled $175.8 million, up 13.7% on a reported basis and 12.9% at cc. The growth was driven by higher operating income at the European distribution business and the global specialty logistics business.

Other

Revenues in the Other segment amounted to $2.1 billion, reflecting an increase of 5.1% year over year. The growth at Profarma and MWI Animal Health businesses was partially offset by lower sales at the consulting services businesses.

Operating income totaled $91.6 million, down 1.3% due to lower operating income at the consulting services businesses, offset in part by an increase in operating income at the MWI Animal Health business.

Margin Analysis

Cencora reported an adjusted gross profit of $3.37 billion, up 15.7% on a year-over-year basis. As a percentage of revenues, the adjusted gross margin was 4.31%, up 45 basis points (bps) year over year.

The company recorded an adjusted operating income of $1.26 billion, up 6% year over year. As a percentage of revenues, the adjusted operating margin was 1.61%, which expanded 3 bps from the year-ago quarter’s level.

Financial Update

COR exited the fiscal second quarter with cash and cash equivalents worth $2.18 billion compared with $1.75 billion in the previous quarter.

Cumulative net cash used in operating activities totaled $966.5 million against cumulative net cash provided by operating activities of $632.5 million a year ago.

FY26 Guidance

The company updated its outlook for fiscal 2026 earnings and revenues.

Adjusted EPS is now estimated to be in the $17.65-$17.95 range versus the earlier outlook of $17.45-$17.75.

Total revenues are now projected to rise 4-6%, lower than the previous guidance of 7-9%. Sales at the U.S. Healthcare Solutions segment are anticipated to grow in the range of 4-6% (previously 7-9%). For the International Healthcare solutions business, revenues are projected to rise 8-10% reportedly and 6-8% at cc (previously 7-9% reportedly and 6-8% at cc).

Adjusted operating income is expected to improve 12-14% for fiscal 2026 (previously 11.5-13.5%).

Operating income for the U.S. Healthcare Solutions segment is expected to improve 14-16%, while the International Healthcare Solutions segment is still estimated to grow 5-8%, reportedly as well as at cc.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

VGM Scores

At this time, Cencora has a poor Growth Score of F, a score with the same score on the momentum front. However, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Cencora has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Cencora is part of the Zacks Medical Services industry. Over the past month, Solventum (SOLV Quick QuoteSOLV - Free Report) , a stock from the same industry, has gained 15%. The company reported its results for the quarter ended March 2026 more than a month ago.

Solventum reported revenues of $2.01 billion in the last reported quarter, representing a year-over-year change of -3%. EPS of $1.48 for the same period compares with $1.34 a year ago.

Solventum is expected to post earnings of $1.92 per share for the current quarter, representing a year-over-year change of +13.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.9%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Solventum. Also, the stock has a VGM Score of D.