COR · 10-Q · 2026Q2 · Full report
Acquisitions and Divestitures
Cencora, Inc. · 2026-08-05 · Importance 65 · Surprise 60 · In source text
Cencora completed its acquisition of OneOncology in February 2026, using $4.6 billion of cash in investing activities and financing part of the transaction with $3.0 billion of senior notes and $1.5 billion of variable-rate term loans. The acquisition increased U.S. Healthcare Solutions gross profit and operating income and generated a $1.1 billion gain from remeasuring Cencora’s existing equity investment and extinguishing the related put option liability during the nine months ended June 30, 2026. Cencora also divested its U.S. Consulting Services business in April 2026 and recorded a $249.5 million asset and goodwill impairment related to that business.
Key facts
- We recorded a $1.1 billion gain on the remeasurement of our equity method investment and the extinguishment of the put option liability related to our previously held investment in OneOncology in other income, net in the nine months ended June 30, 2026. source
- Net cash used in investing activities in the nine months ended June 30, 2026 included $4.6 billion for the acquisition of OneOncology. source
- Net cash used in investing activities in the nine months ended June 30, 2025 included $3.9 billion for the acquisition of RCA and $193.8 million for equity investments. source
- Acquisition and divestiture-related deal and integration expenses were $113.1 million in the three months ended June 30, 2026 and $52.8 million in the three months ended June 30, 2025. source
- In the nine months ended June 30, 2026, we recorded an impairment of assets of $249.5 million, including goodwill, related to our U.S. Consulting Services business which was divested in April 2026. source
- Acquisition and divestiture-related expenses included $55.2 million and $152.7 million of adjustments to RCA and OneOncology equity units in the three and nine months ended June 30, 2026, respectively. source
- Acquisitions referenced: OneOncology acquisition closed in February 2026; RCA acquisition closed in January 2025; U.S. Consulting Services business was divested in April 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -5.5% | Net cash used in investing activities in the nine months ended June 30, 2026 included $4.6 billion for the acquisition of OneOncology. |
| net_income | positive | realized | +1.3% | We recorded a $1.1 billion gain on the remeasurement of our equity method investment and the extinguishment of the put option liability… |
| assets | negative | realized | -0.3% | In the nine months ended June 30, 2026, we recorded an impairment of assets of $249.5 million, including goodwill, related to our U.S.… |
| operating_income | negative | realized | -0.3% | In the nine months ended June 30, 2026, we recorded an impairment of assets of $249.5 million, including goodwill, related to our U.S.… |
| operating_income | negative | realized | -0.1% | Acquisition and divestiture-related deal and integration expenses were $113.1 million in the three months ended June 30, 2026 and $52.8… |