v3.26.1
Business Segment Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company is organized geographically based upon the products and services it provides to its customers and reports its results under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. As described in Note 1, Other, which is not considered a reportable segment, consists of businesses for which the Company has begun to explore strategic alternatives.
The chief operating decision maker (“CODM”) of the Company is its President & Chief Executive Officer, whose function is to allocate resources to, and assess the performance of, the Company’s operating segments. The CODM does not review assets by operating segment for the purpose of assessing performance or allocating resources.
The following illustrates reportable and operating segment disaggregated revenue as required by Accounting Standards Codification 606, “Revenue from Contracts with Customers,” for the periods indicated:
Three months ended
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$74,860,763 $71,342,873 $219,837,666 $210,717,432 
International Healthcare Solutions:
Alliance Healthcare6,601,430 6,229,963 19,648,593 18,001,154 
Other Healthcare Solutions1,079,026 1,023,433 3,221,585 2,907,916 
Total International Healthcare Solutions7,680,456 7,253,396 22,870,178 20,909,070 
Other:
Animal Health1,519,782 1,471,692 4,426,888 4,214,709 
Other non-strategic businesses733,548 635,772 2,010,960 1,851,617 
Total Other2,253,330 2,107,464 6,437,848 6,066,326 
Intersegment eliminations(39,712)(40,201)(102,923)(88,563)
Revenue$84,754,837 $80,663,532 $249,042,769 $237,604,265 
The following illustrates reportable segment cost of goods sold information for the periods indicated:
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$72,484,221 $69,531,741 $213,325,288 $205,570,117 
International Healthcare Solutions6,858,416 6,517,889 20,444,427 18,693,060 
Other1,924,740 1,792,348 5,473,147 5,115,156 
Intersegment eliminations(35,382)(38,784)(90,105)(84,516)
Total segment cost of goods sold$81,231,995 $77,803,194 $239,152,757 $229,293,817 
The following illustrates reportable segment operating expenses information for the periods indicated:
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$1,410,364 $977,482 $3,716,570 $2,681,771 
International Healthcare Solutions656,188 598,232 1,941,946 1,758,957 
Other219,854 228,012 672,915 673,886 
Intersegment eliminations(1,650)(1,719)(5,568)(4,069)
Total segment operating expenses$2,284,756 $1,802,007 $6,325,863 $5,110,545 
The following illustrates reportable segment operating income information for the periods indicated:
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$966,178 $833,650 $2,795,808 $2,465,544 
International Healthcare Solutions165,852 137,275 483,805 457,053 
Other108,736 87,104 291,786 277,284 
Intersegment eliminations(2,680)302 (7,250)22 
Total segment operating income$1,238,086 $1,058,331 $3,564,149 $3,199,903 
The following reconciles total segment operating income to income before income taxes for the periods indicated:
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June 30,
(in thousands)2026202520262025
Total segment operating income$1,238,086 $1,058,331 $3,564,149 $3,199,903 
Gains from antitrust litigation settlements5,494 9,495 34,184 231,011 
LIFO credit94,304 52,058 381,896 19,913 
Türkiye highly inflationary impact
(15,405)(14,776)(38,447)(36,410)
Acquisition-related intangibles amortization(117,208)(124,869)(358,642)(426,736)
Litigation and opioid-related credit (expenses), net88,643 (17,974)160,936 (46,263)
Acquisition and divestiture-related deal and integration expenses(113,069)(52,838)(355,652)(190,930)
Restructuring and other expenses, net(60,628)(41,773)(115,667)(140,390)
Impairment of assets, including goodwill— — (249,498)— 
Operating income1,120,217 867,654 3,023,259 2,610,098 
Other income, net(16,882)(110,417)(1,123,921)(48,997)
Interest expense, net140,705 81,794 353,574 213,715 
Income before income taxes$996,394 $896,277 $3,793,606 $2,445,380 
Segment operating income is evaluated by the CODM of the Company before gains from antitrust litigation settlements; LIFO credit; Türkiye highly inflationary impact; acquisition-related intangibles amortization; litigation and opioid-related credit (expenses), net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; and impairment of assets, including goodwill. All corporate office expenses are allocated to the operating segment level.
Litigation and opioid-related credit, net in the three and nine months ended June 30, 2026 includes a $102.0 million reduction of opioid liability related to the dismissal of opioid litigation. Litigation and opioid-related credit, net in the nine months ended June 30, 2026 also includes an $86.8 million credit related to a derivative lawsuit settlement (see Note 10).
In connection with the acquisition of OneOncology, the Company recorded a $1.1 billion gain on the remeasurement of its equity method investment and the extinguishment of the put option liability related to its previously held investment in OneOncology in Other income, net in the nine months ended June 30, 2026 (see Note 2).
Other income, net in the three months ended June 30, 2025 includes $39.7 million for the Company’s portion of an equity method investment’s gain on the sale of a business, a $27.3 million gain on the remeasurement of an equity investment, and a $26.0 million currency remeasurement gain on the deferred tax assets relating to 2020 Swiss tax reform. Other income, net in the nine months ended June 30, 2025 includes $39.7 million for the Company’s portion of an equity method investment’s gain on the sale of a business, a $30.6 million gain on the remeasurement of an equity method investment, a $15.7 million currency remeasurement gain on the deferred tax assets relating to 2020 Swiss tax reform, and a $35.5 million loss on the divestiture of non-core businesses.
The following illustrates depreciation and amortization by reportable segment for the periods indicated:
Three months ended
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$111,563 $74,322 $277,809 $207,383 
International Healthcare Solutions36,433 35,354 109,177 99,813 
Other4,295 19,450 33,564 58,373 
Acquisition-related intangibles amortization117,208 124,869 358,642 426,736 
Total depreciation and amortization$269,499 $253,995 $779,192 $792,305 
Depreciation and amortization related to property and equipment and intangible assets excludes amortization of deferred financing costs and other debt-related items, which are included in interest expense, net.
The following illustrates capital expenditures by reportable segment for the periods indicated:
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June 30,
(in thousands)2026202520262025
U.S. Healthcare Solutions$146,601 $109,704 $309,550 $210,198 
International Healthcare Solutions62,271 59,509 153,263 168,179 
Other17,167 14,003 48,220 39,792 
Total capital expenditures$226,039 $183,216 $511,033 $418,169