Cencora, Inc.

Previous wording

On February 2, 2026, we acquired the majority of the outstanding equity interests that we did not previously own in OneOncology, a physician-led national platform empowering independent medical specialty practices rooted in oncology for a total cash consideration of approximately $4.6 billion. OneOncology’s affiliated practices and management retained a minority interest in OneOncology. We funded the transaction through new debt financing (see Note 6 of the Consolidated Notes to Financial Statements). OneOncology’s future operating results will be consolidated as a component of the U.S. Healthcare Solutions reportable segment.

Current wording

On February 2, 2026, we acquired the majority of the outstanding equity interests that we did not previously own in OneOncology, a physician-led national platform empowering independent medical specialty practices rooted in oncology, for total fair value consideration of $7,387.1 million, which included cash consideration of $4,648.7 million, $1,934.2 million of fair value of our previously held equity method investment, $752.1 million of estimated contingent consideration for certain OneOncology physicians and members of management that retained an 8% interest in OneOncology, and $52.0 million for the settlement of a receivable resulting from a pre-existing commercial arrangement between us and OneOncology. We funded the transaction through a combination of new debt financing (see Note 7 of the Notes to Consolidated Financial Statements) and cash on-hand. We believe the acquisition of OneOncology allows us to broaden our relationships with community oncology providers and to build on our leadership in specialty pharmaceuticals within our U.S. Healthcare Solutions reportable segment.

Previous wording

•Revenue increased by $4.4 billion, or 5.5%, from the prior year quarter primarily due to growth in both reportable segments. U.S. Healthcare Solutions’ revenue increased by $3.7 billion, or 5.0%, from the prior year quarter primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class of $1.0 billion, or 10.9%, offset in part by a decrease in sales due to losses of a grocery customer and an oncology customer. International Healthcare Solutions’ revenue increased by $0.7 billion, or 9.6%, from the prior year quarter primarily due to increased sales at our European distribution business of $0.5 billion from the prior year quarter.

Current wording

•Revenue increased by $2.9 billion, or 3.8%, and $7.3 billion, or 4.7%, from the prior year quarter and six-month period, respectively, primarily due to growth in both reportable segments. U.S. Healthcare Solutions’ revenue increased by $1.9 billion, or 2.9%, and $5.6 billion, or 4.0%, from the prior year quarter and six-month period, respectively, primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class of $1.9 billion, or 23.0%, and $2.9 billion, or 16.7% from the prior year quarter and six-month period, respectively, offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, a decrease in sales due to losses of an oncology customer and a grocery customer, and lower sales to our large mail order customer as a result of brand conversions. International Healthcare Solutions’ revenue increased by $0.9 billion, or 13.0%, and $1.5 billion, or 11.2%, from the prior year quarter and six-month period, respectively, primarily due to increased sales at our European distribution business.

Previous wording

•Gross profit increased by $514.0 million, or 20.1%, from the prior year quarter primarily due to the increase in gross profit in both reportable segments and a $70.2 million increase in the LIFO credit. U.S. Healthcare Solutions’ gross profit increased by $428.8 million, or 29.5%, from the prior year quarter primarily due to the January 2025 acquisition of RCA and increased sales. International Healthcare Solutions’ gross profit increased $25.2 million, or 3.3%, from the prior year quarter primarily due to increases in gross profit at our global specialty logistics business and our European distribution business.

Current wording

•Gross profit increased by $528.5 million, or 17.3%, and $1,042.6 million, or 18.6%, from the prior year quarter and six-month period, respectively, primarily due to the increases in gross profit in both reportable segments and LIFO credits in the current year periods in comparison to LIFO expense in the prior year periods, offset in part by lower gains from antitrust litigation settlements in the current year periods in comparison to the prior year periods. U.S. Healthcare Solutions’ gross profit increased by $370.9 million, or 19.7%, and $799.7 million, or 24.0%, from the prior year quarter and six-month period, respectively. The increase from the prior year quarter is primarily due to the February 2026 acquisition of OneOncology and increased sales. The increase from the prior year six-month period is primarily due to the January 2025 acquisition of RCA, the February 2026 acquisition of OneOncology, and increased sales. International Healthcare Solutions’ gross profit increased by $98.0 million, or 13.7%, and $123.2 million, or 8.3%, from the prior year quarter and six-month period, respectively, primarily due to increases in gross profit at our European distribution business and our global specialty logistics business.

Previous wording

•Total operating expenses increased by $459.8 million, or 24.8%, from the prior year quarter primarily due to the January 2025 acquisition of RCA and an impairment of assets of our U.S. Consulting Services business that is held for sale.

Current wording

•Total operating expenses increased by $422.1 million, or 20.9%, and $882.0 million, or 22.8%, from the prior year quarter and six-month period, respectively. The increase from the prior year quarter is primarily due to the February 2026 acquisition of OneOncology, and the increase from the prior year six-month period is primarily due to the January 2025 acquisition of RCA, the February 2026 acquisition of OneOncology, and an impairment of assets of our U.S. Consulting Services business that is held for sale.

Previous wording

•Our effective tax rates were 20.1% and 20.4% for the three months ended December 31, 2025 and 2024, respectively. The effective tax rates for the three months ended December 31, 2025 and 2024 were lower than the U.S. statutory rate primarily due to the benefit of income taxed at rates lower than the U.S. statutory rate and tax benefits associated with equity compensation, offset in part by U.S. state income taxes.

Current wording

•Our effective tax rates were 22.0% and 21.5% for the three and six months ended March 31, 2026, respectively. Our effective tax rates were 22.7% and 21.8% for the three and six months ended March 31, 2025, respectively. The effective tax rates for the three and six months ended March 31, 2026 and 2025 were higher than the U.S. statutory rate primarily due to U.S. state income taxes, offset in part by the benefit of income taxed at rates lower than the U.S. statutory rate and tax benefits associated with equity compensation.

Previous wording

Revenue increased by $4.4 billion, or 5.5%, from the prior year quarter primarily due to growth in both reportable segments.

Current wording

Revenue increased by $2.9 billion, or 3.8%, and $7.3 billion, or 4.7%, from the prior year quarter and six-month period, respectively, primarily due to growth in both reportable segments.

Previous wording

U.S. Healthcare Solutions’ revenue increased by $3.7 billion, or 5.0%, from the prior year quarter primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class of $1.0 billion, or 10.9%, offset in part by a decrease in sales due to losses of a grocery customer and an oncology customer.

Current wording

U.S. Healthcare Solutions’ revenue increased by $1.9 billion, or 2.9%, and $5.6 billion, or 4.0%, from the prior year quarter and six-month period, respectively, primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and products labeled for diabetes and/or weight loss in the GLP-1 class of $1.9 billion, or 23.0%, and $2.9 billion, or 16.7% from the prior year quarter and six-month period, respectively, offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, a decrease in sales due to losses of an oncology customer and a grocery customer, and lower sales to our large mail order customer as a result of brand conversions.

Previous wording

Revenue in Other increased by $0.1 billion, or 6.3%, from the prior year quarter due to increased sales at our animal health business and our less-than-wholly-owned Brazil distribution business, offset in part by a decrease in sales at our consulting services businesses.

Current wording

Revenue in Other increased by $0.1 billion, or 5.1%, and $0.2 billion, or 5.7%, from the prior year quarter and six-month period, respectively, due to increased sales at our less-than-wholly-owned Brazil distribution business and at our animal health business, offset in part by a decrease in sales at our consulting services businesses.

Previous wording

U.S. Healthcare Solutions’ gross profit increased by $428.8 million, or 29.5%, from the prior year quarter primarily due to the January 2025 acquisition of RCA and increased sales. As a percentage of revenue, U.S. Healthcare Solutions’ gross profit margin of 2.47% in the current year quarter increased 46 basis points from the prior year quarter primarily due to the January 2025 acquisition of RCA, offset in part by higher sales of GLP-1 products, which have lower gross profit margins.

Current wording

U.S. Healthcare Solutions’ gross profit increased by $370.9 million, or 19.7%, and $799.7 million, or 24.0%, from the prior year quarter and six-month period, respectively. The increase from the prior year quarter is primarily due to the February 2026 acquisition of OneOncology and increased sales. The increase from the prior year six-month period is primarily due to the January 2025 acquisition of RCA, the February 2026 acquisition of OneOncology, and increased sales. As a percentage of revenue, U.S. Healthcare Solutions’ gross profit margin of 3.28% in the current year quarter increased 46 basis points from the prior year quarter primarily due to the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins. As a percentage of revenue, U.S. Healthcare Solutions’ gross profit margin of 2.85% in the current year six-month period increased 46 basis points from the prior year six-month period primarily due to the January 2025 acquisition of RCA and the February 2026 acquisition of OneOncology, offset in part by higher sales of GLP-1s, which have lower gross profit margins.

Previous wording

International Healthcare Solutions’ gross profit increased $25.2 million, or 3.3%, from the prior year quarter primarily due to increases in gross profit at our global specialty logistics business and our European distribution business.

Current wording

International Healthcare Solutions’ gross profit increased by $98.0 million, or 13.7%, and $123.2 million, or 8.3%, from the prior year quarter and six-month period, respectively, primarily due to increases in gross profit at our European distribution business and our global specialty logistics business.

Previous wording

Gross profit in Other increased by $6.8 million, or 2.1%, from the prior year quarter.

Current wording

Gross profit in Other decreased by $6.8 million, or 2.1%, from the prior year quarter and was flat compared to the prior year six-month period.

Previous wording

We recognized gains from antitrust litigation settlements with pharmaceutical manufacturers of $12.2 million and $22.9 million in the three months ended December 31, 2025 and 2024, respectively. The gains were recorded as reductions to Cost of Goods Sold (see Note 10 of the Notes to Consolidated Financial Statements).

Current wording

We recognized gains from antitrust litigation settlements with pharmaceutical manufacturers of $16.5 million and $198.6 million in three months ended March 31, 2026 and 2025, respectively, and $28.7 million and $221.5 million in the six months ended March 31, 2026 and 2025, respectively. The gains were recorded as reductions to Cost of Goods Sold (see Note 11 of the Notes to Consolidated Financial Statements).

Previous wording

Our cost of goods sold for interim periods includes a LIFO provision that is recorded ratably on a quarterly basis and is based on our estimated annual LIFO provision. The annual LIFO provision, which we estimate on a quarterly basis, is affected by manufacturer pricing practices, which may be impacted by market and other external influences, expected changes in inventory quantities, and product mix, many of which are difficult to predict. Changes to any of the above factors may have a material impact on our annual LIFO provision. Based on estimates in our current fiscal year LIFO provision, the increase in the LIFO credit in the current year quarter is primarily due to a decline in manufacturer prices related to certain brand pharmaceutical products.

Current wording

Our cost of goods sold for interim periods includes a LIFO provision that is recorded ratably on a quarterly basis and is based on our estimated annual LIFO provision. The annual LIFO provision, which we estimate on a quarterly basis, is affected by manufacturer pricing practices, which may be impacted by market and other external influences, expected changes in inventory quantities, and product mix, many of which are difficult to predict. Changes to any of the above factors may have a material impact on our annual LIFO provision. Based on estimates in our current fiscal year LIFO provision, the LIFO credit in the current year periods, in comparison to LIFO expense in the prior year periods, is primarily due to a decline in manufacturer prices related to certain brand pharmaceutical products.

Previous wording

We recognized expense in Cost of Goods Sold of $10.9 million and $7.2 million in the three months ended December 31, 2025 and 2024, respectively, related to the impact of Türkiye highly inflationary accounting driven by the continued weakening of the Turkish Lira.

Current wording

We recognized expense in Cost of Goods Sold of $12.2 million and $14.5 million in the three months ended March 31, 2026 and 2025, respectively, and $23.0 million and $21.6 million in the six months ended March 31, 2026 and 2025, respectively, related to the impact of Türkiye highly inflationary accounting driven by the continued weakening of the Turkish Lira.

Previous wording

Distribution, selling, and administrative expenses increased by $323.2 million, or 22.0%, compared to the prior year quarter primarily due to the January 2025 acquisition of RCA and to support our revenue growth. As a percentage of revenue, distribution, selling, and administrative expenses were 2.09% in the current year quarter and represents an increase of 28 basis points compared to the prior year quarter primarily due to the acquisition of RCA.

Current wording

Distribution, selling, and administrative expenses increased by $377.5 million, or 23.6%, and $700.8 million, or 22.8%, compared to the prior year quarter and six-month period, respectively. The increase from the prior year quarter is primarily due to the February 2026 acquisition of OneOncology. The increase from the prior year six-month period is primarily due to the January 2025 acquisition of RCA and the February 2026 acquisition of OneOncology. As a percentage of revenue, distribution, selling, and administrative expenses were 2.52% and 2.30% in the current year quarter and six-month period, respectively, and represent increases of 40 and 34 basis points compared to the prior year quarter and six-month period, respectively. The increase from the prior year quarter is primarily due to the acquisition of OneOncology, and the increase from the prior year six-month period is primarily due the January 2025 acquisition of RCA and February 2026 acquisition of OneOncology.

Previous wording

Depreciation expense increased 19.1% from the prior year quarter. Amortization expense decreased 23.9% from the prior year quarter due to certain tradenames becoming fully amortized in connection with our company name change to Cencora and the gradual transition away from other tradenames used, which were acquired through prior acquisitions.

Current wording

Depreciation expense increased 8.5% and 13.6% from the prior year quarter and six-month period, respectively. Amortization expense decreased 15.1% and 19.9% from the prior year quarter and six-month period, respectively, due to certain tradenames becoming fully amortized in connection with our company name change to Cencora and the gradual transition away from other tradenames used, which were acquired through prior acquisitions, offset in part by incremental amortization expense related to recently acquired intangible assets.

Previous wording

Litigation and opioid-related (credit) expenses, net in the three months ended December 31, 2025 and 2024 include legal fees in connection with opioid lawsuits and investigations. Litigation and opioid-related (credit) expenses, net in the three months ended December 31, 2025 also includes an $86.8 million credit related to a derivative lawsuit settlement (see Note 9 of the Consolidated Notes to Financial Statements).

Current wording

Litigation and opioid-related expenses (credit), net in the three and six months ended March 31, 2026 and 2025 include legal fees in connection with opioid lawsuits and investigations. Litigation and opioid-related expenses (credit), net in the six months ended March 31, 2026 also includes an $86.8 million credit related to a derivative lawsuit settlement (see Note 10 of the Consolidated Notes to Financial Statements).

Previous wording

Acquisition-related deal and integration expenses in the three months ended December 31, 2025 included expenses related to our acquisitions of RCA and OneOncology, costs associated with strategic alternatives of certain non-core businesses, and the continued integration of PharmaLex. Acquisition-related deal and integration expenses in the three months ended December 31, 2024 primarily included costs related to the acquisition of RCA and the integration of PharmaLex.

Current wording

Acquisition and divestiture-related deal and integration expenses in the three and six months ended March 31, 2026 primarily included expenses related to our acquisitions of OneOncology and RCA and costs associated with strategic alternatives of certain non-core businesses. Acquisition and divestiture-related deal and integration expenses in the three and six months ended March 31, 2025 primarily included expenses related to our acquisition of RCA and the integration of PharmaLex.

Previous wording

Restructuring and employee severance costs, net in the three months ended December 31, 2025 primarily included costs associated with workforce reductions, offset in part by a gain on the sale of a facility. Restructuring and employee severance costs, net in the three months ended December 31, 2024 primarily included costs associated with workforce reductions.

Current wording

Restructuring and employee severance costs, net in the three and six months ended March 31, 2026 primarily included costs associated with workforce reductions. Restructuring and employee severance costs, net in the six months ended March 31, 2026 also included a gain on the sale of a facility. Restructuring and employee severance costs, net in the three and six months ended March 31, 2025 primarily included costs associated with workforce reductions.

Previous wording

Business transformation efforts in the three months ended December 31, 2025 and 2024 included non-recurring expenses related to significant strategic initiatives to improve operational efficiency, including certain technology initiatives. Business transformation efforts in the three months ended December 31, 2024 also included rebranding costs associated with our name change to Cencora. The majority of these costs are related to services provided by third-party consultants.

Current wording

Business transformation efforts in the three and six months ended March 31, 2026 and 2025 included non-recurring expenses related to significant strategic initiatives to improve operational efficiency, including certain technology initiatives. Business transformation efforts in the three and six months ended March 31, 2025 also included rebranding costs associated with our name change to Cencora. The majority of these costs are related to services provided by third-party consultants.

Previous wording

We recorded an impairment of assets of $249.5 million, including goodwill, related to our U.S. Consulting Services business that was classified as held for sale as of December 31, 2025.

Current wording

In the six months ended March 31, 2026, we recorded an impairment of assets of $249.5 million, including goodwill, related to our U.S. Consulting Services business that is held for sale.

Previous wording

U.S. Healthcare Solutions’ operating income increased by $144.4 million, or 21.0%, from the prior year quarter primarily due to the increase in gross profit, as noted above, and was offset in part by the increase in operating expenses. As a percentage of revenue, U.S. Healthcare Solutions’ operating income margin was 1.09% in the current year quarter and represents an increase of 14 basis points from the prior year quarter due to the increase gross profit margin, as described above in the Gross Profit section, offset in part by increase in the operating expense margin.

Current wording

U.S. Healthcare Solutions’ operating income increased by $53.3 million, or 5.6%, and $197.7 million, or 12.1%, from the prior year quarter and six month-period, respectively, primarily due to the increase in gross profit, as noted above, and was offset in part by the increase in operating expenses. As a percentage of revenue, U.S. Healthcare Solutions’ operating income margin was 1.45% and 1.26% in the current year quarter and six-month period, respectively, and represent increases of 4 and 9 basis points from the prior year quarter and six-month period, respectively, due to the increases in gross profit margin, as described above in the Gross Profit section, offset in part by increases in the operating expense margin.

Previous wording

Operating income in Other decreased by $5.9 million, or 6.1%, from the prior year quarter primarily due to lower operating income at our consulting services businesses, offset in part by an increase in operating income at our animal health business.

Current wording

Operating income in Other decreased by $1.2 million, or 1.3%, and $7.1 million, or 3.7%, from the prior year quarter and six-month period, respectively, primarily due to lower operating income at our consulting services businesses, offset in part by increases in operating income at our animal health business.

Previous wording

Interest expense, net increased by $44.5 million, or 159.2%, from the prior year quarter due to the increase in interest expense and a decrease in interest income. The increase in interest expense was primarily due to the issuance of our $1.8 billion of senior notes in December 2024 and the $0.8 billion balance remaining on the variable-rate term loan, which we borrowed in January 2025 to finance a portion of the RCA acquisition, and the issuance of our €1.0 billion of senior notes in May 2025, offset in part by the repayment of our $500 million of senior notes that matured in March 2025. The decrease in interest income was primarily driven by lower investment interest rates in the current year quarter in comparison to the prior year quarter.

Current wording

The increase in interest expense was primarily due to the issuance of our $3.0 billion of senior notes and the $1.5 billion of variable-rate term loans in February 2026, which we borrowed to finance a portion of the OneOncology acquisition, the issuance of our €1.0 billion of senior notes in May 2025, and higher interest expense at our European distribution business, offset in part by the repayment of our $500 million of senior notes that matured in March 2025, and lower interest expense on the $0.8 billion balance remaining on the $1.5 billion variable-rate term loan, which we borrowed in January 2025 to finance a portion of the RCA acquisition.

Previous wording

Our effective tax rates were 20.1% and 20.4% for the three months ended December 31, 2025 and 2024, respectively. The effective tax rates for the three months ended December 31, 2025 and 2024 were lower than the U.S. statutory rate primarily due to the benefit of income taxed at rates lower than the U.S. statutory rate and tax benefits associated with equity compensation, offset in part by U.S. state income taxes.

Current wording

Our effective tax rates were 22.0% and 21.5% for the three and six months ended March 31, 2026, respectively. Our effective tax rates were 22.7% and 21.8% for the three and six months ended March 31, 2025, respectively. The effective tax rates for the three and six months ended March 31, 2026 and 2025 were higher than the U.S. statutory rate primarily due to U.S.

Previous wording

As of December 31, 2025 and September 30, 2025, our cash and cash equivalents held by foreign subsidiaries were $864.6 million and $957.7 million, respectively. We have the ability to repatriate the majority of our cash and cash equivalents held by our foreign subsidiaries without incurring significant additional taxes upon repatriation.

Current wording

As of March 31, 2026 and September 30, 2025, our cash and cash equivalents held by foreign subsidiaries were $807.8 million and $957.7 million, respectively. We have the ability to repatriate the majority of our cash and cash equivalents held by our foreign subsidiaries without incurring significant additional taxes upon repatriation.

Previous wording

Our cash balances in the three months ended December 31, 2025 and 2024 were supplemented by intra-period credit facility borrowings to cover short-term working capital needs. The largest amount of intra-period borrowings that was outstanding at any one time under our revolving and securitization credit facilities during the three months ended December 31, 2025 and 2024 was $1.6 billion and $2.1 billion, respectively. We had $23.5 billion and $13.4 billion of cumulative intra-period borrowings that were repaid under our credit facilities during the three months ended December 31, 2025 and 2024, respectively.

Current wording

Our cash balances in the six months ended March 31, 2026 and 2025 were supplemented by intra-period credit facility borrowings to cover short-term working capital needs. The largest amount of intra-period borrowings that was outstanding at any one time under our revolving and securitization credit facilities during the six months ended March 31, 2026 and 2025 was $6.8 billion and $5.1 billion, respectively. We had $70.9 billion and $42.9 billion of cumulative intra-period borrowings that were repaid under our credit facilities during the six months ended March 31, 2026 and 2025, respectively.

Previous wording

We used $2.3 billion of cash in operations during the three months ended December 31, 2025 compared to $2.7 billion of cash used in operations during the three months ended December 31, 2024, a decrease of $0.4 billion. The timing of cash receipts and disbursements and inventory purchases can significantly impact our working capital. In the three months ended December 31, 2025, the growth of our accounts receivable, inventories, and accounts payable resulted in $3.0 billion of cash used in operations compared to $3.3 billion of cash used in the three months ended December 31, 2024.

Current wording

We used $1.0 billion of cash in operations during the six months ended March 31, 2026 compared to $0.6 billion of cash generated from operations during the six months ended March 31, 2025, a $1.6 billion increase in cash used. The timing of cash receipts and disbursements and inventory purchases can significantly impact our working capital. In the six months ended March 31, 2026, the decrease in accounts payable and the increases in accounts receivable and inventories resulted in $2.6 billion of cash used in operations compared to $853.3 million of cash used in the six months ended March 31, 2025.

Previous wording

During the three months ended December 31, 2025, our operating activities used cash of $2.3 billion and was principally the result of the following:

Current wording

During the six months ended March 31, 2026, our operating activities used cash of $1.0 billion and was principally the result of the following:

Previous wording

•A decrease in accounts payable of $0.7 billion primarily due to the timing of scheduled payments to our suppliers.

Current wording

•A decrease in accounts payable of $2.2 billion due to the timing of scheduled payments to our suppliers;

Previous wording

•An increase in accounts receivable of $0.8 billion primarily due to an increase in sales and the timing of scheduled payments from our customers; and

Current wording

•An increase in accounts receivable of $308.7 million primarily due to an increase in sales and the timing of scheduled payments from our customers;

Previous wording

•A decrease in accrued expenses of $0.3 billion primarily due to the payment of accrued liabilities that were on our Consolidated Balance Sheet as of September 30, 2025.

Current wording

•A decrease in accrued expenses of $257.4 million primarily due to the payment of accrued liabilities that were on our Consolidated Balance Sheet as of September 30, 2025;

Previous wording

•An increase in inventories of $3.5 billion to support the increase in business volume and due to seasonal needs;

Current wording

•An increase in inventories of $120.2 million to support the increase in business volume and due to seasonal needs;

Previous wording

The cash used in the above items was offset in part by the following:

Current wording

The cash used in the above items was offset in part by net income of $2.2 billion.

Previous wording

During the three months ended December 31, 2024, our operating activities used cash of $2.7 billion and was principally the result of the following:

Current wording

During the six months ended March 31, 2025, our operating activities provided cash of $632.5 million and was principally the result of the following:

Previous wording

•Positive non-cash items of $0.4 billion, which is primarily comprised of amortization expense of $0.2 billion and depreciation expense of $0.1 billion.

Current wording

•Positive non-cash items of $815.5 million, which is primarily comprised of amortization expense of $308.2 million and depreciation expense of $237.2 million.

Previous wording

The cash used in the above items was offset in part by the following:

Current wording

The cash provided by the above items was offset in part by the following:

Previous wording

•An increase in accounts payable of $1.3 billion due to the increase in our inventory balances and the timing of scheduled payments to our suppliers;

Current wording

•A decrease in accounts payable of $669.5 million primarily due to the timing of scheduled payments to our suppliers;

Previous wording

•An increase in accounts receivable of $1.0 billion primarily due to an increase in sales and the timing of scheduled payments from our customers; and

Current wording

•An increase in accounts receivable of $218.0 million primarily due to an increase in sales and the timing of scheduled payments from our customers.

Previous wording

Operating cash flows during the three months ended December 31, 2025 included $87.9 million of interest payments and $30.9 million of income tax payments, net of refunds. Operating cash flows during the three months ended December 31, 2024 included $48.8 million of interest payments and $29.5 million of income tax payments, net of refunds.

Current wording

Operating cash flows during the six months ended March 31, 2026 included $208.1 million of interest payments and $313.2 million of income tax payments, net of refunds. Operating cash flows during the six months ended March 31, 2025 included $153.7 million of interest payments and $294.9 million of income tax payments, net of refunds.