Cencora, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

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the Securities Exchange Act of 1934

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Cencora, Inc.

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Dear fellow shareholders,

On behalf of our Board of Directors, I want to thank you for your continued investment in Cencora. As we approach our Annual Meeting of Shareholders on March 5, 2026, I am pleased to share some highlights of the Board’s work in fiscal 2025, including our oversight of Cencora’s pharmaceutical-centric strategy, our continued Board succession efforts, and our ongoing engagement with shareholders. We believe these actions contributed to Cencora’s fiscal 2025 revenue of $321.3 billion and total shareholder return of 40%, and have positioned Cencora for continued success in fiscal 2026 and beyond.

Advancing Cencora’s pharmaceutical-centric strategy

Fiscal 2025 was a pivotal year for Cencora as we advanced the company’s pharmaceutical-centric strategy, guided by its strategic drivers and growth priorities. Under the Board’s oversight, we made meaningful progress to enhance our service offerings in alignment with our strategy while also completing the acquisition of Retina Consultants of America, a leading management services organization, which better positions Cencora to support community-based practitioners and patients by expanding access to high-quality care and innovative research.

In addition, Cencora announced plans to invest $1.0 billion through 2030 to strengthen its U.S. distribution network and expand capacity. As we continue to invest in our business, we are also strategically refocusing the company’s portfolio to align with its long-term growth priorities. The Board believes this approach will further strengthen Cencora’s position as an end-to-end healthcare company.

Board composition

Since the 2025 Annual Meeting of Shareholders, Lori J. Ryerkerk and Ellen G. Cooper joined the Board as new independent directors on June 1, 2025 and January 20, 2026, respectively. With their significant expertise leading complex public companies, we believe that they will strengthen the Board’s oversight of the company’s operations and strategy and help drive long-term sustainable growth.

As previously announced, Ornella Barra retired from the Board on May 27, 2025, and Steven H. Collis retired from the Board on September 30, 2025. On behalf of the entire Board, I thank Ornella and Steve for their leadership and service. Upon Steve’s retirement, the Board determined that I should transition from Lead Independent Director to Board Chair on October 1, 2025. I am grateful for the opportunity to serve as Chair and to continue to represent the interests of our shareholders.

If all director nominees are elected at the Annual Meeting, the Board will be composed of eleven members, ten of whom are independent, and eight of whom have joined the Board during the past five years, reflecting our continued focus on thoughtful Board composition and effective oversight.

Shareholder engagement

The Board remains committed to active engagement with our shareholders and values your feedback as an important component of our governance practices. We encourage you to read the accompanying Proxy Statement and Annual Report and vote in accordance with the Board’s recommendations at the 2026 Annual Meeting of Shareholders, to be held virtually on March 5, 2026, at 3:30 p.m., Eastern Time.

We appreciate your continued support of Cencora. Thank you for your trust and partnership as we continue to oversee Cencora’s progress and long-term value creation.

Respectfully submitted,

D. Mark DurcanChair of the Board

January 22, 2026

Notice of 2026 annual meeting of shareholders

Meeting information

Items of business

By order of the Board of Directors,

Kourosh Q. Pirouz

Senior Vice President, Group General Counsel and Corporate Secretary Conshohocken, Pennsylvania

January 22, 2026

How to vote

It is important that your shares be represented and voted at the 2026 Annual Meeting. We urge you to vote by using any of the below methods.

InternetVisit www.proxyvote.com and follow the instructions

PhoneCall toll-free 1.800.690.6903 inside the United States or Puerto Rico and follow the instructions

MailIf you received a proxy/voting instruction card by mail, you can mark, date, sign, and return it in the postage-paid envelope

Mobile deviceScan the QR code provided on your proxy/voting instruction card

At the meetingAttend the virtual meeting and vote online during the meeting

Important notice regarding the availability of proxy materials for Cencora’s annual meeting of shareholders to be held on March 5, 2026The Proxy Statement and Annual Report on Form 10-K are available at investor.cencora.com and www.proxyvote.com

Table of contents

As used herein, the terms “Company,” “Cencora,” “we,” “us,” or “our” refer to Cencora, Inc., a Delaware corporation and its subsidiaries. References to “fiscal 2025,” “fiscal 2024,” and “fiscal 2023” refer to the fiscal years ended September 30, 2025, 2024, and 2023, respectively.

Cautionary note regarding forward-looking statements

Certain of the statements contained in this proxy statement are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated.

Websites

Website addresses referenced in this proxy statement are intended to be inactive textual references, provided for convenience only, and the content on the referenced websites does not constitute a part of this proxy statement.