Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-17

Cencora, Inc. (ABC)

CEO Robert Mauch was paid $18,256,227 in fiscal year 2025, up 97.3% from fiscal year 2024, the 44th percentile of its disclosed peer group (SEC filing 0001628280-26-003061 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$18,256,227
Robert Mauch total, FY2025
44th
CEO pay percentile vs peers
198:1
CEO-to-median pay ratio
93.21%
Say-on-pay support, latest vote

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Companies that benchmark against ABC
No companies currently name ABC as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Mauch$1,350,000$0$12,000,218$0$4,283,213$0$622,796$18,256,227
President and Chief Executive Officer
Steven Collis1,000,00006,000,23001,813,0000867,0059,680,235
Executive Chairman*
James Cleary926,13703,800,00001,679,0870116,5036,521,727
Executive Vice President and Chief Financial Officer
Elizabeth Campbell769,20502,900,16001,394,5700112,7335,176,668
Executive Vice President and Chief Legal Officer
Silvana Battaglia664,84901,700,45401,205,372092,7183,663,393
Executive Vice President and Chief Human Resources Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Robert Mauch$18,256,227$9,253,192$7,697,850+9,003,035
Steven Collis9,680,23518,475,17117,511,240−8,794,936
James Cleary6,521,7279,003,9605,449,373−2,482,233
Elizabeth Campbell5,176,6687,669,0644,027,232−2,492,396
Silvana Battaglia3,663,3935,320,2122,976,306−1,656,819

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Silvana BattagliaPSU2024-11-202,0984,195—9,649$1,020,224
Silvana BattagliaRSU2024-11-20——2,797—680,230
Elizabeth CampbellRSU2024-11-20——4,770—1,160,064
Elizabeth CampbellPSU2024-11-203,5787,155—16,4571,740,096
James ClearyRSU2024-11-20——6,250—1,520,000
James ClearyPSU2024-11-204,6889,375—21,5632,280,000
Steven CollisRSU2024-11-20——9,869—2,400,140
Steven CollisPSU2024-11-207,40214,803—34,0473,600,090
Robert MauchRSU2024-11-20——19,737—4,800,039
Robert MauchPSU2024-11-2014,80329,606—68,0947,200,179
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Silvana Battaglia$680,230$1,020,224$060.0%
Elizabeth Campbell1,160,0641,740,096060.0%
James Cleary1,520,0002,280,000060.0%
Steven Collis2,400,1403,600,090060.0%
Robert Mauch4,800,0397,200,179060.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Elizabeth CampbellRSU12,623—$3,945,066
Steven CollisPSU87,658—27,395,755
Silvana BattagliaRSU14,646—4,577,314
Elizabeth CampbellPSU18,936—5,918,068
James ClearyRSU12,623—3,945,066
Steven CollisPSU11,547,671—3,608,993,530
Robert MauchPSU9,780,313—3,056,640,995
James ClearyPSU8,280,795—2,587,996,777
Robert MauchPSU68,094—21,281,418
Steven CollisRSU58,699—18,345,198
James ClearyRSU45,154—14,111,979
Robert MauchPSU42,076—13,150,012
Elizabeth CampbellPSU35,393—11,061,374
Steven CollisPSU34,047—10,640,709
James ClearyPSU25,247—7,890,445
Elizabeth CampbellRSU23,076—7,211,942
James ClearyPSU21,563—6,739,084
Steven CollisOption58,69986.09—
Silvana BattagliaPSU20,871—6,522,814
Robert MauchRSU18,948—5,921,818
Robert MauchRSU18,814—5,879,939
Steven CollisRSU16,939—5,293,946
Robert MauchOption18,81486.09—
Elizabeth CampbellPSU16,457—5,143,306
Silvana BattagliaPSU11,222—3,507,212
Steven CollisRSU10,536—3,292,816
Silvana BattagliaPSU9,649—3,015,602
Steven CollisRSU9,474—2,960,909
Silvana BattagliaRSU8,415—2,629,940
Robert MauchRSU8,131—2,541,181
James ClearyRSU6,043—1,888,619
James ClearyRSU4,879—1,524,834
Elizabeth CampbellRSU4,770—1,490,768
Robert MauchRSU4,215—1,317,314
Elizabeth CampbellRSU3,660—1,143,860
James ClearyRSU2,951—922,276
Silvana BattagliaRSU2,797—874,146
Silvana BattagliaRSU2,169—677,878
Elizabeth CampbellRSU2,023—632,248
Silvana BattagliaRSU1,265—395,350
James ClearyOption45,15486.09—
05

Incentive-plan design — the Compensation Discussion & Analysis

Cencora's executive compensation program is strongly focused on pay for performance principles, rewarding executive officers when they deliver targeted financial results and subjecting a significant portion of their compensation to risk if they do not. The program aims to align the interests of executive officers with those of shareholders and the long-term interests of Cencora through stock ownership requirements and equity incentives.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-03-05156,852,21411,422,390427,40793.21%Passed
20252025-03-06156,885,71312,269,867187,48692.75%Passed
20242024-03-12164,272,54610,905,767533,14993.77%Passed
20232023-03-09167,879,5117,418,048503,11695.77%Passed
20222022-03-10174,566,8038,079,219391,81695.58%Passed
20212021-03-1191,818,54085,990,782494,90251.64%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-03-0593.21%a
20252025-03-0692.75%b
20242024-03-1293.77%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)198 : 1
CEO total compensation—
Median employee compensation$92,438
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Frank K. ClyburnIndependent · Compliance and Risk · Finance$110,000$286,436———$396,436
Redonda G. Miller, M.DIndependent · Special Litigation185,000200,225———385,225
Werner BaumannIndependent · Audit (Chair) · Compensation and Succession Planning · Executive · Special Litigation (Chair)182,870200,225———383,095
D. Mark DurcanIndependent · Board Chair · Lead Independent Director · Executive (Chair)125,000250,217———375,217
Lauren M. TylerIndependent · Audit · Special Litigation160,715200,225———360,940
Dennis M. NallyIndependent · Audit145,481200,225———345,706
Lorence H. Kim, M.DIndependent · Compensation and Succession Planning · Executive · Finance (Chair)130,000200,225———330,225
Lon R. GreenbergIndependent · Compliance and Risk · Executive · Finance · Governance, Sustainability and Corporate Responsibility (Chair)130,000200,225———330,225
Lori J. RyerkerkIndependent · Newly elected40,000152,390———192,390
Kathleen W. HyleIndependent60,0000———60,000
Richard W. GochnauerIndependent50,0000———50,000
Robert P. MauchEmployee director · Executive—————0
Ornella BarraIndependent00———0
Ellen G. CooperIndependent · Newly elected——————
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$250,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 20,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,319,066
Equity awards (grant-date value)$1,890,393
All other compensation$0
Total cost of the board$3,209,459

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Cencora, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Cencora, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Eli Lilly and Company2025David Ricks$1,700,000$23,325,000$0$6,485,500$36,698,337
2FedEx Corporation2026Rajesh Subramaniam1,550,0006,731,3643,715,06210,593,50027,554,018
3United Parcel Service, Inc.2025Carol Tomé1,509,71317,550,5461,358,7542,264,56922,878,788
4The Cigna Group2025David Cordani1,600,00013,929,1613,400,0193,200,00022,866,134
5Humana Inc.2025James Rechtin1,348,55813,868,14103,034,74018,757,075
6Cencora, Inc.2025Robert Mauch1,350,00012,000,21804,283,21318,256,227
7Sysco Corporation2025Kevin Hourican1,392,30810,086,9012,499,9891,616,00016,228,599
8Viatris Inc.2025Scott Smith1,448,65410,150,01302,973,66015,273,331
9The Kroger Co.2025Ronald L. Sargent3,975,80610,000,077——14,037,608
10Target Corporation2025Michael Fiddelke1,065,3857,853,2530300,8829,598,071

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Cencora, Inc.not disclosedPRSU 60 · RSU 40not disclosednot disclosed
Eli Lilly and Company218%PSU 100NoFW Cook
FedEx Corporation112.5%not disclosedYes — Relative TSR (FY24-FY26 LTI Cash Plan)Meridian Compensation Partners, LLC
Humana Inc.112%PSU 60 · RSU 40Yes — Relative TSRFarient Advisors, LLC
Sysco Corporationnot disclosednot disclosedNoSemler Brossy Consulting Group LLC
Target Corporationnot disclosedPSU 60 · RSU 40NoSemler Brossy
The Cigna Group100%PSU 60 · RSU 20 · Options 20NoPay Governance
The Kroger Co.93.84%not disclosedYes — Value creation (iTSR)Korn Ferry; Meridian Compensation Partners, LLC
United Parcel Service, Inc.75%PSU 93 · Options 7Yes — Relative Total Shareowner Return (RTSR)FW Cook
Viatris Inc.136.72%PSU 65 · RSU 35NoMeridian Compensation Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Cencora, Inc. in fiscal 2025?
Robert Mauch, President and Chief Executive Officer, was the highest-paid executive at Cencora, Inc. in fiscal 2025 with total compensation of $18,256,227.
How does Cencora, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay ranked at the 44th percentile of the disclosed peer group.
What is Cencora, Inc.'s CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 198:1.
How did shareholders vote on Cencora, Inc.'s executive compensation?
Shareholders voted in support of the executive compensation proposal with 93.21% approval.
How much does Cencora, Inc. spend in total on board compensation for fiscal 2025?
The company reported total board compensation of $3,209,459 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robert MauchDEF 14A2026-01-220001628280-26-003061Section “Executive compensation tables” · page 69. As printed: 18,256,227. Filing ↗machine: r2 · c18 · span 1212336–1212346
2Section 01, Steven CollisDEF 14A2026-01-220001628280-26-003061Section “Executive compensation tables” · page 69. As printed: 9,680,235. Filing ↗machine: r5 · c18 · span 1218052–1218061
3Section 01, James ClearyDEF 14A2026-01-220001628280-26-003061Section “Executive compensation tables” · page 69. As printed: 6,521,727. Filing ↗machine: r8 · c18 · span 1224105–1224114
4Section 01, Elizabeth CampbellDEF 14A2026-01-220001628280-26-003061Section “Executive compensation tables” · page 69. As printed: 5,176,668. Filing ↗machine: r12 · c18 · span 1230101–1230110
5Section 01, Silvana BattagliaDEF 14A2026-01-220001628280-26-003061Section “Executive compensation tables” · page 69. As printed: 3,663,393. Filing ↗machine: r15 · c18 · span 1236177–1236186
6Section 03, Silvana Battaglia PSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1328845–1328854
7Section 03, Silvana Battaglia RSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1325914–1325921
8Section 03, Elizabeth Campbell RSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1315772–1315781
9Section 03, Elizabeth Campbell PSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1319231–1319240
10Section 03, James Cleary RSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1306086–1306095
11Section 03, James Cleary PSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1309144–1309153
12Section 03, Steven Collis RSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1296257–1296266
13Section 03, Steven Collis PSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1299437–1299446
14Section 03, Robert Mauch RSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1286922–1286931
15Section 03, Robert Mauch PSUDEF 14A2026-01-220001628280-26-003061Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1289632–1289641
16Section 07, pay ratioDEF 14A2026-01-220001628280-26-003061Section “CEO Pay Ratio”. As printed: 198 : 1. Filing ↗
17Section 08, Frank K. ClyburnDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 396,436. Filing ↗machine: span 790287–790502
18Section 08, Redonda G. Miller, M.DDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 385,225. Filing ↗machine: span 798149–798364
19Section 08, Werner BaumannDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 383,095. Filing ↗machine: span 789114–789354
20Section 08, D. Mark DurcanDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 375,217. Filing ↗machine: span 791523–791763
21Section 08, Lauren M. TylerDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 360,940. Filing ↗machine: span 802268–802542
22Section 08, Dennis M. NallyDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 345,706. Filing ↗machine: span 799701–799941
23Section 08, Lorence H. Kim, M.DDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 330,225. Filing ↗machine: span 796969–797209
24Section 08, Lon R. GreenbergDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 330,225. Filing ↗machine: span 794241–794481
25Section 08, Lori J. RyerkerkDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 192,390. Filing ↗machine: span 800862–801077
26Section 08, Kathleen W. HyleDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 60,000. Filing ↗machine: span 795216–795345
27Section 08, Richard W. GochnauerDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 50,000. Filing ↗machine: span 792502–792631
28Section 08, Robert P. MauchDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, Ornella BarraDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, Ellen G. CooperDEF 14A2026-01-220001628280-26-003061Section “Director Compensation”. As printed: —. Filing ↗
31Section 06, 2026 voteForm 8-K2026-03-060001140859-26-000014Item 5.07 · say-on-pay result. As reported: 93.21% (votes for as printed: 156,852,214). Filing ↗
32Section 06, 2025 voteForm 8-K2025-03-100001104659-25-022205Item 5.07 · say-on-pay result. As reported: 92.75% (votes for as printed: 156,885,713). Filing ↗
33Section 06, 2024 voteForm 8-K2024-03-150001104659-24-035043Item 5.07 · say-on-pay result. As reported: 93.77% (votes for as printed: 164,272,546). Filing ↗
34Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
36Section 09b board cost (computed)Computed——Cash 1,319,066 + equity 1,890,393 + all other 0 = 3,209,459, summed across the director compensation table rows.machine: formula: Σ = 3,209,459
37Eli Lilly and Company, Section 10b CEO totalDEF 14A2026-03-200000059478-26-000029CEO total compensation as printed in Eli Lilly and Company's own proxy. As printed: 36,698,337. Filing ↗machine: t92 · r2 · c20 · span 925013–925024
38FedEx Corporation, Section 10b CEO totalDEF 14A2026-08-170001104659-26-097836CEO total compensation as printed in FedEx Corporation's own proxy. As printed: 27,554,018. Filing ↗machine: r1 · c54 · span 1409491–1409501
39United Parcel Service, Inc., Section 10b CEO totalDEF 14A2026-03-190001628280-26-019856CEO total compensation as printed in United Parcel Service, Inc.'s own proxy. As printed: 22,878,788. Filing ↗machine: r2 · c27 · span 899122–899132
40The Cigna Group, Section 10b CEO totalDEF 14A2026-03-130001739940-26-000023CEO total compensation as printed in The Cigna Group's own proxy. As printed: 22,866,134. Filing ↗machine: t303 · r3 · c16 · span 1360729–1360739
41Humana Inc., Section 10b CEO totalDEF 14A2026-03-060001104659-26-024799CEO total compensation as printed in Humana Inc.'s own proxy. As printed: 18,757,075. Filing ↗machine: t157 · r1 · c63 · span 1938706–1938716
42Cencora, Inc. (subject), Section 10b CEO totalDEF 14A2026-01-220001628280-26-003061CEO total compensation as printed in Cencora, Inc.'s own proxy. As printed: 18,256,227. Filing ↗machine: r2 · c18 · span 1212336–1212346
43Sysco Corporation, Section 10b CEO totalDEF 14A2025-10-020000096021-25-000147CEO total compensation as printed in Sysco Corporation's own proxy. As printed: 16,228,599. Filing ↗machine: r2 · c9 · span 2488720–2488730
44Viatris Inc., Section 10b CEO totalDEF 14A2026-04-020001140361-26-013002CEO total compensation as printed in Viatris Inc.'s own proxy. As printed: 15,273,331. Filing ↗machine: r2 · c28 · span 1344008–1344018
45The Kroger Co., Section 10b CEO totalDEF 14A2026-05-130001104659-26-060250CEO total compensation as printed in The Kroger Co.'s own proxy. As printed: 14,037,608. Filing ↗machine: t229 · r1 · c9 · span 692555–692565
46Target Corporation, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027508CEO total compensation as printed in Target Corporation's own proxy. As printed: 9,598,071. Filing ↗machine: r7 · c8 · span 2799507–2799517
47Section 10a, Eli Lilly and Company reciprocityDEF 14A—0000059478-26-000029Eli Lilly and Company's most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
48Section 10a, Viatris Inc. reciprocityDEF 14A—0001140361-26-013002Viatris Inc.'s most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
49Section 10a, The Cigna Group reciprocityDEF 14A—0001739940-26-000023The Cigna Group's most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
50Section 10a, United Parcel Service, Inc. reciprocityDEF 14A—0001628280-26-019856United Parcel Service, Inc.'s most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
51Section 10a, Humana Inc. reciprocityDEF 14A—0001104659-26-024799Humana Inc.'s most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
52Section 10a, Sysco Corporation reciprocityDEF 14A—0000096021-25-000147Sysco Corporation's most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗
53Section 10a, Target Corporation reciprocityDEF 14A—0001628280-26-027508Target Corporation's most recent proxy was read; its disclosed peer group does not include Cencora, Inc.. Filing ↗

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