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National CooperativeRx’s member-owned model gives employers a voice in the direction of the Cooperative and a share in its success, including annual financial distributions.
This year’s financial distributions are the largest in the history of the Cooperative. In 2026, National CooperativeRx is distributing a total of $48.3 million to member-owners from patronage dividends, retired equity, rebate true-ups, and audit recoveries.
About Distributions to Member-Owners
As a not-for-profit cooperative, National CooperativeRx distributes excess funds after operating costs in the form of patronage dividends and, when approved, retired member equity.
Other financial distributions are tied directly to the terms of our master PBM contracts. We leverage the collective purchasing power of our membership to negotiate master contracts that pass through 100% of eligible rebate dollars and include audit rights that provide an additional mechanism for identifying and recovering dollars owed to members.
Overview of 2026 Distributions
- Patronage Dividends: Declared by member Board of Directors after review of financial audits. Patronage dividends from 2025 are being paid in 2026.
- Retired Equity: A portion of patronage dividends held in the Cooperative’s reserves. These dollars are retired by our Board of Directors after review of financial audits and assessment of proper reserves. Members of National CooperativeRx in 2021 and 2022 will receive their attributable retired equity in 2026.
- Rebate True-Up: Rebate money collected over and above the quarterly rebate guarantees. Members who experienced rebate returns over the guarantee in 2024 will share the attributable overperformance dollars in 2026.
- Audit Recoveries: The Cooperative hires a third party to conduct an independent audit to ensure the terms of our contract are met. We do this for 100% of claims, for all members, with all recoveries going back to members. Audit recoveries have been paid from 2023 and 2024.
While audit recoveries have already been distributed, member groups will receive patronage dividends, retired equity, and rebate true-ups attributable to them by early September.
Value Beyond Financial Distributions
Financial distributions are one benefit of National CooperativeRx membership. Members also have access to the Cooperative’s expertise, resources, and ongoing support, including:
- Clinical guidance and oversight to evaluate pharmacy benefit strategies, programs, and emerging trends
- PBM oversight to promote accountability and protect plan value
- Industry expertise and insights to negotiate favorable PBM contracts and help members navigate a complex and changing pharmacy benefit landscape
- Plan design and strategic support tailored to each member’s needs and goals
- Reporting and analysis to help members understand performance and identify opportunities
At its core, National CooperativeRx is built around its member-owners. Their needs and priorities shape the direction of the Cooperative and how we serve them, from securing competitive PBM contracts and providing expert support to returning financial value.
Thank you to our members for your continued partnership, participation, and trust. We are proud to serve you and are grateful for the role you play in making the Cooperative possible.
