Cardinal Health, Inc. (NYSE: CAH) distributes pharmaceuticals and medical supplies, manufactures medical products, and provides physician-practice management, home-care supply, nuclear pharmacy and healthcare logistics services.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jun 30, 20240000721371-24-000056 | Aug 14, 2024 | 10-K | Open 10-Ksec.gov |
| Jun 30, 20250000721371-25-000079 | Aug 12, 2025 | 10-K | Open 10-Ksec.gov |
| Jun 30, 20260000721371-26-000038 | Aug 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Cardinal Health’s fiscal 2026 results show stronger pharmaceutical and specialty earnings, an expanding acquired-business contribution and improved operating cash flow. Revenue reached $254.248 billion, but its predominantly gross-reported distribution sales carry thin margins: GAAP parent earnings were $1.714 billion. Non-GAAP EPS of $11.26 included a $0.31 tariff-refund benefit; excluding that benefit, EPS was $10.95. Cash generation also benefited from working-capital timing and lower opioid payments, rather than earnings alone. Acquisitions broaden the business but bring financing costs, compensation liabilities and impairment risk. CVS remains a major customer; October’s binding letter of intent supports relationship continuity, not proven final implementation or improved economics. Fiscal 2027 guidance remains conditional, while substantial opioid obligations, unresolved tax proposals and regulatory investigations continue to matter.
Sources: 10-K · 2026-06-30 · EX-99.1 · 2026-08-11 · 8-K · 2026-10-01 · EX-99.1 · 2026-10-01
Cardinal’s largest business, Pharmaceutical and Specialty Solutions, supplies branded, generic and specialty medicines and operates manufacturer-service and physician-management platforms. Global Medical Products and Distribution, or GMPD, combines generally higher-margin Cardinal-branded products with national-brand distribution. Three smaller operating segments—nuclear and precision health, at-Home Solutions and OptiFreight Logistics—are grouped as Other. Revenue is predominantly recorded gross, not as distribution fees. Pharmaceutical earnings depend on manufacturer compensation, purchasing discounts, generic sourcing and customer mix. Growing drug sales therefore need not generate proportionate profit: increased GLP-1 sales did not meaningfully contribute to pharmaceutical segment profit.
Sources: 10-K · 2026-06-30
For July 1, 2025–June 30, 2026, revenue was $254.248 billion, GAAP operating earnings $2.613 billion and parent net earnings $1.714 billion. Management attributed growth principally to branded and specialty pharmaceuticals, generics and acquired physician-management businesses. Pharmaceutical segment profit reached $2.783 billion; Other generated $707 million. These measures exclude major corporate charges and are not consolidated operating income. Growth cannot be characterized as wholly organic because acquired businesses enter results from their closing dates.
Non-GAAP operating earnings were $3.624 billion and diluted EPS $11.26, versus GAAP EPS of $7.23. Adjustments remove substantial acquisition, compensation, restructuring and impairment costs, including costs that can recur. Fewer diluted shares also increased EPS growth relative to earnings growth. Both reported GAAP and non-GAAP results retained a $100 million tariff-refund operating benefit. Excluding that benefit, non-GAAP EPS was $10.95. GMPD’s annual profit was $158 million excluding refunds, versus $258 million reported; fourth-quarter refund-excluded profit fell to $50 million from $70 million.
Sources: 10-K · 2026-06-30 · EX-99.1 · 2026-08-11
Operating cash flow increased to $5.174 billion from $2.397 billion. Supplier-payment timing, smaller inventory and receivable cash uses, the prior-year OptumRx working-capital unwind and new-customer onboarding affected the comparison. Opioid payments fell to $417 million from $798 million. These effects are distinct from profit and are not necessarily recurring. The company’s $4.971 billion non-GAAP adjusted free cash flow adds back specified litigation payments and liability-classified unit repurchases before deducting capital expenditure; it is not cash left after all those obligations.
Sources: 10-K · 2026-06-30 · EX-99.1 · 2026-08-11
Fiscal 2026 cash deployment included $1.991 billion for acquisitions net of acquired cash, $649 million capital expenditure, $1.358 billion treasury-share purchases and $491 million dividends. Year-end cash was $4.856 billion, against $8.886 billion of debt and other borrowing obligations including finance leases, but excluding operating leases and opioid liabilities. Net interest expense increased to $348 million. On August 7, before the annual filing, a $4 billion unsecured revolver replaced two revolvers and a receivables-sale facility with equal combined headline capacity. Its August 2031 maturity extends the financing framework; the commitment is neither cash nor evidence of actual drawings or unrestricted availability.
Sources: 10-K · 2026-06-30 · 8-K · 2026-08-07
CVS generated 28% of fiscal 2026 revenue and represented 22% of gross receivables. Cardinal also depends on its CVS generic-sourcing venture. Acquisitions increase exposure to physician retention, reimbursement, integration and restrictions on corporate management of medical practices. Opioid liabilities remained approximately $4.3 billion, and not all litigation was resolved. IRS proposals could create substantial additional tax expense and liabilities. Tariff refunds remain receivables rather than established collections; ongoing tariffs, product-supply constraints, FDA matters, DOJ investigations and cyber vulnerabilities add uncertainty. Management’s reserve and control assessments do not guarantee future outcomes.
Sources: 10-K · 2026-06-30 · EX-99.1 · 2026-06-30
On October 1, 2026, Cardinal announced a binding letter of intent to extend its CVS distribution relationship through June 30, 2032, continuing the current service scope. Final implementation, pricing and incremental profit are not established. Cardinal reaffirmed fiscal 2027 non-GAAP EPS guidance of $12.40–$12.60 and long-term non-GAAP EPS growth guidance of 12%–14%. The annual guidance compares with refund-excluded fiscal 2026 EPS of $10.95, not $11.26. This view uses supplied information through October 24, 2026; the November 5 earnings call remains a scheduled future event.
Sources: 8-K · 2026-10-01 · EX-99.1 · 2026-10-01 · EX-99.1 · 2026-08-11
USD 254.248 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 254.248 bn | 14.2% |
| 2025 | USD 222.578 bn | -1.9% |
| 2024 | USD 226.827 bn | — |
Consolidated revenue, net of returns, allowances and intersegment eliminations.
Sources: 10-K · 2026-06-30
USD 1.714 bn
FY2026 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.714 bn | 9.8% |
| 2025 | USD 1.561 bn | 83.2% |
| 2024 | USD 852 m | — |
GAAP net earnings attributable to the parent after noncontrolling interests.
Sources: 10-K · 2026-06-30
USD 5.174 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 5.174 bn | 115.9% |
| 2025 | USD 2.397 bn | -36.3% |
| 2024 | USD 3.762 bn | — |
GAAP consolidated operating cash flow, including working-capital movements and operating litigation payments.
Sources: 10-K · 2026-06-30
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