CARDINAL HEALTH INCCAH
CARDINAL HEALTH INC Financial Overview 2021–2025
Updated Jul 10, 2026Despite losing a massive OptumRx contract that caused total revenue to dip 2% in FY2025, Cardinal Health drove an 83% surge in GAAP operating earnings to $2.3 billion. This surprising divergence reveals a clear investment thesis: the company is aggressively shedding lower-margin distribution vulnerabilities to rebuild itself as a specialized, high-margin healthcare services operator. The transformation required heavy capital deployment, shaking off years of legal liabilities to establish a more profitable product mix.
The company's top-line arc reflects steady structural expansion, with total revenue growing from $162.5 billion in FY2021 to $222.6 billion in FY2025. Early in this period, profitability was severely depressed by a $6.37 billion opioid settlement framework and a $2.1 billion impairment charge in the Medical segment during FY2022. Management subsequently pivoted toward specialized growth, deploying $5.3 billion toward acquisitions in FY2025 alone—anchored by the $2.8 billion purchase of GI Alliance and the $1.1 billion acquisition of Advanced Diabetes Supply Group. These strategic bets immediately bolstered the bottom line, with non-GAAP diluted EPS leaping 35% to $3.17 in Q3 2026.
By leaning into branded pharmaceuticals and higher-margin managed service organizations, the company successfully offset lingering supply chain inflation. The market recognized this operational pivot; at the close of FY2025, the stock traded at $168.00, commanding a 26.0x P/E ratio as investors priced in the shift from a legacy wholesaler to a specialized healthcare platform.
Recent Developments (Q2 and Q3 2026)
Cardinal Health sustained top-line momentum through Q2 2026 and Q3 2026, driven by specialty pharmaceutical sales and M&A execution. Total revenue grew 19% year-over-year to $65.6 billion in the second quarter and 11% to $60.9 billion in the third. The company finalized a $1.9 billion acquisition of Solaris Health in Q2 2026. This addition helped boost Q3 2026 non-GAAP operating earnings by 18% to $956 million. However, GAAP operating earnings fell 30% to $509 million in the third quarter, hampered by a $184 million goodwill impairment for the Navista and ION unit. Patricia A. Hemingway Hall became Board Chair in March 2026.
Bulls celebrate the core Pharmaceutical segment, which expanded profits by 18% to $784 million in Q3 2026. Bears caution that debt-funded acquisitions drove nine-month interest expenses up 91% to $269 million. Trading at a 29.9x P/E ratio as of April 30, 2026, the stock appears richly valued against near-term integration risks.
What to watch: integration progress for Solaris Health; escalating interest expense effects on margins.
Rev
$222.58B
FY2025
NI
$1.56B
FY2025
EPS
$6.48
FY2025
OCF
$2.40B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All CAH Financial Metrics(54)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
CARDINAL HEALTH INC 8-K Report, Financial Results (Aug 11, 2026)
Cardinal Health, Inc. (CAH) has filed an 8-K report on August 11, 2026, to disclose its financial results for the fourth quarter and full fiscal year ended June 30, 2026. The report primarily references a press release (Exhibit 99.1) containing these results. Investors should consult this press release for specific financial performance metrics, including revenue, profitability, and any year-over-year comparisons. Additionally, the company will host a webcast on the same day at 8:30 a.m. ET to discuss these results and provide an outlook for the fiscal year ending June 30, 2027. Key management personnel, including the CEO and CFO, will participate in this discussion, offering further insights into the company's performance and future strategic direction. The slide presentation and an audio replay will be accessible on the company's investor relations website.
CARDINAL HEALTH INC 8-K Report, Material Agreement (Aug 11, 2026)
Cardinal Health, Inc. (CAH) announced on August 11, 2026, the entry into a new unsecured Credit Agreement, effective August 7, 2026. This agreement provides the Company with access to a $4.0 billion revolving credit facility, maturing in August 2031, with an option to extend for up to two additional years. This new facility replaces and consolidates the Company's existing 364-day and five-year revolving credit facilities, as well as its receivables sale facility program. The new credit agreement includes standard covenants and requires the Company to maintain a Consolidated Net Leverage Ratio of no greater than 4.00 to 1.00 as of the end of each fiscal quarter. The Company intends to use this facility for general corporate purposes. Concurrently, the Company terminated its prior credit agreements and receivables sale program. Notably, there were no penalties incurred as a result of these terminations. This strategic move consolidates CAH's borrowing capacity under a single, larger facility, potentially simplifying its debt management and enhancing financial flexibility. The new credit agreement reflects a commitment from major financial institutions, underscoring their continued confidence in Cardinal Health's operations.
CARDINAL HEALTH INC 8-K Report, Executive Changes (Aug 5, 2026)
Cardinal Health, Inc. (CAH) announced a significant leadership change in its accounting department with the appointment of Anita Zielinski as Chief Accounting Officer, effective November 5, 2026. Ms. Zielinski's appointment follows a period of transition where Mary Scherer will continue in her role until the effective date. This appointment brings a seasoned executive with extensive experience in financial reporting and leadership roles from prominent companies like Baxter International and Sysco Corporation, as well as a background in public accounting at Ernst & Young. Investors should note that Ms. Zielinski's compensation package includes a base salary, bonus potential, and equity awards, along with a $750,000 sign-on bonus and $1,000,000 in restricted share units. This is primarily to compensate for forfeited compensation from her previous employer. The filing also confirms no related-party transactions or disqualifying arrangements concerning Ms. Zielinski's appointment, providing clarity for stakeholders.
CARDINAL HEALTH INC 8-K Report, Financial Results (Apr 30, 2026)
Cardinal Health, Inc. (CAH) has filed an 8-K report detailing its financial results for the third quarter ended March 31, 2026. The company announced its results via a press release filed as Exhibit 99.1, providing investors with key performance indicators and financial condition for the period. Management, including the CEO and CFO, will further discuss these results and provide an updated outlook for the fiscal year ending June 30, 2026, during a webcast scheduled for April 30, 2026. Investors should review the press release for detailed financial figures and management's commentary on operational performance. The webcast presentation and subsequent audio replay will offer additional insights into the company's strategic direction and future expectations. While specific financial figures are not detailed in the 8-K itself, these resources are expected to provide a comprehensive understanding of Cardinal Health's performance and outlook.
CARDINAL HEALTH INC 8-K Report, Executive Changes (Mar 23, 2026)
Cardinal Health, Inc. (CAH) has announced a significant leadership change via an 8-K filing. Gregory B. Kenny is retiring from his roles as a Director, committee member, and crucially, as Board Chair, effective March 20, 2026. Importantly, this retirement is not attributed to any disputes or disagreements regarding the company's operations or policies, suggesting a smooth transition. In light of this, the Board has appointed current director Patricia A. Hemingway Hall as the new Board Chair, effective immediately. Furthermore, alongside this leadership transition, Cardinal Health confirmed its third quarter fiscal 2026 earnings release date as April 30, 2026, and reiterated its confidence in its fiscal 2026 outlook. Investors should note the continuity in leadership philosophy and the reaffirmation of financial projections.
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