CARDINAL HEALTH INCCAH
CARDINAL HEALTH INC Financial Overview 2021–2025
Cardinal Health managed a massive 83% surge in GAAP operating earnings to $2.3 billion during FY2025, even as the loss of its OptumRx contract dragged total sales down by 2%. This divergence underscores a successful strategic pivot away from lower-margin legacy distribution toward highly profitable specialty pharmaceuticals and healthcare services.
Overall revenue expanded from $162.5 billion in FY2021 to $222.6 billion in FY2025, though the journey required navigating severe financial hurdles. The company absorbed significant write-downs along the way, including a $2.1 billion goodwill impairment in FY2022 and another $1.2 billion charge in FY2023, while simultaneously managing opioid litigation settlements requiring up to $6.0 billion in payouts over 18 years. To replace lost contract volume and accelerate its turnaround, Cardinal Health deployed $5.3 billion toward acquisitions in FY2025, securing high-growth assets like GI Alliance for $2.8 billion.
This specialty-focused strategy yielded immediate operational relief, pushing non-GAAP operating earnings up 15% to $2.8 billion for the year. Investors rewarded this structural shift toward specialty care and away from legacy medical distribution. At the close of FY2025, the stock traded at $168.00, commanding a 26.0x price-to-earnings ratio on $6.45 in earnings per share.
Recent Developments (Q1 and Q2 2026)
Cardinal Health expanded its specialty footprint in the first half of fiscal 2026 by closing the $1.9 billion acquisition of urology management platform Solaris Health. This transaction bolstered the top line, driving Q1 2026 revenue up 22% to $64.0 billion and Q2 2026 revenue up 19% to $65.6 billion. Profitability scaled alongside sales, with Q2 2026 non-GAAP operating earnings surging 38% year-over-year to $877 million. To finance the Solaris purchase, the company issued $1.0 billion in notes and drew down cash reserves to $2.8 billion.
Bulls will highlight the sustained growth, as non-GAAP diluted earnings per share jumped 36% in both consecutive quarters. Conversely, bears may note that shares trade at a premium 35.2x earnings as of February 4, 2026, leaving little margin of safety for M&A integration hurdles.
What to watch: margin contributions from the Solaris Health platform; updates to the fiscal 2026 non-GAAP earnings outlook.
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
Recent SEC Filings
CARDINAL HEALTH INC 8-K Report, Financial Results (Feb 5, 2026)
Cardinal Health, Inc. (CAH) has filed a Form 8-K on February 5, 2026, to report its financial results for the second quarter ended December 31, 2025. The filing primarily references a press release (Exhibit 99.1) containing these results, making the detailed financial performance available to investors. The company also announced an upcoming webcast to discuss these quarterly results and provide an updated outlook for the fiscal year ending June 30, 2026, with management commentary from the CEO and CFO. The presentation materials for this webcast will be accessible on the company's investor relations website.
CARDINAL HEALTH INC 8-K Report, Regulation FD Disclosure (Jan 13, 2026)
Cardinal Health, Inc. (CAH) has filed a Form 8-K on January 13, 2026, primarily to provide an update to its previously issued fiscal year 2026 non-GAAP earnings per share (EPS) outlook. While the specific details of the updated outlook are not included in the 8-K itself, the filing indicates that this information was disclosed in a press release issued on the same date. Investors should note that Cardinal Health will also be participating in the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026. This conference appearance often serves as a platform for management to provide further color on business performance, strategic initiatives, and financial guidance. The press release, attached as an exhibit, is the primary source for the updated EPS outlook and any other material information shared.
CARDINAL HEALTH INC 8-K Report, Shareholder Vote Results (Nov 6, 2025)
Cardinal Health, Inc. (CAH) has filed an 8-K reporting the results of its 2025 Annual Meeting of Shareholders, held on November 5, 2025. The meeting primarily focused on shareholder votes concerning the Board of Directors, executive compensation, and the ratification of the independent auditor. All 12 director nominees were overwhelmingly elected, indicating strong shareholder confidence in the current board's leadership and strategic direction. The company also received a positive advisory vote on executive compensation, reflecting shareholder approval of the compensation packages for its named executive officers. Furthermore, shareholders ratified the appointment of Ernst & Young LLP as the independent auditor for the upcoming fiscal year. This outcome suggests a stable governance environment and continued support for the company's financial oversight. Investors should view these results as indicators of continued operational and strategic stability within Cardinal Health.
CARDINAL HEALTH INC 8-K Report, Financial Results (Oct 30, 2025)
Cardinal Health, Inc. (CAH) has filed an 8-K report on October 29, 2025, detailing its financial results for the quarter ended September 30, 2025. The company issued a press release on October 30, 2025, to announce these results, which is included as an exhibit to this filing. This report serves as the primary source for investors to understand the company's recent performance. Furthermore, Cardinal Health is scheduled to hold a webcast on October 30, 2025, where its CEO and CFO will discuss the first-quarter results and provide an outlook for the fiscal year ending June 30, 2026. The accompanying presentation slides and an audio replay of the webcast will be made available on the company's investor relations website, offering additional insights and context for shareholders and potential investors.
CARDINAL HEALTH INC 8-K Report, Material Agreement (Oct 10, 2025)
Cardinal Health, Inc. (CAH) has entered into a new 364-Day Credit Agreement, effective October 7, 2025, replacing its prior agreement. This new facility provides the company with access to $1.0 billion in revolving credit, extending through October 6, 2026. This ensures continued financial flexibility for general corporate purposes and supports its commercial paper program. A key feature allows for the potential conversion of outstanding loans into non-revolving term loans, payable one year after the agreement's termination date, offering further flexibility in managing its debt obligations.
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