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
Recent SEC Filings
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.
CARDINAL HEALTH INC 8-K Report, Executive Changes (Mar 5, 2026)
Cardinal Health, Inc. (CAH) has announced the upcoming retirement of its Senior Vice President and Chief Accounting Officer, Mary Scherer. Ms. Scherer has informed the company of her intention to retire in February 2027. This announcement triggers the initiation of a search process for a successor to ensure continuity in financial leadership. Investors should note that Ms. Scherer will remain in her role until her successor is fully onboarded, indicating a commitment to a well-managed transition. The company has not provided details on the search process or potential candidates at this time.
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.
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