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CARDINAL HEALTH INCCAH

Sector
Healthcare
Industry
Wholesale-Drugs, Proprietaries & Druggists' Sundries
Exchange
NYSE

Stock Price $CAH

Latest filings

You are here#26 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K120

CAH filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Oct ’17Oct ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $222.58B
YoY changeLargest recent move+18.5%in FY16Latest −1.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CAH Financial Metrics54 metrics

Income Statement13

Balance Sheet21

Cash Flow15

Per Share5

02—Overview

CARDINAL HEALTH INC Financial Overview 2021–2025

Updated Jul 10, 2026

Despite 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 billiona. 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 billionb 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 $168.00c, 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 billiond 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 millione 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.

03—Filings

Recent SEC Filings

  1. 8-KCARDINAL HEALTH INC 8-K Report, Regulation FD Disclosure (Oct 1, 2026)Cardinal Health, Inc. (CAH) announced on October 1, 2026, a significant development regarding its long-standing relationship with CVS Health. The company has entered into a binding letter of intent to extend its crucial pharmaceutical distribution agreements through June 2032. This extension provides substantial visibility and stability for Cardinal Health's core pharmaceutical distribution business, a key revenue driver. Investors can take comfort in the continued partnership with a major customer, which mitigates near-term contractual risks and solidifies future revenue streams. In conjunction with this positive news, Cardinal Health reaffirmed its previously issued fiscal year 2027 non-GAAP earnings per share (EPS) guidance range of $12.40 to $12.60. Furthermore, the company reiterated its long-term non-GAAP EPS growth target of 12% to 14%. This confirmation, alongside the CVS Health agreement, suggests management's confidence in the company's operational performance and its ability to achieve its strategic growth objectives. The market will likely view this announcement favorably, as it addresses both a critical customer relationship and forward-looking financial expectations.
  2. 8-KCARDINAL HEALTH INC 8-K Report, Financial Results (Aug 11, 2026)Cardinal Health reported fiscal Q4 and full-year FY2026 results on August 11, 2026, with revenue up 6% to $63.7 billion in the quarter and 14% to $254.2 billion for the year. GAAP diluted EPS rose 70% to $1.70 in Q4 and 12% to $7.23 for FY2026. Non-GAAP diluted EPS was $2.91 in Q4 (up 40%) and $11.26 for the year (up 37%). Both figures include a one-time $0.31 per-share benefit from recognizing IEEPA tariff refunds ($100 million pre-tax in the GMPD segment). Excluding that benefit, Q4 non-GAAP EPS grew 25% to $2.60 and full-year non-GAAP EPS grew 33% to $10.95. Investors should treat the tariff refund as non-recurring when judging underlying momentum. Operating cash flow was $5.2 billion and adjusted free cash flow was $5.0 billion for FY2026. The Pharmaceutical and Specialty Solutions segment drove the results, with FY2026 segment profit up 23% to $2.8 billion on 15% revenue growth. GMPD profit excluding the tariff refund was $158 million for the year, up 17%, and its Q4 profit excluding the refund fell 29%, reflecting lower distribution volumes. The company also took a $122 million pre-tax impairment on its Outcomes equity stake and a $184 million goodwill impairment tied to the Navista & ION reporting unit; both were excluded from non-GAAP results. GAAP results were therefore weighed down by these charges, and the GAAP-to-non-GAAP gap is wide. For fiscal 2027, management guided non-GAAP EPS to $12.40 to $12.60, growth of 13% to 15% versus the adjusted FY2026 base of $10.95. Guidance includes the recent Strive Medical acquisition and the announced Diabetes Health tuck-in from AdaptHealth. Management also raised the share repurchase authorization by $5.0 billion to a total of $6.4 billion, and plans about $1 billion of repurchases in FY2027. Shareholders' deficit remains at $(2.7) billion, and total debt rose to about $8.9 billion, so balance sheet leverage is a continuing consideration.
  3. 8-KCARDINAL 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.
  4. 8-KCARDINAL 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.
  5. 8-KCARDINAL HEALTH INC 8-K Report, Financial Results (Apr 30, 2026)Cardinal Health reported fiscal third-quarter 2026 results (quarter ended March 31, 2026) with revenue up 11% to $60.9 billion, driven mainly by brand and specialty pharmaceutical growth in its Pharmaceutical and Specialty Solutions segment. GAAP diluted EPS fell 20% to $1.69 and GAAP operating earnings fell 30% to $509 million, largely because of a $184 million pre-tax goodwill impairment at the Navista & ION reporting unit. On a non-GAAP basis, operating earnings rose 18% to $956 million and diluted EPS rose 35% to $3.17. The non-GAAP EPS gain was helped by a sharply lower non-GAAP tax rate of 10.2%, which management attributed to discrete planning benefits, and by a lower share count. Management raised and narrowed fiscal 2026 non-GAAP diluted EPS guidance to $10.70–$10.80 (about 30–31% growth), from the prior range. The raise reflects stronger Pharmaceutical and Specialty Solutions and Other segment profit, a non-GAAP tax rate now expected near 19%, and fewer diluted shares (about 237 million). Partly offsetting these items, interest and other expense guidance was increased to about $340 million. Adjusted free cash flow guidance was raised to $3.3–$3.7 billion. The company also cut leverage to 3.0x (within its 2.75–3.25x target), repaid $100 million of term loan early, and has repurchased $1.0 billion of shares year to date. For investors, the key questions are the quality of the EPS beat and the durability of segment profit. The Global Medical Products and Distribution segment is weak, with profit down 36% on tariff impacts and flat revenue. GAAP results remain well below non-GAAP results because of recurring acquisition-related charges and impairments. Year-to-date operating cash flow of $3.5 billion is well above last year's $0.9 billion, but that comparison is distorted by working-capital swings in accounts payable and inventory. Because the quarter's non-GAAP tax rate was unusually low, the full-year guidance raise depends partly on sustaining a roughly 19% tax rate.
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04—See also

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