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CAH

Cardinal Health, Inc.

CAH

Cardinal Health, Inc. • NYSE
$212.26 ▼ -0.41% (-0.88)
Market Cap $50.43 B
52w High $214.93
52w Low $114.60
Dividend Yield 2.03%
P/E 32.06
Volume 817.67K
Outstanding Shares 237.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $64.009B ▲ $1.651B ▼ $450M ▲ 0.703% ▲ $1.89 ▲ $911M ▲
Q4-2025 $60.159B ▲ $1.774B ▲ $239M ▼ 0.397% ▼ $1 ▼ $667M ▼
Q3-2025 $54.878B ▼ $1.393B ▲ $506M ▲ 0.922% ▲ $2.11 ▲ $946M ▲
Q2-2025 $55.264B ▲ $1.392B ▲ $400M ▼ 0.724% ▼ $1.65 ▼ $738M ▼
Q1-2025 $52.277B $1.334B $416M 0.796% $1.71 $755M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $4.593B ▲ $55.228B ▲ $57.959B ▲ $-2.879B ▼
Q4-2025 $3.874B ▲ $53.122B ▲ $55.756B ▲ $-2.781B ▲
Q3-2025 $3.326B ▼ $49.871B ▲ $51.769B ▲ $-2.948B ▲
Q2-2025 $3.81B ▲ $47.002B ▲ $49.923B ▲ $-2.991B ▲
Q1-2025 $2.867B $43.059B $46.335B $-3.277B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $454M ▲ $973M ▼ $-142M ▲ $-110M ▼ $719M ▲ $865M ▼
Q4-2025 $243M ▼ $1.527B ▼ $-1.643B ▲ $668M ▲ $548M ▲ $1.295B ▼
Q3-2025 $508M ▲ $2.917B ▲ $-2.898B ▼ $-507M ▼ $-484M ▼ $2.791B ▲
Q2-2025 $401M ▼ $-400M ▲ $-976M ▼ $2.331B ▲ $943M ▲ $-499M ▲
Q1-2025 $417M $-1.647B $-88M $-540M $-2.266B $-1.737B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
GMPD
GMPD
 $3.12Bn ▲$3.15Bn ▲$3.16Bn ▲$3.20Bn ▲
Other Operating Segment
Other Operating Segment
 $1.19Bn ▲$1.28Bn ▲$1.30Bn ▲$1.61Bn ▲
Pharmaceutical Member
Pharmaceutical Member
 $47.99Bn ▲$50.85Bn ▲$50.43Bn ▼$55.37Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, reflecting Cardinal Health’s scale and stable role in the drug and medical products supply chain. Profitability has improved meaningfully: the company moved from a loss a few years ago to solid profits more recently, with operating income and net income both trending higher. That said, margins remain thin, which is typical for large distributors, and results have shown some volatility from year to year. Earnings per share have rebounded from a prior loss to healthy positive levels, helped by better operations and efficiency initiatives, but the business is still sensitive to pricing pressure, customer mix, and one‑off charges.

Balance Sheet

Balance Sheet The balance sheet shows a sizable asset base built around inventory, receivables, and distribution infrastructure. Cash levels have generally been comfortable, though not excessive. Debt has increased in the most recent year, which raises leverage and is worth watching, especially in a low‑margin business. Shareholder equity has turned negative, which often reflects past write‑downs and aggressive capital returns rather than immediate liquidity stress. Even so, negative equity plus higher debt means the financial structure is more leveraged and leaves less room for major surprises, making ongoing cash generation and risk management particularly important.

Cash Flow

Cash Flow Despite swings in reported earnings, Cardinal Health has consistently produced solid cash flow from operations over the past five years. Free cash flow has been positive every year and generally healthy, even when accounting profits dipped into loss territory. Capital spending has been relatively modest compared with the size of the business, allowing most operating cash to be available for debt service, dividends, buybacks, or strategic investments. This pattern points to a cash‑generative, working‑capital‑driven model, but it also means continued discipline in managing inventory, receivables, and payables is crucial to sustaining this strength.

Competitive Edge

Competitive Edge Cardinal Health is one of a small group of giants that dominate U.S. pharmaceutical distribution, alongside McKesson and AmerisourceBergen. This scale gives it strong bargaining power with manufacturers, broad product access for customers, and cost advantages that are hard for new entrants to match. Its role is deeply embedded in hospital, pharmacy, and clinic operations, creating sticky relationships and high switching costs. Beyond basic distribution, it offers branded medical products, logistics services, and specialty pharmaceutical capabilities, which deepen client ties and can carry better margins. Offsetting these strengths are structural challenges: intense price competition, dependence on a few large customers, regulatory scrutiny, and ongoing legal and reputational risks in the drug supply chain.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology to modernize its distribution backbone and move into higher‑value services. Its “cognitive supply chain” strategy uses data, automation, and AI to improve inventory accuracy, reduce errors, and lower costs. Investments in robotics, advanced warehouse systems, and real‑time shipment tracking aim to make its logistics faster, safer, and more reliable. Partnerships like the Ember Cube for cold‑chain shipping and potential drone delivery target complex, higher‑margin niches such as specialty drugs. On the clinical side, platforms like Navista for oncology and various data‑analytics tools deepen relationships with providers and drug makers. Cardinal is also pushing into at‑home care, radiopharmaceuticals, and specialty management services, which could gradually lift growth and margins if executed well. The key risk is execution: these projects require capital, operational change, and careful integration into an already complex network.

Summary

Cardinal Health combines a large, entrenched distribution franchise with a clear push toward technology, specialty medicines, and at‑home care. Financially, revenue has grown and profitability has improved significantly versus a few years ago, though margins remain thin and results can be choppy. The balance sheet shows higher leverage and negative equity, which increases sensitivity to shocks, but recurring free cash flow has been a stabilizing strength. Competitively, Cardinal benefits from scale, high barriers to entry, and integrated offerings that are hard to replicate. Its innovation agenda—automation, data‑driven tools, specialty services, and home‑based solutions—targets areas where it can add more value and potentially earn better returns. Looking ahead, the story hinges on continued operational improvement, careful balance‑sheet management, and successful execution of these strategic growth initiatives in a tightly regulated, highly competitive healthcare environment.

NEWS

November 5, 2025 · 9:00 AM UTC

Increasing medication access: Charitable clinics and pharmacies to receive share in $1.6 million in Equity Rx grants from Cardinal Health Foundation

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November 4, 2025 · 4:45 PM UTC

Cardinal Health Board of Directors Approves Quarterly Dividend

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November 3, 2025 · 8:30 AM UTC

Cardinal Health completes acquisition of Solaris Health

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October 30, 2025 · 6:45 AM UTC

Cardinal Health Reports First Quarter Fiscal Year 2026 Results and Raises Outlook

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September 30, 2025 · 9:07 AM UTC

Cardinal Health to expand pharmaceutical distribution network with new Indianapolis facility

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