Cardinal Health, Inc. (CAH) financials

NYSE · Healthcare · Medical - Distribution · 61,344 employees · CEO Jason Hollar

Price: $250.48 -0.24%
Market cap: $58B
Enterprise value: $63.1B
Last report: Q4 '26 filed 2026-08-11
Next report: 2026-11-05 EPS est. $2.94

Revenue (TTM)$254B+14.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)1.0%0.0 pp vs a year agoOperating income $2.61B

Net income (TTM)$1.71B+9.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$4.53B+144.6% vs a year agoCapex $649M

Diluted EPS (TTM)$7.23+12.1% vs a year agoSum of the last 4 quarters

Net cash-$5.09B+6.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $58B
Revenue: $254B
Revenue growth: +5%
Profit margin: 0.7%
P/E: 34.5×
P/S: 0.2×
EV / EBITDA: 18.1×
Free cash flow: $4.53B
Net income: $1.71B
Revenue estimate: $266B
Earnings: 2026-11-05
Dividend: $2.05

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-11): revenue missed by 2.3%, EPS beat by 20.2%Revenue $63.7B vs $65.2B expected (-2.3%); EPS $2.91 vs $2.42 (+20.2%).
Revenue growth slowing: 6.1% year on yearQ4 '26 revenue $63.9B, against an average of 13.2% over the four quarters before.
Operating margin 1.0% (TTM), 0.0 pp on a year agoOperating income grew 14.9% while revenue grew 14.2%.
20.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.17B vs operating income $2.61B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.3% of revenue (a year ago 0.2%)$649M invested in the last 4 quarters (+18.6% on a year earlier). Free cash flow $4.53B = 264.0% of net income.
Returned $1.85B to shareholders = 40.9% of free cash flowBuybacks $1.36B (a year earlier $0), dividends $491M, stock-based pay $367M (TTM).
Diluted share count down 1.2% in a year237M diluted shares in Q4 '26, 240M a year earlier.
Net debt $5.09BCash + short-term investments $4.86B, debt incl. leases $9.95B; a year ago net debt $5.47B.

Last quarter: Q4 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$63.9B	$60.2B	+6.1%
Gross margin	4.3%	3.7%	+0.6 pp
Operating income	$729M	$428M	+70.3%
Operating margin	1.1%	0.7%	+0.4 pp
Net income	$394M	$239M	+64.9%
Diluted EPS	$1.69	$1.00	+69.0%
Operating cash flow	$1.69B	$1.53B	+10.8%
Capex	$264M	$232M	+13.8%
Free cash flow	$1.43B	$1.3B	+10.3%
R&D	$0	$0	–
Stock-based compensation	$58M	$153M	-62.1%

Reported vs consensus

2026-08-11

	Actual	Consensus	vs consensus
Revenue	$63.7B	$65.2B	-2.3%
EPS (as estimated)	$2.91	$2.42	+20.2%

From the report of 2026-08-11 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '26	y/y	Share	TTM	TTM y/y
Pharmaceutical Member	$118B	+113.2%	92.4%	–	–
GMPD	$6.31B	+97.3%	4.9%	–	–
Other Operating Segment	$3.36B	+108.9%	2.6%	–	–

Revenue by region

share of total

Segment	Q4 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$127B	+112.4%	99.3%	–	–
Non-US	$847M	+95.2%	0.7%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q4 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Pharmaceutical And Specialty Solutions	–	–	$645M	+20.6%	–	–	$2.78B
GMPD	–	–	$150M	+114.3%	–	–	$258M
All other segments	–	–	$183M	+14.4%	–	–	$707M
Corporate (unallocated)	–	–	-$249M	+26.1%	–	–	-$1.14B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.17B
Capex: -$649M
Buybacks: -$1.36B
Dividends: -$491M
Acquisitions: -$1.99B
Net debt issued: $337M
Stock-based compensation: $367M
Free cash flow: $4.53B
Returned to shareholders / FCF: 40.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	34.5×	40.4× 4 of 5 years	25.9× – 75.1×
EV / EBITDA	18.1×	69.5×	12.5× – 284.9×
EV / Sales	0.2×	0.2×	0.1× – 0.2×
Price / FCF	12.8×	11.5×	5.3× – 21.9×
Price / Book	-20.5×	–	–
FCF yield	7.8%	10.9%	4.6% – 18.8%
Return on invested capital	13.2%	6.5%	-4.3% – 13.2%
Return on equity	-59.7%	-4.2%	-59.5% – 132.3%

Analysts

Consensus target $278.22 (+11.1%)
range $265.00 – $295.00 · rating Buy

Strong buy0

Buy18

Hold15

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$266B	+4.5%	$12.57	+73.9%	19.9×	10
FY2028	$282B	+6.0%	$14.08	+12.0%	17.8×	9
FY2029	$297B	+5.6%	$15.59	+10.8%	16.1×	4
FY2030	$306B	+3.1%	$17.81	+14.2%	14.1×	1
FY2031	$314B	+2.5%	$20.43	+14.7%	12.3×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 243 figures Cardinal Health, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$1M	–	–
	–	–	–	0.0%	–	–
	–	–	–	$156M	–	–
	–	–	–	7.1%	–	–
	–	–	–	$155M	–	–
	–	–	–	$64M	–	–
	–	–	–	$119M	–	–
Accounts Payable	$38.3B	$34.7B	+10.4%	$38.3B	$34.7B	+10.4%
Accounts Payable, Current	$38.3B	$34.7B	+10.3%	$38.3B	$34.7B	+10.3%
Accounts Receivable, Credit Loss Expense (Reversal)	$14M2025-12-31	$12M	+16.7%	$74M	$53M	+39.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$4.94B	$4.66B	+5.9%	$4.94B	$4.66B	+5.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$165M	-$155M	-6.5%	-$165M	-$155M	-6.5%
Amortization of Intangible Assets	$84M2025-12-31	$69M	+21.7%	$361M	$303M	+19.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	1M2024-06-30	2M	-50.0%
Assets	$57.3B	$53.1B	+7.9%	$57.3B	$53.1B	+7.9%
Assets, Current	$38.8B	$36.4B	+6.5%	$38.8B	$36.4B	+6.5%
Cash and Cash Equivalents, at Carrying Value	$4.86B	$3.87B	+25.3%	$4.86B	$3.87B	+25.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.86B	$3.87B	+25.3%	$4.86B	$3.87B	+25.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$1.82B2025-12-31	$943M	-292.6%	$982M	-$1.26B	+178.0%
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$02025-12-31	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Cash Paid	–	–	–	$2.04	$2.02	+1.0%
Common Stock, Dividends, Per Share, Declared	$0.512025-12-31	$0.51	+1.0%	–	–	–
Common Stock, Shares Authorized	755M	755M	0.0%	755M	755M	0.0%
Common Stock, Shares, Issued	271M	271M	0.0%	271M	271M	0.0%
Common Stock, Value, Issued	$2.89B	$2.96B	-2.3%	$2.89B	$2.96B	-2.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$473M2025-12-31	$375M	+26.1%	$1.7B	$1.57B	+8.3%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$477M2025-12-31	$376M	+26.9%	$1.7B	$1.58B	+7.2%
Cost of Goods and Services Sold	$63.2B2025-12-31	$53.3B	+18.6%	$244B	$214B	+14.0%
Current Federal Tax Expense (Benefit)	–	–	–	$164M	$135M	+21.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$91M	$82M	+11.0%
Current Income Tax Expense (Benefit)	–	–	–	$378M	$289M	+30.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$123M	$72M	+70.8%
Debt and Lease Obligation	$8.89B	$8.53B	+4.2%	$8.89B	$8.53B	+4.2%
Debt, Long-term and Short-term, Combined Amount	$9.03B2025-09-30	$5.2B	+73.7%	–	–	–
DebtInstrumentIssuedPrincipal	$02025-12-31	–	–	$1B	$2.9B	-65.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$104M	$205M	-49.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$2M	-$1M	+300.0%
Deferred Income Tax Expense (Benefit)	–	–	–	$91M	$243M	-62.6%
Deferred Income Taxes and Other Assets, Noncurrent	$63M	$64M	-1.6%	$63M	$64M	-1.6%
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	$2.37B	$2.36B	+0.3%	$2.37B	$2.36B	+0.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$15M	$39M	-138.5%
Deferred Tax and Other Liabilities, Noncurrent	$9.12B	$8.88B	+2.6%	$9.12B	$8.88B	+2.6%
Deferred Tax Assets, Gross	$1.33B	$1.23B	+8.3%	$1.33B	$1.23B	+8.3%
Deferred Tax Assets, Net	$1.08B	$976M	+10.1%	$1.08B	$976M	+10.1%
Deferred Tax Assets, Other	$96M	$97M	-1.0%	$96M	$97M	-1.0%
Deferred Tax Assets, Tax Credit Carryforwards	$426M	$386M	+10.4%	$426M	$386M	+10.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$24M	$23M	+4.3%	$24M	$23M	+4.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$700M	$651M	+7.5%	$700M	$651M	+7.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$35M	$26M	+34.6%	$35M	$26M	+34.6%
Deferred Tax Assets, Valuation Allowance	$257M	$254M	+1.2%	$257M	$254M	+1.2%
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals	$993M	$981M	+1.2%	$993M	$981M	+1.2%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$826M	$834M	-1.0%	$826M	$834M	-1.0%
Deferred Tax Liabilities, Gross	$3.38B	$3.28B	+3.2%	$3.38B	$3.28B	+3.2%
Deferred Tax Liabilities, Inventory	$1.08B	$1.1B	-2.5%	$1.08B	$1.1B	-2.5%
Deferred Tax Liabilities, Net	$2.31B	$2.3B	+0.3%	$2.31B	$2.3B	+0.3%
Deferred Tax Liabilities, Property, Plant and Equipment	$488M	$358M	+36.3%	$488M	$358M	+36.3%
Defined Contribution Plan, Cost	–	–	–	$152M	$89M	+70.8%
Depreciation	–	–	–	$589M	$488M	+20.7%
Depreciation, Depletion and Amortization	$234M2025-12-31	$192M	+21.9%	$956M	$790M	+21.0%
Derivative Asset, Fair Value, Gross Asset	$25M	$20M	+25.0%	$25M	$20M	+25.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-K 2024-06-30

Data as of 2026-11-02