Cardinal Health, Inc.

Cardinal Health, Inc. Earnings Recaps

CAH Health Care 3 recaps
Q3 2026 May 3, 2026

Cardinal Health shares fell 3.7% post-earnings as decelerating GLP-1 growth and signs of moderating pharma momentum overshadowed raised full-year guidance. While management emphasized broad-based strength, the market appears concerned by a slowdown in key drug revenue drivers and mix headwinds.

Key takeaways
  • GLP-1 category revenue, while still up over 30%, moderated sequentially; GLP-1s added 6 percentage points to revenue growth, offset by a 6-point headwind from inflation reduction at WAC pricing adjustments.
  • Pharma segment revenue grew 11% to $56.1 billion, with profit climbing 18% to $784 million, driven by brand and specialty.
  • Company-wide, revenue rose 11% to $61 billion; gross profit increased 18% to $2.5 billion.
  • Operating earnings gained 18% to $956 million, and non-GAAP EPS rose 35% to $3.17 (aided by discrete tax benefits).
  • Management raised full-year non-GAAP EPS and free cash flow guidance, but the tempered outlook in high-growth categories and mix shifts weighed on investor sentiment.
Full recap
Q2 2026 Feb 5, 2026

Cardinal Health delivered a robust second quarter in fiscal 2026, showcasing exceptional double-digit earnings growth across all segments, propelled by strong operational execution and increasing demand in specialty solutions.

Key takeaways
  • Revenue surged 19% to $66 billion, primarily driven by the pharmaceutical and specialty solutions segment.
  • Non-GAAP diluted EPS increased 36% year-over-year to $2.63, with an updated EPS guidance raised to $10.15 to $10.35 for the fiscal year.
  • Acquisition of Solaris Health enhances the company's specialty platform, underlining a strategic focus on high-growth, higher-margin areas.
  • Operating earnings rose 38% to $877 million, reflecting disciplined expense management alongside robust revenue growth.
  • The company repurchased $375 million in shares, achieving its full-year target of $750 million in buybacks.
Full recap
Q4 2025 Aug 12, 2025

Cardinal Health Inc. achieved solid growth in Q4 FY25, with operating earnings up 19% year-over-year and significant improvements across all business segments, reflecting successful strategic implementations and robust demand.

Key takeaways
  • Operating earnings increased 19% in Q4 and 15% for the year, driven by double-digit profit growth across all segments.
  • The company generated $2.5 billion in adjusted free cash flow, significantly exceeding prior expectations.
  • Strategic acquisitions, including Solaris Health, enhance Cardinal Health's position in the specialty healthcare market.
  • Revenue grew 21% year-over-year when adjusted for contract expirations, with strong contributions from pharmaceutical and growth businesses.
  • EPS rose 13% to $2.08, supported by share repurchases and effective cost management strategies.
Full recap