Company file · CAH
Cardinal Health
Cardinal Health's revenue rose 14.2% in FY2026, to $254.2B, and net income rose 9.8% to $1.7B
Revenue rose 14.2% to $254.2B in FY2026, from $222.6B in FY2025. Net income rose 9.8% to $1.7B. United States was the largest region, at 99% of revenue.
Key facts
Cardinal Health (NYSE: CAH) reported revenue of $254.2B for fiscal 2026, the year ended Jun 30, 2026, up 14.2% from fiscal 2025. Net income was $1.7B, up 9.8%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $67.5B, up 5.5% from the same quarter a year earlier, and net income was $554M. The largest piece by region was United States, at 99% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Aug 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2026, filed Aug 11, 2026
Source: 10-Q filed Nov 5, 2026
How it makes money
By region, FY2026
Source: 10-K FY2026, XBRL breakdown
By region in FY2026: United States (99%) and Non-US (1%), as shares of total revenue. Total revenue was $254.2B.
Source: 10-K FY2026
By segment, FY2026
Share is of FY2026 revenue; the items listed don't cover all of it. The last column is the change from FY2025.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q1 FY2027 (Jul to Sep 2026) compared with Q1 FY2026 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q1 FY2027Q1 FY2026
Company
Source: Cardinal Health 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
By region
Source: Cardinal Health 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 14.2% in FY2026 to $254.2B, from $222.6B a year earlier. 10-K, FY2026
- Net income rose 9.8% in FY2026 to $1.7B, from $1.6B. 10-K, FY2026
- Operating cash flow rose 115.9% in FY2026 to $5.2B. 10-K, FY2026
- Diluted shares fell 2.1% in FY2026, so each share represents a larger slice of profit. 10-K, FY2026
The bear case
- Total debt rose 4.2% in FY2026 to $8.9B. 10-K, FY2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Cardinal Health is in the health care distributors industry, part of the health care sector. The SEC files it under Wholesale-Drugs, Proprietaries & Druggists' Sundries.
Cardinal Health reports 2 segments: Pharmaceutical and Specialty Solutions and GMPD.
Its fiscal year ends in June; the latest, FY2026, ended Jun 30, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care distributors industry. They are not a summary of Cardinal Health’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $226.8B | $222.6B | $254.2B |
| Net income | $852M | $1.6B | $1.7B |
| Operating cash flow | $3.8B | $2.4B | $5.2B |
| Cash & equivalents (year end) | $5.1B | $3.9B | $4.9B |
| Total debt (year end) | $5.1B | $8.5B | $8.9B |
| Diluted shares | 247M | 242M | 237M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Segment reporting
- Internal control and material weaknesses
- Pension obligations
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Cardinal Health names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Jun 30, 2026.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| DEF 14A | Sep 21, 2026 | Nov 12, 2026 |
| 10-K | Aug 11, 2026 | Jun 30, 2026 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Cardinal Health
How does Cardinal Health make money?
Cardinal Health's revenue was $254.2B in fiscal 2026. By region in FY2026: United States (99%) and Non-US (1%), as shares of total revenue. Total revenue was $254.2B. Source: 10-K for fiscal 2026, filed Aug 11, 2026.
What was Cardinal Health's revenue in fiscal 2026?
$254.2B of revenue for the fiscal year ended Jun 30, 2026, up 14.2% from $222.6B in fiscal 2025. Fiscal 2024 was $226.8B. Source: 10-K for fiscal 2026, filed Aug 11, 2026.
Is Cardinal Health profitable?
Cardinal Health reported net income of $1.7B for fiscal 2026, up 9.8% from $1.6B in fiscal 2025. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $554M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Aug 11, 2026.
What did Cardinal Health report in its latest quarterly filing?
Revenue was $67.5B in the quarter ended Sep 30, 2026, up 5.5% from $64.0B a year earlier. Net income was $554M, up 23.1% from $450M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
How much cash and debt does Cardinal Health have?
Cardinal Health had $5.3B in cash and cash equivalents and $8.8B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.
What are the main risks Cardinal Health faces?
Cardinal Health's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed Aug 11, 2026. Risks that are common among companies in the health care distributors industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Cardinal Health numbers come from?
From Cardinal Health's own SEC filings: the 10-K for fiscal 2026 (filed Aug 11, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Cardinal Health
- Renaissance Technologies: 550,100 shares, reported value $130.7M at Jun 30, 2026 (+59.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 254,734 shares, reported value $60.5M at Jun 30, 2026 (−62.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 193,920 shares, reported value $46.1M at Jun 30, 2026 (−91.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 132,077 shares, reported value $31.4M at Jun 30, 2026 (+14.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 1,400 shares, reported value $0.3M at Jun 30, 2026 (−99.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CAH
- The editor holds no position in Cardinal Health (CAH). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CAH from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 5, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CAH, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Cardinal HealthCAH | FY2026 | $254.2B | +14.2% | $1.7B |
| McKessonMCK | FY2026 | $403.4B | +12.4% | $4.8B |
| CencoraCOR | FY2025 | $321.3B | +9.3% | $1.6B |
| Henry ScheinHSIC | FY2025 | $13.2B | +4.0% | $398M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.