CAHCardinal Health

Health care · Drug Wholesale · NYSE

Employees: 63,900
Headquarters: Dublin, OH
CEO: Jason M. Hollar
Next results: around Feb 4, 2027

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	7.73	Sales (ttm)	257.8B	Net income (ttm)	1.8B	Sales growth	+14.2%	EPS growth	+12.1%	Sales Q/Q	+5.5%
Free cash flow	4.9B	Gross margin	3.9%	Oper. margin	1.0%	Net margin	0.7%	FCF margin	1.9%	ROE	n/m
ROA	3.1%	R&D / sales	-	Dividend	2.04	Debt/Eq	n/m	Curr. ratio	0.88	Cash	5.3B
Op. cash flow (ttm)	5.6B	EBITDA	3.6B	EBITDA margin	1.4%	Net debt	3.6B	Quick ratio	0.51	Interest cover	7.51
Payout ratio	28.2%	Tax rate	21.6%	Stock pay / sales	0.1%	Shares out.	231.1M	Shares Y/Y	-2.1%	Book / share	-13.09
Cash / share	22.77	Sales / share	1,115.15	Asset turnover	4.33	Inventory turns	14.13	Days sales out.	20	Sales 3Y CAGR	+7.4%
Sales 5Y CAGR	+9.4%	EPS 3Y CAGR	+79.0%	EPS 5Y CAGR	+28.3%	Employees	63,900	Sales / employee	4.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025

Free cash flow rose 145%$1.9B → $4.5B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +14.2%-1.9% → +14.2% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

CAH against Health care peers

Ten years, side by side → · All 60 →

CAHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+14.2%9th of 60 · median +7.1%

Net margin

0.7%56th of 60 · median 9.6%

Free cash flow margin

1.9%52nd of 56 · median 15.5%

CAH and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CAH Cardinal Health	$257.8B	+14.2%	3.9%	0.7%	-	1.9%	-
COR Cencora	$332.8B	+9.3%	4.0%	0.8%	86.0%	1.2%	3.93
CI Cigna	$286.3B	+11.2%	20.7%	2.1%	13.8%	-	0.68
CNC Centene Corporation	$203.9B	+19.4%	7.9%	0.7%	6.6%	1.9%	0.70
ELV Elevance Health	$201.8B	+12.5%	89.0%	2.5%	11.5%	3.2%	0.69
HUM Humana	$154.2B	+10.1%	-	0.8%	6.6%	2.0%	0.66

FY2023FY2024FY2025FY2026

From $205.0B of sales to $330.0M of profit

FY2023, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $226.8B of sales to $852.0M of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $222.6B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $254.2B of sales to $1.7B of profit

FY2026, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023

$97

FY2024

$97

FY2025

$96

FY2026

$96

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3

!
Net margin below the peer median0.7% vs 9.6%
!
Gross margin down over 5 years4.2% → 3.8%
!
A profit in 8 of 10 years

Net margin, FY2017 to FY2026: 1.0% → 0.7%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 7.5× interest expense
!
Equity below zeroDebt $8.8B, equity −$3.0B
!
Current ratio below 1Current ratio 0.88
✓
Net debt under 3 years of free cash flow$3.6B net debt, 0.7 years

Debt / equity at each year end, FY2017 to FY2026: 1.65 → 3.48

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$4.5B last year
✓
Share count down over 5 years−19.4%
✓
Dividend per share up over 5 years$1.94 → $2.04
✓
Cash from operations above net income$5.2B vs $1.7B

Free cash flow, FY2017 to FY2026: 797.0M → 4.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Jun 30, 2026

The debt note's own lines, 2026-06-30

Fixed rate $0Floating $699.0M Not stated $8.0B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
3.41% Notes due fiscal 2027	Notes and bonds	–	not stated	$1.2B
5.35% Notes due 2034	Notes and bonds	–	not stated	$990.0M
5.0% Notes due 2029	Notes and bonds	–	not stated	$746.0M
Floating Rate Term Loan due fiscal 2028	Bank loans	–	floating	$699.0M
5.125% Notes due 2029	Notes and bonds	–	not stated	$646.0M
5.75% Notes due 2054	Notes and bonds	–	not stated	$641.0M
4.5% Notes due 2030	Notes and bonds	–	not stated	$593.0M
4.368% Notes due fiscal 2047	Notes and bonds	–	not stated	$563.0M
4.7% Notes due 2026	Notes and bonds	–	not stated	$499.0M
5.45% Notes due 2034	Notes and bonds	–	not stated	$496.0M
4.9% Notes due 2045	Notes and bonds	–	not stated	$432.0M
5.15% Notes due 2035	Notes and bonds	–	not stated	$388.0M
4.5% Notes due 2044	Notes and bonds	–	not stated	$336.0M
4.6% Notes due 2043	Notes and bonds	–	not stated	$325.0M
7.0% Debentures due 2026	Notes and bonds	–	not stated	$124.0M

All 15 lines

From the debt note in the 10-K's XBRL (0000721371-26-000038), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 254.2B Net income 1.7B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

CAH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue254.2B

Net income1.7B

Free cash flow4.5B

EPS (diluted)7.23

Dividend per share2.04

Diluted shares237.0M

Revenue by business segment

year to Jun 30, 2026

	Revenue	Share	vs year before
Pharmaceutical And Specialty Solutions	234.8B	92.4%	+14.8%
GMPD	12.7B	5.0%	+0.7%
All Other Segments	6.8B	2.7%	+26.2%

10-K 0000721371-26-000038, segment and revenue notes (XBRL).

Revenue by region

year to Jun 30, 2026

	Revenue	Share	vs year before
United States	252.6B	99.4%	+14.3%
Non-US	1.7B	0.7%	+2.2%

10-K 0000721371-26-000038, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	130.0B	136.8B	145.5B	152.9B	162.5B	181.3B	205.0B	226.8B	222.6B	254.2B
Cost of revenue	123.4B	129.6B	138.7B	146.1B	155.7B	174.8B	198.1B	219.4B	214.4B	244.5B
Gross profit	6.5B	7.2B	6.8B	6.9B	6.8B	6.5B	6.9B	7.4B	8.2B	9.8B
SG&A	3.8B	4.6B	4.5B	4.6B	4.5B	4.5B	4.8B	5.0B	5.4B	6.1B
Operating income	2.1B	126.0M	2.1B	-4.1B	472.0M	-607.0M	752.0M	1.2B	2.3B	2.6B
Interest expense	201.0M	329.0M	294.0M	238.0M	180.0M	147.0M	84.0M	51.0M	215.0M	348.0M
Pretax income	1.9B	-228.0M	1.8B	-3.8B	323.0M	-784.0M	663.0M	1.2B	2.1B	2.2B
Income tax	630.0M	-487.0M	386.0M	-79.0M	-289.0M	153.0M	332.0M	348.0M	532.0M	469.0M
Net income	1.3B	256.0M	1.4B	-3.7B	611.0M	-938.0M	330.0M	852.0M	1.6B	1.7B
EPS (diluted)	4.03	0.81	4.53	-12.61	2.08	-3.37	1.26	3.45	6.45	7.23
Diluted shares	320.0M	315.0M	301.0M	293.0M	294.0M	279.0M	262.0M	247.0M	242.0M	237.0M
Depreciation & amortization	717.0M	1.0B	1.0B	913.0M	783.0M	692.0M	692.0M	710.0M	790.0M	956.0M
EBITDA	2.8B	1.2B	3.1B	-3.2B	1.3B	85.0M	1.4B	2.0B	3.1B	3.6B
Gross margin	5.0%	5.2%	4.7%	4.5%	4.2%	3.6%	3.4%	3.3%	3.7%	3.8%
Operating margin	1.6%	0.1%	1.4%	-2.7%	0.3%	-0.3%	0.4%	0.5%	1.0%	1.0%
Net margin	1.0%	0.2%	0.9%	-2.4%	0.4%	-0.5%	0.2%	0.4%	0.7%	0.7%
Revenue growth	-	+5.3%	+6.4%	+5.1%	+6.2%	+11.6%	+13.0%	+10.7%	-1.9%	+14.2%
EPS growth	-	-79.9%	+459%	-378%	-	-262%	-	+174%	+87.0%	+12.1%

Balance sheet

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash	6.9B	1.8B	2.5B	2.8B	3.4B	4.7B	4.1B	5.1B	3.9B	4.9B
Short-term investments	-	-	-	-	-	-	-	200.0M	-	-
Receivables	8.0B	7.8B	8.4B	8.3B	9.1B	10.6B	11.1B	12.1B	13.2B	13.8B
Inventory	11.3B	12.3B	12.8B	13.2B	14.6B	15.6B	16.1B	15.0B	16.8B	17.3B
Current assets	28.3B	24.6B	25.7B	25.9B	31.0B	32.9B	33.7B	34.9B	36.4B	38.8B
Property & equipment	1.9B	2.5B	2.4B	2.4B	2.4B	2.4B	2.5B	2.5B	2.9B	3.0B
Goodwill	7.2B	8.3B	8.4B	8.4B	8.0B	5.9B	4.6B	4.7B	9.7B	11.4B
Total assets	40.1B	40.0B	41.0B	40.8B	44.5B	43.9B	43.3B	45.1B	53.1B	57.3B
Accounts payable	17.9B	19.7B	21.5B	21.4B	23.7B	27.1B	29.9B	31.8B	34.7B	38.3B
Current liabilities	21.2B	22.9B	24.1B	23.6B	27.6B	30.6B	33.7B	35.6B	38.9B	43.9B
Total debt	11.2B	9.0B	8.0B	6.8B	6.2B	5.3B	4.7B	5.1B	8.5B	8.9B
Shareholders' equity	6.8B	6.1B	6.3B	1.8B	1.8B	-709.0M	-3.0B	-3.2B	-2.8B	-2.9B
Retained earnings	5.0B	4.6B	5.4B	1.2B	1.2B	-280.0M	-642.0M	-286.0M	783.0M	2.0B

Cash flow

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Operating cash flow	1.2B	2.8B	2.7B	2.0B	2.4B	3.2B	2.8B	3.8B	2.4B	5.2B
Capital spending	387.0M	384.0M	328.0M	375.0M	400.0M	387.0M	481.0M	511.0M	547.0M	649.0M
Free cash flow	797.0M	2.4B	2.4B	1.6B	2.0B	2.8B	2.4B	3.3B	1.9B	4.5B
Stock-based pay (added back)	96.0M	85.0M	82.0M	90.0M	89.0M	81.0M	96.0M	121.0M	244.0M	367.0M
Dividends paid	577.0M	581.0M	577.0M	569.0M	573.0M	559.0M	525.0M	499.0M	494.0M	491.0M
Buybacks	600.0M	550.0M	600.0M	350.0M	200.0M	1.0B	2.0B	750.0M	765.0M	1.4B
Acquisitions	132.0M	6.1B	82.0M	0	3.0M	22.0M	10.0M	1.2B	5.2B	2.0B
Debt raised	5.2B	3.0M	0	0	-	0	0	1.1B	2.9B	1.0B
Debt repaid	310.0M	954.0M	1.1B	1.4B	570.0M	885.0M	579.0M	783.0M	445.0M	653.0M
Investing cash flow	-405.0M	-5.6B	338.0M	493.0M	-378.0M	567.0M	-454.0M	-1.8B	-5.6B	-2.6B
Financing cash flow	3.7B	-2.3B	-2.3B	-2.2B	-1.3B	-2.5B	-3.1B	-847.0M	1.9B	-1.6B
Dividend per share	1.80	1.85	1.91	1.92	1.94	1.96	1.98	2.00	2.02	2.04

Stock-based pay and leases

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Stock-based pay (expense)	96.0M	85.0M	82.0M	90.0M	89.0M	81.0M	96.0M	121.0M	244.0M	367.0M
Stock-based pay / revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.1%	0.1%	0.1%
Operating lease cost	-	-	-	134.0M	119.0M	117.0M	112.0M	120.0M	157.0M	234.0M
Operating lease cash paid	-	-	-	125.0M	115.0M	123.0M	119.0M	124.0M	167.0M	231.0M
Finance lease principal paid	-	-	-	7.0M	15.0M	21.0M	31.0M	36.0M	53.0M	57.0M
Right-of-use assets	-	-	-	426.0M	460.0M	457.0M	435.0M	475.0M	758.0M	991.0M
Operating lease liabilities	-	-	-	445.0M	479.0M	490.0M	475.0M	517.0M	818.0M	1.1B
Finance lease liabilities	-	-	-	34.0M	64.0M	72.0M	86.0M	108.0M	201.0M	185.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CAH in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CAH/export.csv") into a cell.