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Cardinal Health Reports Third Quarter Fiscal Year 2025 Results and Raises Fiscal Year 2025 Outlook

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Cardinal Health Inc 198,83 $ Cardinal Health Inc Chart -0,18%
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DUBLIN, Ohio, May 1, 2025
  • Revenue was flat at $54.9 billion; revenue increased 19% excluding the impact of the previously communicated customer contract expiration
  • GAAP1 operating earnings were $730 million; GAAP diluted EPS was $2.10
  • Non-GAAP operating earnings increased 21% to $807 million, driven by segment profit growth across all of the company's operating segments; non-GAAP diluted EPS increased 13% to $2.35
  • Fiscal year 2025 non-GAAP EPS guidance2 raised and narrowed to $8.05 to $8.15, from $7.85 to $8.00
  • GI Alliance announces expansion into urology specialty therapeutic area

DUBLIN, Ohio, May 1, 2025 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today reported third quarter fiscal year 2025 revenues of $54.9 billion, flat to the third quarter of fiscal year 2024. Third quarter revenue increased 19% excluding the impact of the previously communicated customer contract expiration. Third quarter GAAP operating earnings increased to $730 million and GAAP diluted earnings per share (EPS) were $2.10. Third quarter non-GAAP operating earnings increased 21% to $807 million, driven by segment profit growth across all of the company's operating segments. Non-GAAP diluted EPS increased 13% to $2.35, reflecting the increase in non-GAAP operating earnings and a lower share count, partially offset by an increase in interest and other expense primarily due to previously anticipated financing costs related to recent acquisitions and a higher non-GAAP effective tax rate.

"Our strong momentum continued into our third quarter as our team's ongoing focus on operational execution and value creation led to excellent financial results," said Jason Hollar, CEO of Cardinal Health. "I am delighted to see the broad-based performance, with all five of our operating segments contributing to our strong growth. We are pleased to raise our fiscal 2025 guidance demonstrating the strength and resilience of Cardinal Health."

Q3 FY25 summary

Q3 FY25

Q3 FY24

Y/Y

Revenue

$54.9 billion

$54.9 billion

— %

Operating earnings

$730 million

$369 million

98 %

Non-GAAP operating earnings

$807 million

$667 million

21 %

Net earnings attributable to Cardinal Health, Inc.

$506 million

$261 million

94 %

Non-GAAP net earnings attributable to Cardinal Health, Inc.

$568 million

$511 million

11 %

Effective Tax Rate

23.6 %

23.3 %

Non-GAAP Effective Tax Rate

22.4 %

19.9 %

Diluted EPS attributable to Cardinal Health, Inc.

$2.10

$1.07

96 %

Non-GAAP diluted EPS attributable to Cardinal Health, Inc.

$2.35

$2.09

13 %

Segment results

Pharmaceutical and Specialty Solutions segment

Q3 FY25

Q3 FY24

Y/Y

Revenue

$              50.4  billion

$             50.6 billion

— %

Segment profit

$               662 million

$              582 million

14 %

Third quarter revenue for the Pharmaceutical and Specialty Solutions segment was relatively flat at $50.4 billion. Third quarter revenue increased 20% excluding the impact of the customer contract expiration, driven by brand and specialty pharmaceutical sales growth from existing and new customers.

Pharmaceutical and Specialty Solutions segment profit increased 14% to $662 million in the third quarter, driven by contributions from brand and specialty products, MSO platforms (including GI Alliance), BioPharma Solutions (including Specialty Networks) and positive generics program performance. This growth was partially offset by the customer contract expiration.

Global Medical Products and Distribution segment

Q3 FY25

Q3 FY24

Y/Y

Revenue

$               3.2  billion

$                3.1  billion

2 %

Segment profit

$               39 million

$                 22 million

77 %

Third quarter revenue for the Global Medical Products and Distribution segment increased 2% to $3.2 billion, driven by volume growth from existing customers.

Global Medical Products and Distribution segment profit increased 77% to $39 million in the third quarter, driven by the beneficial net impact of cost optimization initiatives.

Other3

Q3 FY25

Q3 FY24

Y/Y

Revenue

$               1.3  billion

$                1.2  billion

13 %

Segment profit

$              134 million

$               110 million

22 %

Third quarter revenue for Other increased 13% to $1.3 billion, driven by growth across the three operating segments: at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics.

Other segment profit increased 22% to $134 million in the third quarter, driven by growth across the three operating segments: at-Home Solutions, OptiFreight Logistics and Nuclear and Precision Health Solutions.

Fiscal year 2025 outlook2 
The company raised and narrowed its fiscal 2025 guidance range for non-GAAP diluted earnings per share attributable to Cardinal Health, Inc. to $8.05 to $8.15, from $7.85 to $8.00. The updated fiscal 2025 guidance reflects:
  • Increased outlook for Pharmaceutical and Specialty Solutions segment profit to 11.5% to 12.5% growth, from 10% to 12% growth previously
  • Increased outlook for Other segment profit to 16% to 18% growth, from ~10% growth previously, driven by stronger organic performance and the completed acquisition of Advanced Diabetes Supply Group
  • Narrowed outlook for GMPD segment profit to $130 million to $140 million, from $130 million to $150 million previously
  • Narrowed outlook for interest and other expense to a range of $200 million to $215 million, from $200 million to $230 million previously
  • Narrowed outlook for non-GAAP effective tax rate of 23% to 23.5%, from 23% to 24% previously
  • Updated outlook for diluted weighted average shares outstanding to ~242 million, from ~243 million previously, reflecting recent share repurchases

Fiscal year 2026 update2
Cardinal Health anticipates double-digit non-GAAP EPS growth in fiscal 2026, despite the evolving macro environment conditions. The company continues to expect strong segment profit growth in Pharmaceutical and Specialty Solutions and across its three operating segments reported in Other. In the face of the macro uncertainty, the company is updating its expectations for fiscal 2026 GMPD segment profit, which it now expects to be at least consistent with fiscal 2025 segment profit. The company will continue to assess opportunities and risks and plans to further discuss its expectations for fiscal 2026 and beyond at its upcoming Investor Day on June 12, 2025.

Recent highlights
  • GI Alliance bolstered its leading multi-specialty MSO platform by entering into the urology therapeutic area with agreements to acquire Urology America and Potomac Urology, furthering its strategy to support physician-led practices and deliver superior patient outcomes
  • Cardinal Health completed its acquisition of Advanced Diabetes Supply Group on April 1st. ADSG is a leading national direct-to-patient diabetes medical supplies provider that enhances at-Home Solutions' capabilities to service patients in their homes
  • Cardinal Health elected two new independent directors with extensive leadership experience to its board of directors: Robert Musslewhite, former CEO of Definitive Healthcare Corp. and Sudhakar Ramakrishna, President and CEO of SolarWinds Corporation
  • Cardinal Health completed a $375M accelerated share repurchase program during the third quarter
  • Cardinal Health announced that it has entered into an agreement with GE Healthcare to manufacture and distribute Flyrcado, a first-of-its-kind PET agent for enhanced diagnosis of coronary artery disease
  • Cardinal Health published its annual report on biosimilars, "10 years of biosimilars," highlighting the positive impact these medications have had on patients' lives and the healthcare ecosystem, as well as potential future benefits
  • Cardinal Health was named one of America's Most Innovative Companies by Fortune for the third consecutive year

Webcast
Cardinal Health will host a webcast today at 8:30 a.m. EST to discuss third quarter results. To access the webcast and corresponding slide presentation, go to the Investor Relations page at ir.cardinalhealth.com. No access code is required. 

Presentation slides and a webcast replay will be available on the Investor Relations page for 12 months.

About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. Our company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day. Learn more about Cardinal Health at cardinalhealth.com and in our Newsroom.

Contacts
Media: Erich Timmerman, Erich.Timmerman@cardinalhealth.com and 614.757.8231
Investors: Matt Sims, Matt.Sims@cardinalhealth.com and 614.553.3661

1GAAP refers to U.S. generally accepted accounting principles. This news release includes GAAP financial measures as well as non-GAAP financial measures, which are financial measures not calculated in accordance with GAAP. See "Use of Non-GAAP Measures" following the attached schedules for definitions of the non-GAAP financial measures presented in this news release and see the attached schedules for reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures.
2The company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See "Use of Non-GAAP Measures" following the attached schedules for additional explanation.
3Other includes the following three operating segments: Nuclear and Precision Health Solutions (NPHS), at-Home Solutions and OptiFreight Logistics, which are not significant enough individually to require reportable segment disclosure.

Cardinal Health uses its website as a channel of distribution for material company information. Important information, including news releases, financial information, earnings and analyst presentations, and information about upcoming presentations and events is routinely posted and accessible on the Investor Relations page at ir.cardinalhealth.com. In addition, the website allows investors and other interested persons to sign up automatically to receive email alerts when the company posts news releases, SEC filings and certain other information on its website.

Cautions Concerning Forward-Looking Statements
This release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include the risk that we may fail to achieve our strategic objectives, including the continued execution of the GMPD Improvement Plan initiatives, whether as a result of tariffs on products we source or manufacture, an uncertain global economic environment, Cardinal Health Brand sales or ongoing inflationary pressures; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts, whether due to price increases or otherwise; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals, including as a result of legislative or executive actions; risks associated with litigation matters, including a Department of Justice investigation focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, may impact demand for our products or may cause supply shortages that impact our cost and ability to fulfill customer demand; the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs; risks associated with recently completed and pending acquisitions, including risks arising as a result from our entry into new lines of businesses.. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This release reflects management's views as of May 1, 2025. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com

 

Schedule 1

Cardinal Health, Inc. and Subsidiaries 

Condensed Consolidated Statements of Earnings (Unaudited)


Third  Quarter

Year-to-Date

(in millions, except per common share amounts)

2025

2024

% Change

2025

2024

% Change

Revenue

$        54,878

$        54,868

— %

$       162,419

$       166,960

(3) %

Cost of products sold

52,755

52,933

— %

156,453

161,428

(3) %

Gross margin

2,123

1,935

10 %

5,966

5,532

8 %












Operating expenses:










Distribution, selling, general and administrative expenses

1,315

1,269

4 %

3,898

3,723

5 %

Restructuring and employee severance

28

53


61

106

Amortization and other acquisition-related costs

152

80


331

207

Acquisition-related cash and share-based compensation costs

20

—


20

—

Impairments and (gain)/loss on disposal of assets, net 1

(17)

84


(15)

626

Litigation (recoveries)/charges, net

(105)

80


(176)

28

Operating earnings

730

369

98 %

1,847

842

N.M.












Other (income)/expense, net

(9)

(1)


(11)

(10)

Interest expense, net

74

28

N.M.

141

42

N.M.

Earnings before income taxes

665

342

94 %

1,717

810

N.M.












Provision for income taxes 2

157

80

96 %

391

190

N.M.

Net earnings

508

262

94 %

1,326

620

N.M.












Less: Net earnings attributable to noncontrolling interests

(2)

(1)


(4)

(3)

Net earnings attributable to Cardinal Health, Inc.

$            506

$            261

94 %

$          1,322

$            617

N.M.












Earnings per common share attributable to Cardinal Health, Inc.:










Basic

$           2.11

$           1.07

97 %

$            5.47

$           2.51

N.M.

Diluted

2.10

1.07

96 %

5.44

2.50

N.M.












Weighted-average number of common shares outstanding:










Basic

240

243


242

245

Diluted

241

245


243

247


1 For the nine months ended March 31, 2024, impairments and (gain)/loss on disposal of assets, net included a pre-tax goodwill impairment charge of $675 million related to the GMPD segment.  

2 For fiscal 2024, the net tax benefit related to the GMPD goodwill impairment charge was $56 million and was included in the annual effective tax rate. As a result, the amount of tax benefit increased by an incremental $36 million for the nine months ended March 31, 2024 and reversed in the fourth quarter of fiscal 2024.

 

Schedule 2

Cardinal Health, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

March 31, 2025

June 30, 2024

Assets

(Unaudited)

Current assets:


Cash and equivalents

$               3,326

$               5,133

Trade receivables, net

12,666

12,084

Inventories, net

16,158

14,957

Prepaid expenses and other

2,398

2,663

Assets held for sale

47

47

Total current assets

34,595

34,884




Property and equipment, net

2,664

2,529

Goodwill and other intangibles, net

11,014

6,450

Other assets

1,598

1,258

Total assets

$              49,871

$              45,121




Liabilities and Shareholders' Deficit


Current liabilities:


Accounts payable

$              32,812

$              31,759

Current portion of long-term obligations and other short-term borrowings

543

434

Other accrued liabilities

3,307

3,447

Total current liabilities

36,662

35,640




Long-term obligations, less current portion

7,136

4,658

Deferred income taxes and other liabilities

7,971

8,035




Total shareholders' deficit

(1,898)

(3,212)

Total liabilities and shareholders' deficit

$              49,871

$              45,121

 

Schedule 3

Cardinal Health, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


Third  Quarter

Year-to-Date

(in millions)

2025

2024

2025

2024

Cash flows from operating activities:






Net earnings

$                508

$                262

$              1,326

$                620








Adjustments to reconcile net earnings to net cash provided by operating activities:






Depreciation and amortization

207

177

581

524

Impairments and loss on sale of other investments

—

—

2

—

Impairments and (gain)/loss on disposal of assets, net

(17)

84

(15)

626

Share-based compensation

31

31

91

88

Provision for bad debts

13

7

41

28

Change in operating assets and liabilities, net of effects from acquisitions and divestitures:






 (Increase)/decrease in trade receivables

(114)

257

(367)

(223)

 (Increase)/decrease in inventories

758

1,191

(1,209)

(1,258)

 Increase/(decrease) in accounts payable

1,424

(2,235)

954

2,118

 Other accrued liabilities and operating items, net

107

199

(534)

(843)

Net cash provided by/(used in) operating activities

2,917

(27)

870

1,680








Cash flows from investing activities:






Acquisition of subsidiaries, net of cash acquired

(2,779)

(1,192)

(3,855)

(1,192)

Proceeds from divestitures, net of cash sold

—

—

2

9

Additions to property and equipment

(126)

(112)

(315)

(318)

Proceeds from the disposal of property and equipment

3

8

3

10

Purchases of investments

(3)

(1)

(6)

(3)

Proceeds from investments

5

—

7

1

Proceeds from net investment hedge terminations

2

—

2

28

Purchase of short-term time deposits

—

(550)

—

(550)

Proceeds from short-term investment in time deposit

—

—

200

—

Net cash used in investing activities

(2,898)

(1,847)

(3,962)

(2,015)








Cash flows from financing activities:






Proceeds from long-term obligations, net of issuance costs

—

1,139

2,869

1,139

Reduction of long-term obligations

(11)

(8)

(434)

(23)

Net tax proceeds/(withholding) from share-based compensation

3

22

(12)

23

Dividends on common shares

(124)

(122)

(374)

(377)

Purchase of treasury shares, net

(375)

—

(765)

(750)

Net cash provided by/(used in) financing activities

(507)

1,031

1,284

12








Effect of exchange rate changes on cash and equivalents

4

(8)

1

(7)








Net decrease in cash and equivalents

(484)

(851)

(1,807)

(330)

Cash and equivalents at beginning of period

3,810

4,597

5,133

4,076

Cash and equivalents at end of period

$              3,326

$              3,746

$              3,326

$              3,746

 

Schedule 4

Cardinal Health, Inc. and Subsidiaries

Segment Information


Third Quarter













Pharmaceutical and Specialty Solutions

Global Medical Products and Distribution

Other

(in millions)

2025

2024

2025

2024

2025

2024

Revenue










Amount

$             50,433

$             50,622

$               3,160

$               3,113

$               1,304

$               1,154

Growth rate

— %

9 %

2 %

3 %

13 %

14 %












Segment profit












Amount

$                 662

$                 582

$                   39

$                   22

$                 134

$                 110

Growth rate

14 %

— %

77 %

N.M.

22 %

9 %

Segment profit margin

1.31 %

1.15 %

1.23 %

0.71 %

10.28 %

9.53 %


Year-to-Date













Pharmaceutical and Specialty Solutions

Global Medical Products and Distribution

Other

(in millions)

2025

2024

2025

2024

2025

2024

Revenue










Amount

$           149,272

$           154,412

$               9,437

$               9,272

$               3,773

$               3,340

Growth rate

(3) %

11 %

2 %

1 %

13 %

11 %












Segment profit










Amount

$               1,723

$               1,533

$                   65

$                   45

$                 356

$                 312

Growth rate

12 %

7 %

44 %

N.M.

14 %

5 %

Segment profit margin

1.15 %

0.99 %

0.69 %

0.49 %

9.44 %

9.34 %

The sum of the components and certain computations may reflect rounding adjustments.

 

Schedule 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1










Net













Earnings






Gross


Operating

Earnings

Provision

Attributable

Net

Diluted


Margin

SG&A2

Earnings

Before

for

to Non-

Earnings3

Effective

EPS 3

(in millions, except per common share amounts)

Gross

Growth

Growth

Operating

Growth

Income

Income

controlling

Net

Growth

Tax

Diluted

Growth

Margin

Rate

SG&A2

Rate

Earnings

Rate

Taxes

Taxes

Interests

Earnings3

Rate

Rate

EPS 3

Rate

Third Quarter 2025

GAAP

$  2,123

10 %

$ 1,315

4 %

$       730

98 %

$      665

$       157

$            (2)

$       506

94 %

23.6 %

$   2.10

96 %

Restructuring and employee severance

—

—

28

28

7

—

21

0.09

Amortization and other acquisition-related costs

—

—

152

152

34

(2)

116

0.48

Acquisition-related cash & share-based compensation costs

—

—

20

20

1

(4)

15

0.06

Impairments and (gain)/loss on disposal of assets, net

—

—

(17)

(17)

(4)

—

(13)

(0.06)

Litigation (recoveries)/charges, net

—

—

(105)

(105)

(27)

—

(78)

(0.32)

Non-GAAP

$  2,122

10 %

$ 1,315

4 %

$       807

21 %

$      741

$       166

$            (7)

$       568

11 %

22.4 %

$   2.35

13 %
















Third Quarter 2024

GAAP

$  1,935

7 %

$ 1,269

8 %

$       369

(39) %

$      342

$         80

$            (1)

$       261

(28) %

23.3 %

$   1.07

(24) %

Shareholder cooperation agreement costs

—

(1)

1

1

—

—

1

—

Restructuring and employee severance

—

—

53

53

14

—

39

0.16

Amortization and other acquisition-related costs

—

—

80

80

21

—

59

0.24

Impairments and (gain)/loss on disposal of assets, net 4

—

—

84

84

(21)

—

105

0.44

Litigation (recoveries)/charges, net

—

—

80

80

34

—

46

0.18

Non-GAAP

$  1,935

7 %

$ 1,269

8 %

$       667

5 %

$      640

$       128

$            (1)

$       511

8 %

19.9 %

$   2.09

14 %

1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules. 

2 Distribution, selling, general and administrative expenses.  

3 Attributable to Cardinal Health, Inc. 

4 For the three months ended March 31, 2024, impairments and (gain)/loss on disposal of assets, net includes a pre-tax goodwill impairment charge of $90 million related to the GMPD segment. For fiscal 2024, the estimated net tax benefit related to the impairment was included in the annual effective tax rate. As a result, the amount of tax expense recognized increased approximately by an incremental $30 million during the three months ended March 31, 2024.

The sum of the components and certain computations may reflect rounding adjustments. 

We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 

 

Schedule 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1










Net













Earnings






Gross


Operating

Earnings

Provision

Attributable

Net

Diluted


Margin

SG&A2

Earnings

Before

 for

to Non-

Earnings3

Effective

EPS 3

(in millions, except per common share amounts)

Gross

Growth

Growth

Operating

Growth

Income

Income

controlling

Net

Growth

Tax

Diluted

Growth

Margin

Rate

SG&A2

Rate

Earnings

Rate

Taxes

Taxes

Interests

Earnings3

Rate

Rate

EPS 3

Rate

Year-to-Date 2025

GAAP

$ 5,966

8 %

$ 3,898

5 %

$     1,847

N.M.

$    1,717

$       391

$            (4)

$     1,322

N.M.

22.8 %

$   5.44

N.M.

Restructuring and employee severance

—

—

61

61

15

—

46

0.19

Amortization and other acquisition-related costs

—

—

331

331

81

(2)

248

1.02

Acquisition-related cash & share-based compensation costs

—

—

20

20

1

(4)

15

0.06

Impairments and (gain)/loss on disposal of assets, net

—

—

(15)

(15)

(4)

—

(11)

(0.04)

Litigation (recoveries)/charges, net

—

—

(176)

(176)

(51)

—

(125)

(0.51)

Non-GAAP

$ 5,966

8 %

$ 3,898

5 %

$     2,067

14 %

$    1,937

$       431

$          (10)

$     1,495

6 %

22.3 %

$   6.16

8 %
















Year-to-Date 2024

GAAP

$ 5,532

9 %

$ 3,723

5 %

$       842

31 %

$      810

$       190

$            (3)

$       617

60 %

23.4 %

$   2.50

71 %

Shareholder cooperation agreement costs

—

(1)

1

1

—

—

1

—

Restructuring and employee severance

—

—

106

106

28

—

78

0.32

Amortization and other acquisition-related costs

—

—

207

207

55

—

152

0.62

Impairments and (gain)/loss on disposal of assets, net 4

—

—

626

626

79

—

547

2.21

Litigation (recoveries)/charges, net

—

—

28

28

17

—

11

0.04

Non-GAAP

$ 5,532

9 %

$ 3,723

5 %

$     1,809

17 %

$    1,777

$       369

$            (3)

$     1,405

20 %

20.7 %

$   5.69

29 %

1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules. 

2 Distribution, selling, general and administrative expenses.  

3 Attributable to Cardinal Health, Inc. 

4 For the nine months ended March 31, 2024, impairments and (gain)/loss on disposal of assets, net included pre-tax impairment charges of $675 million related to the GMPD segment. For fiscal 2024, the net tax benefit related to these charges was $56 million and was included in the annual effective tax rate. As a result, the amount of tax expense recognized increased approximately by an incremental $36 million during the nine months ended March 31, 2024.

The sum of the components and certain computations may reflect rounding adjustments. 

We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred.

 

Schedule 6

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation - GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow

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