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Cardinal Health Reports Fourth Quarter and Fiscal Year 2025 Results and Raises Fiscal Year 2026 Guidance

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Cardinal Health Inc 198,87 $ Cardinal Health Inc Chart -0,16%
Zugehörige Wertpapiere:
  • Fourth quarter revenue was relatively flat at $60.2 billion; revenue increased 21% excluding the impact of a previously communicated contract expiration
  • Fourth quarter GAAP1 operating earnings were $428 million and GAAP diluted EPS was $1.00
  • Fourth quarter non-GAAP operating earnings increased 19% to $719 million and non-GAAP diluted EPS increased 13% to $2.08
  • Fiscal Year 2025 adjusted free cash flow was $2.5 billion
  • Fiscal year 2026 non-GAAP EPS guidance2 raised to $9.30 to $9.50, from $9.10 to $9.30
  • Company announces the acquisition of Solaris Health, the country's leading urology MSO

DUBLIN, Ohio, Aug. 12, 2025 /PRNewswire/ -- Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2025 revenues of $60.2 billion, relatively flat to the fourth quarter of fiscal year 2024. Fourth quarter revenue increased 21% excluding the impact of a previously communicated customer contract expiration. GAAP operating earnings were $428 million and GAAP diluted earnings per share (EPS) were $1.00. Non-GAAP operating earnings increased 19% to $719 million, driven by segment profit increases across Pharmaceutical and Specialty Solutions, GMPD and Other3. Non-GAAP diluted EPS increased 13% to $2.08 in the quarter, reflecting the increase in non-GAAP operating earnings and a lower share count, partially offset by an increase in interest and other expense due to financing costs related to recent acquisitions and a higher non-GAAP effective tax rate.

Fiscal year 2025 revenues were $222.6 billion, a 2% decrease from fiscal year 2024. Fiscal year 2025 revenue increased 18% excluding the impact of a previously communicated customer contract expiration. GAAP operating earnings were $2.3 billion and GAAP diluted EPS was $6.45. Non-GAAP operating earnings increased 15% to $2.8 billion, driven primarily by segment profit increases in Pharmaceutical and Specialty Solutions and Other. Non-GAAP diluted EPS increased 9% to $8.24 for the year, reflecting the increase in non-GAAP operating earnings across the business and a lower share count following in-year share repurchases, partially offset by higher interest and other expense and a higher non-GAAP effective tax rate.

"Fiscal 2025 was a transformative year for Cardinal Health, and we closed the year with momentum, delivering strong fourth quarter results," said Jason Hollar, CEO of Cardinal Health. "The broad-based operational strength, with all five of our operating segments growing profit double-digits, reflects the disciplined execution of our strategy and our investments for growth. We enter Fiscal 2026 with confidence, evidenced by our increased financial outlook, as we continue to evolve towards reaching our full potential."

Q4 and full year FY25 summary


Q4 FY25


Q4 FY24


Y/Y


FY25


FY24


Y/Y

Revenue

$60.2 billion


$59.9 billion


— %


$222.6 billion


$226.8 billion


(2) %

Operating earnings

$428 million


$401 million


7 %


$2.3 billion


$1.2 billion


83 %

Non-GAAP operating earnings

$719 million


$605 million


19 %


$2.8 billion


$2.4 billion


15 %

Net earnings attributable to Cardinal Health, Inc.

$239 million


$235 million


2 %


$1.6 billion


$852 million


83 %

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

$501 million


$450 million


11 %


$2.0 billion


$1.9 billion


7 %

Effective Tax Rate

36.9 %


40.4 %




25.3 %


28.9 %



Non-GAAP Effective Tax Rate

26.3 %


24.6 %




23.3 %


21.7 %



Diluted EPS attributable to Cardinal Health, Inc.

$1.00


$0.96


4 %


$6.45


$3.45


87 %

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

$2.08


$1.84


13 %


$8.24


$7.53


9 %

Segment results

Pharmaceutical and Specialty Solutions segment


Q4 FY25


Q4 FY24


Y/Y


FY25


FY24


Y/Y

Revenue

$55.4 billion


$55.6 billion


— %


$204.6 billion


$210.0 billion


(3) %

Segment profit

$535 million


$482 million


11 %


$2.3 billion


$2.0 billion


12 %

Fourth-quarter revenue for the Pharmaceutical and Specialty Solutions segment was relatively flat at $55.4 billion. Fourth-quarter revenue increased 22% 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 11% to $535 million in the fourth quarter, driven by the acquisition of MSO platforms and contributions from brand and specialty products, partially offset by the customer contract expiration.

Global Medical Products and Distribution segment


Q4 FY25


Q4 FY24


Y/Y


FY25


FY24


Y/Y

Revenue

$3.2 billion


$3.1 billion


3 %


$12.6 billion


$12.4 billion


2 %

Segment profit

$70 million


$47 million


49 %


$135 million


$92 million


47 %

Fourth-quarter revenue for the Global Medical Products and Distribution segment increased 3% to $3.2 billion, driven by volume growth from existing customers.

Global Medical Products and Distribution segment profit increased 49% to $70 million in the fourth quarter, driven by volume growth from existing customers.

Other3


Q4 FY25


Q4 FY24


Y/Y


FY25


FY24


Y/Y

Revenue

$1.6 billion


$1.2 billion


37 %


$5.4 billion


$4.5 billion


19 %

Segment profit

$160 million


$111 million


44 %


$516 million


$423 million


22 %

Fourth-quarter revenue for Other increased 37% to $1.6 billion, driven by growth across the three operating segments: at-Home Solutions (including the acquisition of Advanced Diabetes Supply), Nuclear and Precision Health Solutions and OptiFreight Logistics.

Other segment profit increased 44% to $160 million in the fourth quarter, driven by growth across the three operating segments: at-Home Solutions (including the acquisition of Advanced Diabetes Supply), Nuclear and Precision Health Solutions and OptiFreight Logistics.

Fiscal year 2026 outlook2
The company raised its fiscal year 2026 outlook for non-GAAP diluted EPS to $9.30 to $9.50 (+13% to +15% growth), a $0.20 increase from the preliminary outlook of $9.10 to $9.30 previously communicated during the company's 2025 Investor Day.

Non-GAAP earnings per share

$9.30 to $9.50

Pharmaceutical and Specialty Solutions segment:


Revenue

11% to 13% growth

Segment profit

11% to 13% growth

Global Medical Products and Distribution segment:


Revenue

2% to 4% growth

Segment profit

At least $140 million

Other (NPHS, at-Home Solutions, OptiFreight Logistics):


Revenue

26% to 28% growth

Segment profit

25% to 27% growth

Interest and other

~$275 million

Non-GAAP effective tax rate

22.0% - 24.0%

Diluted weighted average shares outstanding

238 million to 240 million

Share repurchases

~$750 million

Capital Expenditures

~$600 million

Non-GAAP adjusted free cash flow

$2.75 billion to $3.25 billion


Bold indicates a change to the preliminary FY26 outlook provided in the Investor Day press release on June 12, 2025.

The increase to non-GAAP diluted EPS reflects a benefit to net earnings of classifying the shares held by physicians and management of The Specialty Alliance as a liability as opposed to non-controlling interests within equity and increased contributions from the Pharmaceutical and Specialty Solutions segment and the growth businesses reported in Other.3

Recent highlights

  • Cardinal Health hosted an Investor Day on June 12th, 2025 where management detailed the company's momentum, growth strategies and updated long-term value creation plans
  • Cardinal Health announced that the company entered into a definitive agreement to acquire Solaris Health, the country's leading urology MSO with over 750 providers. Solaris Health will join the Specialty Alliance's Urology Alliance and advances Cardinal Health's multi-specialty growth strategy
  • Cardinal Health hosted its 33rd annual Retail Business Conference, bringing together approximately 5,000 attendees from across the country to celebrate the critical role its independent pharmacy customers play in caring for their communities and highlight the company's innovations and commitment to its customers
  • Cardinal Health announced the launch of the Cardinal Health™ One Voice Initiative for pharmacy advocacy, which provides direct financial assistance to state pharmacy associations for the purpose of supporting independent pharmacists' advocacy efforts
  • Cardinal Health announced the U.S. launch of Kendall DL™ Multi System, its multi-parameter, single-patient use monitoring cable and lead wire system that enables the continuous monitoring of cardiac activity, blood oxygen level and temperature with one point of connection
  • Cardinal Health released its inaugural cell and gene therapy industry report providing insights into the current landscape and promising potential of cell and gene therapies
  • The Cardinal Health Foundation expanded its Equity Rx program across Ohio and three new states, increasing access to affordable medications and supporting Ohio's first statewide prescription drug repository

Webcast
Cardinal Health will host a webcast today at 8:30 a.m. ET to discuss fourth quarter and full year 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 until August 13, 2026.

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 and trade environment, Cardinal Health Brand sales or ongoing inflationary pressures; our ability to manage uncertainty with respect to certain government initiatives, including the Executive Order regarding "Most Favored Nation" pricing for branded prescription pharmaceuticals and the One Big Beautiful Bill Act; 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; 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 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 8-K reports and exhibits to those reports. This release reflects management's views as of August 12, 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 

Consolidated Statements of Earnings (Unaudited)



Fourth  Quarter


Fiscal Year

(in millions, except per common share amounts)

2025


2024


% Change


2025


2024


% Change

Revenue

$        60,159


$        59,867


— %


$       222,578


$       226,827


(2) %

Cost of products sold

57,957


57,985


— %


214,410


219,413


(2) %

Gross margin

2,202


1,882


17 %


8,168


7,414


10 %













Operating expenses:












Distribution, selling, general and administrative expenses

1,484


1,277


16 %


5,382


5,000


8 %

Restructuring and employee severance

27


69




88


175



Amortization and other acquisition-related costs

133


77




464


284



Acquisition-related cash and share-based compensation costs

106





126




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

33


8




18


634



Litigation (recoveries)/charges, net

(9)


50




(185)


78



Operating earnings

428


401


7 %


2,275


1,243


83 %













Other (income)/expense, net

(30)


1




(41)


(9)



Interest expense, net

74


9


N.M.


215


51


N.M.

Earnings before income taxes

384


391


(2) %


2,101


1,201


75 %













Provision for income taxes 2

141


158


(11) %


532


348


53 %

Net earnings

243


233


4 %


1,569


853


84 %













Less: Net (earnings)/loss attributable to noncontrolling interests

(4)


2




(8)


(1)



Net earnings attributable to Cardinal Health, Inc.

$            239


$            235


2 %


$          1,561


$             852


83 %













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












Basic

$            1.01


$            0.96


5 %


$            6.48


$            3.48


86 %

Diluted

1.00


0.96


4 %


6.45


3.45


87 %













Weighted-average number of common shares outstanding:












Basic

239


244




241


245



Diluted

240


245




242


247




1 Impairments and (gain)/loss on disposals of assets, net includes pre-tax goodwill impairment charges of $675 million related to the GMPD segment recorded in fiscal year ended June 30, 2024.

2 Provision for income taxes includes the tax effects relating to the cumulative goodwill impairment charges. For fiscal 2024, the net tax benefits related to the goodwill impairment charges was $58 million.

 

Schedule 2

Cardinal Health, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

 


(in millions)

June 30, 2025


June 30, 2024

Assets




Current assets:




Cash and equivalents

$               3,874


$               5,133

Trade receivables, net

13,242


12,084

Inventories, net

16,831


14,957

Prepaid expenses and other

2,414


2,663

Assets held for sale

12


47

Total current assets

36,373


34,884





Property and equipment, net

2,858


2,529

Goodwill and other intangibles, net

12,177


6,450

Other assets

1,714


1,258

Total assets

$              53,122


$              45,121





Liabilities and Shareholders' Deficit




Current liabilities:




Accounts payable

$              34,713


$              31,759

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

550


434

Other accrued liabilities

3,634


3,447

Total current liabilities

38,897


35,640





Long-term obligations, less current portion

7,977


4,658

Deferred income taxes and other liabilities

8,882


8,035





Total shareholders' deficit

(2,634)


(3,212)

Total liabilities and shareholders' deficit

$              53,122


$              45,121

 

Schedule 3

Cardinal Health, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)



Fourth  Quarter


Fiscal Year

(in millions)

2025


2024


2025


2024

Cash flows from operating activities:








Net earnings

$                243


$                233


$              1,569


853









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








Depreciation and amortization

209


186


790


710

Impairments and loss on sale of other investments

1


2


3


2

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

33


8


18


634

Share-based compensation

153


33


244


121

Provision for/(benefit from) deferred income taxes

243


(104)


243


(104)

Provision for bad debts

12


8


53


36

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








 Increase in trade receivables

(466)


(773)


(833)


(996)

 (Increase)/decrease in inventories

(607)


2,373


(1,816)


1,115

 Increase/(decrease) in accounts payable

1,778


(294)


2,732


1,824

 Other accrued liabilities and operating items, net

(72)


410


(606)


(433)

Net cash provided by operating activities

1,527


2,082


2,397


3,762









Cash flows from investing activities:








Acquisition of subsidiaries, net of cash acquired

(1,395)


2


(5,250)


(1,190)

Additions to property and equipment

(232)


(193)


(547)


(511)

Proceeds from net investment hedge terminations


6


2


34

Purchase of short-term time deposits




(550)

Proceeds from short-term investment in time deposit


350


200


350

Other investing items, net

(4)


1


2


18

Net cash provided by/(used in) investing activities

(1,631)


166


(5,593)


(1,849)









Cash flows from financing activities:








Proceeds from long-term obligations, net of issuance costs

800



3,669


1,139

Purchases and payments of noncontrolling interests, net

(12)



(12)


Reduction of long-term obligations

(11)


(760)


(445)


(783)

Net tax proceeds from share-based compensation

(1)


23


(13)


46

Dividends on common shares

(120)


(122)


(494)


(499)

Purchase of treasury shares



(765)


(750)

Net cash provided by/(used in) financing activities

656


(859)


1,940


(847)









Effect of exchange rates changes on cash and equivalents

(4)


(2)


(3)


(9)









Net increase/(decrease) in cash and equivalents

548


1,387


(1,259)


1,057

Cash and equivalents at beginning of period

3,326


3,746


5,133


4,076

Cash and equivalents at end of period

$              3,874


$              5,133


$              3,874


$              5,133

              

Schedule 4

Cardinal Health, Inc. and Subsidiaries

Segment Information (Unaudited)



Fourth Quarter














Pharmaceutical and Specialty Solutions


Global Medical Products and Distribution


Other

(in millions)

2025


2024


2025


2024


2025


2024

Revenue












Amount

$             55,372


$             55,608


$               3,199


$               3,109


$               1,609


$               1,172

Growth rate

— %


13 %


3 %


2 %


37 %


15 %













Segment profit












Amount

$                 535


$                 482


$                   70


$                   47


$                 160


$                 111

Growth rate

11 %


8 %


49 %


N.M.


44 %


11 %

Segment profit margin

0.97 %


0.87 %


2.19 %


1.51 %


9.94 %


9.47 %



Fiscal Year














Pharmaceutical and Specialty Solutions


Global Medical Products and Distribution


Other

(in millions)

2025


2024


2025


2024


2025


2024

Revenue












Amount

$            204,644


$            210,019


$             12,636


$             12,381


$               5,382


$               4,512

Growth rate

(3) %


11 %


2 %


1 %


19 %


12 %













Segment profit












Amount

$               2,258


$               2,015


$                 135


$                   92


$                 516


$                 423

Growth rate

12 %


7 %


47 %


N.M.


22 %


7 %

Segment profit margin

1.10 %


0.96 %


1.07 %


0.74 %


9.59 %


9.38 %


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

 

Schedule 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1 (Unaudited)











Net















(Earnings)/















Loss








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&A 2

Rate

Earnings

Rate

Taxes

Taxes

Interests

Earnings3

Rate

Rate

EPS 3

Rate

Fourth Quarter 2025

GAAP

$ 2,202

17 %

$  1,484

16 %

$       428

7 %

$      384

$       141

$            (4)

$       239

2 %

36.9 %

$   1.00

4 %

Restructuring and employee severance



27


27

6

21



0.09


Amortization and other acquisition-related costs



133


133

23

2

112



0.46


Acquisition-related cash & share-based compensation costs



106


106

1

4

109



0.45


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



33


33

9

24



0.10


Litigation (recoveries)/charges, net



(9)


(9)

(2)

(7)



(0.03)


Non-GAAP

$ 2,203

17 %

$  1,484

16 %

$       719

19 %

$      676

$       178

$             3

$       501

11 %

26.3 %

$   2.08

13 %

















Fourth Quarter 2024

GAAP

$ 1,882

5 %

$  1,277

2 %

$       401

N.M.

$      391

$       158

$             2

$       235

N.M.

40.4 %

$   0.96

N.M.

Restructuring and employee severance



69


69

13

56



0.23


Amortization and other acquisition-related costs



77


77

19

58



0.24


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



8


8

(32)

40



0.16


Litigation (recoveries)/charges, net



50


50

(12)

62



0.25


Non-GAAP

$ 1,882

5 %

$  1,277

2 %

$       605

14 %

$      595

$       147

$             2

$       450

23 %

24.6 %

$   1.84

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 During fiscal 2024, we recorded cumulative pre-tax goodwill impairment charges of $675 million related to GMPD in impairments and (gain)/loss on disposal of assets, net. The estimated net tax benefit related to the impairments is $58 million and is included in the annual effective tax rate. During the three months ended June 30, 2024, the amount of tax expense recognized related to goodwill impairment charges was $34 million, which reflects the reversal of the incremental tax benefit recognized 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 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1 (Unaudited)











Net















Earnings








Gross




Operating

Earnings

Provision

Attributable


Net



Diluted



Margin


SG&A2


Earnings

Before

for

to Non-


Earnings3

Effective


EPS 3


Gross

Growth


Growth

Operating

Growth

Income

Income

Controlling

Net

Growth

Tax

Diluted

Growth

(in millions, except per common share amounts)

Margin

Rate

SG&A 2

Rate

Earnings

Rate

Taxes

Taxes

Interests

Earnings3

Rate

Rate

EPS 3

Rate

Fiscal Year 2025

GAAP

$ 8,168

10 %

$  5,382

8 %

$     2,275

83 %

$    2,101

$       532

$            (8)

$     1,561

83 %

25.3 %

$   6.45

87 %

Restructuring and employee severance



88


88

21

67



0.28


Amortization and other acquisition-related costs



464


464

104

360



1.49


Acquisition-related cash & share-based compensation costs



126


126

1

125



0.51


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



18


18

5

13



0.05


Litigation (recoveries)/charges, net



(185)


(185)

(54)

(131)



(0.54)


Non-GAAP

$ 8,168

10 %

$  5,382

8 %

$     2,786

15 %

$    2,612

$       609

$            (8)

$     1,995

7 %

23.3 %

$   8.24

9 %

















Fiscal Year 2024

GAAP

$ 7,414

8 %

$  5,000

4 %

$     1,243

65 %

$    1,201

$       348

$            (1)

$       852

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