Cardinal Health
CAH · NYSEWholesale-Drugs, Proprietaries & Druggists' Sundries · Fiscal year ends Jun 30
Cardinal Health reported revenue of $254B in the fiscal year ended Jun 2026, up 14.2% from the year before. Operating income was $2.6B, an operating margin of 1.0%, and net income was $1.7B. Operating cash flow of $5.2B less capital expenditure of $649M left free cash flow of $4.5B. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | $181B | $205B | $227B | $223B | $254B |
| Cost of revenue | $175B | $198B | $219B | $214B | $244B |
| Gross profit | $6.5B | $6.9B | $7.4B | $8.2B | $9.8B |
| Selling, general & admin | $4.5B | $4.8B | $5B | $5.4B | $6.1B |
| Operating income | −$607M | $752M | $1.2B | $2.3B | $2.6B |
| Interest expense | $147M | $84M | $51M | $215M | $348M |
| Pre-tax income | −$784M | $663M | $1.2B | $2.1B | $2.2B |
| Income tax | $153M | $332M | $348M | $532M | $469M |
| Net income | −$938M | $330M | $852M | $1.6B | $1.7B |
| Diluted EPS | −3.37 | 1.26 | 3.45 | 6.45 | 7.23 |
| Diluted shares | 279M | 262M | 247M | 242M | 237M |
Balance sheet
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.7B | $4.1B | $5.1B | $3.9B | $4.9B |
| Receivables | $10.6B | $11.1B | $12.1B | $13.2B | $13.8B |
| Inventory | $15.6B | $16.1B | $15B | $16.8B | $17.3B |
| Current assets | $32.9B | $33.7B | $34.9B | $36.4B | $38.8B |
| Net PP&E | $2.4B | $2.5B | $2.5B | $2.9B | $3B |
| Goodwill | $5.9B | $4.6B | $4.7B | $9.7B | $11.4B |
| Total assets | $43.9B | $43.3B | $45.1B | $53.1B | $57.3B |
| Payables | $27.1B | $29.9B | $31.8B | $34.7B | $38.3B |
| Current liabilities | $30.6B | $33.7B | $35.6B | $38.9B | $43.9B |
| Long-term debt | $4.7B | $3.9B | $4.7B | $8B | $7B |
| Shareholders' equity | −$709M | −$3B | −$3.2B | −$2.8B | −$2.9B |
Cash flow
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $3.2B | $2.8B | $3.8B | $2.4B | $5.2B |
| Capital expenditure | $387M | $481M | $511M | $547M | $649M |
| Free cash flow | $2.8B | $2.4B | $3.3B | $1.9B | $4.5B |
| Depreciation & amortisation | $692M | $692M | $710M | $790M | $956M |
| Stock-based compensation | $81M | $96M | $121M | $244M | $367M |
| Acquisitions | $22M | $10M | $1.2B | $5.3B | $2B |
| Share buybacks | $1B | $2B | $750M | $765M | $1.4B |
| Dividends paid | $559M | $525M | $499M | $494M | $491M |
| Dividend per share | 1.96 | 1.98 | 2.00 | 2.02 | 2.04 |
Key ratios
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.0% | 10.7% | −1.9% | 14.2% |
| Operating income growth (YoY) | – | – | 65.3% | 83.0% | 14.9% |
| EPS growth (YoY) | – | – | 173.8% | 87.0% | 12.1% |
| Gross margin | 3.6% | 3.4% | 3.3% | 3.7% | 3.8% |
| Operating margin | −0.3% | 0.4% | 0.5% | 1.0% | 1.0% |
| Net margin | −0.5% | 0.2% | 0.4% | 0.7% | 0.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.6% | 7.8% | 13.1% | 16.0% | 19.5% |
| Free cash flow margin | 1.5% | 1.2% | 1.4% | 0.8% | 1.8% |
| Cash conversion (CFO ÷ net income) | −3.38x | 8.62x | 4.42x | 1.54x | 3.02x |
| Receivable days | 21 | 20 | 19 | 22 | 20 |
| Inventory days | 33 | 30 | 25 | 29 | 26 |
| Payable days | 57 | 55 | 53 | 59 | 57 |
| Interest cover | −4.13x | 8.95x | 24.4x | 10.6x | 7.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $18M | −$167M | −$475M | $4.1B | $2.1B |
| Current ratio | 1.08x | 1.00x | 0.98x | 0.94x | 0.88x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.