Cardinal Health
Distributes pharmaceuticals and manufactures medical products for healthcare providers.
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Profile
Distributes branded, generic, and specialty medicines to U.S. pharmacies and healthcare providers, while manufacturing and distributing medical products globally. Most revenue comes from pharmaceutical distribution, supplemented by specialty-practice services, home medical supplies, radiopharmaceuticals, and healthcare logistics.
Distributes branded, generic, over-the-counter, and specialty pharmaceuticals to pharmacies, hospitals, and other U.S. healthcare providers. Pharmaceutical and Specialty Solutions supplies most revenue and combines high-volume distribution with manufacturer services, data analytics, and management support for specialty physician practices; the Red Oak Sourcing venture with CVS Health negotiates generic drug contracts.
Manufactures Cardinal Health-branded medical, surgical, and laboratory products and distributes both proprietary and national brands across the United States, Canada, and other international markets. at-Home Solutions serves patients and home-care providers, Nuclear and Precision Health Solutions prepares radiopharmaceuticals, and OptiFreight Logistics manages healthcare shipping.
Earnings depend on large customer and supplier relationships, manufacturer-set drug prices, regulated distribution and manufacturing, and multiyear opioid-settlement payments.
Company facts
Categories
Key statistics
Year to date +14.0% · Average volume (30d) 1.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | RBC Capital | Initiate | Outperform | $276 | |
| Aug 13, 2026 | Barclays | Reiterate | Overweight | $258 | $275 |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Overweight | $255 | $265 |
| Aug 12, 2026 | Evercore ISI | Reiterate | Outperform | $240 | $270 |
| Aug 12, 2026 | UBS | Reiterate | Buy | $274 | $280 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q4 FY26 | $2.42 | $2.91 | +20.2% | $65.15B | $63.67B | −2.3% | +1.30% |
| Apr 30, 2026Q3 FY26 | $2.79 | $3.17 | +13.6% | $62.10B | $60.94B | −1.9% | +1.22% |
| Feb 5, 2026Q2 FY26 | $2.34 | $2.63 | +12.4% | $65.08B | $65.63B | +0.8% | −0.38% |
| Oct 30, 2025Q1 FY26 | $2.18 | $2.55 | +17.0% | $59.24B | $64.01B | +8.1% | +0.49% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $54.88B | $60.16B | $64.01B | $65.44B | $60.94B | $63.86B | |
| Gross profit | $2.12B | $2.20B | $2.32B | $2.21B | $2.50B | $2.75B | |
| Operating income | $730.0M | $428.0M | $668.0M | $707.0M | $509.0M | $729.0M | |
| Net income | $506.0M | $239.0M | $450.0M | $471.0M | $399.0M | $394.0M | |
| Diluted EPS | $2.10 | $1.00 | $1.88 | $1.97 | $1.69 | $1.69 | |
| Gross margin | 3.9% | 3.7% | 3.6% | 3.4% | 4.1% | 4.3% | |
| Operating margin | 1.3% | 0.7% | 1.0% | 1.1% | 0.8% | 1.1% |
Fiscal years (4-quarter sums)FY22 $181.36B · FY23 $205.01B · FY24 $226.67B · FY25 $222.58B · FY26 $254.25B
Revenue by product · Q4 FY26
Revenue by geography · Q4 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.86B · Total debt $9.95B · Total assets $57.30B · Shareholders' equity −$2.88B
Dividends
Raised for 38 straight years — most recently to $0.5158 from $0.5107 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 1, 2026 | Jul 1 | Jul 15 | $0.5158 | raised from $0.5107 |
| Apr 1, 2026 | Apr 1 | Apr 15 | $0.5107 | |
| Jan 2, 2026 | Jan 2 | Jan 15 | $0.5107 | |
| Oct 1, 2025 | Oct 1 | Oct 15 | $0.5107 | |
| Jul 1, 2025 | Jul 1 | Jul 15 | $0.5107 | raised from $0.5056 |
| Apr 1, 2025 | Apr 1 | Apr 15 | $0.5056 | |
| Jan 2, 2025 | Jan 2 | Jan 15 | $0.5056 | |
| Oct 1, 2024 | Oct 1 | Oct 15 | $0.5056 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 234.21M · Float 233.73M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.49M | 11.31% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 15.29M | 6.53% | 13F | Aug 13, 2026 |
| Wellington Management Group LLP | 14.86M | 6.30% | 13G | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 13.72M | 5.86% | 13F | Aug 13, 2026 |
| State Street Corp | 11.97M | 5.11% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Mary C. Scherer | officer: Chief Accounting Officer | −2,302 | $237.39 |
| Aug 19, 2026 | Jason M. Hollar | officer: Chief Executive Officer | −44,529 | $236.18 |
| Aug 18, 2026 | Jason M. Hollar | officer: Chief Executive Officer | −80,000 | $235.74 |
| Aug 18, 2026 | Michelle D. Greene | officer: Chief Information Officer | −11,650 | $235.72 |
| Aug 18, 2026 | Jessica L. Mayer | officer: Chief Legal/Compliance Officer | −29,436 | $236.19 |
Peers
- McKesson
Largest US pharma distributor; head-to-head across bulk, specialty, and oncology.
- Cencora
No. 2 US pharma distributor; bulk, specialty, and manufacturer services overlap.
- BD
Named GMPD competitor; hospital consumables and former CareFusion owner.
