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Cardinal Health (CAH) investor relations material
Cardinal Health Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Oct, 2025
Executive summary
Revenue for Q1 FY26 increased 22% year-over-year to $64 billion, with double-digit profit growth across all segments, driven by branded and specialty pharmaceutical sales, disciplined execution, and robust demand.
Non-GAAP operating earnings grew 37% to $857 million, and non-GAAP diluted EPS rose 36% to $2.55, reflecting acquisitions and higher contributions from specialty and branded pharmaceuticals.
Solaris Health acquisition, valued at $1.9 billion, is expected to close in early November, expanding the specialty MSO platform and accelerating growth.
Growth businesses such as At Home Solutions, Nuclear and Precision Health Solutions, and OptiFreight® Logistics showed strong acceleration, supported by secular trends and focused investments.
Strategic focus on expanding specialty solutions, executing improvement initiatives in medical products and distribution, and integrating recent acquisitions.
Financial highlights
Q1 FY26 revenue reached $64.0 billion, up 22% year-over-year, with all five segments contributing.
Non-GAAP net earnings attributable to shareholders rose 33% to $611 million; GAAP net earnings were $450 million, up 8%.
Gross profit increased 22% to $2.3 billion, outpacing SG&A growth of 14%.
Adjusted free cash flow for Q1 was $1.27 billion, and net cash provided by operating activities was $1.0 billion.
Dividend declared at $0.5107 per share for the quarter.
Outlook and guidance
FY26 non-GAAP EPS guidance raised to $9.65–$9.85, representing 17–20% growth over the prior year.
Adjusted free cash flow guidance increased to $3.0–$3.5 billion for the year.
Pharmaceutical and Specialty Solutions segment profit growth guidance raised to 16–19%; Other segment profit growth guidance raised to 29–31%.
GMPD segment expected to deliver 2–4% revenue growth and at least $140 million in profit, with Q4 anticipated as the highest profit quarter.
Capital expenditures expected at $600–$750 million for FY26, with increased investments in the Specialty Alliance platform and new distribution centers.
Breakdown of EPS guidance increase drivers
Future growth strategy for Other segment?
Expected returns from new distribution centers?
What fuels 'Other' segment's profit growth?
Solaris Health integration: key synergy areas?
Biosimilars: long-term impact on growth strategy?
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Next Cardinal Health earnings date
Q2 202629 Jan, 2026
Next Cardinal Health earnings date
Q2 202629 Jan, 2026
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Frequently asked questions
Major Provider of Medical Products
Cardinal Health, Inc. Is an American healthcare services company with multinational operations. It specializes in the distribution of pharmaceuticals and medical products, delivering to over 100,000 different locations across the globe. Besides its distribution, it also manufactures various medical products and equipment used in surgeries. It supplies a large majority of hospitals in the US and is headquartered in Dublin, Ohio. Its shares are traded on the NYSE.
Starting Out in Food Distribution
Cardinal Health was founded in 1971 by Robert D. Walter. Originally established as Cardinal Foods, it began as a food distribution business. However, in the early 1980s, the company transitioned into pharmaceutical distribution. Over the subsequent years, Cardinal Health broadened its reach and services through a combination of organic growth, innovation, and acquisitions.
Operations
Its core operation lies in the distribution of pharmaceuticals and medical products. The company facilitates the delivery of medications and related services to various healthcare providers, including hospitals, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. Beyond pharmaceutical distribution, Cardinal Health is also involved in the sale of generic pharmaceuticals, over-the-counter medications, and consumer health products. A specialized branch within the company deals with nuclear pharmacy services, which involve the preparation and delivery of patient-specific doses of radiopharmaceuticals. When looking at the company’s peers, one finds names such as McKesson, Becton, Dickinson and Company, and Owens & Minor.
Surgical Equipment
In terms of surgical science equipment, the company offers a variety of items that cater to different clinical needs. These products range from basic consumables, such as surgical drapes, gowns, and gloves, to more specialized equipment used in surgical settings. They also provide fluid management systems, wound care products, and sterilization wraps. While the company does not manufacture all these products in-house, it partners with manufacturers to ensure a comprehensive product offering for healthcare institutions.
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