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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
Q1 FY26 revenue increased 22% year-over-year to $64 billion, with double-digit profit growth across all segments, driven by robust demand in pharmaceutical and specialty solutions and supported by acquisitions and disciplined execution.
Non-GAAP operating earnings grew 37% to $857 million, and non-GAAP diluted EPS rose 36% to $2.55, while GAAP operating earnings increased 18% to $668 million and GAAP diluted EPS grew 11% to $1.88.
Expansion in specialty, including MSO platforms and Biopharma Solutions, and the announced $1.9 billion Solaris Health acquisition are expected to further accelerate growth.
Growth businesses such as Home Solutions, Nuclear and Precision Health Solutions, and OptiFreight Logistics showed continued acceleration, supported by secular trends and focused investments.
Strategic focus on expanding specialty solutions, executing improvement initiatives in medical products and distribution, and investing in automation and technology to enhance distribution efficiency.
Financial highlights
Total revenue reached $64 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 margin increased 22% to $2.3 billion; SG&A expenses rose 14% to $1.5 billion, mainly due to recent acquisitions.
Adjusted free cash flow for Q1 was $1.27 billion, and cash position at quarter-end was $4.6 billion.
Q1 average diluted shares outstanding were approximately 238–239 million, down 2% from last year due to share repurchases.
Outlook and guidance
FY26 non-GAAP EPS guidance raised to $9.65–$9.85, representing 17–20% growth year-over-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 revenue expected to grow 2–4% with at least $140 million in segment profit; capital expenditures guidance increased to $600–$750 million for investments in specialty and automation.
Guidance includes the impact of the Solaris Health acquisition.
Breakdown of EPS guidance increase drivers
Future growth strategy for Other segment?
Expected returns from new distribution centers?
Solaris integration: how will it leverage Nuclear/PHS?
New DCs/automation: what future capacity benefits?
Biosimilars: how will policy changes accelerate adoption?
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Next Cardinal Health earnings date
UBS Global Healthcare Conference 202511 Nov, 2025
Next Cardinal Health earnings date
UBS Global Healthcare Conference 202511 Nov, 2025
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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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