Cardinal Health Inc Financials
This page shows Cardinal Health Inc (CAH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cardinal Health Inc has an operating margin of 1.0%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 5/100, suggesting thin profitability after operating expenses. This is up from 0.5% the prior year.
Cardinal Health Inc's revenue declined 1.9% year-over-year, from $226.8B to $222.6B. This contraction results in a growth score of 23/100.
Cardinal Health Inc's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.
Cardinal Health Inc's free cash flow margin of 0.8% results in a low score of 4/100. Capital expenditures of $547.0M absorb a large share of operating cash flow.
Cardinal Health Inc scores 4.85, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Cardinal Health Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cardinal Health Inc generates $1.54 in operating cash flow ($2.4B OCF vs $1.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cardinal Health Inc earns $10.6 in operating income for every $1 of interest expense ($2.3B vs $215.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Cardinal Health Inc generated $222.6B in revenue in fiscal year 2025. This represents a decrease of 1.9% from the prior year.
Cardinal Health Inc's EBITDA was $3.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.9% from the prior year.
Cardinal Health Inc generated $1.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.1% from the prior year.
Cardinal Health Inc reported $1.6B in net income in fiscal year 2025. This represents an increase of 83.2% from the prior year.
Cardinal Health Inc held $3.9B in cash against $8.0B in long-term debt as of fiscal year 2025.
Cardinal Health Inc paid $2.02 per share in dividends in fiscal year 2025. This represents an increase of 1.0% from the prior year.
Cardinal Health Inc had 239M shares outstanding in fiscal year 2025. This represents a decrease of 2.1% from the prior year.
Cardinal Health Inc's gross margin was 3.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Cardinal Health Inc's operating margin was 1.0% in fiscal year 2025, reflecting core business profitability. This is up 0.5 percentage points from the prior year.
Cardinal Health Inc's net profit margin was 0.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.
Cardinal Health Inc spent $765.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2.0% from the prior year.
Cardinal Health Inc invested $547.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.0% from the prior year.
CAH Income Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $65.6B+2.5% | $64.0B+16.6% | $54.9B-0.7% | $55.3B+5.7% | $52.3B-4.7% | $54.9B-4.5% | $57.4B+5.1% | $54.6B |
| Cost of Revenue | $63.2B+2.5% | $61.7B+16.9% | $52.8B-1.1% | $53.3B+5.9% | $50.4B-4.8% | $52.9B-4.8% | $55.6B+5.1% | $52.9B |
| Gross Profit | $2.4B+3.4% | $2.3B+9.2% | $2.1B+9.4% | $1.9B+2.1% | $1.9B-1.7% | $1.9B+4.4% | $1.9B+6.4% | $1.7B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.5B+2.9% | $1.5B+11.1% | $1.3B+0.7% | $1.3B+2.3% | $1.3B+0.6% | $1.3B+0.1% | $1.3B+6.9% | $1.2B |
| Operating Income | $707.0M+5.8% | $668.0M-8.5% | $730.0M+33.0% | $549.0M-3.3% | $568.0M+53.9% | $369.0M-26.9% | $505.0M+1678.1% | -$32.0M |
| Interest Expense | $88.0M+10.0% | $80.0M+8.1% | $74.0M+111.4% | $35.0M+9.4% | $32.0M+14.3% | $28.0M+833.3% | $3.0M-72.7% | $11.0M |
| Income Tax | $159.0M+10.4% | $144.0M-8.3% | $157.0M+42.7% | $110.0M-11.3% | $124.0M+55.0% | $80.0M-44.1% | $143.0M+533.3% | -$33.0M |
| Net Income | $467.0M+3.8% | $450.0M-11.1% | $506.0M+26.5% | $400.0M-3.8% | $416.0M+59.4% | $261.0M-29.1% | $368.0M+3166.7% | -$12.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CAH Balance Sheet
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $58.1B+5.2% | $55.2B+10.7% | $49.9B+6.1% | $47.0B+9.2% | $43.1B-6.1% | $45.9B-1.5% | $46.6B+6.5% | $43.7B |
| Current Assets | $39.2B+1.8% | $38.5B+11.4% | $34.6B-3.2% | $35.8B+8.7% | $32.9B-7.9% | $35.7B-5.1% | $37.7B+8.6% | $34.7B |
| Cash & Equivalents | $2.8B-39.5% | $4.6B+38.1% | $3.3B-12.7% | $3.8B+32.9% | $2.9B-22.9% | $3.7B-19.0% | $4.6B+19.1% | $3.9B |
| Inventory | $20.1B+14.6% | $17.6B+8.7% | $16.2B-4.4% | $16.9B+8.2% | $15.6B-9.6% | $17.3B-6.4% | $18.5B+8.6% | $17.0B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $11.6B+19.5% | $9.7B+9.0% | $8.9B+62.3% | $5.5B+16.1% | $4.7B-1.3% | $4.8B+19.0% | $4.0B0.0% | $4.0B |
| Total Liabilities | $61.0B+4.9% | $58.1B+10.0% | $52.8B+5.7% | $50.0B+7.9% | $46.3B-5.7% | $49.1B-1.8% | $50.0B+6.0% | $47.2B |
| Current Liabilities | $43.3B+7.6% | $40.3B+9.8% | $36.7B+4.1% | $35.2B+1.6% | $34.7B-4.5% | $36.3B-5.2% | $38.3B+9.2% | $35.1B |
| Long-Term Debt | $8.3B-7.0% | $9.0B+25.8% | $7.1B+1.0% | $7.1B+67.2% | $4.2B-9.5% | $4.7B+32.0% | $3.5B-9.1% | $3.9B |
| Total Equity | -$2.9B-0.2% | -$2.9B+2.3% | -$2.9B+1.4% | -$3.0B+8.7% | -$3.3B-0.4% | -$3.3B+5.3% | -$3.4B+1.2% | -$3.5B |
| Retained Earnings | $1.5B+30.4% | $1.1B+68.1% | $664.0M+134.6% | $283.0M+1921.4% | $14.0M+104.8% | -$289.0M+32.0% | -$425.0M+35.0% | -$654.0M |
CAH Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $686.0M-29.5% | $973.0M-66.6% | $2.9B+835.6% | -$396.0M+76.0% | -$1.6B-6000.0% | -$27.0M-102.3% | $1.2B+123.3% | $528.0M |
| Capital Expenditures | $131.0M+21.3% | $108.0M-14.3% | $126.0M+27.3% | $99.0M+10.0% | $90.0M-19.6% | $112.0M-1.8% | $114.0M+23.9% | $92.0M |
| Free Cash Flow | $555.0M-35.8% | $865.0M-69.0% | $2.8B+663.0% | -$495.0M+71.5% | -$1.7B-1149.6% | -$139.0M-113.1% | $1.1B+144.3% | $436.0M |
| Investing Cash Flow | -$2.0B-1294.4% | -$142.0M+95.1% | -$2.9B-196.9% | -$976.0M-1009.1% | -$88.0M+95.2% | -$1.8B-1659.0% | -$105.0M-66.7% | -$63.0M |
| Financing Cash Flow | -$519.0M-371.8% | -$110.0M+78.1% | -$503.0M-121.6% | $2.3B+530.9% | -$540.0M-152.4% | $1.0B+392.1% | -$353.0M+47.0% | -$666.0M |
| Dividends Paid | $128.0M-0.8% | $129.0M+4.9% | $123.0M-3.9% | $128.0M0.0% | $128.0M+4.1% | $123.0M0.0% | $123.0M-6.1% | $131.0M |
| Share Buybacks | $383.0M+2.1% | $375.0M0.0% | $375.0M+2400.0% | $15.0M-96.0% | $375.0M | $0-100.0% | $250.0M-50.0% | $500.0M |
CAH Financial Ratios
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.6%+0.0pp | 3.6%-0.2pp | 3.9%+0.4pp | 3.5%-0.1pp | 3.6%+0.1pp | 3.5%+0.3pp | 3.2%+0.0pp | 3.2% |
| Operating Margin | 1.1%+0.0pp | 1.0%-0.3pp | 1.3%+0.3pp | 1.0%-0.1pp | 1.1%+0.4pp | 0.7%-0.2pp | 0.9%+0.9pp | -0.1% |
| Net Margin | 0.7%+0.0pp | 0.7%-0.2pp | 0.9%+0.2pp | 0.7%-0.1pp | 0.8%+0.3pp | 0.5%-0.2pp | 0.6%+0.7pp | -0.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.8%0.0pp | 0.8%-0.2pp | 1.0%+0.2pp | 0.9%-0.1pp | 1.0%+0.4pp | 0.6%-0.2pp | 0.8%+0.8pp | -0.0% |
| Current Ratio | 0.91-0.1 | 0.96+0.0 | 0.94-0.1 | 1.02+0.1 | 0.95-0.0 | 0.980.0 | 0.980.0 | 0.99 |
| Debt-to-Equity | -2.89+0.2 | -3.12-0.7 | -2.42-0.1 | -2.36-1.1 | -1.29+0.1 | -1.43-0.4 | -1.02+0.1 | -1.11 |
| FCF Margin | 0.9%-0.5pp | 1.4%-3.7pp | 5.1%+6.0pp | -0.9%+2.4pp | -3.3%-3.1pp | -0.3%-2.1pp | 1.8%+1.0pp | 0.8% |
Note: Shareholder equity is negative (-$2.8B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Cardinal Health Inc's annual revenue?
Cardinal Health Inc (CAH) reported $222.6B in total revenue for fiscal year 2025. This represents a -1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cardinal Health Inc's revenue growing?
Cardinal Health Inc (CAH) revenue declined by 1.9% year-over-year, from $226.8B to $222.6B in fiscal year 2025.
Is Cardinal Health Inc profitable?
Yes, Cardinal Health Inc (CAH) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 0.7%.
What is Cardinal Health Inc's EBITDA?
Cardinal Health Inc (CAH) had EBITDA of $3.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cardinal Health Inc have?
As of fiscal year 2025, Cardinal Health Inc (CAH) had $3.9B in cash and equivalents against $8.0B in long-term debt.
What is Cardinal Health Inc's gross margin?
Cardinal Health Inc (CAH) had a gross margin of 3.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cardinal Health Inc's operating margin?
Cardinal Health Inc (CAH) had an operating margin of 1.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cardinal Health Inc's net profit margin?
Cardinal Health Inc (CAH) had a net profit margin of 0.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Cardinal Health Inc pay dividends?
Yes, Cardinal Health Inc (CAH) paid $2.02 per share in dividends during fiscal year 2025.
What is Cardinal Health Inc's free cash flow?
Cardinal Health Inc (CAH) generated $1.9B in free cash flow during fiscal year 2025. This represents a -43.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cardinal Health Inc's operating cash flow?
Cardinal Health Inc (CAH) generated $2.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cardinal Health Inc's total assets?
Cardinal Health Inc (CAH) had $53.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cardinal Health Inc's capital expenditures?
Cardinal Health Inc (CAH) invested $547.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Cardinal Health Inc buy back shares?
Yes, Cardinal Health Inc (CAH) spent $765.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Cardinal Health Inc have outstanding?
Cardinal Health Inc (CAH) had 239M shares outstanding as of fiscal year 2025.
What is Cardinal Health Inc's current ratio?
Cardinal Health Inc (CAH) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Cardinal Health Inc's debt-to-equity ratio?
Cardinal Health Inc (CAH) had a debt-to-equity ratio of -2.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cardinal Health Inc's return on assets (ROA)?
Cardinal Health Inc (CAH) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Cardinal Health Inc's debt-to-equity ratio negative or unusual?
Cardinal Health Inc (CAH) has negative shareholder equity of -$2.8B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Cardinal Health Inc's Altman Z-Score?
Cardinal Health Inc (CAH) has an Altman Z-Score of 4.85, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cardinal Health Inc's Piotroski F-Score?
Cardinal Health Inc (CAH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cardinal Health Inc's earnings high quality?
Cardinal Health Inc (CAH) has an earnings quality ratio of 1.54x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cardinal Health Inc cover its interest payments?
Cardinal Health Inc (CAH) has an interest coverage ratio of 10.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cardinal Health Inc?
Cardinal Health Inc (CAH) scores 12 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.