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Cardinal Health, Inc. operates as a healthcare services and products company in the United States and internationally. It operates in two segments: Pharmaceutical and Specialty Solutions, and Global Medical Products and Distribution. The company provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home. It distributes branded and generic pharmaceutical, specialty pharmaceutical, and over-the-counter healthcare and consumer products. The company also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; pharmacy management services to hospitals; operates pharmacies, including pharmacies in community health centers; and repackages generic pharmaceuticals and over-the-counter healthcare products. In addition, it manufactures, sources, and distributes Cardinal Health branded medical, surgical, and laboratory products and devices that include exam and surgical gloves; needles, syringe, and sharps disposals; compression, incontinence, nutritional delivery, and wound care products; single-use surgical drapes, gowns, and apparel products; fluid suction and collection systems; urology products; operating room supply products; and electrode product lines. Further, the company distributes a range of national brand products, including medical, surgical, and laboratory products; provides supply chain services and solutions to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers; and assembles and sells sterile and non-sterile procedure kits. Additionally, it manufactures, prepares, and delivers radiopharmaceuticals; and optimizes direct shipments through integrated technology solutions. The company was incorporated in 1979 and is headquartered in Dublin, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $222.6B | $3.1B | $1.6B | $1.9B | -56.1% | -1.9% | 83.2% |
| 2024 | $226.8B | $2.0B | $852M | $3.3B | -26.5% | 10.7% | 158.2% |
| 2023 | $205.0B | $1.4B | $330M | $2.4B | -11.2% | 13.0% | -135.2% |
| 2022 | $181.3B | $55M | $-938M | $2.8B | 132.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 181,326 | 204,979 | 226,827 | 222,578 |
| Operating Revenue | - | 181,326 | 204,979 | 226,827 | 222,578 |
| Cost Of Revenue | - | 174,842 | 198,105 | 219,413 | 214,410 |
| Gross Profit | - | 6,484 | 6,874 | 7,414 | 8,168 |
| Operating Expense | - | 4,836 | 5,085 | 5,284 | 5,846 |
| Selling General And Administration | - | 4,512 | 4,800 | 5,000 | 5,382 |
| Total Expenses | - | 179,678 | 203,190 | 224,697 | 220,256 |
| Operating Income | - | 1,648 | 1,789 | 2,130 | 2,322 |
| Total Operating Income As Reported | - | -607 | 752 | 1,243 | 2,275 |
| EBITDA | - | 55 | 1,439 | 1,962 | 3,106 |
| Normalized EBITDA | - | 2,318 | 2,476 | 2,849 | 3,153 |
| EBIT | - | -637 | 747 | 1,252 | 2,316 |
| Interest Expense | - | 147 | 84 | 51 | 215 |
| Net Interest Income | - | -147 | -84 | -51 | -215 |
| Other Non Operating Income Expenses | - | -22 | -5 | 9 | 41 |
| Other Income Expense | - | -2,285 | -1,042 | -878 | -6 |
| Interest Expense Non Operating | - | 147 | 84 | 51 | 215 |
| Net Non Operating Interest Income Expense | - | -147 | -84 | -51 | -215 |
| Pretax Income | - | -784 | 663 | 1,201 | 2,101 |
| Tax Provision | - | 153 | 332 | 348 | 532 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -475.23 | -217.77 | -257.02 | -11.89 |
| Net Income Continuous Operations | - | -937 | 331 | 853 | 1,569 |
| Net Income From Continuing And Discontinued Operation | - | -938 | 330 | 852 | 1,561 |
| Net Income From Continuing Operation Net Minority Interest | - | -938 | 330 | 852 | 1,561 |
| Net Income | - | -938 | 330 | 852 | 1,561 |
| Net Income Common Stockholders | - | -938 | 330 | 852 | 1,561 |
| Net Income Including Noncontrolling Interests | - | -937 | 331 | 853 | 1,569 |
| Normalized Income | - | 849.77 | 1,149.23 | 1,481.98 | 1,596.11 |
| Diluted NI Availto Com Stockholders | - | -938 | 330 | 852 | 1,561 |
| Basic Average Shares | - | 279 | 261 | 245 | 241 |
| Diluted Average Shares | - | 279 | 262 | 247 | 242 |
| Reconciled Depreciation | - | 692 | 692 | 710 | 790 |
| Reconciled Cost Of Revenue | - | 174,474 | 197,698 | 218,987 | 214,084 |
| Total Unusual Items | - | -2,263 | -1,037 | -887 | -47 |
| Total Unusual Items Excluding Goodwill | - | -2,263 | -1,037 | -887 | -47 |
| Minority Interests | - | -1 | -1 | -1 | -8 |
| Special Income Charges | - | -2,263 | -1,037 | -887 | -47 |
| Gain On Sale Of Business | -2 | 2 | 0 | 0 | - |
| Other Special Charges | - | 104 | -304 | 78 | -185 |
| Write Off | 79 | - | 1,246 | 634 | 18 |
| Impairment Of Capital Assets | 79 | 2,060 | 1,246 | 634 | - |
| Restructuring And Mergern Acquisition | - | 101 | 95 | 175 | 214 |
| Depreciation Amortization Depletion Income Statement | - | 324 | 285 | 284 | 464 |
| Depreciation And Amortization In Income Statement | - | 324 | 285 | 284 | 464 |
| Gain On Sale Of Ppe | -79 | -2,060 | -1,250 | -634 | - |
| Amortization | - | 324 | 285 | 284 | 464 |
| Amortization Of Intangibles Income Statement | - | 324 | 285 | 284 | 464 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cardinal Health, Inc.this co. | CAH | $47.2B | 30.27↓ discount | -16.99 | -56.1% | 16.71 |
| Cencora, Inc. | COR | $52.6B | 33.84 | 34.88 | 103.1% | 14.92 |
| Edwards Lifesciences Corporation | EW | $50.4B | 46.91 | 4.87 | 10.4% | 33.19 |
| IDEXX Laboratories, Inc. | IDXX | $44.5B | 42.05 | 27.75 | 66.0% | 30.06 |
| Humana Inc. | HUM | $42.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 35.35 |
| 2.38 |
| 6.7% |
| - |
| Becton, Dickinson and Company | BDX | $41.2B | 24.56 | 1.62 | 6.6% | 12.06 |
| Alnylam Pharmaceuticals, Inc. | ALNY | $40.5B | 129.21 | 51.37 | 39.8% | 61.62 |
| Agilent Technologies, Inc. | A | $39.1B | 29.99 | 5.80 | 19.3% | 22.15 |
| Waters Corporation | WAT | $37.0B | 57.52 | 14.43 | 25.1% | 36.74 |
| Peer Median | - | 38.70 | 10.11 | 22.2% | 30.06 | |