Cardinal Health (CAH) financial statements
Cardinal Health reported revenue of $254.2B in fiscal 2026, up 7.7% a year over 9 years.
Net income was $1.7B and the operating margin 1.0%, against 1.6% in 2017.
Free cash flow was $4.5B, and the company returned $491M in dividends and $1.4B in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cardinal Health's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $130.0B | $136.8B | $145.5B | $152.9B | $162.5B | $181.3B | $205.0B | $226.8B | $222.6B | $254.2B |
| Cost of revenue | $123.4B | $129.6B | $138.7B | $146.1B | $155.7B | $174.8B | $198.1B | $219.4B | $214.4B | $244.5B |
| Gross profit | $6.5B | $7.2B | $6.8B | $6.9B | $6.8B | $6.5B | $6.9B | $7.4B | $8.2B | $9.8B |
| Selling, general and admin | $3.8B | $4.6B | $4.5B | $4.6B | $4.5B | $4.5B | $4.8B | $5.0B | $5.4B | $6.1B |
| Operating income | $2.1B | $126M | $2.1B | -$4.1B | $472M | -$607M | $752M | $1.2B | $2.3B | $2.6B |
| Interest expense | $201M | $329M | $294M | $238M | $180M | $147M | $84M | $51M | $215M | $348M |
| Pre-tax income | $1.9B | -$228M | $1.8B | -$3.8B | $323M | -$784M | $663M | $1.2B | $2.1B | $2.2B |
| Income tax | $630M | -$487M | $386M | -$79M | -$289M | $153M | $332M | $348M | $532M | $469M |
| Net income | $1.3B | $256M | $1.4B | -$3.7B | $611M | -$938M | $330M | $852M | $1.6B | $1.7B |
| EPS (diluted) | $4.03 | $0.81 | $4.53 | -$12.61 | $2.08 | -$3.37 | $1.26 | $3.45 | $6.45 | $7.23 |
| Diluted shares | 320M | 315M | 301M | 293M | 294M | 279M | 262M | 247M | 242M | 237M |
| Gross margin | 5.0% | 5.2% | 4.7% | 4.5% | 4.2% | 3.6% | 3.4% | 3.3% | 3.7% | 3.8% |
| Operating margin | 1.6% | 0.1% | 1.4% | -2.7% | 0.3% | -0.3% | 0.4% | 0.5% | 1.0% | 1.0% |
| Net margin | 1.0% | 0.2% | 0.9% | -2.4% | 0.4% | -0.5% | 0.2% | 0.4% | 0.7% | 0.7% |
Balance sheet
Fiscal years, from Cardinal Health's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.9B | $1.8B | $2.5B | $2.8B | $3.4B | $4.7B | $4.1B | $5.3B | $3.9B | $4.9B |
| Receivables | $8.0B | $7.8B | $8.4B | $8.3B | $9.1B | $10.6B | $11.1B | $12.1B | $13.2B | $13.8B |
| Inventory | $11.3B | $12.3B | $12.8B | $13.2B | $14.6B | $15.6B | $16.1B | $15.0B | $16.8B | $17.3B |
| Total current assets | $28.3B | $24.6B | $25.7B | $25.9B | $31.0B | $32.9B | $33.7B | $34.9B | $36.4B | $38.8B |
| Property, plant and equipment | $1.9B | $2.5B | $2.4B | $2.4B | $2.4B | $2.4B | $2.5B | $2.5B | $2.9B | $3.0B |
| Goodwill | $7.2B | $8.3B | $8.4B | $8.4B | $8.0B | $5.9B | $4.6B | $4.7B | $9.7B | $11.4B |
| Total assets | $40.1B | $40.0B | $41.0B | $40.8B | $44.5B | $43.9B | $43.3B | $45.1B | $53.1B | $57.3B |
| Total current liabilities | $21.2B | $22.9B | $24.1B | $23.6B | $27.6B | $30.6B | $33.7B | $35.6B | $38.9B | $43.9B |
| Long-term debt | $9.1B | $8.0B | $7.6B | $6.8B | $5.4B | $4.7B | $3.9B | $4.7B | $8.0B | $7.0B |
| Total liabilities | $33.3B | $33.9B | $34.6B | $39.0B | $42.8B | $44.8B | $46.3B | $48.3B | $55.8B | $60.0B |
| Shareholders' equity | $6.8B | $6.1B | $6.3B | $1.8B | $1.8B | -$709M | -$3.0B | -$3.2B | -$2.8B | -$2.9B |
| Net debt | $2.2B | $6.2B | $5.0B | $4.0B | $2.0B | $18M | -$167M | -$475M | $4.1B | $2.1B |
Cash flow
Fiscal years, from Cardinal Health's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $2.8B | $2.7B | $2.0B | $2.4B | $3.2B | $2.8B | $3.8B | $2.4B | $5.2B |
| Capital spending | $387M | $384M | $328M | $375M | $400M | $387M | $481M | $511M | $547M | $649M |
| Free cash flow | $797M | $2.4B | $2.4B | $1.6B | $2.0B | $2.8B | $2.4B | $3.3B | $1.9B | $4.5B |
| Stock-based compensation | $96M | $85M | $82M | $90M | $89M | $81M | $96M | $121M | $244M | $367M |
| Dividends paid | $577M | $581M | $577M | $569M | $573M | $559M | $525M | $499M | $494M | $491M |
| Share buybacks (net) | -$600M | -$550M | -$600M | -$350M | -$200M | -$1.0B | -$2.0B | -$750M | -$765M | -$1.4B |
| Net borrowing | -$307M | -$1.0B | -$1.1B | -$1.4B | -$570M | -$885M | -$579M | $357M | $2.5B | $347M |
| Free cash flow margin | 0.6% | 1.7% | 1.6% | 1.0% | 1.2% | 1.5% | 1.2% | 1.4% | 0.8% | 1.8% |
| Dividends per share | $1.80 | $1.84 | $1.92 | $1.94 | $1.95 | $2.00 | $2.00 | $2.02 | $2.04 | $2.07 |
Questions
What was Cardinal Health's revenue in 2026?
$254.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Cardinal Health generate?
$4.5B in fiscal 2026 (operating cash flow minus capital spending).
From Cardinal Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.