Cardinal Health

Cardinal Health is one of the largest distributors of medicines in the United States. It also makes and distributes medical and laboratory products, supplies home-health products, runs nuclear pharmacies and gives freight and data services. It reports two segments, Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution, and three other businesses: Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight Logistics.

In Q1 of fiscal 2027 (the three months to September 30, 2026), revenue was $67.5 billion: $62.6 billion from Pharmaceutical and Specialty Solutions, $3.2 billion from Global Medical Products and Distribution and the rest from the other businesses. Revenue was $254.2 billion in fiscal 2026. Its fiscal year ends on June 30.

The shares trade on the New York Stock Exchange. The head office is in Dublin, Ohio. Jason Hollar is Chief Executive Officer.

Cardinal Health trades above its intrinsic value because investors pay for fast profit growth, large buybacks and renewed contracts with large customers. In Q1 of fiscal 2027, non-GAAP diluted EPS rose 28% to $3.26, and the company raised its fiscal 2027 guidance to $12.80 to $13.00. For the shares to earn this price, three things must be true. Pharmaceutical and Specialty Solutions must grow its profit by 10% to 12% in fiscal 2027, as guided, and keep growing after that.

The binding letter of intent with CVS Health, which extends the distribution agreement to June 30, 2032, must become a final agreement on the current scope. The profit of Global Medical Products and Distribution, which fell 28% in Q1, must recover. The Q2 fiscal 2027 report, expected in early February 2027, is the next test. Slower growth in drug distribution or new opioid claims can push the shares down.

1. Nov 5, 2026Passed

   Q1 fiscal 2027 results and guidanceNon-GAAP EPS growth and a confirmed or higher fiscal 2027 guidance pass; a guidance cut fails.Outcome: Non-GAAP diluted EPS rose 28% to $3.26, and the company raised its guidance to $12.80 to $13.00.
2. Feb 4, 2027 · est.Pending

   Q2 fiscal 2027 resultsPharmaceutical and Specialty Solutions profit growth of 10% or more and a confirmed guidance pass; less fails.
3. Q3 2027 · est.Pending

   Final distribution agreement with CVS HealthA signed agreement through June 30, 2032 on the current scope passes; a smaller scope or no agreement fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Cardinal Health reported Q1 fiscal 2027 results. Revenue rose 5% to $67.5 billion, GAAP diluted EPS rose 27% to $2.38 and non-GAAP diluted EPS rose 28% to $3.26. The company raised its fiscal 2027 guidance for non-GAAP diluted EPS to $12.80 to $13.00 from $12.40 to $12.60, and it completed a $500 million share repurchase program.
• October 1, 2026Cardinal Health signed a binding letter of intent to extend its distribution agreement with CVS Health through June 30, 2032, with the current scope of distribution services.
• August 11, 2026Cardinal Health reported fiscal 2026 results. Revenue rose 14% to $254.2 billion, and non-GAAP diluted EPS rose 37% to $11.26, or 33% to $10.95 without a one-time tariff refund. The board approved $5.0 billion of new share repurchases, for a total authorization of $6.4 billion, and the company renewed its distribution contract with Kroger.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · cah-20260930
• 8-KEarnings release and Investor disclosureFiled November 5, 2026 · cah-20261105
• 8-KInvestor disclosureFiled October 1, 2026 · cah-20261001
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 11, 2026 · cah-20260630
• 8-KEarnings release and Investor disclosureFiled August 11, 2026 · cah-20260811
• 8-KNew material agreement and End of a material agreementFiled August 11, 2026 · cah-20260807
• 8-KChange of directors or officersFiled August 5, 2026 · cah-20260804
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · cah-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · cah-20260430
• 8-KChange of directors or officers and Investor disclosureFiled March 23, 2026 · cah-20260317

Every filing on SEC EDGAR (CIK 721371)

• A few large customers, such as CVS Health, give a large part of revenue. The CVS Health renewal is a letter of intent until the parties sign the final agreement.
• Cardinal Health had $3.9 billion accrued at September 30, 2026 for national opioid litigation settlements, with most payments through 2038. Other opioid lawsuits continue.
• Changes to drug prices in the United States can reduce the fees and margins of distributors.
• Global Medical Products and Distribution has a low margin: segment profit was $33 million on revenue of $3.2 billion in Q1 fiscal 2027. Tariffs, freight costs and exchange rates can cut it more.
• Shareholders' equity is negative, a deficit of $2,866 million at September 30, 2026. Large losses or payments can reduce the room for more buybacks.

Cardinal Health funds itself mainly with payables to suppliers, bonds and cash flow. At September 30, 2026, cash and equivalents were $5,264 million, and debt was $8,815 million: $1,886 million due within a year and $6,929 million of long-term obligations. Read more

Dividend yield

0.7% (last 12 months, at today’s price of $274.29)

Paid per share

$2.054 in the last 12 months (4 payments)

Current annual rate

$2.064 ($0.516 × 4 a year)

Payout ratio

21% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

October 1, 2026, $0.516 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 1.0% a year. Over the last 10 years, the dividend grew by about 2.1% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.