CARDINAL HEALTH INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CARDINAL HEALTH INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	129,976	136,809	145,534	152,922	162,467	181,326	204,979	226,827	222,578	254,248
Cost of revenue	123,432	129,628	138,700	146,054	155,689	174,842	198,105	219,413	214,410	244,474
Gross profit	6,544	7,181	6,834	6,868	6,778	6,484	6,874	7,414	8,168	9,774
Selling, general and administrative	3,775	4,596	4,480	4,572	4,533	4,512	4,800	5,000	5,382	6,132
Operating income	2,120	126	2,060	-4,098	472	-607	752	1,243	2,275	2,613
Interest expense	201	329	294	238	180	147	84	51	215	348
Other non-operating income	5	-23	-15	1	47	-22	-5	9	41	31
Pre-tax income	1,924	-228	1,751	-3,772	323	-784	663	1,201	2,101	2,174
Income tax	630	-487	386	-79	-289	153	332	348	532	469
Income from continuing operations	1,288
Net income to minority interests	6	3	2	3	1	1	1	1	8	-9
Net income	1,288	256	1,363	-3,696	611	-938	330	852	1,561	1,714
EBITDA	2,837	1,158	3,060	-3,185	1,255	85	1,444	1,953	3,065	3,569
EPS, basic	4.06	0.82	4.55	-12.61	2.09	-3.37	1.27	3.48	6.48	7.27
EPS, diluted	4.03	0.81	4.53	-12.61	2.08	-3.37	1.26	3.45	6.45	7.23
Shares, basic (weighted)	317	313	300	293	292	279	261	245	241	236
Shares, diluted (weighted)	320	315	301	293	294	279	262	247	242	237
Dividend per share	1.80	1.85	1.91	1.92	1.94	1.96	1.98	2.00	2.02	2.04

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	6,879	1,763	2,531	2,771	3,407	4,717	4,076	5,133	3,874	4,856
Short-term investments								200
Receivables	8,048	7,800	8,448	8,264	9,103	10,561	11,108	12,084	13,242	13,815
Inventory	11,301	12,308	12,822	13,198	14,594	15,636	16,119	14,957	16,831	17,297
Other current assets	2,117	1,926	1,946	1,707	2,843	2,021	2,294	2,663	2,414	2,764
Total current assets	28,345	24,553	25,747	25,940	31,048	32,935	33,737	34,884	36,373	38,753
Property, plant and equipment	1,879	2,487	2,356	2,366	2,360	2,361	2,461	2,529	2,858	3,031
Lease right-of-use assets				426	460	457	435	475	758	991
Goodwill	7,221	8,316	8,378	8,357	7,989	5,856	4,613	4,725	9,691	11,442
Intangible assets	1,986	3,913	3,430	2,918	2,105	1,774	1,472	1,725	2,486	2,189
Other non-current assets	681	682	1,052	1,185	951	953	1,066	1,258	1,714	1,884
Total assets	40,112	39,951	40,963	40,766	44,453	43,878	43,349	45,121	53,122	57,299
Accounts payable	17,906	19,677	21,535	21,374	23,700	27,128	29,934	31,759	34,713	38,283
Short-term debt	1,327	1,001	452	10	871	580	792	434	550	1,882
Total current liabilities	21,221	22,893	24,109	23,615	27,624	30,550	33,740	35,640	38,897	43,904
Long-term debt	9,068	8,012	7,579	6,765	5,365	4,735	3,909	4,658	7,977	7,004
Lease liabilities				341	374	388	375	400	654	861
Total liabilities	33,284	33,892	34,633	38,974	42,830	44,760	46,306	48,333	55,756	60,023
Total debt	10,395	9,013	8,031	6,775	6,236	5,315	4,701	5,092	8,527	8,886
Retained earnings	4,967	4,645	5,434	1,170	1,205	-280	-642	-286	783	2,009
Treasury stock	-731	-1,224	-1,790	-2,066	-2,186	-3,128	-4,911	-5,677	-6,365	-7,614
Other comprehensive income	-125	-92	-79	-104	-34	-114	-151	-167	-155	-165
Shareholders' equity	6,808	6,059	6,328	1,789	1,791	-709	-2,958	-3,213	-2,781	-2,883
Minority interests	20	0	2	3	3	3	1	1	147	159
Total equity	6,828	6,059	6,330	1,792	1,623	-882	-2,957	-3,212	-2,634	-2,724
Total liabilities and equity	40,112	39,951	40,963	40,766	44,453	43,878	43,349	45,121	53,122	57,299

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,294	259	1,365	-3,693	612	-937	331	853	1,569	1,705
Depreciation and amortization	717	1,032	1,000	913	783	692	692	710	790	956
Stock-based compensation	96	85	82	90	89	81	96	121	244	367
Deferred income tax	291	-1,012	-83	-961	496	14	-40	-104	243	91
Change in receivables	-665	-871	-751	82	-904	-1,405	-950	-996	-833	-408
Change in inventory	-673	-1,211	-551	-409	-1,584	-1,204	-412	1,115	-1,816	-488
Change in payables	564	2,574	1,864	-162	2,325	3,555	2,816	1,824	2,732	3,463
Cash from operations	1,184	2,768	2,722	1,960	2,429	3,175	2,844	3,762	2,397	5,174
Capital expenditures	-387	-384	-328	-375	-400	-387	-481	-511	-547	-649
Acquisitions	-132	-6,142	-82	0	-3	-22	-10	-1,190	-5,250	-1,991
Sales and maturities of investments	77	0	0
Cash from investing	-405	-5,608	338	493	-378	567	-454	-1,849	-5,593	-2,584
Debt issued								1,140	2,900	1,000
Debt repaid	-310	-954	-1,102	-1,399	-570	-885	-579	-783	-445	-653
Share buybacks	-600	-550	-600	-350	-200	-1,000	-2,000	-750	-765	-1,358
Dividends paid	-577	-581	-577	-569	-573	-559	-525	-499	-494	-491
Cash from financing	3,746	-2,276	-2,293	-2,200	-1,317	-2,463	-3,051	-847	1,940	-1,602
Exchange rate effect	-2	4	1	-13	11	-25	-8	-9	-3	-6
Net change in cash	4,523	-5,116	768	240	636	1,363	-669	1,057	-1,259	982
Free cash flow	797	2,384	2,394	1,585	2,029	2,788	2,363	3,251	1,850	4,525
Interest paid	200	320	285	226	182	153	203	214	315	406
Income taxes paid	686	425	311	368	273	-766	156	191	444	338

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $220.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	3.8%	Gross profit / revenue.
Operating margin	1.0%	Operating income / revenue.
EBITDA margin	1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.9%	Pre-tax income / revenue.
Net margin	0.7%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.0%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	135.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	51.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	40.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	35.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	73.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	79.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	28.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	115.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	144.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.88x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / assets	15.5%	Total debt / total assets.
Liabilities / assets	104.8%	Total liabilities / total assets.
Net debt	$4.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.51x	Operating income / interest expense.
Working capital	-$5.15B	Current assets - current liabilities.
Goodwill and intangibles / assets	23.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	4.61x	Revenue / average total assets.
Fixed asset turnover	86.3x	Revenue / average property, plant and equipment.
Inventory turnover	14.3x	Cost of revenue / average inventory.
Days inventory	25 days	365 x average inventory / cost of revenue.
Receivables turnover	18.8x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	264.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$7.27	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1,073.00	Revenue / diluted weighted shares.
FCF per share	$19.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$21.83	Cash from operations / diluted weighted shares.
Book value per share	-$12.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$69.68	Tangible book value / shares outstanding.
Cash per share	$20.49	(Cash + short-term investments) / shares outstanding.
Dividend per share	$2.04	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	28.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	30.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$51.22B	Share price x shares outstanding.
Enterprise value	$55.25B	Market cap + total debt - cash - short-term investments.
P/E	29.9x	Market cap / net income. Only when net income is positive.
P/S	0.20x	Market cap / revenue.
P/FCF	11.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.90x	Market cap / cash from operations, when positive.
EV/Sales	0.22x	Enterprise value / revenue.
EV/EBIT	21.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.8%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.38x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CARDINAL HEALTH INC's revenue in fiscal 2026?

CARDINAL HEALTH INC reported revenue of $254.25B for fiscal 2026, 14.2% higher than the year before.

Was CARDINAL HEALTH INC profitable in fiscal 2026?

Yes. Net income was $1.71B, a net margin of 0.7%.

How much free cash flow did CARDINAL HEALTH INC generate in fiscal 2026?

Cash from operations of $5.17B minus capital expenditures of $649.0M left free cash flow of $4.53B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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