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Cardinal Health vs Elevance Health: revenue, profit, margins and growth compared

Cardinal Health brought in $254.2B of revenue in fiscal 2026, Elevance Health $199.1B in fiscal 2025. Revenue changed by +14.2% at Cardinal Health and +12.5% at Elevance Health on the year before, so Cardinal Health grew faster. Cardinal Health kept 0.7% of its revenue as net profit, Elevance Health 2.8%. Free cash flow was $4.5B at Cardinal Health and $3.2B at Elevance Health.

Side by side, latest fiscal year

CAHELV
Fiscal year endedFY2026 (June 30, 2026)FY2025 (December 31, 2025)
Revenue$254.2B$199.1B
Revenue growth+14.2%+12.5%
Net income$1.7B$5.7B
Net margin0.7%2.8%
Free cash flow$4.5B$3.2B
Free cash flow margin1.8%1.6%
Earnings per share (diluted)$7.23$25.21
Cash$4.9B$9.5B
Debt$8.9B$31.9B
Price to earnings30.515.7
Market value$51.2B$85.9B
Dividend yield0.93%n/a
Rank by revenue in sector#5 of 523 · Health care#6 of 523 · Health care

Over the years

Revenue
CAH FY2019: $145.5BCAH FY2020: $152.9BCAH FY2021: $162.5BCAH FY2022: $181.3BCAH FY2023: $205BCAH FY2024: $226.8BCAH FY2025: $222.6BCAH FY2026: $254.2BELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BFY18FY19FY20FY21FY22FY23FY24FY25FY26
CAH $254.2BELV $199.1B
Net income
CAH FY2019: $1.4BCAH FY2020: -$3.7BCAH FY2021: $611MCAH FY2022: -$938MCAH FY2023: $330MCAH FY2024: $852MCAH FY2025: $1.6BCAH FY2026: $1.7BELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BFY18FY19FY20FY21FY22FY23FY24FY25FY26
CAH $1.7BELV $5.7B
Net margin
CAH FY2019: 0.9%CAH FY2020: -2.4%CAH FY2021: 0.4%CAH FY2022: -0.5%CAH FY2023: 0.2%CAH FY2024: 0.4%CAH FY2025: 0.7%CAH FY2026: 0.7%ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25FY26
CAH 0.7%ELV 2.8%
Revenue growth
CAH FY2020: +5.1%CAH FY2021: +6.2%CAH FY2022: +11.6%CAH FY2023: +13.0%CAH FY2024: +10.7%CAH FY2025: -1.9%CAH FY2026: +14.2%ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25FY26
CAH +14.2%ELV +12.5%
Free cash flow
CAH FY2019: $2.4BCAH FY2020: $1.6BCAH FY2021: $2BCAH FY2022: $2.8BCAH FY2023: $2.4BCAH FY2024: $3.3BCAH FY2025: $1.9BCAH FY2026: $4.5BELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25FY26
CAH $4.5BELV $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Cardinal Health and Elevance Health

Which is bigger by revenue, Cardinal Health or Elevance Health?

Cardinal Health is bigger by revenue: $254.2B in fiscal 2026, against $199.1B for Elevance Health in fiscal 2025.

Which keeps more of its revenue as profit, Cardinal Health or Elevance Health?

Cardinal Health had a net margin of 0.7% in fiscal 2026; Elevance Health had 2.8% in fiscal 2025.

Which grew revenue faster, Cardinal Health or Elevance Health?

In their latest fiscal years revenue changed by +14.2% at Cardinal Health and +12.5% at Elevance Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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