Cardinal Health Inc

Company facts

Industry

Wholesale-Drugs, Proprietaries & Druggists' Sundries

Headquarters

Dublin, Ohio

Most recent report

10-Q, filed Nov 5, 2026

Incorporated

Ohio

Filings on record

1,000+ filings

On EDGAR

CIK 721371

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 8 sections worth reading, with 6 positive, 7 notable, and 7 negative flags.

• Management's Discussion and Analysis of Financial Condition and Results of Operations

  Revenue, earnings, and EPS all grew; tariff refunds and new tariff risks are company-specific.
  Positive

  • Revenue up 5% to $67.5B in Q1 FY2027, driven by branded and specialty pharma growth.
  • GAAP operating earnings up 13% to $753M; non-GAAP up 17% to $1.0B in Q1 FY2027.
  • Non-GAAP diluted EPS up 28% to $3.26 in Q1 FY2027, driven by operating earnings and favorable tax items.
  Notable

  • GLP-1 demand grew in Q1 FY2027, boosting revenue but not meaningfully adding to segment profit.
  • Paid ~$200M in IEEPA tariffs since Feb 2025; most refunds submitted, majority recovered as of Sep 2026.
  Negative

  • Tariff environment remains dynamic; cost increases not fully offset by price hikes, may hurt GMPD profit.
  • President's July 2026 statement: generic pharma may face 100% tariffs in 2028, 200% in 2029.
  • Iran conflict raised fuel and transport costs; may not be offset, could further hurt GMPD profit.

• Results of Operations

  Full MD&A with segment results, opioid cash burn, $500M buyback, and a new $5B authorization.
  Positive

  • Gross margin up 12% to $2.6B, rate up 23 bps, driven by MSO acquisitions and generics program.
  • Board approved a new $5.0B share repurchase program on Aug 4, 2026; $5.9B total remaining authorization.
  Notable

  • Deployed $500M for share repurchases in Q1 via an ASR program, funded with available cash.
  • Navista goodwill impaired $184M in Q3 FY2026; no new indicators in Q1 FY2027, but risk remains.
  • Pharma segment is modifying finance and operating systems for supply chain optimization, a control risk.
  Negative

  • GMPD segment profit fell 28% to $33M due to unfavorable distribution and FX impacts.
  • Opioid litigation payments totaled $385M in Q1; $3.9B still accrued, with payments expected through 2038.

• Notes to Condensed Consolidated Financial Statements

  Large acquisition, IRS disputes, opioid accrual, and new credit facility all carry material numbers.
  Positive

  • Repurchased $500M of common shares in Q1 FY2027, up from $375M in prior-year quarter.
  Notable

  • Acquired Solaris Health for ~$1.9B cash plus ~$500M in equity units; goodwill of $1.7B recorded.
  • New $4.0B 5-year revolving credit facility and $4.0B commercial paper program; no amounts drawn.
  Negative

  • IRS challenges captive insurance NOPA could add ~$400M tax + ~$1.4B liability, plus interest.
  • Second IRS NOPA for Patient Recovery restructuring could add ~$160M tax plus interest.

What changed: Sep 2026 vs. Mar 2026

About 16% of CAH's Sep 2026 10-Q is new information. 59 paragraphs were added, 177 changed, and 160 removed. Below are the most important lines SECSift identified.

• Notes to Condensed Consolidated Financial Statements 102
• Results of Operations 55
• Management's Discussion and Analysis of Financial Condition and Results of Operations 27