Cardinal Health Inc

Company facts

Industry

Wholesale-Drugs, Proprietaries & Druggists' Sundries

Headquarters

Dublin, Ohio

Most recent report

10-K, filed Aug 11, 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: FY2026 10-K

SECSift found 3 of 8 sections worth reading, with 6 positive, 4 notable, and 8 negative flags.

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

  Full MD&A with revenue growth, goodwill impairment, acquisitions, and tariff risks.
  Positive

  • Revenue up 14% to $254.2B in fiscal 2026, primarily from branded and specialty pharmaceutical sales.
  • Non-GAAP operating earnings up 30% to $3.6B, driven by pharma segment performance and MSO acquisitions.
  • Non-GAAP diluted EPS rose 37% to $11.26 in fiscal 2026, helped by operating earnings growth and tax items.
  Notable

  • Solaris Health acquired for $1.9B cash; issued ~$500M in common units; 76% ownership of The Specialty Alliance.
  • GLP-1 demand growth began to moderate in fiscal 2026 and is expected to continue moderating.
  • Cardinal paid ~$200M in IEEPA tariffs; recorded a $200M receivable and $100M net Q4 benefit; full-year impact immaterial.
  Negative

  • $184M pre-tax goodwill impairment in fiscal 2026 related to the Navista & ION reporting unit within Pharma segment.
  • $122M pre-tax impairment of 16% equity interest in Outcomes in fiscal 2026, a separate charge.
  • IEEPA tariffs ruled unlawful by Supreme Court; refund process ongoing; if refunds are less than expected, GMPD segment could be hurt.
  • Proposed U.S. tariffs could subject generic pharmaceuticals to 100% in 2028 and 200% in 2029, threatening costs and supply.

• Results of Operations

  Key segment profit swings, impairments, and interest expense climb; full of specifics.
  Positive

  • Pharma segment profit increased 23% to $2.8B in fiscal 2026, from branded/specialty and generics.
  • GMPD segment profit nearly doubled to $258M in fiscal 2026, driven by existing customer growth.
  Negative

  • Interest expense net jumped 62% to $348M in fiscal 2026, reflecting debt taken on for acquisitions.

• Notes to Consolidated Financial Statements

  Critical impairments, tax disputes, acquisitions, and debt details are company-specific and actionable.
  Positive

  • Dividend per common share increased to $2.04 in FY2026 from $2.02 in FY2025, a ~1% rise.
  Notable

  • Issued $1.0B in new debt (4.5% notes due 2030 and 5.15% notes due 2035) to fund acquisitions and general purposes.
  Negative

  • Opioid liability remains large at $4.3B accrued; $417M paid in FY2026, with up to $3.7B more due through 2038.
  • IRS challenge on captive insurance NOL carrybacks risks $400M tax expense and $1.4B liability, plus interest.
  • IRS restructuring recharacterization for Patient Recovery acquisition risks $160M additional federal tax, plus interest.

What changed: FY2026 vs. FY2025

About 13% of CAH's FY2026 10-K is new information. 151 paragraphs were added, 389 changed, and 210 removed. Below are the most important lines SECSift identified.

• Notes to Consolidated Financial Statements 241
• Results of Operations 230
• Management's Discussion and Analysis of Financial Condition and Results of Operations 27