Cardinal Health (CAH) Financials

$155.97 +0.75 (+0.48%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$156.22 +0.25 (+0.16%)

As of 08/1/2025 07:32 PM Eastern

Annual Income Statements for Cardinal Health

This table shows Cardinal Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Net Income / (Loss) Attributable to Common Shareholders	1,215	1,427	1,288	256	1,363	-3,696	611	-938	330	852
Consolidated Net Income / (Loss)	1,215	1,431	1,294	259	1,365	-3,693	612	-937	331	853
Net Income / (Loss) Continuing Operations	1,212	1,431	1,294	259	1,365	-3,693	612	-937	331	853
Total Pre-Tax Income	1,967	2,276	1,924	-228	1,751	-3,772	323	-784	663	1,201
Total Operating Income	2,161	2,459	2,120	126	2,060	-4,098	472	-607	752	1,243
Total Gross Profit	5,712	6,543	6,544	7,181	6,834	6,868	6,778	6,484	6,874	7,414
Total Revenue	102,531	121,546	129,976	136,809	145,534	152,922	162,467	181,326	204,979	226,827
Operating Revenue	102,531	121,546	129,976	136,809	145,534	152,922	162,467	181,326	204,979	226,827
Total Cost of Revenue	96,819	115,003	123,432	129,628	138,700	146,054	155,689	174,842	198,105	219,413
Operating Cost of Revenue	96,819	115,003	123,432	129,628	138,700	146,054	155,689	174,842	198,105	219,413
Total Operating Expenses	3,551	4,084	4,424	7,055	4,774	10,966	6,306	7,091	6,122	6,171
Selling, General & Admin Expense	3,240	3,648	3,775	4,596	4,480	4,572	4,533	4,512	4,800	5,000
Amortization Expense	281	459	527	707	621	524	451	324	285	284
Impairment Charge	-19	21	18	1,417	-488	7.00	79	2,060	1,246	634
Restructuring Charge	44	25	56	176	125	122	114	101	95	175
Other Special Charges / (Income)	5.00	-69	48	159	36	5,741	1,129	94	-304	78
Total Other Income / (Expense), net	-194	-183	-196	-354	-309	326	-149	-177	-89	-42
Interest Expense	201	178	201	331	294	254	194	157	84	51
Interest & Investment Income	-	-	-	0.00	0.00	579	-2.00	2.00	0.00	0.00
Other Income / (Expense), net	7.00	-5.00	5.00	-23	-15	1.00	47	-22	-5.00	9.00
Income Tax Expense	755	845	630	-487	386	-79	-289	153	332	348
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	4.00	6.00	3.00	2.00	3.00	1.00	1.00	1.00	1.00
Basic Earnings per Share	$3.66	$4.36	$4.06	$0.82	$4.55	($12.61)	$2.09	($3.37)	$1.27	$3.48
Weighted Average Basic Shares Outstanding	332M	327M	317M	313M	300M	293M	292M	279M	261M	245M
Diluted Earnings per Share	$3.62	$4.32	$4.03	$0.81	$4.53	($12.61)	$2.08	($3.37)	$1.26	$3.45
Weighted Average Diluted Shares Outstanding	335M	330M	320M	315M	301M	293M	294M	279M	262M	247M
Weighted Average Basic & Diluted Shares Outstanding	332M	327.30M	317.20M	312.20M	299.60M	292.44M	290.44M	272.51M	250.68M	243.85M
Cash Dividends to Common per Share	$1.37	$1.55	$1.80	$1.85	$1.91	$1.92	$1.94	$1.96	$1.98	$2.00

This table shows Cardinal Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	110	-130	345	5.00	-12	368	258	236	416	400	506
Consolidated Net Income / (Loss)	111	-130	347	3.00	-11	369	259	234	417	401	508
Net Income / (Loss) Continuing Operations	111	-130	347	3.00	-11	369	259	234	417	401	508
Total Pre-Tax Income	110	-137	544	146	-44	512	341	396	541	511	665
Total Operating Income	137	-119	572	162	-32	505	367	408	568	549	730
Total Gross Profit	1,614	1,663	1,785	1,812	1,743	1,854	1,947	1,853	1,902	1,941	2,123
Total Revenue	49,603	51,469	50,487	53,420	54,650	57,442	54,911	59,708	52,277	55,264	54,878
Operating Revenue	49,603	51,469	50,487	53,420	54,650	57,442	54,911	59,708	52,277	55,264	54,878
Total Cost of Revenue	47,989	49,806	48,702	51,608	52,907	55,588	52,964	57,855	50,375	53,323	52,755
Operating Cost of Revenue	47,989	49,806	48,702	51,608	52,907	55,588	52,964	57,855	50,375	53,323	52,755
Total Operating Expenses	1,477	1,782	1,213	1,650	1,775	1,349	1,580	1,445	1,334	1,392	1,393
Selling, General & Admin Expense	1,197	1,191	1,179	1,233	1,186	1,268	1,282	1,238	1,277	1,306	1,315
Amortization Expense	71	71	74	69	64	63	80	77	74	105	152
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	-	-	20
Impairment Charge	153	710	20	363	541	1.00	84	12	-1.00	3.00	-17
Restructuring Charge	29	17	16	33	25	28	53	69	24	9.00	28
Other Special Charges / (Income)	27	-207	-76	-48	-41	-11	81	49	-40	-31	-105
Total Other Income / (Expense), net	-27	-18	-28	-16	-12	7.00	-26	-12	-27	-38	-65
Interest Expense	25	25	28	6.00	11	3.00	33	-4.00	32	35	74
Other Income / (Expense), net	-2.00	7.00	0.00	-10	-1.00	10	7.00	-16	5.00	-3.00	9.00
Income Tax Expense	-1.00	-7.00	197	143	-33	143	82	162	124	110	157
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	0.00	2.00	-2.00	1.00	1.00	1.00	-2.00	1.00	1.00	2.00
Weighted Average Basic Shares Outstanding	271M	261M	256M	261M	249M	245M	243M	245M	243M	242M	240M
Weighted Average Diluted Shares Outstanding	273M	261M	258M	262M	249M	246M	245M	247M	245M	243M	241M
Weighted Average Basic & Diluted Shares Outstanding	262.13M	257.64M	254.60M	250.68M	246.47M	243.23M	243.57M	243.85M	242.01M	241.57M	238.68M
Cash Dividends to Common per Share	$0.50	$0.50	$0.50	$0.49	$0.50	$0.50	$0.50	$0.50	$0.51	$0.51	$0.51

This table details how cash moves in and out of Cardinal Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Net Change in Cash & Equivalents	1,751	-2,260	4,523	-5,116	768	240	636	1,363	-669	1,057
Net Cash From Operating Activities	2,540	2,971	1,184	2,768	2,722	1,960	2,429	3,175	2,844	3,762
Net Cash From Continuing Operating Activities	2,543	2,971	1,184	2,768	2,719	1,960	2,429	3,175	2,844	3,762
Net Income / (Loss) Continuing Operations	1,215	1,431	1,294	259	1,365	-3,693	612	-937	331	853
Consolidated Net Income / (Loss)	1,215	1,431	1,294	259	1,365	-3,693	612	-937	331	853
Depreciation Expense	451	641	717	1,032	1,000	913	783	692	692	710
Non-Cash Adjustments To Reconcile Net Income	198	205	154	1,584	-318	-360	249	2,210	1,364	793
Changes in Operating Assets and Liabilities, net	679	694	-981	-107	672	5,100	785	1,210	457	1,406
Net Cash From Investing Activities	-849	-4,080	-405	-5,608	338	493	-378	567	-454	-1,849
Net Cash From Continuing Investing Activities	-849	-4,080	-405	-5,608	338	493	-378	567	-454	-1,849
Purchase of Property, Plant & Equipment	-300	-465	-387	-384	-328	-375	-400	-387	-481	-511
Acquisitions	-503	-3,614	-132	-6,142	-82	0.00	-3.00	-22	-10	-1,190
Purchase of Investments	-342	-200	-194	-9.00	-18	-20	-22	-78	-7.00	-4.00
Sale of Property, Plant & Equipment	-	-	-	-	-	2.00	0.00	31	12	12
Divestitures	53	13	3.00	862	763	0.00	0.00	923	0.00	9.00
Sale and/or Maturity of Investments	243	186	305	65	3.00	886	47	100	32	35
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.00	-200
Net Cash From Financing Activities	60	-1,139	3,746	-2,276	-2,293	-2,200	-1,317	-2,463	-3,051	-847
Net Cash From Continuing Financing Activities	60	-1,139	3,746	-2,276	-2,293	-2,200	-1,317	-2,463	-3,051	-847
Repayment of Debt	-1,233	-6.00	-310	-1,004	-1,102	-1,401	-570	-885	-579	-783
Repurchase of Common Equity	-1,036	-651	-600	-550	-600	-350	-200	-1,000	-2,000	-750
Payment of Dividends	-460	-512	-577	-581	-577	-569	-573	-559	-528	-499
Issuance of Debt	2,672	26	5,174	3.00	0.00	-	-	0.00	0.00	1,139
Other Financing Activities, net	117	4.00	59	-144	-14	120	26	-19	56	46
Effect of Exchange Rate Changes	0.00	-12	-2.00	4.00	1.00	-13	11	-25	-8.00	-9.00
Cash Interest Paid	150	174	200	320	285	226	182	153	203	214
Cash Income Taxes Paid	529	635	686	425	311	368	273	-766	156	191

This table details how cash moves in and out of Cardinal Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-1,225	162	336	58	-206	727	-873	1,382	-2,266	943	-484
Net Cash From Operating Activities	23	597	1,361	863	528	1,179	-49	2,077	-1,647	-400	2,917
Net Cash From Continuing Operating Activities	23	597	1,361	863	528	1,179	-49	2,077	-1,649	-398	2,917
Net Income / (Loss) Continuing Operations	111	-130	347	3.00	-11	369	259	234	417	401	508
Consolidated Net Income / (Loss)	111	-130	347	3.00	-11	369	259	234	417	401	508
Depreciation Expense	171	170	175	176	172	175	177	186	182	192	207
Non-Cash Adjustments To Reconcile Net Income	205	765	61	333	579	41	131	24	44	48	27
Changes in Operating Assets and Liabilities, net	-464	-208	778	351	-212	594	-616	1,633	-2,292	-1,039	2,175
Net Cash From Investing Activities	-70	-87	-91	-206	-63	-105	-1,847	166	-88	-976	-2,898
Net Cash From Continuing Investing Activities	-70	-87	-91	-206	-63	-105	-1,847	166	-88	-976	-2,898
Purchase of Property, Plant & Equipment	-70	-85	-109	-217	-92	-114	-112	-193	-90	-99	-126
Acquisitions	-	-	-	-	-	-	-	2.00	-	-	-2,779
Purchase of Investments	-3.00	-2.00	-1.00	-1.00	-	-	-1.00	-1.00	-	-	-3.00
Sale of Property, Plant & Equipment	2.00	-	-	10	1.00	1.00	8.00	2.00	0.00	-	3.00
Sale and/or Maturity of Investments	1.00	-	29	2.00	28	1.00	-	6.00	0.00	2.00	7.00
Net Cash From Financing Activities	-1,163	-362	-934	-592	-666	-353	1,031	-859	-540	2,331	-507
Net Cash From Continuing Financing Activities	-1,163	-362	-934	-592	-666	-353	1,031	-859	-540	2,331	-507
Repayment of Debt	-7.00	-6.00	-558	-8.00	-7.00	-8.00	-8.00	-760	-9.00	-414	-11
Repurchase of Common Equity	-1,000	-250	-250	-500	-500	-250	-	-	-375	-15	-375
Payment of Dividends	-142	-129	-128	-129	-131	-124	-122	-122	-128	-122	-124
Other Financing Activities, net	-14	23	2.00	45	-28	29	22	23	-28	13	3.00

This table presents Cardinal Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Total Assets	30,142	34,122	40,112	39,951	40,963	40,766	44,453	43,878	43,349	45,121
Total Current Assets	21,752	21,956	28,345	24,553	25,747	25,940	31,048	32,935	33,737	34,884
Cash & Equivalents	4,616	2,356	6,879	1,763	2,531	2,771	3,407	4,717	4,076	5,133
Accounts Receivable	6,523	7,405	8,048	7,800	8,448	8,264	9,103	10,561	11,108	12,084
Inventories, net	9,211	10,615	11,301	12,308	12,822	13,198	14,594	15,636	16,119	14,957
Other Current Assets	1,402	1,580	2,117	1,926	1,946	1,707	2,843	2,021	2,294	2,663
Other Current Nonoperating Assets	-	-	0.00	756	-	0.00	1,101	0.00	140	47
Plant, Property, & Equipment, net	1,506	1,796	1,879	2,487	2,356	2,366	2,360	2,361	2,461	2,529
Total Noncurrent Assets	6,884	10,370	9,888	12,911	12,860	12,460	11,045	8,582	7,151	7,708
Goodwill	6,018	9,426	9,207	12,229	11,808	11,275	10,094	7,629	6,085	6,450
Other Noncurrent Operating Assets	866	944	681	682	1,052	1,185	951	953	1,066	1,258
Total Liabilities & Shareholders' Equity	30,142	34,122	40,112	39,951	40,963	40,766	44,453	43,878	43,349	45,121
Total Liabilities	23,605	27,434	33,166	33,880	34,633	38,974	42,659	44,584	46,306	48,333
Total Current Liabilities	17,243	19,701	21,221	22,893	24,109	23,615	27,624	30,550	33,740	35,640
Short-Term Debt	-	587	1,327	1,001	452	10	871	580	792	434
Accounts Payable	14,368	17,306	17,906	19,677	21,535	21,374	23,700	27,128	29,934	31,759
Accrued Expenses	2,594	1,808	1,988	2,002	2,122	2,231	2,957	2,842	2,972	3,447
Total Noncurrent Liabilities	6,643	7,733	11,945	10,987	10,524	15,359	15,035	14,034	12,566	12,693
Long-Term Debt	5,211	4,952	9,068	8,012	7,579	6,765	5,365	4,735	3,909	4,658
Noncurrent Deferred & Payable Income Tax Liabilities	1,432	2,781	2,877	2,975	2,945	8,594	9,670	9,299	8,657	8,035
Total Equity & Noncontrolling Interests	6,256	6,571	6,828	6,059	6,330	1,792	1,794	-706	-2,957	-3,212
Total Preferred & Common Equity	6,256	6,554	6,808	6,059	6,328	1,789	1,791	-709	-2,958	-3,213
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,256	6,554	6,808	6,059	6,328	1,789	1,791	-709	-2,958	-3,213
Common Stock	3,003	3,010	2,697	2,730	2,763	2,789	2,806	2,813	2,746	2,917
Retained Earnings	5,521	6,419	4,967	4,645	5,434	1,170	1,205	-280	-642	-286
Treasury Stock	-2,245	-2,759	-731	-1,224	-1,790	-2,066	-2,186	-3,128	-4,911	-5,677
Accumulated Other Comprehensive Income / (Loss)	-23	-116	-125	-92	-79	-104	-34	-114	-151	-167
Noncontrolling Interest	0.00	17	20	0.00	2.00	3.00	3.00	3.00	1.00	1.00

This table presents Cardinal Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	43,387	44,482	43,377	43,349	43,710	46,573	45,880	45,121	43,059	47,002	49,871
Total Current Assets	32,696	34,596	33,497	33,737	34,688	37,658	35,734	34,884	32,905	35,756	34,595
Cash & Equivalents	3,492	3,654	3,990	4,076	3,854	4,591	3,718	5,133	2,867	3,810	3,326
Accounts Receivable	11,039	11,421	10,992	11,108	11,265	11,788	11,566	12,084	11,781	12,369	12,666
Inventories, net	15,891	17,263	16,620	16,119	16,987	18,451	17,277	14,957	15,619	16,904	16,158
Other Current Assets	2,274	2,258	1,895	2,294	2,582	2,816	3,161	2,663	2,591	2,623	2,398
Other Current Nonoperating Assets	-	-	-	140	0.00	12	12	47	47	50	47
Plant, Property, & Equipment, net	2,339	2,341	2,362	2,461	2,441	2,446	2,470	2,529	2,535	2,558	2,664
Total Noncurrent Assets	8,352	7,545	7,518	7,151	6,581	6,469	7,676	7,708	7,619	8,688	12,612
Goodwill	7,367	6,618	6,567	6,085	5,432	5,371	6,507	6,450	6,388	7,436	11,014
Other Noncurrent Operating Assets	985	927	951	1,066	1,149	1,098	1,169	1,258	1,231	1,252	1,598
Total Liabilities & Shareholders' Equity	43,387	44,482	43,377	43,349	43,710	46,573	45,880	45,121	43,059	47,002	49,871
Total Liabilities	45,167	46,694	45,595	46,306	47,200	50,020	49,142	48,333	46,335	49,923	51,769
Total Current Liabilities	31,559	33,212	32,503	33,740	35,065	38,286	36,306	35,640	34,678	35,223	36,662
Short-Term Debt	578	577	-	792	788	1,188	1,187	434	940	544	543
Accounts Payable	28,362	30,083	29,601	29,934	31,540	34,259	32,089	31,759	30,365	31,298	32,812
Accrued Expenses	2,619	2,552	2,876	2,972	2,737	2,839	3,030	3,447	3,373	3,381	3,307
Total Noncurrent Liabilities	13,608	13,482	13,092	12,566	12,135	11,734	12,836	12,693	11,657	14,700	15,107
Long-Term Debt	4,689	4,685	4,708	3,909	3,890	3,535	4,667	4,658	4,224	7,062	7,136
Noncurrent Deferred & Payable Income Tax Liabilities	8,919	8,797	8,384	8,657	8,245	8,199	8,169	8,035	7,433	7,638	7,971
Total Equity & Noncontrolling Interests	-1,780	-2,212	-2,218	-2,957	-3,490	-3,447	-3,262	-3,212	-3,276	-2,921	-1,898
Total Preferred & Common Equity	-1,781	-2,213	-2,220	-2,958	-3,491	-3,449	-3,265	-3,213	-3,277	-2,991	-2,948
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-1,781	-2,213	-2,220	-2,958	-3,491	-3,449	-3,265	-3,213	-3,277	-2,991	-2,948
Common Stock	2,576	2,747	2,818	2,746	2,728	2,855	2,887	2,917	2,827	2,932	2,946
Retained Earnings	-301	-560	-342	-642	-654	-425	-289	-286	14	283	664
Treasury Stock	-3,880	-4,254	-4,554	-4,911	-5,400	-5,724	-5,703	-5,677	-5,963	-6,026	-6,382
Accumulated Other Comprehensive Income / (Loss)	-176	-146	-142	-151	-165	-155	-160	-167	-155	-180	-176
Noncontrolling Interest	1.00	1.00	2.00	1.00	1.00	2.00	3.00	1.00	1.00	70	1,050

This table displays calculated financial ratios and metrics derived from Cardinal Health's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.57%	18.55%	6.94%	5.26%	6.38%	5.08%	6.24%	11.61%	13.04%	10.66%
EBITDA Growth	9.58%	18.17%	-8.17%	-60.06%	168.28%	-204.56%	140.89%	-95.16%	2,184.13%	36.34%
EBIT Growth	12.27%	13.19%	-13.41%	-95.15%	1,885.44%	-300.34%	112.67%	-221.19%	218.76%	67.60%
NOPAT Growth	9.21%	16.11%	-7.78%	-93.81%	1,720.73%	-278.63%	131.18%	-147.51%	188.36%	135.15%
Net Income Growth	4.20%	17.78%	-9.57%	-79.98%	427.03%	-370.55%	116.57%	-253.10%	135.33%	157.70%
EPS Growth	7.10%	19.34%	-6.71%	-79.90%	459.26%	-378.37%	116.49%	-262.02%	137.39%	173.81%
Operating Cash Flow Growth	0.63%	16.97%	-60.15%	133.78%	-1.66%	-27.99%	23.93%	30.71%	-10.43%	32.28%
Free Cash Flow Firm Growth	4.16%	-169.86%	169.98%	-366.86%	214.64%	23.94%	-2.94%	7.45%	-18.29%	-35.02%
Invested Capital Growth	-5.01%	38.40%	5.99%	22.14%	-7.42%	-51.01%	-37.58%	-102.99%	-2,150.00%	-35.80%
Revenue Q/Q Growth	4.76%	3.26%	1.23%	1.77%	1.40%	-0.43%	3.77%	2.53%	3.20%	2.85%
EBITDA Q/Q Growth	6.90%	4.14%	-5.42%	-56.76%	85.22%	-0.89%	-10.88%	-75.10%	12.51%	14.60%
EBIT Q/Q Growth	8.45%	2.59%	-7.77%	-93.77%	223.58%	-0.29%	-18.01%	-42.95%	27.91%	23.72%
NOPAT Q/Q Growth	4.52%	3.30%	-2.58%	-95.80%	15,504.10%	-0.94%	36.15%	-29.15%	-37.10%	35.39%
Net Income Q/Q Growth	5.29%	2.88%	-4.22%	-84.79%	27,200.00%	11.14%	-46.97%	1.78%	-28.04%	37.14%
EPS Q/Q Growth	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	6.37%	-7.10%	7.54%	-5.79%	-1.73%	-11.95%	21.21%	299.37%	-43.41%	47.65%
Free Cash Flow Firm Q/Q Growth	14.14%	-7.53%	117.67%	-12.63%	-17.33%	9.42%	10.96%	190.85%	-41.79%	454.54%
Invested Capital Q/Q Growth	-0.79%	0.78%	-3.80%	-14.55%	-0.37%	-5.59%	-10.16%	-104.21%	-64.86%	-189.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	5.57%	5.38%	5.03%	5.25%	4.70%	4.49%	4.17%	3.58%	3.35%	3.27%
EBITDA Margin	2.55%	2.55%	2.19%	0.83%	2.09%	-2.08%	0.80%	0.03%	0.70%	0.87%
Operating Margin	2.11%	2.02%	1.63%	0.09%	1.42%	-2.68%	0.29%	-0.33%	0.37%	0.55%
EBIT Margin	2.11%	2.02%	1.63%	0.08%	1.41%	-2.68%	0.32%	-0.35%	0.36%	0.55%
Profit (Net Income) Margin	1.19%	1.18%	1.00%	0.19%	0.94%	-2.42%	0.38%	-0.52%	0.16%	0.38%
Tax Burden Percent	61.77%	62.87%	67.26%	-113.60%	77.96%	97.91%	189.47%	119.52%	49.92%	71.02%
Interest Burden Percent	90.73%	92.75%	90.54%	-221.36%	85.62%	92.07%	62.24%	124.64%	88.76%	95.93%
Effective Tax Rate	38.38%	37.13%	32.74%	0.00%	22.04%	0.00%	-89.47%	0.00%	50.08%	28.98%
Return on Invested Capital (ROIC)	18.19%	18.19%	14.02%	0.76%	13.05%	-32.55%	19.00%	-24.21%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.44%	12.52%	10.09%	4.10%	9.11%	-49.90%	9.31%	-66.50%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.01%	3.92%	4.96%	3.22%	8.96%	-58.39%	15.13%	-148.03%	0.00%	0.00%
Return on Equity (ROE)	19.20%	22.11%	18.98%	3.98%	22.01%	-90.94%	34.13%	-172.24%	-18.07%	-27.65%
Cash Return on Invested Capital (CROIC)	23.33%	-14.03%	8.21%	-19.17%	20.76%	35.92%	65.27%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	7.72%	7.64%	5.73%	0.26%	5.05%	-10.03%	1.22%	-1.42%	1.71%	2.83%
Return on Assets (ROA)	4.33%	4.45%	3.49%	0.65%	3.37%	-9.04%	1.44%	-2.12%	0.76%	1.93%
Return on Common Equity (ROCE)	19.20%	21.88%	18.60%	3.93%	21.99%	-90.88%	34.08%	-171.29%	-18.09%	-27.66%
Return on Equity Simple (ROE_SIMPLE)	19.42%	21.83%	19.01%	4.27%	21.57%	-206.43%	34.17%	132.16%	-11.19%	-26.55%
Net Operating Profit after Tax (NOPAT)	1,332	1,546	1,426	88	1,606	-2,869	894	-425	375	883
NOPAT Margin	1.30%	1.27%	1.10%	0.06%	1.10%	-1.88%	0.55%	-0.23%	0.18%	0.39%
Net Nonoperating Expense Percent (NNEP)	11.75%	5.67%	3.94%	-3.34%	3.95%	17.35%	9.69%	42.29%	7.90%	13.59%
Cost of Revenue to Revenue	94.43%	94.62%	94.97%	94.75%	95.30%	95.51%	95.83%	96.42%	96.65%	96.73%
SG&A Expenses to Revenue	3.16%	3.00%	2.90%	3.36%	3.08%	2.99%	2.79%	2.49%	2.34%	2.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	3.46%	3.36%	3.40%	5.16%	3.28%	7.17%	3.88%	3.91%	2.99%	2.72%
Earnings before Interest and Taxes (EBIT)	2,168	2,454	2,125	103	2,045	-4,097	519	-629	747	1,252
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,619	3,095	2,842	1,135	3,045	-3,184	1,302	63	1,439	1,962
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.37	3.01	2.87	2.05	1.89	7.56	8.51	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	88.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.21	0.16	0.15	0.09	0.08	0.09	0.09	0.08	0.12	0.11
Price to Earnings (P/E)	17.34	13.84	15.20	48.62	8.80	0.00	24.95	0.00	71.49	27.96
Dividend Yield	2.22%	2.66%	2.92%	4.65%	4.75%	4.16%	3.71%	3.94%	2.15%	2.05%
Earnings Yield	5.77%	7.23%	6.58%	2.06%	11.37%	0.00%	4.01%	0.00%	1.40%	3.58%
Enterprise Value to Invested Capital (EV/IC)	3.04	2.34	2.22	1.54	1.48	3.03	5.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.21	0.19	0.18	0.14	0.12	0.11	0.11	0.08	0.12	0.10
Enterprise Value to EBITDA (EV/EBITDA)	8.27	7.45	8.17	17.36	5.74	0.00	13.89	225.39	16.83	12.12
Enterprise Value to EBIT (EV/EBIT)	9.99	9.40	10.93	191.35	8.55	0.00	34.83	0.00	32.42	19.00
Enterprise Value to NOPAT (EV/NOPAT)	16.27	14.92	16.29	223.46	10.89	0.00	20.21	0.00	64.51	26.94
Enterprise Value to Operating Cash Flow (EV/OCF)	8.53	7.76	19.62	7.12	6.43	8.95	7.44	4.47	8.52	6.32
Enterprise Value to Free Cash Flow (EV/FCFF)	12.69	0.00	27.82	0.00	6.85	5.54	5.88	4.30	8.98	13.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.83	1.50	1.48	1.27	3.78	3.48	-7.53	-1.59	-1.59
Long-Term Debt to Equity	0.83	0.74	1.31	1.32	1.20	3.78	2.99	-6.71	-1.32	-1.45
Financial Leverage	0.16	0.31	0.49	0.79	0.98	1.17	1.63	2.23	-0.31	-0.07
Leverage Ratio	4.44	4.96	5.44	6.15	6.52	10.06	23.76	81.19	-23.81	-14.34
Compound Leverage Factor	4.03	4.60	4.93	-13.62	5.59	9.26	14.79	101.19	-21.14	-13.76
Debt to Total Capital	45.44%	45.30%	59.94%	59.75%	55.92%	79.08%	77.66%	115.32%	269.55%	270.85%
Short-Term Debt to Total Capital	0.00%	4.80%	7.65%	6.64%	3.15%	0.12%	10.85%	12.58%	45.41%	23.09%
Long-Term Debt to Total Capital	45.44%	40.50%	52.29%	53.12%	52.77%	78.97%	66.81%	102.73%	224.14%	247.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.10%	0.80%	0.08%	0.01%	0.04%	0.04%	0.07%	0.06%	0.05%
Common Equity to Total Capital	54.56%	53.60%	39.26%	40.17%	44.06%	20.88%	22.30%	-15.38%	-169.61%	-170.90%
Debt to EBITDA	1.99	1.79	3.66	7.94	2.64	-2.13	4.79	84.37	3.27	2.60
Net Debt to EBITDA	0.23	1.03	1.24	6.39	1.81	-1.26	2.17	9.49	0.43	-0.02
Long-Term Debt to EBITDA	1.99	1.60	3.19	7.06	2.49	-2.12	4.12	75.16	2.72	2.37
Debt to NOPAT	3.91	3.58	7.29	102.19	5.00	-2.36	6.97	-12.51	12.52	5.77
Net Debt to NOPAT	0.45	2.06	2.47	82.20	3.42	-1.40	3.16	-1.41	1.66	-0.05
Long-Term Debt to NOPAT	3.91	3.20	6.36	90.84	4.72	-2.36	6.00	-11.14	10.41	5.28
Altman Z-Score	4.61	4.57	4.16	3.87	4.16	3.74	4.04	4.32	5.07	5.39
Noncontrolling Interest Sharing Ratio	0.00%	1.04%	2.00%	1.15%	0.11%	0.06%	0.17%	0.55%	-0.11%	-0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	1.11	1.34	1.07	1.07	1.10	1.12	1.08	1.00	0.98
Quick Ratio	0.65	0.50	0.70	0.42	0.46	0.47	0.45	0.50	0.45	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,708	-1,193	835	-2,228	2,554	3,165	3,072	3,301	2,697	1,753
Operating Cash Flow to CapEx	846.67%	638.92%	305.94%	720.83%	829.88%	525.47%	607.25%	891.85%	606.40%	753.91%
Free Cash Flow to Firm to Interest Expense	8.50	-6.70	4.15	-6.73	8.69	12.46	15.84	21.03	32.11	34.37
Operating Cash Flow to Interest Expense	12.64	16.69	5.89	8.36	9.26	7.72	12.52	20.22	33.86	73.76
Operating Cash Flow Less CapEx to Interest Expense	11.14	14.08	3.97	7.20	8.14	6.25	10.46	17.96	28.27	63.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.65	3.78	3.50	3.42	3.60	3.74	3.81	4.11	4.70	5.13
Accounts Receivable Turnover	17.23	17.45	16.82	17.27	17.91	18.30	18.71	18.44	18.92	19.56
Inventory Turnover	11.08	11.60	11.26	10.98	11.04	11.23	11.20	11.57	12.48	14.12
Fixed Asset Turnover	69.16	73.62	70.74	62.67	60.10	64.77	68.75	76.82	85.02	90.91
Accounts Payable Turnover	7.30	7.26	7.01	6.90	6.73	6.81	6.91	6.88	6.94	7.11
Days Sales Outstanding (DSO)	21.19	20.91	21.70	21.14	20.38	19.94	19.51	19.79	19.29	18.66
Days Inventory Outstanding (DIO)	32.94	31.46	32.40	33.24	33.07	32.51	32.58	31.55	29.25	25.85
Days Payable Outstanding (DPO)	49.98	50.26	52.06	52.91	54.23	53.62	52.84	53.05	52.57	51.31
Cash Conversion Cycle (CCC)	4.15	2.11	2.04	1.47	-0.79	-1.16	-0.75	-1.71	-4.02	-6.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,132	9,871	10,462	12,778	11,830	5,796	3,618	-108	-2,430	-3,300
Invested Capital Turnover	14.01	14.30	12.78	11.77	11.83	17.35	34.52	103.32	-161.53	-79.17
Increase / (Decrease) in Invested Capital	-376	2,739	591	2,316	-948	-6,034	-2,178	-3,726	-2,322	-870
Enterprise Value (EV)	21,667	23,062	23,226	19,709	17,490	17,538	18,078	14,199	24,217	23,784
Market Capitalization	21,072	19,745	19,572	12,447	11,988	13,531	15,246	13,598	23,591	23,824
Book Value per Share	$18.91	$20.12	$21.55	$19.50	$21.23	$6.13	$6.17	($2.60)	($11.62)	($13.19)
Tangible Book Value per Share	$0.72	($8.81)	($7.59)	($19.86)	($18.39)	($32.49)	($28.62)	($30.61)	($35.52)	($39.67)
Total Capital	11,467	12,227	17,341	15,084	14,361	8,567	8,030	4,609	1,744	1,880
Total Debt	5,211	5,539	10,395	9,013	8,031	6,775	6,236	5,315	4,701	5,092
Total Long-Term Debt	5,211	4,952	9,068	8,012	7,579	6,765	5,365	4,735	3,909	4,658
Net Debt	595	3,183	3,516	7,250	5,500	4,004	2,829	598	625	-41
Capital Expenditures (CapEx)	300	465	387	384	328	373	400	356	469	499
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-107	486	1,572	898	-441	-436	888	-1,752	-3,287	-5,455
Debt-free Net Working Capital (DFNWC)	4,509	2,842	8,451	2,661	2,090	2,335	4,295	2,965	789	-322
Net Working Capital (NWC)	4,509	2,255	7,124	1,660	1,638	2,325	3,424	2,385	-3.00	-756
Net Nonoperating Expense (NNE)	117	115	132	-171	241	824	282	512	44	30
Net Nonoperating Obligations (NNO)	876	3,183	3,516	6,707	5,500	4,004	1,824	598	527	-88
Total Depreciation and Amortization (D&A)	451	641	717	1,032	1,000	913	783	692	692	710
Debt-free, Cash-free Net Working Capital to Revenue	-0.10%	0.40%	1.21%	0.66%	-0.30%	-0.29%	0.55%	-0.97%	-1.60%	-2.40%
Debt-free Net Working Capital to Revenue	4.40%	2.34%	6.50%	1.95%	1.44%	1.53%	2.64%	1.64%	0.38%	-0.14%
Net Working Capital to Revenue	4.40%	1.86%	5.48%	1.21%	1.13%	1.52%	2.11%	1.32%	0.00%	-0.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.55	($12.61)	$2.09	($3.35)	$1.00	$3.48
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	300M	293M	292M	279M	261M	245M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.53	($12.61)	$2.08	($3.35)	$1.00	$3.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	301M	293M	294M	279M	262M	247M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	298.13M	292.44M	290.44M	272.51M	250.68M	243.85M
Normalized Net Operating Profit after Tax (NOPAT)	1,350	1,532	1,508	1,315	1,351	1,240	1,256	1,154	1,252	1,513
Normalized NOPAT Margin	1.32%	1.26%	1.16%	0.96%	0.93%	0.81%	0.77%	0.64%	0.61%	0.67%
Pre Tax Income Margin	1.92%	1.87%	1.48%	-0.17%	1.20%	-2.47%	0.20%	-0.43%	0.32%	0.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.79	13.79	10.57	0.31	6.96	-16.13	2.68	-4.01	8.89	24.55
NOPAT to Interest Expense	6.62	8.69	7.09	0.27	5.46	-11.29	4.61	-2.71	4.47	17.31
EBIT Less CapEx to Interest Expense	9.29	11.17	8.65	-0.85	5.84	-17.60	0.61	-6.27	3.31	14.76
NOPAT Less CapEx to Interest Expense	5.13	6.07	5.17	-0.89	4.35	-12.76	2.55	-4.97	-1.11	7.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.86%	35.78%	44.59%	224.32%	42.27%	-15.41%	93.63%	-59.66%	159.52%	58.50%
Augmented Payout Ratio	123.13%	81.27%	90.96%	436.68%	86.23%	-24.88%	126.31%	-166.38%	763.75%	146.42%

This table displays calculated financial ratios and metrics derived from Cardinal Health's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.82%	13.23%	12.60%	13.50%	10.17%	11.61%	8.76%	11.77%	-4.34%	-3.79%	0.02%
EBITDA Growth	-47.87%	107.50%	822.22%	95.24%	-54.58%	1,089.66%	-26.24%	76.22%	443.17%	6.96%	72.94%
EBIT Growth	-67.78%	88.05%	672.00%	1,481.82%	-124.44%	559.82%	-34.62%	157.89%	1,836.36%	6.02%	99.73%
NOPAT Growth	-54.81%	87.47%	637.35%	-80.98%	-116.20%	536.92%	-23.60%	7,142.65%	2,054.52%	18.37%	97.27%
Net Income Growth	-59.19%	-365.31%	124.96%	-97.73%	-109.91%	383.85%	-25.36%	7,700.00%	3,890.91%	8.67%	93.89%
EPS Growth	-57.45%	0.00%	0.00%	0.00%	-112.50%	0.00%	0.00%	0.00%	3,500.00%	0.00%	0.00%
Operating Cash Flow Growth	103.56%	-50.04%	424.82%	-71.66%	2,195.65%	97.49%	-103.60%	140.67%	-411.93%	-133.93%	10,903.70%
Free Cash Flow Firm Growth	315.70%	387.19%	215.30%	-37.88%	-44.22%	-22.92%	-101.30%	-52.22%	-145.56%	-220.55%	-5,504.99%
Invested Capital Growth	-100.11%	-117.34%	-157.51%	-2,150.00%	-53,220.00%	-450.83%	22.80%	-35.80%	61.52%	124.80%	311.60%
Revenue Q/Q Growth	5.39%	3.76%	-1.91%	5.81%	2.30%	5.11%	-4.41%	8.74%	-12.45%	5.71%	-0.70%
EBITDA Q/Q Growth	82.14%	-81.05%	1,187.93%	-56.09%	-57.62%	396.40%	-18.13%	4.90%	30.62%	-2.25%	28.18%
EBIT Q/Q Growth	1,327.27%	-182.96%	610.71%	-73.43%	-121.71%	1,660.61%	-24.90%	4.81%	46.17%	-4.71%	35.35%
NOPAT Q/Q Growth	689.97%	-160.26%	538.01%	-99.09%	-772.92%	1,724.80%	-19.95%	-13.51%	81.60%	-1.60%	29.44%
Net Income Q/Q Growth	-15.91%	-217.12%	366.92%	-99.14%	-466.67%	3,454.55%	-26.84%	-9.65%	78.21%	-3.84%	26.68%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-99.24%	2,495.65%	127.97%	-36.59%	-38.82%	123.30%	-104.12%	4,338.78%	-179.30%	75.71%	829.25%
Free Cash Flow Firm Q/Q Growth	26.36%	-15.34%	9.92%	-47.17%	13.47%	16.99%	-101.86%	2,040.70%	-208.20%	-209.53%	19.69%
Invested Capital Q/Q Growth	95.37%	-11,980.00%	-144.04%	-64.86%	-9.71%	-24.79%	65.80%	-189.98%	68.91%	180.41%	191.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	3.25%	3.23%	3.54%	3.39%	3.19%	3.23%	3.55%	3.10%	3.64%	3.51%	3.87%
EBITDA Margin	0.62%	0.11%	1.48%	0.61%	0.25%	1.20%	1.00%	0.97%	1.44%	1.34%	1.72%
Operating Margin	0.28%	-0.23%	1.13%	0.30%	-0.06%	0.88%	0.67%	0.68%	1.09%	0.99%	1.33%
EBIT Margin	0.27%	-0.22%	1.13%	0.28%	-0.06%	0.90%	0.68%	0.66%	1.10%	0.99%	1.35%
Profit (Net Income) Margin	0.22%	-0.25%	0.69%	0.01%	-0.02%	0.64%	0.47%	0.39%	0.80%	0.73%	0.93%
Tax Burden Percent	100.91%	94.89%	63.79%	2.05%	25.00%	72.07%	75.95%	59.09%	77.08%	78.47%	76.39%
Interest Burden Percent	81.48%	122.32%	95.10%	96.05%	133.33%	99.42%	91.18%	101.02%	94.42%	93.59%	89.99%
Effective Tax Rate	-0.91%	0.00%	36.21%	97.95%	0.00%	27.93%	24.05%	40.91%	22.92%	21.53%	23.61%
Return on Invested Capital (ROIC)	22.74%	-21.69%	263.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	355.72%
ROIC Less NNEP Spread (ROIC-NNEP)	21.65%	-23.97%	262.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	354.17%
Return on Net Nonoperating Assets (RNNOA)	-279.94%	81.03%	-361.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-441.34%
Return on Equity (ROE)	-257.20%	59.34%	-97.39%	-18.07%	-7.93%	-25.02%	-22.70%	-27.65%	-37.87%	-41.24%	-85.63%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-335.03%	-78.22%
Operating Return on Assets (OROA)	1.18%	-0.95%	5.26%	1.34%	-0.29%	4.25%	3.37%	3.37%	5.67%	4.69%	6.25%
Return on Assets (ROA)	0.97%	-1.11%	3.19%	0.03%	-0.10%	3.05%	2.33%	2.01%	4.13%	3.45%	4.30%
Return on Common Equity (ROCE)	-259.88%	59.59%	-97.59%	-18.09%	-7.93%	-25.04%	-22.72%	-27.66%	-37.88%	-41.70%	-103.10%
Return on Equity Simple (ROE_SIMPLE)	61.65%	57.70%	-20.72%	0.00%	-5.99%	-20.53%	-19.05%	0.00%	-39.09%	-43.90%	-52.88%
Net Operating Profit after Tax (NOPAT)	138	-83	365	3.33	-22	364	279	241	438	431	558
NOPAT Margin	0.28%	-0.16%	0.72%	0.01%	-0.04%	0.63%	0.51%	0.40%	0.84%	0.78%	1.02%
Net Nonoperating Expense Percent (NNEP)	1.10%	2.28%	0.89%	0.06%	-0.88%	-0.58%	1.38%	3.23%	1.35%	1.54%	1.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	28.52%	-	-	-	9.20%	9.65%
Cost of Revenue to Revenue	96.75%	96.77%	96.46%	96.61%	96.81%	96.77%	96.45%	96.90%	96.36%	96.49%	96.13%
SG&A Expenses to Revenue	2.41%	2.31%	2.34%	2.31%	2.17%	2.21%	2.33%	2.07%	2.44%	2.36%	2.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.98%	3.46%	2.40%	3.09%	3.25%	2.35%	2.88%	2.42%	2.55%	2.52%	2.54%
Earnings before Interest and Taxes (EBIT)	135	-112	572	152	-33	515	374	392	573	546	739
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	306	58	747	328	139	690	551	578	755	738	946
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.09	0.10	0.10	0.12	0.10	0.11	0.12	0.11	0.12	0.13	0.15
Price to Earnings (P/E)	0.00	0.00	41.39	71.49	102.05	34.55	43.60	27.96	20.96	21.72	21.30
Dividend Yield	3.08%	2.66%	2.69%	2.15%	2.35%	2.02%	1.80%	2.05%	1.82%	1.71%	1.47%
Earnings Yield	0.00%	0.00%	2.42%	1.40%	0.98%	2.89%	2.29%	3.58%	4.77%	4.60%	4.70%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	39.23	16.01
Enterprise Value to Revenue (EV/Rev)	0.10	0.11	0.10	0.12	0.11	0.11	0.13	0.10	0.13	0.15	0.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	34.45	15.38	16.83	17.34	12.88	17.07	12.12	11.30	12.33	12.75
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	33.69	32.42	38.09	20.33	28.87	19.00	15.68	17.13	17.08
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	32.97	64.51	92.12	33.23	44.81	26.94	22.03	23.32	23.19
Enterprise Value to Operating Cash Flow (EV/OCF)	5.01	6.51	3.92	8.52	6.58	6.24	11.47	6.32	18.35	4,045.78	13.06
Enterprise Value to Free Cash Flow (EV/FCFF)	4.85	5.21	4.25	8.98	7.60	7.09	92.43	13.57	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.96	-2.38	-2.12	-1.59	-1.34	-1.37	-1.79	-1.59	-1.58	-2.60	-4.05
Long-Term Debt to Equity	-2.63	-2.12	-2.12	-1.32	-1.11	-1.03	-1.43	-1.45	-1.29	-2.42	-3.76
Financial Leverage	-12.93	-3.38	-1.37	-0.31	-0.49	-0.31	-0.52	-0.07	-0.45	-0.61	-1.25
Leverage Ratio	-224.95	-72.86	-29.37	-23.81	-16.53	-16.09	-16.29	-14.34	-12.82	-14.69	-18.56
Compound Leverage Factor	-183.29	-89.12	-27.93	-22.87	-22.04	-16.00	-14.85	-14.49	-12.11	-13.75	-16.70
Debt to Total Capital	151.05%	172.52%	189.08%	269.55%	393.77%	370.14%	225.85%	270.85%	273.52%	162.35%	132.83%
Short-Term Debt to Total Capital	16.58%	18.92%	0.00%	45.41%	66.33%	93.10%	45.79%	23.09%	49.79%	11.61%	9.39%
Long-Term Debt to Total Capital	134.47%	153.61%	189.08%	224.14%	327.44%	277.04%	180.05%	247.77%	223.73%	150.74%	123.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	0.03%	0.08%	0.06%	0.08%	0.16%	0.12%	0.05%	0.05%	1.49%	18.16%
Common Equity to Total Capital	-51.08%	-72.56%	-89.16%	-169.61%	-293.86%	-270.30%	-125.96%	-170.90%	-173.57%	-63.84%	-50.99%
Debt to EBITDA	-24.16	8.58	3.68	3.27	3.68	2.48	3.42	2.60	2.00	2.90	2.54
Net Debt to EBITDA	-8.14	2.62	0.56	0.43	0.65	0.07	1.25	-0.02	0.89	1.45	1.44
Long-Term Debt to EBITDA	-21.51	7.64	3.68	2.72	3.06	1.86	2.73	2.37	1.64	2.69	2.36
Debt to NOPAT	-8.50	-139.21	7.89	12.52	19.54	6.40	8.98	5.77	3.91	5.48	4.62
Net Debt to NOPAT	-2.87	-42.54	1.20	1.66	3.44	0.18	3.28	-0.05	1.74	2.73	2.62
Long-Term Debt to NOPAT	-7.57	-123.94	7.89	10.41	16.25	4.79	7.16	5.28	3.20	5.09	4.29
Altman Z-Score	4.57	4.60	4.89	5.03	5.04	4.94	5.14	5.32	5.56	5.13	4.86
Noncontrolling Interest Sharing Ratio	-1.04%	-0.41%	-0.21%	-0.11%	-0.04%	-0.05%	-0.09%	-0.03%	-0.03%	-1.13%	-20.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	1.04	1.03	1.00	0.99	0.98	0.98	0.98	0.95	1.02	0.94
Quick Ratio	0.46	0.45	0.46	0.45	0.43	0.43	0.42	0.48	0.42	0.46	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,730	4,005	4,402	2,325	2,639	3,087	-57	1,111	-1,202	-3,721	-2,988
Operating Cash Flow to CapEx	33.82%	702.35%	1,248.62%	416.91%	580.22%	1,043.36%	-47.12%	1,087.43%	-1,830.00%	-404.04%	2,371.54%
Free Cash Flow to Firm to Interest Expense	189.21	160.19	157.21	387.55	239.87	1,028.99	-1.73	0.00	-37.57	-106.32	-40.38
Operating Cash Flow to Interest Expense	0.92	23.88	48.61	143.83	48.00	393.00	-1.48	0.00	-51.47	-11.43	39.42
Operating Cash Flow Less CapEx to Interest Expense	-1.80	20.48	44.71	109.33	39.73	355.33	-4.64	0.00	-54.28	-14.26	37.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	4.33	4.38	4.65	4.70	4.82	4.74	4.94	5.13	5.17	4.75	4.64
Accounts Receivable Turnover	18.38	18.53	18.70	18.92	18.83	18.61	19.55	19.56	19.48	18.40	18.35
Inventory Turnover	11.79	11.58	11.96	12.48	12.35	11.69	12.58	14.12	13.30	12.14	12.83
Fixed Asset Turnover	79.98	82.79	85.25	85.02	87.88	90.24	91.28	90.91	90.21	88.84	86.59
Accounts Payable Turnover	6.97	6.80	7.06	6.94	6.78	6.49	6.91	7.11	7.01	6.55	6.61
Days Sales Outstanding (DSO)	19.86	19.70	19.52	19.29	19.38	19.61	18.67	18.66	18.74	19.83	19.89
Days Inventory Outstanding (DIO)	30.95	31.52	30.52	29.25	29.55	31.21	29.02	25.85	27.44	30.06	28.46
Days Payable Outstanding (DPO)	52.34	53.67	51.72	52.57	53.85	56.24	52.82	51.31	52.09	55.75	55.23
Cash Conversion Cycle (CCC)	-1.53	-2.46	-1.69	-4.02	-4.91	-5.41	-5.13	-6.81	-5.92	-5.85	-6.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-5.00	-604	-1,474	-2,430	-2,666	-3,327	-1,138	-3,300	-1,026	825	2,408
Invested Capital Turnover	81.61	134.01	364.78	-161.53	-157.26	-109.90	-168.87	-79.17	-121.59	-177.68	350.06
Increase / (Decrease) in Invested Capital	-4,592	-4,088	-4,037	-2,322	-2,661	-2,723	336	-870	1,640	4,152	3,546
Enterprise Value (EV)	19,257	21,118	19,677	24,217	22,052	24,523	29,217	23,784	29,124	32,366	38,562
Market Capitalization	17,481	19,509	18,957	23,591	21,227	24,389	27,078	23,824	26,826	28,500	33,159
Book Value per Share	($6.54)	($8.44)	($8.62)	($11.62)	($13.93)	($13.99)	($13.42)	($13.19)	($13.44)	($12.36)	($12.20)
Tangible Book Value per Share	($33.57)	($33.69)	($34.11)	($35.52)	($35.60)	($35.79)	($40.18)	($39.67)	($39.64)	($43.08)	($57.80)
Total Capital	3,487	3,050	2,490	1,744	1,188	1,276	2,592	1,880	1,888	4,685	5,781
Total Debt	5,267	5,262	4,708	4,701	4,678	4,723	5,854	5,092	5,164	7,606	7,679
Total Long-Term Debt	4,689	4,685	4,708	3,909	3,890	3,535	4,667	4,658	4,224	7,062	7,136
Net Debt	1,775	1,608	718	625	824	132	2,136	-41	2,297	3,796	4,353
Capital Expenditures (CapEx)	68	85	109	207	91	113	104	191	90	99	123
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,777	-1,693	-2,996	-3,287	-3,443	-4,031	-3,103	-5,455	-3,700	-2,733	-4,850
Debt-free Net Working Capital (DFNWC)	1,715	1,961	994	789	411	560	615	-322	-833	1,077	-1,524
Net Working Capital (NWC)	1,137	1,384	994	-3.00	-377	-628	-572	-756	-1,773	533	-2,067
Net Nonoperating Expense (NNE)	27	47	18	0.33	-11	-5.04	20	7.09	21	30	50
Net Nonoperating Obligations (NNO)	1,775	1,608	744	527	824	120	2,124	-88	2,250	3,746	4,306
Total Depreciation and Amortization (D&A)	171	170	175	176	172	175	177	186	182	192	207
Debt-free, Cash-free Net Working Capital to Revenue	-0.95%	-0.88%	-1.51%	-1.60%	-1.64%	-1.87%	-1.41%	-2.40%	-1.65%	-1.23%	-2.18%
Debt-free Net Working Capital to Revenue	0.92%	1.02%	0.50%	0.38%	0.20%	0.26%	0.28%	-0.14%	-0.37%	0.48%	-0.69%
Net Working Capital to Revenue	0.61%	0.72%	0.50%	0.00%	-0.18%	-0.29%	-0.26%	-0.33%	-0.79%	0.24%	-0.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.41	$0.00	$0.00	$0.00	$0.02	$0.00	$0.00	$0.00	$1.71	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	271M	261M	256M	261M	249M	245M	243M	245M	243M	242M	240M
Adjusted Diluted Earnings per Share	$0.40	$0.00	$0.00	$0.00	$0.02	$0.00	$0.00	$0.00	$1.70	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	273M	261M	258M	262M	250M	246M	245M	247M	245M	243M	241M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	262.13M	257.64M	254.60M	250.68M	246.47M	243.23M	243.57M	243.85M	242.01M	241.57M	238.68M
Normalized Net Operating Profit after Tax (NOPAT)	242	281	339	357	345	377	444	318	425	416	486
Normalized NOPAT Margin	0.49%	0.55%	0.67%	0.67%	0.63%	0.66%	0.81%	0.53%	0.81%	0.75%	0.89%
Pre Tax Income Margin	0.22%	-0.27%	1.08%	0.27%	-0.08%	0.89%	0.62%	0.66%	1.03%	0.92%	1.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.40	-4.48	20.43	25.33	-3.00	171.67	11.33	0.00	17.91	15.60	9.99
NOPAT to Interest Expense	5.53	-3.33	13.03	0.55	-2.04	121.32	8.45	0.00	13.68	12.31	7.54
EBIT Less CapEx to Interest Expense	2.68	-7.88	16.54	-9.17	-11.27	134.00	8.18	0.00	15.09	12.77	8.32
NOPAT Less CapEx to Interest Expense	2.81	-6.73	9.14	-33.95	-10.31	83.65	5.30	0.00	10.87	9.48	5.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-50.27%	-42.36%	115.87%	159.52%	247.37%	72.32%	81.35%	58.50%	38.72%	37.62%	31.82%
Augmented Payout Ratio	-186.89%	-155.91%	441.96%	763.75%	965.07%	284.18%	282.32%	146.42%	87.51%	67.33%	80.89%

Key Financial Trends

Cardinal Health (NYSE:CAH) has shown a pattern of fluctuating revenues and net income over the past several quarters, with Q3 2025 reporting operating revenue of approximately $54.9 billion, slightly down from $55.3 billion in Q2 2025. The company’s net income attributable to common shareholders was $506 million in Q3 2025, up from $400 million in Q2 2025, showing an improvement in profitability despite a slight decline in revenue.

Positive Financial Trends

Q3 2025 net income attributable to common shareholders increased to $506 million from $400 million in Q2 2025, signaling improving profitability.
Net cash from continuing operating activities surged to $2.92 billion in Q3 2025 from a negative $398 million in Q2 2025, indicating stronger operating cash flow generation.
Gross profit improved slightly in Q3 2025 to $2.12 billion compared to $1.94 billion in Q2 2025, reflecting better gross margin control.
Consistent payment of cash dividends per share, steady at about $0.50 per quarter, supports return to shareholders.
Decrease in amortization expense from $152 million in Q3 2025 compared to prior quarters, which may positively impact operating costs.

Neutral Observations

Total revenues have shown minor quarter-to-quarter fluctuations within a narrow range around $54.5-$55.3 billion over recent quarters.
Weighted average diluted shares outstanding remained relatively stable around 240-245 million shares.
Cardinal Health held substantial goodwill at $11 billion as of Q3 2025, consistent with previous quarters, reflecting acquisition investments.
Total liabilities have increased moderately, with total liabilities at about $51.8 billion in Q3 2025 versus $49.9 billion in Q2 2025, suggesting some incremental debt or obligations.

Negative Financial Trends

Operating costs and expenses remain very high, with operating cost of revenue about $52.8 billion and total operating expenses $1.39 billion in Q3 2025, pressuring margins.
Net cash used in investing activities was high at nearly $2.9 billion in Q3 2025, driven largely by significant acquisitions totaling approximately $2.78 billion, impacting free cash flow.
The company’s total equity remained negative at around -$1.9 billion in Q3 2025, reflecting accumulated losses or treasury stock repurchases.
Interest expense increased notably to $74 million in Q3 2025 from $35 million in Q2 2025, potentially raising financial costs.
Fluctuating restructuring charges and impairment expenses, though at relatively modest levels in Q3 2025, have historically contributed to earnings volatility.

Overall, Cardinal Health's recent quarters indicate strengthening operating cash flows and improving net income, although challenges remain with high operating expenses, significant investing outflows, and negative equity balance. Investors should monitor upcoming quarters for sustained margin improvement and better capital allocation outcomes.

08/03/25 10:34 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Cardinal Health's Financials

When does Cardinal Health's financial year end?

According to the most recent income statement we have on file, Cardinal Health's fiscal year ends in June. Their fiscal year 2024 ended on June 30, 2024.

How has Cardinal Health's net income changed over the last 9 years?

Cardinal Health's net income appears to be on a downward trend, with a most recent value of $853 million in 2024, falling from $1.22 billion in 2015. The previous period was $331 million in 2023. Find out what analysts predict for Cardinal Health in the coming months.

What is Cardinal Health's operating income?

Cardinal Health's total operating income in 2024 was $1.24 billion, based on the following breakdown:

Total Gross Profit: $7.41 billion
Total Operating Expenses: $6.17 billion

How has Cardinal Health's revenue changed over the last 9 years?

Over the last 9 years, Cardinal Health's total revenue changed from $102.53 billion in 2015 to $226.83 billion in 2024, a change of 121.2%.

How much debt does Cardinal Health have?

Cardinal Health's total liabilities were at $48.33 billion at the end of 2024, a 4.4% increase from 2023, and a 104.8% increase since 2015.

How much cash does Cardinal Health have?

In the past 9 years, Cardinal Health's cash and equivalents has ranged from $1.76 billion in 2018 to $6.88 billion in 2017, and is currently $5.13 billion as of their latest financial filing in 2024.

How has Cardinal Health's book value per share changed over the last 9 years?

Over the last 9 years, Cardinal Health's book value per share changed from 18.91 in 2015 to -13.19 in 2024, a change of -169.8%.

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This page (NYSE:CAH) was last updated on 8/3/2025 by MarketBeat.com Staff

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