Form 8-K

8-K — CARDINAL HEALTH INC

Accession: 0000721371-26-000037

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0000721371

SIC: 5122 (WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — cah-20260811.htm (Primary)

EX-99.1 (a26q4_x063026xex991xnewsre.htm)

GRAPHIC (essentialtocarea55a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cah-20260811.htm · Sequence: 1

cah-20260811

0000721371false00007213712026-08-112026-08-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2026

Cardinal Health, Inc.

(Exact name of registrant as specified in its charter)

Ohio 1-11373 31-0958666

(State or other

jurisdiction of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

7000 Cardinal Place, Dublin, Ohio 43017

(614) 757-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common shares (without par value) CAH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. p

Item 2.02: Results of Operations and Financial Condition

On August 11, 2026, Cardinal Health, Inc. (the "Company") issued a news release announcing its results for the quarter and fiscal year ended June 30, 2026. A copy of the news release is included as Exhibit 99.1 to this report.

Item 7.01: Regulation FD Disclosure

During a webcast scheduled to be held at 8:30 a.m. Eastern time on August 11, 2026, the Company's Chief Executive Officer and Chief Financial Officer will discuss the Company's results for the quarter and fiscal year ended June 30, 2026 and outlook for the fiscal year ending June 30, 2027. The slide presentation for the webcast will be available on the Investors page at ir.cardinalhealth.com. An audio replay of the webcast also will be available on the Investors page at ir.cardinalhealth.com.

Item 9.01: Financial Statements and Exhibits

(d) Exhibits

Exhibit

Number Exhibit Description

99.1

News release issued by the Company on August 11, 2026 announcing fourth-quarter and year-end results.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Cardinal Health, Inc.

(Registrant)

Date: August 11, 2026 By: /s/ AARON E. ALT

Aaron E. Alt

Chief Financial Officer

EX-99.1

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Cardinal Health Reports Fourth Quarter and Fiscal Year 2026 Results and Provides Fiscal Year 2027 Guidance

•Fourth quarter revenue increased 6% to $63.7 billion

•Fourth quarter GAAP1 diluted EPS increased 70% to $1.70

•Excluding a one-time positive impact of $0.31 from the recognition of the IEEPA tariff refund, fourth quarter non-GAAP diluted EPS increased 25% to $2.60, with reported fourth quarter non-GAAP diluted EPS increasing 40% to $2.91

•For fiscal year 2026, excluding the IEEPA tariff refund recognition, non-GAAP diluted EPS increased 33% to $10.95, with reported non-GAAP diluted EPS increasing 37% to $11.26

•Fiscal year 2026 operating cash flow $5.2 billion and adjusted free cash flow $5.0 billion

•Incremental $350 million share repurchase completed, bringing fiscal year 2026 repurchase total to $1.4 billion, with $5.0 billion incremental repurchase authorization approved by board of directors

•Cardinal Health provides fiscal year 2027 non-GAAP EPS guidance2 of 13% to 15% growth3 ($12.40 to $12.60), above the Company's long-term EPS guidance

DUBLIN, Ohio, August 11, 2026 – Cardinal Health (NYSE: CAH) today reported fourth quarter fiscal year 2026 revenues of $63.7 billion, an increase of 6% from the fourth quarter of fiscal year 2025. Fourth quarter GAAP operating earnings increased 70% to $729 million and GAAP diluted earnings per share (EPS) increased 70% to $1.70.

Fourth quarter non-GAAP operating earnings increased 30% to $935 million. Non-GAAP diluted EPS increased 40% to $2.91, reflecting the increase in non-GAAP earnings, including the recognition of a one-time net operating profit impact of IEEPA tariff refunds of $100 million in the GMPD segment, a lower non-GAAP effective tax rate, and a lower share count, partially offset by an increase in interest and other expense.

Fiscal year 2026 revenues were $254.2 billion, a 14% increase from fiscal year 2025. GAAP operating earnings were $2.6 billion and GAAP diluted EPS was $7.23. Non-GAAP operating earnings increased 30% to $3.6 billion, driven by segment profit increases across all five operating segments. Non-GAAP diluted EPS increased 37% to $11.26 for the year, reflecting the increase in non-GAAP operating earnings across the business, including the recognition of a one-time net operating profit impact of IEEPA tariff refunds of $100 million in the GMPD segment, a lower non-GAAP effective tax rate, and a lower share count following in-year share repurchases, partially offset by an increase in interest and other expense.

“Fiscal 2026 was a standout year for Cardinal Health and I am pleased with our strong fourth quarter results,” said Jason Hollar, CEO of Cardinal Health. “The broad-based operational strength for the year, with all five of our operating segments growing profit double-digits, even before recognition of IEEPA tariff recoveries in GMPD, reflects the disciplined execution of our strategy and our investments for growth. We enter Fiscal 2027 with momentum and confidence in our ability to deliver continued shareholder value creation.”

Cardinal Health

Page 2

Q4 and full year FY26 summary

Q4 FY26 Q4 FY25 Y/Y FY26 FY25 Y/Y

Revenue $63.7 billion $60.2 billion 6% $254.2 billion $222.6 billion 14%

Operating earnings $729 million $428 million 70% $2.6 billion $2.3 billion 15%

Non-GAAP operating earnings $935 million $719 million 30% $3.6 billion $2.8 billion 30%

Net earnings attributable to Cardinal Health, Inc. $398 million $239 million 67% $1.7 billion $1.6 billion 10%

Non-GAAP net earnings attributable to Cardinal Health, Inc. $682 million $501 million 36% $2.7 billion $2.0 billion 34%

Effective Tax Rate 27.9% 36.9% 21.6% 25.3%

Non-GAAP Effective Tax Rate 22.5% 26.3% 19.0% 23.3%

Diluted EPS attributable to Cardinal Health, Inc. $1.70 $1.00 70% $7.23 $6.45 12%

Non-GAAP diluted EPS attributable to Cardinal Health, Inc. $2.91 $2.08 40% $11.26 $8.24 37%

Segment results

Pharmaceutical and Specialty Solutions segment

Q4 FY26 Q4 FY25 Y/Y FY26 FY25 Y/Y

Revenue $58.8 billion $55.4 billion 6% $234.8 billion $204.6 billion 15%

Segment profit $645 million $535 million 21% $2.8 billion $2.3 billion 23%

Fourth-quarter revenue for the Pharmaceutical and Specialty Solutions segment increased 6% to $58.8 billion, driven by brand and specialty pharmaceutical sales growth from existing customers.

Pharmaceutical and Specialty Solutions segment profit increased 21% to $645 million in the fourth quarter, primarily driven by contributions from brand and specialty products and positive generics program performance.

Global Medical Products and Distribution segment

Q4 FY26 Q4 FY25 Y/Y FY26 FY25 Y/Y

Revenue $3.1 billion $3.2 billion (2)% $12.7 billion $12.6 billion 1%

Segment profit

$150 million $70 million N.M. $258 million $135 million 91%

Fourth-quarter revenue for the Global Medical Products and Distribution segment decreased 2% from the prior year to $3.1 billion. This decrease was primarily driven by lower distribution volumes and the recognition of the expected IEEPA tariff refund repayment to customers, partially offset by Cardinal Health brand growth.

Global Medical Products and Distribution segment profit increased to $150 million in the fourth quarter, primarily driven by IEEPA tariff refunds.

Other4

Q4 FY26 Q4 FY25 Y/Y FY26 FY25 Y/Y

Revenue $1.7 billion $1.6 billion 7% $6.8 billion $5.4 billion 26%

Segment profit

$183 million $160 million 14% $707 million $516 million 37%

Fourth-quarter revenue for Other increased 7% to $1.7 billion, driven by growth across the three operating segments: Nuclear and Precision Health Solutions, OptiFreight Logistics, and at-Home Solutions.

Other segment profit increased 14% to $183 million in the fourth quarter, driven by growth in OptiFreight Logistics and at-Home Solutions.

Cardinal Health

Page 3

Fiscal year 2027 outlook2

The company released its fiscal year 2027 outlook for non-GAAP diluted EPS of +13% to +15% growth3 ($12.40 to $12.60).

Non-GAAP earnings per share $12.40 to $12.60

Pharmaceutical and Specialty Solutions segment:

Revenue 3% to 5% growth

Segment profit 8% to 11% growth

Global Medical Products and Distribution segment:

Revenue 2% to 4% growth

Segment profit $200 million to $220 million

Other (NPHS, at-Home Solutions, OptiFreight Logistics):

Revenue 11% to 13% growth

Segment profit 15% to 18% growth

Interest and other $240 million to $290 million

Non-GAAP effective tax rate 19.0% to 20.0%

Diluted weighted average shares outstanding ~233 million

Share repurchases ~$1 billion

Capital Expenditures ~$700 million

Non-GAAP adjusted free cash flow $3.5 billion to $4.0 billion

Financial guidance for fiscal year 2027 reflects the estimated impact of the Company’s recently completed tuck-in acquisition of Strive Medical and the announced tuck-in acquisition of the Diabetes Health business of AdaptHealth.

Recent highlights

•Cardinal Health recently completed an additional $350 million accelerated share repurchase program, bringing year-to-date share repurchases in fiscal year 2026 to $1.4 billion

•Cardinal Health Board of Directors approved a $5.0 billion increase to the share repurchase program, bringing the total share repurchase authorization to $6.4 billion as of August 2026

•Cardinal Health announces simplification of credit facilities with new $4.0 billion revolving credit facility replacing three historic facilities

•Cardinal Health announces long-term renewal of wholesaler distribution contract with Kroger

•New distribution center in Indianapolis set to open in 2027 featuring advanced robotics and automation, adding capacity and enabling operational flexibility

•Cardinal Health Board of Directors declared a regular quarterly dividend of $0.5158 per share, payable on October 15, 2026, to shareholders of record on October 1, 2026

Cardinal Health

Page 4

Webcast

Cardinal Health will host a webcast today at 8:30 a.m. ET to discuss fourth quarter and full year results. To access the webcast and corresponding slide presentation, go to the Investor Relations page at ir.cardinalhealth.com. No access code is required.

Presentation slides and a webcast replay will be available on the Investor Relations page for 12 months.

About Cardinal Health

Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. Our company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day. Learn more about Cardinal Health at cardinalhealth.com and in our Newsroom.

Contacts

Media: Erich Timmerman, Erich.Timmerman@cardinalhealth.com and 614.757.8231

Investors: David Frost, David.Frost@cardinalhealth.com and 614.757.7852

1GAAP refers to U.S. generally accepted accounting principles. This news release includes GAAP financial measures as well as non-GAAP financial measures, which are financial measures not calculated in accordance with GAAP. See "Use of Non-GAAP Measures" following the attached schedules for definitions of the non-GAAP financial measures presented in this news release and see the attached schedules for reconciliations of the differences between the non-GAAP financial measures and their most directly comparable GAAP financial measures.

2The company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See "Use of Non-GAAP Measures" following the attached schedules for additional explanation.

3Growth rates for fiscal year 2027 guidance based upon adjusted fiscal year 2026 results which exclude the fiscal year 2026 benefit from IEEPA tariff refund.

4Other includes the following three operating segments: Nuclear and Precision Health Solutions (NPHS), at-Home Solutions and OptiFreight Logistics, which are not significant enough individually to require reportable segment disclosure.

Cardinal Health uses its website as a channel of distribution for material company information. Important information, including news releases, financial information, earnings and analyst presentations, and information about upcoming presentations and events is routinely posted and accessible on the Investor Relations page at ir.cardinalhealth.com. In addition, the website allows investors and other interested persons to sign up automatically to receive email alerts when the company posts news releases, SEC filings and certain other information on its website.

Cardinal Health

Page 5

Cautions Concerning Forward-Looking Statements

This release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," “will," "should," "could," "would," "project," "continue,” "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include our ability to manage uncertainties associated with the pricing of branded pharmaceuticals including those arising from proposed or final regulatory changes, the risk that we may fail to achieve our strategic objectives, including the ongoing integration and operation of recently acquired entities and the continued execution of the GMPD Improvement Plan initiatives and ; risks and uncertainties related to tariffs, including the risk that we may not be able to offset increased costs; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts, whether due to price increases or otherwise; risks associated with litigation matters, including Department of Justice investigations focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, including the recent conflict with Iran, may impact costs for our products or may cause supply delays or shortages or manufacturing delays that impact our cost and ability to fulfill customer demand; and the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This release reflects management’s views as of August 11, 2026. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com

Schedule 1

Cardinal Health, Inc. and Subsidiaries

Consolidated Statements of Earnings (Unaudited)

Fourth Quarter Fiscal Year

(in millions, except per common share amounts) 2026 2025 % Change 2026 2025 % Change

Revenue $ 63,672 $ 60,159 6 % $ 254,248 $ 222,578 14 %

Cost of products sold 61,112 57,957 5 % 244,474 214,410 14 %

Gross margin 2,560 2,202 16 % 9,774 8,168 20 %

Operating expenses:

Distribution, selling, general and administrative expenses 1,625 1,484 10 % 6,132 5,382 14 %

Restructuring and employee severance 40 27 106 88

Amortization and other acquisition-related costs 121 133 469 464

Acquisition-related cash and share-based compensation costs 44 106 287 126

Impairments and (gain)/loss on disposal of assets, net 1

4 33 177 18

Litigation (recoveries)/charges, net (3) (9) (10) (185)

Operating earnings 729 428 70 % 2,613 2,275 15 %

Other (income)/expense, net (26) (30) (31) (41)

Interest expense, net 79 74 7 % 348 215 62 %

Impairment of equity interest in Outcomes 122 — 122 —

Earnings before income taxes 554 384 44 % 2,174 2,101 3 %

Provision for income taxes 2

154 141 9 % 469 532 (12) %

Net earnings 400 243 65 % 1,705 1,569 9 %

Less: Net (earnings)/loss attributable to noncontrolling interests (2) (4) 9 (8)

Net earnings attributable to Cardinal Health, Inc. $ 398 $ 239 67 % $ 1,714 $ 1,561 10 %

Earnings per common share attributable to Cardinal Health, Inc.:

Basic $ 1.70 $ 1.01 68 % $ 7.27 $ 6.48 12 %

Diluted 1.70 1.00 70 % 7.23 6.45 12 %

Weighted-average number of common shares outstanding:

Basic 234 239 236 241

Diluted 235 240 237 242

1 Impairments and (gain)/loss on disposals of assets, net includes pre-tax goodwill impairment charges of $184 million related to the Navista & ION reporting unit within the Pharma segment recorded in fiscal year ended 2026.

2 Provision for income taxes includes the tax effects relating to the cumulative goodwill impairment charges. For fiscal 2026, the net tax benefits related to the goodwill impairment charges was $23 million.

Schedule 2

Cardinal Health, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in millions) June 30, 2026 June 30, 2025

Assets

Current assets:

Cash and equivalents $ 4,856 $ 3,874

Trade receivables, net 13,815 13,242

Inventories, net 17,297 16,831

Prepaid expenses and other 2,764 2,414

Assets held for sale 21 12

Total current assets 38,753 36,373

Property and equipment, net 3,031 2,858

Goodwill and other intangibles, net 13,631 12,177

Other assets 1,884 1,714

Total assets $ 57,299 $ 53,122

Liabilities and Shareholders’ Deficit

Current liabilities:

Accounts payable $ 38,283 $ 34,713

Current portion of long-term obligations and other short-term borrowings 1,882 550

Other accrued liabilities 3,739 3,634

Total current liabilities 43,904 38,897

Long-term obligations, less current portion 7,004 7,977

Deferred income taxes and other liabilities 9,115 8,882

Total shareholders’ deficit (2,724) (2,634)

Total liabilities and shareholders’ deficit $ 57,299 $ 53,122

Schedule 3

Cardinal Health, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

Fourth Quarter Fiscal Year

(in millions) 2026 2025 2026 2025

Cash flows from operating activities:

Net earnings $ 400 $ 243 $ 1,705 1,569

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 241 209 956 790

Impairments and (gain)/loss on sale of other investments, net 1 1 21 3

Impairment of equity interest in Outcomes 122 — 122 —

Impairments and (gain)/loss on disposal of assets, net 4 33 177 18

Share-based compensation 58 153 367 244

Provision for/(benefit from) deferred income taxes

91 243 91 243

Provision for bad debts 27 12 74 53

Change in operating assets and liabilities, net of effects from acquisitions and divestitures:

Increase in trade receivables (193) (466) (408) (833)

(Increase)/decrease in inventories 697 (607) (488) (1,816)

Increase in accounts payable 450 1,778 3,463 2,732

Repurchases of liability-classified Specialty Alliance Units (18) (19) (45) (19)

Other accrued liabilities and operating items, net (188) (60) (861) (587)

Net cash provided by operating activities 1,692 1,520 5,174 2,397

Cash flows from investing activities:

Acquisition of subsidiaries, net of cash acquired (24) (1,395) (1,991) (5,250)

Additions to property and equipment (264) (232) (649) (547)

Proceeds from disposal of property and equipment — — 31 3

Proceeds from investments 14 8 41 15

Proceeds from/(payments for) net investment hedge terminations (6) — (13) 2

Proceeds from short-term investment in time deposit — — — 200

Other investing items, net (1) (12) (3) (16)

Net cash used in investing activities (281) (1,631) (2,584) (5,593)

Cash flows from financing activities:

Proceeds from long-term obligations, net of issuance costs (1) 800 990 3,669

Reduction of long-term obligations (16) (11) (653) (445)

Payments to noncontrolling interests, net (3) (5) (11) (12)

Net tax proceeds from share-based compensation — (1) (79) (13)

Dividends on common shares (120) (120) (491) (494)

Purchase of treasury shares (350) — (1,358) (765)

Net cash provided by/(used in) financing activities (490) 663 (1,602) 1,940

Effect of exchange rates changes on cash and equivalents (2) (4) (6) (3)

Net increase/(decrease) in cash and equivalents 919 548 982 (1,259)

Cash and equivalents at beginning of period 3,937 3,326 3,874 5,133

Cash and equivalents at end of period $ 4,856 $ 3,874 $ 4,856 $ 3,874

Schedule 4

Cardinal Health, Inc. and Subsidiaries

Segment Information (Unaudited)

Fourth Quarter

Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other

(in millions) 2026 2025 2026 2025 2026 2025

Revenue

Amount $ 58,848 $ 55,372 $ 3,128 $ 3,199 $ 1,721 $ 1,609

Growth rate 6 % — % (2) % 3 % 7 % 37 %

Segment profit

Amount $ 645 $ 535 $ 150 $ 70 $ 183 $ 160

Growth rate 21 % 11 % N.M. 49 % 14 % 44 %

Segment profit margin 1.10 % 0.97 % 4.80 % 2.19 % 10.63 % 9.94 %

Fiscal Year

Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other

(in millions) 2026 2025 2026 2025 2026 2025

Revenue

Amount $ 234,833 $ 204,644 $ 12,719 $ 12,636 $ 6,792 $ 5,382

Growth rate 15 % (3) % 1 % 2 % 26 % 19 %

Segment profit

Amount $ 2,783 $ 2,258 $ 258 $ 135 $ 707 $ 516

Growth rate 23 % 12 % 91 % 47 % 37 % 22 %

Segment profit margin 1.19 % 1.10 % 2.03 % 1.07 % 10.41 % 9.59 %

The sum of the components and certain computations may reflect rounding adjustments.

Schedule 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1 (Unaudited)

Net

(Earnings)/

Loss

Gross Operating Earnings Provision Attributable Net Diluted

Margin

SG&A2

Earnings Before for to Non-

Earnings3

Effective

EPS 3

(in millions, except per common share amounts) Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax Diluted Growth

Margin Rate

SG&A 2

Rate Earnings Rate Taxes Taxes Interests

Earnings3

Rate Rate

EPS 3

Rate

Fourth Quarter 2026

GAAP $ 2,560 16 % $ 1,625 10 % $ 729 70 % $ 554 $ 154 $ (2) $ 398 67 % 27.9 % $ 1.70 70 %

Restructuring and employee severance — — 40 40 9 — 31 0.13

Amortization and other acquisition-related costs — — 121 121 28 — 93 0.40

Acquisition-related cash

& share-based

compensation costs — — 44 44 3 — 41 0.18

Impairments and (gain)/loss on disposal of assets, net — — 4 4 3 — 1 —

Litigation (recoveries)/charges, net — — (3) (3) (3) — — —

Impairment of equity interest in Outcomes 4

— — — 122 3 — 119 0.51

Non-GAAP $ 2,560 16 % $ 1,625 10 % $ 935 30 % $ 882 $ 198 $ (2) $ 682 36 % 22.5 % $ 2.91 40 %

Fourth Quarter 2025

GAAP $ 2,202 17 % $ 1,484 16 % $ 428 7 % $ 384 $ 141 $ (4) $ 239 2 % 36.9 % $ 1.00 4 %

Restructuring and employee severance — — 27 27 6 — 21 0.09

Amortization and other acquisition-related costs — — 133 133 23 2 112 0.46

Acquisition-related cash

& share-based

compensation costs — — 106 106 1 4 109 0.45

Impairments and (gain)/loss on disposal of assets, net — — 33 33 9 — 24 0.10

Litigation (recoveries)/charges, net — — (9) (9) (2) — (7) (0.03)

Non-GAAP $ 2,203 17 % $ 1,484 16 % $ 719 19 % $ 676 $ 178 $ 3 $ 501 11 % 26.3 % $ 2.08 13 %

1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules.

2 Distribution, selling, general and administrative expenses.

3 Attributable to Cardinal Health, Inc.

4 For fiscal 2026, we recognized a pre-tax impairment charge of $122 million related to our equity method investment in Outcomes due to an observed reduction in the estimated fair value of the business, which is included in impairment of equity interest in Outcomes in the consolidated statements of earnings. The net tax benefit related to this charge was $3 million and is included in the annual effective tax rate.

The sum of the components and certain computations may reflect rounding adjustments.

We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred.

Schedule 5

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation1 (Unaudited)

Net

(Earnings)/

Loss

Gross Operating Earnings Provision Attributable Net Diluted

Margin

SG&A2

Earnings Before for to Non-

Earnings3

Effective

EPS 3

Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax Diluted Growth

(in millions, except per common share amounts) Margin Rate

SG&A 2

Rate Earnings Rate Taxes Taxes Interests

Earnings3

Rate Rate

EPS 3

Rate

Fiscal Year 2026

GAAP $ 9,774 20 % $ 6,132 14 % $ 2,613 15 % $ 2,174 $ 469 $ 9 $ 1,714 10 % 21.6 % $ 7.23 12 %

State opioid assessment related to prior fiscal years — 17 (17) (17) (4) — (13) (0.05)

Restructuring and employee severance — — 106 106 24 — 82 0.34

Amortization and other acquisition-related costs — — 469 469 120 — 349 1.47

Acquisition-related cash

& share-based

compensation costs — — 287 287 12 — 275 1.16

Impairments and (gain)/loss on disposal of assets, net 5

— — 177 177 22 (23) 132 0.56

Litigation (recoveries)/charges, net — — (10) (10) (19) — 9 0.04

Impairment of equity interest in Outcomes 4

— — — 122 3 — 119 0.50

Non-GAAP $ 9,774 20 % $ 6,150 14 % $ 3,624 30 % $ 3,308 $ 628 $ (13) $ 2,667 34 % 19.0 % $ 11.26 37 %

Fiscal Year 2025

GAAP $ 8,168 10 % $ 5,382 8 % $ 2,275 83 % $ 2,101 $ 532 $ (8) $ 1,561 83 % 25.3 % $ 6.45 87 %

Restructuring and employee severance — — 88 88 21 — 67 0.28

Amortization and other acquisition-related costs — — 464 464 104 — 360 1.49

Acquisition-related cash

& share-based

compensation costs — — 126 126 1 — 125 0.51

Impairments and (gain)/loss on disposal of assets, net — — 18 18 5 — 13 0.05

Litigation (recoveries)/charges, net — — (185) (185) (54) — (131) (0.54)

Non-GAAP $ 8,168 10 % $ 5,382 8 % $ 2,786 15 % $ 2,612 $ 609 $ (8) $ 1,995 7 % 23.3 % $ 8.24 9 %

Fiscal Year 2024

GAAP $ 7,414 8 % $ 5,000 4 % $ 1,243 65 % $ 1,201 $ 348 $ (1) $ 852 N.M. 28.9 % $ 3.45 N.M.

Shareholder cooperation agreement costs — (1) 1 1 — — 1 —

Restructuring and employee severance — — 175 175 41 — 134 0.54

Amortization and other acquisition-related costs — — 284 284 74 — 210 0.85

Impairments and (gain)/loss on disposal of assets, net 5

— — 634 634 47 — 587 2.38

Litigation (recoveries)/charges, net — — 78 78 5 — 73 0.30

Non-GAAP $ 7,414 8 % $ 5,000 4 % $ 2,414 16 % $ 2,372 $ 515 $ (1) $ 1,856 21 % 21.7 % $ 7.53 29 %

1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules.

2 Distribution, selling, general and administrative expenses.

3 Attributable to Cardinal Health, Inc.

5 For fiscal 2026 and 2024, impairments and (gain)/loss on disposals of assets, net includes pre-tax goodwill impairment charges of $184 million related to the Navista & ION reporting unit within the Pharma segment and $675 million related to the GMPD segment, respectively. For fiscal 2026 and 2024 the net tax benefit related to these charges was $23 million and $58 million, respectively, and were included in the annual effective tax rates. The portion of the goodwill impairment charge within the Navista & ION reporting unit attributable to noncontrolling interests was $23 million for fiscal 2026.

The sum of the components and certain computations may reflect rounding adjustments.

We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred.

Schedule 6

Cardinal Health, Inc. and Subsidiaries

GAAP / Non-GAAP Reconciliation - GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow (Unaudited)

Fiscal Year

(in millions) 2026 2025

GAAP - Cash Flow Categories

Net cash provided by operating activities $ 5,174 $ 2,397

Net cash used in investing activities (2,584) (5,593)

Net cash provided by/(used in) financing activities (1,602) 1,940

Effect of exchange rates changes on cash and equivalents (6) (3)

Net increase/(decrease) in cash and equivalents $ 982 $ (1,259)

Non-GAAP Adjusted Free Cash Flow

Net cash provided by operating activities $ 5,174 $ 2,397

Repurchases of liability-classified Specialty Alliance Units 45 19

Additions to property and equipment (649) (547)

Payments related to matters included in litigation (recoveries)/charges, net 401 619

Non-GAAP Adjusted Free Cash Flow $ 4,971 $ 2,488

For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules.

Schedule 7

Cardinal Health, Inc. and Subsidiaries

Global Medical Product Distribution ("GMPD") and Consolidated

International Emergency Economic Powers Act ("IEEPA") Tariff Refunds Reconciliation (Unaudited)

Global Medical Product Distribution

Fourth Quarter Fiscal Year

(in millions) 2026 2025 Growth Rate 2026 2025 Growth Rate

Segment profit $ 150 $ 70 N.M. $ 258 $ 135 91 %

Less: IEEPA tariff refunds 100 — 100 % 100 — 100 %

Segment profit, excluding IEEPA tariff refunds $ 50 $ 70 (29) % $ 158 $ 135 17 %

Consolidated

Fourth Quarter Fiscal Year

(in millions) 2026 2025 Growth Rate 2026 2025 Growth Rate

Net earnings 1

$ 398 $ 239 67 % $ 1,714 $ 1,561 10 %

Less: IEEPA tariff refunds, net of tax 74 — 100 % 74 — 100 %

Net earnings, excluding IEEPA tariff refunds $ 324 $ 239 36 % $ 1,640 $ 1,561 5 %

Diluted EPS $ 1.70 $ 1.00 70 % $ 7.23 $ 6.45 12 %

Less: Diluted EPS, IEEPA tariff refunds, net of tax 0.31 — 100% 0.31 — 100%

Diluted EPS, excluding IEEPA tariff refunds $ 1.39 $ 1.00 39 % $ 6.92 $ 6.45 7 %

Consolidated

Fourth Quarter Fiscal Year

(in millions) 2026 2025 Growth Rate 2026 2025 Growth Rate

Non-GAAP Net earnings 1

$ 682 $ 501 36 % $ 2,667 $ 1,995 34 %

Less: IEEPA tariff refunds, net of tax 74 — 100 % 74 — 100 %

Non-GAAP Net earnings, excluding IEEPA tariff refunds $ 608 $ 501 21 % $ 2,593 $ 1,995 30 %

Non-GAAP Diluted EPS $ 2.91 $ 2.08 40 % $ 11.26 $ 8.24 37 %

Less: Non-GAAP Diluted EPS, IEEPA tariff refunds, net of tax 0.31 — 100% 0.31 — 100%

Non-GAAP Diluted EPS, excluding IEEPA tariff refunds $ 2.60 $ 2.08 25 % $ 10.95 $ 8.24 33 %

1 Attributable to Cardinal Health, Inc.

Schedule 8

Cardinal Health, Inc. and Subsidiaries

Distribution, Selling, General and Administrative ("SG&A") Expenses, excluding Acquisitions

Consolidated

Fourth Quarter Fiscal Year

(in millions) 2026 2025 % Change 2026 2025 % Change

SG&A expenses $ 1,625 $ 1,484 10 % $ 6,132 $ 5,382 14 %

Less: Recent acquisitions1

198 157 26 % 767 254 N.M.

SG&A expenses, excluding recent acquisitions $ 1,427 $ 1,327 8 % $ 5,365 $ 5,128 5 %

1Recent acquisitions include Integrated Oncology Network (December 2024), GI Alliance (January 2025), Advanced Diabetes Supply Group (April 2025), Urology America (May 2025), and Solaris Health (November 2025).

Cardinal Health, Inc. and Subsidiaries

Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP").

In addition to analyzing our business based on financial information prepared in accordance with GAAP, we use these non-GAAP financial measures internally to evaluate our performance, engage in financial and operational planning, and determine incentive compensation because we believe that these measures provide additional perspective on and, in some circumstances are more closely correlated to, the performance of our underlying, ongoing business. We provide these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on our financial and operating results on a year-over-year basis and in comparing our performance to that of our competitors. However, the non-GAAP financial measures that we use may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The non-GAAP financial measures disclosed by us should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth below should be carefully evaluated.

Exclusions from Non-GAAP Financial Measures

Management believes it is useful to exclude the following items from the non-GAAP measures presented in this report for its own and for investors’ assessment of the business for the reasons identified below:

•LIFO charges and credits are excluded because the factors that drive last-in first-out ("LIFO") inventory charges or credits, such as pharmaceutical manufacturer price appreciation or deflation and year-end inventory levels (which can be meaningfully influenced by customer buying behavior immediately preceding our fiscal year-end), are largely out of our control and cannot be accurately predicted. The exclusion of LIFO charges and credits from non-GAAP metrics facilitates comparison of our current financial results to our historical financial results and to our peer group companies’ financial results. We did not recognize any LIFO charges or credits during the periods presented.

•State opioid assessments related to prior fiscal years is the portion of state assessments for prescription opioid medications that were sold or distributed in periods prior to the period in which the expense is incurred. This portion is excluded from non-GAAP financial measures because it is retrospectively applied to sales in prior fiscal years and inclusion would obscure analysis of the current fiscal year results of our underlying, ongoing business. Additionally, while states' laws may require us to make payments on an ongoing basis, the portion of the assessment related to sales in prior periods are contemplated to be one-time, nonrecurring items. Income from state opioid assessments related to prior fiscal years represents reversals of accruals due to changes in estimates or when the underlying assessments were invalidated by a court or reimbursed by manufacturers.

•Shareholder cooperation agreement costs includes costs such as legal, consulting, and other expenses incurred in relation to the agreement (the "Cooperation Agreement") entered into among Elliott Associates, L.P., Elliott International, L.P. (together, "Elliott"), and Cardinal Health. These include costs incurred to negotiate and finalize the Cooperation Agreement and costs incurred by the Business Review Committee of the Board of Directors, formed under this Cooperation Agreement, tasked with undertaking a comprehensive review of our strategy, portfolio, capital allocation framework, and operations. We have excluded these costs from our non-GAAP metrics because they do not occur in or reflect the ordinary course of our ongoing business operations and may obscure analysis of trends and financial performance. The Cooperation Agreement expired in the second quarter of fiscal 2025.

•Restructuring and employee severance costs are excluded because they are not part of the ongoing operations of our underlying business and include, but are not limited to, costs related to divestitures, closing and consolidating facilities, changing the way we manufacture or distribute our products, moving manufacturing of a product to another location, changes in production or business process outsourcing or insourcing, employee severance, and realigning operations.

•Amortization and other acquisition-related costs, which include transaction costs, integration costs, and changes in the fair value of contingent consideration obligations, are excluded because they are not part of the ongoing operations of our underlying business and to facilitate comparison of our current financial results to our historical financial results and to our peer group companies' financial results. Additionally, costs for amortization of acquisition-related intangible assets and amortization as a result of basis differences in equity method investments are non-cash amounts, which are variable in amount and frequency and are significantly impacted by the timing and size of acquisitions, so their exclusion facilitates comparison of historical, current, and forecasted financial results. We also exclude other acquisition-related costs, which are directly related to an acquisition but do not meet the criteria to be recognized on the acquired entity’s initial balance sheet as part of the purchase price allocation. These costs are also significantly impacted by the timing, complexity, and size of acquisitions.

•Acquisition-related cash and share-based compensation costs are incurred in connection with contingent cash payments or the issuance of share-based payment awards, which include service requirements, as a part of certain physician practice acquisitions. These costs include fair value adjustments for liability-classified awards. These costs are excluded because they are unrelated to the underlying operating results of our business and to facilitate comparison of our current financial results to our historical financial results and to our peer group companies’ financial results. In addition, the magnitude of these expenses is significantly impacted by the timing and size of the acquisitions of physician practices.

•Impairments and gain or loss on disposal of assets, net are excluded because they do not occur in or reflect the ordinary course of our ongoing business operations and are inherently unpredictable in timing and amount, and in the case of impairments, are non-cash amounts, so their exclusion facilitates comparison of historical, current, and forecasted financial results.

•Litigation recoveries or charges, net are excluded because they often relate to events that may have occurred in prior or multiple periods, do not occur in or reflect the ordinary course of our business, and are inherently unpredictable in timing and amount.

•Impairment of equity interest in Outcomes was incurred in connection with the observed reduction in the estimated fair value of the Outcomes business, of which we hold a 16 percent equity interest. We exclude this impairment from non-GAAP results as impairments of unconsolidated equity investments of this magnitude do not occur in the normal course of our ongoing business operations. This impairment is similar in nature to a gain or loss on the divestiture of a majority interest, which we also exclude from non-GAAP results, including the gain recognized on our initial divestiture of the Outcomes business in fiscal 2024. The exclusion of this impairment from non-GAAP financial measures facilitates comparison of our current financial results to our historical financial results.

The tax effect for each of the items listed above is determined using the tax rate and other tax attributes applicable to the item and the jurisdiction(s) in which the item is recorded. The gross, tax, and net impact of each item are presented with our GAAP to non-GAAP reconciliations.

Non-GAAP adjusted free cash flow: We provide this non-GAAP financial measure as a supplemental metric to assist readers in assessing the effects of items and events on our cash flow on a year-over-year basis and in comparing our performance to that of our peer group companies. In calculating this non-GAAP metric, certain items are excluded from net cash provided by operating activities because they relate to significant and unusual or non-recurring events and are inherently unpredictable in timing and amount. We believe adjusted free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, debt repayments, dividend payments, share repurchases, strategic acquisitions, or other strategic uses of cash. A reconciliation of our GAAP financial results to Non-GAAP adjusted free cash flow is provided in Schedule 6 of the financial statement tables included with this release.

Forward Looking Non-GAAP Measures

In this document, the Company presents certain forward-looking non-GAAP metrics. The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP basis.

The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company’s fiscal 2026 GAAP results. Over the past five fiscal years, the excluded items have impacted the Company’s EPS from $1.79 to $8.44, which includes a $6.97 change related to the goodwill impairment we recognized in fiscal 2022.

Definitions

Growth rate calculation: growth rates in this report are determined by dividing the difference between current-period results and prior-period results by prior-period results.

Interest and Other, net: other (income)/expense, net plus interest expense, net.

Segment Profit: segment revenue minus (segment cost of products sold and segment distribution, selling, general and administrative expenses).

Segment Profit margin: segment profit divided by segment revenue.

Non-GAAP gross margin: gross margin, excluding LIFO charges/(credits).

Non-GAAP distribution, selling, general and administrative expenses or Non-GAAP SG&A: distribution, selling, general and administrative expenses, excluding state opioid assessment related to prior fiscal years and shareholder cooperation agreement costs.

Non-GAAP operating earnings: operating earnings excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) acquisition-related cash and share-based compensation costs, (7) impairments and (gain)/loss on disposal of assets, net, and (8) litigation (recoveries)/charges, net.

Non-GAAP earnings before income taxes: earnings before income taxes excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) acquisition-related cash and share-based compensation costs, (7) impairments and (gain)/loss on disposal of assets, net, (8) litigation (recoveries)/charges, net, and (9) impairment of equity interest in Outcomes.

Non-GAAP net earnings attributable to non-controlling interests: net earnings attributable to non-controlling interests excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) acquisition-related cash and share-based compensation costs, (7) impairments and (gain)/loss on disposal of assets, net, (8) litigation (recoveries)/charges, net, and (9) impairment of equity interest in Outcomes, each net of tax.

Non-GAAP net earnings attributable to Cardinal Health, Inc.: net earnings attributable to Cardinal Health, Inc. excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) acquisition-related cash and share-based compensation costs, (7) impairments and (gain)/loss on disposal of assets, net, (8) litigation (recoveries)/charges, net, and (9) impairment of equity interest in Outcomes, each net of tax.

Non-GAAP effective tax rate: provision for income taxes adjusted for the tax impacts of (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) shareholder cooperation agreement costs, (4) restructuring and employee severance, (5) amortization and other acquisition-related costs, (6) acquisition-related cash and share-based compensation costs, (7) impairments and (gain)/loss on disposal of assets, net, (8) litigation (recoveries)/charges, net, and (9) impairment of equity interest in Outcomes, divided by (earnings before income taxes adjusted for the items above).

Non-GAAP diluted earnings per share attributable to Cardinal Health, Inc.: non-GAAP net earnings attributable to Cardinal Health, Inc. divided by diluted weighted-average shares outstanding.

Non-GAAP adjusted free cash flow: net cash provided by operating activities plus repurchases of liability-classified Specialty Alliance Units, less payments related to additions to property and equipment, excluding settlement payments and receipts related to matters included in litigation (recoveries)/charges, net, as defined above, or other significant and unusual or non-recurring cash payments or receipts.

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