Cardinal Health, Inc. · NYSE:CAH

Cardinal Health — Q4 2025 Earnings Presentation

29 slides from Cardinal Health's earnings presentation, Aug 12, 2025

Slide 2: Cautions Concerning Forward-Looking Statements
• Q4 FY25 Earnings Cautions Concerning Forward-Looking Statements This presentation 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,"
Slide 4: Q4 FY25 financial summary
• Q4 FY25 Earnings Q4 FY25 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) Q4 FY25 Q4 FY25 Revenue $60,159 N/A % change 0% Gross Margin $2,202 $2,203 % change 17% 17% SG&A $1,484 $1,484 % change 16% 16% Operating Earnings $428 $719 % change 7% 19% Interest and Other1 $44 N/A % change N.M. Net
Slide 5: Pharmaceutical and Specialty Solutions
• Q4 FY25 Earnings Pharmaceutical and Specialty Solutions Q4 FY25 results Q4 FY25 ($M) Q4 FY24 ($M) YoY change Revenue $55,372 $55,608 (0)% Segment profit $535 $482 11% Segment profit margin 0.97% 0.87% 10 bps Drivers: Revenue Segment profit - Previously communicated customer contract expiration + M
Slide 6: Global Medical Products and Distribution
• Q4 FY25 Earnings Global Medical Products and Distribution Q4 FY25 results Q4 FY25 ($M) Q4 FY24 ($M) YoY change Revenue $3,199 $3,109 3% Segment profit $70 $47 49% Segment profit margin 2.19% 1.51% 68 bps Drivers: Revenue Segment profit + Volume growth from existing customers + Volume growth from e
Slide 7: Other: NPHS, at-Home Solutions and OptiFreight
• Q4 FY25 Earnings Other: NPHS, at-Home Solutions and OptiFreight Q4 FY25 results Q4 FY25 ($M) Q4 FY24 ($M) YoY change Revenue $1,609 $1,172 37% Segment profit $160 $111 44% Segment profit margin 9.94% 9.47% 47 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Growth
Slide 9: FY25 financial summary
• Q4 FY25 Earnings FY25 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) FY25 FY25 Revenue $222,578 N/A % change (2)% Gross Margin $8,168 $8,168 % change 10% 10% SG&A $5,382 $5,382 % change 8% 8% Operating Earnings $2,275 $2,786 % change 83% 15% Interest and Other1 $174 N/A % change N.M. Net Ea
Slide 10: Pharmaceutical and Specialty Solutions
• Q4 FY25 Earnings Pharmaceutical and Specialty Solutions FY25 results FY25 ($M) FY24 ($M) YoY change Revenue $204,644 $210,019 (3)% Segment profit $2,258 $2,015 12% Segment profit margin 1.10% 0.96% 14 bps Drivers: Revenue Segment profit - Previously communicated customer contract expiration + Bran
Slide 11: Global Medical Products and Distribution
• Q4 FY25 Earnings Global Medical Products and Distribution FY25 results FY25 ($M) FY24 ($M) YoY change Revenue $12,636 $12,381 2% Segment profit $135 $92 47% Segment profit margin 1.07% 0.74% 33 bps Drivers: Revenue Segment profit + Volume growth from existing customers + Volume growth from existin
Slide 12: Other: NPHS, at-Home Solutions and OptiFreight
• Q4 FY25 Earnings Other: NPHS, at-Home Solutions and OptiFreight FY25 results FY25 ($M) FY24 ($M) YoY change Revenue $5,382 $4,512 19% Segment profit $516 $423 22% Segment profit margin 9.59% 9.38% 21 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Growth across t
Slide 14: FY26 financial expectations
• Q4 FY25 Earnings FY26 financial expectations FY26 FY25 outlook actual Non-GAAP EPS $9.30 - $9.50 $8.24 Previously $9.10 to $9.30 Interest and Other ~$275M $174M Non-GAAP ETR 22.0% - 24.0% 23.3% Diluted weighted average shares 238M – 240M 242M outstanding Share repurchases ~$750M $750M Capital expe
Slide 15: FY26 segment guidance
• Q4 FY25 Earnings FY26 segment guidance Revenue and segment profit Pharmaceutical Revenue growth of Segment profit growth of and Specialty Solutions 11% to 13% 11% to 13% Previously growth of 10% to 12% Other: at-Home Solutions Revenue growth of Segment profit growth of NPHS, OptiFreight Logistics
Slide 16: Strategic priorities
• Q4 FY25 Earnings Strategic priorities Relentless focus on simplification Build upon the growth and resiliency Execute GMPD Accelerate other of Pharmaceutical and Improvement growth businesses Specialty Solutions by Plan initiatives expanding in Specialty 16 © 2025 Cardinal Health. All Rights Reser
Slide 17: Supporting community-based physicians with a comprehensive model
• Q4 FY25 Earnings Supporting community-based physicians with a comprehensive model Advanced Data and MSO Platforms Technology Solutions Multi-Specialty Oncology Approx 60% of market Approx 40% of market Specialty Community Physicians PPS Analytics and SoNaR Real World Evidence/Data Broad Distributi
Slide 18: Adding Solaris Health to The Specialty Alliance
• Q4 FY25 Earnings Adding Solaris Health to The Specialty Alliance Solaris Health overview Growing The Specialty Alliance Country's leading urology Bolsters CAH’s leadership managed service organization 1 in the urology specialty (MSO) with 750+ providers across therapeutic area 250 practice locatio
Slide 19: Community practices have diverse revenue streams with similar mix across Autoimmune and Urology
• Q4 FY25 Earnings Community practices have diverse revenue streams 1 with similar mix across Autoimmune and Urology Autoimmune2 Urology Medical Oncology 6% Office visits 28% 25% 41% 40% Infusion and ancillary services Procedures 31% 35% 94% Source: Bain & Co.; Ancillaries includes infusion, surgery
Slide 20: Disciplined capital allocation framework
• Q4 FY25 Earnings Disciplined capital allocation framework Table stakes FY25 results FY26 expectations Investing back into the business Approximately $600M to drive organic growth $547M in capital expenditures Maintain investment grade Credit ratings maintained, along with Maintain BBB/Baa2 ratings
Slide 21: Compelling investment thesis
• Q4 FY25 Earnings Compelling investment thesis Consistent Unique breadth Resilient Strong core Specialty key track record of capabilities model Pharma opportunity Higher-margin Progress Increasing Disciplined 12% to 14% growth with GMPD cash flow capital non-GAAP EPS businesses turnaround generatio
Slide 23: GAAP / Non-GAAP Reconciliation
Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation1 Net (Earnings)/ Loss Gross Operating Earnings Provision Attributable Net Diluted 2 3 Margin SG&A Earnings Before for to Non- Earnings Effective EPS 3 Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax D
Slide 24: GAAP / Non-GAAP Reconciliation
Cardinal Health, Inc. and Subsidiaries 1 GAAP / Non-GAAP Reconciliation Net Earnings Gross Operating Earnings Provision Attributable Net Diluted 2 3 Margin SG&A Earnings Before for to Non- Earnings Effective EPS 3 Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax Diluted
Slide 25: GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow
Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation - GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow Fiscal Year (in millions) 2025 2024 GAAP - Cash Flow Categories Net cash provided by operating activities $ 2,397 $ 3,762 Net cash used in investing activities (5,593) (1,849) N
Slide 26: Segment Information
Cardinal Health, Inc. and Subsidiaries Segment Information Fourth Quarter Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other (in millions) 2025 2024 2025 2024 2025 2024 Revenue Amount $ 55,372 $ 55,608 $ 3,199 $ 3,109 $ 1,609 $ 1,172 Growth rate —% 13 % 3% 2% 37 %
Slide 27: Forward Looking non-GAAP Measures
Cardinal Health, Inc. and Subsidiaries 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 me
Slide 28: Definitions
Cardinal Health, Inc. and Subsidiaries 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 expens
Slide 29: Definitions continued
Cardinal Health, Inc. and Subsidiaries Definitions continued 1 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

Cardinal Health — Q4 2025 Earnings Presentation on 6ix

Cardinal Health — Q4 2025 Earnings Presentation

Slide 1: Q4 FY25 Earnings

Slide 2: Cautions Concerning Forward-Looking Statements

Slide 3: Q4 Results

Slide 4: Q4 FY25 financial summary

Slide 5: Pharmaceutical and Specialty Solutions

Slide 6: Global Medical Products and Distribution

Slide 7: Other: NPHS, at-Home Solutions and OptiFreight

Slide 8: FY25 Results

Slide 9: FY25 financial summary

Slide 10: Pharmaceutical and Specialty Solutions

Slide 11: Global Medical Products and Distribution

Slide 12: Other: NPHS, at-Home Solutions and OptiFreight

Slide 13: FY26 Outlook

Slide 14: FY26 financial expectations

Slide 15: FY26 segment guidance

Slide 16: Strategic priorities

Slide 17: Supporting community-based physicians with a comprehensive model

Slide 18: Adding Solaris Health to The Specialty Alliance

Slide 19: Community practices have diverse revenue streams with similar mix across Autoimmune and Urology

Slide 20: Disciplined capital allocation framework

Slide 21: Compelling investment thesis

Slide 22: Appendix

Slide 23: GAAP / Non-GAAP Reconciliation

Slide 24: GAAP / Non-GAAP Reconciliation

Slide 25: GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow

Slide 26: Segment Information

Slide 27: Forward Looking non-GAAP Measures

Slide 28: Definitions

Slide 29: Definitions continued