Cardinal Health, Inc. · NYSE:CAH
Cardinal Health — Q3 2025 Earnings Presentation
22 slides from Cardinal Health's earnings presentation, May 1, 2025
Slide 1: Q3 FY25 Earnings
Q3 FY25 Earnings Cardinal Health, Inc. May 1, 2025 © 2025 Cardinal Health. All Rights Reserved. 1 © 2025 Cardinal Health. All Rights Reserved.
Slide 2: Cautions Concerning Forward-Looking Statements
• Q3 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 3: Q3 Results
Q3 Results © 2025 Cardinal Health. All Rights Reserved. 3 © 2025 Cardinal Health. All Rights Reserved.
Slide 4: Q3 FY25 financial summary
• Q3 FY25 Earnings Q3 FY25 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) Q3 FY25 Q3 FY25 Revenue $54,878 N/A % change 0% Gross Margin $2,123 $2,122 % change 10% 10% SG&A $1,315 $1,315 % change 4% 4% Operating Earnings $730 $807 % change 98% 21% Interest and Other1 $65 N/A % change N.M. Net E
Slide 5: Pharmaceutical and Specialty Solutions
• Q3 FY25 Earnings Pharmaceutical and Specialty Solutions Q3 FY25 results Q3 FY25 ($M) Q3 FY24 ($M) YoY change Revenue $50,433 $50,622 (0)% Segment profit $662 $582 14% Segment profit margin 1.31% 1.15% 16 bps Drivers: Revenue Segment profit - Previously communicated customer contract expiration + B
Slide 6: Global Medical Products and Distribution
• Q3 FY25 Earnings Global Medical Products and Distribution Q3 FY25 results Q3 FY25 ($M) Q3 FY24 ($M) YoY change Revenue $3,160 $3,113 2% Segment profit $39 $22 77% Segment profit margin 1.23% 0.71% 52 bps Drivers: Revenue Segment profit + Volume growth from existing customers + Cost optimization in
Slide 7: Other: NPHS, at-Home Solutions and OptiFreight
• Q3 FY25 Earnings Other: NPHS, at-Home Solutions and OptiFreight Q3 FY25 results Q3 FY25 ($M) Q3 FY24 ($M) YoY change Revenue $1,304 $1,154 13% Segment profit $134 $110 22% Segment profit margin 10.28% 9.53% 75 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Growt
Slide 8: Outlook
Outlook © 2025 Cardinal Health. All Rights Reserved. 8 © 2025 Cardinal Health. All Rights Reserved.
Slide 9: FY25 financial expectations
• Q3 FY25 Earnings FY25 financial expectations FY25 FY24 outlook actual Non-GAAP EPS $8.05 - $8.15 $7.53 Previously $7.85 - $8.00 Interest and Other $200M - $215M $42M Previously $200M - $230M Non-GAAP ETR 23.0% - 23.5% 21.7% Previously 23% - 24% Diluted weighted average shares ~242M 247M outstandin
Slide 10: FY25 segment guidance
• Q3 FY25 Earnings FY25 segment guidance Revenue and segment profit Pharmaceutical Revenue decline of Segment profit growth of and Specialty Solutions 1% to 3% 11.5% to 12.5% Previously growth of 10% to 12% Global Medical Products Revenue growth of Segment profit of and Distribution 2% to 4% $130M t
Slide 11: Strategic priorities
• Q3 FY25 Earnings Strategic priorities Relentless focus on simplification Build upon the growth and resiliency of Execute GMPD Accelerate growth Pharmaceutical and Improvement in key areas Specialty Solutions by Plan initiatives expanding in Specialty and shareholder value creation 11 © 2025 Cardin
Slide 12: Supporting community-based physicians with a comprehensive model
• Q3 FY25 Earnings Supporting community-based physicians with a comprehensive model 12 © 2025 Cardinal Health. All Rights Reserved.
Slide 13: Disciplined Capital Allocation Framework
Q3 FY25 Earnings Table stakes FY25 Progress Investing back into the business to drive $315M in YTD capex organic growth Disciplined Maintain investment Completed annual opioid settlement payment Capital grade balance sheet Credit ratings maintained by all 3 rating agencies post acquisition announcem
Slide 14: Compelling investment thesis
• Q3 FY25 Earnings Compelling investment thesis Moving healthcare forward Pharmaceutical and at-Home, NPHS & Medical Products Cash flow and Value Specialty Solutions OptiFreight and Distribution capital deployment creation Resilient and growing business, Favorable long-term Executing our plan to Con
Slide 15: Appendix
Appendix 15 © 2025 Cardinal Health. All Rights Reserved. 15 © 2025 Cardinal Health. All Rights Reserved.
Slide 16: GAAP / Non-GAAP Reconciliation Net Earnings
Cardinal Health, Inc. and Subsidiaries 1 GAAP / Non-GAAP Reconciliation Net Earnings Gross Operating Earnings Attributable Net Diluted 2 3 Margin SG&A Earnings Before Provision for to Non- Earnings Effective EPS 3 Gross Growth Growth Operating Growth Income Income controlling Net Growth Tax Diluted
Slide 17: GAAP / Non-GAAP Reconciliation Fiscal Year 2024
Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation1 Gross Operating Earnings Net Diluted 2 3 Margin SG&A Earnings Before Provision for Earnings Effective EPS 3 Gross Growth Growth Operating Growth Income Income Net Growth Tax Diluted Growth 2 3 3 Margin Rate SG&A Rate Earnings Rat
Slide 18: 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 Third Quarter Year-to-Date (in millions) 2025 2024 2025 2024 GAAP - Cash Flow Categories Net cash provided by/(used in) operating activities $ 2,917 $ (27) $ 870 $ 1,680 Net cas
Slide 19: © 2025 Cardinal Health. All Rights Reserved.
19 © 2025 Cardinal Health. All Rights Reserved.
Slide 20: 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 21: 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 22: 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