Cardinal Health, Inc. · NYSE:CAH
Cardinal Health — Q4 2026 Earnings Presentation
31 slides from Cardinal Health's earnings presentation, Aug 11, 2026
Slide 1: Q4 FY26 Earnings
Q4 FY26 Earnings Cardinal Health, Inc. August 11, 2026 © 2026 Cardinal Health. All Rights Reserved. 1 © 2026 Cardinal Health. All Rights Reserved.
Slide 2: Cautions Concerning Forward-Looking Statements
• Q4 FY26 Earnings 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," "ant
Slide 3: Q4 Results
Q4 Results © 2026 Cardinal Health. All Rights Reserved. 3 © 2026 Cardinal Health. All Rights Reserved.
Slide 4: Q4 FY26 financial summary
• Q4 FY26 Earnings Q4 FY26 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) Q4 FY26 Q4 FY26 Revenue $63,672 N/A % change 6% Gross Margin $2,560 $2,560 % change 16% 16% SG&A $1,625 $1,625 % change 10% 10% Operating Earnings $729 $935 % change 70% 30% Interest and Other1 $53 N/A % change N.M. Net
Slide 5: Pharmaceutical and Specialty Solutions
• Q4 FY26 Earnings Pharmaceutical and Specialty Solutions Q4 FY26 results Q4 FY26 ($M) Q4 FY25 ($M) YoY change Revenue $58,848 $55,372 6% Segment profit $645 $535 21% Segment profit margin 1.10% 0.97% 13 bps Drivers: Revenue Segment profit + Brand and specialty pharmaceutical sales growth + Brand an
Slide 6: Global Medical Products and Distribution
• Q4 FY26 Earnings Global Medical Products and Distribution Q4 FY26 results Q4 FY26 ($M) Q4 FY25 ($M) YoY change Revenue $3,128 $3,199 (2%) Segment profit $150 $70 N.M. Segment profit margin 4.80% 2.19% 261 bps Drivers: Revenue Segment profit - Distribution volumes + IEEPA tariff refunds - Recogniti
Slide 7: Other: NPHS, at-Home Solutions and OptiFreight
• Q4 FY26 Earnings Other: NPHS, at-Home Solutions and OptiFreight Q4 FY26 results Q4 FY26 ($M) Q4 FY25 ($M) YoY change Revenue $1,721 $1,609 7% Segment profit $183 $160 14% Segment profit margin 10.63% 9.94% 69 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Growth
Slide 8: FY26 Results
FY26 Results © 2026 Cardinal Health. All Rights Reserved. 8 © 2026 Cardinal Health. All Rights Reserved.
Slide 9: FY26 financial summary
• Q4 FY26 Earnings FY26 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) FY26 FY26 Revenue $254,248 N/A % change 14% Gross Margin $9,774 $9,774 % change 20% 20% SG&A $6,132 $6,150 % change 14% 14% Operating Earnings $2,613 $3,624 % change 15% 30% Interest and Other1 $317 N/A % change N.M. Net E
Slide 10: Pharmaceutical and Specialty Solutions
• Q4 FY26 Earnings Pharmaceutical and Specialty Solutions FY26 results FY26 ($M) FY25($M) YoY change Revenue $234,833 $204,644 15% Segment profit $2,783 $2,258 23% Segment profit margin 1.19% 1.10% 9 bps Drivers: Revenue Segment profit + Brand and specialty pharmaceutical sales growth + Brand and sp
Slide 11: Global Medical Products and Distribution
• Q4 FY26 Earnings Global Medical Products and Distribution FY26 results FY26 ($M) FY25 ($M) YoY change Revenue $12,719 $12,636 1% Segment profit $258 $135 91% Segment profit margin 2.03% 1.07% 96 bps Drivers: Revenue Segment profit + Cardinal Health Brand + Growth from existing customers - Distribu
Slide 12: Other: NPHS, at-Home Solutions and OptiFreight
• Q4 FY26 Earnings Other: NPHS, at-Home Solutions and OptiFreight FY26 results FY26 ($M) FY25 ($M) YoY change Revenue $6,792 $5,382 26% Segment profit $707 $516 37% Segment profit margin 10.41% 9.59% 82 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Growth across
Slide 13: FY27 Outlook
FY27 Outlook © 2026 Cardinal Health. All Rights Reserved. 13 © 2026 Cardinal Health. All Rights Reserved.
Slide 14: FY27 financial expectations
• Q4 FY26 Earnings FY27 financial expectations FY27 FY26 outlook actual Non-GAAP EPS $12.40 - $12.60 $11.26 (13%-15% growth1) ($10.95 adjusted for IEEPA tariff refund) Interest and Other $240M - $290M $317M Non-GAAP ETR 19.0% - 20.0% 19.0% Diluted weighted average shares ~233M 237M outstanding Share
Slide 15: FY27 segment guidance
• Q4 FY26 Earnings FY27 segment guidance Revenue and segment profit Pharmaceutical Revenue growth of Segment profit growth of and Specialty Solutions 3% to 5% 8% to 11% Other: at-Home Solutions Revenue growth of Segment profit growth of NPHS, OptiFreight Logistics 11% to 13% 15% to 18% Global Medica
Slide 16: FY27 adjusted EPS and GMPD outlook
• Q4 FY26 Earnings FY27 adjusted EPS and GMPD outlook 13% - 15% growth $12.40 - $12.60 $11.26 ($ 0.31) $10.95 Reported FY26 IEEPA Tariff refunds Baseline adjusted FY26 FY27 Outlook non-GAAP EPS non-GAAP EPS non-GAAP EPS $258M ($100M) $50M+ growth $200M - $220M $158M Reported FY26 IEEPA Tariff refund
Slide 17: Strategic priorities
• Q4 FY26 Earnings Strategic priorities Relentless focus on simplification Build upon the growth and resiliency Execute GMPD Accelerate other of Pharmaceutical and Improvement growth businesses Specialty Solutions by Plan initiatives expanding in Specialty 17 © 2026 Cardinal Health. All Rights Reser
Slide 18: Supporting community-based physicians with a comprehensive model
• Q4 FY26 Earnings Supporting community-based physicians with a comprehensive model Advanced Data and MSO Platforms Technology Solutions Multi-Specialty Oncology Approx 60% of market Approx 40% of market Specialty Community Physicians PPS Analytics and SoNaR Real World Evidence/Data Broad Distributi
Slide 19: Higher-margin growth businesses
• Q4 FY26 Earnings Higher-margin growth businesses at-Home Solutions OptiFreight Logistics Nuclear & Precision Health Solutions Care shifting to more cost-effective Increasing pressures on providers to Acceleration of biopharma Key trends and comfortable settings reduce costs and leverage technology
Slide 20: GMPD showing strong Improvement Plan progress
• Q4 FY26 Earnings GMPD showing strong Improvement Plan progress Improvement Plan progress GMPD Segment operating profit ($M) Stabilization Results of GMPD Improvement Plan Cardinal Health Brand growth $258 CAGR: +32% U.S. CHB revenue1 growth at least mid $100 single digits for 6 consecutive quarter
Slide 21: Disciplined Strategic Execution
• Q4 FY26 Earnings Disciplined Strategic Execution Capital expenditures | ($ in millions) Automation New DCs ~$700 technology Pharma & Specialty and $649 at-Home Solutions $547 Nuclear capacity New customer and capabilities solutions FY25 FY26 FY27 Outlook Supply chain MSO Platform technology Capabi
Slide 22: Compelling investment thesis
• Q4 FY26 Earnings Compelling investment thesis Consistent Unique breadth Resilient Strong core Specialty track record of capabilities model Pharma opportunity Higher-margin Progress Robust cash Disciplined 12% to 14% growth with GMPD flow capital non-GAAP EPS businesses turnaround generation alloca
Slide 23: Appendix
Appendix 23 © 2026 Cardinal Health. All Rights Reserved. 23 © 2026 Cardinal Health. All Rights Reserved.
Slide 24: GAAP / Non-GAAP Reconciliation – Fourth Quarter 2026
Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation 1 Net (Earnings)/Loss Gross Operating Earnings Attributable Net Diluted 2 3 Margin SG&A Earnings Before Provision for to Non- Earnings Effective EPS3 Gross Growth Growth Operating Growth Income Income controlling Net Growth Tax Di
Slide 25: GAAP / Non-GAAP Reconciliation – Fiscal Year 2026
Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation 1 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 26: Segment Information
Cardinal Health, Inc. and Subsidiaries Segment Information 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
Slide 27: 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) 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) N
Slide 28: GMPD and Consolidated IEEPA Tariff Refunds Reconciliation
Cardinal Health, Inc. and Subsidiaries Global Medical Product Distribution ("GMPD") and Consolidated International Emergency Economic Powers Act ("IEEPA") Tariff Refunds Reconciliation Global Medical Product Distribution Fourth Quarter Fiscal Year (in millions) 2026 2025 % Change 2026 2025 % Change
Slide 29: SG&A Expenses, excluding Acquisitions
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 acquisit
Slide 30: 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 31: Definitions
Cardinal Health, Inc. and Subsidiaries Definitions 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 meaningfu