Cardinal Health, Inc. · NYSE:CAH
Cardinal Health — Q1 2026 Earnings Presentation
22 slides from Cardinal Health's earnings presentation, Oct 30, 2025
Slide 1: Q1 FY26 Earnings
Q1 FY26 Earnings Cardinal Health, Inc. October 30, 2025 © 2025 Cardinal Health. All Rights Reserved. 1 © 2025 Cardinal Health. All Rights Reserved.
Slide 2: Cautions Concerning Forward-Looking Statements
• Q1 FY26 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: Q1 Results
Q1 Results © 2025 Cardinal Health. All Rights Reserved. 3 © 2025 Cardinal Health. All Rights Reserved.
Slide 4: Q1 FY26 financial summary
• Q1 FY26 Earnings Q1 FY26 financial summary GAAP Basis ($M) Non-GAAP Basis ($M) Q1 FY26 Q1 FY26 Revenue $64,009 N/A % change 22% Gross Margin $2,319 $2,318 % change 22% 22% SG&A $1,461 $1,461 % change 14% 14% Operating Earnings $668 $857 % change 18% 37% Interest and Other1 $70 N/A % change N.M. Ne
Slide 5: Pharmaceutical and Specialty Solutions
• Q1 FY26 Earnings Pharmaceutical and Specialty Solutions Q1 FY26 results Q1 FY26 ($M) Q1 FY25 ($M) YoY change Revenue $59,205 $47,990 23% Segment profit $667 $530 26% Segment profit margin 1.13% 1.10% 3 bps Drivers: Revenue Segment profit + Brand and specialty pharmaceutical sales growth + Brand an
Slide 6: Global Medical Products and Distribution
• Q1 FY26 Earnings Global Medical Products and Distribution Q1 FY26 results Q1 FY26 ($M) Q1 FY25 ($M) YoY change Revenue $3,184 $3,123 2% Segment profit $46 $8 N.M. Segment profit margin 1.44% 0.26% 118 bps Drivers: Revenue Segment profit + Volume growth from existing customers + Growth from existin
Slide 7: Other: NPHS, at-Home Solutions and OptiFreight
• Q1 FY26 Earnings Other: NPHS, at-Home Solutions and OptiFreight Q1 FY26 results Q1 FY26 ($M) Q1 FY25 ($M) YoY change Revenue $1,641 $1,186 38% Segment profit $166 $104 60% Segment profit margin 10.12% 8.77% 135 bps Drivers: Revenue Segment profit + Growth across the three operating segments + Grow
Slide 8: FY26 Outlook
FY26 Outlook © 2025 Cardinal Health. All Rights Reserved. 8 © 2025 Cardinal Health. All Rights Reserved.
Slide 9: FY26 financial expectations
• Q1 FY26 Earnings FY26 financial expectations FY26 FY25 outlook actual Non-GAAP EPS $9.65 - $9.85 $8.24 Previously $9.30 to $9.50 Interest and Other ~$325M $174M Previously ~$275M Non-GAAP ETR 22.0% - 24.0% 23.3% Diluted weighted average shares ~238M 242M outstanding Previously 238M – 240M Share re
Slide 10: FY26 segment guidance
• Q1 FY26 Earnings FY26 segment guidance Revenue and segment profit Pharmaceutical Revenue growth of Segment profit growth of and Specialty Solutions 15% to 17% 16% to 19% Previously growth of 11% to 13% Previously growth of 11% to 13% Other: at-Home Solutions Revenue growth of Segment profit growth
Slide 11: Strategic priorities
• Q1 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 and shareholder value creation 11 © 2025 Ca
Slide 12: Supporting community-based physicians with a comprehensive model
• Q1 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 13: Adding Solaris Health to The Specialty Alliance
• Q1 FY26 Earnings Adding Solaris Health to The Specialty Alliance Transaction expected to be completed in early November 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+
Slide 14: Disciplined capital allocation framework
• Q1 FY26 Earnings Disciplined capital allocation framework Table stakes FY26 progress Investing back into the business to drive $108M in YTD capex organic growth Expect to achieve targeted leverage by end of FY261 Maintain investment grade balance sheet • Issued $1B in new notes to partially fund S
Slide 15: Compelling investment thesis
• Q1 FY26 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 16: Appendix
Appendix 16 © 2025 Cardinal Health. All Rights Reserved. 16 © 2025 Cardinal Health. All Rights Reserved.
Slide 17: 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 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 First Quarter (in millions) 2026 2025 GAAP - Cash Flow Categories Net cash provided by/(used in) operating activities $ 973 $ (1,647) Net cash used in investing activities (142)
Slide 19: Segment Information First Quarter
Cardinal Health, Inc. and Subsidiaries Segment Information First Quarter Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other (in millions) 2026 2025 2026 2025 2026 2025 Revenue Amount $ 59,205 $ 47,990 $ 3,184 $ 3,123 $ 1,641 $ 1,186 Growth rate 23 % (5)% 2% 3% 38 %
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 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
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