Cardinal Health (CAH) FY2026 results: revenue $254.2 billion, up 14.2% on the year

Cardinal Health distributes medicines and medical products and sells the services that move them, supplying hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices and patients in the home. An Ohio corporation formed in 1979, it reports two segments, Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution, with three smaller operating segments grouped as Other. Its financial year ends on 30 June.

Pharmaceutical and specialty

The Pharma segment distributes branded and generic pharmaceutical, specialty pharmaceutical and over-the-counter healthcare and consumer products in the United States. It sells services to pharmaceutical manufacturers and healthcare providers for specialty products, provides pharmacy management services to hospitals, operates a limited number of pharmacies including some in community health centers, and repackages generic pharmaceuticals and over-the-counter healthcare products. Generic buying runs through Red Oak Sourcing, a venture with CVS Health. Demand for GLP-1 medications rose during fiscal 2026, which the company reports lifted what the segment sold without contributing meaningfully to segment profit.

Physician practice platforms

Inside the Pharma segment sit managed services organisation platforms that support physician practices. The Specialty Alliance is the multi-specialty platform, made up of GI Alliance, Urology America, Solaris Health and other gastroenterology and urology focused practices, and Navista is the oncology platform, made up of ION and other oncology focused practices. On 3 November 2025 the company completed the acquisition of Solaris Health, a urology MSO, for a purchase price of approximately $1.9 billion in cash, and issued common units in The Specialty Alliance to certain physicians and members of management with an estimated grant date fair value of approximately $500 million. Solaris Health brings more than 750 providers across more than 250 practice locations in 14 states. After the closing the company owns approximately 76% of The Specialty Alliance.

Global medical products

This segment manufactures, sources and distributes Cardinal Health brand medical, surgical and laboratory products, which are sold in the United States, Canada, Europe, Asia and other markets. It also distributes national brand products, meaning other manufacturers' medical, surgical and laboratory goods, to hospitals, ambulatory surgery centers, clinical laboratories and other healthcare providers in the United States and Canada.

Nuclear, home and freight

Three smaller operating segments are reported together as Other. Nuclear and Precision Health Solutions runs nuclear pharmacies and manufacturing facilities that prepare and deliver radiopharmaceuticals for nuclear imaging, theranostics and other procedures in hospitals and physician offices, contract manufactures the radiopharmaceutical treatment Xofigo, and holds the rights to manufacture and distribute Lymphoseek, a radiopharmaceutical diagnostic imaging agent. The at-Home Solutions segment has two parts: Edgepark, including Advanced Diabetes Supply Group, which supplies medical products directly to patients with chronic conditions in the home, and at-Home, which distributes medical supplies and over-the-counter products to home medical equipment providers, home health and hospice agencies and e-commerce providers. OptiFreight Logistics arranges direct shipments for hospitals, pharmacies, labs and surgery centers.

Tariffs and drug pricing

Two outside forces run through the filing's account of the year. Tariffs are the first. Since February 2025 the company has paid approximately $200 million in tariffs under the International Emergency Economic Powers Act, mostly on products in the medical products segment, and in the fourth quarter of fiscal 2026 it recorded a receivable of approximately $200 million for an expected refund, which it states it will return to customers in the part that reflects the higher prices they paid. Further tariffs under Sections 122, 232 and 301 of the Trade Act of 1974 and Section 308 of the Smoot-Hawley Tariff Act have raised costs in that segment, which the company has tried to offset through cost work and price rises that it reports have not fully covered them. Drug pricing policy is the second. The Inflation Reduction Act caps prices on certain drugs, and the company describes an executive order on most-favoured-nation prescription drug pricing, along with an April 2026 presidential proclamation imposing tariffs on imported branded pharmaceutical products and their ingredients, as capable of affecting sales of branded products.

From Cardinal Health's annual report on Form 10-K for the year ended 30 June 2026, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 11 August 2026: read the full 10-K.