Cardinal Health (CAH) Q1 FY2027 earnings: revenue $67.5 billion, up 5.5% on the year

Cardinal Health Inc. (CAH) reported revenue of $67.5 billion for Q1 FY2027, the quarter ended 30 September 2026, up 5.5% on the same quarter a year earlier. Net income was $554 million, up 23.1% on the year, and diluted earnings per share $2.38. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$67.5 billion

+5.5% on the year · +6.0% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

1.1%

1.0% a year earlier

Q2 FY2025Q1 FY2027

Net income

$554 million

+23.1% on the year · +39.2% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$2.38

+26.6% on the year · +40.0% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 2 lowered.

Revenue and operating earnings grew: Revenue rose 5% to $67.5 billion. GAAP operating earnings rose 13% to $753 million, from $668 million a year earlier.
Non-GAAP EPS rose 28%: Non-GAAP diluted EPS rose 28% to $3.26. The company attributes the increase to higher non-GAAP operating earnings, a lower share count and a lower effective tax rate.
Pharma revenue and profit grew: Pharmaceutical and Specialty Solutions revenue rose 6% to $62.6 billion. Segment profit rose 17% to $783 million, driven by brand and specialty products and generics program performance.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	67,513	63,672	64,009	+6.0%	+5.5%
Cost of revenue	64,917	61,112	61,690	+6.2%	+5.2%
Gross profit	2,596	2,560	2,319	+1.4%	+11.9%
Gross margin	3.8%	4.0%	3.6%
Selling, general and administrative	1,595	1,625	1,461	-1.8%	+9.2%
Operating income	753	729	668	+3.3%	+12.7%
Operating margin	1.1%	1.1%	1.0%
Interest expense	73.0	79.0	80.0	-7.6%	-8.8%
Pre-tax income	688	554	598	+24.2%	+15.1%
Income tax	132	154	144	-14.3%	-8.3%
Effective tax rate	19.2%	27.8%	24.1%
Net income	554	398	450	+39.2%	+23.1%
Net margin	0.8%	0.6%	0.7%
Diluted EPS	$2.38	$1.70	$1.88	+40.0%	+26.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	1,398	1,692	973	-17.4%	+43.7%
Capital expenditure	157	264	108	-40.5%	+45.4%
Free cash flow	1,241	1,428	865	-13.1%	+43.5%
Free cash flow margin	1.8%	2.2%	1.4%
Cash from investing	-251	-281	-142
Cash from financing	-742	-490	-110
Depreciation and amortisation	247	241	233	+2.5%	+6.0%
Share-based compensation	109	58.0	93.0	+87.9%	+17.2%
Buybacks	500	350	375	+42.9%	+33.3%
Dividends paid	126	120	129	+5.0%	-2.3%
Dividend per share	$0.52	n/a	$0.51		+1.0%
Diluted shares, weighted	233m	235m	239m	-0.9%	-2.5%
Shares outstanding at period end	231m	233m	238m	-0.6%	-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	-3,025	-2,883	-2,879
Non-controlling interest	159	159	148	0.0%	+7.4%
Debt	8,815	8,886	9,032	-0.8%	-2.4%
Operating lease liabilities	n/a	861	n/a
Finance lease liabilities	n/a	140	n/a
Other liabilities	53,595	50,136	48,927	+6.9%	+9.5%
Total liabilities and equity	59,544	57,299	55,228	+3.9%	+7.8%
Fixed assets	2,999	3,031	2,831	-1.1%	+5.9%
Goodwill	11,543	11,442	9,711	+0.9%	+18.9%
Intangible assets	2,146	2,189	2,399	-2.0%	-10.5%
Cash and equivalents	5,264	4,856	4,593	+8.4%	+14.6%
Receivables	14,542	13,815	13,770	+5.3%	+5.6%
Inventory	18,395	17,297	17,559	+6.3%	+4.8%
Other assets	4,655	4,669	4,365	-0.3%	+6.6%
Total assets	59,544	57,299	55,228	+3.9%	+7.8%

Questions

What was Cardinal Health's revenue in Q1 FY2027?

Cardinal Health (CAH) reported revenue of $67.5 billion for Q1 FY2027, the quarter ended 30 September 2026, up 5.5% on the same quarter a year earlier.

How much did Cardinal Health earn in Q1 FY2027?

Net income for Q1 FY2027 was $554 million, up 23.1% on the year, and diluted earnings per share $2.38.

When did Cardinal Health report Q1 FY2027 results?

Cardinal Health filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	45,457	44,836	47,103	49,603	51,469	50,487	53,453	54,650	57,445	54,911	59,708	52,277	55,264	54,878	60,159	64,009	65,627	60,940	63,672	67,513
Cost of revenue	43,841	43,154	45,498	47,989	49,806	48,702	51,626	52,995	55,599	52,964	57,855	50,375	53,323	52,755	57,957	61,690	63,230	58,442	61,112	64,917
Gross profit	1,616	1,682	1,605	1,596	1,684	1,810	1,784	1,743	1,854	1,935	1,882	1,902	1,941	2,123	2,202	2,319	2,397	2,498	2,560	2,596
Gross margin	4%	4%	3%	3%	3%	4%	3%	3%	3%	4%	3%	4%	4%	4%	4%	4%	4%	4%	4%	4%
SG&A	1,151	1,137	1,155	1,197	1,179	1,172	1,252	1,186	1,268	1,269	1,277	1,277	1,306	1,315	1,484	1,461	1,504	1,542	1,625	1,595
Operating income	-950	-97.0	36.0	123	-86.0	604	111	-32.0	505	369	401	568	549	730	428	668	707	509	729	753
Operating margin	-2%	-0%	0%	0%	-0%	1%	0%	-0%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Interest expense	37.0	38.0	34.0	24.0	24.0	26.0	10.0	11.0	3.0	28.0	9.0	32.0	35.0	74.0	74.0	80.0	88.0	101	79.0	73.0
Pre-tax income	-973	-137	-28.0	96.0	-104	576	95.0	-44.0	512	342	391	541	511	665	384	598	630	392	554	688
Tax rate	n/a	n/a	n/a	-3%	n/a	36%	161%	n/a	28%	23%	40%	23%	22%	24%	37%	24%	25%	3%	28%	19%
Net income	49.0	-1,391	138	98.0	-77.0	365	-56.0	-12.0	368	261	235	416	400	506	239	450	467	399	398	554
Net margin	0%	-3%	0%	0%	-0%	1%	-0%	-0%	1%	0%	0%	1%	1%	1%	0%	1%	1%	1%	1%	1%
Diluted EPS	$0.17	-$5.05	$0.59	$0.40	-$0.30	$1.41	-$0.51	-$0.05	$1.50	$1.07	$0.96	$1.70	$1.65	$2.10	$1.00	$1.88	$1.97	$1.69	$1.70	$2.38
Operating cash flow	1,195	-419	2,992	23.0	597	1,361	858	528	1,189	-49.0	2,077	-1,647	-400	2,917	1,527	973	686	1,823	1,692	1,398
Capital expenditure	74.0	82.0	164	70.0	85.0	109	217	92.0	114	112	193	90.0	99.0	126	232	108	131	146	264	157
Free cash flow	1,121	-501	2,828	-47.0	512	1,252	641	436	1,075	-161	1,884	-1,737	-499	2,791	1,295	865	555	1,677	1,428	1,241
Buybacks	300	200	0.0	1,000	250	250	500	500	250	0.0	0.0	375	15.0	375	0.0	375	383	250	350	500
Dividends paid	140	136	134	142	129	128	126	131	124	122	122	128	122	124	120	129	122	120	120	126
Shares outstanding	277m	272m	273m	262m	258m	255m	251m	246m	243m	244m	244m	242m	242m	239m	239m	238m	235m	234m	233m	231m
Filing	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.