CARDINAL HEALTH (CAH) Company Report

Cardinal delivered double-digit profit growth across all five operating segments in Q1 and raised FY 2026 EPS guidance to $9.65–$9.85.
The MSO strategy targets “otherologies,” integrating practices via Specialty Networks and bolstering with GIA and Solaris acquisitions to extend distribution, data and ancillary services.
Committed $150 million to expand nuclear manufacturing and cyclotron capacity, supporting over 70 theranostic assets with a ~10% segment margin and 95% hospital reach.
Preparing At-Home Solutions for new Medicare competitive-bidding rules affecting ~15% of revenues (CGMs and pumps) from FY 2028, leveraging scale and compliance to partner with the administration.
Raised FY 2025 free cash flow guidance to $3.0–$3.5 billion, increased CapEx to $600–$650 million, maintaining a BBB/AA rating and returning ≥ $750 million to shareholders via buybacks and dividends, with selective high-ROI M&A optionality.

2 days ago

Transcript

Cardinal Health reports strong Q1 performance and outlines strategic investments

CAH

Guidance Update

M&A

New Projects/Investments

All five segments delivered double-digit profit growth in Q1, led by pharma and specialty, prompting a guidance raise to $9.65–$9.85 EPS for FY26.
Emphasized MSO strategy focused on “otherologies” with acquisitions of GIA and Solaris, leveraging Specialty Networks to integrate distribution, data, and back-office services.
Nuclear precision health business will add $150 million in cyclotron capacity, serving 95% of hospitals within three hours and supporting over 70 radiopharmaceuticals under development.
Finalized competitive bidding rules for CGMs and pumps affect ~15% of the at-home solutions segment; confident in compliance framework and scale to navigate changes by FY2028.
Raised FY25 free cash flow guidance to $3.0–$3.5 billion, CapEx to $600–$650 million, maintain BBB/AA rating, and commit to returning at least $750 million to shareholders.

2 days ago

Transcript

Cardinal Health presents FY 2025 overview at Citi Global Healthcare Conference

CAH

Guidance Update

M&A

New Projects/Investments

CFO Aaron Alt reported double-digit profit growth in all five segments in Q1 FY 25 and raised FY 26 EPS guidance to $9.65–$9.85.
Pharma business delivered outsized demand across brand, generics, specialty, and consumer health, while targeting 5–7% organic growth ex-M&A; generics benefited from strong volume and average margin-per-unit management.
MSO strategy focuses on specialty platforms (e.g., GIA in GI, Solaris in urology) and data/ancillary services, with only ~1/3 of revenues from distribution to diversify profit streams.
Growth investments include nuclear precision health (∼10% margin, cyclotron expansion for 70+ radiopharma) and At-Home Solutions (15% revenue subject to CMS competitive bidding, impact expected FY 28).
GMPD turnaround delivered positive profit and cash flow while managing a $450 m tariff headwind (offset 2/3 operationally, rest via pricing), and capital strategy emphasizes $3–3.5 bn FCF, $600–650 m CapEx, balance sheet strength, and $750 m+ returns to shareholders.

2 days ago

Transcript

Cardinal Health highlights Q1 performance and strategic updates at HealthCONx

CAH

Guidance Update

M&A

New Projects/Investments

Cardinal Health delivered a strong Q1 with double-digit growth across all five operating segments and raised full-year adjusted EPS guidance to $9.65–$9.85.
Pharma segment supported by a robust generics pipeline (2025–2029) and a stable buy-sell spread via the Red Oak CVS partnership, driving profitable volume growth.
“Other” segment (At-Home, Nuclear Precision Health, OptiFreight) achieved double-digit organic AOI growth, fueled by supply-chain automation, capacity expansion, and logistics technology investments.
Disciplined capital allocation: increasing free cash flow, investing $600–$650 million in high-ROI projects, maintaining a BBB+ credit rating, and pursuing at least $750 million in share repurchases, with remaining cash slated for M&A or further buybacks.
Continued integration of recent acquisitions (ADSG, ION, GI Alliance) to form a diversified Specialty Alliance, with a focus on tuck-ins to expand in-office procedures and ancillary services beyond drug distribution.

3 days ago

Transcript

Cardinal Health outlines Q1 performance and strategic priorities at HealthCONx conference

CAH

Guidance Update

M&A

Share Buyback

Cardinal Health delivered double-digit growth across all five operating segments in Q1, driven by strong demand, execution, and specialty investments, and raised its full-year EPS guidance to $9.65–$9.85.
CFO Aaron Alt noted $7 billion of new customer volume in H1, successful integrations of ION and GI Alliance in pharma, and the ADSG acquisition in at-home services, alongside ongoing GNPD improvement.
The generics pipeline for 2025–2029 is stronger than the prior five-year period, underpinning future growth through stable buy-sell spreads managed to average margin per unit and supported by the Red Oak partnership with CVS.
The “Other” segment—At-Home, Nuclear Precision Health, and OptiFreight—achieved organic double-digit AOI growth, fueled by investments in automation, cyclotrons, theranostics, and logistics technology.
Emphasizing disciplined capital allocation, the company plans $600–$650 million in FY26 capital expenditures, targets a BBB- credit rating, committed $750 million to share repurchases, and reserves remaining cash for M&A and strategic initiatives.

3 days ago

Transcript

Cardinal Health reports strong Q1 and raises FY26 guidance

CAH

Guidance Update

Share Buyback

M&A

Cardinal delivered a strong Q1 FY26, with double-digit growth across all five operating segments and raised full-year adjusted EPS guidance to $9.65–$9.85.
Pharma business secured $7 billion of new customer volume in H1 and expects a stronger generics pipeline from 2025–2029, supported by its Red Oak partnership with CVS.
“Other” segment (at-Home, Nuclear & Precision Health, OptiFreight) achieved organic double-digit profit growth; key integrations include ADSG in at-Home and acquisitions of ION and GI Alliance.
Raising adjusted free cash flow outlook, targeting $600–$650 million of FY26 capex, maintaining a BBB+ balance-sheet and committing to at least $750 million of share repurchases.

3 days ago

Transcript

Cardinal Health at UBS Global Healthcare Conference 2025

CAH

Guidance Update

M&A

New Projects/Investments

CFO Aaron Alt highlighted double-digit profit growth across all five operating segments in Q1, led by the pharma specialty business and a 60% profit increase in the “Other” segment driven by the ADSG acquisition.
Raised full-year adjusted EPS guidance to $9.65–$9.85, reflecting 17–20% year-over-year growth, underpinned by strong demand and continued investment in growth.
Onboarded $7 billion of new customer business in H1 (following $10 billion in H2 last year), front-loading profit growth in the first half.
Completed the Solaris acquisition, with $0.05 of accretion expected this fiscal year excluding distribution benefits, and investing in NPHS and MSO platforms to support specialty expansions.
Reported continued turnaround progress in GMPD, with 6% growth in the Cardinal Health brand business and a focus on cost optimization and network enhancements.

Nov 11, 2025, 1:45 PM

Transcript

Cardinal Health reports strong Q1 results and raises guidance

CAH

Guidance Update

New Projects/Investments

M&A

Cardinal delivered double-digit profit growth across all five operating segments in Q1 and raised its adjusted EPS guidance to $9.65–$9.85 (17%–20% y/y) for FY2026.
The company onboarded $10 billion of new business in H2 FY2025 and $7 billion in H1 FY2026, front-loading profit growth in the first half.
Closed the Solaris acquisition and secured distribution contracts for ION and GI Alliance, emphasizing growth in non-oncology “otherologies” (e.g., urology, rheumatology, gastroenterology) via MSO platforms.
The GMPD segment turned positive in profit and cash flow, with the Cardinal Health brand business growing 6% for the second consecutive quarter; investing in network automation, such as a new Indianapolis facility, to bolster operational efficiency.

Nov 11, 2025, 1:45 PM

Transcript

Cardinal Health reports robust Q1 results and growth plans

CAH

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Cardinal delivered double-digit profit growth across all five operating segments in Q1, led by pharma specialty at 26% profit growth and 60% in the “Other” segment, and raised full-year adjusted EPS guidance to $9.65–$9.85 (17%–20% growth).
Onboarded $7 billion of new pharma business in H1 FY2026 (following $10 billion in H2 FY2025) and achieved 23% Q1 pharma revenue growth and 22% enterprise-wide, driven by strength in brand, generics, and specialty demand.
Investing in network expansion and automation, including a new Indianapolis distribution node and $150 million in nuclear precision health manufacturing to support SPECT, PET, and theranostics capacity.
The GMPD Improvement Plan has shifted Global Medical Products & Distribution to positive profit and cash flow, with the Cardinal Health brand business growing 6% and enhanced cost structure to compete amid industry transitions.

Nov 11, 2025, 1:45 PM

Transcript

Cardinal Health completes acquisition of Solaris Health

CAH

M&A

Cardinal Health (NYSE: CAH) completed the acquisition of Solaris Health, the country’s leading urology MSO.
Solaris Health brings over 750 providers across more than 250 practice locations in 14 states.
The deal expands Cardinal Health’s multi-specialty MSO platform, The Specialty Alliance, to approximately 3,000 providers in 32 states.

Nov 3, 2025, 1:30 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CARDINAL HEALTH.

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