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Cardinal Health
Cardinal Health (CAH) investor relations material
Cardinal Health Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Q2 FY26 revenue grew 19% year-over-year to $65.6 billion, driven by branded and specialty pharmaceutical sales and recent acquisitions, with all five operating segments delivering at least double-digit profit growth.
Non-GAAP diluted EPS rose 36% to $2.63, and non-GAAP operating earnings increased 38% to $877 million, reflecting improved operating performance and acquisitions.
Major acquisitions included Solaris Health, Advanced Diabetes Supply, GI Alliance, and Urology America, expanding the MSO platform and specialty services.
Strategic focus remains on growth in specialty pharmaceuticals, cost optimization, and execution of the GMPD Improvement Plan.
Financial highlights
Gross margin increased 23% to $2.4 billion, with operating earnings up 38% to $877 million and operating margin expanding as expenses grew slower than revenue.
Net earnings attributable to the company rose 17% to $467 million; non-GAAP net earnings increased 33% to $624 million.
SG&A expenses increased 15%–16% to $1.5 billion, mainly due to acquisitions.
Adjusted free cash flow for Q2 was $543 million; $1.8 billion generated year-to-date.
Outlook and guidance
FY26 non-GAAP diluted EPS guidance raised to $10.15–$10.35, representing 23%–26% growth.
Pharmaceutical and Specialty Solutions segment profit growth guidance increased to 20%–22% (from 16%–19%).
GMPD segment profit guidance raised to ~$150 million; Other segment profit growth guidance raised to 33%–35%.
Non-GAAP effective tax rate guidance lowered to 21%–23%; diluted share count guidance reduced to 237–238 million.
Adjusted free cash flow expected between $3 billion and $3.5 billion for the year.
MSO platform acquisition strategy details
Tariff impact on GMPD segment profit
Future capital allocation priorities
What drives GMPD profit growth despite lower revenue outlook?
Detail drivers of 'Other' segment's high margin growth.
How does early leverage achievement impact capital allocation?
Future capital deployment priorities
Key organic drivers of specialty growth
GMPD turnaround: sustainability of brand growth
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Next Cardinal Health earnings date
Q3 202630 Apr, 2026
Cardinal Health
Next Cardinal Health earnings date
Q3 202630 Apr, 2026
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Frequently asked questions
Major Provider of Medical Products
Cardinal Health, Inc. Is an American healthcare services company with multinational operations. It specializes in the distribution of pharmaceuticals and medical products, delivering to over 100,000 different locations across the globe. Besides its distribution, it also manufactures various medical products and equipment used in surgeries. It supplies a large majority of hospitals in the US and is headquartered in Dublin, Ohio. Its shares are traded on the NYSE.
Starting Out in Food Distribution
Cardinal Health was founded in 1971 by Robert D. Walter. Originally established as Cardinal Foods, it began as a food distribution business. However, in the early 1980s, the company transitioned into pharmaceutical distribution. Over the subsequent years, Cardinal Health broadened its reach and services through a combination of organic growth, innovation, and acquisitions.
Operations
Its core operation lies in the distribution of pharmaceuticals and medical products. The company facilitates the delivery of medications and related services to various healthcare providers, including hospitals, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. Beyond pharmaceutical distribution, Cardinal Health is also involved in the sale of generic pharmaceuticals, over-the-counter medications, and consumer health products. A specialized branch within the company deals with nuclear pharmacy services, which involve the preparation and delivery of patient-specific doses of radiopharmaceuticals. When looking at the company’s peers, one finds names such as McKesson, Becton, Dickinson and Company, and Owens & Minor.
Surgical Equipment
In terms of surgical science equipment, the company offers a variety of items that cater to different clinical needs. These products range from basic consumables, such as surgical drapes, gowns, and gloves, to more specialized equipment used in surgical settings. They also provide fluid management systems, wound care products, and sterilization wraps. While the company does not manufacture all these products in-house, it partners with manufacturers to ensure a comprehensive product offering for healthcare institutions.
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