Cardinal Health Beats Estimates at $67.5 Billion Revenue, $3.26 Adjusted EPS

Cardinal Health (NYSE: CAH) reported fiscal first-quarter revenue of $67.5 billion, above the $66.51 billion analysts expected, and adjusted diluted EPS of $3.26 against the $2.94 consensus estimate, in an 8-K filed Thursday, Nov. 5, 2026. Revenue rose 5% from $64.0 billion a year earlier.

Non-GAAP operating earnings rose 17% to $1.0 billion, and GAAP operating earnings rose 13% to $753 million. GAAP diluted EPS increased 27% to $2.38. The company attributed the non-GAAP EPS increase to higher non-GAAP operating earnings, a lower share count and a lower effective tax rate.

Segment results

Pharmaceutical and Specialty Solutions revenue rose 6% to $62.6 billion, driven by brand and specialty pharmaceutical sales growth from existing customers. Segment profit rose 17% to $783 million, which the company primarily attributed to brand and specialty products and positive generics program performance.

Global Medical Products and Distribution revenue was flat at $3.2 billion, as growth in Cardinal Health Brand was offset by lower distribution revenue. Segment profit fell 28% to $33 million, due to unfavorable distribution and foreign exchange impacts partly offset by Cardinal Health Brand growth.

Other revenue rose 7% to $1.8 billion, and Other segment profit rose 16% to $193 million.

Raised fiscal 2027 outlook

Cardinal Health raised its fiscal 2027 non-GAAP EPS guidance to $12.80 to $13.00, from $12.40 to $12.60. The company said the range reflects 14% to 15% growth from reported fiscal 2026 results and 17% to 19% growth from a fiscal 2026 baseline that excludes an IEEPA tariff refund. The new range sits above the $12.56 average analyst estimate for the full year.

The company also raised its Pharmaceutical and Specialty Solutions profit growth outlook to 10% to 12%, and its Other profit growth outlook to 17% to 20%. It lowered its non-GAAP effective tax rate range to 18.5% to 19.5% and expects 231 million to 232 million diluted weighted average shares outstanding.

Capital and portfolio moves

Cardinal Health completed a $500 million share repurchase program in the first quarter. The company also entered into a binding letter of intent to renew its pharmaceutical distribution agreements with CVS Health, and said it anticipates completing the acquisition of AdaptHealth's Diabetes Health business in the third quarter of fiscal 2027.

Cardinal Health shares closed at $261.93 on Wednesday, Nov. 4, 2026, the last close before the filing.