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CardinalHealthTM rAnnual Aenpnour. l report 20
Dear Shareholders, Fiscal 2025 was another strong year for Cardinal Health. We continued to accelerate our momentum with a relentless focus on driving simpli cation e ciencies simplification and operational efficiencies in our core, while investing for long-term growth. Our sustained performance is a result of the progress we ve we've made against our strategic priorities, as we continue evolving to meet customer and patient needs while driving value creation for our shareholders. fiscal year, we: This scal Delivered GAAP earnings per share of $6.45 0 and non-GAAP diluted earnings per share of O $8.24, growth of over 9% O Grew Pharmaceutical and Specialty Solutions profit by 12% segment pro t O O Achieved $135 million in segment pro t profit and positive cash ow flow generation within the Global Medical Products and Distribution (GMPD) segment by continued execution of the multi-year improvement plan O Achieved segment profit pro t growth of 22% for the year for the businesses reported as Other "Other" (Nuclear and Precision Health Solutions, at-Home Solutions and OptiFreight Logistics) Generated operating cash ow flow and non-GAAP ow of $2.4 billion and adjusted free cash flow $2.5 billion, respectively Returned approximately $1.25 billion to shareholders through dividends and share repurchases The tremendous progress we ve we've made is the result of our focus on continuous improvement; as we outlined at our Investor Day Day'1 in June, we are seeing the positive we've built over the last several years. results of the strong, resilient foundation we ve Fiscal 2025 financial nancial summary GAAP basis scal fiscal 2025 fiscal 2025 Non-GAAP basis scal Operating earnings % change $2.3 billion $2.8 billion 83% 15% Revenue % change $222.6 billion N/A EPS 2 Diluted EPS2 % change $6.45 $8.24 87% 9% (2%) scal 2025 Form 10-K for GAAP to Non-GAAP reconciliations. Please see Explanation and Reconciliation of Non-GAAP Financial Measures in our fiscal 1 Pleasefind Please nd our Investor Day presentation at cardinalhealth.com/2025investorday. 2 Attributable to Cardinal Health, Inc.
.1. Jason Hollar Officer Chief Executive O cer
Pharmaceutical and Specialty Solutions segment highlights The Pharmaceutical and Specialty Solutions segment is our largest business, and we continue to prioritize its growth and resilience, strengthening its core and expanding in Specialty. Zie The new Consumer Health Logistics Center (CHLC) in Central Ohio is the first rst step in a multi-year plan to increase capacity and drive efficiencies e ciencies across our pharmaceutical distribution network. The CHLC, now fully operational, is a centralized replenishment center for the distribution of over-the-counter medications, treatments and diagnostic solutions for our pharmacy customers. The segment is also investing in new technologies to create efficiencies Specifically, Vantus" e ciencies for our customers. Speci cally, Vantus HQ, our proprietary ordering platform, is a one-stop digital hub that gives retail pharmacists enhanced capabilities to search products, track orders and access reporting. The platform, piloted early in scal fiscal 2025, is now rolling out to various customer classes. Organic and inorganic investments are enhancing our broad Specialty capabilities, furthering our goal of becoming a multispecialty leader. The new Specialty Alliance is a multi-specialty managed services organization (MSO) platform that encompasses GI Alliance, the leading gastroenterology MSO in the United States (U.S.), in which we acquired a majority stake for approximately $2.8 billion in cash, and the newly established Urology Alliance, following our recent acquisitions of Urology America and Potomac Urology. The Specialty Alliance provides administrative and management services to physicians physicians' practices, enabling providers to focus on patient care. The Specialty Alliance will also include Solaris Health, the country's country s leading urology MSO, following the completion of the acquisition, for approximately $1.9 billion in cash, as announced in August. To accelerate the growth and capabilities of Navista, we acquired Integrated Oncology Network (ION) for approximately $1.1 billion in cash. ION is an MSO that supports more than 50 practice sites in 10 states. Navista is investing in technology-enabled clinical tools, including the proprietary Navista Navistar' Practice Intelligence Suite, which enables users to gain data-driven insights to make their practices more efficient. e cient. Specialty Networks, which creates value for independent specialty providers and partners across multiple specialties, is expanding into oncology, and building its existing capabilities in gastroenterology and rheumatology, as part of our multispecialty strategy. Additionally, Specialty Networks' PPS Analytics leverages real-world data to improve patient care and clinical research. Other highlights Our three growth businesses, Nuclear and Precision Health Solutions (NPHS), at-Home Solutions and OptiFreight Logistics, have been reported together Other since 2024. Each of these businesses is a leader as "Other" within its industry and each is growing rapidly. We expect continued demand for these businesses due to secular trends, including preferred sites of care, evolving patient expectations, and innovation through technology advancements. The strong execution across each of these businesses gives us confidence con dence in our continued investment and long-term trajectory. NPHS plans to invest more than $150 million over the next three years, enabling an expansion of its cyclotron network for PET products in 11 markets across the U.S. and a further expansion of its Center for Theranostics Advancement capabilities to support a strong pipeline of growth into the therapeutic areas of oncology, urology and neurology. at-Home Solutions will include Advanced Diabetes Supply Group (ADSG), a leading diabetes medical supplies provider that Cardinal Health acquired for approximately $1.1 billion in cash. at-Home Solutions recently opened its Fort Worth, Texas, facility, equipped with automation technologies, and announced plans for further automation expansion in one existing distribution center (DC) and in two new DCs planned in the West and the Northeast. OptiFreight Logistics, which provides expertise in logistics country s top 10 health systems, management to seven of the country's will expand its offerings o erings within the hospital pharmacy setting. This is a logical step in Cardinal Health s Health's evolution, given the company s company's freight management and pharmaceutical distribution leadership.
Global Medical Products and Distribution (GMPD) segment highlights Striving to be healthcare's most trusted partner GMPD continues to execute its improvement plan, focused on on GMPD accelerating the growth of of its Cardinal Health'" Health Brand products accelerating and, at the same time, driving simpli cation and, simplification and cost optimization. The multistep effort e ort builds on the earlier progress of the GMPD improvement plan, which returned the business to positive profit pro t and cash flow ow generation. Additionally, my leadership team and I continue continue to work to minimize the impact of tariffs, tari s, which are affecting a ecting the Cardinal Health'" Health Brand portfolio. 90% U.S. hospitals served 25K physician offices o ces or clinics serviced by our dinia byour Specialty business Looking ahead Cardinal Health is the crucial link in healthcare. Few companies offer o er the combination of a resilient business model and compelling growth the the result of favorable trends and our actions to evolve into higher-margin and fastergrowing areas of the market while while safely, securely and efficientlydelivering e ciently delivering the products and solutions that improve the lives of people each day and value for all stakeholders. 20+ product categories as an integrated asan ical manufacturer medical employees and their workand work and commitment Our success is driven by our 57,700 employees to our critical role in healthcare. I extend extend my thanks to our Board of Directors and to my senior leadership team.As team. As always, I'm I m grateful to our customers for their business and and their trust, and appreciate the continued support of our shareholders. con dent in our strategic direction and proud of of our accomplishments. accomplishments. II am confident team s execution in support of ourcustomers our customers and and patients throughout Our team's scal 2025 is furthering our business growth and helping us to UM ful ll our our role fiscal healthcare s most trusted partner. as healthcare's 24M+ parcel packages roug h managed th through Optineight OptiFreight Logistics A 6M+ patientsserved patients served in the home by direct to patient business Sincerely, rea 43K+ 43K+ pharmaceutical deliver ieS aday deliveries a day Jason Hollar Chief Executive Officer O cer 30 PETcyclotron PET cyclotron facilities Important information regarding for forward-looking statements: This Report contains forward-looking statements statements Importantintormation mard.todiing statenents:Ths Mport carrai ns Ponvard.laaling addressing expectabons. expectations, prospects, estimates and amer other matters that are dependent upon future events or develapmerrs developments. addressing pospectsdmhmatesan3 matterstlutare0?p?nient uponittureetent pIan. "believe," will," "should," These sb statements identi ed words ssuch "expect," "anticipate," "intend," "plan," Thine te meats may be ide caned by bywords to: n as %eApectra oho pate: Intenir "could," "would," "project," "likely," similarretp expressions, include statements re ecting 'co uld,"1 4 / 0ulcrp norect* "continue, co nuerli lM y and 9rilna means. aand mi incl We statements reflecting future results esuits or guidi me state ments ore (Moot 3nd mata TThese heie matters aare re ssubject unfectto guidance, statements of outlook and venous various accruals and onti estimates. to nits risks and uncertaintm uncertainties makeinformation thatco uld ca use actual results ce ultsto matenally(from ram tnose for more a imation that could cause to Oiler di er materially those enacted, projected, anticipated complied or implied. For aabout Ira utthime ncertar nnim. please renew farms 104,10.Q nd 8-K nd Exhibits ekbi bits to Means. whichare these nits risks and u uncertainties, review our our Forms 10-K, 10-Q aand 8-K aand to [Wise those Reports, which are avail able aorta Mr nal nealtn com. Except eccept to the nml by applicable law, available at ir.cardinalhealth.com. the extentiegui extent required law, me we undertake no obligation to update curensearrifonvardad)13ng or revise any forward-looking statement. -130 130 nuclear nudear pharmacies F' I ~2.2K -2.2K providers in 28 states and more than 450 450 sites sites of care su supported of pparted by our MSO platforms
 • shareholder letter icon 9/16/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/27/2023 CAH Stockholder Letter
 • stockholder letter icon 9/16/2024 CAH Stockholder Letter
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CAH Shareholder/Stockholder Letter Transcript:

CardinalHealthTM
rAnnual
Aenpnour. l
report
20  

Dear Shareholders,
Fiscal 2025 was another strong year for Cardinal Health. We continued to accelerate our
momentum with a relentless focus on driving simpli   cation
e   ciencies
simplification and operational efficiencies
in our core, while investing for long-term growth. Our sustained performance is a result
of the progress we   ve
we've made against our strategic priorities, as we continue evolving to
meet customer and patient needs while driving value creation for our shareholders.
fiscal year, we:
This    scal
Delivered GAAP earnings per share of $6.45
0 and
non-GAAP diluted earnings per share of
O
$8.24, growth of over 9%
O
Grew Pharmaceutical and Specialty Solutions
profit by 12%
segment pro   t
O
O
Achieved $135 million in segment pro   t
profit
and positive cash    ow
flow generation within the
Global Medical Products and Distribution
(GMPD) segment by continued execution
of the multi-year improvement plan
O
Achieved segment profit
pro   t growth of 22%
for the year for the businesses reported as
   Other   
"Other" (Nuclear and Precision Health Solutions,
at-Home Solutions and OptiFreight Logistics)
Generated operating cash    ow
flow and non-GAAP
   ow of $2.4 billion and
adjusted free cash flow
$2.5 billion, respectively
Returned approximately $1.25 billion
to shareholders through dividends and
share repurchases
The tremendous progress we   ve
we've made is the result of our focus on continuous
improvement; as we outlined at our Investor Day
Day'1 in June, we are seeing the positive
we've built over the last several years.
results of the strong, resilient foundation we   ve
Fiscal 2025 financial
   nancial summary
GAAP basis    scal
fiscal 2025
fiscal 2025
Non-GAAP basis    scal
Operating earnings
% change
$2.3 billion
$2.8 billion
83%
15%
Revenue
% change
$222.6 billion
N/A
EPS 2
Diluted EPS2
% change
$6.45
$8.24
87%
9%
(2%)
   scal 2025 Form 10-K for GAAP to Non-GAAP reconciliations.
Please see Explanation and Reconciliation of Non-GAAP Financial Measures in our fiscal
1
Pleasefind
Please    nd our Investor Day presentation at cardinalhealth.com/2025investorday.
2
Attributable to Cardinal Health, Inc.


.1.       


















Jason Hollar
Officer
Chief Executive O   cer

Pharmaceutical and Specialty Solutions segment highlights
The Pharmaceutical and Specialty Solutions
segment is our largest business, and we continue
to prioritize its growth and resilience, strengthening
its core and expanding in Specialty.
Zie
The new Consumer Health Logistics Center (CHLC) in Central
Ohio is the first
   rst step in a multi-year plan to increase capacity and
drive efficiencies
e   ciencies across our pharmaceutical distribution network.
The CHLC, now fully operational, is a centralized replenishment
center for the distribution of over-the-counter medications,
treatments and diagnostic solutions for our pharmacy customers.
The segment is also investing in new technologies to create
efficiencies
Specifically, Vantus"
e   ciencies for our customers. Speci   cally,
Vantus    HQ, our
proprietary ordering platform, is a one-stop digital hub that
gives retail pharmacists enhanced capabilities to search products,
track orders and access reporting. The platform, piloted early
in    scal
fiscal 2025, is now rolling out to various customer classes.
Organic and inorganic investments are enhancing our broad
Specialty capabilities, furthering our goal of becoming a
multispecialty leader.
    The new Specialty Alliance is a multi-specialty managed
services organization (MSO) platform that encompasses
GI Alliance, the leading gastroenterology MSO in the
United States (U.S.), in which we acquired a majority stake
for approximately $2.8 billion in cash, and the newly established
Urology Alliance, following our recent acquisitions of Urology
America and Potomac Urology. The Specialty Alliance provides
administrative and management services to physicians   
physicians' practices,
enabling providers to focus on patient care. The Specialty
Alliance will also include Solaris Health, the country's
country   s leading
urology MSO, following the completion of the acquisition,
for approximately $1.9 billion in cash, as announced in August.
    To accelerate the growth and capabilities of Navista,
we acquired Integrated Oncology Network (ION) for
approximately $1.1 billion in cash. ION is an MSO that supports
more than 50 practice sites in 10 states. Navista is investing in
technology-enabled clinical tools, including the proprietary
Navista   
Navistar' Practice Intelligence Suite, which enables users to gain
data-driven insights to make their practices more efficient.
e   cient.
    Specialty Networks, which creates value for independent
specialty providers and partners across multiple specialties,
is expanding into oncology, and building its existing
capabilities in gastroenterology and rheumatology, as part of
our multispecialty strategy. Additionally, Specialty Networks'
PPS Analytics leverages real-world data to improve patient care
and clinical research.
Other highlights
Our three growth businesses, Nuclear and Precision
Health Solutions (NPHS), at-Home Solutions and
OptiFreight Logistics, have been reported together
   Other    since 2024. Each of these businesses is a leader
as "Other"
within its industry and each is growing rapidly. We expect
continued demand for these businesses due to secular trends,
including preferred sites of care, evolving patient expectations,
and innovation through technology advancements. The strong
execution across each of these businesses gives us confidence
con   dence
in our continued investment and long-term trajectory.
    NPHS plans to invest more than $150 million over the next
three years, enabling an expansion of its cyclotron network
for PET products in 11 markets across the U.S. and a further
expansion of its Center for Theranostics Advancement
capabilities to support a strong pipeline of growth into the
therapeutic areas of oncology, urology and neurology.
    at-Home Solutions will include Advanced Diabetes Supply
Group (ADSG), a leading diabetes medical supplies provider
that Cardinal Health acquired for approximately $1.1 billion
in cash. at-Home Solutions recently opened its Fort Worth,
Texas, facility, equipped with automation technologies, and
announced plans for further automation expansion in one
existing distribution center (DC) and in two new DCs planned
in the West and the Northeast.
    OptiFreight Logistics, which provides expertise in logistics
country   s top 10 health systems,
management to seven of the country's
will expand its offerings
o   erings within the hospital pharmacy setting.
This is a logical step in Cardinal Health   s
Health's evolution, given
the company   s
company's freight management and pharmaceutical
distribution leadership.

Global Medical Products and Distribution
(GMPD) segment highlights
Striving to be healthcare's
most trusted partner

GMPD continues to execute its improvement plan, focused on
on
GMPD
accelerating the growth of
of its Cardinal Health'"
Health    Brand products
accelerating
and, at the same time, driving simpli   cation
and,
simplification and cost optimization.
The multistep effort
e   ort builds on the earlier progress of the GMPD improvement
plan, which returned the business to positive profit
pro   t and cash flow
   ow generation.
Additionally, my leadership team and I continue
continue to work to minimize the
impact of tariffs,
tari   s, which are affecting
a   ecting the Cardinal Health'"
Health    Brand portfolio.
90%
U.S. hospitals served
25K
physician offices
o   ces or
clinics serviced by
our
dinia
byour
Specialty business
Looking ahead
Cardinal Health is the crucial link in healthcare. Few companies offer
o   er the
combination of a resilient business model and compelling growth    the
    the result
of favorable trends and our actions to evolve into higher-margin and fastergrowing areas of the market       while
while safely, securely and efficientlydelivering
e   ciently delivering
the products and solutions that improve the lives of people each day and
value for all stakeholders.
20+
product categories
as an integrated
asan
ical manufacturer
medical
employees and their workand
work and commitment
Our success is driven by our 57,700 employees
to our critical role in healthcare. I extend
extend my thanks to our Board of Directors
and to my senior leadership team.As
team. As always, I'm
I   m grateful to our customers
for their business and
and their trust, and appreciate the continued support of
our shareholders.
con   dent in our strategic direction and proud of
of our accomplishments.
accomplishments.
II am confident
team   s execution in support of ourcustomers
our customers and
and patients throughout
Our team's
   scal 2025 is furthering our business growth and helping us to UM
ful   ll our
our role
fiscal
healthcare   s most trusted partner.
as healthcare's
24M+
parcel packages
roug h
managed th
through
Optineight
OptiFreight Logistics
A
6M+
patientsserved
patients
served in
the home by direct
to patient business
Sincerely,
rea
43K+
43K+
pharmaceutical
deliver
ieS aday
deliveries
a day
Jason Hollar
Chief Executive Officer
O   cer
30
PETcyclotron
PET cyclotron
facilities
Important information regarding for
forward-looking
statements: This Report
contains
forward-looking statements
statements
Importantintormation
mard.todiing statenents:Ths
Mport carrai
ns Ponvard.laaling
addressing expectabons.
expectations, prospects,
estimates and amer
other matters
that are dependent upon
future events or develapmerrs
developments.
addressing
pospectsdmhmatesan3
matterstlutare0?p?nient
uponittureetent
pIan.    "believe,"    will," "should,"
These sb
statements
identi   ed
words ssuch
"expect," "anticipate,"
"intend,"    "plan,"
Thine
te meats may be ide
caned by
bywords
to: n as %eApectra
oho pate:    Intenir
"could,"
"would,"
"project,"
"likely,"
similarretp
expressions,
include
statements re   ecting
'co
uld,"1
4
/ 0ulcrp
norect* "continue,   
co nuerli
lM y    and 9rilna
means. aand
mi incl
We statements
reflecting future results
esuits or
guidi
me state
ments ore
(Moot 3nd
mata TThese
heie matters aare
re ssubject
unfectto
guidance,
statements
of outlook
and venous
various accruals and onti
estimates.
to nits
risks and uncertaintm
uncertainties
makeinformation
thatco
uld ca
use actual results
ce ultsto
matenally(from
ram tnose
for more
a imation
that could
cause
to Oiler
di   er materially
those enacted,
projected, anticipated complied
or implied. For
aabout
Ira utthime
ncertar nnim. please renew
farms 104,10.Q
nd 8-K
nd Exhibits
ekbi bits to
Means. whichare
these nits
risks and u
uncertainties,
review our
our Forms
10-K, 10-Q aand
8-K aand
to [Wise
those Reports,
which are
avail
able aorta
Mr nal nealtn com. Except
eccept to the
nml by applicable law,
available
at ir.cardinalhealth.com.
the extentiegui
extent required
law, me
we undertake no obligation to update
curensearrifonvardad)13ng
or revise any forward-looking statement.

-130
130
nuclear
nudear pharmacies
F' I
~2.2K
-2.2K
providers in 28 states
and more than 450
450 sites
sites
of care su
supported
of
pparted by
our MSO platforms


shareholder letter icon 9/16/2025 Letter Continued (Full PDF)
 

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