Cardinal Health’s (CAH) Big Earnings Beat Hides a More Complicated Story
Cardinal Health (CAH) reported impressive fourth-quarter fiscal 2026 results on August 11, with non-GAAP diluted EPS surging 40% to $2.91 and full-year adjusted free cash flow reaching $5 billion. However, much of this growth was due to a one-time $100 million net benefit from IEEPA tariff refunds in the Global Medical Products and Distribution segment.
When this is removed, GMPD's fourth-quarter profit was only $50 million, and the company expects ongoing tariff-related costs. While overall fiscal 2026 revenue grew 6% to $63.7 billion, the company's guidance for fiscal 2027 shows slower Pharma revenue growth than the previous year.
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