Analyst Consensus ?
ConsensusBuy33 ratings
Bullish1854.5%
Neutral1545.5%
Bearish00.0%
Cardinal Health, Inc. · CAH · FY2025 Q3 · Calendar Q2 2025
Cardinal Health: Strong Q3 growth, with tariffs a key FY26 risk
The supplied analysis supports a constructive near-term operating picture: broad segment growth, new customer onboarding, specialty demand and acquisitions outweighed current concerns. The longer-term case still depends on tariff mitigation, durable pharma margins and successful integration.
Reported Before market openNYSEHealthcare
$53.47B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.15
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $55.31B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.0%
Event window
SPY move
+0.7%
Same window
Abnormal move
+2.3%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+6.1%
Up to 20 sessions
CAHSPY benchmark
Ask FN2 about CAH FY2025 Q3
Transcript, numbers and history already loaded
What drove CAH's +3.0% move after FY2025 Q3 earnings?What changed in CAH's guidance and outlook in FY2025 Q3?Give me the bull and bear case for CAH after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management reported faster operating-earnings growth, raised and narrowed FY25 EPS guidance, and added a more explicit FY26 tariff exposure estimate and mitigation plan.
Guidance delta
Management raised and narrowed FY25 EPS guidance to $8.05-$8.15 and increased adjusted free cash flow outlook to the high end of its prior range.
Key takeaways
- Operating earnings grew 21% and EPS rose 13% to $2.35, with growth across all five segments.
- Pharmaceutical utilization, specialty sales, new customer onboarding and acquisitions supported the quarter.
- Management estimated FY26 tariff exposure at $200-$300 million, with more than half expected to be offset.
- US manufacturing, automation and integration remain central to the operating plan.
Management priorities
- Integrate recent acquisitions, including ADSG, GI Alliance, ION and GIA.
- Continue US manufacturing expansion and automation investments.
- Expand specialty networks, at-home solutions, nuclear theranostics and logistics offerings.
- Provide more detail on FY26 strategy and initiatives at Investor Day.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$228.3Current
$53Low
$192.16Average
$292High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Aug 13, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 13, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 12, 2026 |
| UBS | Buy | Buy | Maintain | Aug 12, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 12, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 12, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 12, 2026 |
| Baird | Outperform | Outperform | Maintain | Aug 12, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 2, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Aug 12, 2025 |
| Jefferies | Buy | Hold | Upgrade | Feb 5, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 4, 2024 |
| Argus Research | Buy | Buy | Maintain | Sep 11, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Jun 12, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Aug 16, 2022 |
| CFRA | Hold | Hold | Maintain | May 11, 2020 |
| Guggenheim | Neutral | Buy | Downgrade | Dec 16, 2019 |
| Argus | Hold | Buy | Downgrade | Aug 27, 2019 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Nov 16, 2018 |
| RBC Capital | Perform | Sector Perform | Maintain | Sep 19, 2017 |
| Tigress Financial | Neutral | Neutral | Maintain | Apr 28, 2017 |
| William Blair | Market Perform | Outperform | Downgrade | Apr 19, 2017 |
| Needham | Hold | Hold | Maintain | Apr 4, 2017 |
| Goldman Sachs | Neutral | Buy | Downgrade | Sep 16, 2016 |
| Avondale Partners | Outperform | Market Outperform | Maintain | Apr 18, 2016 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 6, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Mar 10, 2015 |
| Bank of America | Buy | Buy | Maintain | Dec 29, 2014 |
| Sterne Agee | Buy | Neutral | Upgrade | Nov 6, 2013 |
| ISI Group | Buy | Strong Buy | Downgrade | Mar 20, 2013 |
| Lazard | Neutral | Buy | Downgrade | Mar 19, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $228.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Ryan Halsted | $276 | $234.98 | +20.9% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $275 | $234.16 | +20.5% | Aug 13, 2026 |
| Morgan Stanley | Analyst unavailable | $265 | $236.64 | +16.1% | Aug 12, 2026 |
| Evercore ISI | Analyst unavailable | $270 | $240.26 | +18.3% | Aug 12, 2026 |
| UBS | Analyst unavailable | $280 | $240.26 | +22.6% | Aug 12, 2026 |
| Wells Fargo | Stephen Baxter | $277 | $240.26 | +21.3% | Aug 12, 2026 |
| Mizuho Securities | Steven Valiquette | $250 | $240.26 | +9.5% | Aug 12, 2026 |
| Robert W. Baird | Eric Coldwell | $274 | $240.26 | +20.0% | Aug 12, 2026 |
| Leerink Partners | Analyst unavailable | $292 | $240.26 | +27.9% | Aug 11, 2026 |
| UBS | Analyst unavailable | $274 | $226.42 | +20.0% | Jul 20, 2026 |
| Robert W. Baird | Analyst unavailable | $248 | $195.08 | +8.6% | May 1, 2026 |
| Evercore ISI | Elizabeth Anderson | $240 | $215.13 | +5.1% | Apr 8, 2026 |
| Leerink Partners | Michael Cherny | $275 | $222.28 | +20.5% | Mar 9, 2026 |
| Barclays | Analyst unavailable | $258 | $224.82 | +13.0% | Feb 24, 2026 |
| Wells Fargo | Analyst unavailable | $256 | $225.76 | +12.1% | Feb 10, 2026 |
| Morgan Stanley | Analyst unavailable | $255 | $229.63 | +11.7% | Feb 6, 2026 |
| Robert W. Baird | Analyst unavailable | $252 | $228.78 | +10.4% | Feb 6, 2026 |
| UBS | Kevin Caliendo | $260 | $228.63 | +13.9% | Feb 6, 2026 |
| Mizuho Securities | Steven Valiquette | $235 | $227.18 | +2.9% | Feb 6, 2026 |
| Evercore ISI | Elizabeth Anderson | $260 | $227.18 | +13.9% | Feb 5, 2026 |
| Morgan Stanley | Erin Wright | $245 | $210.39 | +7.3% | Jan 29, 2026 |
| Robert W. Baird | Eric Coldwell | $250 | $211.98 | +9.5% | Jan 14, 2026 |
| Leerink Partners | Michael Cherny | $240 | $208.24 | +5.1% | Jan 13, 2026 |
| Mizuho Securities | Steven Valiquette | $222 | $201.11 | -2.8% | Jan 12, 2026 |
| Barclays | Glen Santangelo | $243 | $198.88 | +6.4% | Dec 8, 2025 |
| Mizuho Securities | Steven Valiquette | $210 | $190.22 | -8.0% | Nov 3, 2025 |
| Jefferies | Analyst unavailable | $220 | $190.22 | -3.6% | Nov 3, 2025 |
| Evercore ISI | Elizabeth Anderson | $220 | $191.29 | -3.6% | Oct 31, 2025 |
| UBS | Analyst unavailable | $220 | $192.07 | -3.6% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $232 | $192.36 | +1.6% | Oct 31, 2025 |
| Argus Research | Analyst unavailable | $189 | $148.1 | -17.2% | Aug 22, 2025 |
| Leerink Partners | Michael Cherny | $186 | $146.3 | -18.5% | Aug 12, 2025 |
| Jefferies | Brian Tanquilut | $150 | $157.66 | -34.3% | Aug 12, 2025 |
| Morgan Stanley | Erin Wright | $181 | $161.41 | -20.7% | Jun 13, 2025 |
| Wells Fargo | Stephen Baxter | $179 | $155.48 | -21.6% | Jun 3, 2025 |
| Argus Research | Kristina Ruggeri | $148 | $125.17 | -35.2% | Feb 4, 2025 |
| Robert W. Baird | Eric Coldwell | $140 | $112.3 | -38.7% | Sep 23, 2024 |
| Argus Research | David Toung | $125 | $112.36 | -45.2% | Sep 11, 2024 |
| Deutsche Bank | George Hill | $119 | $107.91 | -47.9% | Aug 16, 2024 |
| Evercore ISI | Elizabeth Anderson | $115 | $107.71 | -49.6% | Aug 15, 2024 |
| Morgan Stanley | Erin Wright | $119 | $106.36 | -47.9% | Aug 15, 2024 |
| Mizuho Securities | Ann Hynes | $110 | $107.39 | -51.8% | Aug 15, 2024 |
| Robert W. Baird | Eric Coldwell | $137 | $107.33 | -40.0% | Aug 15, 2024 |
| Wells Fargo | Stephen Baxter | $101 | $106.36 | -55.8% | Aug 15, 2024 |
| CFRA | Garrett Nelson | $111 | $99.01 | -51.4% | Jun 11, 2024 |
| Robert W. Baird | Eric Coldwell | $129 | $94.75 | -43.5% | May 29, 2024 |
| Argus Research | David Toung | $115 | $97.43 | -49.6% | May 15, 2024 |
| Robert W. Baird | Eric Coldwell | $128 | $102.98 | -43.9% | May 3, 2024 |
| Robert W. Baird | Eric Coldwell | $134 | $110.12 | -41.3% | Apr 5, 2024 |
| Morgan Stanley | Erin Wright | $90 | $92.99 | -60.6% | Aug 15, 2023 |
| Wolfe Research | Tim Anderson | $127 | $79.18 | -44.4% | Apr 12, 2023 |
| Robert W. Baird | Baird Baird | $94 | $78.61 | -58.8% | Feb 8, 2023 |
| Credit Suisse | Analyst unavailable | $92 | $80.14 | -59.7% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $86 | $78.12 | -62.3% | Jan 6, 2023 |
| Credit Suisse | Analyst unavailable | $79 | $79.22 | -65.4% | Nov 22, 2022 |
| UBS | Analyst unavailable | $78 | $68.51 | -65.8% | Aug 29, 2022 |
| Evercore ISI | Elizabeth Anderson | $68 | $55.83 | -70.2% | May 20, 2022 |
| Deutsche Bank | George Hill | $51 | $58.27 | -77.7% | May 8, 2022 |
| Morgan Stanley | Ricky Goldwasser | $74 | $62.96 | -67.6% | Apr 16, 2022 |
| Barclays | Steve Valiquette | $63 | $53.09 | -72.4% | Jan 17, 2022 |
| UBS | Kevin Caliendo | $61 | $48.84 | -73.3% | Nov 17, 2021 |
| Cowen & Co. | Charles Rhyee | $53 | $50.28 | -76.8% | Aug 11, 2021 |
| Bank of America Securities | Michael Cherny | $56 | $49.2 | -75.5% | Aug 5, 2021 |
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Start freeCompany context
Snapshot as of publicationCardinal Health, Inc. operates as a global, integrated provider of healthcare services and products, with its reach spanning the United States, Canada, Europe, Asia, and other international markets. The company delivers bespoke support to a diverse clientele, including hospitals, healthcare networks, pharmacies, outpatient surgical centers, clinical labs, physician practices, and individuals receiving care at home. It is structured into two core divisions: Pharmaceutical and Medical. The Pharmaceutical division oversees the distribution of a wide array of products, encompassing branded, generic, and specialty pharmaceuticals, along with over-the-counter health and consumer goods. This segment additionally offers specialized services to pharmaceutical manufacturers and healthcare providers, particularly for specialty pharmaceutical products. Its operations extend to managing nuclear pharmacies and facilities that produce radiopharmaceuticals. It also performs repackaging of generic drugs and OTC items.…
Historical context
All CAH earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the CAH recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-17T00:02:52.217204+00:00
- Polygon adjusted daily market bars · 2026-10-03T15:10:41.994103+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T15:10:41.991350+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.