Analyst Consensus ?
ConsensusBuy33 ratings
Bullish1854.5%
Neutral1545.5%
Bearish00.0%
Cardinal Health, Inc. · CAH · FY2026 Q3 · Calendar Q2 2026
Cardinal Health Beats on EPS, Raises Guidance, but Revenue Misses
Cardinal Health delivered strong Q3 FY2026 results with non-GAAP EPS up 35% to $3.17, beating consensus by 13.6%, driven by Specialty Solutions and at-Home/Nuclear growth. Management raised full-year EPS and free cash flow guidance. However, revenue of $60.9B missed the $62.1B consensus by 1.9%, SG&A investment accelerated, and a $184M Navista goodwill impairment underscored integration risk. The stock fell 4.9% on 3x normal volume despite the beat and guide raise, then recovered 2.0% in subsequent sessions. The investment thesis rests on Specialty platform expansion, theranostics capacity scaling, and GLP-1 demand tailwinds, offset by tariff uncertainty and margin pressure from rising operating costs.
Reported Before market openNYSEHealthcare
$54.46B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.17
Consensus $2.79
EPS surprise
+13.6%
Reported versus consensus
Reported revenue
$60.94B
Consensus $62.10B
Revenue surprise
-1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.9%
Event window
SPY move
+1.0%
Same window
Abnormal move
-5.9%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
+2.0%
Up to 20 sessions
CAHSPY benchmark
Ask FN2 about CAH FY2026 Q3
Transcript, numbers and history already loaded
Why did CAH fall 4.9% after beating EPS estimates in FY2026 Q3?What changed in CAH's guidance and outlook in FY2026 Q3?Give me the bull and bear case for CAH after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue grew 11% YoY to $61B but missed the $62.1B consensus estimate by 1.9%. Non-GAAP EPS of $3.17 beat the $2.79 estimate by 13.6%, with gross profit up 18% to $2.5B. SG&A increased 17% on a headline basis (7% excluding M&A), reflecting deliberate technology and workforce investments. A $184M GAAP goodwill impairment for Navista was recorded but excluded from non-GAAP results. The stock dropped 4.9% on 3x average volume despite the EPS beat and guidance raise, then recovered 2.0% in subsequent sessions. A potential $200M IEPA tariff refund (approximately $100M earnings benefit) was flagged as upside pending confirmation.
Guidance delta
Full-year non-GAAP EPS guidance raised to $10.70-$10.80. Adjusted free cash flow guidance raised to $3.3-$3.7B. Specialty business targeting over $50B in FY26 revenue. Capex outlook is increasing, driven by the new Sacramento distribution center and Actinium-225 production scaling.
Key takeaways
- Revenue increased 11% to $61B, with 18% growth in gross profit to $2.5B
- Specialty business posted over 20% growth, targeting >$50B in FY26 revenue
- Full-year non-GAAP EPS guidance raised to $10.70-$10.80 and adjusted FCF guidance raised to $3.3-$3.7B
- SG&A grew 17% headline (7% on a non-M&A basis) reflecting purposeful technology and team investments
- Tariff exposure remains a risk, but a Supreme Court ruling may allow a refund of previously paid IEPA tariffs
Management priorities
- Pursue disciplined bolt-on acquisitions in autoimmune and urology within Specialty
- Complete Solaris distribution ramp-up and integrate GI Alliance volumes in Q4
- Launch new Sacramento distribution center to enhance West Coast coverage
- Scale Actinium-225 production to meet growing theranostics demand
- Continue share repurchase program and maintain investment-grade credit rating
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Analyst 52W Price Targets
$246.45Current
$53Low
$196Average
$295High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Oct 20, 2026 |
| UBS | Buy | Buy | Maintain | Oct 16, 2026 |
| 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 |
| Morgan Stanley | Overweight | Overweight | 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 $246.45. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $280 | $252.65 | +13.6% | Oct 20, 2026 |
| UBS | Kevin Caliendo | $295 | $253.71 | +19.7% | Oct 16, 2026 |
| RBC Capital | Ryan Halsted | $276 | $234.98 | +12.0% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $275 | $234.16 | +11.6% | Aug 13, 2026 |
| Morgan Stanley | Analyst unavailable | $265 | $236.64 | +7.5% | Aug 12, 2026 |
| Evercore ISI | Analyst unavailable | $270 | $240.26 | +9.6% | Aug 12, 2026 |
| UBS | Analyst unavailable | $280 | $240.26 | +13.6% | Aug 12, 2026 |
| Wells Fargo | Stephen Baxter | $277 | $240.26 | +12.4% | Aug 12, 2026 |
| Mizuho Securities | Steven Valiquette | $250 | $240.26 | +1.4% | Aug 12, 2026 |
| Robert W. Baird | Eric Coldwell | $274 | $240.26 | +11.2% | Aug 12, 2026 |
| Leerink Partners | Analyst unavailable | $292 | $240.26 | +18.5% | Aug 11, 2026 |
| UBS | Analyst unavailable | $274 | $226.42 | +11.2% | Jul 20, 2026 |
| Robert W. Baird | Analyst unavailable | $248 | $195.08 | +0.6% | May 1, 2026 |
| Evercore ISI | Elizabeth Anderson | $240 | $215.13 | -2.6% | Apr 8, 2026 |
| Leerink Partners | Michael Cherny | $275 | $222.28 | +11.6% | Mar 9, 2026 |
| Barclays | Analyst unavailable | $258 | $224.82 | +4.7% | Feb 24, 2026 |
| Wells Fargo | Analyst unavailable | $256 | $225.76 | +3.9% | Feb 10, 2026 |
| Morgan Stanley | Analyst unavailable | $255 | $229.63 | +3.5% | Feb 6, 2026 |
| Robert W. Baird | Analyst unavailable | $252 | $228.78 | +2.3% | Feb 6, 2026 |
| UBS | Kevin Caliendo | $260 | $228.63 | +5.5% | Feb 6, 2026 |
| Mizuho Securities | Steven Valiquette | $235 | $227.18 | -4.6% | Feb 6, 2026 |
| Evercore ISI | Elizabeth Anderson | $260 | $227.18 | +5.5% | Feb 5, 2026 |
| Morgan Stanley | Erin Wright | $245 | $210.39 | -0.6% | Jan 29, 2026 |
| Robert W. Baird | Eric Coldwell | $250 | $211.98 | +1.4% | Jan 14, 2026 |
| Leerink Partners | Michael Cherny | $240 | $208.24 | -2.6% | Jan 13, 2026 |
| Mizuho Securities | Steven Valiquette | $222 | $201.11 | -9.9% | Jan 12, 2026 |
| Barclays | Glen Santangelo | $243 | $198.88 | -1.4% | Dec 8, 2025 |
| Mizuho Securities | Steven Valiquette | $210 | $190.22 | -14.8% | Nov 3, 2025 |
| Jefferies | Analyst unavailable | $220 | $190.22 | -10.7% | Nov 3, 2025 |
| Evercore ISI | Elizabeth Anderson | $220 | $191.29 | -10.7% | Oct 31, 2025 |
| UBS | Analyst unavailable | $220 | $192.07 | -10.7% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $232 | $192.36 | -5.9% | Oct 31, 2025 |
| Argus Research | Analyst unavailable | $189 | $148.1 | -23.3% | Aug 22, 2025 |
| Leerink Partners | Michael Cherny | $186 | $146.3 | -24.5% | Aug 12, 2025 |
| Jefferies | Brian Tanquilut | $150 | $157.66 | -39.1% | Aug 12, 2025 |
| Morgan Stanley | Erin Wright | $181 | $161.41 | -26.6% | Jun 13, 2025 |
| Wells Fargo | Stephen Baxter | $179 | $155.48 | -27.4% | Jun 3, 2025 |
| Argus Research | Kristina Ruggeri | $148 | $125.17 | -39.9% | Feb 4, 2025 |
| Robert W. Baird | Eric Coldwell | $140 | $112.3 | -43.2% | Sep 23, 2024 |
| Argus Research | David Toung | $125 | $112.36 | -49.3% | Sep 11, 2024 |
| Deutsche Bank | George Hill | $119 | $107.91 | -51.7% | Aug 16, 2024 |
| Evercore ISI | Elizabeth Anderson | $115 | $107.71 | -53.3% | Aug 15, 2024 |
| Morgan Stanley | Erin Wright | $119 | $106.36 | -51.7% | Aug 15, 2024 |
| Mizuho Securities | Ann Hynes | $110 | $107.39 | -55.4% | Aug 15, 2024 |
| Robert W. Baird | Eric Coldwell | $137 | $107.33 | -44.4% | Aug 15, 2024 |
| Wells Fargo | Stephen Baxter | $101 | $106.36 | -59.0% | Aug 15, 2024 |
| CFRA | Garrett Nelson | $111 | $99.01 | -55.0% | Jun 11, 2024 |
| Robert W. Baird | Eric Coldwell | $129 | $94.75 | -47.7% | May 29, 2024 |
| Argus Research | David Toung | $115 | $97.43 | -53.3% | May 15, 2024 |
| Robert W. Baird | Eric Coldwell | $128 | $102.98 | -48.1% | May 3, 2024 |
| Robert W. Baird | Eric Coldwell | $134 | $110.12 | -45.6% | Apr 5, 2024 |
| Morgan Stanley | Erin Wright | $90 | $92.99 | -63.5% | Aug 15, 2023 |
| Wolfe Research | Tim Anderson | $127 | $79.18 | -48.5% | Apr 12, 2023 |
| Robert W. Baird | Baird Baird | $94 | $78.61 | -61.9% | Feb 8, 2023 |
| Credit Suisse | Analyst unavailable | $92 | $80.14 | -62.7% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $86 | $78.12 | -65.1% | Jan 6, 2023 |
| Credit Suisse | Analyst unavailable | $79 | $79.22 | -67.9% | Nov 22, 2022 |
| UBS | Analyst unavailable | $78 | $68.51 | -68.4% | Aug 29, 2022 |
| Evercore ISI | Elizabeth Anderson | $68 | $55.83 | -72.4% | May 20, 2022 |
| Deutsche Bank | George Hill | $51 | $58.27 | -79.3% | May 8, 2022 |
| Morgan Stanley | Ricky Goldwasser | $74 | $62.96 | -70.0% | Apr 16, 2022 |
| Barclays | Steve Valiquette | $63 | $53.09 | -74.4% | Jan 17, 2022 |
| UBS | Kevin Caliendo | $61 | $48.84 | -75.2% | Nov 17, 2021 |
| Cowen & Co. | Charles Rhyee | $53 | $50.28 | -78.5% | Aug 11, 2021 |
| Bank of America Securities | Michael Cherny | $56 | $49.2 | -77.3% | Aug 5, 2021 |
Track every rating change on CAH the moment it posts. Free to start.
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 |
|---|---|---|---|---|
| RGEN Repligen Corporation | FY2026 Q3 · Calendar Q4 2026 | +14.5% | -2.4% | Repligen: Record Q3, Higher Guidance, BioLife Integration |
| NVS Novartis AG | FY2026 Q3 · Calendar Q4 2026 | +9.3% | +2.0% | Novartis Q3 2026: Growth, Margin Expansion and Higher Guidance |
| IQV IQVIA Holdings Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.7% | IQVIA raises 2026 outlook as AI adoption lifts bookings |
| CNC Centene Corp. | FY2026 Q3 · Calendar Q4 2026 | — | +1.7% | Centene raises 2026 EPS outlook as margins hold up |
| HCA HCA Healthcare, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -5.3% | HCA volume growth holds, but payer mix and Medicaid weigh on outlook |
Latest beats and misses
Who reports nextBeat on EPS
- RGENFY2026 Q3 · October 27, 2026+14.5% EPS-2.4% move
- NVSFY2026 Q3 · October 27, 2026+9.3% EPS+2.0% move
- INIOFY2026 Q3 · October 27, 2026+29.5% EPS+2.1% move
- KOFY2026 Q3 · October 27, 2026+3.3% EPS-1.6% move
- HIG-PGFY2026 Q3 · October 26, 2026+10.4% EPS— move
- HIGFY2026 Q3 · October 26, 2026+10.4% EPS-1.8% move
Missed on EPS
- HSBCFY2026 Q3 · October 27, 2026-4.5% EPS-5.7% move
- BROFY2026 Q3 · October 26, 2026-1.8% EPS-5.0% move
- PSA-PLFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PNFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T20:41:58.060288+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T20:41:58.057445+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 2026-07-29. For educational purposes only; not investment advice.