v3.26.3
Segment Information
 3 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
12. Segment Information
We operate under two reportable segments: Pharmaceutical and Specialty Solutions ("Pharma") and Global Medical Products and Distribution ("GMPD"). All remaining operating segments that are not significant enough to require separate reportable segment disclosures are included in Other, which is comprised of Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics. The factors for determining the reportable segments include the manner in which management evaluates performance for purposes of allocating resources and assessing performance combined with the nature of the individual business activities.
Our Pharma segment distributes branded and generic pharmaceutical, specialty pharmaceutical, and over-the-counter healthcare and consumer products in the United States. This segment also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; provides pharmacy management services to hospitals and operates a limited number of pharmacies, including pharmacies in community health centers; repackages generic pharmaceuticals and over-the-counter healthcare products; and includes our managed services organization platforms for physician offices.
Our GMPD segment manufactures, sources, and distributes Cardinal Health brand medical, surgical, and laboratory products, which are sold in the United States, Canada, Europe, Asia, and
other markets. This segment also distributes a broad range of medical, surgical, and laboratory products known as national brand products to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers in the United States and Canada.
The remaining three non-reportable operating segments included in Other are Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight® Logistics. These operating segments respectively operate nuclear pharmacies and radiopharmaceutical manufacturing facilities, distribute medical products to patients' homes in the United States, and provide supply chain services and solutions to our customers.
Revenue
The following table presents revenue for the two reportable segments and disaggregated revenue within the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20262025
Pharmaceutical and Specialty Solutions$62,582 $59,205 
Global Medical Products and Distribution3,190 3,184 
Nuclear and Precision Health Solutions505 436 
at-Home Solutions1,146 1,115 
OptiFreight® Logistics
113 90 
Other1,764 1,641 
Total segment revenue
67,536 64,030 
Corporate (1)
(23)(21)
Total revenue$67,513 $64,009 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
The following table presents revenue by geographic area:
Three Months Ended September 30,
(in millions)20262025
United States$67,113 $63,611 
International423 419 
Total segment revenue
67,536 64,030 
Corporate (1)
(23)(21)
Total revenue$67,513 $64,009 
(1)Corporate revenue consists of the elimination of inter-segment revenue and other revenue not allocated to the segments.
Segment Profit
The Company’s Chief Executive Officer, the chief operating decision maker ("CODM"), evaluates segment performance based on segment profit, among other measures. Segment profit is segment revenue, less segment cost of products sold, less segment distribution, selling, general and administrative ("SG&A") expenses. Segment SG&A expenses include share-based compensation expense as well as allocated corporate technology and shared functions expenses, including corporate management, corporate finance, financial and customer care shared services, human resources, information technology, and legal and compliance, including certain litigation defense costs. Corporate expenses are allocated to the operating segments based on headcount, level of benefit provided, and other ratable allocation methodologies. The results attributable to noncontrolling interests are recorded within segment profit.
We do not allocate the following items to our segments:
•last-in first-out, or ("LIFO"), inventory charges/(credits);
•state opioid assessment related to prior fiscal years;
•restructuring and employee severance;
•amortization and other acquisition-related costs;
•acquisition-related cash and share-based compensation costs;
•impairments and (gain)/loss on disposal of assets, net;
•litigation (recoveries)/charges, net;
•other (income)/expense, net;
•interest expense, net;
•impairment of equity interest in Outcomes; or
•provision for income taxes
In addition, certain investment spending and certain portions of enterprise-wide incentive compensation and other spending are not allocated to the segments. Investment spending generally includes the first-year spend for certain projects that require incremental investments in the form of additional operating expenses. Because approval for these projects is dependent on executive management, we retain these expenses at Corporate. Investment spending within Corporate was $15 million and $16 million for the three months ended September 30, 2026 and 2025, respectively.
The following table presents segment profit for the two reportable segments and the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30, 2026
(in millions)PharmaGMPDOtherTotal
Segment revenue
$62,582 $3,190 $1,764 $67,536 
Cost of products sold61,001 2,636 1,303 64,940 
SG&A798 521 268 1,587 
Total segment expenses
61,799 3,157 1,571 66,527 
Segment profit
$783 $33 $193 $1,009 
Corporate (1)
(321)
Consolidated earnings before income taxes$688 
Three Months Ended September 30, 2025
(in millions)PharmaGMPDOtherTotal
Segment revenue
$59,205 $3,184 $1,641 $64,030 
Cost of products sold57,857 2,633 1,221 61,711 
SG&A681 505 254 1,440 
Total segment expenses
58,538 3,138 1,475 63,151 
Segment profit
$667 $46 $166 $879 
Corporate (1)
(281)
Consolidated earnings before income taxes$598 
(1)    Corporate consists of the income and expense items not allocated to the segments and the elimination of inter-segment revenue.
Segment Assets
The following table presents total assets for two reportable segments and the remaining operating segments, included in Other, and Corporate:
(in millions)September 30, 2026June 30, 2026
Pharmaceutical and Specialty Solutions$42,472 $40,777 
Global Medical Products and Distribution6,819 6,651 
Other4,269 4,098 
Corporate
5,984 5,773 
Total assets$59,544 $57,299 

The following tables present depreciation and amortization and additions to property and equipment for the two reportable segments and the remaining operating segments, included in Other, and Corporate:
Three Months Ended September 30,
(in millions)20262025
Pharmaceutical and Specialty Solutions$60 $61 
Global Medical Products and Distribution56 55 
Other28 29 
Corporate
103 88 
Total depreciation and amortization$247 $233 
Three Months Ended September 30,
(in millions)20262025
Pharmaceutical and Specialty Solutions$45 $32 
Global Medical Products and Distribution16 19 
Other20 15 
Corporate
76 42 
Total additions to property and equipment
$157 $108 

The following table presents property and equipment, net by geographic area:
(in millions)September 30,
2026		June 30,
2026
United States
$2,579 $2,607 
International
420 424 
Total property and equipment, net$2,999 $3,031