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Long-Term Obligations and Other Short-Term Borrowings
 3 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Obligations and Other Short-Term Borrowings
5. Long-Term Obligations and Other Short-Term Borrowings
The following table summarizes long-term obligations and other short-term borrowings at:
(in millions) (1)September 30, 2025June 30, 2025
3.75% Notes due 2025$— $501 
4.7% Notes due 2026498 498 
3.41% Notes due 20271,210 1,206 
5.125% Notes due 2029646 645 
5.0% Notes due 2029745 745 
4.5% Notes due 2030594 — 
5.45% Notes due 2034502 501 
5.35% Notes due 2034990 989 
5.15% Notes due 2035395 — 
4.6% Notes due 2043326 323 
4.5% Notes due 2044338 338 
4.9% Notes due 2045440 438 
4.368% Notes due 2047566 566 
5.75% Notes due 2054641 641 
7.0% Debentures due 2026124 124 
Floating Rate Term Loan due 2028799 799 
Other Obligations218 213 
Total9,032 8,527 
Less: current portion of long-term obligations and other short-term borrowings52 550 
Long-term obligations, less current portion$8,980 $7,977 
(1)    Maturities are presented on a calendar year basis.
Maturities of existing long-term obligations and other short-term borrowings for the remainder of fiscal 2026 through 2030 and thereafter are as follows: $42 million, $1.9 billion, $837 million, $674 million, $766 million, and $4.9 billion.
Long-Term Debt
We had total long-term obligations, including the current portion and other short-term borrowings, of $9.0 billion and $8.5 billion at September 30, 2025 and June 30, 2025, respectively. All the notes represent unsecured obligations of Cardinal Health, Inc. and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. Interest is paid pursuant to the terms of the obligations. These notes are effectively subordinated to the liabilities of our subsidiaries, including trade payables of $36.9 billion and $34.7 billion at September 30, 2025 and June 30, 2025, respectively.
In August 2025, we issued additional debt, with the aggregate principal amount of $1.0 billion, to fund a portion of the consideration payable in connection with the Solaris Health acquisition and for general purposes. The notes issued are $600 million aggregate principal amount of 4.5% Notes that mature on September 15, 2030 and $400 million aggregate principal amount of 5.15% Notes that mature on September 15, 2035. The
proceeds of the notes issued, net of discounts, premiums, and debt issuance costs, were approximately $1.0 billion.
During the three months ended September 30, 2025, we repaid the full principal of $500 million of the 3.75% Notes due 2025 at maturity with available cash.
If we undergo a change of control, as defined in the notes, and if the notes receive specified ratings below investment grade by each of Standard & Poor's Ratings Services, Moody's Investors Services, and Fitch Ratings, any holder of the notes, excluding the debentures, can require with respect to the notes owned by such holder, or we can offer, to repurchase the notes at 101% of the principal amount plus accrued and unpaid interest.
Other Financing Arrangements
In addition to cash and equivalents and operating cash flow, other sources of liquidity at September 30, 2025 include a $3.0 billion commercial paper program backed by a $2.0 billion revolving credit facility that expires in February 2028 and a $1.0 billion 364-Day revolving credit facility that expired in October 2025. We also had a $1.0 billion committed receivables sales facility through September 2028. At September 30, 2025, we had no amounts outstanding under our commercial paper program, revolving credit facility, or our committed receivables sales facility.
In September 2025, we renewed our committed receivables sales facility program through Cardinal Health Funding, LLC (“CHF”) through September 28, 2028.
In October 2025, we renewed the 364-Day revolving credit facility, under which we have access to $1.0 billion of committed liquidity through October 2026.
Our revolving credit and committed receivables sales facilities require us to maintain a consolidated net leverage ratio of no more than 3.75-to-1. As of September 30, 2025, we were in compliance with this financial covenant.