Segment Information

3 Months Ended

Sep. 30, 2025

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)	2025		2024
Pharmaceutical and Specialty Solutions	$	59,205	$	47,990
Global Medical Products and Distribution	3,184		3,123
Nuclear and Precision Health Solutions	436		373
at-Home Solutions	1,115		739
OptiFreight® Logistics	90		74
Other	1,641		1,186
Total segment revenue	64,030		52,299
Corporate (1)	(21)		(22)
Total revenue	$	64,009	$	52,277

(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)	2025		2024
United States	$	63,611	$	51,891
International	419		408
Total segment revenue	64,030		52,299
Corporate (1)	(21)		(22)
Total revenue	$	64,009	$	52,277

(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;

•provision for/(benefit from) 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 $16 million and $12 million for the three months ended September 30, 2025 and 2024, 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, 2025
(in millions)	Pharma		GMPD		Other		Total
Segment revenue	$	59,205	$	3,184	$	1,641	$	64,030
Cost of product sold	57,857		2,633		1,221		61,711
SG&A	681		505		254		1,440
Total segment expenses	58,538		3,138		1,475		63,151
Segment profit	$	667	$	46	$	166	$	879
Corporate (1)							(211)
Consolidated operating earnings							$	668

	Three Months Ended September 30, 2024
(in millions)	Pharma		GMPD		Other		Total
Segment revenue	$	47,990	$	3,123	$	1,186	$	52,299
Cost of product sold	46,909		2,604		884		50,397
SG&A	551		511		198		1,260
Total segment expenses	47,460		3,115		1,082		51,657
Segment profit	$	530	$	8	$	104	$	642
Corporate (1)							(74)
Consolidated operating earnings							$	568

(1)     Corporate revenue and expenses consists of the elimination of inter-segment revenue and other revenue and expenses not allocated to the segments.

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, 2025		June 30, 2025
Pharmaceutical and Specialty Solutions	$	38,683	$	37,313
Global Medical Products and Distribution	7,133		6,889
Other	4,049		4,045
Corporate	5,363		4,875
Total assets	$	55,228	$	53,122

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)	2025		2024
Pharmaceutical and Specialty Solutions	$	61	$	27
Global Medical Products and Distribution	55		49
Other	29		18
Corporate	88		88
Total depreciation and amortization	$	233	$	182

	Three Months Ended September 30,
(in millions)	2025		2024
Pharmaceutical and Specialty Solutions	$	32	$	11
Global Medical Products and Distribution	19		23
Other	15		12
Corporate	42		44
Total additions to property and equipment	$	108	$	90

The following table presents property and equipment, net by geographic area:

(in millions)	September 30, 2025		June 30, 2025
United States	$	2,396	$	2,422
International	435		436
Total property and equipment, net	$	2,831	$	2,858