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CAH (Cardinal Health) delivered strong Q2 FY2026 results with revenue surging 18.8% YoY to $65.6B and operating income jumping 28.8% to $707M, though the company carries negative stockholders' equity and a current ratio below 1.
营业收入
$65.63B
同比 ++18.75%
毛利率
3.7%
同比 ++0.14%
营业利润
$707M
同比 ++28.78%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Cardinal Health (CAH) Q2 FY2026 营收 $65.63B，同比增长 18.8%。 净利润 $467M，同比增长 16.8%。 毛利率 3.7%。
Revenue grew 18.8% YoY to $65.6B in Q2 FY2026, up from $55.3B in the prior-year quarter, reflecting significant volume expansion across Cardinal Health's pharmaceutical and medical distribution businesses.
来源: Source: 10-Q Income Statement
Gross profit rose 23.5% YoY to $2.40B, with gross margin improving modestly from 3.51% to 3.65%, indicating slightly better pricing or product mix despite the high cost-of-revenue base of $63.2B.
来源: Source: 10-Q Income Statement
Operating income grew 28.8% YoY to $707M, outpacing revenue growth of 18.8%, as SG&A expenses grew at a slower rate of 15.2% to $1.50B, demonstrating meaningful operating leverage.
来源: Source: 10-Q Income Statement
Fiscal year-to-date operating cash flow swung dramatically to $1.66B from -$2.04B in the prior-year comparable period, a $3.7B improvement, signaling a significant working capital improvement.
来源: Source: 10-Q Cash Flow Statement (YTD)
YTD investing cash outflows nearly doubled to -$2.12B from -$1.06B, suggesting increased capital deployment in acquisitions or capital expenditures, which warrants monitoring given the negative equity position.
来源: Source: 10-Q Cash Flow Statement (YTD)
Cardinal Health carries negative stockholders' equity of -$2.88B, meaning total liabilities significantly exceed total assets on an equity basis. While this improved slightly from -$2.99B, it reflects the company's leveraged balance sheet and limits financial flexibility in stress scenarios.
来源: Source: 10-Q Balance Sheet
The current ratio stands at 0.906, meaning current liabilities of $43.3B exceed current assets of $39.2B. This liquidity gap has widened YoY as current liabilities grew 23.0% versus current assets growing only 9.7%, indicating potential short-term funding pressure.
来源: Source: 10-Q Balance Sheet
Cash and equivalents fell 27.1% YoY to $2.78B from $3.81B, reducing the company's immediate liquidity buffer. Combined with the sub-1 current ratio, this tightens the margin of safety for near-term obligations.
来源: Source: 10-Q Balance Sheet
Net margin stands at just 0.71% and gross margin at 3.65%, typical for pharmaceutical distribution but leaving little room for error. Any pricing pressure from large customers or suppliers, or unexpected cost increases, could materially impact profitability.
来源: Source: 10-Q Income Statement
YTD share buybacks nearly doubled to $758M from $390M in the prior-year period, while the company already carries negative equity. Returning capital at this pace while maintaining a leveraged balance sheet could constrain future financial flexibility.
来源: Source: 10-Q Cash Flow Statement (YTD)
Q2 FY2026 实际 EPS $2.63，分析师一致预期 $2.40，超预期 +9.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $65.63B | $55.26B | +18.75% |
营业成本 | $63.23B | $53.32B | +18.58% |
毛利润 | $2.4B | $1.94B | +23.49% |
营业利润 | $707M | $549M | +28.78% |
净利润 | $467M | $400M | +16.75% |
销售及管理费用 | $1.5B | $1.31B | +15.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $58.08B | $47B | +23.58% |
流动资产 | $39.23B | $35.76B | +9.72% |
流动负债 | $43.31B | $35.22B | +22.97% |
股东权益 | $-2.88B | $-2.99B | +3.58% |
现金及等价物 | $2.78B | $3.81B | -27.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.66B | $-2.04B | +181.20% |
投资活动现金流YTD | $-2.12B | $-1.06B | -99.44% |
筹资活动现金流YTD | $-629M | $1.79B | -135.20% |
股票回购YTD | $758M | $390M | +94.36% |
折旧及摊销 | $234M | $192M | +21.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 3.7% | 3.5% | +0.14% |
营业利润率 | 1.1% | 1.0% | +0.08% |
净利率 | 0.7% | — | — |
净资产收益率 | -16.2% | — | — |
总资产收益率 | 0.8% | — | — |
流动比率 | $0.906 | — | — |
Health Care Distributors 行业其他公司
Cardinal Health reported strong Q2 FY2026 results with revenue of $65.6B, up 18.8% YoY, and net income of $467M, up 16.8%. Operating income grew even faster at 28.8% to $707M, reflecting improving operating leverage as SG&A costs grew at a slower pace than revenue.
The key highlights were robust revenue growth of 18.8% to $65.6B, a significant swing in YTD operating cash flow to +$1.66B from -$2.04B, and improving margins. However, the balance sheet remains a concern with negative stockholders' equity of -$2.88B and a current ratio below 1 at 0.906.
Based on the available financial data, there is no indication of a going concern flag in the Q2 FY2026 10-Q filing. However, the company does carry negative stockholders' equity and a current ratio below 1, which are balance sheet metrics investors should watch closely.
Cardinal Health's revenue grew 18.8% YoY to $65.6B in Q2 FY2026, compared to $55.3B in Q2 FY2025, driven by volume growth in its pharmaceutical and medical distribution segments. This strong top-line growth also translated into gross profit growth of 23.5% to $2.40B.
The most notable risks from the Q2 FY2026 filing are the negative stockholders' equity of -$2.88B and a current ratio of 0.906, meaning short-term liabilities exceed short-term assets. Additionally, the company's net margin of just 0.71% leaves little buffer against pricing pressure or unexpected cost increases in its distribution business.