Cardinal Health, Inc. (CAH) SEC Filings & Earnings Calls

Concentration risk with CVS Health as a major customer.

“distribution agreements with CVS Health” · word for word

Opioid litigation and regulatory exposure

“The Risk Oversight Committee... receives quarterly updates from the Chief Diversion Control Officer regarding... the status of opioid litigation and investigations.”

Tariff exposure on imported goods

“The GMPD segment’s target was likewise aligned with the fiscal 2026 internal segment profit target and incorporated consideration of a forecasted $50 million net negative financial impact arising from potential risks associated with tariffs imposed under IEEPA on certain goods, materials and products imported from countries in which the company operates.” · word for word

Integration risk from acquisitions

“These updates also cover the status of our efforts to integrate newly acquired businesses, including alignment of these new entities with enterprise standards, mitigation strategies for key legal and compliance risks, resource allocation, and cultural alignment.” · word for word

Cybersecurity and AI risk

“The Risk Oversight Committee receives quarterly updates and the Board receives at least annual updates from the Chief Information Officer and Chief Information Security Officer... Recognizing the potential opportunities and risks associated with AI and other emerging technologies, the Board receives regular updates regarding the company’s approach to AI gove”

Tariff cost pressure on GMPD segment

“Our GMPD segment has experienced, and expects to continue to experience increased costs as a result of tariffs imposed or expected to be imposed under different legal authority... we are still incurring increased costs from tariffs, and if we are not successful at increasing prices to customers, our financial results will continue to be negatively impacted.” · word for word

Goodwill impairment risk (Navista & ION)

“The carrying amount of Navista & ION at March 31, 2026 after recognizing the impairment charge was $1.1 billion, of which $909 million was goodwill... adverse changes in key assumptions may result in a decline in fair value below the carrying amount in the future and therefore, an impairment for Navista & ION goodwill in future periods.” · word for word

Opioid litigation liability

“We have $4.3 billion accrued at June 30, 2026 related to certain national opioid litigation settlements... We expect the majority of the remaining payment amounts to occur through 2038.” · word for word

No material risk; routine refinancing with improved terms

“Replaces existing 364-day and five-year revolving credit facilities and its existing receivables sale facility program”

IEEPA tariff refunds are one-time in nature; excluding them, growth rates are lower

“Excluding a one-time positive impact of $0.31 from the recognition of the IEEPA tariff refund, fourth quarter non-GAAP diluted EPS increased 25% to $2.60 (vs reported +40%)”

GMPD segment revenue declined 2% YoY, partially due to tariff refund repayment to customers

“Fourth-quarter revenue for the Global Medical Products and Distribution segment decreased 2% from the prior year to $3.1 billion. This decrease was primarily driven by lower distribution volumes and the recognition of the expected IEEPA tariff refund repayment to customers” · word for word

No material risk; routine executive change.

“No financial impact or operational disruption indicated.”

Tariff impact on Global Medical Products segment; segment profit down 36%.

“Global Medical Products and Distribution segment profit decreased 36% to $25 million, primarily due to the adverse net impact of tariffs.” · word for word

Goodwill impairment in Navista & ION reporting unit ($184M pre-tax).

“GAAP operating earnings decreased 30% to $509 million, reflecting a $184 million pre-tax goodwill impairment.” · word for word

Tariff cost pressure on GMPD segment

“As of the third quarter of fiscal year 2026, we have paid approximately $200 million in IEEPA tariffs, primarily related to products that we source, manufacture or distribute in our GMPD segment.” · word for word

Goodwill impairment risk in Navista & ION

“We recognized a pre-tax goodwill impairment charge of $184 million related to the Navista & ION reporting unit within the Pharma segment during the three and nine months ended March 31, 2026.” · word for word

Opioid litigation liability

“We had $4.3 billion accrued at March 31, 2026 related to certain national opioid litigation settlements.” · word for word

Leadership transition risk is low given orderly succession and no disagreement.

“Mr. Kenny’s decision to retire was not the result of any disagreement.” · word for word

Tariff impact on Global Medical segment partially offset by cost optimization.

“Adverse net impact of tariffs mentioned in segment results.”

Tariff cost pressure on GMPD segment

“Recent U.S. tariffs imposed or threatened to be imposed on goods, materials, and products imported into the United States from countries where we do business and any retaliatory actions taken by such countries have resulted in us incurring substantial additional costs to source products and materials, directly and indirectly, from affected countries, resulti” · word for word

Opioid litigation liability

“We had $4.3 billion accrued at December 31, 2025 related to certain national opioid litigation settlements.” · word for word

IRA drug price negotiation program successfully navigated, but future changes could impact.

“Successfully transitioned manufacturer distribution service agreements for IRA-impacted drugs.”

Interest and other expense increased due to financing costs for acquisitions

“increase in interest and other expense due to financing costs related to announced acquisitions” · word for word

Capital expenditures guidance raised to $600M-$650M

“Capital expenditures of $600 million to $650 million, from a prior outlook of ~$600 million” · word for word

Tariff impact on medical products

“Recent U.S. tariffs imposed or threatened... have resulted in us incurring substantial additional costs to source products and materials... If we are not able to offset the impact of tariffs through price increases or otherwise mitigate the impacts, our financial results could be negatively impacted.” · word for word

Opioid litigation liability

“We had $4.3 billion accrued at September 30, 2025 related to certain national opioid litigation settlements... During the three months ended September 30, 2025, we made our fifth annual payment of $366 million under National Opioid Settlement Agreement.” · word for word

Healthcare policy changes

“The recently issued Executive Order titled 'Delivering Most-Favored Nation Prescription Drug Pricing to American Patients' may impact sales or profitability of branded pharmaceutical products... Additionally, it is possible that the adoption of the One Big Beautiful Bill Act could reduce participation in Medicare and Medicaid programs.” · word for word