Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2008–FY2026: $13.11B in buybacks, $8.39B in dividends.
Debt Profile
Completed filing coverage through Mar 12, 2021 · latest terminal result Oct 3, 2025
Annual debt figures are established from 10-K filings and updated by subsequent 10-Q and 8-K disclosures. Instrument balances are not summed into a company total unless the filing itself reports that total.
Latest reported total
USD 5,300,000,000
As of Sep 30, 2022
Tracked instruments
12
Stable identities across filings
Annual baseline
—
Latest approved 10-K total
Reported total debt history
As of
Reported label
Amount
Source
2022-09-30
total long-term obligations, including the current portion and other short-term borrowings
We had total long-term obligations, including the current portion and other short-term borrowings, of $5.3 billion at both September 30, 2022 and June 30, 2022.
2022-06-30
total long-term obligations, including the current portion and other short-term borrowings
We had total long-term obligations, including the current portion and other short-term borrowings, of $5.3 billion at both September 30, 2022 and June 30, 2022.
5 filing observations remain unmatched and are excluded from instrument histories.
Debt data is being processed. Please check back later.
8 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
WHEREAS, the Executive Committee of the Board of Directors of the Issuer, upon authority delegated by the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $500,000,000 aggregate principal amount of the 2026 Notes, $750,000,000 aggregate principal amount of the 2029 Notes, $1,000,000,000 aggregate principal amount of the 2034 Notes and $650,000,000 aggregate principal amount of the 2054 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: SECOND SUPPLEMENTAL INDENTURE, dated as of November 22, 2024 (the “**Second Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: Section 2.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**4.700** **% Notes due 20** **26**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2026 Notes to be issued on the date hereof is set forth in Article XIII herein.
Supporting evidence: Section 2.02 Maturity. The stated maturity of principal of the 2026 Notes is November 15, 2026.
Supporting evidence: Section 2.05 Interest. The 2026 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from November 22, 2024 at the rate of 4.700% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from November 22, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are May 15 and November 15, beginning on May 15, 2025; and the record date for the interest payable on any interest payment date is the close of business on May 1 or November 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
WHEREAS, the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $650,000,000 aggregate principal amount of 2029 Notes and $500,000,000 aggregate principal amount of 2034 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of February 20, 2024 (the “**First Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: Section 2.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**5.125** **% Notes due 20** **29**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2029 Notes to be issued on the date hereof is set forth in Article X herein.
Supporting evidence: Section 2.02 Maturity. The stated maturity of principal of the 2029 Notes is February 15, 2029.
Supporting evidence: Section 2.05 Interest. The 2029 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from February 20, 2024 at the rate of 5.125% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from February 20, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are February 15 and August 15, beginning on August 15, 2024; and the record date for the interest payable on any interest payment date is the close of business on the February 1 or August 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 5.125% Notes due 2029 (the “**2029 Notes**”) and (ii) a new series of its Securities to be known as its 5.450% Notes due 2034 (the “**2034 Notes**” and, together with the 2029 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 5.125% Notes due 2029 (the “**2029 Notes**”) and (ii) a new series of its Securities to be known as its 5.450% Notes due 2034 (the “**2034 Notes**” and, together with the 2029 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
WHEREAS, the Executive Committee of the Board of Directors of the Issuer, upon authority delegated by the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $500,000,000 aggregate principal amount of the 2026 Notes, $750,000,000 aggregate principal amount of the 2029 Notes, $1,000,000,000 aggregate principal amount of the 2034 Notes and $650,000,000 aggregate principal amount of the 2054 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: SECOND SUPPLEMENTAL INDENTURE, dated as of November 22, 2024 (the “**Second Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: Section 3.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**5.000** **% Notes due 20** **29**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2029 Notes to be issued on the date hereof is set forth in Article XIII herein.
Supporting evidence: Section 3.02 Maturity. The stated maturity of principal of the 2029 Notes is November 15, 2029.
Supporting evidence: Section 3.05 Interest. The 2029 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from November 22, 2024 at the rate of 5.000% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from November 22, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are May 15 and November 15, beginning on May 15, 2025; and the record date for the interest payable on any interest payment date is the close of business on May 1 or November 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
WHEREAS, the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $650,000,000 aggregate principal amount of 2029 Notes and $500,000,000 aggregate principal amount of 2034 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: FIRST SUPPLEMENTAL INDENTURE, dated as of February 20, 2024 (the “**First Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: Section 3.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**5.450** **% Notes due 2034**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2034 Notes to be issued on the date hereof is set forth in Article X herein.
Supporting evidence: Section 3.02 Maturity. The stated maturity of principal of the 2034 Notes is February 15, 2034.
Supporting evidence: Section 3.05 Interest. The 2034 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from February 20, 2024 at the rate of 5.450% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from February 20, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are February 15 and August 15, beginning on August 15, 2024; and the record date for the interest payable on any interest payment date is the close of business on the February 1 or August 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 5.125% Notes due 2029 (the “**2029 Notes**”) and (ii) a new series of its Securities to be known as its 5.450% Notes due 2034 (the “**2034 Notes**” and, together with the 2029 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 5.125% Notes due 2029 (the “**2029 Notes**”) and (ii) a new series of its Securities to be known as its 5.450% Notes due 2034 (the “**2034 Notes**” and, together with the 2029 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
WHEREAS, the Executive Committee of the Board of Directors of the Issuer, upon authority delegated by the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $500,000,000 aggregate principal amount of the 2026 Notes, $750,000,000 aggregate principal amount of the 2029 Notes, $1,000,000,000 aggregate principal amount of the 2034 Notes and $650,000,000 aggregate principal amount of the 2054 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: SECOND SUPPLEMENTAL INDENTURE, dated as of November 22, 2024 (the “**Second Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: Section 4.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**5.350** **% Notes due 20** **34**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2034 Notes to be issued on the date hereof is set forth in Article XIII herein.
Supporting evidence: Section 4.02 Maturity. The stated maturity of principal of the 2034 Notes is November 15, 2034.
Supporting evidence: Section 4.05 Interest. The 2034 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from November 22, 2024 at the rate of 5.350% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from November 22, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are May 15 and November 15, beginning on May 15, 2025; and the record date for the interest payable on any interest payment date is the close of business on May 1 or November 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
WHEREAS, the Executive Committee of the Board of Directors of the Issuer, upon authority delegated by the Board of Directors of the Issuer, pursuant to resolutions duly adopted, has duly authorized the issuance by the Issuer of $500,000,000 aggregate principal amount of the 2026 Notes, $750,000,000 aggregate principal amount of the 2029 Notes, $1,000,000,000 aggregate principal amount of the 2034 Notes and $650,000,000 aggregate principal amount of the 2054 Notes, and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect such issuance;
Issuer evidence: SECOND SUPPLEMENTAL INDENTURE, dated as of November 22, 2024 (the “**Second Supplemental Indenture**”), between Cardinal Health, Inc., an Ohio corporation (the “**Issuer**”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America, as trustee (the “**Trustee**”).
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: Section 5.01 Designation and Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “**5.750** **% Notes due 20** **54**,” which is not limited in aggregate principal amount. The aggregate principal amount of the 2054 Notes to be issued on the date hereof is set forth in Article XIII herein.
Supporting evidence: Section 5.02 Maturity. The stated maturity of principal of the 2054 Notes is November 15, 2054.
Supporting evidence: Section 5.05 Interest. The 2054 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from November 22, 2024 at the rate of 5.750% per annum, payable semiannually in arrears; interest payable on each interest payment date will include interest accrued from November 22, 2024, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are May 15 and November 15, beginning on May 15, 2025; and the record date for the interest payable on any interest payment date is the close of business on May 1 or November 1 (whether or not a Business Day) immediately preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that interest payment date to the date of payment on the next succeeding Business Day.
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
Supporting evidence: WHEREAS, pursuant to Section 7.1 of the Indenture, the Issuer desires to facilitate the issuance of (i) a new series of its Securities to be known as its 4.700% Notes due 2026 (the “**2026 Notes**”), (ii) a new series of its Securities to be known as its 5.000% Notes due 2029 (the “**2029 Notes**”), (iii) a new series of its Securities to be known as its 5.350% Notes due 2034 (the “**2034 Notes**”) and (iv) a new series of its Securities to be known as its 5.750% Notes due 2054 (the “**2054 Notes**” and, collectively with the 2026 Notes, the 2029 Notes and the 2034 Notes, the “**Notes**”), and to establish the forms and to set forth the terms of the Notes thereof (including to modify, alter, supplement and change certain provisions of the Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each such supplemental indenture, a “**Future Supplemental Indenture**”)), as provided in Sections 2.1 and 2.3 of the Indenture;
On August 27, 2025, Cardinal Health, Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the “2030 Notes”) and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-289513) previously filed with the Securities and Exchange Commission (the “Registration Statement”).
Issuer evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
Supporting evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
Supporting evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
Issuer evidence: On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
Supporting evidence: On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Issuer evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Supporting evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Issuer evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Supporting evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
On August 27, 2025, Cardinal Health, Inc. (the “Company”) completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the “2030 Notes”) and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-289513) previously filed with the Securities and Exchange Commission (the “Registration Statement”).
Issuer evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
Supporting evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
Supporting evidence: On August 27, 2025, Cardinal Health, Inc. (the "Company") completed a public offering of $600,000,000 aggregate principal amount of 4.500% Notes due 2030 (the "2030 Notes") and $400,000,000 aggregate principal amount of 5.150% Notes due 2035 (the "2035 Notes" and, together with the 2030 Notes, the "Notes").
On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
Issuer evidence: On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
Supporting evidence: On August 13, 2025, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $600,000,000 aggregate principal amount of its 4.500% Notes due 2030 and $400,000,000 aggregate principal amount of its 5.150% Notes due 2035.
On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Issuer evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Supporting evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Issuer evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Supporting evidence: On November 13, 2024, Cardinal Health, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, for the sale by the Company of $500,000,000 aggregate principal amount of its 4.700% Notes due 2026, $750,000,000 aggregate principal amount of its 5.000% Notes due 2029, $1,000,000,000 aggregate principal amount of its 5.350% Notes due 2034 and $650,000,000 aggregate principal amount of its 5.750% Notes due 2054. The offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-268237) previously filed with the Securities and Exchange Commission.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
—
Peer median 0.26×
EV/EBIT
—
Peer median 17.37×
P/E (TTM)
—
Peer median 23.25×
Peer medians compare against the 3 similar-size Medical Distribution companies (of 10 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
Pharmaceutical and Specialty Solutions
$234,833,000,000
$204,644,000,000
$210,019,000,000
$188,814,000,000
$164,596,000,000
—
—
—
GMPD
$12,719,000,000
$12,636,000,000
$12,381,000,000
$12,222,000,000
$13,280,000,000
—
—
—
All Other Segments
$6,792,000,000
$5,382,000,000
$4,512,000,000
$4,021,000,000
$3,518,000,000
—
—
—
Medical Member
—
—
—
—
—
$16,687,000,000
$15,444,000,000
$15,633,000,000
Pharmaceutical
—
—
—
—
—
$145,796,000,000
$137,495,000,000
$129,917,000,000
By Geography (USD)
Component
FY2026
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
United States
$252,639,000,000
$220,993,000,000
$225,231,000,000
$203,440,000,000
$179,471,000,000
$157,756,000,000
$148,707,000,000
$141,479,000,000
Non Us
$1,705,000,000
$1,669,000,000
$1,681,000,000
$1,617,000,000
$1,923,000,000
$4,727,000,000
$4,232,000,000
$4,071,000,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
