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1 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. February 5, 2026 Q2 FY26 Earnings Cardinal Health, Inc.
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2 © 2026 Cardinal Health. All Rights Reserved. • Q2 FY26 Earnings Cautions Concerning Forward-Looking Statements This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," “will," "should," "could," "would," "project," "continue,” "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include our ability to manage uncertainties associated with the pricing of branded pharmaceuticals and to navigate uncertainties arising from proposed or final regulatory changes, including those related to pharmaceutical pricing and tariffs the risk that we may fail to achieve our strategic objectives, including the ongoing integration of recent acquisitions and the continued execution of the GMPD Improvement Plan initiatives; competitive pressures in Cardinal Health's various lines of business, including the risk that customers may reduce purchases made under their contracts with us or terminate or not renew their contracts, whether due to price increases or otherwise; risks associated with litigation matters, including Department of Justice investigations focused on potential violations of the Anti-Kickback Statute and False Claims Act; the risk that events outside of our control, such as weather or geopolitical events, may impact demand for our products or may cause supply delays or shortages that impact our cost and ability to fulfill customer demand; and the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial and strategic benefits through our generic sourcing venture or other components of our generics programs. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8K reports and exhibits to those reports. This presentation reflects management’s views as of February 5, 2026. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed. Cardinal Health provides definitions and reconciliations of non-GAAP financial measures and their most directly comparable GAAP financial measures at ir.cardinalhealth.com
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3 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. Q2 Results
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4 © 2026 Cardinal Health. All Rights Reserved. GAAP Basis ($M) Q2 FY26 Non-GAAP Basis ($M) Q2 FY26 Revenue % change $65,627 19% N/A Gross Margin % change $2,397 23% $2,398 24% SG&A % change $1,504 15% $1,520 16% Operating Earnings % change $707 29% $877 38% Interest and Other1 % change $77 N.M. N/A Net Earnings2 % change $467 17% $624 33% Diluted EPS2 % change $1.97 19% $2.63 36% 1The sum of “other (income)/expense, net” and “interest expense, net” 2Attributable to Cardinal Health, Inc. Please see appendix for GAAP to Non-GAAP reconciliations. • Q2 FY26 Earnings Q2 FY26 financial summary
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5 © 2026 Cardinal Health. All Rights Reserved. Q2 FY26 ($M) Q2 FY25 ($M) YoY change Revenue $60,669 $50,849 19% Segment profit $687 $531 29% Segment profit margin 1.13% 1.04% 9 bps • Q2 FY26 Earnings The sum of the components and certain computations may reflect rounding adjustments. + Brand and specialty pharmaceutical sales growth from existing and new customers Brand and specialty products Generics program + Drivers: Revenue Segment profit + MSO platforms Pharmaceutical and Specialty Solutions Q2 FY26 results +
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6 © 2026 Cardinal Health. All Rights Reserved. + + • Q2 FY26 Earnings Drivers: Revenue Volume growth from existing customers Segment profit Q2 FY26 ($M) Q2 FY25 ($M) YoY change Revenue $3,259 $3,154 3% Segment profit $37 $18 106% Segment profit margin 1.14% 0.57% 57 bps The sum of the components and certain computations may reflect rounding adjustments. Growth from existing customers Global Medical Products and Distribution Q2 FY26 results + Cost optimization initiatives - Net impact of tariffs
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7 © 2026 Cardinal Health. All Rights Reserved. • Q2 FY26 Earnings Drivers: Growth across the three operating segments Segment profit Q2 FY26 ($M) Q2 FY25 ($M) YoY change Revenue $1,724 $1,283 34% Segment profit $179 $118 52% Segment profit margin 10.38% 9.20% 118 bps The sum of the components and certain computations may reflect rounding adjustments. Revenue + Growth across the three operating segments+ Other: NPHS, at-Home Solutions and OptiFreight Q2 FY26 results
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8 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. FY26 Outlook
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9 © 2026 Cardinal Health. All Rights Reserved. FY26 outlook FY25 actual Non-GAAP EPS $10.15 - $10.35 Previously $9.65 - $9.85 $8.24 Interest and Other ~$325M $174M Non-GAAP ETR 21.0% - 23.0% Previously 22% - 24% 23.3% Diluted weighted average shares outstanding 237M - 238M Previously ~238M 242M Share repurchases ~$750M $750M Capital expenditures $600M - $650M $547M Non-GAAP adjusted free cash flow $3.0B - $3.5B $2.5B Bold indicates a change to the FY26 outlook provided at Q1 FY25 earnings release on October 30, 2025 Guidance includes Solaris Health acquisition, which was completed in November. The company does not provide forward-looking expectations on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See “use of non-GAAP measures” in the financial appendix at the end of this presentation for additional explanation. • Q2 FY26 Earnings FY26 financial expectations
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10 © 2026 Cardinal Health. All Rights Reserved. • Q2 FY26 Earnings Revenue and segment profit Bold indicates a change to the FY26 outlook provided at Q1 FY25 earnings release on October 30, 2025 Guidance includes Solaris Health acquisition, which was completed in November. Other includes the following three operating segments: Nuclear and Precision Health Solutions (NPHS), at-Home Solutions, and OptiFreight® Logistics, which are not significant enough individually to require reportable segment disclosure. Pharmaceutical and Specialty Solutions Other: at-Home Solutions NPHS, OptiFreight Logistics Revenue growth of 15% to 17% Segment profit growth of 20% to 22% Previously growth of 16% to 19% Revenue growth of 26% to 28% Segment profit growth of 33% to 35% Previously growth of 29% to 31% FY26 segment guidance Global Medical Products and Distribution Revenue growth of 1% to 3% Previously growth of 2% to 4% Segment profit of ~$150M Previously $140M+
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11 © 2026 Cardinal Health. All Rights Reserved. • Q2 FY26 Earnings Strategic priorities Relentless focus on simplification Build upon the growth and resiliency of Pharmaceutical and Specialty Solutions by expanding in Specialty Accelerate other growth businesses Execute GMPD Improvement Plan initiatives and shareholder value creation
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12 © 2026 Cardinal Health. All Rights Reserved. Supporting community-based physicians with a comprehensive model • Q2 FY26 Earnings Broad Distribution and Scaled Contracting MSO Platforms Advanced Data and Technology Solutions Specialty Community Physicians Oncology Approx 40% of market Multi-Specialty Approx 60% of market PPS Analytics and SoNaR Real World Evidence/Data Pharmaceutical and Specialty Distribution GPO offerings
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13 © 2026 Cardinal Health. All Rights Reserved. • Q2 FY26 Earnings Country's leading urology managed service organization (MSO) with 750+ providers across 250 practice locations in 14 states Diverse revenue streams underpinned by a national MSO infrastructure Enables urology providers to focus more time on their patients through clinical research, streamlined practice coordination and improved back-office support Bolsters CAH’s leadership in the urology specialty therapeutic area Strengthens The Specialty Alliance’s leading multi-specialty platform and resilient business model by adding scale and extending reach to new markets CAH’s MSO platforms now reach ~3,000 community providers across 32 states Solaris Health overview Growing The Specialty Alliance 1 2 3 Adding Solaris Health to The Specialty Alliance Transaction completed in early November
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14 © 2026 Cardinal Health. All Rights Reserved. Additional opportunistic share repurchases • Q2 FY26 Earnings Table stakes Opportunistic levers FY26 progress Disciplined capital allocation framework Maintain investment grade balance sheet Investing back into the business to drive organic growth Baseline return of capital to shareholders • Continue to grow the dividend • Baseline share repurchases Disciplined and targeted M&A Achieved targeted leverage range ahead of schedule1 ~$1B in baseline capital returned to shareholders • $750M in baseline share repurchases • ~$250M in dividend payments Completed the acquisition of Solaris Health • Continue to evaluate tuck-in M&A in Specialty and our growth businesses • Continue to evaluate opportunistic share repurchases $239M in YTD capex 1The company maintains a targeted leverage range of 2.75x to 3.25x Adjusted Debt to EBITDA as defined by Moody’s Ratings. The company achieved 3.2x leverage as of December 31, 2025 per internal estimates
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15 © 2026 Cardinal Health. All Rights Reserved. Compelling investment thesis • Q2 FY26 Earnings Consistent track record Unique breadth of capabilities Resilient model Strong core Pharma Specialty key opportunity Higher-margin growth businesses Progress with GMPD turnaround Increasing cash flow generation Disciplined capital allocation 12% to 14% non-GAAP EPS long-term CAGR
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16 © 2026 Cardinal Health. All Rights Reserved. 16 © 2026 Cardinal Health. All Rights Reserved. Appendix
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17 © 2026 Cardinal Health. All Rights Reserved.
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18 © 2026 Cardinal Health. All Rights Reserved.
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19 © 2026 Cardinal Health. All Rights Reserved.
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20 © 2026 Cardinal Health. All Rights Reserved.
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21 © 2026 Cardinal Health. All Rights Reserved.
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22 © 2026 Cardinal Health. All Rights Reserved.