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1 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. November 5, 2026 Q1 FY27 Earnings Cardinal Health, Inc.
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2 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 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 including those arising from proposed or final regulatory changes, the risk that we may fail to achieve our strategic objectives, including the successful operation of recently acquired entities and the continued execution of GMPD Improvement Plan initiatives; risks and uncertainties related to tariffs, including the risk that we may not be able to offset increased costs; risks arising from the conflict with Iran, including the risk that we may not be able to offset or forecast cost increases or that we may face supply disruptions or delays; risks associated with litigation matters, including Department of Justice investigations focused on potential violations of the Anti-Kickback Statute and False Claims Act; 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 8-K reports and exhibits to those reports. This presentation reflects management’s views as of November 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. Q1 Results
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4 © 2026 Cardinal Health. All Rights Reserved. GAAP Basis ($M) Q1 FY27 Non-GAAP Basis ($M) Q1 FY27 Revenue % change $67,513 5% N/A Gross Margin % change $2,596 12% $2,596 12% SG&A % change $1,595 9% $1,595 9% Operating Earnings % change $753 13% $1,001 17% Interest and Other1 % change $67 N.M. N/A Net Earnings2 % change $554 23% $759 24% Diluted EPS2 % change $2.38 27% $3.26 28% 1The sum of “other (income)/expense, net” and “interest expense, net” 2Attributable to Cardinal Health, Inc. Please see appendix for GAAP to Non-GAAP reconciliations. • Q1 FY27 Earnings Q1 FY27 financial summary
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5 © 2026 Cardinal Health. All Rights Reserved. Q1 FY27 ($M) Q1 FY26 ($M) YoY change Revenue $62,582 $59,205 6% Segment profit $783 $667 17% Segment profit margin 1.25% 1.13% 12 bps • Q1 FY27 Earnings The sum of the components and certain computations may reflect rounding adjustments. + Brand and specialty pharmaceutical sales growth from existing customers Generics program + Drivers: Revenue Segment profit + Brand and specialty products Pharmaceutical and Specialty Solutions Q1 FY27 results
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6 © 2026 Cardinal Health. All Rights Reserved. + - • Q1 FY27 Earnings Drivers: Revenue Cardinal Health Brand Segment profit Q1 FY27 ($M) Q1 FY26 ($M) YoY change Revenue $3,190 $3,184 -% Segment profit $33 $46 (28%) Segment profit margin 1.03% 1.44% (41) bps The sum of the components and certain computations may reflect rounding adjustments. Distribution Global Medical Products and Distribution Q1 FY27 results - Distribution - Foreign exchange + Cardinal Health Brand
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7 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings Drivers: Growth across the three operating segments Segment profit Q1 FY27 ($M) Q1 FY26 ($M) YoY change Revenue $1,764 $1,641 7% Segment profit $193 $166 16% Segment profit margin 10.94% 10.12% 82 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 Q1 FY27 results
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8 © 2026 Cardinal Health. All Rights Reserved. © 2026 Cardinal Health. All Rights Reserved. FY27 Outlook
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9 © 2026 Cardinal Health. All Rights Reserved. FY27 outlook FY26 actual Non-GAAP EPS $12.80 - $13.00 Previously $12.40 - $12.60 $11.26 ($10.95 adjusted for IEEPA tariff refund) Interest and Other $240M – $290M $317M Non-GAAP ETR 18.5% – 19.5% Previously 19.0%-20.0% 19.0% Diluted weighted average shares outstanding 231M - 232M Previously ~233M 237M Share repurchases ~$1B $1.4B Capital expenditures ~$700M $649M Non-GAAP adjusted free cash flow $3.5B – $4.0B $5.0B Bold indicates a change to the FY27 outlook provided at Q4 FY26 earnings release on August 11, 2026 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. • Q1 FY27 Earnings FY27 financial expectations
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10 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings Revenue and segment profit Bold indicates a change to the FY27 outlook provided at Q4 FY26 earnings release on August 11, 2026 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 3% to 5% Segment profit growth of 10% to 12% Previously growth of 8% to 11% Revenue growth of 12% to 14% Previously growth of 11% to 13% Segment profit growth of 17% to 20% Previously growth of 15% to 18% FY27 segment guidance Global Medical Products and Distribution Revenue growth of 2% to 4% Segment profit of $200M to $220M
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11 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 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
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12 © 2026 Cardinal Health. All Rights Reserved. Supporting community-based physicians with a comprehensive model • Q1 FY27 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 Nuclear and Precision Health Solutions
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13 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings Disciplined Strategic Execution Nuclear capacity and capabilities Specialty & MSO Capabilities AI enabled Automation technology New customer solutions New DCs Pharma & Specialty and at-Home Solutions Supply chain technology $547 $649 ~$700 FY25 FY26 FY27 Outlook Capital expenditures | ($ in millions)
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14 © 2026 Cardinal Health. All Rights Reserved. Additional opportunistic share repurchases • Q1 FY27 Earnings 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 Active, disciplined and targeted M&A Table stakes Opportunistic levers FY27 Progress Comfortably within range of targeted leverage $157M in capex through Q1 $625M capital returned to shareholders • $500M of $1.0B FY27 share repurchases • $125M in dividend payments Closed acquisition of Strive Medical, a multi-specialty supply provider with a focus on urology. Announced purchase of Diabetes Health business of AdaptHealth, expected to close in Q3. Disciplined Capital Allocation Framework
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15 © 2026 Cardinal Health. All Rights Reserved. Compelling investment thesis • Q1 FY27 Earnings Consistent track record Unique breadth of capabilities Resilient model Strong core Pharma Specialty opportunity Higher-margin growth businesses Progress with GMPD turnaround Robust cash flow generation Disciplined capital allocation 12% to 14% non-GAAP EPS growth
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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. • Q1 FY27 Earnings Net Earnings Gross Operating Earnings Provision Attributable Net Diluted Margin SG&A2 Earnings Before for to Non- Earnings 3 Effective EPS 3 Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax Diluted Growth Margin Rate SG&A 2 Rate Earnings Rate Taxes Taxes Interests Earnings 3 Rate Rate EPS 3 Rate (in millions, except per common share amounts) GAAP $ 2,596 12 % $ 1,595 9 % $ 753 13 % $ 688 $ 132 $ (2)$ 554 23% 19.2 % $ 2.38 27% Restructuring and employee severance — — 23 23 6 17 0.07 Amortization and other acquisition-related costs — — 182 182 48 134 0.57 Acquisition-related cash & share-based compensation costs — — 94 94 5 89 0.38 Impairments and (gain)/loss on disposal of assets, net — — (4) (4) (1) (3) (0.01) Litigation (recoveries)/charges, net — — (47) (47) (16) (31) (0.13) Impairment of equity interest in Outcomes — — — (2) (1) (1) — Non-GAAP $ 2,596 12 % $ 1,595 9 % $ 1,001 17 % $ 934 $ 173 $ (2)$ 759 24% 18.5 % $ 3.26 28% GAAP $ 2,319 22 % $ 1,461 14 % $ 668 18 % $ 598 $ 144 $ (4)$ 450 8% 24.1 % $ 1.88 11% Restructuring and employee severance — — 20 20 5 15 0.06 Amortization and other acquisition-related costs — — 104 104 30 74 0.31 Acquisition-related cash & share-based compensation costs — — 64 64 1 63 0.26 Impairments and (gain)/loss on disposal of assets, net — — 2 2 1 1 — Litigation (recoveries)/charges, net — — — — (8) 8 0.03 Non-GAAP $ 2,318 22 % $ 1,461 14 % $ 857 37 % $ 788 $ 173 $ (4)$ 611 33% 21.9 % $ 2.55 36% GAAP / Non-GAAP Reconciliation 1 Cardinal Health, Inc. and Subsidiaries We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 3 Attributable to Cardinal Health, Inc. 1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules. 2 Distribution, selling, general and administrative expenses. First Quarter 2026 The sum of the components and certain computations may reflect rounding adjustments. First Quarter 2027
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18 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings Net (Earnings)/Loss Gross Operating Earnings Provision Attributable Net Diluted Margin SG&A2 Earnings Before for to Non- Earnings3 Effective EPS 3 Gross Growth Growth Operating Growth Income Income Controlling Net Growth Tax Diluted Growth Margin Rate SG&A 2 Rate Earnings Rate Taxes Taxes Interests Earnings3 Rate Rate EPS 3 Rate (in millions, except per common share amounts) GAAP $ 9,774 20 % $ 6,132 14 % $ 2,613 15% $ 2,174 $ 469 $ 9 $ 1,714 10% 21.6 % $ 7.23 12 % State opioid assessment related to prior fiscal years — 17 (17) (17) (4) — (13) (0.05) Restructuring and employee severance — — 106 106 24 — 82 0.34 Amortization and other acquisition-related costs — — 469 469 120 — 349 1.47 Acquisition-related cash & share-based compensation costs — — 287 287 12 — 275 1.16 Impairments and (gain)/loss on disposal of assets, net 5 — — 177 177 22 (23) 132 0.56 Litigation (recoveries)/charges, net — — (10) (10) (19) — 9 0.04 Impairment of equity interest in Outcomes 4 — — — 122 3 — 119 0.50 Non-GAAP $ 9,774 20 % $ 6,150 14 % $ 3,624 30 % $ 3,308 $ 628 $ (13)$ 2,667 34 % 19.0 % $ 11.26 37 % The sum of the components and certain computations may reflect rounding adjustments. We generally apply varying tax rates depending on the item's nature and tax jurisdiction where it is incurred. 4 For fiscal 2026, we recognized a pre-tax impairment charge of $122 million related to our equity method investment in Outcomes due to an observed reduction in the estimated fair value of the business, which is included in impairment of equity interest in Outcomes in the consolidated statements of earnings. The net tax benefit related to this charge was $3 million and is included in the annual effective tax rate. 5 For fiscal 2026, impairments and (gain)/loss on disposals of assets, net includes pre-tax goodwill impairment charges of $184 million related to the Navista & ION reporting unit within the Pharma segment. For fiscal 2026, the net tax benefit related to these charges was $23 million, and were included in the annual effective tax rates. The portion of the goodwill impairment charge within the Navista & ION reporting unit attributable to noncontrolling interests was $23 million for fiscal 2026. Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation 1 Fiscal Year 2026 2 Distribution, selling, general and administrative expenses. 1 For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules. 3 Attributable to Cardinal Health, Inc.
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19 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings (in millions) 2027 2026 2027 2026 2027 2026 Revenue Amount $ 62,582 $ 59,205 $ 3,190 $ 3,184 $ 1,764 $ 1,641 Growth rate 6 % 23 % — % 2 % 7 % 38 % Segment profit Amount $ 783 $ 667 $ 33 $ 46 $ 193 $ 166 Growth rate 17 % 26 % (28)% N.M. 16 % 60 % Segment profit margin 1.25% 1.13 % 1.03% 1.44 % 10.94% 10.12 % The sum of the components and certain computations may reflect rounding adjustments. Cardinal Health, Inc. and Subsidiaries Segment Information First Quarter Pharmaceutical and Specialty Solutions Global Medical Products and Distribution Other
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20 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings (in millions) 2027 2026 GAAP - Cash Flow Categories Net cash provided by operating activities $ 1,398 $ 973 Net cash used in investing activities (251) (142) Net cash used in financing activities (742) (110) Effect of exchange rates changes on cash and equivalents 3 (2) Net increase in cash and equivalents 408$ 719$ Non-GAAP Adjusted Free Cash Flow Net cash provided by operating activities $ 1,398 $ 973 Repurchases of liability-classified Specialty Alliance Units $ 4 $ 16 Additions to property and equipment (157) (108) Payments related to matters included in litigation (recoveries)/charges, net 338 404 Non-GAAP adjusted free cash flow 1,583$ 1,285$ For more information on these measures, refer to the Use of Non-GAAP Measures and Definitions schedules. Cardinal Health, Inc. and Subsidiaries GAAP / Non-GAAP Reconciliation - GAAP Cash Flow to Non-GAAP Adjusted Free Cash Flow First Quarter
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21 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings Segment Profit: segment revenue minus (segment cost of products sold and segment distribution, selling, general and administrative expenses). Cardinal Health, Inc. and Subsidiaries Definitions Growth rate calculation : growth rates in this report are determined by dividing the difference between current-period results and prior-period results by prior-period results. Interest and Other, net: other (income)/expense, net plus interest expense, net. Segment Profit margin: segment profit divided by segment revenue. Non-GAAP gross margin: gross margin, excluding LIFO charges/(credits). Non-GAAP distribution, selling, general and administrative expenses or Non-GAAP SG&A: distribution, selling, general and administrative expenses, excluding state opioid assessment related to prior fiscal years. Non-GAAP operating earnings: operating earnings excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) restructuring and employee severance, (4) amortization and other acquisition- related costs, (5) acquisition-related cash and share-based compensation costs, (6) impairments and (gain)/loss on disposal of assets, net, and (7) litigation (recoveries)/charges, net. Non-GAAP earnings before income taxes: earnings before income taxes excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) restructuring and employee severance, (4) amortization and other acquisition-related costs, (5) acquisition-related cash and share-based compensation costs, (6) impairments and (gain)/loss on disposal of assets, net, (7) litigation (recoveries)/charges, net, and (8) impairment of equity interest in Outcomes. Non-GAAP net earnings attributable to non-controlling interests: net earnings attributable to non-controlling interests excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) restructuring and employee severance, (4) amortization and other acquisition-related costs, (5) acquisition-related cash and share-based compensation costs, (6) impairments and (gain)/loss on disposal of assets, net, (7) litigation (recoveries)/charges, net, and (8) impairment of equity interest in Outcomes, each net of tax. Non-GAAP net earnings attributable to Cardinal Health, Inc.: net earnings attributable to Cardinal Health, Inc. excluding (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) restructuring and employee severance, (4) amortization and other acquisition-related costs, (5) acquisition-related cash and share-based compensation costs, (6) impairments and (gain)/loss on disposal of assets, net, (7) litigation (recoveries)/charges, net, and (8) impairment of equity interest in Outcomes, each net of tax. Non-GAAP effective tax rate: provision for income taxes adjusted for the tax impacts of (1) LIFO charges/(credits), (2) state opioid assessment related to prior fiscal years, (3) restructuring and employee severance, (4) amortization and other acquisition-related costs, (5) acquisition-related cash and share-based compensation costs, (6) impairments and (gain)/loss on disposal of assets, net, (7) litigation (recoveries)/charges, net, and (8) impairment of equity interest in Outcomes, divided by (earnings before income taxes adjusted for the items above). Non-GAAP diluted earnings per share attributable to Cardinal Health, Inc.: non-GAAP net earnings attributable to Cardinal Health, Inc. divided by diluted weighted-average shares outstanding. Non-GAAP adjusted free cash flow: net cash provided by operating activities plus repurchases of liability-classified Specialty Alliance Units, less payments related to additions to property and equipment, excluding settlement payments and receipts related to matters included in litigation (recoveries)/charges, net, as defined above, or other significant and unusual or non-recurring cash payments or receipts.
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22 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings
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23 © 2026 Cardinal Health. All Rights Reserved. • Q1 FY27 Earnings The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company’s fiscal 2027 GAAP results. Over the past five fiscal years, the excluded items have impacted the Company’s EPS from $1.79 to $8.44, which includes a $6.97 change related to the goodwill impairment we recognized in fiscal 2022. Cardinal Health, Inc. and Subsidiaries Forward Looking non-GAAP Measures In this document, the Company presents certain forward-looking non-GAAP metrics. The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP basis.