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Cardinal Health cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q1 FY27 · $4.9B over twelve months

Operating cash flow$1.4B
Capital spending−$157M
Free cash flow+$1.2B
Cash / net income2.5×
Cash conversion cycle-12 days

Analysis

In Q1 FY27, Cardinal Health generated $1.4B of operating cash flow and spent $157M on capital projects, leaving free cash flow of $1.2B. That is $376M more than in Q1 FY26 ($865M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.6B; the largest uses were acquisitions ($2.1B), buybacks ($1.5B), capital spending ($698M); besides operations, cash came from other investing ($58.0M), asset & business sales ($46.0M); the cash balance rose by $671M.

Operating cash flow was $1.4B against net income of $556M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: payables +$2.7B, inventory −$1.2B, receivables −$734M.

Its cash conversion cycle was -12 days (receivables 19 + inventory 25 − payables 56): suppliers fund its working capital.

Free cash flow

Cardinal Health: free cash flow by quarterCardinal Health: free cash flow by quarter$1.9BQ4 FY24−$1.7BQ1 FY25−$495MQ2 FY25$2.8BQ3 FY25$1.3BQ4 FY25$865MQ1 FY26$555MQ2 FY26$1.2BQ1 FY27
Operating cash flow less capital spending.
Cardinal Health: operating cash flow against capital spendingCardinal Health: operating cash flow against capital spendingOperating cash flowCapital spending$2.1B$193MQ4 FY24−$1.6B$90.0MQ1 FY25−$396M$99.0MQ2 FY25$2.9B$126MQ3 FY25$1.5B$232MQ4 FY25$973M$108MQ1 FY26$686M$131MQ2 FY26$1.4B$157MQ1 FY27
Latest (Q1 FY27): Operating cash flow $1.4B, Capital spending $157M.

Capital allocation, year by year

Cardinal Health: where the cash came from (up) and went (down), by fiscal yearCardinal Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $3.2BFY22: Net borrowing −$906MFY22: Asset sales $954MFY22: Capital spending −$387MFY22: Acquisitions −$22.0MFY22: Buybacks −$1.0BFY22: Dividends −$559M$4.1BFY22FY23: Operating cash flow $2.8BFY23: Net borrowing −$610MFY23: Asset sales $12.0MFY23: Capital spending −$481MFY23: Acquisitions −$10.0MFY23: Buybacks −$2.0BFY23: Dividends −$525M$2.9BFY23FY24: Operating cash flow $3.8BFY24: Net borrowing $321MFY24: Asset sales $21.0MFY24: Capital spending −$511MFY24: Acquisitions −$1.2BFY24: Buybacks −$750MFY24: Dividends −$499M$4.1BFY24FY25: Operating cash flow $2.4BFY25: Net borrowing $2.4BFY25: Asset sales $3.0MFY25: Capital spending −$547MFY25: Acquisitions −$5.2BFY25: Buybacks −$765MFY25: Dividends −$494M$4.8BFY25FY26: Operating cash flow $5.2BFY26: Net borrowing $290MFY26: Asset sales $31.0MFY26: Capital spending −$649MFY26: Acquisitions −$2.0BFY26: Buybacks −$1.4BFY26: Dividends −$491M$5.5BFY26
Over these 5 years operating cash flow totalled $17.4B; the largest uses were acquisitions ($8.5B) and buybacks ($5.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.9B
Debt$8.9B
Net debt$4.0B
Due within a year$1.9B

Cardinal Health funds itself: free cash flow was $4.9B over the last twelve months, and $4.9B of cash and investments stands against $8.9B of debt ($1.9B due within a year, 2.6× covered by cash).

Cardinal Health: debt maturities by year (FY26)Cardinal Health: debt maturities by year (FY26)$1.9BYear 1$741MYear 2$678MYear 3$771MYear 4$611MYear 5$4.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.9B of cash and investments now.

Where the cash came from and went

Cardinal Health: sources (+) and uses (−) of cash, Q1 FY27Cardinal Health: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$1.4BBuybacks−$500MCash drawn (+) / kept (−)−$408MCapital spending−$157MAcquisitions−$149MDividends−$126MOther financing−$102MOther investing$40.0MAsset & business sales$15.0MNet borrowing (+) / repaid (−)−$11.0MPartners−$3.0MExchange rates$3.0M
Cardinal Health: sources (+) and uses (−) of cash, TTM to Q1 FY27Cardinal Health: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$5.6BAcquisitions−$2.1BBuybacks−$1.5BCapital spending−$698MCash drawn (+) / kept (−)−$671MDividends−$488MNet borrowing (+) / repaid (−)−$151MOther financing−$101MOther investing$58.0MAsset & business sales$46.0MPartners−$11.0MExchange rates−$1.0M

From profit to cash

Cardinal Health: net income to operating cash flow, Q1 FY27Cardinal Health: net income to operating cash flow, Q1 FY27Net income$556MDepreciation & amortization$247MStock-based pay$109MGains on investments$16.0MReceivables−$734MInventory−$1.2BPayables$2.7BOther operating capital−$282MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY27192556-12
Q2 FY26192755-9
Q1 FY26192653-8
Q4 FY25202653-8
Q3 FY25212855-6
Q2 FY25202853-5
Q1 FY25212857-8
Q4 FY24182550-7

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$1.4B−$157M−$149M−$500M−$126M−$11.0M−$408M$1.2B
Q2 FY26$686M−$131M−$1.9B−$383M−$122M−$12.0M$1.8B$555M
Q1 FY26$973M−$108M−$41.0M−$375M−$129M$488M−$719M$865M
Q4 FY25$1.5B−$232M−$1.4B—−$120M−$11.0M−$548M$1.3B
Q3 FY25$2.9B−$126M−$2.8B−$375M−$124M−$11.0M$484M$2.8B
Q2 FY25−$396M−$99.0M−$1.1B−$15.0M−$122M−$414M−$943M−$495M
Q1 FY25−$1.6B−$90.0M—−$375M−$128M−$9.0M$2.3B−$1.7B
Q4 FY24$2.1B−$193M$2.0M—−$122M−$760M−$1.4B$1.9B

Cardinal Health: income statement and cash flow

Cardinal Health, Q1 FY27: revenue $67.5B (+6% year over year), operating margin 1.1%. The chart follows the revenue to costs, profit and cash.

Cardinal Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.