CARDINAL HEALTH INC
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
CAH$276.79+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
Financial Statements
Condensed Consolidated Statements of Earnings/(Loss)
| Three Months Ended September 30, | ||
|---|---|---|
| (in millions, except per common share amounts) | 2024 | 2023 |
| Revenue | $52,277 | $54,650 |
| Cost of products sold | 50,375 | 52,907 |
| Gross margin | 1,902 | 1,743 |
| Operating expenses: | ||
| Distribution, selling, general and administrative expenses | 1,277 | 1,186 |
| Restructuring and employee severance | 24 | 25 |
| Amortization and other acquisition-related costs | 74 | 64 |
| Impairments and (gain)/loss on disposal of assets, net | (1) | 541 |
| Litigation (recoveries)/charges, net | (40) | (41) |
| Operating earnings/(loss) | 568 | (32) |
| Other (income)/expense, net | (5) | 1 |
| Interest expense, net | 32 | 11 |
| Earnings/(loss) before income taxes | 541 | (44) |
| Provision for/(benefit from) income taxes | 124 | (33) |
| Net earnings/(loss) | 417 | (11) |
| Less: Net earnings attributable to noncontrolling interests | (1) | (1) |
| Net earnings/(loss) attributable to Cardinal Health, Inc. | $416 | $(12) |
| Earnings/(loss) per common share attributable to Cardinal Health, Inc.: | ||
| Basic | $1.71 | $(0.05) |
| Diluted | 1.70 | (0.05) |
| Weighted-average number of common shares outstanding: | ||
| Basic | 243 | 249 |
| Diluted | 245 | 249 |
| Cash dividends declared per common share | $0.5056 | $0.5006 |
| Cardinal Health | Q1 Fiscal 2025 Form 10-Q | 21 |
Financial Statements
Condensed Consolidated Statements of Comprehensive Income/(Loss)
| Three Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Net earnings/(loss) | $417 | $(11) |
| Other comprehensive income/(loss): | ||
| Foreign currency translation adjustments and other | 5 | (11) |
| Net unrealized gain/(loss) on derivative instruments, net of tax | 7 | (3) |
| Total other comprehensive income/(loss), net of tax | 12 | (14) |
| Total comprehensive income/(loss) | 429 | (25) |
| Less: comprehensive income attributable to noncontrolling interests | (1) | (1) |
| Total comprehensive income/(loss) attributable to Cardinal Health, Inc. | $428 | $(26) |
| Cardinal Health | Q1 Fiscal 2025 Form 10-Q | 22 |
Financial Statements
Condensed Consolidated Balance Sheets
| (in millions) | September 30, 2024 | June 30, 2024 |
|---|---|---|
| Assets · (Unaudited) | ||
| Current assets: | ||
| Cash and equivalents | $2,867 | $5,133 |
| Trade receivables, net | 11,781 | 12,084 |
| Inventories, net | 15,619 | 14,957 |
| Prepaid expenses and other | 2,591 | 2,663 |
| Assets held for sale | 47 | 47 |
| Total current assets | 32,905 | 34,884 |
| Property and equipment, net | 2,535 | 2,529 |
| Goodwill and other intangibles, net | 6,388 | 6,450 |
| Other assets | 1,231 | 1,258 |
| Total assets | $43,059 | $45,121 |
| Liabilities and Shareholders’ Deficit | ||
| Current liabilities: | ||
| Accounts payable | $30,365 | $31,759 |
| Current portion of long-term obligations and other short-term borrowings | 940 | 434 |
| Other accrued liabilities | 3,373 | 3,447 |
| Total current liabilities | 34,678 | 35,640 |
| Long-term obligations, less current portion | 4,224 | 4,658 |
| Deferred income taxes and other liabilities | 7,433 | 8,035 |
| Shareholders’ deficit: | ||
| Preferred shares, without par value: | ||
| Authorized—500 thousand shares, Issued—none | — | — |
| Common shares, without par value: | ||
| Authorized—755 million shares, Issued—327 million shares at September 30, 2024 and June 30,2024 | 2,827 | 2,917 |
| Retained earnings/(accumulated deficit) | 14 | (286) |
| Common shares in treasury, at cost: 85 million shares and 83 million shares at September 30, 2024 and June 30, 2024, respectively | (5,963) | (5,677) |
| Accumulated other comprehensive loss | (155) | (167) |
| Total Cardinal Health, Inc. shareholders' deficit | (3,277) | (3,213) |
| Noncontrolling interests | 1 | 1 |
| Total shareholders’ deficit | (3,276) | (3,212) |
| Total liabilities and shareholders’ deficit | $43,059 | $45,121 |
| Cardinal Health | Q1 Fiscal 2025 Form 10-Q | 23 |
Financial Statements
Condensed Consolidated Statements of Shareholders' Deficit
| Common Shares · Treasury Shares · Accumulated OtherComprehensiveLoss · Noncontrolling Interests · TotalShareholders’Deficit | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · Shares Issued · Amount · Retained Earnings/(Accumulated Deficit) · Shares · Amount | ||||||||||||||||
| Three Months Ended September 30, 2024 | ||||||||||||||||
| Balance at June 30, 2024 | 327 | $2,917 | $(286) | (83) | $(5,677) | $(167) | $1 | $(3,212) | ||||||||
| Net earnings | 416 | 1 | 417 | |||||||||||||
| Other comprehensive income, net of tax | 12 | 12 | ||||||||||||||
| Employee stock plans activity, net of shares withheld for employee taxes | — | (15) | 1 | 17 | 2 | |||||||||||
| Share repurchase program activity | (75) | (3) | (303) | (378) | ||||||||||||
| Dividends declared | (119) | (119) | ||||||||||||||
| Other | 3 | (1) | 2 | |||||||||||||
| Balance at September 30, 2024 | 327 | $2,827 | $14 | (85) | $(5,963) | $(155) | $1 | $(3,276) | ||||||||
| Three Months Ended September 30, 2023 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at June 30, 2023 | 327 | $2,746 | $(642) | (76) | $(4,911) | $(151) | $1 | $(2,957) | ||||||
| Net earnings/(loss) | (12) | 1 | (11) | |||||||||||
| Other comprehensive loss, net of tax | (14) | (14) | ||||||||||||
| Employee stock plans activity, net of shares withheld for employee taxes | — | (18) | 1 | 25 | 7 | |||||||||
| Share repurchase program activity | (5) | (505) | (505) | |||||||||||
| Dividends declared | (125) | (125) | ||||||||||||
| Other | (1) | (1) | (2) | |||||||||||
| Balance at September 30, 2023 | 327 | $2,728 | $(780) | (80) | $(5,391) | $(165) | $1 | $(3,607) | ||||||
| Cardinal Health | Q1 Fiscal 2025 Form 10-Q | 24 |
Financial Statements
Condensed Consolidated Statements of Cash Flows
| Three Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net earnings/(loss) | $417 | $(11) |
| Adjustments to reconcile net earnings/(loss) to net cash provided by/(used in) operating activities: | ||
| Depreciation and amortization | 182 | 172 |
| Impairments and (gain)/loss on sale of investments | 1 | — |
| Impairments and (gain)/loss on disposal of assets, net | (1) | 541 |
| Share-based compensation | 30 | 29 |
| Provision for bad debts | 16 | 9 |
| Change in operating assets and liabilities, net of effects from acquisitions and divestitures: | ||
| Decrease in trade receivables | 288 | 58 |
| Increase in inventories | (678) | (1,073) |
| Increase/(decrease) in accounts payable | (1,394) | 1,762 |
| Other accrued liabilities and operating items, net | (508) | (959) |
| Net cash provided by/(used in) operating activities | (1,647) | 528 |
| Cash flows from investing activities: | ||
| Proceeds from divestitures, net of cash sold | 2 | — |
| Additions to property and equipment | (90) | (92) |
| Proceeds from disposal of property and equipment | — | 1 |
| Proceeds from net investment hedge terminations | — | 28 |
| Net cash used in investing activities | (88) | (63) |
| Cash flows from financing activities: | ||
| Reduction of long-term obligations | (9) | (7) |
| Net tax withholding from share-based compensation | (28) | (28) |
| Dividends on common shares | (128) | (131) |
| Purchase of treasury shares | (375) | (500) |
| Net cash used in financing activities | (540) | (666) |
| Effect of exchange rates changes on cash and equivalents | 9 | (5) |
| Net decrease in cash and equivalents | (2,266) | (206) |
| Cash and equivalents at beginning of period | 5,133 | 4,076 |
| Cash and equivalents at end of period | $2,867 | $3,870 |
| Cardinal Health | Q1 Fiscal 2025 Form 10-Q | 25 |
Notes to Financial Statements
Notes to Condensed Consolidated Financial Statements
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