Cardinal Health, Inc. Revenue in 2025

Cardinal Health, Inc. reported $222.6B in revenue for fiscal year 2025. This represents a decline of 1.9% compared to the 2024 figure of $226.8B.

Revenue of $222.6 billion in fiscal 2025 represents a decline from $226.8 billion in fiscal 2024, primarily reflecting the OptumRx contract expiration. The gross margin improvement to 3.57% from 3.21% on lower revenue confirms management's assertion that the OptumRx business was margin-dilutive. Net income of $1.569 billion on $222.6 billion in revenue — a 0.7% net margin — is characteristic of the pharmaceutical distribution model. The specialty oncology acquisitions tell a more interesting story about where Cardinal Health is investing for growth. The Integrated Oncology Network, GI Alliance, Advanced Diabetes Supply Group ($1.1 billion), and Solaris Health acquisitions represent a deliberate pivot toward healthcare services businesses that generate margins far above the 1.10% segment profit margins in core pharmaceutical distribution. These specialty platforms serve physician practices directly, bypassing the commodity dynamics of wholesale distribution. Revenue history: $181 billion in 2022, $205 billion in 2023, $227 billion in 2024, $222.6 billion in 2025. The 2025 decline from the OptumRx exit is temporary relative to the growth trajectory. The specialty services pivot, if executed successfully, could meaningfully shift the margin profile over the next five years. The nuclear pharmacy business merits specific attention: operating the nation's largest network of nuclear pharmacies at margins substantially above the distribution average, with competitive moats built on FDA licensing, radiation safety expertise, and time-sensitive logistics, Cardinal Health holds a genuinely difficult-to-replicate position in a niche that grows with diagnostic imaging demand. It is a small fraction of total revenue and an outsized fraction of strategic value.