Burlington vs Cardinal Health: Revenue, Profit and Business Model
Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income. Cardinal Health reported $254.2B of revenue in FY2026 and $1.7B of net income.
Latest financial snapshot
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
Cardinal Health
- Latest revenue
- $254.2B (FY2026)
- Net income
- $1.7B
- Net margin
- 0.7%
- Revenue growth
- +7.7% a year, FY2017–FY2026
Financial summary
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
Cardinal Health
Cardinal Health combines very large revenue with thin margins. Fiscal 2026 revenue was $254.2 billion, up 14% from $222.6 billion in fiscal 2025, driven by brand and specialty drug volume from existing customers. GAAP operating earnings were $2.6 billion, GAAP diluted EPS was $7.23, and net earnings attributable to Cardinal Health were about $1.7 billion. Non-GAAP diluted EPS rose 37% to $11.26 ($10.95 excluding the IEEPA tariff refund). Operating cash flow was $5.2 billion and adjusted free cash flow was $5.0 billion. The company repurchased $1.4 billion of stock in fiscal 2026 and the board added $5.0 billion to the buyback authorization in August 2026. Fourth-quarter fiscal 2026 revenue was $63.7 billion, up 6%.
Revenue and profit by year
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
Cardinal Health
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $254.2B | $1.7B | 0.7% | +14.2% | Source |
| FY2025 | $222.6B | $1.6B | 0.7% | -1.9% | Source |
| FY2024 | $226.8B | $852M | 0.4% | +10.7% | Source |
| FY2023 | $205B | $330M | 0.2% | +13.0% | Source |
| FY2022 | $181.3B | -$938M | -0.5% | +11.6% | Source |
| FY2021 | $162.5B | $611M | 0.4% | +6.2% | Source |
| FY2020 | $152.9B | -$3.7B | -2.4% | +5.1% | Source |
| FY2019 | $145.5B | $1.4B | 0.9% | +6.4% | Source |
| FY2018 | $136.8B | $256M | 0.2% | +5.3% | Source |
| FY2017 | $130B | $1.3B | 1.0% | — | Source |
Where the revenue comes from
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
Cardinal Health
- Pharmaceutical Distribution - Branded, Generic, and Specialty~92%
Product sales and fees from distributing branded, generic, and specialty drugs, plus services from specialty practice platforms. Fiscal 2026 segment revenue was $234.8 billion (up 15%) and segment profit was $2.8 billion (up 23%), driven by brand and specialty volume and generics program performance.
- Medical and Surgical Products Manufacturing and Distribution~5%
Sales of Cardinal Health-brand and national-brand medical, surgical, and laboratory products. Fiscal 2026 GMPD revenue was $12.7 billion and segment profit was $258 million, including a one-time $100 million IEEPA tariff refund benefit. Fiscal 2027 guidance calls for $200-$220 million of segment profit.
- Nuclear Pharmacy, at-Home Solutions, and Logistics~3%
Nuclear and Precision Health Solutions (radiopharmaceuticals), at-Home Solutions (direct-to-patient supplies), and OptiFreight Logistics. Together they generated $6.8 billion of fiscal 2026 revenue (up 26%) and $707 million of segment profit (up 37%), the highest margins in the company.
Business model and strategy
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
Cardinal Health
How it makes money
The business model is large, high-volume logistics divided into two segments: Pharmaceutical and Medical. In the Pharma segment, they buy billions of dollars of drugs from manufacturers (like Pfizer) and distribute them daily to tens of thousands of pharmacies and hospitals, taking a tiny markup.
Growth strategy
Cardinal Health's growth plan rests on three levers. First, specialty pharmaceuticals and physician practice platforms: it bought a 71% stake in GI Alliance for about $2.8 billion (announced November 2024) and funded The Specialty Alliance's roughly $1.9 billion acquisition of urology MSO Solaris Health (completed November 2025).
Competitive advantage
Cardinal Health's advantage is physical scale and regulatory standing. Moving regulated, temperature-sensitive drugs and biologics across the country overnight takes a network of specialized distribution centers and security procedures that cost billions of dollars and take decades to build. The barrier to entry is high, so drug distribution is concentrated among a few large companies.
Questions about Burlington vs Cardinal Health
Which company has higher revenue — Burlington Stores, Inc. or Cardinal Health, Inc.?
Burlington Stores, Inc. reported $11.6B (FY2025), while Cardinal Health, Inc. reported $254.2B (FY2026). By last reported revenue, Cardinal Health, Inc. is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Burlington Stores, Inc. vs Cardinal Health, Inc.?
Burlington Stores, Inc.'s market capitalisation stands at $16.8B, while Cardinal Health, Inc.'s is $56.0B. Cardinal Health, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Burlington Stores, Inc. or Cardinal Health, Inc.?
Burlington Stores, Inc. generates $139k / employee in revenue per employee, while Cardinal Health, Inc. generates $3.98M / employee. Cardinal Health, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Burlington Stores, Inc. and Cardinal Health, Inc. make money?
Burlington Stores, Inc. and Cardinal Health, Inc. generate revenue in fundamentally different ways. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores. Cardinal Health, Inc.: The business model is large, high-volume logistics divided into two segments: Pharmaceutical and Medical.
Which company is valued higher relative to revenue — Burlington Stores, Inc. or Cardinal Health, Inc.?
On a price-to-sales (P/S) basis, Burlington Stores, Inc. trades at 1.5x P/S and Cardinal Health, Inc. at 0.2x P/S. Burlington Stores, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Cardinal Health, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Burlington Stores, Inc. bigger than Cardinal Health, Inc.?
By last reported revenue, Cardinal Health, Inc. ($254.2B (FY2026)) is the larger company compared to Burlington Stores, Inc. ($11.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Burlington vs Cardinal Health overview