Cardinal Health vs Honda: Revenue, Profit and Business Model
Cardinal Health reported $254.2B of revenue in FY2026 and $1.7B of net income. Honda reported ~$146B of revenue in FY2026 and a net loss of ~$2.8B.
Latest financial snapshot
Cardinal Health
- Latest revenue
- $254.2B (FY2026)
- Net income
- $1.7B
- Net margin
- 0.7%
- Revenue growth
- +7.7% a year, FY2017–FY2026
Honda
- Latest revenue
- ~$146B (FY2026)
- Net income
- ~-$2.8B
- Net margin
- -1.9%
- Revenue growth
- +4.1% a year, FY2016–FY2026
Financial summary
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%.
Honda
Honda's revenue rose from ~$97.5 billion (JPY 14.55 trillion) in FY2022 to ~$145 billion (JPY 21.69 trillion) in FY2025 as a weaker yen and strong US hybrid demand lifted results. FY2026 revenue edged up to $146 billion (JPY 21.80 trillion), but EV charges of ~$10.6 billion (JPY 1.58 trillion) produced a ~$2.78 billion (JPY 414.3 billion) operating loss and a ~$2.84 billion (JPY 423.9 billion) net loss. Without those charges, adjusted operating profit was ~$6.97 billion (JPY 1.04 trillion). In Q1 FY2027 (April to June 2026) operating profit hit a record ~$3.56 billion (JPY 530.7 billion) and net profit was ~$3.02 billion (JPY 450.9 billion), and Honda raised its FY2027 net profit forecast to ~$2.68 billion (JPY 400 billion).
Revenue and profit by year
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 |
Honda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$146B | ~-$2.8B | -1.9% | +0.5% | Source |
| FY2025 | ~$145.3B | ~$5.6B | 3.9% | +6.2% | Source |
| FY2024 | ~$136.9B | ~$7.4B | 5.4% | +20.8% | Source |
| FY2023 | ~$113.3B | ~$4.4B | 3.9% | +16.2% | Source |
| FY2022 | ~$97.5B | ~$4.7B | 4.9% | +10.5% | Source |
| FY2021 | ~$88.2B | ~$4.4B | 5.0% | -11.8% | Source |
| FY2020 | ~$100B | ~$3.1B | 3.1% | -6.0% | Source |
| FY2019 | ~$106.5B | ~$4.1B | 3.8% | +3.4% | Source |
| FY2018 | ~$102.9B | ~$7.1B | 6.9% | +9.7% | Source |
| FY2017 | ~$93.8B | ~$4.1B | 4.4% | -4.1% | Source |
| FY2016 | ~$97.8B | ~$2.3B | 2.4% | — | Source |
Where the revenue comes from
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.
Honda
- Automobiles~65%
Passenger vehicles, hybrids, EVs, SUVs, parts, accessories, and related service revenue sold through global dealer networks.
- Motorcycles~17%
Motorcycles, scooters, parts, and related products sold globally, especially in Asia and other high-volume mobility markets.
- Financial Services~16%
Vehicle loans, leases, dealer financing, and related finance products that support automobile and motorcycle demand.
- Power Products and Other~2%
Power equipment, marine engines, aircraft-related activity, and other mobility-adjacent operations.
Business model and strategy
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.
Honda
How it makes money
Honda earns money in four reportable segments. Automobiles (Honda and Acura cars and light trucks, led by the CR-V, Civic, Accord and hybrid e:HEV models) generate most revenue, with North America the largest profit market. Motorcycles generate high-volume, high-margin sales, especially in India, Indonesia, Vietnam and Brazil, and posted record profit in FY2026.
Growth strategy
Honda reset its electrification plan in 2026. In March it cancelled the US-built Honda 0 SUV, 0 Saloon and Acura RSX EVs, and in May it scrapped its 2030 and 2040 EV sales targets, including the goal of selling only battery-electric and fuel-cell vehicles by 2040. The new plan leans on hybrids, a next-generation e:HEV system, motorcycles in emerging markets, and more flexible EV timing.
Competitive advantage
Honda's edge comes from three things. It leads the global motorcycle market with roughly 40% unit share, which gives it a profit base most automakers lack. Its two-motor hybrid system is competitive in the markets where hybrid demand is growing fastest, especially the US.
Questions about Cardinal Health vs Honda
Which company has higher revenue — Cardinal Health, Inc. or Honda Motor Co., Ltd.?
Cardinal Health, Inc. reported $254.2B (FY2026), while Honda Motor Co., Ltd. reported ~$146B (FY2026). By last reported revenue, Cardinal Health, Inc. is the larger business, with Honda Motor Co., Ltd. reporting a smaller revenue base.
What is the market cap of Cardinal Health, Inc. vs Honda Motor Co., Ltd.?
Cardinal Health, Inc.'s market capitalisation stands at $56.0B, while Honda Motor Co., Ltd.'s is $50.3B. Cardinal Health, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Honda Motor Co., Ltd..
Which is more financially efficient — Cardinal Health, Inc. or Honda Motor Co., Ltd.?
Cardinal Health, Inc. generates $3.98M / employee in revenue per employee, while Honda Motor Co., Ltd. generates $748k / 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 Cardinal Health, Inc. and Honda Motor Co., Ltd. make money?
Cardinal Health, Inc. and Honda Motor Co., Ltd. generate revenue in fundamentally different ways. Cardinal Health, Inc.: The business model is large, high-volume logistics divided into two segments: Pharmaceutical and Medical. Honda Motor Co., Ltd.: Honda earns money in four reportable segments.
Which company is valued higher relative to revenue — Cardinal Health, Inc. or Honda Motor Co., Ltd.?
On a price-to-sales (P/S) basis, Cardinal Health, Inc. trades at 0.2x P/S and Honda Motor Co., Ltd. at 0.3x P/S. Honda Motor Co., Ltd. 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 Cardinal Health, Inc. bigger than Honda Motor Co., Ltd.?
By last reported revenue, Cardinal Health, Inc. ($254.2B (FY2026)) is the larger company compared to Honda Motor Co., Ltd. (~$146B (FY2026)). 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 Cardinal Health vs Honda overview