Cardinal Health reported fiscal third-quarter results for the period ended March 31, 2026, highlighted by double-digit revenue growth, stronger non-GAAP earnings, and continued expansion of its specialty healthcare services platform through a large acquisition completed earlier in the fiscal year. For the quarter, Cardinal Health revenue rose 11% to $60.9 billion, up from $54.9 billion in the prior-year quarter. For the first nine months of fiscal 2026, revenue increased 17% to $190.6 billion from $162.4 billion. The company said the growth was driven primarily by branded and specialty pharmaceutical sales growth from existing customers, with additional nine-month benefit from new customers. GAAP operating earnings fell 30% in the quarter to $509 million, while nine-month GAAP operating earnings rose 2% to $1.884 billion. Non-GAAP operating earnings increased 18% in the quarter to $956 million and 30% for the nine-month period to $2.690 billion. Earnings per share showed a split between GAAP and adjusted performance. GAAP diluted EPS declined 20% in the quarter to $1.69 from $2.10, primarily reflecting items that weighed on GAAP operating earnings, partly offset by favorable discrete tax items. For the nine months, GAAP diluted EPS increased 2% to $5.54. Non-GAAP diluted EPS rose 35% in the quarter to $3.17 and 36% for the nine months to $8.35, helped by stronger non-GAAP operating earnings, favorable tax items, and partially offset by higher interest expense. A major corporate development reported in the filing was Cardinal Health’s November 3, 2025 acquisition of Solaris Health, a urology management services organization, through The Specialty Alliance. The purchase price was approximately $1.9 billion in cash, subject to adjustments. Cardinal funded the acquisition with a combination of proceeds from recent debt financing and cash on hand. Solaris Health includes more than 750 providers across more than 250 practice locations in 14 states and is now part of The Specialty Alliance, Cardinal’s multi-specialty MSO platform within the Pharmaceutical and Specialty Solutions segment. Cardinal also issued common units in The Specialty Alliance to certain physicians and management members in connection with the deal; the filing notes that some of the grant-date fair value will be recognized as post-combination expense within acquisition-related cash and share-based compensation costs, though the exact unit count and fair value were not provided in the text. The Pharmaceutical and Specialty Solutions segment remained Cardinal’s largest business and drove the company’s growth. Segment revenue increased 11% in the quarter to $56.1 billion and 18% for the nine months to $176.0 billion. Segment profit rose 18% in the quarter to $784 million and 24% for the nine months to $2.138 billion. Cardinal cited increased contribution from branded and specialty pharmaceutical products, the performance of its generics program, and the impact of acquired MSO platforms, including GI Alliance, Urology America, and Solaris Health. The company also noted increased demand for GLP-1 pharmaceuticals, which boosted Pharma revenue but did not meaningfully contribute to segment profit. The filing also disclosed a significant non-cash impairment charge. Cardinal recorded a $184 million pre-tax goodwill impairment related to the Navista & ION reporting unit within the Pharma segment during the quarter. This impairment, along with higher acquisition-related cash and share-based compensation costs and the absence of prior-year antitrust litigation recoveries, weighed on GAAP operating results. In the prior-year comparative periods, Cardinal had recognized net recoveries in class-action antitrust litigation of $106 million for the quarter and $165 million for the nine-month period. Global Medical Products and Distribution was comparatively weaker. GMPD revenue was essentially flat at $3.1 billion for the quarter and rose 2% to $9.6 billion for the nine-month period, with Cardinal Health brand growth partly offset by lower distribution volumes. Segment profit declined 36% in the quarter to $25 million, primarily due to the adverse net impact of tariffs. For the nine months, however, GMPD profit increased 66% to $108 million, driven by growth from existing customers, again partly offset by tariffs. Cardinal provided an important update on tariffs affecting its medical products business. The company said it had paid approximately $200 million in tariffs under the International Emergency Economic Powers Act as of the third quarter of fiscal 2026, primarily tied to products sourced, manufactured, or distributed in the GMPD segment. Although the U.S. Supreme Court ruled in February 2026 that the IEEPA tariffs were unlawful, Cardinal said uncertainty remains around the timing, scope, and administrative process for refunds. The company noted that U.S. Customs and Border Protection launched a Phase 1 refund request program in April 2026, but substantially all of Cardinal’s paid IEEPA tariffs are expected to fall under Phase 2 or later phases. Cardinal has not recognized any financial impact from potential refunds as of March 31, 2026. The company’s “Other” segment, which includes Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight Logistics, also posted strong results. Revenue increased 31% in the quarter to $1.7 billion and 34% for the nine months to $5.1 billion. Segment profit rose 34% to $179 million for the quarter and 47% to $524 million for the nine-month period. Cardinal attributed the improvement to growth across at-Home Solutions, including the acquisition of Advanced Diabetes Supply Group, as well as Nuclear and Precision Health Solutions and OptiFreight Logistics. Overall, the filing reports no insider purchase or sale transaction and includes no transaction codes, share sale prices, or executive ownership changes of the type typically found in insider trading reports. Instead, it primarily updates investors on Cardinal Health’s fiscal third-quarter performance, the integration of major specialty-services acquisitions, a goodwill impairment in its oncology MSO platform, tariff-related exposure and possible refunds, and the continued shift in earnings growth toward specialty pharmaceutical services and healthcare management platforms.