Cardinal Health

FY2025 operating cash flow was 2.4 billion and FCF 1.85 billion despite 798 million opioid payments; cash was 3.9 billion at year‑end and rose to 4.6 billion at Q1 FY2026. Long‑term obligations including current portion increased to about 9.0 billion at 9/30/25 after funding several acquisitions; interest expense rose accordingly (80 million in Q1 FY2026).

Net debt is reasonable relative to cash generation and the company guides to 3.0–3.5 billion adjusted FCF in FY2026, but we deduct for the multi‑year opioid cash obligation and Medical segment history of impairments. Liquidity is ample with revolvers and CP programs.