--- title: "Cardinal Health: Business Model" description: "Cardinal Health revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/cardinal-health/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Cardinal Health: Business Model & Revenue Engine ## Direct Answer Cardinal Health reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Pharmaceutical and Specialty Solutions is the largest, with $205 billion of revenue (92% of the total), followed by GMPD at $12.6 billion (6%). 99% of revenue came from the United States. ## How Does Cardinal Health Make Money? Pharmaceutical and Specialty Solutions supplies 92% of revenue, so Cardinal Health's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, All Other grew fastest (+19.3%) and Pharmaceutical and Specialty Solutions slowest (-2.6%), so the revenue mix tilts toward All Other while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Pharmaceutical and Specialty Solutions | $205 billion | $210 billion | 91.9% | -2.6% | | GMPD | $12.6 billion | $12.4 billion | 5.7% | 2.1% | | All Other | $5.4 billion | $4.5 billion | 2.4% | 19.3% | ![Bar chart of Cardinal Health revenue by segment for fiscal 2025: Pharmaceutical and Specialty Solutions 91.9%, GMPD 5.7%, All Other 2.4%.](https://www.getswoopr.com/images/charts/cardinal-health-business-model-segment-mix.webp) *Cardinal Health revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Cardinal Health Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | Pharmaceutical and Specialty Solutions | $2.3 billion | 1.1% | | GMPD | $135 million | 1.1% | | All Other | $516 million | 9.6% | Segment operating income is the profit measure Cardinal Health reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Cardinal Health more safely than against another company. ## Where Does Cardinal Health's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $221 billion | $225 billion | 99.3% | -1.9% | | Outside the United States | $1.7 billion | $1.7 billion | 0.7% | -0.7% | ## What the Segment Figures Do Not Show The rows above add up to 100% of Cardinal Health's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Cardinal Health reported in the segment note and revenue disclosures of its Form 10-K filed August 12, 2025 (accession 0000721371-25-000079), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Cardinal Health's business segments? In its fiscal 2025 Form 10-K, Cardinal Health reports revenue for Pharmaceutical and Specialty Solutions, GMPD and All Other. ### Which part of Cardinal Health brings in the most revenue? Pharmaceutical and Specialty Solutions, with $205 billion of revenue in fiscal 2025, or 92% of the total. ### How much of Cardinal Health's revenue comes from outside the United States? 1% in fiscal 2025, by the geographic breakdown Cardinal Health reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: CARDINAL HEALTH INC Form 10-K filed August 11, 2026](https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm) - [SEC EDGAR: CARDINAL HEALTH INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=721371&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Cardinal Health company dossier](https://www.getswoopr.com/stocks/companies/cardinal-health/) - [Cardinal Health financial metrics](https://www.getswoopr.com/stocks/companies/cardinal-health/metrics/) - [Cardinal Health financial risk indicators](https://www.getswoopr.com/stocks/companies/cardinal-health/risks/) - [Cardinal Health peer comparison](https://www.getswoopr.com/stocks/companies/cardinal-health/competitors/) - [Cardinal Health business model and revenue mix](https://www.getswoopr.com/stocks/companies/cardinal-health/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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