Cardinal Health

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune Global 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are insurance and managed care, medical products and facilities, pharmacy services, and pharmaceutical companies.

Fortune Sector Leaders: Health Care

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-Cardinal Health

This U.S. wholesale health-supply distributor is one of three such companies in the top 40 of the Global 500. Its revenue rose 11.6% last year, to $181 billion. 
<ul> 
 	<li>Ongoing litigation issues over the alleged role of Cardinal and other pharmaceutical distributors in the opioid crisis bled into the company’s 2022 financials; the company registered a $933 million loss in the fiscal year ended June 2022. But the company’s stock soared in calendar 2022, reflecting investors’ relief after Cardinal reached settlements in several opioid-related lawsuits. (The company did not admit wrongdoing in those settlements.)</li> 
 	<li>The pharmaceutical arm of the company performed well, with a 5% increase in profit year over year.</li> 
 	<li>CEO Mike Kaufmann was succeeded by former CFO Jason Hollar in September 2022.</li> 
</ul>

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-Cardinal Health

This wholesale health-supply distributor is one of three such companies in the top 20 of the Fortune 500. Its revenue rose 11.6% last year, to $181 billion. 
<ul> 
 	<li>Ongoing litigation issues over the alleged role of Cardinal and other pharmaceutical distributors in the opioid crisis bled into the company’s 2022 financials; the company registered a $933 million loss in the fiscal year ended June 2022. But the company’s stock soared in calendar 2022, reflecting investors’ relief after Cardinal reached settlements in several opioid-related lawsuits. (The company did not admit wrongdoing in those settlements.)</li> 
 	<li>The pharmaceutical arm of the company performed well, with a 5% increase in profit year over year.</li> 
 	<li>CEO Mike Kaufmann was succeeded by former CFO Jason Hollar in September 2022.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Despite bringing in over $160 billion in revenue in 2021, Cardinal Health reported net income of just $611 million for the year. Litigation costs were one factor: One of several companies entangled in lawsuits over their alleged role in the opioid crisis, Cardinal in July 2021 agreed to pay $6.4 billion in settlements to help fund health care and drug-treatment programs. The company also agreed to settle a case with the Equal Employment Opportunity Commission involving racial harassment claims made by Black employees at one of its distribution centers, offering $1.45 million in settlements and agreeing to implement a range of policy changes. On the business-building front, Cardinal partnered with logistics startup Zipline to deliver products to pharmacies using autonomous aircraft.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 Cardinal Health

Despite bringing in over $160 billion in revenue in 2021, Cardinal Health reported net income of just $611 million for the year. Litigation costs were one factor: One of several companies entangled in lawsuits over their alleged role in the opioid crisis, Cardinal in July 2021 agreed to pay $6.4 billion in settlements to help pay for health care and drug-treatment programs. The company also agreed to settle a case with the Equal Employment Opportunity Commission involving racial harassment claims made by Black employees at one of its distribution centers, offering $1.45 million in settlements and agreeing to implement a range of policy changes. On the business-building front, Cardinal recently partnered with logistics startup Zipline to deliver products to pharmacies using autonomous aircraft.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-030-Cardinal Health

The drug and medical supply company saw 5.1% sales growth last year (its fiscal year ended in June 2020) owing to the strength of its pharmaceutical distribution business. That was particularly true during the first half of 2020, as customers stocked up on medications at the onset of the pandemic. A manufacturer and distributor of the personal protective equipment that has been much in demand, Cardinal has seen both sales of these products and the cost of making and sourcing them increase in the past year. As with other drug wholesalers, Cardinal faces legal challenges over its alleged role in America’s opioid epidemic.

This year’s Fortune 500 marks the 67th running of the list.

F500-201-14-Cardinal Health

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-037-Cardinal-Health

The Ohio-based drug wholesaler, which counts CVS Health and Kroger as customers, saw revenues rise 6.4% in its 2019 fiscal year due to growth in its drug and specialty pharmaceutical distribution business—and despite the 2018 divestiture of part of its business in China. While depressed prices of generic medications and the cost of opioid-related litigation weighed on Cardinal’s bottom line, the company’s profits rebounded from 2018, when the company took a $1.4 billion impairment charge. Like its two large competitors, Cardinal faces thousands of lawsuits over its alleged role in the nation’s opioid epidemic. In February, states rejected a proposed $18 billion settlement with the nation’s three largest drug distributors.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-016-Cardinal-Health

The Ohio-based drug wholesaler, which counts CVS Health and Kroger as customers, saw revenues rise 6.4% in its 2019 fiscal year due to growth in its drug and specialty pharmaceutical distribution business—and despite the 2018 divestiture of the business in China. While depressed prices of generic medications and the cost of opioid-related litigation weighed on Cardinal’s bottom line, the company’s profits rebounded from 2018, when the company took a $1.4 billion impairment charge. Like its two large competitors, Cardinal faces thousands of lawsuits over its alleged role in the nation’s opioid epidemic. In February, states rejected a proposed $18 billion settlement with the nation’s three largest drug distributors.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Sector

Industry

Industry Rank

Previous Industry Rank

Overall Score

Culture rank

Process rank

Product rank

Years on list

Previous rank

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Cardinal Health is a U.S. health care services and products company operating across over 30 countries as of 2025. The business provides customized solutions for hospitals, health care systems, pharmacies, surgery centers, clinical laboratories, and patients at home. The medical giant distributes generic and specialty pharmaceuticals, as well as medical, surgical, and laboratory products. Cardinal Health’s history dates back to 1971, in its founding as Cardinal Foods; in 1979, the company switched industries from food to health care, changing its name to Cardinal Distribution.

Q4 2025

Q3 2025

Q2 2025

Cardinal Health (CAH): Company Profile, Stock Price, News, Rankings

legacy

cardinal health

Cardinal Health is a U.S. health care services and products company operating across over 30 countries as of 2025. The business provides customized solutions for hospitals, health care systems, pharmacies, surgery centers, clinical laboratories, and patients at home. The medical giant distributes generic and specialty pharmaceuticals, as well as medical, surgical, and laboratory products. Cardinal Health’s history dates back to 1971, in its founding as Cardinal Foods; in 1979, the company switched industries from food to health care, changing its name to Cardinal Distribution.

Cardinal Health (CAH): Company Profile, Stock Price, News, Rankings | Fortune

Emma Burleigh

After earnings fell by $300 million, Cardinal Health’s CEO went ‘ruthless’ to turn it around—and he says workers backed him because ‘people want to win’

/2025/07/20/cardinal-health-ceo-jason-hollar-business-turnaround-fortune-500-healthcare-employees-winning/

After earnings fell by $300 million, Cardinal Health's CEO went 'ruthless' to turn it around—and he says workers backed him because 'people want to win'

https://fortune.com/2025/07/20/cardinal-health-ceo-jason-hollar-business-turnaround-fortune-500-healthcare-employees-winning/?itm_source=parsely-api

Mike Kaufmann details ways the next round of vaccines can be distributed and administered more effectively.

Cardinal Health CEO on smoother vaccine rollout, leadership lessons from the pandemic

Leadership

Kaufmann details ways next vaccines can be distributed.

Cardinal Health CEO on smoother vaccine rollout

 George, Donald Trump has been talking about he wants to repeal and replace the Affordable Care Act, Obamacare. From what you know so far, do you think that he's going to dismantle it or just make modifications? I think a pure repeal, while it is possible, I think is difficult and may not be necessary to accomplish some of what he's talked about. I think one way or the other, were going to see some significant modification to this law. I think, even in a Clinton administration, there were going to be things that they probably recognized-- in the exchanges, for example-- that had to be modified. So I think we would expect pretty heavy modification to it. And the question is where, and in what priority? It seems that Trump has a businessman's view of health care. He wants health care to operate like any other business, being competitive, with a lot of consumer choice-- again, not much detail on how he was going to do that, but there has been talk of letting insurers sell coverage across state lines. There's been talk of health savings accounts. Do you think these moves will really make a difference in improving the costs, and access, and quality of health care? I think that the competitive forces today are actually improving the cost and quality of health care. Even within hospitals, you're seeing hospitals compete, and it's not just on price. It's along now published outcomes of the work that they do. So I think competition actually does work, and I think it improves the patient experience. People are competing on that now. I do think it improves the quality and I think the cost, but it requires also companies like ours behind the scenes to be helping to make that happen. But I actually think that competitive forces do, in fact, if we let them occur, improve quality and reduce costs. But in every business, the philosophy usually is put the customer first-- except maybe in health care, where doctors, and hospitals, insurers seem to have all the power. How do you see that changing, that we're entering the stage of consumerism and consumer empowerment? I do think that we're going to see a more active consumer. I think transparency is likely to increase. And I do think that the system is becoming more patient-centered, and I that's a good thing. Well, we saw that consumer anger against prices for drugs. That whole EpiPen situation had a significant impact on how drugmakers were pricing their products. Given that Cardinal Health is in the business of distributing drugs and medical devices, what does consumer empowerment mean for your business? Every business should be concerned about anger of the population in the United States. So the breakdown in trust between people and their institutions, whether it's businesses, or government, or church, or university, that is a bad thing for us as a society. There's no question about it. For us, as a health care company, I'm happy with that active knowledgeable consumer. I think that is actually good for our business. So that does not concern me. But in the big sense, the breakdown in trust and an angry America, I think, does concern me, and I think we've got a lot to think about as a country. How are you preparing for this new phase that we're going into, with all the uncertainties about health care? What is Cardinal doing? We actually had a strategy retreat yesterday-- I was at-- back in Columbus-- and we asked that question. What would we change in our strategy, knowing what we know today about the election? The answer is nothing. I think the strategy is exactly right. We are the most efficient way of getting pharmaceutical products and medical products into the hands of the providers-- safe, secure, efficient. That's never going to go away. We can provide standardization tools. For a system that actually has to learn how to standardize, like every other industry, we provide those today. So I actually think that the value proposition we have, that we've been building, resonates, regardless of how this policy changes. Now, again, as policy becomes clear, we'll probably have to make small course corrections along, the way but we've tried to build that organization that's extremely agile. I'm sure you think about health care 24/7. Is there a paradigm change that would really fix health care? I don't think there's a silver bullet that fixes health care, but if you make it centered around the patient, you're on the right path. And I think that is at the heart of it. It is a complex-- 1/6 of our economy. So it's not going to be simple. There's no silver bullet. But I do think that we are moving towards a system that is much more centered around the patient. And consumers are actually acting more like consumers, and I think that's the direction we're going. 

Cardinal Health's CEO Thinks 'Significant' Changes Are Coming to Obamacare

But George Barrett thinks a full repeal is unnecessary

George Donald Trump has been talking about. He wants to repeal and replace the affordable care act Obama care. From what you know so far, do you think that he's going to dismantle it or just make modifications? I think a pure repeal. But it's possible. I think it is difficult and may not be necessary to accomplish some of what he's talked about. I think one way or the other, we were gonna see some significant modifications to this law. I think even in a Clinton administration, there were gonna be things that they probably recognized in the exchanges, for example, that had to be modified. So I think we would expect pretty heavy modification to it. And the question is where and in what priority. It seems that Trump has a businessman's view off health care. He wants health care to operate like any other business, being competitive with a lot of consumer choice again, not much detail on how he was gonna do that. But there has been talk of letting insurers cell coverage across state lines. There's been talk of health savings accounts. Do you think these moves will really make a difference in improving the costs and access and quality of health care. I think that other competitive forces today are actually improving the cost and quality even within hospitals. You're saying hospitals compete and it's not just a long price. It's a long now published outcomes of the work that they do. So I think competition actually does work, and I think it improves the patient experience. People are competing on that now. I do think it improves the quality and I think the cause. But it requires also companies like ours behind the scenes to be helping to make that happen. But I actually think that competitive forces do, in fact, if we let them occur, improve quality and introduced. But you know, in every business, the philosophy usually is put the customer first, except maybe in health care, where doctors and hospitals insurers seem to have all the power power. Do you see that changing that we're entering the stage of consumerism and consumer empowerment? I do think that we're gonna see a more active consumer. I think transparency is likely to increase and I do think that the system is becoming more patient centered. I think that's a good thing. Well, we saw that consumer anger against prices for drugs of that whole EpiPen situation had a significant impact on how drug makers were pricing their their products. I mean, given that Cardinal Health is in the business of distributing drugs and medical devices, what does consumer empowerment mean for your business? Every business should be concerned about anger of the population in United States. So the breakdown in trust between people in their institutions, whether businesses, beauty or government or church or university. That is a bad thing for us as a society. There's no question about it. For us as a health care company, I'm happy with the active, knowledgeable consumers. I think that as actually good for our business. So that doesn't that does not concern me. But in the big sent, the breakdown in trust and angry America, I think does concern me. And I was a lot to think about it. How are you preparing for this new phase that we're going into with all the uncertainties about health care what cardinals doing? We actually strategy retreat yesterday that back in Columbus, and we asked that question. What would really change in our strategy? Knowing what we know today about the election, the answer's nothing. I think strategy is exactly right. We're the most efficient way of getting pharmaceutical products and medical products into the hands of the providers. Safe, secure, efficient. That's never gonna go away. We can provide standardization tools for a system that actually has to learn howto standardized. Like every other industry, we provide those today so actually think that the value proposition we have that we've been building resonates regardless of how this policy changes. Now again, as policy becomes clear, we'll probably have to make small course corrections along the way. But we've tried to build an organization that's extremely agile. I'm sure you think about health care 24 7 I mean, is there a paradigm change that would really six health care? I don't think there's a silver bullet that fix itself, but if you make it centered around the patient, you're on the right path, and I think that is. At the heart of it is a complex 1/6 of our economy, so it's not gonna be simple. There's no silver bullet, but I do think that we're moving towards a system that is much more centered around the patient, and consumers are actually acting more like consumers. I think that's a direction with

George you're probably the only CEO of the Fortune 500 company, who sings, who plays piano and plays a French horn. How has your musical background influenced your leadership style? I would say this, I do think that the training in music were part of tremendous discipline, as by the way I was also an athlete and there's sub common. Characteristics. You cannot go out there the first day and wing it. You've gotta be disciplined in order to train and be prepared for that moment. But I also think it helps me listen differently. And I'm more likely I think, perhaps than some, to hear those inner lines than someone else. And when I'm sitting at a meeting, I might hear the subtext that actually is really important. And some would argue, that's the viola That someone is not hearing when they're listening to their violin. Speaking of listening, I mean musicians do listen better and I know that you do seek out your employees to talk to you more about good things and bad things that are going on with the company. I mean tell me a little bit about your interactions with your employees, and why that's important as a leader. Sp I think one of the great hazards for our leaders is is getting isolated. And losing touch with the people that you serve and lead. And I think we all have to work very hard at doing that. Now, we do it in a lot of different ways. I do a town hall meeting every quarter. I communicate with employees regularly through e- mail. I wander the halls. I talk to people. I sit down with them at lunch. And I say to them, what's it like to be at Cardinal Health And we tell stories. We tell stories about who we are, where we're going, and how we connect to those patients at the other end of our work. You have said there's always a new normal in your business, because of the pace of technology innovation. And that's changing, and consumer behavior is changing. So to that extent, what's the key to being a successful leader with so much change going on, constantly. I think you've got to create an environment in which people can pilot things, can try things. We know that we've got core activities that we need to do everyday and do it extremely well, but we can't take our eye off some of the changes happening around us. We're trying to create an environment in which we are not only open to those things But we can tinker a little bit along the edges. That's a cultural change, you need to encourage that kinda behaviour. And you have to model that kind of behaviour, which means occasionally you'll fail. Learn fast, move on, course correct. So we're trying to create na organization that's agile and that's learning all the time. Mm- hm, does that mean you need different kinds of people working for you? Sometimes, sometimes. What is the profile of the right person? So at the leadership level, they have to have their Training of course to be operating at the high levels of an organization, this sort of leadership tools of how to influence, but they also have to be adaptive and they have to be able to experience a world that's changing quickly and to live in some ambiguity. Mm- hm. Tell me George, what's the best advice you've ever gotten in terms of leadership. Someone once told me, hand the problem back. Meaning when your organization is handing you all their problems, very often the answers reside with them. The answers are with those who are closest to the action and closest to the problem. And so what we often have to do is resist the temptation to have every answer ourselves, and we have to count on people around us. And we have to give them the opportunity to lead. And sometimes that requires handing it back to them. [ BLANK_AUDIO ]

Cardinal Health’s CEO George S. Barrett sits down with Fortune's Susie Gharib to discuss how his musical background has helped him listen — and lead — more effectively.

How does playing the french horn help you lead a company?

George S. Barrett says the french horn helped him lead. 

Cardinal Health CEO: Music Helps Me Lead Better

George let's talk a little bit about the affordable care act, Obama care. There are some people saying that this law is here to stay. Others are saying that it could be repealed. What do you think? I think the likelihood of repeal is low. And there are lots of reasons for that. Politically and also there are parts of it that the American people like. I do think like every large piece of social legislation it will go through modifications over years. And the same was probably true of social security or Medicare. So I do think that it's going to go through an evolution. There are parts of it that need to be fixed probably and tweaked, but I don't think it's going to go away. But we hear on the campaign trail a lot of the presidential candidates are saying repeal or replace. As a CEO of a major health care company, what do you want? I think Obamacare is sort of a first step. As a company, we have always felt that we want more Americans to have access to health care. How to do that is complicated. How to use subsidies, how you finance, all complicated things. But I think that from our standpoint, we do want to see > People of that assisted healthcare so our prospective is that it probably will undergo changes and evolution that directionally we are likely to continue to try to find ways for more Americans to have access to affordable healthcare. Given that health care is going to be changing, right now your business motto is that you provide pharmaceuticals and medical supplies to hospitals To drug stores to homes. Do you see that changing? So, parts of our business are changing. Parts are very deeply routed in our system. For example, there's no kind of business that can more efficiently deliver pharmaceutical and medical products. from the manufacturing world into the world of pharmacies, hospitals, clinic, cancer centers etc. We do that incredibly efficiently. But what we're also doing is trying to adapt to some of the changes in care. More care will be delivered in ambulatory settings. We're moving in that direction. We're going to see sort of a retailization in healthcare in some ways. And we're moving along that path. We're going to see more focus on coordination of care and standardization. So what do you think of these walk- in retail clinics you know like the Walmart's, the CVS', the Target's. Is this a fad or is this a structural change? I think there here to stay. I think care will be delivered in many different settings. Some of them in acute care settings and some in ambulatory settings. I think what were going to see is hospitals are gonna be for really sick people. And we're gonna see care delivered in all kinds of ambulatory settings, whether they're retail clinics or surgery centers or oncology centers, we will see care being distributed, and more care in the home ultimately. [ BLANK_AUDIO ]

George S. Barrett sits down with Fortune's Susie Gharib and gives his take on the future of the Affordable Care Act.

Cardinal Health CEO: Obamacare will adapt but is probably here to stay

Health

George S. Barrett on the future of the Affordable Care Act.

Cardinal Health

Cardinal Health in Fortune Rankings

Cardinal Health stock chart

Videos