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Side-by-side financial comparison of Cardinal Health (CAH) and Phillips 66 (PSX). Click either name above to swap in a different company.
Cardinal Health is the larger business by last-quarter revenue ($65.6B vs $34.1B, roughly 1.9× Phillips 66). Phillips 66 runs the higher net margin — 8.5% vs 0.7%, a 7.8% gap on every dollar of revenue. On growth, Cardinal Health posted the faster year-over-year revenue change (19.6% vs 1.3%). Over the past eight quarters, Cardinal Health's revenue compounded faster (6.9% CAGR vs -2.4%).
Cardinal Health, Inc. is an American multinational health care services company, and the 15th highest revenue generating company in the United States. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. The company also manufactures medical and surgical product, including gloves, surgical apparel, and fluid management products.
The Phillips 66 Company is an American multinational energy company headquartered in Westchase, Houston, Texas. Its name, dating back to 1927 as a trademark of the Phillips Petroleum Company, assisted in establishing the newly reconfigured Phillips 66. The company today was formed ten years after Phillips merged with Conoco to form ConocoPhillips.
CAH vs PSX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.6B | $34.1B |
| Net Profit | $467.0M | $2.9B |
| Gross Margin | 3.7% | 14.6% |
| Operating Margin | 1.1% | — |
| Net Margin | 0.7% | 8.5% |
| Revenue YoY | 19.6% | 1.3% |
| Net Profit YoY | -7.7% | 36225.0% |
| EPS (diluted) | — | $7.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $65.6B | $34.1B | ||
| Q3 25 | — | $34.5B | ||
| Q2 25 | $60.2B | $33.3B | ||
| Q1 25 | $54.9B | $30.4B | ||
| Q4 24 | $55.3B | $33.7B | ||
| Q3 24 | $52.3B | $35.5B | ||
| Q2 24 | $59.7B | $38.1B | ||
| Q1 24 | $54.9B | $35.8B |
| Q4 25 | $467.0M | $2.9B | ||
| Q3 25 | — | $133.0M | ||
| Q2 25 | $239.0M | $877.0M | ||
| Q1 25 | $506.0M | $487.0M | ||
| Q4 24 | $400.0M | $8.0M | ||
| Q3 24 | $416.0M | $346.0M | ||
| Q2 24 | $236.0M | $1.0B | ||
| Q1 24 | $258.0M | $748.0M |
| Q4 25 | 3.7% | 14.6% | ||
| Q3 25 | — | 12.4% | ||
| Q2 25 | 3.7% | 12.7% | ||
| Q1 25 | 3.9% | 9.1% | ||
| Q4 24 | 3.5% | 8.7% | ||
| Q3 24 | 3.6% | 9.4% | ||
| Q2 24 | 3.1% | 9.2% | ||
| Q1 24 | 3.5% | 9.6% |
| Q4 25 | 1.1% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.7% | — |
| Q4 25 | 0.7% | 8.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | 0.4% | 2.6% | ||
| Q1 25 | 0.9% | 1.6% | ||
| Q4 24 | 0.7% | 0.0% | ||
| Q3 24 | 0.8% | 1.0% | ||
| Q2 24 | 0.4% | 2.7% | ||
| Q1 24 | 0.5% | 2.1% |
| Q4 25 | — | $7.14 | ||
| Q3 25 | — | $0.32 | ||
| Q2 25 | — | $2.15 | ||
| Q1 25 | — | $1.18 | ||
| Q4 24 | — | $0.06 | ||
| Q3 24 | $1.70 | $0.82 | ||
| Q2 24 | $0.86 | $2.38 | ||
| Q1 24 | $1.07 | $1.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $1.1B |
| Total DebtLower is stronger | $8.3B | $18.7B |
| Stockholders' EquityBook value | $-2.9B | $29.1B |
| Total Assets | $58.1B | $73.7B |
| Debt / EquityLower = less leverage | — | 0.64× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.3B | $1.5B | ||
| Q4 24 | $3.8B | $1.7B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $5.3B | $2.4B | ||
| Q1 24 | $3.7B | $1.6B |
| Q4 25 | $8.3B | $18.7B | ||
| Q3 25 | — | $19.2B | ||
| Q2 25 | $8.0B | $17.2B | ||
| Q1 25 | $7.1B | $17.7B | ||
| Q4 24 | $7.1B | $18.2B | ||
| Q3 24 | $4.2B | $18.5B | ||
| Q2 24 | $4.7B | $17.2B | ||
| Q1 24 | $4.7B | $17.8B |
| Q4 25 | $-2.9B | $29.1B | ||
| Q3 25 | — | $26.9B | ||
| Q2 25 | $-2.8B | $27.5B | ||
| Q1 25 | $-2.9B | $27.3B | ||
| Q4 24 | $-3.0B | $27.4B | ||
| Q3 24 | $-3.3B | $28.7B | ||
| Q2 24 | $-3.2B | $29.5B | ||
| Q1 24 | $-3.3B | $29.7B |
| Q4 25 | $58.1B | $73.7B | ||
| Q3 25 | — | $76.1B | ||
| Q2 25 | $53.1B | $75.9B | ||
| Q1 25 | $49.9B | $71.8B | ||
| Q4 24 | $47.0B | $72.6B | ||
| Q3 24 | $43.1B | $75.1B | ||
| Q2 24 | $45.1B | $75.9B | ||
| Q1 24 | $45.9B | $76.4B |
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.71× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.58× | ||
| Q1 24 | — | 0.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $2.8B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.95× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $1.5B | $845.0M | ||
| Q1 25 | $2.9B | $187.0M | ||
| Q4 24 | $-400.0M | $1.2B | ||
| Q3 24 | $-1.6B | $1.1B | ||
| Q2 24 | $2.1B | $2.1B | ||
| Q1 24 | $-49.0M | $-236.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $-499.0M | — | ||
| Q3 24 | $-1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $-161.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -3.3% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | -0.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 8.86× | ||
| Q2 25 | 6.39× | 0.96× | ||
| Q1 25 | 5.76× | 0.38× | ||
| Q4 24 | -1.00× | 149.75× | ||
| Q3 24 | -3.96× | 3.27× | ||
| Q2 24 | 8.80× | 2.07× | ||
| Q1 24 | -0.19× | -0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAH
| Pharmaceutical And Specialty Solutions | $60.7B | 92% |
| GMPD | $3.3B | 5% |
| At Home Solutions | $1.2B | 2% |
| Nuclear Precision Health Solutions | $440.0M | 1% |
| Opti Freight Logistics | $99.0M | 0% |
PSX
| Marketing Speciality Segment | $21.7B | 64% |
| Crude Oil | $3.7B | 11% |
| GB | $3.5B | 10% |
| Other Geographical Areas | $2.4B | 7% |
| DE | $1.1B | 3% |
| Renewable Fuels | $876.0M | 3% |
| Other Product Line | $634.0M | 2% |
