MCKESSON CORPMCK
MCKESSON CORP Financial Overview 2022–2026
Updated Jul 10, 2026McKesson Corporation drove a massive profitability surge by pivoting away from international retail to focus on domestic specialty care, sending diluted earnings per share to $38.38 in FY2026. This strategic narrowing highlights a clear investment thesis: shedding peripheral global operations to dominate U.S. oncology and prescription technology unlocks tremendous shareholder value. Total revenue grew from $264 billion in FY2022 to $403.4 billion in FY2026, capped by a 12% year-over-year expansion fueled heavily by higher drug utilization in the U.S. Pharmaceutical segment.
To execute this shift, the distributor aggressively restructured its portfolio. McKesson absorbed fair-value charges to exit Europe and Canada—including a $667 million hit in FY2025 for its Canadian retail divestiture—while reallocating capital into high-growth targets. During FY2026, the company deployed $3.37 billion to acquire PRISM Vision and Core Ventures. It also struck a $1.25 billion deal to sell a minority stake in its Medical-Surgical unit to Apollo Funds. Despite managing an ongoing opioid litigation liability that stood at $5.7 billion at the end of FY2026, cash generation remained strong enough to return $5.1 billion to shareholders through buybacks and dividends that year.
The market has rewarded this operational focus and share reduction. At the close of FY2025, the stock traded at 26.2x earnings with a price of $672.99. As the benefits of the oncology acquisitions and sustained revenue growth materialized, the equity climbed to $865.36 by the end of FY2026.
Recent Developments (Q3 and Q4 2026)
In Q3 2026, total revenue rose 11% year-over-year to $106.2 billion, lifting quarterly diluted earnings per share by 38% to $9.59. During the first nine months, gross profit climbed 8% while total operating expenses declined 6%, highlighting aggressive cost control. To optimize its capital structure, the company secured a new $5.0 billion revolving credit facility in April 2026, capped by a 4.25x debt-to-EBITDA covenant, followed by a $2.25 billion term loan in June 2026.
Significant leadership turnover is also approaching. Kenny K. Cheung assumes the Chief Financial Officer role on May 29, 2026, and Chief Strategy Officer Thomas L. Rodgers retires on August 1, 2026. Bulls see tremendous operating leverage as falling expenses amplify double-digit top-line growth. Conversely, bears worry that simultaneous C-suite transitions and new debt loads create execution risks, especially with the stock trading at 28.6x earnings as of May 8, 2026.
What to watch: leverage ratio fluctuations following recent credit facility expansions; strategic continuity under the incoming executive team.
Rev
$403.43B
FY2026
NI
$4.76B
FY2026
EPS
$38.55
FY2026
OCF
$6.16B
FY2026
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All MCK Financial Metrics(63)
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Recent SEC Filings
MCKESSON CORP 8-K Report, Regulation FD Disclosure (Aug 28, 2026)
McKesson Corporation (MCK) filed an 8-K on August 28, 2026, to disclose a cybersecurity incident that was discovered on August 25, 2026. The company has initiated an investigation, which is currently in its early stages. McKesson is providing updates on its website at www.mckesson.com/cybersecurity for interested parties. At the time of this filing, the company has not yet determined the materiality of the incident or its potential impact on financial condition or results of operations.
MCKESSON CORP 8-K Report, Financial Results (Aug 5, 2026)
McKesson Corporation (MCK) has filed a Form 8-K on August 5, 2026, to report its preliminary financial results for the first quarter ended June 30, 2026. While the filing itself doesn't contain the detailed financial figures, it directs investors to Exhibit 99.1, the earnings release dated August 5, 2026, for this information. This is a standard procedure for disclosing quarterly performance to the market, allowing investors to assess the company's operational and financial standing for the period.
MCKESSON CORP 8-K Report, Shareholder Vote Results (Jul 24, 2026)
McKesson Corporation (MCK) has filed an 8-K reporting the final results of its Annual Meeting of Shareholders held on July 22, 2026. The filing confirms the election of all director nominees presented by the Board of Directors, with each individual receiving a substantial majority of "for" votes compared to "against" votes. Additionally, shareholders ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the upcoming fiscal year. The advisory vote to approve executive compensation also passed with a majority of "for" votes. While the overall outcomes are positive, investors should note the varying levels of support for individual director nominees and the advisory executive compensation vote, as indicated by the number of "against" votes and abstentions. The consistent broker non-vote count across director elections suggests a stable portion of shares held in "street name."
MCKESSON CORP 8-K Report, Executive Changes (Jul 1, 2026)
McKesson Corporation (MCK) has announced a significant executive transition, with Thomas L. Rodgers, Executive Vice President, Chief Strategy and Business Development Officer, intending to retire effective August 1, 2026. Mr. Rodgers has served as a key named executive officer, and his departure marks the end of his tenure with the company. The company has also taken proactive steps to ensure a smooth handover by appointing Ramesh Srinivasan to the newly titled position of Executive Vice President, Chief Strategy Officer, also effective August 1, 2026. This strategic appointment underscores McKesson's commitment to maintaining continuity and leadership in its strategic initiatives during this period of change.
MCKESSON CORP 8-K Report, Material Agreement (Jun 12, 2026)
McKesson Corporation (MCK) announced on June 12, 2026, through an 8-K filing, the entry into a material definitive agreement related to its credit facilities. Specifically, certain subsidiaries, including McKesson Medical-Surgical Top Holdings, Inc. (the Borrower), have amended their existing Credit Agreement. This amendment establishes a new $2,250.0 million senior secured term "B" loan facility due in 2032. This new financing provides the Company with substantial liquidity and extends its debt maturity profile. The Term B Loan Facility bears interest at a variable rate, offering the Borrower the option between Adjusted Term SOFR Rate plus a 2.25% margin or a Base Rate plus a 1.25% margin, with the Borrower initially electing the SOFR-based rate. The obligations are secured by substantially all tangible and intangible assets of the Borrower and certain material U.S. subsidiaries, and the facility includes financial covenants related to total net leverage and interest coverage ratios.
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