MCKESSON CORPMCK
MCKESSON CORP Financial Overview 2021–2025
McKesson Corporation defied the drag of massive legacy liabilities to generate $359.05 billion in revenue for FY2025, marking a 16% year-over-year surge. This scale underpins a thesis that the company has successfully pivoted from a volume-based distributor into a high-margin platform focused on oncology and specialty pharmaceuticals, aggressively deploying cash to reshape its portfolio. The financial trajectory confirms this expansion, as revenue grew from $238.2 billion in FY2021 to $359.05 billion by the close of FY2025, driven by dominant U.S. Pharmaceutical performance.
Management is accelerating this transformation through strategic M&A and relentless shareholder returns. Through the first nine months of FY2026, diluted EPS skyrocketed 57% to $24.73, bolstered by the $2.5 billion acquisition of Core Ventures and the $875 million purchase of PRISM Vision to strengthen the Oncology & Multispecialty segment. While the company absorbed a $189 million bad debt provision tied to the Rite Aid bankruptcy, it simultaneously reduced its long-term opioid liability to $5.7 billion by late 2025. The market valued this execution at 26.2x earnings with a stock price of $672.99 at the end of FY2025, supported by $2.4 billion returned to shareholders in the first three quarters of FY2026.
Recent Developments (Q2 and Q3 2026)
McKesson sustained its upward trajectory through the third quarter of fiscal 2026, delivering $106.2 billion in revenue, an 11% increase year-over-year. This top-line strength flowed efficiently to the bottom line as flat operating expenses and a 12% rise in gross profit drove quarterly diluted EPS up 38% to $9.59. Operationally, the company reorganized into four reporting segments in late 2025 and advanced plans to separate the Medical-Surgical Solutions unit into an independent entity. Management also accelerated capital returns, repurchasing $2.1 billion in stock through the first nine months while raising the quarterly dividend to $0.82.
Bulls emphasize the 57% surge in year-to-date EPS and successful cost controls as proof of the platform pivot, while bears caution that the valuation reached 32.0x earnings by early February 2026, pricing in significant optimism relative to historical averages.
What to watch: progress on the Medical-Surgical spin-off; integration of recent oncology acquisitions
Rev
$359.05B
FY2025
NI
$3.29B
FY2025
EPS
$25.86
FY2025
OCF
$6.08B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
MCKESSON CORP 8-K Report, Financial Results (Feb 4, 2026)
McKesson Corporation (MCK) has filed a Current Report on Form 8-K to announce preliminary financial results for the quarter ended December 31, 2025. The report indicates that the company is providing an update on its operational and financial performance for the specified period, with detailed information expected to be found in the attached earnings release (Exhibit 99.1). This filing serves as an early disclosure of key metrics and financial condition for the third fiscal quarter of 2026.
MCKESSON CORP 8-K Report, Financial Results (Nov 5, 2025)
McKesson Corporation (MCK) has filed a Form 8-K to report its preliminary financial results for the quarter ended September 30, 2025. The key information is contained within the earnings release furnished as Exhibit 99.1 to this filing. Investors should refer to this exhibit for detailed financial performance data, including revenue, earnings, and any significant operational updates for the second fiscal quarter.
MCKESSON CORP 8-K Report, Regulation FD Disclosure (Sep 23, 2025)
McKesson Corporation (MCK) announced an update to its Fiscal Year 2026 guidance and long-term financial targets during its Investor Day on September 23, 2025. This filing provides investors with forward-looking information regarding the company's strategic objectives and expected financial performance. The details of these updates were disseminated via a press release, which is attached as an exhibit to this 8-K filing, and further elaborated during the Investor Day event, including a live webcast and accompanying presentation accessible on McKesson's Investor Relations website. Investors should pay close attention to the revised guidance and long-term targets as they reflect management's current outlook on the company's growth prospects and operational performance. The information furnished in this report, while not deemed 'filed' for certain regulatory purposes, offers crucial insights into McKesson's strategic direction and financial trajectory, enabling investors to make more informed decisions.
MCKESSON CORP 8-K Report, Financial Results (Sep 18, 2025)
McKesson Corporation (MCK) has announced a significant restructuring of its reportable business segments, effective in the second quarter of fiscal year 2026. The company will now report financial results across four primary segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. This change reflects the company's strategic allocation of resources and performance assessment by its Chief Operating Decision Maker. Notably, the Medical-Surgical Solutions segment is slated for separation into an independent company, as previously announced in May 2025. In addition to segment realignments, McKesson is progressing with the sale of its Norwegian operations, having entered into a definitive agreement. The company has also filed supplemental historical financial information, restated under the new segment structure, to provide investors with a clearer view of historical performance across these redefined segments. These changes, while impacting reporting, do not retroactively alter previously issued consolidated financial statements or historical earnings per diluted share.
MCKESSON CORP 8-K Report, Financial Results (Aug 6, 2025)
McKesson Corporation (MCK) has filed an 8-K report on August 5, 2025, to disclose preliminary financial results for the quarter ended June 30, 2025. The report primarily serves to attach the earnings release dated August 6, 2025, which contains the detailed financial information for the period. Investors should refer to Exhibit 99.1 for the specific operational and financial performance figures. While the filing itself is procedural and furnished rather than formally filed, the attached earnings release is the critical document for understanding McKesson's recent performance. Investors are encouraged to review the preliminary results to gauge the company's progress and its impact on the overall financial outlook. The filing does not contain new material events beyond the reporting of these preliminary results.
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