10-KPeriod: FY2026

MCKESSON CORP Annual Report, Year Ended Mar 31, 2026

Filed May 8, 2026For Securities:MCK

Summary

McKesson Corporation (MCK) reported strong financial performance for the fiscal year ended March 31, 2026, with revenues increasing by 12% to $403.4 billion and diluted earnings per share rising significantly to $38.38. This growth was driven by solid performance across its business segments, particularly in North American Pharmaceutical and Oncology & Multispecialty. The company also actively managed its capital, returning $5.1 billion to shareholders through share repurchases and dividends, and raised its quarterly dividend. Strategically, McKesson is advancing its business model through significant acquisitions in the Oncology & Multispecialty segment, including PRISM Vision and Core Ventures. Concurrently, the company announced its intention to separate its Medical-Surgical Solutions segment, entering into an agreement for Apollo Funds to acquire a minority interest, signaling a focused approach on core healthcare services. The company also reported no goodwill impairment and continued to manage its operational efficiencies through ongoing restructuring initiatives.

Financial Highlights

54 data points
Beta

Revenue

$403.43B

3.6% Gross Margin

Net Income

$4.76B

1.2% Net Margin

EPS (Diluted)

$38.38

Total Assets

$82.32B

Cash & Equivalents

$3.98B

Free Cash Flow

$5.72B

Financial Statements
Beta
Revenue$403.43B
Cost of Revenue$388.88B
Gross Profit$14.55B
SG&A Expenses$8.10B
Operating Expenses$8.34B
Operating Income$6.21B
Net Income$4.76B
EPS (Basic)$38.55
EPS (Diluted)$38.38
Shares Outstanding (Basic)123.60M
Shares Outstanding (Diluted)124.10M

Key Highlights

  • 1Revenues increased by 12% year-over-year to $403.4 billion.
  • 2Diluted earnings per share saw a substantial increase to $38.38 from $25.72 in the prior year.
  • 3Returned $5.1 billion to shareholders via $4.8 billion in stock repurchases and $381 million in dividends.
  • 4Completed significant acquisitions in the Oncology & Multispecialty segment: PRISM Vision for $875 million and Core Ventures for $2.5 billion.
  • 5Announced plans to separate the Medical-Surgical Solutions segment, with a minority stake sale to Apollo Funds for $1.25 billion.
  • 6No goodwill impairment was recorded in fiscal year 2026, indicating stable value of acquired businesses.
  • 7Continued investment in operational efficiencies through restructuring charges, with $170 million recorded in fiscal 2026.

Frequently Asked Questions

McKesson is strategically focusing on its core healthcare services by announcing its intention to separate its Medical-Surgical Solutions segment. As part of this strategy, the company has entered into a definitive agreement for Apollo Funds to acquire a minority ownership interest for approximately $1.25 billion. This move aims to streamline operations and enhance focus on high-growth areas.

McKesson completed significant acquisitions in fiscal year 2026, including PRISM Vision for $875 million and Core Ventures for $2.5 billion, both within the Oncology & Multispecialty segment. These acquisitions contributed to the segment's 31% revenue growth and are expected to strengthen McKesson's position in specialty care.

McKesson demonstrated a strong commitment to returning capital to shareholders in fiscal year 2026, repurchasing $4.8 billion of its common stock and paying $381 million in dividends. The Board also approved an additional $5.0 billion share repurchase authorization, reflecting confidence in future cash flows and shareholder returns.

For the fiscal year ended March 31, 2026, McKesson reported a 12% increase in revenues to $403.4 billion and a significant rise in diluted earnings per share to $38.38, up from $25.72 in the prior year. The company also saw a 9% increase in gross profit, driven by growth in its Oncology & Multispecialty and Prescription Technology Solutions segments.