01—Abstract
Summary
Summary of the 8-K filed September 18, 2025. Cited figures are marked; the original filing is the authoritative source.
McKesson (MCK) filed an 8-K on September 18, 2025 to announce a segment reorganization effective in the second quarter of fiscal 2026.
Starting then, the company will report four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. Norwegian operations move to Other, and Corporate captures administrative costs and certain investments. The company states the change reflects how the CEO, as chief operating decision maker, now allocates resources and assesses performance.
It did not affect previously issued consolidated financial statements or historical diluted EPS, so this is a presentation change rather than a change in reported results. To help investors compare periods, the company furnished Exhibit 99.1 with recast historical segment data for the five quarters from June 30, 2024 through June 30, 2025 and for fiscal 2025 and 2024. On a GAAP basis, fiscal 2025 revenue was $359.1 billiona and income before interest and taxes was $4.6 billion.
Adjusted (non-GAAP) operating profit was $5.6 billionb, up from $4.9 billion in fiscal 2024. The exhibit shows North American Pharmaceutical as the dominant contributor, with $304.5 billion of fiscal 2025 revenue. Prescription Technology Solutions has the highest margin, at roughly 18% adjusted in fiscal 2025.
Two strategic items are also disclosed. On May 2025, McKesson announced plans to separate the Medical-Surgical Solutions segment into an independent company.
On August 4, 2025, it agreed to sell its Norwegian distribution and retail businesses, subject to customary closing conditions and regulatory approvals. The 8-K itself does not include new earnings guidance.
02—Key points
Key Highlights
- Four new reportable segments begin in Q2 FY2026: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions; Norway moves to Other.
- The reorganization is presentation-only: previously issued consolidated financial statements and historical diluted EPS are unchanged.
- Fiscal 2025 GAAP revenue was $359.1B and GAAP income before interest and taxes was $4.6B; adjusted operating profit was $5.6B versus $4.9B in fiscal 2024.
- North American Pharmaceutical generated $304.5B of fiscal 2025 revenue and $3.1B of adjusted segment operating profit (about 1.03% margin), the bulk of the company's scale.
- Prescription Technology Solutions showed the highest margin, with fiscal 2025 adjusted operating margin of about 18.4%.
- Medical-Surgical Solutions is planned for separation into an independent company, as announced in May 2025.
- McKesson agreed on August 4, 2025 to sell its Norwegian operations, which are now reported in Other; closing requires regulatory approvals.
03—Questions
Frequently Asked Questions
Does this segment change affect McKesson's reported earnings or EPS?
No. The company states the segment changes did not affect its previously issued consolidated financial statements or historical earnings per diluted share. The change alters how results are grouped and reported going forward, not the underlying totals.
Why did McKesson reorganize its reporting segments?
The company says the new structure reflects how its Chief Executive Officer, as chief operating decision maker, allocates resources and assesses performance beginning in Q2 fiscal 2026. The segments are designed to align with its focus on new healthcare solutions for providers, patients, and customers.
Where can investors find restated historical segment data?
Exhibit 99.1 to the 8-K provides supplemental historical results recast to the new segments for the quarters ended June 30, 2024 through June 30, 2025, and for fiscal 2025 and 2024. It includes GAAP and adjusted (non-GAAP) revenue and operating profit by segment, with reconciliations.
What is the status of the Medical-Surgical Solutions separation and the Norway sale?
McKesson announced in May 2025 its intention to separate Medical-Surgical Solutions into an independent company. On August 4, 2025, it signed a definitive agreement to sell its Norwegian businesses, which remain subject to customary closing conditions and regulatory approvals. This 8-K does not provide closing timing for either transaction.
How did the businesses perform in the first quarter of fiscal 2026?
For the quarter ended June 30, 2025, GAAP revenue was $97.8B and adjusted operating profit was $1.42B, versus GAAP income before interest and taxes of $1.10B. North American Pharmaceutical had $82.7B of revenue and $749M of adjusted operating profit. Oncology & Multispecialty had $10.7B of revenue and $287M of adjusted operating profit. Medical-Surgical Solutions had $2.7B of revenue and $244M of adjusted operating profit.
04—Continue