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MCKESSON CORP 8-K Report, Financial Results (May 7, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2026
Period End
May 7, 2026
Security
MCK
In the record · 2016–202610-K1110-Q328-K146

MCK filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Apr ’18Apr ’18
  2. Material agreement8-K · Mar ’20Mar ’20
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Jun ’24Jun ’24

01—Abstract

Summary

Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.

McKesson reported fiscal 2026 fourth-quarter and full-year results on May 7, 2026, showing strong top-line and earnings growth.

Full-year revenue rose 12% to $403.4 billiona, GAAP diluted EPS was $38.38 (up 49%), and Adjusted EPS was $39.11 (up 18%), above the company's long-range growth targets. Fourth-quarter Adjusted EPS of $11.69 grew 16%, helped by Oncology & Multispecialty acquisitions, a lower share count, and a lower tax rate. Full-year operating cash flow was $6.2 billion and Free Cash Flow was $5.4 billion, while the company returned $5.1 billion to shareholders through $4.8 billion of buybacks and $381 million of dividends.

Management guided fiscal 2027 Adjusted EPS to $43.80 to $44.60b, implying 12% to 14% growth, and reaffirmed its long-term Adjusted EPS growth target of 13% to 16%. The Board raised the share repurchase authorization by $5.0 billion to a total of $7.7 billion, and the company entered a $2.25 billion accelerated share repurchase program. Portfolio actions continued, including the completed exit from European operations, a pending sale of a roughly 13% minority stake in the Medical-Surgical Solutions segment to Apollo Global ahead of its planned separation, and initial separation financing of a $1.0 billion term loan and $1.0 billion revolver.

Investors should note that GAAP results were boosted by a $480 millionc pre-tax gain on the Norway sale, which is excluded from Adjusted results, and that the company does not provide GAAP EPS guidance. Quarter-end balance sheet data show total deficit of $(1.8) billion, reflecting heavy buybacks, and the filing lists risks including opioid-related litigation, the Medical-Surgical separation, and acquisition integration. Figures are preliminary and unaudited.

02—Key points

Key Highlights

  1. FY26 revenue of $403.4 billion grew 12%, with Oncology & Multispecialty up 31% and North American Pharmaceutical up 11%.
  2. FY26 Adjusted EPS of $39.11 grew 18%, above long-range targets; GAAP diluted EPS of $38.38 rose 49%, aided by a $480M pre-tax Norway divestiture gain.
  3. FY27 Adjusted EPS guidance of $43.80 to $44.60 implies 12% to 14% growth; the long-term 13% to 16% Adjusted EPS growth target was reaffirmed.
  4. Free Cash Flow was $5.4 billion for FY26, against $4.8 billion of buybacks and $381 million of dividends returned to shareholders.
  5. Board increased the share repurchase authorization by $5.0 billion to $7.7 billion total, and a $2.25 billion accelerated share repurchase was entered in Q4.
  6. Q4 Adjusted Oncology & Multispecialty segment operating profit rose 53% to $385 million, driven by provider solutions, specialty distribution and acquisitions.
  7. Medical-Surgical Solutions separation is advancing: Apollo Global agreed to acquire a roughly 13% minority stake, and initial financing of $1.0B term loan and $1.0B revolver was completed.

03—Questions

Frequently Asked Questions

  1. Did McKesson beat its prior guidance and long-range targets?

    Yes, the company reported full-year Adjusted EPS of $39.11, up 18%, which it describes as above previously communicated long-range growth targets. The long-term 13% to 16% Adjusted EPS growth target was reaffirmed, not raised.

  2. What is the fiscal 2027 outlook?

    Adjusted EPS guidance is $43.80 to $44.60, implying 12% to 14% growth over fiscal 2026. McKesson does not provide GAAP EPS guidance because it cannot reliably forecast items such as LIFO adjustments, litigation contingencies, and restructuring charges.

  3. How much capital is McKesson returning to shareholders?

    In fiscal 2026 the company returned $5.1 billion, including $4.8 billion of share repurchases and $381 million of dividends. The Board added $5.0 billion to the buyback authorization, bringing the total to $7.7 billion as of April 2026, and a $2.25 billion accelerated share repurchase was started in the fourth quarter.

  4. Why is GAAP EPS so much higher than Adjusted EPS growth would suggest, and what should investors watch?

    Fiscal 2026 GAAP EPS of $38.38 is close to Adjusted EPS of $39.11 only because of offsetting items; the Norway sale produced a $480M pre-tax gain that is excluded from Adjusted results, and LIFO and amortization adjustments also differ. Investors should focus on Adjusted EPS for the operating trend while monitoring the quality of GAAP earnings.

  5. What is happening with the Medical-Surgical Solutions segment?

    McKesson plans to separate the Medical-Surgical Solutions segment into an independent company. It signed a definitive agreement for Apollo Global to acquire about a 13% minority interest, subject to regulatory approvals, and completed initial separation financing. The separation remains contingent on conditions and may not occur on the current timeline.

04—Continue

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