MCKESSON (MCK) Company Report

Consolidated revenues of $106.2 billion, up 11% YoY; adjusted EPS of $9.34, up 16% YoY
Raised FY2026 EPS guidance to $38.80–$39.20 (+17–19%) and revenue growth outlook to 12–16%
North American Pharma revenue of $88.3 billion (+9%), including $14 billion in GLP-1 distribution (+26%); oncology & multispecialty revenue $13 billion (+37%); prescription technology solutions revenue $1.5 billion (+9%)
Q3 free cash flow of $1.1 billion (TTM $9.6 billion); returned $781 million to shareholders via $680 million in share repurchases and $101 million in dividends
Completed divestiture of Norway operations and advanced separation of the medical-surgical business, targeting IPO in H2 2027

2 days ago

Transcript

McKesson reports Q3 2026 earnings and raises guidance

MCK

Earnings

Guidance Update

Share Buyback

McKesson delivered $106.2 billion in consolidated revenue, up 11% y/y, and $9.34 EPS, up 16% y/y in Q3 2026.
Oncology & multispecialty segment revenues rose 37% to $13 billion, with operating profit up 57% to $366 million; Prism Vision and Core Ventures added ~13% to segment revenue growth.
Completed divestiture of Norway retail and distribution businesses on January 30, 2026, contributing $0.05 to adjusted EPS via held-for-sale accounting.
Raised fiscal 2026 adjusted EPS guidance to $38.80–$39.20 (+17%–19%), revenue growth to 12%–16%, and operating profit growth to 13%–17%.
Returned $781 million to shareholders in Q3 (including $680 million in share repurchases and $101 million in dividends); Q3 free cash flow was $1.1 billion.

2 days ago

Transcript

McKesson reports Q3 fiscal 2026 results

MCK

Earnings

Guidance Update

New Projects/Investments

McKesson raised its fiscal 2026 EPS guidance to $38.80–$39.20, expecting 12–16% revenue growth and 13–17% operating profit growth.
Q3 performance underpins segment outlook: North American Pharma revenue up 10–14%, Oncology & Multispecialty revenue up 29–33%, and Prescription Technology Solutions revenue up 9–13%.
Investments in automation and AI improved productivity, with each full-time employee supporting 120 more patients in the annual verification season and a 75% reduction in escalated Drug Supply Chain Security Act inquiries.
Portfolio actions advance: transition service agreements in place for the Medical-Surgical separation with an IPO targeted by H2 2027, and the Norwegian business divestiture completed, marking full exit from Europe.

2 days ago

Transcript

McKesson reports Q3 FY 2026 results

MCK

Earnings

Guidance Update

M&A

Revenue: Q3 FY 2026 revenue of $106.2 billion, up 11% year-over-year.
Adjusted EPS: Q3 FY 2026 adjusted earnings per diluted share of $9.34, a 16% increase YoY.
Guidance Update: Raised and narrowed fiscal 2026 adjusted EPS outlook to $38.80–$39.20, implying 17–19% growth.
Segment Performance: North American Pharmaceutical revenue of $88.3 billion, +9% ; Oncology & Multispecialty revenue of $13.0 billion, +37%.
Strategic Update: Closed sale of Norway retail and distribution businesses, fully exiting European operations.

2 days ago

Presentation

McKesson reports Q3 2026 results

MCK

Earnings

Guidance Update

Third-quarter revenue of $106.2 billion, up 11% year-over-year.
Adjusted EPS of $9.34, a 16% increase versus prior year.
Cash flow from operations of $1.2 billion and Free Cash Flow of $1.1 billion generated in the quarter.
Raised fiscal 2026 adjusted EPS guidance to $38.80–$39.20, implying 17–19% growth.

2 days ago

8-K

McKesson outlines strategy and guidance at JP Morgan Healthcare Conference

MCK

Guidance Update

Share Buyback

M&A

McKesson reaffirmed its long-term financial targets of 13%–16% adjusted EPS growth, driven by 5%–8% North America distribution, 13%–16% oncology/multispecialty, and 10%–13% biopharma services growth.
Fiscal 2026 guidance includes $38.35–$38.85 adjusted EPS, 12%–16% adjusted operating profit growth, and 16%–18% EPS growth versus prior year.
The company plans ~$2.5 billion in share repurchases for fiscal 2026, with over $6 billion of authorization remaining as of September 2025.
Integration of Florida Cancer Specialists and Core Ventures is on track, with year-one accretion of $0.40–$0.60 and $1.40–$1.60 by year three.

Jan 13, 2026, 5:45 PM

Transcript

McKesson outlines strategy, growth targets, and capital return plans at JPM Healthcare Conference

MCK

Guidance Update

Share Buyback

McKesson has delivered a 5-year Adjusted EPS CAGR of 18% and targets 13%–16% long-term Adjusted EPS growth, driven by its strategic priorities in oncology, biopharma services, and North American distribution.
The oncology platform spans 3,300 providers, treats 1.4 million patients, operates in a $115 billion market, and anticipates oncology drug spend to grow 60% over five years.
Its biopharma services business enabled 100 million patient transactions, generated $10 billion in out-of-pocket savings, and prevented 12 million prescription abandonments last year via connectivity to 1 million providers and 50,000 pharmacies.
For fiscal 2026, McKesson expects Adjusted EPS of $28.35–$28.85, 12%–16% adjusted operating profit growth, 16%–18% EPS growth, and plans $2.5 billion in share repurchases with $6 billion of authorization remaining.

Jan 13, 2026, 5:45 PM

Transcript

McKesson presents strategy and FY 2026 outlook at JPM Healthcare Conference

MCK

Guidance Update

Share Buyback

M&A

McKesson delivered an 18% adjusted EPS CAGR over the past five years, has more than tripled ROIC, and guides FY 2026 adjusted EPS of $28.35–$28.85 with adjusted operating profit growth of 12%–16% and EPS growth of 16%–18%.
Its oncology platform now serves 3,300 providers and 1.4 million patients in a $115 billion market, with recent acquisitions of Florida Cancer Specialists and Core Ventures enhancing scale and on track for expected synergy accretion.
The biopharma services unit enabled over 100 million patient interactions, delivered $10 billion in out-of-pocket savings, and prevented 12 million prescription abandonments via connectivity to 1 million providers and 50,000 pharmacies.
Maintains disciplined capital allocation with $2.5 billion in share repurchases planned for FY 2026 and over $6 billion of authorization, alongside dividend growth aligned with earnings following targeted M&A and portfolio optimization.

Jan 13, 2026, 5:45 PM

Transcript

Lemongrass completes strategic partnership with SAP

MCK

New Projects/Investments

Lemongrass completed a strategic partnership with SAP under the PartnerEdge (PE) Build program for its Clean Core AI Accelerator solution.
The program grants full access to SAP APIs, tools, and services, plus technical enablement, certification opportunities, and go-to-market support.
Lemongrass achieved SAP Gold Partner status, holds advanced competencies in SAP Cloud ERP Private Edition and BTP, and participates in SAP advisory councils.
The firm manages over 750,000 SAP users across 20+ countries and serves major brands including McKesson, Cintas, and Heineken.

Dec 9, 2025, 2:00 PM

Press Release

McKesson raises FY26 guidance after strong Q2 results at Evercore HealthCONx

MCK

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

McKesson delivered 10% Q2 revenue growth, 26% adjusted operating profit increase, and 39% adjusted EPS growth, enabling a further upward revision of its full-year guidance to $38.35–$38.85 per share.
The company reports continued robust GLP-1 prescription growth; its Rx Technology Solutions business drives prior authorization and affordability services across all major GLP-1 brands.
First-year earnings accretion from the Prism Vision acquisition is maintained at $0.20–$0.30 (targeting $0.65–$0.75 by year three), underpinning McKesson’s expansion in oncology and vision care platforms.
McKesson achieved 500 bps of year-over-year operating leverage in Q2 (totaling 1,200 bps over five years) through automation and AI investments in distribution centers, call centers, and clinical tools.
Full-year tax rate guidance was increased to 18–19% (with Q3 at 23–25%), and a weak illness season was noted as dampening trends in the medical segment.