McKesson Corporation (MCK) financials

NYSE · Healthcare · Medical - Distribution · 42,300 employees · CEO Brian S. Tyler

Price: $994.58 +1.40%
Market cap: $116B
Enterprise value: $122B
Last report: Q1 '27 filed 2026-08-05
Next report: 2026-11-04 EPS est. $10.72

Revenue (TTM)$411B+8.8% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)1.6%+0.5 pp vs a year agoOperating income $6.65B

Net income (TTM)$4.59B+45.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$6.19B+9.2% vs a year agoCapex $668M

Diluted EPS (TTM)$37.37+49.1% vs a year agoSum of the last 4 quarters

Net cash-$6.54B+13.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $116B
Revenue: $411B
Revenue growth: +7%
Profit margin: 1.1%
P/E: 26.5×
P/S: 0.3×
EV / EBITDA: 16.7×
Free cash flow: $6.19B
Net income: $4.59B
Revenue estimate: $432B
Earnings: 2026-11-04
Dividend: $3.40

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 1.4%, EPS beat by 3.9%Revenue $105B vs $104B expected (+1.4%); EPS $9.93 vs $9.56 (+3.9%).
Revenue growth slowing: 7.7% year on yearQ1 '27 revenue $105B, against an average of 12.7% over the four quarters before.
Operating margin 1.6% (TTM), +0.5 pp on a year agoOperating income grew 62.1% while revenue grew 8.8%.
Capex 0.2% of revenue (a year ago 0.2%)$668M invested in the last 4 quarters (-24.2% on a year earlier). Free cash flow $6.19B = 134.7% of net income.
Returned $5.69B to shareholders = 92.0% of free cash flowBuybacks $5.3B (a year earlier $3.2B), dividends $393M, stock-based pay $0 (TTM).
Diluted share count down 5.0% in a year119M diluted shares in Q1 '27, 126M a year earlier.
Net debt $6.54BCash + short-term investments $5.16B, debt incl. leases $11.7B; a year ago net debt $7.52B.

Last quarter: Q1 '27

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q1 '27	Year ago	Change
Revenue	$105B	$97.8B	+7.7%
Gross margin	3.5%	3.4%	+0.1 pp
Operating income	$1.32B	$1.04B	+27.3%
Operating margin	1.3%	1.1%	+0.2 pp
Net income	$614M	$784M	-21.7%
Diluted EPS	$5.15	$6.25	-17.6%
Operating cash flow	-$220M	-$918M	+76.0%
Capex	$112M	$189M	-40.7%
Free cash flow	-$332M	-$1.11B	+70.0%
R&D	$0	$0	–
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$105B	$104B	+1.4%
EPS (as estimated)	$9.93	$9.56	+3.9%

From the report of 2026-08-05 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
North American Pharmaceutical Segment	$86.8B	–	82.3%	$423B	–
Oncology And Multispecialty Segment	$14.2B	–	13.5%	$62.6B	–
Medical-Surgical Solutions Segment	$2.82B	+4.4%	2.7%	$11.6B	+1.5%
Prescription Technology Solutions Segment	$1.57B	–	1.5%	$7.37B	–
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment	–	–	–	–	–

Revenue by region

share of total

Segment	Q1 '27	y/y	Share	TTM	TTM y/y	12 quarters
United States	$47.1B	+1.7%	84.6%	$194B	+7.7%
International Segment	$8.55B	-9.1%	15.4%	$37.5B	-0.6%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '25

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
US Pharmaceutical Segment	$87.1B	–	$854M	–	1.0%	–	–
International Segment	$3.86B	–	$111M	–	2.9%	–	–
Medical Surgical Solutions Segment	$2.95B	–	$269M	–	9.1%	–	–
Prescription Technology Solutions Segment	$1.37B	–	$219M	–	16.0%	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.85B
Capex: -$668M
Buybacks: -$5.3B
Dividends: -$393M
Acquisitions: $609M
Net debt issued: $1.86B
Stock-based compensation: $0
Free cash flow: $6.19B
Returned to shareholders / FCF: 92.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	26.5×	25.7×	14.1× – 41.9×
EV / EBITDA	16.7×	15.1×	9.6× – 17.7×
EV / Sales	0.3×	0.2×	0.2× – 0.3×
Price / FCF	18.7×	15.8×	10.9× – 19.8×
Price / Book	-27.8×	–	–
FCF yield	5.3%	6.7%	5.1% – 9.2%
Return on invested capital	27.9%	22.1%	11.5% – 31.5%
Return on equity	-194.4%	-154.2%	-219.2% – -49.0%

Analysts

Consensus target $983.13 (-1.2%)
range $845.00 – $1,200.00 · rating Buy

Strong buy1

Buy24

Hold6

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$432B	+7.1%	$44.65	+16.3%	22.3×	9
FY2028	$461B	+6.8%	$50.62	+13.4%	19.6×	9
FY2029	$495B	+7.2%	$57.93	+14.4%	17.2×	3
FY2030	$515B	+4.2%	$66.48	+14.8%	15.0×	1
FY2031	$560B	+8.7%	$80.34	+20.8%	12.4×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 282 figures McKesson Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	-$30M	–	–
	–	–	–	-0.5%	–	–
	–	–	–	$839M	–	–
	–	–	–	$131M	–	–
Accounts Payable, Current	$63.7B	$57.9B	+10.1%	$60B	$55.3B	+8.4%
Accounts Receivable, Allowance for Credit Loss	$194M2026-03-31	$450M	-56.9%	$194M	$450M	-56.9%
Accounts Receivable, Allowance for Credit Loss, Current	$259M2026-03-31	$500M	-48.2%	$259M	$500M	-48.2%
Accounts Receivable, before Allowance for Credit Loss, Current	$28.2B2026-03-31	$26.1B	+8.0%	$28.2B	$26.1B	+8.0%
Accounts Receivable, Credit Loss Expense (Reversal)	$45M	$196M	-77.0%	$100M	-$130M	+176.9%
Accrued Liabilities, Current	$5.04B	$4.92B	+2.3%	$5.49B	$4.83B	+13.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.61B2026-03-31	$2.53B	+3.4%	$2.61B	$2.53B	+3.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$749M	-$898M	+16.6%	-$745M	-$932M	+20.1%
Additional Paid in Capital	$8.59B	$8.45B	+1.6%	$8.28B	$8.37B	-1.1%
Amortization	$126M	$95M	+32.6%	$473M	$394M	+20.1%
Amortization of Intangible Assets	$74M	$50M	+48.0%	$276M	$226M	+22.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1M2025-12-31	1M	0.0%	1M2025-03-31	1M	0.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$67M	$55M	+21.8%	$247M	$226M	+9.3%
Asset Impairment Charges	–	–	–	$0	$0	–
Assets	$88.3B	$81.3B	+8.6%	$82.3B	$75.1B	+9.6%
Assets, Current	$62.8B	$56.8B	+10.6%	$57.2B	$55.4B	+3.3%
Buildings and Improvements, Gross	$1.45B2026-03-31	$1.43B	+1.3%	$1.45B	$1.43B	+1.3%
Business Exit Costs	$57M	$41M	+39.0%	$191M	$108M	+76.9%
Capitalized Computer Software, Accumulated Amortization	$750M2026-03-31	$657M	+14.2%	$750M	$657M	+14.2%
Capitalized Computer Software, Amortization	–	–	–	$164M	$135M	+21.5%
Capitalized Computer Software, Net	$764M2026-03-31	$681M	+12.2%	$764M	$681M	+12.2%
Cash and Cash Equivalents, at Carrying Value	$5.16B	$2.42B	+113.6%	$3.98B	$5.69B	-30.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$5.26B	$2.68B	+95.9%	$4.07B	$5.96B	-31.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.19B	-$3.27B	+136.3%	-$1.89B	$1.37B	-237.7%
Common Stock, Dividends, Per Share, Declared	$0.82	$0.71	+15.5%	$3.17	$2.75	+15.3%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	800M	800M	0.0%	800M	800M	0.0%
Common Stock, Shares, Issued	280M	280M	0.0%	280M	279M	+0.4%
Common Stock, Value, Issued	$3M	$3M	0.0%	$3M	$3M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$418M	$47M	+789.4%	$337M	$186M	+81.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$610M	$818M	-25.4%	$4.95B	$3.24B	+52.6%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.03B	$865M	+18.8%	$5.29B	$3.43B	+54.1%
Construction in Progress, Gross	$578M2026-03-31	$722M	-19.9%	$578M	$722M	-19.9%
Contract with Customer, Liability	$366M2026-03-31	$354M	+3.4%	$366M	$354M	+3.4%
Cost of Goods and Services Sold	$102B	$94.5B	+7.6%	$389B	$346B	+12.5%
Current Federal Tax Expense (Benefit)	–	–	–	$437M	$552M	-20.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$218M	$254M	-14.2%
Current Income Tax Expense (Benefit)	–	–	–	$872M	$988M	-11.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$217M	$182M	+19.2%
Debt and Lease Obligation	$9.7B	$7.8B	+24.4%	$6.5B	$5.7B	+14.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$248M	$102M	+143.1%
Deferred Foreign Income Tax Expense (Benefit)	$44M2026-03-31	–	–	-$75M	-$217M	+65.4%
Deferred Income Tax Assets, Net	$432M2026-03-31	$367M	+17.7%	$432M	$367M	+17.7%
Deferred Income Tax Expense (Benefit)	–	–	–	$230M	-$110M	+309.1%
Deferred Income Tax Liabilities, Net	$1.36B	$987M	+38.1%	$1.33B	$1.03B	+29.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$57M	$5M	+1,040.0%
Deferred Tax Assets, Gross	$2.64B2026-03-31	$2.61B	+1.3%	$2.64B	$2.61B	+1.3%
Deferred Tax Assets, Net of Valuation Allowance	$1.88B2026-03-31	$1.97B	-4.6%	$1.88B	$1.97B	-4.6%
Deferred Tax Assets, Other	$194M2026-03-31	$236M	-17.8%	$194M	$236M	-17.8%
Deferred Tax Assets, Tax Credit Carryforwards	$996M2026-03-31	$847M	+17.6%	$996M	$847M	+17.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$333M2026-03-31	$287M	+16.0%	$333M	$287M	+16.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$69M2026-03-31	$136M	-49.3%	$69M	$136M	-49.3%
Deferred Tax Assets, Valuation Allowance	$769M2026-03-31	$644M	+19.4%	$769M	$644M	+19.4%
Deferred Tax Liabilities, Gross	$2.77B2026-03-31	$2.63B	+5.6%	$2.77B	$2.63B	+5.6%
Deferred Tax Liabilities, Inventory	$2.01B2026-03-31	$2.14B	-6.1%	$2.01B	$2.14B	-6.1%
Deferred Tax Liabilities, Net	$898M2026-03-31	$662M	+35.6%	$898M	$662M	+35.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-K 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-K 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01