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McKesson (MCK) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 4, 2026 · McKesson (MCK) Q2 FY27 earnings results →

Q2 FY27 Revenue up 8% year over year to $111.0B · 1¢ of every $1 of revenue kept as net profit · operating margin 1.4%

McKesson made $111.0B in Q2 FY27 (+8% Y/Y). Operating margin 1.4%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$111.0B
Year over year+8%
Operating margin1.4%
Net earnings$1.2B
Operating cash flow$3.1B

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McKesson Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
McKesson Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $111.0B in Q2 FY27, up 8% year over year and up 5% from the previous quarter.

Gross margin was 3.6%, up 0.1 points from Q2 FY26. Operating profit was $1.6B, a 1.4% margin (up 0.1 points year over year). Of the extra revenue versus Q2 FY26, 3% reached operating profit, above the 1% margin then. Operating expenses grew 10% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+36%). Net earnings were $1.2B, up 10% year over year. The effective tax rate was 17.0%.

Operating cash flow was $3.1B (up 27% year over year), 237% of net income including minority interests. Non-cash charges added back $0.20B of depreciation and amortization. Working capital and other items added $1.6B. After payments for property, plant, and equipment ($0.07B) and capitalized software expenditures ($0.06B), free cash flow as the company reports it was $2.9B.

Quarterly history

McKesson revenue by quarterMcKesson revenue by quarter$90.8BQ4 FY25$97.8BQ1 FY26$103.2BQ2 FY26$106.2BQ3 FY26$96.3BQ4 FY26$105.4BQ1 FY27$111.0BQ2 FY27
McKesson net earnings by quarterMcKesson net earnings by quarter$1.3BQ4 FY25$831MQ1 FY26$1.2BQ2 FY26$1.2BQ3 FY26$1.7BQ4 FY26$614MQ1 FY27$1.2BQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 4, 2026$111.0B+8%1.4%$1.2B$3.1B
Q1 FY2710-QAug 5, 2026$105.4B+8%1.3%$614M−$220M
Q4 FY2610-KMay 8, 2026$96.3B+6%2.2%$1.7B$3.4B
Q3 FY2610-QFeb 4, 2026$106.2B+11%1.5%$1.2B$1.2B
Q2 FY2610-QNov 6, 2025$103.2B+10%1.4%$1.2B$2.4B
Q1 FY2610-QAug 6, 2025$97.8B+23%1.1%$831M−$918M
Q4 FY2510-KMay 9, 2025$90.8B+19%1.8%$1.3B$7.7B

Charts

McKesson: revenue growth, year over year and quarter over quarterMcKesson: revenue growth, year over year and quarter over quarterY/YQ/Q+19%Q4 FY25+23%+8%Q1 FY26+10%+5%Q2 FY26+11%+3%Q3 FY26+6%-9%Q4 FY26+8%+9%Q1 FY27+8%+5%Q2 FY27
Latest (Q2 FY27): Y/Y +8%, Q/Q +5%.
McKesson: where the cash came from (+) and went (−), TTM to Q2 FY27McKesson: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$7.5BBuybacks−$6.8BCash drawn (+) / kept (−)−$2.5BNet borrowing (+) / repaid (−)$1.5BOther financing$787MAsset & business sales$726MOther investing−$468MDividends−$400MCapital spending−$396MShares issued$95.0MAcquisitions−$50.0MExchange rates−$17.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
McKesson: profit against cash, quarter by quarterMcKesson: profit against cash, quarter by quarterNet incomeOperating cash flow$928M−$2.4BQ3 FY25$1.3B$7.7BQ4 FY25$831M−$918MQ1 FY26$1.2B$2.4BQ2 FY26$1.2B$1.2BQ3 FY26$1.9B$3.4BQ4 FY26$1.0B−$220MQ1 FY27$1.3B$3.1BQ2 FY27
Latest (Q2 FY27): Net income $1.3B, Operating cash flow $3.1B.
McKesson: diluted shares by fiscal yearMcKesson: diluted shares by fiscal year161MFY21154MFY22142MFY23134MFY24128MFY25124MFY26
-22.7% since FY21: buybacks shrank the count.
McKesson: long-term debt falling due (FY26)McKesson: long-term debt falling due (FY26)$1.3B2027$390M2028$1.0B2029$723M2030$676M2031$2.4BLater
Cash $4.0B, short-term investments —, long-term debt $6.5B at 2026-03-31.
McKesson in its industry: growth against margin (9 companies, SIC 5122)McKesson in its industry: growth against margin (9 companies, SIC 5122)revenue growth, year over year →↑ operating marginmedian +5%median 1%CORCAHHLFNUSCOSMMEDSSTEKESYNMCK (+8%, 1%)
Wholesale-Drugs, Proprietaries & Druggists' Sundries; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

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About McKesson

McKesson Corporation together with its subsidiaries (collectively, the “Company,” “McKesson,” “we,” “our,” or “us” and other similar pronouns), which traces its business roots to 1833, is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services to help make quality care more accessible and affordable. The Company’s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references in this document to a particular year refer to the Company’s fiscal year. The Company was incorporated on July 7, 1994 in the State of Delaware.

In its own words, from its 10-K, filed May 8, 2026.

McKesson against its Wholesale-Drugs, Proprietaries & Druggists' Sundries peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +5%. Operating margin: 1.4% against the peers' median 1.3%.

CompanyQuarterRevenueY/YOp. margin
MCK McKessonQ2 FY27$111.0B+8%1.4%
COR CencoraQ3 FY26$84.8B+5%1.3%
CAH Cardinal HealthQ1 FY27$67.5B+6%1.1%
HLF HerbalifeQ3 2026$1.4B+6%10.3%
NUS Nu Skin EnterprisesQ3 2026$311M-15%1.6%
COSM Cosmos HealthQ2 2026$19.0M+29%-15.4%
MEDS DataMeds AIQ2 2026$1.8M-77%-412.7%
STEK StemtechQ2 2026$629K-10%-20.0%
ESYN HWH InternationalQ2 2026$64K-79%328.1%

Source: McKesson 10-Q on SEC EDGAR · CIK 927653 · Wholesale-Drugs, Proprietaries & Druggists' Sundries

Guidance and outlook

McKesson: what its forward-looking statements are about (10-Q filed 2026-11-04)McKesson: what its forward-looking statements are about (10-Q filed 2026-11-04)Costs4Legal & regulation1People1Other1Buybacks & dividends1Financing1
9 statements; tone -0.22 (−1 all cautious, +1 all confident); 2 hedged.
McKesson: outlook statements against the filing beforeMcKesson: outlook statements against the filing beforeUpdated1Confident1Cautious3

13F: who owns MCK and who is buying

Largest holders of MCK (13F)Largest holders of MCK (13F)Vanguard Group$9.9BBlackRock$8.2BVanguard Capital Management LLC$5.9BState Street$4.3BMorgan Stanley$4.0BFranklin Resources$2.2BVanguard Portfolio Management LLC$2.2BGeode Capital Management, LLC$2.1BMassachusetts Financial Services$1.9BFMR LLC$1.6B
Funds' net buying of MCK by quarter (13F)Funds' net buying of MCK by quarter (13F)−$1.0B2024-09−$60.3M2024-12$523M2025-03$916M2025-06−$697M2025-09$400M2025-12−$1.2B2026-03−$625M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MCK

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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