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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.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

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
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Nov 4, 2026 | $111.0B | +8% | 1.4% | $1.2B | $3.1B |
| Q1 FY27 | 10-Q | Aug 5, 2026 | $105.4B | +8% | 1.3% | $614M | −$220M |
| Q4 FY26 | 10-K | May 8, 2026 | $96.3B | +6% | 2.2% | $1.7B | $3.4B |
| Q3 FY26 | 10-Q | Feb 4, 2026 | $106.2B | +11% | 1.5% | $1.2B | $1.2B |
| Q2 FY26 | 10-Q | Nov 6, 2025 | $103.2B | +10% | 1.4% | $1.2B | $2.4B |
| Q1 FY26 | 10-Q | Aug 6, 2025 | $97.8B | +23% | 1.1% | $831M | −$918M |
| Q4 FY25 | 10-K | May 9, 2025 | $90.8B | +19% | 1.8% | $1.3B | $7.7B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- CVS — 24% of its revenue · Stated in 10-K (sentence) · source
- NXPL · Stated in 10-K (named, share not stated) · source
Buys from
- CHRS — 43% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- RIGL — 42% of the supplier’s revenue · Stated in 10-K (customer table) · source
- ADCT — 39% of the supplier’s revenue · Stated in 10-K (customer table) · source
- ALKS — 38% of the supplier’s revenue · Stated in 10-K (sentence) · source
- BMY — 36% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- AMGN — 34% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- PCRX — 31% of the supplier’s revenue · Stated in 10-K (sentence) · source
- PFE — 25% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- AMPH — 24% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- ONC — 18% of the supplier’s revenue · Stated in 10-K (XBRL) · source
- BHC — 16% of the supplier’s revenue · Stated in 10-K (customer table) · source
- AKBA — 12% of the supplier’s revenue · Stated in 10-K (customer table) · source
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%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MCK McKesson | Q2 FY27 | $111.0B | +8% | 1.4% |
| COR Cencora | Q3 FY26 | $84.8B | +5% | 1.3% |
| CAH Cardinal Health | Q1 FY27 | $67.5B | +6% | 1.1% |
| HLF Herbalife | Q3 2026 | $1.4B | +6% | 10.3% |
| NUS Nu Skin Enterprises | Q3 2026 | $311M | -15% | 1.6% |
| COSM Cosmos Health | Q2 2026 | $19.0M | +29% | -15.4% |
| MEDS DataMeds AI | Q2 2026 | $1.8M | -77% | -412.7% |
| STEK Stemtech | Q2 2026 | $629K | -10% | -20.0% |
| ESYN HWH International | Q2 2026 | $64K | -79% | 328.1% |
Source: McKesson 10-Q on SEC EDGAR · CIK 927653 · Wholesale-Drugs, Proprietaries & Druggists' Sundries
Guidance and outlook
13F: who owns MCK and who is buying
More on MCK
- How McKesson makes money: revenue by segment
- McKesson next earnings date and what analysts expect
- McKesson stock forecast, price target and fair value
- Who owns McKesson stock: holders, funds and Congress trades
- McKesson guidance and outlook
- Is McKesson a takeover target? LBO and rumors
- McKesson recalls, complaints and regulation
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results