Filing Flows › McKesson (MCK) › Q1 FY26
McKesson (MCK) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 6, 2025
McKesson (MCK) reported revenue of $97.8B for the first quarter fiscal 2026 (Q1 FY26), +23% from a year earlier and +8% from the quarter before. Operating margin was 1.1%, net earnings $831M (0.8% of revenue).
McKesson, Q1 FY26: revenue $97.8B (+23% year over year), operating margin 1.1%, net earnings $831M, operating cash flow −$918M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $97.8B | +8% | +23% |
| Gross profit | $3.3B | -10% | +4% |
| Operating profit | $1.0B | -35% | +0.7% |
| Net earnings | $831M | -36% | -13% |
| Operating cash flow | −$918M | -112% | — |
What changed
Revenue was $97.8B in Q1 FY26, up 23% year over year and up 8% from the previous quarter.
Gross margin was 3.4%, down 0.6 points from a year earlier. Operating profit was $1.0B, a 1.1% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 1% margin then. Operating expenses grew 6% against revenue growth of 23%. Net earnings were $0.78B, down 14% year over year. The effective tax rate was 20.9%.
Operating cash flow was −$0.92B. Non-cash charges added back $0.16B of depreciation and amortization. Working capital and other items used $1.9B. Capital expenditures of $0.19B exceeded it, leaving free cash flow of −$1.1B.
Questions
What was McKesson's revenue in the first quarter fiscal 2026?
McKesson (MCK) reported revenue of $97.8B for the first quarter fiscal 2026 (Q1 FY26), +23% from a year earlier and +8% from the quarter before.
Was McKesson profitable in the first quarter fiscal 2026?
Operating profit was $1.0B (1.1% of revenue) and net earnings $831M.
Source: McKesson 10-Q on SEC EDGAR.