Filing Flows › McKesson (MCK) › Q2 FY26
McKesson (MCK) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 6, 2025
McKesson (MCK) reported revenue of $103.2B for the second quarter fiscal 2026 (Q2 FY26), +10% from a year earlier and +5% from the quarter before. Operating margin was 1.4%, net earnings $1.2B (1.1% of revenue).
McKesson, Q2 FY26: revenue $103.2B (+10% year over year), operating margin 1.4%, net earnings $1.2B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $103.2B | +5% | +10% |
| Gross profit | $3.5B | +8% | +9% |
| Operating profit | $1.4B | +36% | +143% |
| Net earnings | $1.2B | +40% | +305% |
| Operating cash flow | $2.4B | — | +15% |
| Free cash flow | $2.3B | — | +18% |
What changed
Revenue was $103.2B in Q2 FY26, up 10% year over year and up 5% from the previous quarter.
Gross margin was 3.4%, unchanged from a year earlier. Operating profit was $1.4B, a 1.4% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 1% margin then. Operating expenses fell 20% while revenue rose 10%. Net earnings were $1.1B, up 361% year over year. The effective tax rate was 16.6%.
Operating cash flow was $2.4B (up 15% year over year), 208% of net income including minority interests. Non-cash charges added back $0.19B of depreciation and amortization. Working capital and other items added $1.1B. Capital expenditures of $0.11B left free cash flow of $2.3B.
Questions
What was McKesson's revenue in the second quarter fiscal 2026?
McKesson (MCK) reported revenue of $103.2B for the second quarter fiscal 2026 (Q2 FY26), +10% from a year earlier and +5% from the quarter before.
Was McKesson profitable in the second quarter fiscal 2026?
Operating profit was $1.4B (1.4% of revenue) and net earnings $1.2B.
Source: McKesson 10-Q on SEC EDGAR.