Filing Flows › McKesson (MCK) › Q2 FY27
McKesson (MCK) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Nov 4, 2026
McKesson (MCK) reported revenue of $111.0B for the second quarter fiscal 2027 (Q2 FY27), +8% 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 FY27: revenue $111.0B (+8% year over year), operating margin 1.4%, net earnings $1.2B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111.0B | +5% | +8% |
| Gross profit | $4.0B | +7% | +12% |
| Operating profit | $1.6B | +22% | +14% |
| Net earnings | $1.2B | +98% | +10% |
| Operating cash flow | $3.1B | — | +27% |
| Free cash flow | $2.9B | — | — |
What changed
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.
Questions
What was McKesson's revenue in the second quarter fiscal 2027?
McKesson (MCK) reported revenue of $111.0B for the second quarter fiscal 2027 (Q2 FY27), +8% from a year earlier and +5% from the quarter before.
Was McKesson profitable in the second quarter fiscal 2027?
Operating profit was $1.6B (1.4% of revenue) and net earnings $1.2B.
Source: McKesson 10-Q on SEC EDGAR.