Company file · MCK
McKesson
Oncology and Multispecialty was McKesson's fastest-growing segment in FY2026, up 31.4%
Revenue rose 12.4% to $403.4B in FY2026, from $359.1B in FY2025. Net income rose 44.5% to $4.8B. North American Pharmaceutical was the largest segment, at 83% of revenue.
Key facts
McKesson (NYSE: MCK) reported revenue of $403.4B for fiscal 2026, the year ended Mar 31, 2026, up 12.4% from fiscal 2025. Net income was $4.8B, up 44.5%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $111.0B, up 7.6% from the same quarter a year earlier, and net income was $1.2B. The largest piece by segment was North American Pharmaceutical, at 83% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed May 8, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).
Source: 10-K FY2026, filed May 8, 2026
Source: 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026
How it makes money
By segment, FY2026
- LineAmountSharevs FY2025
- North American Pharmaceutical$336.7B83%+10.6%
- Oncology and Multispecialty$48.4B12%+31.4%
- Medical-Surgical Solutions$11.5B3%+1.1%
- Prescription Technology Solutions$5.8B1%+11.3%
Source: 10-K FY2026, XBRL breakdown
By segment in FY2026: North American Pharmaceutical (83%), Oncology and Multispecialty (12%), Medical-Surgical Solutions (3%) and Prescription Technology Solutions (1%), as shares of total revenue. Total revenue was $403.4B.
Source: 10-K FY2026
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q2 FY2027 (Jul to Sep 2026) compared with Q2 FY2026 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 FY2027Q2 FY2026
Company
Source: McKesson 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
By segment
Source: McKesson 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
The bull case and the bear case
The bull case
- Revenue rose 12.4% in FY2026 to $403.4B, from $359.1B a year earlier. 10-K, FY2026
- Net income rose 44.5% in FY2026 to $4.8B, from $3.3B. 10-K, FY2026
- Operating cash flow rose 1.2% in FY2026 to $6.2B. 10-K, FY2026
- Diluted shares fell 3.1% in FY2026, so each share represents a larger slice of profit. 10-K, FY2026
The bear case
- Total debt rose 14.0% in FY2026 to $6.5B. 10-K, FY2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
McKesson is in the health care distributors industry, part of the health care sector. The SEC files it under Wholesale-Drugs, Proprietaries & Druggists' Sundries.
McKesson reports 4 segments: North American Pharmaceutical, Oncology and Multispecialty, Medical-Surgical Solutions and Prescription Technology Solutions.
Its fiscal year ends in March; the latest, FY2026, ended Mar 31, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care distributors industry. They are not a summary of McKesson’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $309.0B | $359.1B | $403.4B |
| Net income | $3.0B | $3.3B | $4.8B |
| Operating cash flow | $4.3B | $6.1B | $6.2B |
| Cash & equivalents (year end) | $4.6B | $5.7B | $4.0B |
| Total debt (year end) | $5.6B | $5.7B | $6.5B |
| Diluted shares | 134M | 128M | 124M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Deferred income taxes
- Inventory and inventory turnover
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- McKesson names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Mar 31, 2026.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 4, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| DEF 14A | Jun 12, 2026 | Mar 31, 2026 |
| 10-K | May 8, 2026 | Mar 31, 2026 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about McKesson
How does McKesson make money?
McKesson's revenue was $403.4B in fiscal 2026. By segment in FY2026: North American Pharmaceutical (83%), Oncology and Multispecialty (12%), Medical-Surgical Solutions (3%) and Prescription Technology Solutions (1%), as shares of total revenue. Total revenue was $403.4B. Source: 10-K for fiscal 2026, filed May 8, 2026.
What was McKesson's revenue in fiscal 2026?
$403.4B of revenue for the fiscal year ended Mar 31, 2026, up 12.4% from $359.1B in fiscal 2025. Fiscal 2024 was $309.0B. Source: 10-K for fiscal 2026, filed May 8, 2026.
Is McKesson profitable?
McKesson reported net income of $4.8B for fiscal 2026, up 44.5% from $3.3B in fiscal 2025. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed May 8, 2026.
What did McKesson report in its latest quarterly filing?
Revenue was $111.0B in the quarter ended Sep 30, 2026, up 7.6% from $103.2B a year earlier. Net income was $1.2B, up 9.7% from $1.1B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.
How much cash and debt does McKesson have?
McKesson had $6.5B in cash and cash equivalents and $9.2B of total debt on Sep 30, 2026. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Nov 4, 2026.
What are the main risks McKesson faces?
McKesson's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed May 8, 2026. Risks that are common among companies in the health care distributors industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these McKesson numbers come from?
From McKesson's own SEC filings: the 10-K for fiscal 2026 (filed May 8, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning McKesson
- Citadel Advisors: 460,409 shares, reported value $347.9M at Jun 30, 2026 (+512.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 361,086 shares, reported value $272.8M at Jun 30, 2026 (+208.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 101,133 shares, reported value $76.4M at Jun 30, 2026 (+76.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 71,941 shares, reported value $54.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 70,358 shares, reported value $53.2M at Jun 30, 2026 (+4.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Lone Pine Capital: 57,851 shares, reported value $43.7M at Jun 30, 2026 (−85.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 6,448 shares, reported value $4.9M at Jun 30, 2026 (+4.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in MCK
- The editor holds no position in McKesson (MCK). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell MCK from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MCK, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| McKessonMCK | FY2026 | $403.4B | +12.4% | $4.8B |
| CencoraCOR | FY2025 | $321.3B | +9.3% | $1.6B |
| Cardinal HealthCAH | FY2026 | $254.2B | +14.2% | $1.7B |
| Henry ScheinHSIC | FY2025 | $13.2B | +4.0% | $398M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.