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McKesson (MCK) investor relations material
McKesson Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Feb, 2026
Executive summary
Q3 revenue reached $106.2 billion, up 11% year-over-year, with adjusted EPS rising 16% to $9.34 and diluted EPS at $9.59, driven by Oncology, Biopharma Services, and North American distribution momentum.
Fiscal 2026 adjusted EPS guidance was raised to $38.80–$39.20, reflecting 17%–19% growth over the prior year.
Major acquisitions in Oncology & Multispecialty, including PRISM Vision Holdings and Core Ventures, expanded specialty care capabilities.
Completed divestiture of Norwegian business, finalizing exit from Europe, and advanced Medical-Surgical business separation.
Health Mart Pharmacy franchise received the H.A.B. Dunning Award for contributions to community pharmacies.
Financial highlights
Q3 consolidated revenues increased 11% to $106.2 billion; nine-month revenues grew 15% to $307.1 billion.
Gross profit rose 10% to $3.7 billion; net income attributable to shareholders was $1.19 billion, up 35% year-over-year.
Adjusted EPS for Q3 was $9.34, up 16%; diluted weighted average shares outstanding decreased 2% due to share repurchases.
Free cash flow for the quarter was $1.1 billion; trailing 12-month free cash flow reached $9.6 billion.
Returned $2.4 billion to shareholders in the first nine months, including $2.1 billion in share repurchases and $280 million in dividends.
Outlook and guidance
Fiscal 2026 adjusted EPS guidance raised to $38.80–$39.20, up 17%–19% year-over-year.
Revenue growth expected at 12%–16%, operating profit growth at 13%–17% for the full year.
Segment revenue growth outlook: North American Pharmaceutical 10%–14%, Oncology & Multispecialty 29%–33%, Prescription Technology Solutions 9%–13%, Medical-Surgical Solutions low end of 2%–6%.
Free cash flow for fiscal 2026 expected at $4.4–$4.8 billion; $2.5 billion in share repurchases planned.
Guidance includes $0.09 from year-to-date gains on equity investments.
What drove the $0.09 gain in FY26 guidance?
Why did Med-Surg profit decline despite revenue growth?
What was the Rite Aid bankruptcy credit amount?
Future margin impact from PTS tech investments
Oncology/Multispecialty organic growth drivers
GLP-1 impact on prior authorization trends
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Next McKesson earnings date
Q4 20266 May, 2026
McKesson
Next McKesson earnings date
Q4 20266 May, 2026
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Frequently asked questions
Global Healthcare Solutions
McKesson Corporation is a healthcare company, providing a wide range of services and solutions in the United States and internationally. The company operates through several segments, including U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. McKesson also offers technological, clinical support, and business solutions to specialty practices. McKesson Corporation is headquartered in Irving, Texas, and its shares are listed on the New York Stock Exchange.
Roots in the 1800s
The company has a history that stretches back to 1833 in NYC when it was founded as an importer and wholesaler of drugs and chemicals. Today, McKesson is one of the largest healthcare companies in the world, playing a critical role in pharmaceutical distribution and healthcare technology. The company is heavily involved in the distribution of pharmaceuticals and medical supplies, healthcare technology, and providing network infrastructure for the healthcare industry. Some similar companies traded on the public markets are Cardinal Health and Henry Schein.
The Business Segments
The company has diversified its operations into several business segments, each catering to different facets of the healthcare industry.
U.S. Pharmaceutical and Specialty Solutions: This is the largest segment of McKesson’s operations. It distributes pharmaceuticals and other healthcare-related products to a variety of customers, including retail pharmacies, hospitals, health systems, and physician offices. The segment is crucial for the supply of branded, generic, and over-the-counter pharmaceuticals. It also offers specialized solutions for oncology and other complex therapeutic areas, along with services like inventory management, technology solutions, and business support.
European Pharmaceutical Solutions: McKesson has a significant presence in Europe through its subsidiary McKesson Europe, where it operates a network of pharmacies, not just in the wholesale and distribution of pharmaceuticals, but also in direct-to-consumer retail operations. This segment includes the distribution of drugs, and healthcare products, and the operation of retail pharmacies in several European countries.
Medical-Surgical Solutions: This segment provides medical-surgical supply distribution, logistics, and other services to healthcare providers, including acute care hospitals, ambulatory surgery centers, community health centers, and office-based healthcare practitioners. The focus is on delivering a comprehensive range of products and services that are essential for the day-to-day operations of healthcare facilities, ensuring they have the necessary medical supplies and equipment.
Prescription Technology Solutions: This newer segment focuses on developing and providing software, analytics, and network solutions to pharmacies, healthcare providers, and payers. The aim is to optimize the healthcare supply chain, improve patient adherence to medications, and support pharmacy operations.
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