McKesson (MCK) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 consolidated revenues rose 12% to $403.4B, with Q4 revenues up 6% to $96.3B and adjusted EPS up 18% to $39.11, exceeding long-range growth targets.

• Strategic actions included onboarding Core Ventures and PRISM Vision, divestiture of European operations, and progress toward separating Medical-Surgical Solutions, with Apollo Global acquiring a 13% minority stake.

• Board and leadership transitions announced, including CFO retirement and board changes effective May 2026.

• Expanded specialty provider support and biopharma services, including acquisitions in Oncology & Multispecialty and ophthalmology networks.

• Returned $5.1B to shareholders and maintained disciplined capital allocation.

Financial highlights

• FY26 consolidated revenues reached $403.4B, up 12% year-over-year; Q4 revenues were $96.3B (+6%).

• Adjusted operating profit grew 15% to $6.5B; adjusted EPS increased 18% to $39.11.

• Q4 adjusted operating profit was $1.8B (+13%), gross profit $3.9B (+14%), and adjusted net income $1.43B (+13%).

• Free cash flow for FY26 was $5.41B, exceeding guidance.

• Return on invested capital reached 34%.

Outlook and guidance

• FY27 adjusted EPS guidance: $43.80–$44.60, representing 12–14% growth; long-term adjusted EPS growth target reaffirmed at 13–16%.

• Segment operating profit growth targets: North American Pharmaceutical 5–8%, Oncology & Multispecialty 13–16%, Prescription Technology Solutions 10–13%.

• FY27 revenue growth expected at 5–9%, operating profit growth at 8–12%.

• Free cash flow guidance for FY27: $4.5B–$4.9B; $5B in planned share repurchases.