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McKesson (MCK) stock

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NYSE: MCK NYSE Health Care Distributors Next results ~November 4, 2026

B Fundamentals grade

McKesson is a US-listed company in the health care distributors industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1300

Cash-flow model

Base case. Range ~$940–$1700 across our lower- and higher-growth cases (6%–16% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 21% below our base value.

Price used: $998.38, November 2, 2026

McKesson valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter McKesson files

Where McKesson stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $411.0bn, up 8.8% on a year earlier, slower than 12.4% a quarter earlier. Free-cash-flow margin held at 1.6%. The diluted share count is down 3.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 4 financial-health checks. Our cash-flow model value is $1,281 a share, against a share price of $1,020. At that price, our model says the market is pricing in about 7.2% a year of cash-flow growth for five years, slower than the 9.3% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

McKesson's trailing-twelve-month revenue grew 8.8% year on year, with a free-cash-flow margin of 1.6%. Where it stands out: revenue growth of 8.8% ranks 2 of 6 health care distributors companies we cover. Where it lags: gross margin of 3.6% ranks 6 of 6 health care distributors companies we cover.

Our discounted-cash-flow model values the business at ~$1300 per share in the base case (~$940–$1700 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.8% while net income grew 45.1%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $998.38 is 27% below our value per share of $1,300.
  • Shrinking share count. Diluted shares fell 3.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Insiders selling. 8 insiders sold $29M of stock over the past 365 days and none bought (98% under pre-set trading plans).
  • Growth easing. The growth rate is 3.5 points lower than a quarter earlier.
  • Below peers: gross margin. Gross margin of 3.6% ranks 6 of 6 health care distributors companies we cover (median 10.3%).

Latest results: FY2027 Q1

Filed August 5, 2026
Earnings per share
$9.93 against an average estimate of $9.54: beat by 4.1%
Revenue
$105.38bn, up 7.7% on a year earlier
Share reaction
+4.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
adjusted Earnings per Diluted Share $44.2 to $45 (fiscal 2027); adjusted Earnings per Diluted Share growth growth 13% to 15% (fiscal 2027)
Next report
November 4, 2026; average EPS estimate $10.75

McKesson's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week+0.6%
  • 1 month+10.7%
  • This year+22.1%
  • 1 year+23.5%
  • 5 years+356.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$411B
Operating margin
1.6%
Net margin
1.1%
EPS (TTM, diluted)
$37.48

Growth

Revenue growth
+8.8%
Change in growth rate
−3.5 pts
Share count change
−3.4%

Cash

Free cash flow (TTM)
$6.4B
FCF margin
1.6%
Stock pay % of revenue
0.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Deal
  3. Announcement
  4. Partnership
  5. Announcement
  6. Deal
  7. Results
  8. Guidance
  9. Shareholder vote
  10. Dividend
  11. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

McKesson valuation models and calculator

What the price is pricing in

The share price implies about 6.0% a year of cash-flow growth for five years.That is close to the 9.3% a year revenue growth McKesson has delivered.

  • Priced in6.0%
  • Last 12 months8.8%
  • 3 years a year13.1%
  • 5 years a year9.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($995.22, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$1300
Price used
$995.22close November 3, 2026
Implied change
▲ +27%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of McKesson's free cash flow after stock-based pay with after-tax interest added back ($5.9B, FY2027 Q1 TTM), growing 8.2% and 9.5% in the next two years (forecasts, guidance and its record), then back to 11% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$940–~$1700 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of McKesson's free cash flow after stock-based pay ( $5.9B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value McKesson as an operating company, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1300 ~$940–$1700 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$450 ~$730–$920 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$990 ~$450–$1300 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare McKesson with Health Care Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −64%
  • Last year's free-cash-flow margin change, if it persists ▼ −2%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $676$933$1273$1721$2305$3060
8.5% $508$694$939$1260$1676$2212
10% $406$550$739$984$1301$1708

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$145.30$137.93$132.18$111.11$129.90$189.22$299.48$350.35$531.13$668.89$863.49$998.38
Market value$33.9bn$30.8bn$27.6bn$21.9bn$23.6bn$30.4bn$46.1bn$49.8bn$71.2bn$85.7bn$107.2bn$122.3bn
+ Net debt (− = net cash)$4.1bn$5.8bn$5.2bn$4.6bn$3.4bn$870m$2.4bn$922m$1.0bn$9m$2.6bn$4.6bn
Enterprise value$37.9bn$36.5bn$32.8bn$26.5bn$27.0bn$31.3bn$48.5bn$50.7bn$72.3bn$85.7bn$109.7bn$126.9bn
Multiples
Price / sales 0.2x0.2x0.1x0.1x0.1x0.1x0.2x0.2x0.2x0.2x0.3x0.3x
Price / earnings 15.0x6.1xn/mn/m26.2x—41.4x14.0x23.7x26.0x22.5x26.6x
Price / free cash flow 10.6x7.1x7.0x6.1x5.9x7.4x11.4x10.4x18.3x15.4x18.7x19.1x
EV / EBITDA 8.6x4.5x19.2x22.1x9.5x—20.6x10.9x17.3x18.3x16.9x18.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

43 /100

Weak moat

How hard McKesson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.2% of total assets over 6 years.

  • Pricing power 8 / 20

    Gross margin has been a median 5.0%, moving by 0.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 1.1%; its worst year was -2.1%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 10 of 10 years, at a median 1.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 23.1% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $110.0bn and EPS of $10.75 (range $10.53 to $11.26) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $44.66 +14% $431.9bn +7%
Next $50.63 +13% $461.4bn +7%

Next year's EPS estimate has moved +0.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 2 analysts raised McKesson's forecast and 0 cut it.

Consensus EPS forecast McKesson, last 90 days
$44.00 $46.00 $48.00 $50.00 $52.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $44.26 Current fiscal year, 60 days ago: $44.63 Current fiscal year, 30 days ago: $44.65 Current fiscal year, 7 days ago: $44.66 Current fiscal year, Now: $44.66 $44.66 Next fiscal year, 90 days ago: $50.37 Next fiscal year, 60 days ago: $50.56 Next fiscal year, 30 days ago: $50.52 Next fiscal year, 7 days ago: $50.63 Next fiscal year, Now: $50.63 $50.63

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $44.26$50.37
60 days ago $44.63$50.56
30 days ago $44.65$50.52
7 days ago $44.66$50.63
Now $44.66$50.63

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $9.54 $9.93 +4.1%
Mar 2026 $11.57 $11.69 +1.1%
Dec 2025 $9.27 $9.34 +0.7%
Sept 2025 $9.05 $9.86 +8.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Adjusted Earnings per Diluted Share fiscal 2027 $44.20 to $45.00 Non-GAAP Raised
    “McKesson is raising its fiscal 2027 Adjusted Earnings per Diluted Share guidance to $44.20 to $45.00 from the previous range of $43.80 to $44.60.” source
  • Adjusted Earnings per Diluted Share growth fiscal 2027 13% growth to 15% growth Non-GAAP
    “Fiscal 2027 Adjusted Earnings per Diluted Share guidance range indicates 13% to 15% growth compared to the prior year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows McKesson's revenue by +8.2% next year and +9.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.9%, weight 69%) and the company's own record (+11.0%, weight 31%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1381%
Hold319%
Sell00%

Monthly trend

  1. Oct 2026310316
  2. Sep 2026310417
  3. Aug 2026311418
  4. Jul 2026311317

Counts of recommendations published by analysts covering McKesson, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
2.8
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.1%
of shares
Employees
41,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.5%

$808.16 on October 31, 2025 to $998.38

ThenNowEffect
Revenue (last 12 months) $377.6bn $411.0bn +8.8%
Net margin 0.8% 1.1% +33.3%
P/E multiple 32.4x 26.6x −17.7%
Share count 127m 123m +3.5%

Biggest factor: net margin.

Last 3 years +123.5%

$446.80 on November 3, 2023 to $998.38

ThenNowEffect
Revenue (last 12 months) $284.0bn $411.0bn +44.7%
Net margin 1.3% 1.1% −15.4%
P/E multiple 16.7x 26.6x +59.8%
Share count 140m 123m +14.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MCK+44%+52%+24%+24%+45%+22%
Industry peers (median)+16%+26%−1%−9%+9%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MCK67%67%75%75%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MCK−9%−11%−13%−24%−11%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from December 23, 2015 to December 24, 2018. Getting back needed a 81% gain, reached on March 22, 2021, 819 days after the low.

Price behaviour

52-week range
$723.60 – $1030.12
From 52-week high
−3.1%
vs 50-day average
+7.9%
vs 200-day average
+15.8%
Volatility (1 year)
31%
Beta vs S&P 500
-0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.3%
After a week
6 up, 6 down
typical move ±5.7%
After a month
8 up, 4 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +4.9% −0.4% +5.8% +11.1%
May 7, 2026 −1.0% +0.5% +0.5% +3.2%
February 4, 2026 +12.5% −1.7% +12.0% +8.1%
November 5, 2025 +2.0% −0.7% −0.1% −3.8%
September 18, 2025 +0.9% +1.0% +6.4% +13.5%
August 6, 2025 −6.5% +0.7% −6.5% −3.0%
May 8, 2025 −4.0% +0.6% −2.2% −1.9%
February 5, 2025 −0.6% +0.8% −1.4% +6.9%
November 6, 2024 +15.7% +3.3% +18.9% +15.0%
August 7, 2024 −10.9% +1.6% −10.0% −17.8%
May 7, 2024 +1.9% +0.1% +3.4% +10.0%
February 7, 2024 −2.5% +0.9% −1.1% +4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How McKesson’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.39× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

McKesson in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) McKesson
$250B $300B $350B $400B $450B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $291.1B Revenue (TTM), FY24 Q3: $301.5B Revenue (TTM), FY24 Q4: $309B Revenue (TTM), FY25 Q1: $313.8B Revenue (TTM), FY25 Q2: $330.2B Revenue (TTM), FY25 Q3: $344.6B Revenue (TTM), FY25 Q4: $359.1B Revenue (TTM), FY26 Q1: $377.6B Revenue (TTM), FY26 Q2: $387.1B Revenue (TTM), FY26 Q3: $398B Revenue (TTM), FY26 Q4: $403.4B Revenue (TTM), FY27 Q1: $411B $411B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $291.1B
FY24 Q3 $301.5B
FY24 Q4 $309B
FY25 Q1 $313.8B
FY25 Q2 $330.2B
FY25 Q3 $344.6B
FY25 Q4 $359.1B
FY26 Q1 $377.6B
FY26 Q2 $387.1B
FY26 Q3 $398B
FY26 Q4 $403.4B
FY27 Q1 $411B
Revenue growth, TTM YoY McKesson
0% 10% 20% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 7.0% Revenue growth, TTM YoY, FY24 Q3: 10.1% Revenue growth, TTM YoY, FY24 Q4: 11.7% Revenue growth, TTM YoY, FY25 Q1: 10.5% Revenue growth, TTM YoY, FY25 Q2: 13.4% Revenue growth, TTM YoY, FY25 Q3: 14.3% Revenue growth, TTM YoY, FY25 Q4: 16.2% Revenue growth, TTM YoY, FY26 Q1: 20.3% Revenue growth, TTM YoY, FY26 Q2: 17.2% Revenue growth, TTM YoY, FY26 Q3: 15.5% Revenue growth, TTM YoY, FY26 Q4: 12.4% Revenue growth, TTM YoY, FY27 Q1: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 7.0%
FY24 Q3 10.1%
FY24 Q4 11.7%
FY25 Q1 10.5%
FY25 Q2 13.4%
FY25 Q3 14.3%
FY25 Q4 16.2%
FY26 Q1 20.3%
FY26 Q2 17.2%
FY26 Q3 15.5%
FY26 Q4 12.4%
FY27 Q1 8.8%
Operating margin (TTM) McKesson
1% 1.2% 1.4% 1.6% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 1.5% Operating margin (TTM), FY24 Q3: 1.2% Operating margin (TTM), FY24 Q4: 1.3% Operating margin (TTM), FY25 Q1: 1.2% Operating margin (TTM), FY25 Q2: 1.0% Operating margin (TTM), FY25 Q3: 1.2% Operating margin (TTM), FY25 Q4: 1.2% Operating margin (TTM), FY26 Q1: 1.2% Operating margin (TTM), FY26 Q2: 1.4% Operating margin (TTM), FY26 Q3: 1.4% Operating margin (TTM), FY26 Q4: 1.5% Operating margin (TTM), FY27 Q1: 1.6% 1.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 1.5%
FY24 Q3 1.2%
FY24 Q4 1.3%
FY25 Q1 1.2%
FY25 Q2 1.0%
FY25 Q3 1.2%
FY25 Q4 1.2%
FY26 Q1 1.2%
FY26 Q2 1.4%
FY26 Q3 1.4%
FY26 Q4 1.5%
FY27 Q1 1.6%
FCF margin (TTM) McKesson
0% 1% 2% 3% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 1.6% FCF margin (TTM), FY24 Q3: 1.0% FCF margin (TTM), FY24 Q4: 1.3% FCF margin (TTM), FY25 Q1: 1.1% FCF margin (TTM), FY25 Q2: 1.4% FCF margin (TTM), FY25 Q3: 0.6% FCF margin (TTM), FY25 Q4: 1.5% FCF margin (TTM), FY26 Q1: 1.6% FCF margin (TTM), FY26 Q2: 1.6% FCF margin (TTM), FY26 Q3: 2.5% FCF margin (TTM), FY26 Q4: 1.4% FCF margin (TTM), FY27 Q1: 1.6% 1.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 1.6%
FY24 Q3 1.0%
FY24 Q4 1.3%
FY25 Q1 1.1%
FY25 Q2 1.4%
FY25 Q3 0.6%
FY25 Q4 1.5%
FY26 Q1 1.6%
FY26 Q2 1.6%
FY26 Q3 2.5%
FY26 Q4 1.4%
FY27 Q1 1.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar McKesson took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $403B
  2. Cost of revenue $389B · 96.4%
  3. Gross profit $14.6B · 3.6%
  4. Selling, general and admin $8.1B · 2.0%
  5. Operating income $6.2B · 1.5%
  6. Net income $4.8B · 1.2%

Shares of revenue. Source: McKesson's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 108.7 112.1 122.3 122.2 137.4 179.0 190.9 198.5 208.4 214.3 231.1 238.2 264.0 276.7 309.0 359.1 403.4 411.0
Gross profit 5.7 6.0 6.4 6.9 8.4 11.4 11.4 11.3 11.2 11.8 12.0 12.1 13.1 12.4 12.8 13.3 14.6 15.0
EBITDA 2.5 2.3 2.6 2.9 3.2 4.0 4.4 8.0 1.7 1.2 2.8 −4.7 2.4 4.7 4.2 4.7 6.5 6.8
Operating income 2.0 1.8 2.1 2.3 2.4 3.0 3.5 7.1 0.8 0.9 2.5 −5.0 2.0 4.4 3.9 4.4 6.2 6.5
Net income 1.3 1.2 1.4 1.3 1.3 1.5 2.3 5.1 0.1 0.0 0.9 −4.5 1.1 3.6 3.0 3.3 4.8 4.6
Diluted EPS $4.62 $4.57 $5.59 $5.59 $5.41 $6.27 $9.70 $22.73 $0.32 $0.17 $4.95 −$28.26 $7.23 $25.03 $22.39 $25.72 $38.38 $37.48
Growth (year on year)
Revenue +1.9% +3.1% +9.1% −0.1% +12.4% +30.3% +6.6% +4.0% +4.9% +2.9% +7.8% +3.1% +10.8% +4.8% +11.7% +16.2% +12.4% +8.8%
EBITDA — −6.8% +12.9% +11.9% +8.4% +25.6% +11.2% +81.3% −78.7% — — — — — — — — —
Operating income — — — — — — — — −89.3% — — — — — — — — —
Net income — — — — — — — — −98.7% — — — — — — — — —
Diluted EPS — — — — — — — — −98.6% — — — — — — — — —
Margins
Gross margin 5.2% 5.3% 5.2% 5.6% 6.1% 6.4% 6.0% 5.7% 5.4% 5.5% 5.2% 5.1% 5.0% 4.5% 4.2% 3.7% 3.6% 3.6%
EBITDA margin 2.3% 2.1% 2.1% 2.4% 2.3% 2.2% 2.3% 4.0% 0.8% 0.6% 1.2% −2.0% 0.9% 1.7% 1.4% 1.3% 1.6% 1.7%
Operating margin 1.8% 1.6% 1.7% 1.9% 1.8% 1.7% 1.9% 3.6% 0.4% 0.4% 1.1% −2.1% 0.8% 1.6% 1.3% 1.2% 1.5% 1.6%
Net margin 1.2% 1.1% 1.1% 1.1% 0.9% 0.8% 1.2% 2.6% 0.0% 0.0% 0.4% −1.9% 0.4% 1.3% 1.0% 0.9% 1.2% 1.1%
Free-cash-flow margin 1.9% 1.9% 2.2% 1.8% 2.1% 1.5% 1.7% 2.2% 1.9% 1.7% 1.7% 1.7% 1.5% 1.7% 1.3% 1.5% 1.4% 1.6%
Cash flow
Cash from operations 2.3 2.3 3.0 2.5 3.1 3.1 3.7 4.7 4.3 4.0 4.4 4.5 4.4 5.2 4.3 6.1 6.2 6.9
Capital spending 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 0.5 0.4 0.4
Free cash flow 2.1 2.1 2.7 2.2 2.9 2.7 3.2 4.3 3.9 3.6 4.0 4.1 4.0 4.8 3.9 5.5 5.7 6.4
Stock-based pay 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3
Free cash flow after stock pay 2.0 2.0 2.6 2.1 2.7 2.6 3.1 4.2 3.9 3.5 3.9 3.9 3.9 4.6 3.7 5.3 5.5 6.2
Balance sheet
Cash 3.7 3.6 3.1 2.5 4.2 5.3 4.0 2.8 2.7 3.0 4.0 6.3 3.5 4.7 4.6 5.7 4.0 5.2
Total debt 2.3 4.0 3.6 4.9 10.6 9.8 8.1 8.5 7.9 7.6 7.4 7.1 5.9 5.6 5.6 5.7 6.5 9.7
Net debt (negative = net cash) −1.4 0.4 0.4 2.4 6.4 4.5 4.1 5.8 5.2 4.6 3.4 0.9 2.4 0.9 1.0 0.0 2.6 4.6
Diluted shares 273m 263m 251m 239m 233m 235m 233m 223m 209m 197m 182m 161m 154m 142m 134m 128m 124m 123m
Returned to shareholders
Dividends 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4
Buybacks 0.3 2.1 1.9 1.2 0.1 0.5 1.6 2.3 1.7 1.6 1.9 0.7 3.5 3.6 3.0 3.1 4.8 6.7
Total returned 0.5 2.2 2.1 1.4 0.3 0.7 1.9 2.6 2.0 1.9 2.2 1.0 3.8 3.9 3.3 3.5 5.1 7.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · June 30, 2026
What it owns · $88.3bn
Short-term assets $62.8bnLonger-term assets $25.5bn
What it owes, and who funded it · $70.4bn
Short-term liabilities $70.4bnShareholders' equity $-4.2bn
  • Short-term assets cover short-term liabilities $62.8bn of assets due within a year against $70.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.2bn of cash against $9.7bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $6.9bn of operating cash flow against $9.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.5bn against $275m of interest.

From McKesson's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$6.7B
Dividends (TTM)
$393M
Returned to shareholders
111%
of free cash flow
Buybacks, last 3 fiscal years
$10.9B
Diluted share count
−3.4%
year over year
Total shareholder yield
6.0%
dividends 0.3% + buybacks 5.6% of market value
Dividend payout ratio
9%
of net income paid out
Sales & admin spending
2.0%
of revenue

Competitors: side by side with peers

Closest by revenue in health care distributors
Last 12 months unless stated MCK COR HSIC YI COSM HKPD Median
Revenue, last 12 months $411.0bn $332.8bn $13.6bn $1.7bn $74m $13m $7.7bn
Revenue growth, last 12 months 8.8% 5.1% 6.5% −12.7% 33.8% −33.9% 5.8%
Revenue growth, 3-year average 13.1% 9.4% 2.6% — 14.8% — 11.2%
Revenue growth, latest quarter 7.7% 5.1% 6.7% — 28.8% — 7.2%
Gross margin 3.6% 4.0% 31.3% 5.8% 10.3% 10.3% 8.0%
Operating margin 1.6% 0.9% 5.0% −0.0% −24.9% −17.8% 0.4%
Operating margin, 3-year average 1.3% 0.9% 4.8% −10.6% −29.5% — 0.9%
Net margin 1.1% 0.8% 3.0% −0.5% −33.1% −8.5% 0.1%
Cash from operations / revenue 1.7% 1.4% 5.1% 0.9% −13.3% −5.6% 1.2%
Free-cash-flow margin 1.6% 1.2% 4.2% 0.9% −13.5% −5.9% 1.1%
Free-cash-flow margin, 3-year average 1.4% 1.0% 3.8% −9.0% −12.4% — 1.0%
Stock pay / revenue 0.1% 0.0% 0.3% 0.1% 2.3% — 0.1%
Change in share count −3.4% −0.5% −6.1% 1.3% 79.3% 60.2% 0.4%

Median of all 6 companies we cover in health care distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 health care distributors companies
Measure Company Peer median Rank
Revenue growth Growth 8.8% 6.5% 2 of 6
Change in growth rate Growth -3.5pp -0.9pp 4 of 6
Gross margin Profitability 3.6% 10.3% 6 of 6
Operating margin Profitability 1.6% 0.9% 2 of 6
Net margin Profitability 1.1% 0.8% 2 of 6
Free-cash-flow margin Cash generation 1.6% 1.2% 2 of 6
Stock pay as % of revenue Cash generation 0.1% 0.1% 2 of 5
Long-term debt as % of assets Balance sheet 11.0% 13.7% 2 of 5
Change in share count Balance sheet -3.4% 1.3% 2 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Segments
Line of business Revenue Share YoY
North American Pharmaceutical $337B 83.7% ▲ 10.6%
Oncology and Multispecialty $48.4B 12.0% ▲ 31.4%
Medical Surgical Solutions $11.5B 2.9% ▲ 1.1%
Prescription Technology Solutions $5.8B 1.4% ▲ 11.3%

From McKesson's 10-K filed May 8, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$79.8B
Institutions reporting
1,998
Shares held vs prior quarter
▼ 1.4%
Positions opened / closed
135 / 178

Top buyers and sellers, Q2 2026: 839 institutions bought and 972 sold ; the biggest buyer was Morgan Stanley (+3.0M shares) and the biggest seller Jpmorgan Chase & Co (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.2B 10.8M 10.2% ▼ 5.5%
Vanguard Capital Management LLC $5.9B 7.9M 7.4% ▼ 1.4%
State Street Corp $4.3B 5.7M 5.4% ▼ 0.1%
Morgan Stanley $4B 5.3M 5.0% ▲ 130.7%
Franklin Resources Inc $2.2B 2.9M 2.7% ▼ 5.2%
Vanguard Portfolio Management LLC $2.2B 2.9M 2.7% ▼ 0.3%
Geode Capital Management, LLC $2.1B 2.8M 2.7% ▼ 2.8%
Massachusetts Financial Services Co $1.9B 2.4M 2.3% ▼ 15.6%
FMR LLC $1.6B 2.1M 2.0% ▼ 40.9%
Alliancebernstein L.P. $1.5B 1.7M 1.8% ▼ 24.7%
Jpmorgan Chase & Co $1.3B 1.7M 1.6% ▼ 46.5%
Arrowstreet Capital, Limited Partnership $1.2B 1.6M 1.5% ▲ 18.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not McKesson's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $29.1M 19 trades by 8 insiders · 98% under pre-set plans
Net ▼ $29.1M net selling
Insider Date Trade Shares Price Value
Fraga Francisco EVP, CIO and CTO October 15, 2026 Sell pre-set plan 800 $995.80 $797,129
Rutledge Napoleon B Jr SVP, Controller & CAO September 8, 2026 Sell pre-set plan 111 $891.45 $98,951
Lerman Bradley E Director August 10, 2026 Sell 301 $892.33 $268,590
Tyler Brian S. Chief Executive Officer July 7, 2026 Sell pre-set plan 8,463 $793.56 $6.7M
Tyler Brian S. Chief Executive Officer June 17, 2026 Sell pre-set plan 8,463 $775.13 $6.6M
Tyler Brian S. Chief Executive Officer June 9, 2026 Sell pre-set plan 4,929 $763.00 $3.8M
Rutledge Napoleon B Jr SVP, Controller & CAO June 5, 2026 Sell pre-set plan 133 $764.00 $101,612
Rodgers Thomas L EVP, Chief Strategy & BDO June 2, 2026 Sell pre-set plan 699 $735.27 $513,954
Smith Leann B EVP & Chief HR Officer June 1, 2026 Sell pre-set plan 1,810 $735.50 $1.3M
Rodgers Thomas L EVP, Chief Strategy & BDO June 1, 2026 Sell pre-set plan 123 $735.50 $90,466
Rodgers Thomas L EVP, Chief Strategy & BDO May 26, 2026 Sell pre-set plan 2,388 $761.09 $1.8M
Lau Michele EVP and Chief Legal Officer May 26, 2026 Sell pre-set plan 3,550 $761.09 $2.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 77 trades and filings

In the last 12 months, 5 members of Congress disclosed 4 purchases and 3 sales of McKesson shares.

  • Rick Larsen(D-WA 2):Purchase, $1,001 - $15,000, traded July 8, 2026, filed July 12, 2026
  • Jonathan L. Jackson(D-IL 1):Sale (full), $1,001 - $15,000, traded June 15, 2026, filed July 15, 2026
  • Lizzie Fletcher(D-TX 7):Sale (partial), $1,001 - $15,000, traded April 8, 2026, filed May 1, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 4, 2026
  • November 5, 2025
  • September 18, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on McKesson was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

McKesson in brief

What does McKesson do?
McKesson is a US-listed company in the health care distributors industry. Its financial year ends in March.
What is McKesson's stock ticker?
McKesson trades under the ticker MCK on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is McKesson's revenue, and how fast is it growing?
Over its most recent trailing twelve months, McKesson reported revenue of $411B, 8.8% higher than a year earlier, according to its SEC filings.
What is McKesson's free cash flow?
McKesson's free-cash-flow margin is 1.6% of revenue over the trailing twelve months, ranking 2 of the 6 health care distributors companies we cover.
What is McKesson's fair value (intrinsic value) per share?
Our discounted-cash-flow model of McKesson's free cash flow after stock-based pay gives ~$1300 per share in the base case, and ~$940–$1700 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are McKesson's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is McKesson buying back stock, and does it pay a dividend?
McKesson spent $6.7B on share repurchases over the trailing twelve months, and its diluted share count fell 3.4% over the year.
What is McKesson's market cap?
On November 2, 2026, McKesson's market capitalisation was about $122B, with a price-to-earnings ratio of 26.6 and net debt of $4.6B. Market figures come from third-party market data and may be delayed.
Does McKesson pay a dividend?
Yes: McKesson paid $393M in dividends over the trailing twelve months, a dividend yield of 0.33% and a payout ratio of 8.6%.
Who are McKesson's competitors?
In our Health Care Distributors peer group, the companies closest to McKesson are Cencora, Henry Schein, 111, Inc., Cosmos Health Inc. and Cellyan Biotechnology Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against McKesson's.
Are insiders buying or selling McKesson stock?
Over the last 12 months, McKesson's directors and officers reported 0 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is McKesson's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — McKesson announces its own schedule.