McKesson
MCK NYSE Health Care Distributors Financials FY2017–FY2026
McKesson's revenue rose 12.4% to $403.4 billion in fiscal 2026. Its operating margin was 1.5%, up from 1.2% a year earlier. Free cash flow was $5.7 billion, up 3.1%. It paid out $5.1 billion in dividends and buybacks, 90% of free cash flow. The diluted share count fell 3.1%.
What McKesson does
McKesson is a healthcare distribution and services company whose business roots go back to 1833. Its fiscal year runs from April 1 to March 31. It supplies drugs, medical products and services to drugstores, hospitals, physician practices, care providers and drug makers. Since the second quarter of fiscal 2026 it reports four segments.
North American Pharmaceutical distributes branded, generic, specialty, biosimilar and over-the-counter drugs and other health products to customers in the United States and Canada, and sells software and consulting services to pharmacies. Oncology & Multispecialty provides specialty drug distribution, group purchasing, infusion services and technology to cancer and other specialty practices, and supports the U.S. Oncology Network of physician-led cancer practices. Prescription Technology Solutions offers tools that help patients get and afford medicine, such as electronic prior authorization and patient enrollment. Medical-Surgical Solutions supplies medical-surgical products, lab equipment and drugs to doctors' offices, surgery centers, nursing homes and home health agencies.
During fiscal 2026 McKesson announced it intends to separate the Medical-Surgical Solutions segment into an independent company. It also lists a split-off of Change Healthcare among past deals. The separation depends on conditions being met and may not happen as planned.
- Legal name
- McKESSON CORPORATION
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 8, 2026
- Accession · CIK
- 0000927653-26-000069
0000927653
Revenue and margins
McKesson had $403.4B of revenue in fiscal 2026, up 12.4% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 6.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.7B in fiscal 2026, 1.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
McKesson returned $5.1B to shareholders in fiscal 2026, 90% of free cash flow. The diluted share count fell 3.1%.
Value McKesson yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.7B and divides by 124.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.8x · peers 24.7x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably McKesson can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.5B | $4.7B | $4.6B | $5.7B | $4.0B |
| Debt incl. finance leases | $6.1B | $5.8B | $5.8B | $5.8B | $6.7B |
| Net debt / EBITDA | 1.1x | 0.2x | 0.3x | 0.0x | 0.4x |
| Interest coverage | 11.5x | 17.7x | 15.5x | 16.7x | 25.2x |
| Current ratio | 1.0x | 0.9x | 0.9x | 0.9x | 0.9x |
| Quick ratio | 0.6x | 0.5x | 0.5x | 0.5x | 0.5x |
| Total assets | $63.3B | $62.3B | $67.4B | $75.1B | $82.3B |
| Total liabilities | $65.1B | $63.8B | $69.0B | $76.8B | $84.1B |
| Shareholders' equity | −$2.3B | −$1.9B | −$2.0B | −$2.1B | −$2.2B |
| Net debt (− = net cash) | $2.6B | $1.1B | $1.2B | $158M | $2.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$24.8M
7 insiders
Of sales under plans
99%
$24.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Francisco FragaEVP, CIO and CTO | Sold plan | 800 | $995.80 | $0.8M | Form 4 |
| Sep 8, 2026 | Napoleon B Rutledge JRSVP, Controller & CAO | Sold plan | 111 | $891.45 | $0.1M | Form 4 |
| Aug 10, 2026 | Bradley E LermanDirector | Sold | 301 | $892.33 | $0.3M | Form 4 |
| Jul 7, 2026 | Brian S. TylerChief Executive Officer, Director | Sold plan | 8,463 | $793.56 | $6.7M | Form 4 |
| Jun 17, 2026 | Brian S. TylerChief Executive Officer, Director | Sold plan | 8,463 | $775.13 | $6.6M | Form 4 |
| Jun 9, 2026 | Brian S. TylerChief Executive Officer, Director | Sold plan | 4,929 | $763.00 | $3.8M | Form 4 |
| Jun 5, 2026 | Napoleon B Rutledge JRSVP, Controller & CAO | Sold plan | 133 | $764.00 | $0.1M | Form 4 |
| Jun 2, 2026 | Thomas L RodgersEVP, Chief Strategy & BDO | Sold plan | 699 | $735.27 | $0.5M | Form 4 |
| Jun 1, 2026 | LeAnn B SmithEVP & Chief HR Officer | Sold plan | 1,810 | $735.50 | $1.3M | Form 4 |
| Jun 1, 2026 | Thomas L RodgersEVP, Chief Strategy & BDO | Sold plan | 123 | $735.50 | $0.1M | Form 4 |
| May 26, 2026 | Michele LauEVP and Chief Legal Officer | Sold plan | 3,550 | $761.09 | $2.7M | Form 4 |
| May 26, 2026 | Thomas L RodgersEVP, Chief Strategy & BDO | Sold plan | 2,388 | $761.09 | $1.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | −2.0% | −3.9% | −1.8% |
| Altman Z'' | 0.66 | 0.61 | 0.59 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| McKesson MCK | $119.3B | 12.4% | 1.5% | 1.4% | — | 26.8x | 6 | |
| Cencora COR | $64.2B | 9.3% | 0.8% | 1.0% | — | 24.6x | 7 | Compare → |
| Cardinal Health CAH | $59.1B | 14.2% | 1.0% | 1.8% | — | — | 6 | Compare → |
| Henry Schein HSIC | $9.7B | 4.0% | 5.0% | 4.4% | 7.5% | 24.8x | 6 | Compare → |
| CVS Health CVS | $120.3B | 7.9% | 1.2% | 1.9% | 2.9% | 24.6x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $198.5B | $208.4B | $214.3B | $231.1B | $238.2B | $264.0B | $276.7B | $309.0B | $359.1B | $403.4B |
| Gross profit | $11.3B | $11.2B | $11.8B | $12.0B | $12.1B | $13.1B | $12.4B | $12.8B | $13.3B | $14.6B |
| Research and development | $341M | $125M | $71.0M | $96.0M | — | — | — | — | — | — |
| Operating income | $7.1B | $762M | $886M | $2.5B | −$5.0B | $2.0B | $4.4B | $3.9B | $4.4B | $6.2B |
| Interest expense | $308M | $283M | $264M | $249M | $217M | $178M | $248M | $252M | $265M | $247M |
| Pretax income | $6.9B | $239M | $610M | $1.1B | −$5.0B | $1.9B | $4.6B | $3.8B | $4.4B | $6.2B |
| Income tax | $1.6B | −$53.0M | $356M | $18.0M | −$695M | $636M | $905M | $629M | $878M | $1.1B |
| Net income | $5.1B | $67.0M | $34.0M | $900M | −$4.5B | $1.1B | $3.6B | $3.0B | $3.3B | $4.8B |
| Diluted EPS | $22.73 | $0.32 | $0.17 | $4.95 | −$28.26 | $7.23 | $25.03 | $22.39 | $25.72 | $38.38 |
| Diluted shares | 0.22B | 0.21B | 0.20B | 0.18B | 0.16B | 0.15B | 0.14B | 0.13B | 0.13B | 0.12B |
| Cash flow | ||||||||||
| Cash from operations | $4.7B | $4.3B | $4.0B | $4.4B | $4.5B | $4.4B | $5.2B | $4.3B | $6.1B | $6.2B |
| Capital expenditure | $404M | $405M | $426M | $362M | $451M | $388M | $390M | $431M | $537M | $436M |
| Free cash flow | $4.3B | $3.9B | $3.6B | $4.0B | $4.1B | $4.0B | $4.8B | $3.9B | $5.5B | $5.7B |
| Depreciation and amortization | $910M | $951M | $317M | $335M | $344M | $312M | $272M | $279M | $272M | $287M |
| Stock-based compensation | $115M | $69.0M | $95.0M | $119M | $151M | $161M | $162M | $182M | $226M | $247M |
| Acquisitions | $4.2B | $2.9B | $905M | $133M | $35.0M | $6.0M | $867M | $272M | $24.0M | $3.4B |
| Share buybacks | $2.3B | $1.7B | $1.6B | $1.9B | $742M | $3.5B | $3.6B | $3.0B | $3.1B | $4.8B |
| Dividends paid | $253M | $262M | $292M | $294M | $276M | $277M | $292M | $314M | $345M | $381M |
| Dividends and buybacks | $2.6B | $2.0B | $1.9B | $2.2B | $1.0B | $3.8B | $3.9B | $3.3B | $3.5B | $5.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.8B | $2.7B | $3.0B | $4.0B | $6.3B | $3.5B | $4.7B | $4.6B | $5.7B | $4.0B |
| Total debt | $8.5B | $7.9B | $7.6B | $7.4B | $7.1B | $5.9B | $5.6B | $5.6B | $5.7B | $6.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $166M | $228M | $210M | $202M | $193M | $195M | $189M |
| Current assets | $36.9B | $37.1B | $38.5B | $42.2B | $45.4B | $46.2B | $44.3B | $48.0B | $55.4B | $57.2B |
| Current liabilities | $35.6B | $36.7B | $37.6B | $42.6B | $44.1B | $48.5B | $48.0B | $52.4B | $61.6B | $67.0B |
| Inventory | $15.3B | $16.3B | $16.7B | $16.7B | $19.2B | $18.7B | $19.7B | $21.1B | $23.0B | $24.2B |
| Property and equipment, net | $2.3B | $2.5B | $2.5B | $2.4B | $2.6B | $2.1B | $2.2B | $2.3B | $2.5B | $2.7B |
| Total assets | $61.0B | $60.4B | $59.7B | $61.2B | $65.0B | $63.3B | $62.3B | $67.4B | $75.1B | $82.3B |
| Total liabilities | $49.7B | $50.3B | $51.4B | $55.9B | $64.8B | $65.1B | $63.8B | $69.0B | $76.8B | $84.1B |
| Shareholders' equity | $11.1B | $9.8B | $8.1B | $5.1B | −$21.0M | −$2.3B | −$1.9B | −$2.0B | −$2.1B | −$2.2B |
| Margins | ||||||||||
| Gross margin | 5.7% | 5.4% | 5.5% | 5.2% | 5.1% | 5.0% | 4.5% | 4.2% | 3.7% | 3.6% |
| Operating margin | 3.6% | 0.4% | 0.4% | 1.1% | −2.1% | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% |
| EBITDA margin | 4.1% | 0.8% | 0.6% | 1.2% | −2.0% | 0.9% | 1.7% | 1.4% | 1.3% | 1.6% |
| Net margin | 2.6% | 0.0% | 0.0% | 0.4% | −1.9% | 0.4% | 1.3% | 1.0% | 0.9% | 1.2% |
| FCF margin | 2.2% | 1.9% | 1.7% | 1.7% | 1.7% | 1.5% | 1.7% | 1.3% | 1.6% | 1.4% |
| Returns | ||||||||||
| Return on capital | 36.2% | 4.7% | 3.2% | 22.5% | — | — | — | — | — | — |
| Return on capital employed | 30.4% | 3.1% | 3.9% | 12.2% | −25.5% | 11.4% | 30.0% | 26.6% | 30.9% | 43.1% |
| Return on equity | 50.7% | 0.6% | 0.4% | 13.7% | — | — | — | — | — | — |
| Return on assets | 8.6% | 0.1% | 0.1% | 1.5% | −7.2% | 1.7% | 5.7% | 4.6% | 4.6% | 6.1% |
| Growth | ||||||||||
| Revenue growth | 4.0% | 5.0% | 2.9% | 7.8% | 3.1% | 10.8% | 4.8% | 11.7% | 16.2% | 12.4% |
| Net income growth | 124.5% | −98.7% | −49.3% | 2,547.1% | −604.3% | — | 219.6% | −15.7% | 9.8% | 44.5% |
| EPS growth | 134.3% | −98.6% | −46.9% | 2,811.8% | −670.9% | — | 246.2% | −10.6% | 14.9% | 49.2% |
| FCF growth | 36.3% | −9.2% | −8.4% | 11.1% | 2.0% | −1.1% | 17.9% | −18.6% | 42.9% | 3.1% |
| Share count change | −4.3% | −6.3% | −5.6% | −8.0% | −11.6% | −4.1% | −7.7% | −5.7% | −4.5% | −3.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.7x | 3.0x | 3.8x | 1.3x | — | 1.1x | 0.2x | 0.3x | 0.0x | 0.4x |
| Debt / equity | 0.8x | 0.8x | 0.9x | 1.5x | — | — | — | — | — | — |
| Interest coverage | 23.1x | 2.7x | 3.4x | 10.0x | −23.2x | 11.5x | 17.7x | 15.5x | 16.7x | 25.2x |
| Current ratio | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x | 1.0x | 0.9x | 0.9x | 0.9x | 0.9x |
| Quick ratio | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x | 0.5x | 0.5x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.1% |
| Stock comp / revenue | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | 59.1% | 50.0% | 53.5% | 55.5% | 24.9% | 93.8% | 82.4% | 86.0% | 62.9% | 89.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 5.0 | 8.0 | 7.0 | 6.0 | 7.0 | 7.0 | 6.0 | 7.0 | 6.0 |
| Altman Z'' | 1.9 | 1.0 | 1.0 | 1.0 | 0.0 | 0.4 | 0.7 | 0.7 | 0.6 | 0.6 |
| Accruals ratio | 0.6% | −7.1% | −6.7% | −5.8% | −14.4% | −5.2% | −2.6% | −2.0% | −3.9% | −1.8% |
Source: SEC EDGAR XBRL filings (CIK 0000927653). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.