McKesson Corporation

MCK · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$105,996	$84,343	$70,547	$48,757	$45,858	$29,779	$20,652	$22,456	$29,067	$31,439	$35,945	$52,670	$40,435	$25,364	$21,591	$20,395	$17,679	$9,636	$15,240	$17,445	$15,952	$11,098	$8,726	$7,212	$10,781	$7,573	$5,907	$18,163	$5,396	$2,677	$2,246	$1,775
Enterprise value	$111,030	$86,422	$73,726	$51,741	$50,348	$33,102	$26,255	$27,263	$34,528	$37,379	$40,135	$57,257	$48,757	$27,781	$22,422	$20,787	$16,244	$10,036	$15,675	$17,449	$14,801	$11,048	$10,046	$8,176	$11,843	$8,553	$6,757	$19,701	$6,760	$3,732	$2,499	$1,948
P/E (TTM) at period end	22.26×	25.60×	23.50×	13.70×	41.16×	–	22.95×	660.46×	433.84×	6.20×	15.92×	35.68×	32.01×	18.96×	15.39×	16.97×	14.00×	11.71×	15.39×	18.12×	21.61×	–	13.50×	12.99×	25.75×	–	8.16×	213.94×	34.84×	19.99×	16.59×	4.39×
P/S (TTM) at period end	0.26×	0.23×	0.23×	0.18×	0.17×	0.13×	0.09×	0.10×	0.14×	0.16×	0.19×	0.29×	0.29×	0.21×	0.18×	0.18×	0.16×	0.09×	0.15×	0.19×	0.18×	0.14×	0.13×	0.13×	0.22×	0.18×	0.16×	0.60×	0.26×	0.21×	0.16×	0.13×
P/B at period end	–	–	–	–	–	–	4.06×	2.77×	2.96×	2.83×	4.03×	6.58×	4.74×	3.59×	3.16×	2.82×	2.35×	1.56×	2.49×	2.78×	2.70×	2.10×	1.69×	1.59×	2.74×	2.17×	1.66×	6.30×	3.84×	2.12×	2.11×	1.75×
EV / EBITDA (TTM)	17.17×	18.53×	17.71×	11.18×	21.73×	–	9.34×	22.66×	32.42×	5.02×	10.49×	17.49×	18.58×	11.16×	9.96×	10.61×	7.53×	6.65×	9.78×	11.05×	10.33×	8.84×	8.27×	7.21×	13.14×	24.97×	18.80×	37.07×	15.04×	22.67×	7.23×	49.07×
EV / Sales (TTM)	0.28×	0.24×	0.24×	0.19×	0.19×	0.14×	0.11×	0.13×	0.17×	0.19×	0.21×	0.32×	0.35×	0.23×	0.18×	0.19×	0.15×	0.09×	0.15×	0.19×	0.17×	0.14×	0.14×	0.14×	0.24×	0.20×	0.18×	0.65×	0.32×	0.29×	0.18×	0.15×
Returns
Return on equity	–	–	–	–	–	–	17.7%	0.4%	0.7%	45.7%	25.3%	18.4%	14.8%	18.9%	20.5%	16.6%	16.8%	13.3%	16.2%	15.4%	12.5%	(3.0%)	12.5%	12.3%	10.6%	(1.4%)	20.3%	2.9%	11.0%	10.6%	12.7%	39.9%
Return on invested capital	178.5%	70626.2%	269.9%	312.7%	61.6%	(131.6%)	22.9%	2.9%	5.0%	32.0%	19.5%	16.3%	9.4%	17.3%	20.2%	16.5%	22.3%	14.0%	15.3%	15.3%	15.8%	12.7%	10.7%	11.1%	9.6%	–	2.1%	3.2%	8.0%	0.6%	12.6%	(2.5%)
Dividend yield	0.4%	0.4%	0.4%	0.6%	0.6%	0.9%	1.4%	1.3%	0.9%	0.8%	0.7%	0.4%	0.5%	0.8%	0.9%	0.8%	0.7%	1.2%	0.5%	0.4%	0.5%	0.6%	0.8%	1.1%	0.7%	1.0%	1.3%	0.5%	0.9%	1.9%	2.0%	3.9%
Financial health
Current ratio	0.85×	0.90×	0.92×	0.92×	0.95×	1.03×	0.99×	1.02×	1.01×	1.04×	1.10×	1.09×	1.11×	1.08×	1.09×	1.19×	1.26×	1.20×	1.16×	1.18×	1.25×	1.30×	1.38×	1.41×	1.41×	1.40×	1.56×	1.35×	1.59×	1.43×	1.55×	1.55×
Debt / equity	(3.00×)	(2.73×)	(2.86×)	(3.01×)	(2.59×)	(340.38×)	1.45×	0.94×	0.69×	0.67×	0.73×	1.04×	1.08×	0.69×	0.52×	0.55×	0.30×	0.41×	0.29×	0.31×	0.17×	0.23×	0.29×	0.33×	0.36×	0.35×	0.35×	0.40×	1.15×	0.95×	0.56×	0.64×
Effective tax rate	17.8%	20.1%	16.6%	19.5%	33.0%	13.8%	1.6%	58.4%	(22.2%)	23.4%	27.9%	30.7%	34.9%	30.1%	27.2%	30.9%	32.2%	22.7%	32.1%	25.4%	36.0%	33.9%	29.1%	34.3%	30.4%	544.8%	39.9%	58.0%	38.9%	86.0%	39.6%	(136.5%)
Share count
Diluted shares outstanding	124	128	134	142	154	161	182	197	209	223	233	235	233	239	251	263	273	279	298	305	316	294	299	299	298	283	284	275	96	84	93	91

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$410,983	$403,430	$359,051	$308,951	$276,711	$263,966	$238,228	$231,051	$214,319	$208,357	$198,533	$190,884	$179,045	$137,392	$122,196	$122,321	$112,084	$108,702	$106,632	$101,703	$92,977	$88,050	$80,515	$69,506	$57,121	$50,006	$42,010	$36,734	$30,382	$20,857	$12,887	$13,716	$13,189
Cost of revenue	($396,027)	($388,880)	($345,728)	($296,123)	($264,353)	($250,836)	($226,080)	($219,028)	($202,565)	($197,173)	($187,262)	($179,468)	($167,634)	($129,040)	($115,315)	($115,919)	($106,114)	($103,026)	($101,254)	($96,694)	($88,640)	–	($76,670)	($66,258)	($54,018)	($47,209)	($39,579)	($34,210)	($27,517)	($19,249)	($11,778)	($12,498)	($12,025)
Gross profit	$14,956	$14,550	$13,323	$12,828	$12,358	$13,130	$12,148	$12,023	$11,754	$11,184	$11,271	$11,416	$11,411	$8,352	$6,881	$6,402	$5,970	$5,676	$5,378	$5,009	$4,337	–	$3,450	$3,248	$3,102	$2,797	$2,431	$2,524	$2,865	$1,608	$1,109	$1,218	$1,164
Operating expenses
Research and development	–	($103)	($91)	($77)	($89)	($70)	($74)	($96)	($71)	($125)	($341)	($392)	($392)	($457)	($433)	($402)	($407)	($376)	($364)	($347)	($284)	($223)	($182)	($173)	($149)	($135)	($148)	($113)	($115)	–	–	–	–
Selling, general and administrative	($8,164)	($8,096)	($8,507)	($8,657)	($7,776)	($10,537)	($8,849)	($9,182)	($8,437)	($8,138)	($7,447)	($7,379)	($7,901)	($5,388)	($2,351)	($2,068)	($1,842)	($1,684)	($1,639)	($1,559)	($2,769)	($2,383)	($2,263)	($2,092)	($2,023)	($1,946)	($2,076)	($2,052)	($2,219)	($1,159)	($944)	($873)	($1,124)
Total operating expenses	($8,461)	($8,338)	($8,901)	($8,919)	($7,977)	($11,092)	($17,188)	($9,534)	($10,868)	($10,422)	($4,149)	($7,871)	($8,443)	($5,913)	($4,534)	($4,278)	($4,149)	($3,668)	($4,182)	($3,531)	($3,053)	–	($2,445)	($2,265)	($2,173)	($2,103)	($2,335)	($2,366)	($2,533)	($1,246)	($1,016)	($944)	($1,194)
Total costs and expenses	($404,488)	($397,218)	($354,629)	($305,042)	($272,330)	($261,928)	($243,268)	($228,562)	($213,433)	($207,595)	($191,411)	($187,339)	($176,077)	($134,953)	($119,849)	($120,197)	($110,263)	($106,694)	($105,436)	($100,225)	($91,693)	($86,879)	($79,510)	($68,523)	($56,191)	($49,312)	($41,914)	($36,576)	($30,050)	($20,495)	($12,794)	($13,442)	($13,219)
Operating income	$6,495	$6,212	$4,422	$3,909	$4,381	$2,038	($5,040)	$2,489	$886	$762	$7,122	$3,545	$2,968	$2,439	$2,347	$2,124	$1,821	$2,008	$1,196	$1,478	$1,284	$1,171	$1,005	$983	$930	$694	$96	$158	$332	$362	$93	$274	($30)
Earnings
EBITDA	$6,758	$6,468	$4,664	$4,162	$4,629	$2,317	($4,719)	$2,810	$1,203	$1,065	$7,446	$3,826	$3,274	$2,624	$2,490	$2,251	$1,960	$2,156	$1,509	$1,602	$1,579	$1,433	$1,250	$1,216	$1,134	$901	$342	$360	$532	$449	$165	$345	$40
Interest income	–	$179	$173	$118	$107	$10	$12	$49	$39	$48	$29	$18	$20	$16	$22	$19	$18	$16	$31	$89	$103	$105	$41	–	–	–	–	–	–	–	–	–	–
Interest expense	($275)	($247)	($265)	($252)	($248)	($178)	($217)	($249)	($264)	($283)	($308)	($353)	($374)	($300)	($240)	($251)	($222)	($187)	($144)	($142)	($99)	($94)	($118)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$6,458	$6,201	$4,359	$3,789	$4,630	$1,928	($5,034)	$1,144	$610	$239	$6,891	$3,250	$2,657	$2,171	$1,950	$1,893	$1,635	$1,864	$1,064	$1,457	$1,297	$1,171	($245)	$911	$855	$601	$10	$307	$202	$254	$36	$224	($82)
Income tax expense	($1,158)	($1,102)	($878)	($629)	($905)	($636)	$695	($18)	($356)	$53	($1,614)	($908)	($815)	($757)	($587)	($514)	($505)	($601)	($241)	($468)	($329)	($421)	$83	($265)	($293)	($183)	($52)	($122)	($117)	($99)	($31)	($89)	($112)
Net income	$4,592	$4,762	$3,295	$3,002	$3,560	$1,114	($4,539)	$900	$34	$67	$5,070	$2,258	$1,476	$1,263	$1,338	$1,403	$1,202	$1,263	$823	$990	$963	$738	($157)	$646	$555	$419	($48)	$724	$85	$155	$134	$135	$404
Per share
Diluted EPS (GAAP)	$37.37	$38.38	$25.72	$22.39	$25.03	$7.23	($28.26)	$4.95	$0.17	$0.32	$22.73	$9.70	$6.27	$5.41	$5.59	$5.59	$4.57	$4.62	$2.95	$3.32	$2.99	$2.38	($0.53)	$2.19	$1.88	$1.43	($0.17)	$2.55	$0.31	$1.62	$0.80	$1.45	$4.43
Basic EPS (GAAP)	$37.53	$38.55	$25.86	$22.54	$25.23	$7.32	($28.26)	$4.98	$0.17	$0.32	$22.95	$9.82	$6.37	$5.51	$5.71	$5.70	$4.65	$4.70	$2.99	$3.40	$3.06	$2.46	($0.53)	$2.23	$1.92	$1.47	($0.17)	$2.57	$0.31	$1.66	$0.83	$1.53	$4.60
Basic shares outstanding	122	124	127	133	141	152	161	181	196	208	221	230	232	229	235	246	258	269	275	291	298	306	294	290	289	285	283	281	275	93	84	88	88
Margins
Gross margin	3.6%	3.6%	3.7%	4.2%	4.5%	5.0%	5.1%	5.2%	5.5%	5.4%	5.7%	6.0%	6.4%	6.1%	5.6%	5.2%	5.3%	5.2%	5.0%	4.9%	4.7%	–	4.3%	4.7%	5.4%	5.6%	5.8%	6.9%	9.4%	7.7%	8.6%	8.9%	8.8%
Operating margin	1.6%	1.5%	1.2%	1.3%	1.6%	0.8%	(2.1%)	1.1%	0.4%	0.4%	3.6%	1.9%	1.7%	1.8%	1.9%	1.7%	1.6%	1.8%	1.1%	1.5%	1.4%	1.3%	1.2%	1.4%	1.6%	1.4%	0.2%	0.4%	1.1%	1.7%	0.7%	2.0%	(0.2%)
Net margin	1.1%	1.2%	0.9%	1.0%	1.3%	0.4%	(1.9%)	0.4%	0.0%	0.0%	2.6%	1.2%	0.8%	0.9%	1.1%	1.1%	1.1%	1.2%	0.8%	1.0%	1.0%	0.8%	(0.2%)	0.9%	1.0%	0.8%	(0.1%)	2.0%	0.3%	0.7%	1.0%	1.0%	3.1%

Analyst consensus

Buy31 analysts

Bearish · 0 · Hold · 6 · Bullish · 25

Earnings history

	EPS	Estimate
Q2 2025	$7.07	$6.88	Beat
Q3 2025	$8.03	$8.60	Miss
Q4 2025	$10.12	$9.83	Beat
Q1 2026	$8.26	$8.14	Beat
Q2 2026	$9.86	$9.03	Beat
Q3 2026	$9.34	$9.17	Beat
Q4 2026	$11.69	$11.56	Beat
Q1 2027	$9.93	$9.56	Beat

Peers

Company overview

IPO dateNov 10, 1994

CEOBrian S. Tyler

Employees42,300

SectorHealthcare

IndustryMedical - Distribution

CountryUS

ExchangeNew York Stock Exchange

Websitewww.mckesson.com

McKesson Corporation is a prominent global provider of healthcare services, operating extensively in both the United States and international markets. Its diverse operations are strategically organized into four key business segments. The U.S. Pharmaceutical division plays a crucial role in the distribution of a comprehensive array of pharmaceutical products, encompassing branded, generic, specialty, biosimilar, and over-the-counter medications, alongside other health-related merchandise. This segment also delivers specialized support to community-based oncology and other specialty medical practices through practice management tools, technology solutions, clinical guidance, and broader business services. Furthermore, it assists pharmacies with consulting, outsourcing, and technology services, while also furnishing financial, operational, and clinical software solutions. Internationally, the company's dedicated segment provides distribution and support services to wholesale, institutional, and retail clients across 13 European nations and Canada. The Medical-Surgical Solutions unit is focused on supplying healthcare providers with essential medical-surgical products, sophisticated logistics management, and a variety of associated services. Finally, the Prescription Technology Solutions (RxTS) segment is designed to address complex medication challenges for patients. It collaborates with biopharmaceutical companies and life sciences partners to improve patient journeys, leveraging innovative solutions for medication access and adherence by connecting pharmacies, healthcare providers, payers, and biopharma entities. This segment further offers third-party logistics and wholesale distribution assistance. Founded in 1833, McKesson Corporation maintains its corporate headquarters in Irving, Texas.

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