MCKESSON CORP Earnings Summary — Q4 2026

• McKesson achieved a robust 33.5% YoY increase in quarterly net income, reaching $1.86 billion in Q4 2026.
• Quarterly revenue grew 6% YoY to $96.3 billion, contributing to a total fiscal year revenue exceeding $403 billion.
• Operating income saw a significant jump of 35% YoY, reflecting improved operating leverage and cost discipline.
• The company continues its aggressive share repurchase program, with diluted shares outstanding down 2.5% YoY.
• Strategic refocus on North American pharmaceutical leadership and specialty networks (Oncology) is fueling absolute profit growth.
• Despite optical volatility from legal settlements, the core business exhibits high asset turnover and consistent cash flow.
• Gross profit margins improved to 4.2% in Q4 compared to 4.0% in the prior year period.

Management is prioritizing the expansion of Oncology and Specialty networks as high-margin value drivers while maintaining cost discipline across the pharmaceutical supply chain.

Improving

Bottom-line growth is accelerating as the company moves past legacy legal headwinds and scales its high-margin specialty segments.

The outlook remains strong as McKesson leverages its massive scale and critical infrastructure role, with a clear pivot toward higher-margin biologics and specialty services to offset thin distribution margins.