Mckesson Corporation
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did MCK Beat Earnings? Q1 2026 Results
McKesson kicked off fiscal 2026 on solid footing, posting first-quarter adjusted EPS of $8.26, beating the $8.15 consensus estimate by 1.39%, while revenue of $97.83 billion topped expectations by 1.55% and surged 23.4% year over year. The engine behind that top-line growth was unmistakably the U.S. Pharmaceutical segment, which generated $89.95 billion in revenue, a 25% increase driven by higher prescription volumes from retail national accounts and expanding oncology and specialty product distribution. The quarter also featured transformative M&A, as McKesson closed controlling-stake acquisitions in PRISM Vision Holdings and Core Ventures, extending its US Oncology Network to roughly 3,300 providers, though the combined $3.40 billion cash outlay pushed free cash flow negative for the period. Analysts tracking the company's financial resilience have highlighted its strong interest coverage as a stabilizing factor amid broader market volatility. Management responded to the momentum by raising full-year fiscal 2026 adjusted EPS guidance to a range of $37.10 to $37.90, reflecting 12% to 15% year-over-year growth.
- Increased prescription volumes from retail national account customers
- Growth in distribution of oncology and specialty products, including contributions from acquisitions
- Higher demand for access solutions in Prescription Technology Solutions
- Operational efficiencies from cost optimization initiatives in Medical-Surgical Solutions
- Higher pharmaceutical distribution volumes in the Canadian business
“McKesson had a standout quarter with momentum and growth across the enterprise. We continue to execute against our strategy, delivering for our customers, partners, and patients. Our strong first quarter results included record revenue of $97.8 billion, representing 23% growth compared to the previous year. In addition, we closed the acquisitions of PRISM Vision Holdings and Core Ventures, further expanding our differentiated capabilities in Oncology and Specialty solutions. As a result of the strong first quarter performance and our confidence in the outlook for the remainder of the year, which includes the announced sale of our Norwegian businesses, we are raising our fiscal 2026 Adjusted Earnings per Diluted Share guidance to a range of $37.10 to $37.90.”
McKesson CEO, on the earnings call
Forward Guidance & Outlook
McKesson raised its fiscal 2026 Adjusted Earnings per Diluted Share guidance to $37.10 to $37.90, up from the previous range of $36.90 to $37.70, indicating 12% to 15% year-over-year growth. Excluding fiscal 2025 net gains from McKesson Ventures' equity investments, the guidance range indicates 14% to 17% growth. The updated range includes approximately $0.20 of Adjusted EPS accretion from anticipated held-for-sale accounting related to the planned sale of Norwegian businesses to NorgesGruppen. The company does not provide GAAP EPS guidance.
MCK YoY Financials
MCK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.