Q2 26 EPS
$9.86
BEAT +8.95%
Est. $9.05
Q2 26 Revenue
$103.15B
MISS 0.93%
Est. $104.12B
vs S&P Since Q2 26
-18.8%
TRAILING MARKET
MCK -9.4% vs S&P +9.4%
Market Reaction
Did MCK Beat Earnings? Q2 2026 Results
McKesson posted a decisive earnings beat in fiscal Q2 2026, with adjusted EPS of $9.86 clearing the $9.05 consensus estimate by 8.94%, even as revenue of $103.15 billion came in just under the $104.12 billion Wall Street had anticipated, a modest 0.9… Read more McKesson posted a decisive earnings beat in fiscal Q2 2026, with adjusted EPS of $9.86 clearing the $9.05 consensus estimate by 8.94%, even as revenue of $103.15 billion came in just under the $104.12 billion Wall Street had anticipated, a modest 0.93% shortfall. The top line still grew 10.1% year over year, reflecting broad-based momentum across the company's core businesses. The standout driver was the Oncology and Multispecialty segment, where revenues surged 32% to $12.04 billion and adjusted operating profit climbed 71% to $397 million, fueled by provider and specialty distribution growth, acquisition contributions, and net gains within The US Oncology Network. The North American Pharmaceutical segment, McKesson's largest at $86.48 billion in revenue, added further weight with adjusted operating profit rising 13% on specialty product tailwinds. Morgan Stanley raised its price target to $916 following the results, maintaining an Overweight rating. Looking ahead, McKesson lifted its full-year adjusted EPS guidance by $0.30 to a range of $38.35 to $38.85, implying 16% to 18% growth versus the prior year.
Key Takeaways
- • Increased prescription transaction volumes from retail national account customers
- • Growth in distribution of specialty products to health systems
- • Impact of new product launches in pharmaceutical distribution
- • Contributions from acquisitions in Oncology & Multispecialty segment
- • Net gains from sale of an investment and market decisions within The US Oncology Network
- • Higher demand for access solutions in Prescription Technology Solutions
- • Lower tax rate contributing to adjusted EPS growth
- • Operational efficiencies from cost optimization initiatives in Medical-Surgical
MCK YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
MCK Revenue by Segment
With YoY comparisons, source: SEC Filings
“McKesson's second quarter results underscore the strength of our differentiated assets, capabilities, and continued momentum as a diversified healthcare services leader. We delivered record revenue in the quarter of $103 billion, increasing 10% and Adjusted Earnings per Diluted Share accelerating 39% compared to the prior year. These results reflect disciplined execution of our enterprise strategy - advancing growth in oncology and multispecialty and biopharma services. We remain confident in our ability to create value for our customers, partners, employees, and shareholders.”
— Brian Tyler, Q2 2026 Earnings Press Release
MCK Earnings Trends
MCK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MCK EPS Trend
Earnings per share: estimate vs actual
MCK Revenue Trend
Quarterly revenue: estimate vs actual
MCK Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 | — | — | — | — | — |
| Q4 26 BEAT FY | $11.57 | $11.69 | +1.04% | $96.30B | -5.02% |
| FY Full Year | $39.01 | $39.11 | +0.25% | $403.43B | -1.24% |
| Q3 26 BEAT | $9.27 | $9.34 | +0.76% | $106.16B | +0.23% |
| Q2 26 BEAT | $9.05 | $9.86 | +8.95% | $103.15B | -0.93% |
| Q1 26 BEAT | $8.15 | $8.26 | +1.35% | $97.83B | +1.55% |