McKesson (MCK) Q2 2027 earnings summary

Executive summary

• Q2 FY27 revenue was $110.96B, up 8% YoY; adjusted diluted EPS rose 18% to $11.68.

• FY27 adjusted EPS guidance increased to $45.60-$46.40, implying 17%-19% YoY growth.

• Priorities include North American distribution and growth platforms in oncology, multispecialty, and biopharma services.

Financial highlights

• Adjusted gross profit was $3.903B, up 10%; adjusted operating expenses were $2.114B, up 8%, and adjusted operating profit was $1.852B, up 13%.

• GAAP operating income was $1.604B, up 14%; net income attributable to McKesson Corporation was $1.218B, up 10%, and diluted EPS was $10.44 versus $8.92.

• H1 FY27 revenue rose 8% to $216.337B; adjusted operating profit rose 15% to $3.505B and adjusted EPS increased 19% to $21.59.

• Q2 adjusted EPS growth was 24% excluding prior-year Norway and equity-investment/market-position gains.

Outlook and guidance

• FY27 adjusted EPS guidance rose from $44.20-$45.00 to $45.60-$46.40; adjusted operating profit growth is expected at 12%-16%.

• FY27 revenue growth outlook is 6%-10%; free cash flow is expected at $4.5B-$4.9B and adjusted effective tax rate at 18%-19%.

• Segment outlook: North American Pharmaceutical revenue growth 5%-9%, profit growth 14%-18%; Oncology & Multispecialty revenue growth 20%-24%, profit growth 18%-22%.

• Prescription Technology Solutions revenue growth outlook is 2.5%-6.5%, profit growth 11%-15%; Medical-Surgical Solutions revenue growth is 1%-6%, with profit down 4% to flat.

• FY27 share repurchases are expected to total ~$5B.