McKesson (MCK) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $106.2 billion, up 11% year-over-year, with adjusted EPS rising 16% to $9.34 and diluted EPS at $9.59, driven by Oncology, Biopharma Services, and North American distribution momentum.

• Fiscal 2026 adjusted EPS guidance was raised to $38.80–$39.20, reflecting 17%–19% growth over the prior year.

• Major acquisitions in Oncology & Multispecialty, including PRISM Vision Holdings and Core Ventures, expanded specialty care capabilities.

• Completed divestiture of Norwegian business, finalizing exit from Europe, and advanced Medical-Surgical business separation.

• Health Mart Pharmacy franchise received the H.A.B. Dunning Award for contributions to community pharmacies.

Financial highlights

• Q3 consolidated revenues increased 11% to $106.2 billion; nine-month revenues grew 15% to $307.1 billion.

• Gross profit rose 10% to $3.7 billion; net income attributable to shareholders was $1.19 billion, up 35% year-over-year.

• Adjusted EPS for Q3 was $9.34, up 16%; diluted weighted average shares outstanding decreased 2% due to share repurchases.

• Free cash flow for the quarter was $1.1 billion; trailing 12-month free cash flow reached $9.6 billion.

• Returned $2.4 billion to shareholders in the first nine months, including $2.1 billion in share repurchases and $280 million in dividends.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance raised to $38.80–$39.20, up 17%–19% year-over-year.

• Revenue growth expected at 12%–16%, operating profit growth at 13%–17% for the full year.

• Segment revenue growth outlook: North American Pharmaceutical 10%–14%, Oncology & Multispecialty 29%–33%, Prescription Technology Solutions 9%–13%, Medical-Surgical Solutions low end of 2%–6%.

• Free cash flow for fiscal 2026 expected at $4.4–$4.8 billion; $2.5 billion in share repurchases planned.

• Guidance includes $0.09 from year-to-date gains on equity investments.