MCK · McKesson Corporation

McKesson Corporation delivered strong fiscal 2026 results, with Q4 revenues of $96.3 billion up 6% year-over-year, driven by oncology and multispecialty product distribution growth including acquisitions, higher prescription volumes in North American Pharmaceutical, offset by lower branded pharmaceutical contributions. Full-year revenues reached $403.4 billion, a 12% increase. Adjusted EPS grew 16% to $11.69 in Q4 and 18% to $39.11 for the year, surpassing long-range targets, fueled by operational growth, acquisitions in Oncology & Multispecialty, lower share count, and reduced tax rate. Segment performance highlighted Oncology & Multispecialty with 35% Q4 revenue growth and 53% adjusted operating profit increase from provider solutions and specialty distribution; North American Pharmaceutical showed 3% Q4 revenue growth with 11% adjusted operating profit rise from specialty products; Prescription Technology Solutions up 12% in revenues. Medical-Surgical Solutions grew revenues 1% but adjusted operating profit declined 5% in Q4 due to ambulatory care weakness. Cash generation remained robust at $6.2 billion operating cash flow and $5.4 billion free cash flow annually, enabling $5.1 billion returned to shareholders including $4.8 billion in repurchases. CEO Brian Tyler emphasized diversified portfolio strength, strategic progress in specialty support, biopharma services, Europe divestiture, and Medical-Surgical separation. FY2027 guidance of $43.80-$44.60 adjusted EPS signals 12-14% growth, with reaffirmed long-term targets of 13-16% adjusted EPS growth, underscoring sustained execution and capital allocation discipline via expanded $7.7 billion buyback authorization.