McKesson earnings: date, guidance and results
McKesson's next results are expected on November 4, 2026. Watch operating cash generation alongside the generic-drug benefit.
What has McKesson guided for the year?
For the year to March 2027, management guides to adjusted EPS of $44.20–$45.00, adjusted operating-profit growth of 9%–13%, and $4,500–$4,900 million of free cash flow. It also plans $5,000 million of share repurchases. The weighted value is $858.14 in October 2027, a −12% return with dividends included, and $1,094.46 in October 2029, a +13% return with dividends included. The forecast assigns 30% probability to the bear case, 52% to the base case and 18% to the bull case.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted Earnings per Diluted Share | Year to Mar 2027 | 44.20 | 45.00 | Aug 5, 2026 |
| Adjusted Operating Profit growth | Year to Mar 2027 | 9.0% | 13.0% | Aug 5, 2026 |
| Free Cash Flow | Year to Mar 2027 | 4,500 | 4,900 | Aug 5, 2026 |
| Share Repurchases | Year to Mar 2027 | 5,000 | 5,000 | Aug 5, 2026 |
What this means. The adjusted figures may leave out some costs, so they are not the same as standard accounting results.
Has McKesson kept its past promises?
Management forecast adjusted EPS of $36.75–$37.55 and delivered $39.11. The result exceeded the forecast, although growth also reflected the lower share count and tax rate. The compensation formula used adjusted EPS of $38.90 instead, because pay calculations apply their own adjustments. The evidence shows delivery and meaningful alignment, but shareholders must still ask whether investment, cash generation and separation costs justify the per-share gains.
How have McKesson's revenue and profit changed over the last eight quarters?
Revenue was $105,380 million, compared with $97,522 million a year earlier. Operating income reached $1,319 million, but net income attributable to McKesson fell to $614 million and diluted earnings per share fell to $5.15. The gap came largely from adjustments below operating income rather than a collapse in medicine distribution.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Revenue | 105,380 | 96,194 | 105,823 | 102,848 | 97,522 | 90,566 |
| Gross margin | 3.5% | |||||
| Operating income | 1,319 | |||||
| Net income | 614 | |||||
| EPS, diluted | 5.15 |
What this means. Free cash flow includes cash from businesses the company sold, so it cannot be compared directly with the retained-company revenue.
What should McKesson watch in the next release?
The next earnings checkpoint is November 4, 2026, for the September quarter. It should show whether the generic-drug benefit was merely early or whether the annual forecast remains supported by underlying operations. Slower growth alone would not prove trouble, because management has already described the timing effect. Operating cash generation will matter just as much as EPS.