10-K · May 7, 2026
McKesson Corporation's FY 2026 10-K report highlights a strategic shift towards operational efficiencies and expanded service offerings, reflected in a 12% revenue increase year-over-year to $403.43 billion, coupled…
Earnings analysis · 10-Q
MCK earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
McKesson delivered a positive quarter, with $110.957 billion of revenue above consensus and adjusted EPS of $11.68, although GAAP EPS was $10.44. Management raised fiscal 2027 adjusted EPS guidance to $45.60-$46.40 from…
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McKesson delivered a positive quarter, with $110.957 billion of revenue above consensus and adjusted EPS of $11.68, although GAAP EPS was $10.44. Management raised fiscal 2027 adjusted EPS guidance to $45.60-$46.40 from $44.20-$45.00. The filing also shows continued capital returns, including 1.2 million shares repurchased and $4.280 billion of remaining authorization, while reporting no material changes to the previously disclosed risk factors.
Reported figures
- Earnings per share
- $10.44
What stood out
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Revenue and adjusted EPS beat estimates
Quarterly revenue was $110.957 billion, approximately $971 million above consensus of $109.986 billion. Reported GAAP EPS was $10.44, while adjusted EPS was $11.68, $0.94 above the $10.74 estimate.
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Fiscal 2027 EPS outlook raised
Fiscal 2027 adjusted EPS guidance increased to $45.60-$46.40 from $44.20-$45.00, representing a $1.40 increase at both the low and high ends of the range.
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Continued share repurchases
The company repurchased 1.2 million shares during the three months ended September 30, 2026, and had $4.280 billion remaining under its repurchase programs at quarter-end.
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Capital return remained active
Repurchases occurred at average prices of $821.97 in July, $868.31 in August and $889.80 in September, indicating continued capital return while the share price increased during the quarter.
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Controls assessed as effective
Management concluded that disclosure controls and procedures were effective, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, those controls during the quarter.
What to watch
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No material risk-factor update
The filing states that there were no material changes to the risk factors disclosed in the March 31, 2026 Form 10-K. Accordingly, the filing identifies 0 material risk-factor changes for the quarter.
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Capital deployment and liquidity risk
The company repurchased 1.2 million shares and incurred $10 million of excise taxes on those repurchases during the quarter. Continued buybacks could constrain cash available for other uses, particularly if operating cash generation weakens.
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Repurchase authorization execution risk
The remaining repurchase authorization was $4.280 billion at September 30, 2026. Future buybacks remain subject to stock price, debt restrictions, cash generated from operations, tax implications and market conditions.
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Planned executive share sales
Two executives adopted Rule 10b5-1 arrangements covering up to 5,880 shares and 3,606 shares, respectively, with both arrangements extending to September 2027. These planned sales may create a modest insider-selling signal.
Management's outlook
Fiscal 2027 adjusted EPS guidance was raised from $44.20-$45.00 to $45.60-$46.40. The filing does not provide GAAP EPS guidance; no separate revenue outlook was identified.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.