McKesson (MCK) FY2014 results: revenue $137.6 billion, up 12.6% on the year
McKesson Corp. (MCK) reported revenue of $137.6 billion for fiscal 2014, the year ended 31 March 2014, up 12.6% on the year before. Net income was $1.3 billion, down 5.6%, and diluted earnings per share $5.41. The figures are the company's own, from the 10-K it filed with the SEC on 14 May 2014.
Revenue
$137.6 billion
+12.6% on the year
FY2008FY2014
Operating margin
1.8%
1.9% a year earlier
FY2008FY2014
Net income
$1.3 billion
-5.6% on the year
FY2008FY2014
Diluted EPS
$5.41
-3.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
137,609
122,196
122,321
+12.6%
Cost of revenue
129,040
115,471
115,919
+11.8%
Gross profit
8,352
6,881
6,402
+21.4%
Gross margin
6.1%
5.6%
5.2%
Research and development
457
433
402
+5.5%
Selling, general and administrative
5,388
4,110
3,727
+31.1%
Operating income
2,439
2,347
2,124
+3.9%
Operating margin
1.8%
1.9%
1.7%
Pre-tax income
2,171
1,950
1,893
+11.3%
Income tax
757
587
514
+29.0%
Effective tax rate
34.9%
30.1%
27.2%
Net income
1,263
1,338
1,403
-5.6%
Net margin
0.9%
1.1%
1.1%
Diluted EPS
$5.41
$5.59
$5.59
-3.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,136
2,483
2,950
+26.3%
Capital expenditure
278
241
221
+15.4%
Free cash flow
2,858
2,242
2,729
+27.5%
Free cash flow margin
2.1%
1.8%
2.2%
Cash from investing
-5,046
-2,209
-1,502
Cash from financing
3,619
-956
-1,905
Depreciation and amortisation
735
581
493
+26.5%
Share-based compensation
160
167
154
-4.2%
Buybacks
130
1,214
1,874
-89.3%
Dividends paid
214
194
195
+10.3%
Dividend per share
$0.92
$0.80
$0.80
+15.0%
Diluted shares, weighted
233m
239m
251m
-2.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,522
7,070
6,831
+20.5%
Non-controlling interest
1,796
0.0
n/a
Short-term borrowings
n/a
0.0
n/a
Debt
10,594
4,873
3,980
+117.4%
Other liabilities
30,847
22,843
22,282
+35.0%
Total liabilities and equity
51,759
34,786
33,093
+48.8%
Fixed assets
2,196
1,321
1,043
+66.2%
Goodwill
9,927
6,405
5,032
+55.0%
Intangible assets
4,871
2,270
1,750
+114.6%
Cash and equivalents
4,193
2,456
3,149
+70.7%
Receivables
13,780
9,975
9,977
+38.1%
Inventory
12,986
10,335
10,073
+25.7%
Other assets
3,806
2,024
2,069
+88.0%
Total assets
51,759
34,786
33,093
+48.8%
10-K for the year ended 31 March 2014, filed 14 May 2014: the filing.