McKesson (MCK) Q4 FY2026 earnings: revenue $96.3 billion, up 6.0% on the year

McKesson Corp. (MCK) reported revenue of $96.3 billion for Q4 FY2026, the quarter ended 31 March 2026, up 6.0% on the same quarter a year earlier. Net income was $1.7 billion, up 33.5% on the year, and diluted earnings per share $13.71. The figures are the company's own, from the 10-K it filed with the SEC on 8 May 2026.

Revenue

$96.3 billion

+6.0% on the year · -9.3% on the quarter

Q1 FY2025Q4 FY2026

Operating margin

2.2%

1.8% a year earlier

Q1 FY2025Q4 FY2026

Net income

$1.7 billion

+33.5% on the year · +41.8% on the quarter

Q1 FY2025Q4 FY2026

Diluted EPS

$13.71

+37.0% on the year · +43.0% on the quarter

Q1 FY2025Q4 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 new, 4 kept.

Fourth-quarter revenue rose 6%: Revenues were $96.3 billion, up 6%, led by oncology and multispecialty distribution, including acquisitions.
Quarterly adjusted EPS rose 16%: Adjusted EPS was $11.69, up 16%, on operational growth including oncology acquisitions, a lower share count and a lower tax rate.
Full-year adjusted EPS rose 18%: Full-year adjusted EPS was $39.11, up 18%, driven by operational growth across the business and a lower share count.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Revenue	96,295	106,158	90,823	-9.3%	+6.0%
Cost of revenue	92,251	102,473	87,184	-10.0%	+5.8%
Gross profit	4,044	3,685	3,639	+9.7%	+11.1%
Gross margin	4.2%	3.5%	4.0%
Selling, general and administrative	1,796	2,030	1,975	-11.5%	-9.1%
Operating income	2,150	1,619	1,591	+32.8%	+35.1%
Operating margin	2.2%	1.5%	1.8%
Interest expense	61.0	63.0	45.0	-3.2%	+35.6%
Pre-tax income	2,125	1,630	1,515	+30.4%	+40.3%
Income tax	270	380	209	-28.9%	+29.2%
Effective tax rate	12.7%	23.3%	13.8%
Net income	1,682	1,186	1,260	+41.8%	+33.5%
Net margin	1.7%	1.1%	1.4%
Diluted EPS	$13.71	$9.59	$10.01	+43.0%	+37.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Operating cash flow	3,421	1,232	7,748	+177.7%	-55.8%
Capital expenditure	111	108	169	+2.8%	-34.3%
Free cash flow	3,310	1,124	7,579	+194.5%	-56.3%
Free cash flow margin	3.4%	1.1%	8.3%
Cash from investing	425	-269	-224
Cash from financing	-2,820	-2,026	-2,855
Depreciation and amortisation	196	188	151	+4.3%	+29.8%
Buybacks	2,671	680	300	+292.8%	+790.3%
Dividends paid	101	101	91.0	0.0%	+11.0%
Dividend per share	n/a	$0.82	n/a
Diluted shares, weighted	123m	124m	126m	-0.8%	-2.5%
Shares outstanding at period end	120m	122m	125m	-1.9%	-3.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Shareholders' equity	-2,172	-1,298	-2,074
Non-controlling interest	395	397	380	-0.5%	+3.9%
Debt	6,526	6,557	5,654	-0.5%	+15.4%
Operating lease liabilities	1,801	1,781	1,478	+1.1%	+21.9%
Finance lease liabilities	152	n/a	163		-6.7%
Other liabilities	75,621	76,753	69,539	-1.5%	+8.7%
Total liabilities and equity	82,323	84,190	75,140	-2.2%	+9.6%
Fixed assets	2,668	2,634	2,502	+1.3%	+6.6%
Goodwill	11,316	11,324	10,022	-0.1%	+12.9%
Intangible assets	4,079	4,179	1,464	-2.4%	+178.6%
Cash and equivalents	3,975	2,959	5,691	+34.3%	-30.2%
Receivables	27,985	28,213	25,643	-0.8%	+9.1%
Inventory	24,207	27,067	23,001	-10.6%	+5.2%
Other assets	8,093	7,814	6,817	+3.6%	+18.7%
Total assets	82,323	84,190	75,140	-2.2%	+9.6%

Questions

What was McKesson's revenue in Q4 FY2026?

McKesson (MCK) reported revenue of $96.3 billion for Q4 FY2026, the quarter ended 31 March 2026, up 6.0% on the same quarter a year earlier.

How much did McKesson earn in Q4 FY2026?

Net income for Q4 FY2026 was $1.7 billion, up 33.5% on the year, and diluted earnings per share $13.71.

When did McKesson report Q4 FY2026 results?

McKesson filed its 10-K for the year that ended with the quarter on 8 May 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	68,614	66,102	67,154	70,157	70,490	68,910	74,483	77,215	80,898	76,355	79,283	93,651	95,294	90,823	97,827	103,150	106,158	96,295	105,380	110,957
Cost of revenue	65,186	62,784	64,131	67,062	67,316	65,844	71,461	74,146	77,746	72,770	76,131	90,403	92,010	87,184	94,548	99,608	102,473	92,251	101,695	107,001
Gross profit	3,428	3,318	3,023	3,095	3,174	3,066	3,022	3,069	3,152	3,585	3,152	3,248	3,284	3,639	3,279	3,542	3,685	4,044	3,685	3,956
Gross margin	5%	5%	5%	4%	5%	4%	4%	4%	4%	5%	4%	3%	3%	4%	3%	3%	3%	4%	3%	4%
SG&A	3,105	2,531	1,959	1,950	1,903	1,964	1,870	2,092	2,506	2,189	2,001	2,503	2,028	1,975	2,196	2,074	2,030	1,796	2,264	2,269
Operating income	298	633	1,036	1,124	1,241	980	1,100	951	642	1,216	1,029	578	1,224	1,591	1,036	1,407	1,619	2,150	1,319	1,604
Operating margin	0%	1%	2%	2%	2%	1%	1%	1%	1%	2%	1%	1%	1%	2%	1%	1%	2%	2%	1%	1%
Interest expense	41.0	43.0	45.0	55.0	69.0	79.0	47.0	61.0	64.0	80.0	75.0	78.0	67.0	45.0	49.0	74.0	63.0	61.0	77.0	105
Pre-tax income	277	647	1,006	1,244	1,448	932	1,091	916	612	1,170	1,084	534	1,226	1,515	1,051	1,395	1,630	2,125	1,308	1,562
Tax rate	86%	37%	20%	22%	23%	11%	9%	23%	-3%	29%	11%	46%	24%	14%	21%	17%	23%	13%	21%	17%
Net income	-7.0	368	768	926	1,079	787	958	664	589	791	915	241	879	1,260	784	1,110	1,186	1,682	614	1,218
Net margin	-0%	1%	1%	1%	2%	1%	1%	1%	1%	1%	1%	0%	1%	1%	1%	1%	1%	2%	1%	1%
Diluted EPS	-$0.04	$2.49	$5.26	$6.42	$7.66	$5.71	$7.02	$4.92	$4.42	$6.02	$7.00	$1.87	$6.95	$10.01	$6.25	$8.92	$9.59	$13.71	$5.15	$10.44
Operating cash flow	1,377	2,887	-941	1,107	1,668	3,325	-1,052	965	254	4,147	-1,380	2,100	-2,383	7,748	-918	2,420	1,232	3,421	-220	3,070
Capital expenditure	67.0	135	71.0	86.0	108	125	78.0	75.0	90.0	188	106	136	126	169	111	106	108	111	112	65.0
Free cash flow	1,310	2,752	-1,012	1,021	1,560	3,200	-1,130	890	164	3,959	-1,486	1,964	-2,509	7,579	-1,029	2,314	1,124	3,310	-332	3,005
Buybacks	714	1,530	1,000	484	2,016	138	696	809	842	678	527	1,492	827	300	581	818	680	2,671	2,530	894
Dividends paid	72.0	71.0	71.0	68.0	77.0	76.0	74.0	75.0	83.0	82.0	82.0	80.0	92.0	91.0	90.0	89.0	101	101	102	96.0
Shares outstanding	150m	145m	144m	142m	137m	136m	135m	133m	131m	130m	130m	127m	125m	125m	124m	123m	122m	120m	117m	115m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 March 2026, filed 8 May 2026: the filing.