McKesson Corporation (MCK) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2027, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MCK SEC filings page.
McKesson Corporation (MCK) reported $411.0B in revenue over the twelve months to Jun 30, 2026, up 8.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
McKesson relies on enormous sales volume and thin merchandise margins, while operating improvements have not repaired its negative-equity balance sheet.
Gross margin compressed from5.0% in FY2022 to3.6% in FY2026, yet operating margin doubled from0.8% to1.5% , suggesting the improvement came below gross profit rather than from richer product economics. Operating cash flow exceeded net income in every reported year and free cash flow stayed positive, so earnings have converted into cash even though the business operates on very thin margins.
Liabilities exceeded assets in every reported year, leaving negative equity throughout; the current ratio declined from 1.0x in FY2022 to 0.9x in FY2026. That combination describes a business financed with substantial obligations and a narrowing short-term cushion, despite positive earnings.
FY2026 free cash flow was
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of McKesson Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
McKesson Corporation has an operating margin of 1.5%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 1.2% the prior year.
McKesson Corporation's revenue grew 12.4% year-over-year to $403.4B, a solid pace of expansion. This earns a growth score of 74/100.
McKesson Corporation's current ratio of 0.85 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.
McKesson Corporation has a free cash flow margin of 1.4%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.
McKesson Corporation scores 6.18, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
McKesson Corporation passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, McKesson Corporation generates $1.29 in operating cash flow ($6.2B OCF vs $4.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
McKesson Corporation earns $25.15 in operating income for every $1 of interest expense ($6.2B vs $247.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
McKesson Corporation generated $105.4B in revenue in Q1 2027. This represents an increase of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 9.4%.
McKesson Corporation's EBITDA was $1.5B in Q1 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.9% from the same quarter a year earlier. Against the prior quarter it is down 20.5%.
McKesson Corporation reported $614.0M in net income in Q1 2027. This represents a decrease of 21.7% from the same quarter a year earlier. Against the prior quarter it is down 63.5%.
McKesson Corporation earned $5.15 per diluted share (EPS) in Q1 2027. This represents a decrease of 17.6% from the same quarter a year earlier. Against the prior quarter it is down 62.3%.
Cash & Balance Sheet
McKesson Corporation recorded an outflow of $332.0M in free cash flow in Q1 2027, representing a cash shortfall after capex. This represents an increase of 67.7% from the same quarter a year earlier. Against the prior quarter it is down 110.0%.
McKesson Corporation held $5.2B in cash against $8.4B in long-term debt as of Q1 2027.
McKesson Corporation paid $0.82 per share in dividends in Q1 2027. This represents an increase of 15.5% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
McKesson Corporation's gross margin was 3.5% in Q1 2027, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.
McKesson Corporation's operating margin was 1.3% in Q1 2027, reflecting core business profitability. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
McKesson Corporation's net profit margin was 0.6% in Q1 2027, showing the share of revenue converted to profit. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.2 percentage points.
Not reported for Q1 2027.
Capital Allocation
McKesson Corporation spent $2.5B on share buybacks in Q1 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 335.5% from the same quarter a year earlier. Against the prior quarter it is down 5.3%.
McKesson Corporation invested $112.0M in capex in Q1 2027, funding long-term assets and infrastructure. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 0.9%.
Not reported for Q1 2027.
MCK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $105.4B+7.7% | $96.3B+6.0% | $106.2B+11.4% | $103.2B+10.1% | $97.8B+23.4% | $90.8B+18.9% | $95.3B+17.8% | $93.7B+21.3% |
| Cost of Revenue | $101.7B+7.6% | $92.3B+5.8% | $102.5B+11.4% | $99.6B+10.2% | $94.5B+24.2% | $87.2B+19.8% | $92.0B+18.3% | $90.4B+21.9% |
| Gross Profit | $3.7B+12.4% | $4.0B+11.1% | $3.7B+12.2% | $3.5B+9.1% | $3.3B+4.0% | $3.6B+1.5% | $3.3B+4.2% | $3.2B+5.8% |
| SG&A Expenses | $2.3B+3.1% | $1.8B-9.1% | $2.0B+0.1% | $2.1B-17.1% | $2.2B+9.7% | $2.0B-9.8% | $2.0B-19.1% | $2.5B+19.6% |
| Operating Income | $1.3B+27.3% | $2.1B+35.1% | $1.6B+32.3% | $1.4B+143.4% | $1.0B+0.7% | $1.6B+30.8% | $1.2B+90.7% | $578.0M-39.2% |
| EBITDA | $1.5B+26.9% | $1.9B+38.2% | $1.8B+31.2% | $1.6B+115.2% | $1.2B-0.4% | $1.4B+23.3% | $1.4B+79.8% | $741.0M-31.3% |
| Interest Expense | $77.0M+57.1% | $61.0M+35.6% | $63.0M-6.0% | $74.0M-5.1% | $49.0M-34.7% | $45.0M-43.8% | $67.0M+4.7% | $78.0M+27.9% |
| Income Tax | $276.0M+25.5% | $270.0M+29.2% | $380.0M+27.5% | $232.0M-6.1% | $220.0M+77.4% | $209.0M-38.5% | $298.0M+1755.6% | $247.0M+16.0% |
| Net Income | $614.0M-21.7% | $1.7B+33.5% | $1.2B+34.9% | $1.1B+360.6% | $784.0M-14.3% | $1.3B+59.3% | $879.0M+49.2% | $241.0M-63.7% |
| EPS (Basic) | $5.17-17.7% | $13.72+37.5% | $9.63+38.0% | $8.95+376.1% | $6.28-10.8% | $9.98+65.0% | $6.98+56.9% | $1.88-62.0% |
| EPS (Diluted) | $5.15-17.6% | $13.65+37.6% | $9.59+38.0% | $8.92+377.0% | $6.25-10.7% | $9.92+65.3% | $6.95+57.2% | $1.87-62.0% |
| Diluted Shares (Avg) | 119M-5.0% | N/A | 124M-2.3% | 124M-3.8% | 126M-4.0% | N/A | 127M-5.0% | 129M-4.1% |
Not reported in any period shown, so not listed: R&D Expenses.
MCK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $88.3B+8.6% | $82.3B+9.6% | $84.2B+18.4% | $84.2B+16.2% | $81.3B+13.5% | $75.1B+11.4% | $71.1B+6.9% | $72.4B+9.6% |
| Current Assets | $62.8B+10.6% | $57.2B+3.3% | $59.7B+15.4% | $59.9B+12.3% | $56.8B+8.7% | $55.4B+15.5% | $51.7B+8.6% | $53.3B+12.2% |
| Cash & Equivalents | $5.2B+113.6% | $4.0B-30.2% | $3.0B+161.6% | $4.0B+59.6% | $2.4B+5.0% | $5.7B+24.2% | $1.1B-42.9% | $2.5B-0.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $26.3B+4.8% | $24.2B+5.2% | $27.1B+13.6% | $26.1B+8.1% | $25.1B-2.0% | $23.0B+8.8% | $23.8B+8.3% | $24.2B+10.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $11.3B-0.8% | $11.3B+12.9% | $11.3B+13.2% | $11.3B+11.9% | $11.4B+12.3% | $10.0B-1.1% | $10.0B+0.3% | $10.1B+1.5% |
| Total Liabilities | $92.6B+11.2% | $84.5B+9.4% | $85.5B+15.3% | $85.9B+13.9% | $83.3B+13.4% | $77.2B+11.2% | $74.2B+8.2% | $75.4B+11.1% |
| Current Liabilities | $70.4B+9.4% | $67.0B+8.8% | $68.1B+16.3% | $68.0B+15.8% | $64.3B+14.0% | $61.6B+17.7% | $58.6B+13.4% | $58.8B+14.9% |
| Non-Current Liabilities | $22.2B+17.2% | $17.5B+12.0% | $17.4B+11.2% | $17.9B+7.2% | $18.9B+11.5% | $15.6B-8.5% | $15.6B-7.7% | $16.7B-0.6% |
| Long-Term Debt | $8.4B+29.2% | $5.3B+17.8% | $5.4B+22.7% | $6.0B+5.6% | $6.5B+16.9% | $4.5B-20.0% | $4.4B-21.4% | $5.7B+2.8% |
| Total Equity | -$4.2B-115.6% | -$2.2B-4.7% | -$1.3B+57.9% | -$1.7B+42.4% | -$2.0B-12.1% | -$2.1B-5.2% | -$3.1B-50.2% | -$3.0B-65.0% |
| Retained Earnings | $22.8B+22.5% | $22.3B+24.4% | $20.7B+23.6% | $19.6B+23.0% | $18.6B+17.7% | $17.9B+19.6% | $16.8B+17.4% | $16.0B+16.0% |
Not reported in any period shown, so not listed: Accounts Receivable.
MCK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$220.0M+76.0% | $3.4B-55.8% | $1.2B+151.7% | $2.4B+15.2% | -$918.0M+33.5% | $7.7B+86.8% | -$2.4B-1038.2% | $2.1B+117.6% |
| Depreciation & Amortization | $195.0M+24.2% | -$246.0M-15.5% | $188.0M+22.9% | $188.0M+15.3% | $157.0M-7.1% | -$213.0M-117.3% | $153.0M+23.4% | $163.0M+28.3% |
| Capital Expenditures | $112.0M+0.9% | $111.0M-34.3% | $108.0M-14.3% | $106.0M-22.1% | $111.0M+4.7% | $169.0M-10.1% | $126.0M+40.0% | $136.0M+81.3% |
| Free Cash Flow | -$332.0M+67.7% | $3.3B-56.3% | $1.1B+144.8% | $2.3B+17.8% | -$1.0B+30.8% | $7.6B+91.4% | -$2.5B-1629.9% | $2.0B+120.7% |
| Investing Cash Flow | -$214.0M+94.0% | $425.0M+289.7% | -$269.0M-97.8% | -$24.0M+91.6% | -$3.6B-3996.6% | -$224.0M+61.2% | -$136.0M+24.4% | -$286.0M-72.3% |
| Financing Cash Flow | $1.6B+38.8% | -$2.8B+1.2% | -$2.0B-256.1% | -$961.0M+39.9% | $1.2B+245.4% | -$2.9B-194.9% | $1.3B+308.7% | -$1.6B-75.9% |
| Dividends Paid | $102.0M+13.3% | $101.0M+11.0% | $101.0M+9.8% | $89.0M+11.3% | $90.0M+9.8% | $91.0M+11.0% | $92.0M+10.8% | $80.0M+6.7% |
| Share Buybacks | $2.5B+335.5% | $2.7B+790.3% | $680.0M-17.8% | $818.0M-45.2% | $581.0M+10.2% | $300.0M-55.8% | $827.0M-1.8% | $1.5B+84.4% |
Not reported in any period shown, so not listed: Stock-Based Compensation.
MCK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.5%+0.2pp | 4.2%+0.2pp | 3.5%0.0pp | 3.4%0.0pp | 3.4%-0.6pp | 4.0%-0.7pp | 3.5%-0.4pp | 3.5%-0.5pp |
| Operating Margin | 1.3%+0.2pp | 2.2%+0.5pp | 1.5%+0.2pp | 1.4%+0.7pp | 1.1%-0.2pp | 1.8%+0.2pp | 1.3%+0.5pp | 0.6%-0.6pp |
| Net Margin | 0.6%-0.2pp | 1.8%+0.4pp | 1.1%+0.2pp | 1.1%+0.8pp | 0.8%-0.3pp | 1.4%+0.3pp | 0.9%+0.2pp | 0.3%-0.6pp |
| Return on Assets | 0.7%-0.3pp | 2.0%+0.4pp | 1.4%+0.2pp | 1.3%+1.0pp | 1.0%-0.3pp | 1.7%+0.5pp | 1.2%+0.3pp | 0.3%-0.7pp |
| Current Ratio | 0.890.0x | 0.850.0x | 0.880.0x | 0.880.0x | 0.880.0x | 0.900.0x | 0.880.0x | 0.910.0x |
| Asset Turnover | 1.190.0x | 1.170.0x | 1.26-0.1x | 1.23-0.1x | 1.20+0.1x | 1.21+0.1x | 1.34+0.1x | 1.29+0.1x |
| FCF Margin | -0.3%+0.7pp | 3.4%-4.9pp | 1.1%+3.7pp | 2.2%+0.1pp | -1.1%+0.8pp | 8.3%+3.2pp | -2.6%-2.8pp | 2.1%+1.0pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$2.2B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.85), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| McKesson Corporation MCK | FY2026 | $403.4B | $4.8B | 1.2% | $112.1B | 55/100 |
| Cencora, Inc. COR | FY2025 | $321.3B | $1.6B | 0.5% | $62.0B | 50/100 |
| Cardinal Health, Inc. CAH | FY2026 | $254.2B | $1.7B | 0.7% | $55.1B | 44/100 |
| Henry Schein Inc HSIC | FY2025 | $13.2B | $419.0M | 3.2% | $9.4B | 46/100 |
| HCA Healthcare, Inc. HCA | FY2025 | $75.6B | $6.8B | 9.0% | $99.3B | 23/100 |
| Stryker Corporation SYK | FY2025 | $25.1B | $3.2B | 12.9% | $108.4B | 67/100 |
Where McKesson Corporation Ranks
Frequently Asked Questions
What is McKesson Corporation's annual revenue?
McKesson Corporation (MCK) reported $403.4B in total revenue for fiscal year 2026. This represents a 12.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is McKesson Corporation's revenue growing?
McKesson Corporation (MCK) revenue grew by 12.4% year-over-year, from $359.1B to $403.4B in fiscal year 2026.
Is McKesson Corporation profitable?
Yes, McKesson Corporation (MCK) reported a net income of $4.8B in fiscal year 2026, with a net profit margin of 1.2%.
What is McKesson Corporation's EBITDA?
McKesson Corporation (MCK) had EBITDA of $6.5B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does McKesson Corporation have?
As of fiscal year 2026, McKesson Corporation (MCK) had $4.0B in cash and equivalents against $5.3B in long-term debt.
What is McKesson Corporation's gross margin?
McKesson Corporation (MCK) had a gross margin of 3.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is McKesson Corporation's operating margin?
McKesson Corporation (MCK) had an operating margin of 1.5% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is McKesson Corporation's net profit margin?
McKesson Corporation (MCK) had a net profit margin of 1.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does McKesson Corporation pay dividends?
Yes, McKesson Corporation (MCK) paid $3.17 per share in dividends during fiscal year 2026.
What is McKesson Corporation's free cash flow?
McKesson Corporation (MCK) generated $5.7B in free cash flow during fiscal year 2026. This represents a 3.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is McKesson Corporation's operating cash flow?
McKesson Corporation (MCK) generated $6.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are McKesson Corporation's total assets?
McKesson Corporation (MCK) had $82.3B in total assets as of fiscal year 2026, including both current and long-term assets.
What are McKesson Corporation's capital expenditures?
McKesson Corporation (MCK) invested $436.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is McKesson Corporation's current ratio?
McKesson Corporation (MCK) had a current ratio of 0.85 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is McKesson Corporation's return on assets (ROA)?
McKesson Corporation (MCK) had a return on assets of 5.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is McKesson Corporation's P/E ratio?
McKesson Corporation (MCK) trades at 24.4x earnings, its market capitalization divided by net income of $4.6B net income, trailing 12 months to June 30, 2026. The market capitalization is $112.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is McKesson Corporation's price-to-sales ratio?
McKesson Corporation (MCK) trades at 0.3x sales, its market capitalization divided by revenue of $411.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $112.1B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is McKesson Corporation's debt-to-equity ratio negative or not reported?
McKesson Corporation (MCK) has negative shareholder equity of -$2.2B as of fiscal year 2026, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is McKesson Corporation's Altman Z-Score?
McKesson Corporation (MCK) has an Altman Z-Score of 6.18, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is McKesson Corporation's Piotroski F-Score?
McKesson Corporation (MCK) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are McKesson Corporation's earnings high quality?
McKesson Corporation (MCK) has an earnings quality ratio of 1.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can McKesson Corporation cover its interest payments?
McKesson Corporation (MCK) has an interest coverage ratio of 25.15x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is McKesson Corporation?
McKesson Corporation (MCK) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.