McKesson (NYSE: MCK) reshapes segments and plans Norway exit

Rhea-AI Filing Summary

McKesson Corporation is changing how it reports its business, moving to four reportable segments starting in the second quarter of fiscal 2026: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. Norwegian operations will be reported in an "Other" category, alongside Corporate activities.

The North American Pharmaceutical segment will combine wholesale drug distribution in the United States and Canada. Oncology & Multispecialty will group specialty provider solutions, practice management services, multispecialty providers, clinical trial services, and specialty pharmacy offerings. Prescription Technology Solutions will focus on technology-enabled networks that connect patients and healthcare stakeholders to improve medication access and affordability. Medical-Surgical Solutions will continue to serve alternate sites of care, and McKesson previously announced its intention in May 2025 to separate this segment into an independent company.

McKesson has also entered into a definitive agreement, dated August 4, 2025, to sell its Norwegian distribution and retail businesses, subject to customary closing conditions and regulatory approvals. To help investors understand the impact of the new reporting structure, the company is providing supplemental historical financial information by new segment for selected fiscal 2024 and 2025 quarters and for the fiscal years ended March 31, 2025 and 2024.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 18, 2025

McKESSON CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

1-13252

94-3207296

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

6555 State Hwy 161

Irving, TX 75039

(Address of Principal Executive Offices, and Zip Code)

(972) 446-4800

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value

MCK

New York Stock Exchange

1.500% Notes due 2025

MCK25

New York Stock Exchange

1.625% Notes due 2026

MCK26

New York Stock Exchange

3.125% Notes due 2029

MCK29

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02  Results of Operations and Financial Condition.

The information set forth in Item 8.01 is incorporated herein by reference.

Item 8.01 Other Events

Commencing in the second quarter of fiscal 2026, McKesson Corporation (the “Company,” “McKesson,” “we,” “our,” and other similar pronouns) will report financial results across four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. Our Norwegian operations will be included in Other. The organizational structure also includes Corporate, which consists of income and expenses associated with administrative functions and projects, and the results of certain investments. These segment changes reflect how our Chief Executive Officer, who is our chief operating decision maker, allocates resources and assesses performance beginning in the second quarter of fiscal 2026. The segment changes did not impact our previously issued consolidated financial statements or our historical earnings per diluted share.

Additional information regarding our reportable segments is as follows:

•North American Pharmaceutical: A newly defined reportable segment combining McKesson’s scaled wholesale drug distribution businesses in the United States and Canada. It delivers best-in-class distribution services to a broad customer base, including retail and community pharmacies, and institutional healthcare providers.

•Oncology & Multispecialty: A newly defined reportable segment that includes a portfolio of integrated solutions across oncology and multispecialty providers and solutions. The segment includes specialty provider solutions, including distribution-related capabilities, such as specialty drug distribution and group purchasing organizations; and Practice management services supporting the largest physician-led, community-based oncology networks. The segment also includes other multispecialty providers, including retina and ophthalmology, and offers clinical trial services, specialty pharmacy solutions, and access to cutting-edge research, along with innovation through technology-driven insights.

•Prescription Technology Solutions: Connects patients, pharmacies, providers, pharmacy benefit managers, health plans, and biopharma through scaled and differentiated networks, improving medication access and affordability, while delivering measurable value to biopharma.

•Medical-Surgical Solutions: Delivers medical-surgical supply distribution, logistics, and other related services to healthcare providers across alternate sites of care. In May 2025, McKesson announced its intention to separate this segment into an independent company.

Our Norwegian distribution and retail operations are included in Other. On August 4, 2025, McKesson entered into a definitive agreement to sell our businesses in Norway. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

We are filing supplemental historical financial information by new reportable segment in the exhibit included as Exhibit 99.1 for the fiscal quarters ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, and for the fiscal years ended March 31, 2025 and 2024. The Company believes the presentation of its historical segment financial information by new reportable segment provides useful supplemental information for investors to better understand the impact of segment changes.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibit 99.1 is filed with this Current Report on Form 8-K.

Exhibit No.						Description
99.1						Supplemental Historical Financial Information by New Reportable Segment For Fiscal Quarters Ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, and for the fiscal years ended March 31, 2025 and 2024
104						Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 18, 2025

McKesson Corporation
			By:			/s/ Britt J. Vitalone
						Britt J. Vitalone
						Executive Vice President and
						Chief Financial Officer

FAQ

How is McKesson (MCK) changing its reportable business segments?

Beginning in the second quarter of fiscal 2026, McKesson will report financial results across four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. Norwegian operations will be reported in Other, along with Corporate activities.

What businesses are included in McKessons new North American Pharmaceutical segment?

The North American Pharmaceutical segment will combine McKessons scaled wholesale drug distribution businesses in the United States and Canada. It will provide distribution services to retail and community pharmacies and institutional healthcare providers.

What does the Oncology & Multispecialty segment cover for McKesson (MCK)?

The Oncology & Multispecialty segment will include specialty provider solutions such as specialty drug distribution and group purchasing organizations, practice management services for community-based oncology networks, multispecialty providers like retina and ophthalmology, clinical trial services, specialty pharmacy solutions, and technology-driven insights.

What is McKesson doing with its Medical-Surgical Solutions segment?

Medical-Surgical Solutions distributes medical-surgical supplies and related services to alternate sites of care. In May 2025, McKesson announced its intention to separate this segment into an independent company, while it remains a reportable segment under the new structure.

What is happening to McKessons Norwegian operations?

McKessons Norwegian distribution and retail operations are included in Other. On August 4, 2025, McKesson entered into a definitive agreement to sell these businesses, subject to customary closing conditions and required regulatory approvals.

What supplemental financial information is McKesson providing about the new segments?

McKesson is providing supplemental historical financial information by new reportable segment for the fiscal quarters ended June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, and for the fiscal years ended March 31, 2025 and 2024. This information is included in Exhibit 99.1.

Do McKessons segment changes affect prior consolidated financial results?

The company states that the segment changes did not impact its previously issued consolidated financial statements or its historical earnings per diluted share. The changes primarily affect how results are organized and reported by business segment.