McKesson earnings date
McKesson (MCK) Q2 2027 Earnings Report
DE:MCK Q2 2027 EPS Results
- Actual EPS
- EUR 10.46
- Consensus EPS
- EUR 9.60
- Beat/Miss
- Beat by +EUR 0.86
- One Year Ago EPS
- EUR 8.83
DE:MCK Q2 2027 Revenue Results
- Actual Revenue
- EUR 99.35B
- Expected Revenue
- EUR 98.40B
- Beat/Miss
- Beat by +EUR 950.29M
- YoY Revenue Growth
- +7.57%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
McKesson's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
The call was strongly positive. McKesson reported broad-based revenue, operating profit, and adjusted EPS growth; raised fiscal 2027 guidance; highlighted strong cash generation, liquidity, shareholder returns, and strategic expansion in oncology, biopharma services, specialty care, and home-based infusion. The principal challenges were the medical-surgical operating profit decline and muted outlook, branded pharmaceutical pricing and generic conversions, higher interest expense, normalized prior authorization volumes, and uncertainty around 340B policy. These lowlights were outweighed by the company's reported performance, raised outlook, and strategic momentum.
For fiscal 27, McKesson raised adjusted earnings per diluted share guidance to $45.60 to $46.40, implying adjusted EPS growth of 17% to 19%, or 19% to 21% excluding the impact of the Norway divestiture and the net gains within the U.S. Oncology Network in fiscal 2026, versus a long term growth target of 13% to 16%; revenue growth is anticipated at 6% to 10% and operating profit growth at 12% to 16%. North American pharmaceutical revenue growth is anticipated at 5% to 9% and operating profit growth at 14% to 18%; oncology and multispecialty revenue growth at 20% to 24% and operating profit growth at 18% to 22%, or 22% to 26% excluding the net gains of $51 million in fiscal 2026; prescription technology solutions revenue growth at 2.5% to 6.5% and operating profit growth at 11% to 15%; and MedSurg revenue growth at 1% to 6% with operating profit to range from a 4% decline to flat. Corporate expenses are anticipated at the high end of the $580 million to $640 million range, interest expense at the high end of $380 million to $420 million, income attributable to noncontrolling interest at $290 million to $320 million, and the full year effective tax rate at 18% to 19%; free cash flow is anticipated at approximately $4.5 billion to $4.9 billion, approximately $5 billion of shares are expected to be repurchased during fiscal 27, and diluted weighted average shares outstanding are estimated to be in the range of 115.5 million to 117.5 million.
- Strong Second-Quarter Revenue and EPS GrowthSecond-quarter revenue increased 8% year over year to $111 billion, with growth across all four operating segments. Adjusted earnings per diluted share increased 18% to $11.68, or 24% excluding the prior-year Norway divestiture contribution and net gains from the sale of an equity investment and market positions within The U.S. Oncology Network.
- Raised Fiscal 2027 Earnings OutlookMcKesson raised fiscal 2027 adjusted EPS guidance to $45.60 to $46.40 from the previous range of $44.20 to $45. The updated outlook implies adjusted EPS growth of 17% to 19%, or 19% to 21% excluding the fiscal 2026 Norway divestiture and U.S. Oncology Network net gains, above the long-term growth target of 13% to 16%.
- Broad-Based Profitability and Operating LeverageGross profit increased 10% to $3.9 billion and operating profit increased 13% to $1.9 billion, driven by North American pharmaceutical, prescription technology solutions, and oncology and multispecialty. Operating expenses increased 8% to $2.1 billion, while operating expenses as a percentage of gross profit improved by approximately 141 basis points year over year.
- North American Pharmaceutical PerformanceNorth American Pharmaceutical revenue increased 6% to $91.4 billion, driven by higher prescription volumes, specialty products, and GLP-1 medications. Operating profit increased 22% to $1 billion, driven by specialty distribution, including health system and strategic accounts.
- Continued GLP-1 MomentumGLP-1 medication distribution revenue reached $16 billion, increasing approximately $3 billion or 26% year over year and 8% sequentially. Management said demand and volumes across the category remained strong, with quarter-to-quarter variability based on payer dynamics and patient utilization.
- Oncology and Multispecialty GrowthOncology and multispecialty revenue increased 24% to $15 billion, driven by specialty product distribution and higher volumes across provider platforms. Operating profit increased 8% to $427 million, or 23% excluding the prior-year $51 million net gains within The U.S. Oncology Network.
- Positive Provider Utilization TrendsProvider Solutions growth was supported by GPO services, higher specialty distribution volumes, expansion within existing practices, and new provider additions. Same-store patient visits reached their highest level in recent quarters across the company's networks.
- Prescription Technology Solutions ExpansionPrescription technology solutions revenue increased 10% to $1.5 billion and operating profit increased 18% to $307 million, driven by higher prescription volume, third-party logistics, and access solutions. Demand increased across prior authorization services and services supporting both GLP-1 and non-GLP-1 medications.
- Broad-Based Biopharma Services MomentumDuring the quarter, McKesson added 67 new programs across 58 unique brands across diversified therapeutic areas in access and affordability. The company also expanded provider connectivity, including automated medical prior authorization capabilities and reimbursement specialist services.
- Precision Medicine Group AcquisitionMcKesson completed the acquisition of Precision Medicine Group for approximately $2.25 billion. PMG adds clinical research expertise in oncology, rare and orphan diseases, and cell and gene therapies, as well as market access and commercialization services. The acquisition will report within oncology and multispecialty, is expected to be accretive, and is estimated to contribute approximately $0.10 to $0.20 of adjusted EPS in fiscal 2027 and approximately $1.60 to $1.80 of accretion by the end of year three.
- Option Care Health Strategic InvestmentMcKesson entered into a definitive agreement to invest approximately $1.4 billion for a 49% minority interest in Option Care Health, the nation's largest independent provider of home and alternate-site infusion services. The transaction is intended to expand access to specialty therapies in community and home settings and is expected to close during the first half of calendar year 2027, subject to shareholder and regulatory approvals.
- Expansion of Retina and Ophthalmology PlatformSpectrum Vision Partners and its more than 150 providers joined the Prism Vision Group, further expanding the platform's footprint. Management said the platform continued to demonstrate strong performance and a compelling value proposition for providers and patients.
- CVS Health Distribution Relationship ExtendedMcKesson announced an extension of its pharmaceutical distribution relationship with CVS Health, continuing a partnership that has lasted more than 25 years. The renewed term begins October 1 and runs through June 2032.
- Strong Liquidity and Cash GenerationMcKesson ended the quarter with $6.5 billion in cash equivalents and approximately $11.5 billion of total liquidity, above its minimum threshold. Second-quarter free cash flow was $2.9 billion, including $123 million in capital expenditures.
- Shareholder Returns and Capital AllocationMcKesson returned $990 million to shareholders through share repurchases and dividend payments during the quarter. It expects to repurchase approximately $5 billion of shares during fiscal 2027; through the first half, it had repurchased approximately $3.4 billion at an average price of approximately $818 per share. Diluted weighted average shares declined 6% to 116.7 million.
- Fiscal 2027 Segment Growth OutlookMcKesson expects fiscal 2027 revenue growth of 6% to 10% and operating profit growth of 12% to 16%. Segment outlooks include North American Pharmaceutical revenue growth of 5% to 9% and operating profit growth of 14% to 18%; oncology and multispecialty revenue growth of 20% to 24% and operating profit growth of 18% to 22%; and prescription technology solutions revenue growth of 2.5% to 6.5% and operating profit growth of 11% to 15%.
- Employee Culture and Community InitiativesMcKesson launched Family Forward, an employee resource group supporting employees with caregiving responsibilities. The company now has 12 employee-led resource groups and highlighted continued work supporting communities, developing employees, and enabling partners to improve patient care.
- Continued Investment in Technology and OperationsManagement said the company is continuing to invest in its distribution network, supply chain capabilities, technology infrastructure, automation, physical distribution, robotic process automation, and large language models in AI to strengthen customer service and support future growth.
DE:MCK Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2027 (Q3) | 9.78- | 8.36 | ― | ― |
| Nov 04, 2026 | 2027 (Q2) | 9.6010.46 | 8.83 | 18.46% (+1.63) | |
| Aug 05, 2026 | 2027 (Q1) | 8.568.89 | 7.4 | 20.22% (+1.50) | |
| May 07, 2026 | 2026 (Q4) | 10.3510.47 | 9.06 | 15.51% (+1.41) | |
| Feb 04, 2026 | 2026 (Q3) | 8.218.36 | 7.19 | 16.31% (+1.17) | |
| Nov 05, 2025 | 2026 (Q2) | 8.098.83 | 6.33 | 39.46% (+2.50) | |
| Aug 06, 2025 | 2026 (Q1) | 7.297.40 | 7.06 | 4.82% (+0.34) | |
| May 08, 2025 | 2025 (Q4) | 8.809.06 | 5.53 | 63.75% (+3.53) | |
| Feb 05, 2025 | 2025 (Q3) | 7.157.19 | 6.93 | 3.75% (+0.26) | |
| Nov 06, 2024 | 2025 (Q2) | 6.166.33 | 5.58 | 13.48% (+0.75) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
