MCKESSON CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MCKESSON CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	198,533	208,357	214,319	231,051	238,228	263,966	276,711	308,951	359,051	403,430
Cost of revenue	187,262	197,173	202,565	219,028	226,080	250,836	264,353	296,123	345,728	388,880
Gross profit	11,271	11,184	11,754	12,023	12,148	13,130	12,358	12,828	13,323	14,550
Research and development	341	125	71	96
Selling, general and administrative	7,447	8,138	8,437	9,182	8,849	10,537	7,776	8,657	8,507	8,096
Operating expenses	4,149	10,422	10,868	9,534	17,188	11,092	7,977	8,919	8,901	8,338
Operating income	7,122	762	886	2,489	-5,040	2,038	4,381	3,909	4,422	6,212
Interest expense	308	283	264	249	217	178	248	252	265	247
Interest income	29	48	39	49	12	10	107	118	173	179
Other non-operating income	77	130	182	12	223	259	497	132	202	236
Pre-tax income	6,891	239	610	1,144	-5,034	1,928	4,630	3,789	4,359	6,201
Income tax	1,614	-53	356	18	-695	636	905	629	878	1,102
Income from continuing operations	5,194	62	33	906	-4,538	1,119	3,563	3,002	3,295
Net income to minority interests	83	230	221	220	199	173	162	158	186	337
Net income	5,070	67	34	900	-4,539	1,114	3,560	3,002	3,295	4,762
EBITDA	8,032	1,713	1,203	2,824	-4,696	2,350	4,653	4,188	4,694	6,499
EPS, basic	22.95	0.32	0.17	4.98	-28.26	7.32	25.23	22.54	25.86	38.55
EPS, diluted	22.73	0.32	0.17	4.95	-28.26	7.23	25.03	22.39	25.72	38.38
Shares, basic (weighted)	221	208	196	181	161	152	141	133	127	124
Shares, diluted (weighted)	223	209	197	182	161	154	142	134	128	124
Dividend per share	1.12	1.30	1.51	1.62	1.67	1.83	2.09	2.40	2.75	3.17

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	2,783	2,672	2,981	4,015	6,278	3,532	4,678	4,583	5,691	3,975
Receivables	18,215	17,711	18,246	19,950	19,181	18,583	19,410	21,622	25,643	27,985
Inventory	15,278	16,310	16,709	16,734	19,246	18,702	19,691	21,139	23,001	24,207
Other current assets	672	443	529	617	665	898	513	626	1,063	1,043
Total current assets	36,948	37,136	38,465	42,222	45,382	46,231	44,292	47,970	55,398	57,210
Property, plant and equipment	2,292	2,464	2,548	2,365	2,581	2,092	2,177	2,316	2,502	2,668
Lease right-of-use assets				1,886	2,100	1,548	1,635	1,729	1,782	2,058
Goodwill	10,586	10,924	9,358	9,360	9,493	9,451	9,947	10,132	10,022	11,316
Intangible assets	3,665	4,102	3,689	3,156	2,878	2,059	2,277	2,110	1,464	4,079
Other non-current assets	3,415	2,027	2,099	2,258	2,581	1,917	1,992	3,186	3,972	4,992
Total assets	60,969	60,381	59,672	61,247	65,015	63,298	62,320	67,443	75,140	82,323
Accounts payable	31,022	32,177	33,853	37,195	38,975	38,086	42,490	47,097	55,330	59,973
Accrued liabilities	3,004	3,379	3,443	3,340	3,987	4,543	4,200	4,915	4,825	5,490
Deferred revenue	346	63
Short-term debt	1,057	1,129	330	1,052	742	799	968	50	1,191	1,267
Total current liabilities	35,612	36,685	37,626	42,624	44,103	48,466	47,957	52,357	61,604	67,017
Long-term debt	7,305	6,751	7,265	6,335	6,406	5,080	4,626	5,579	4,463	5,259
Lease liabilities				1,660	1,867	1,366	1,402	1,466	1,478	1,801
Other non-current liabilities	1,774	2,625	2,103	1,662	1,715	1,540	1,813	2,610	2,659	2,659
Total liabilities	49,696	50,324	51,385	55,938	64,840	65,090	63,810	69,042	76,834	84,100
Total debt	8,362	7,880	7,595	7,387	7,148	5,879	5,594	5,629	5,654	6,526
Paid-in capital	6,028	6,188	6,435	6,663	6,925	7,275	7,747	8,048	8,373	8,284
Retained earnings	13,189	12,986	12,409	13,022	8,202	9,030	12,295	14,978	17,921	22,291
Treasury stock	-5,982	-7,655	-8,902	-12,892	-13,670	-17,045	-20,997	-24,119	-27,439	-32,005
Other comprehensive income	-2,141	-1,717	-1,849	-1,703	-1,480	-1,534	-905	-881	-932	-745
Shareholders' equity	11,095	9,804	8,094	5,092	-21	-2,272	-1,857	-1,971	-2,074	-2,172
Minority interests	178	253	193	217	196	480	367	372	380	395
Total equity	11,273	10,057	8,287	5,309	175	-1,792	-1,490	-1,599	-1,694	-1,777
Total liabilities and equity	60,969	60,381	59,672	61,247	65,015	63,298	62,320	67,443	75,140	82,323

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5,153	297	255	1,120	-4,340	1,287	3,722	3,160	3,481	5,099
Depreciation and amortization	910	951	317	335	344	312	272	279	272	287
Stock-based compensation	115	69	95	119	151	161	162	182	226	247
Deferred income tax	882	-868	189	-342	-908	34	-20	-603	-110	230
Change in receivables	-762	1,175	-967	-2,494	1,145	-1,843	-1,082	-2,954	-3,935	-1,999
Change in inventory	320	-458	-368	-376	-2,276	-1,169	-1,259	-1,294	-2,270	-1,082
Change in payables	2,070	271	1,976	3,952	1,267	2,802	3,788	4,587	8,301	4,317
Cash from operations	4,744	4,345	4,036	4,374	4,542	4,434	5,159	4,314	6,085	6,155
Capital expenditures	-404	-405	-426	-362	-451	-388	-390	-431	-537	-436
Acquisitions	-4,212	-2,893	-905	-133	-35	-6	-867	-272	-24	-3,416
Cash from investing	-3,269	-2,993	-1,381	-579	-415	-89	-542	-1,072	-733	-3,432
Debt issued	1,824	1,522	1,099	0	500	498	997	991	498	1,990
Debt repaid	-1,601	-2,287	-1,112	-298	-1,040	-1,648	-1,274	-288	-519	-1,207
Share buybacks	-2,311	-1,709	-1,639	-1,934	-742	-3,516	-3,638	-3,025	-3,146	-4,750
Dividends paid	-253	-262	-292	-294	-276	-277	-292	-314	-345	-381
Cash from financing	-2,069	-3,084	-2,227	-2,734	-1,693	-6,321	-4,368	-3,342	-3,965	-4,631
Exchange rate effect	-144	150	-119	-19	-61	55	25	6	-16	20
Net change in cash	-738	-1,582	309	1,042	2,373	-2,461	744	-94	1,371	-1,888
Free cash flow	4,340	3,940	3,610	4,012	4,091	4,046	4,769	3,883	5,548	5,719
Interest paid	315	298	383	235	220	186	224	234	273	212
Income taxes paid	587	144	262	368	379	359	562	901	1,124	1,211

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $866.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	3.6%	Gross profit / revenue.
Operating margin	1.6%	Operating income / revenue.
EBITDA margin	1.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	1.1%	Net income / revenue.
FCF margin	1.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.7%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	1,640.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	2.0%	Selling, general and administrative expense / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	40.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	38.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	44.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	49.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / assets	11.0%	Total debt / total assets.
Liabilities / assets	104.4%	Total liabilities / total assets.
Net debt	$4.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	23.6x	Operating income / interest expense.
Working capital	-$7.52B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$19.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	4.65x	Revenue / average total assets.
Fixed asset turnover	153x	Revenue / average property, plant and equipment.
Inventory turnover	15.1x	Cost of revenue / average inventory.
Days inventory	24 days	365 x average inventory / cost of revenue.
Receivables turnover	13.6x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	139.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$38.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3,448.00	Revenue / diluted weighted shares.
FCF per share	$53.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	$57.49	Cash from operations / diluted weighted shares.
Book value per share	-$35.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$163.85	Tangible book value / shares outstanding.
Cash per share	$43.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	8.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	6.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	104.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$101.04B	Share price x shares outstanding.
Enterprise value	$105.61B	Market cap + total debt - cash - short-term investments.
P/E	22.0x	Market cap / net income. Only when net income is positive.
P/S	0.25x	Market cap / revenue.
P/FCF	15.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	0.26x	Enterprise value / revenue.
EV/EBIT	16.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	7.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MCKESSON CORP's revenue in fiscal 2026?

MCKESSON CORP reported revenue of $403.43B for fiscal 2026, 12.4% higher than the year before.

Was MCKESSON CORP profitable in fiscal 2026?

Yes. Net income was $4.76B, a net margin of 1.2%.

How much free cash flow did MCKESSON CORP generate in fiscal 2026?

Cash from operations of $6.16B minus capital expenditures of $436.0M left free cash flow of $5.72B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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