McKesson Corporation (USD). For the year ended 31 March 2026, revenue was 403.43B, +12.4 % on the previous year, net income was 4.76B. Long-term debt as of 30 June 2026 stood at 8.43B.
Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | 31/03/2026 | 31/03/2025 |
|---|---|---|
| Revenue | 403.43B | 359.05B |
| Cost of revenue | 388.88B | 345.73B |
| Gross profit | 14.55B | 13.32B |
The series is stated in the current share scale after splits; dividends are not included in the price
McKesson distributes medicines to pharmacies and hospitals — enormous turnover at a very thin margin.
A distributor stands between manufacturer and pharmacy and earns small fractions of a per cent on each pack. At those margins profit is set not by price but by logistics: warehouses, routes, inventory turns and demand forecasting accuracy. An error in any of those consumes the entire margin.
The market is split among three distributors, which makes it durable: a new entrant cannot build a comparable warehouse network, and manufacturers will not deliver themselves. Additional, higher-margin income comes from services to oncology clinics and from working with manufacturers on product launches.
A specific factor is opioid litigation settlements: payments are spread over years and recognised in the accounts. Separately significant are high-cost medicines, where the shipment value is large but the percentage the same. McKesson pays a small dividend and buys back stock actively.
| Selling, general and administrative | 8.10B | 8.51B |
| Operating expenses | 8.34B | 8.90B |
| Operating income | 6.21B | 4.42B |
| Pre-tax income | — | 4.36B |
| Income tax | 1.10B | 878M |
| Net income | 4.76B | 3.30B |
| Earnings per share | 38.55 | 25.86 |
| Earnings per share, diluted | 38.38 | 25.72 |
| Weighted average shares | 124M | 127M |
| Weighted average shares, diluted | 124M | 128M |
| Metric | 30/06/2026 | 31/03/2026 | 31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | 30/09/2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 5.16B | 3.98B | 2.96B | 4.00B | 2.42B | 5.96B | 1.13B | 2.51B |
| Receivables | 30.32B | 27.99B | 28.21B | 28.29B | 28.16B | 25.64B | 25.83B | 25.27B |
| Inventory | 26.26B | 24.21B | 27.07B | 26.13B | 25.07B | 23.00B | 23.84B | 24.18B |
| Current assets | 62.84B | 57.21B | 59.70B | 59.89B | 56.80B | 55.40B | 51.74B | 53.34B |
| Property, plant and equipment | 2.68B | 2.67B | 2.63B | 2.63B | 2.57B | 2.50B | 2.40B | 2.36B |
| Goodwill | 11.28B | 11.32B | 11.32B | 11.28B | 11.37B | 10.02B | 10.00B | 10.09B |
| Total assets | 88.33B | 82.32B | 84.19B | 84.16B | 81.31B | 75.14B | 71.08B | 72.43B |
| Current liabilities | 70.36B | 67.02B | 68.13B | 68.03B | 64.33B | 61.60B | 58.56B | 58.77B |
| Short-term debt | — | — | — | — | — | — | 2.43B | — |
| Long-term debt | 8.43B | 5.26B | 5.43B | 6.01B | 6.53B | 4.46B | 4.42B | 5.69B |
| Equity | −4.24B | −2.17B | −1.30B | −1.36B | −1.59B | −1.69B | −2.70B | −2.64B |
| Shares outstanding | — | — | 280M | 280M | 280M | 279M | 279M | 279M |
| Shares issued | 280M | 280M | 280M | 280M | 280M | 279M | 279M | 279M |
| Treasury shares | 164M | 160M | — | — | — | — | 153M | 152M |
| Metric | 31/03/2026 | 31/03/2025 |
|---|---|---|
| Operating cash flow | 6.16B | 6.09B |
| Depreciation and amortisation | 256M | 242M |
| Capital expenditure | 436M | 537M |
| Investing cash flow | −3.43B | −733M |
| Dividends paid | 381M | 345M |
| Share buybacks | 4.75B | 3.15B |
| Financing cash flow | −4.63B | −3.97B |
A company's accounts come as three tables, and each answers its own question. The income statement shows what the company earned over a period: revenue at the top, costs below it and net income at the bottom, which is what is left for shareholders after tax. When revenue grows and net income does not, costs are growing faster, so it is worth finding out which line has moved.
The balance sheet is a snapshot on a single date: what the company owns and what it owes. Assets equal liabilities plus shareholders' equity. Debt is best judged against cash and earnings rather than on its own, because the same amount can be unremarkable for a large company and dangerous for a small one. Note that a balance sheet is published every quarter, so its date is often more recent than the date of the annual income statement.
The cash flow statement shows how much money actually came in. Net income is an accounting figure, while operating cash flow is what the business really collected. A healthy company usually brings in at least as much in cash as it reports on paper. Out of that flow it pays for equipment, pays dividends and buys back its own shares.
Every column carries the date its period ended, because companies close their financial years in different months. A dash means the company did not report that line, not that it equals zero: a bank, for example, has no cost of revenue. Annual figures give the overall picture, and quarterly ones reveal a turning point sooner, although they are more seasonal, so compare a quarter with the same quarter of the previous year.
Amounts in USD unless stated otherwise. Data: US exchange trading and company filings with the regulator