McKesson Beats Estimates With Adjusted EPS of $11.68 on $111.0 Billion Revenue

McKesson (NYSE: MCK) reported fiscal second-quarter revenue of $111.0 billion, up 8% from a year earlier and above the $109.95 billion analysts expected, and adjusted earnings of $11.68 per diluted share against the $10.75 consensus estimate, in an 8-K filed Wednesday, Nov. 4, 2026.

On a GAAP basis, earnings per diluted share were $10.44, compared with $8.92 a year earlier. Adjusted EPS rose 18% from $9.86, which the company attributed to growth across its North American Pharmaceutical, Oncology & Multispecialty and Prescription Technology Solutions segments and a lower share count. Diluted weighted-average shares fell 6% to 116.7 million.

Segment results

North American Pharmaceutical revenue was $91.4 billion, up 6%, driven by higher prescription volumes and specialty distribution to health systems and strategic accounts. Adjusted segment operating profit was $1.0 billion, up 22%.

Oncology & Multispecialty revenue was $15.0 billion, up 24%, led by provider solutions and specialty distribution. Adjusted segment operating profit rose 8% to $427 million.

Medical-Surgical Solutions revenue was $3.1 billion, up 5%, while adjusted segment operating profit fell 10% to $225 million, which the company attributed to lower contributions from the ambulatory care channel due to product mix.

Guidance and capital

McKesson raised its fiscal 2027 adjusted EPS guidance to $45.60 to $46.40, from $44.20 to $45.00. The company said the range implies 17% to 19% growth from the prior year. The company does not forecast GAAP EPS. Analysts had expected fiscal 2027 adjusted EPS of $44.66 on average. For the quarter ending Dec. 31, the average analyst estimate is $10.94 in adjusted EPS on $113.21 billion in revenue.

For the six months ended Sept. 30, McKesson returned $3.6 billion to shareholders, including $3.4 billion of common stock repurchases and $198 million of dividend payments. Dividends declared were $0.94 per share, up 15%. Free cash flow for the quarter was $2.9 billion.

In the period, McKesson also signed a definitive agreement to invest about $1.4 billion for a minority interest of roughly 49% in Option Care Health, subject to closing conditions, and completed its acquisition of Precision Medicine Group on Nov. 2.