Revenue growth remains highly variable, ranging from 6.0% to 23.4% year-over-year, while operating margins remain structurally thin, peaking at only 2.3% in 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 403.43B | 359.05B | 308.95B | 276.71B | 263.97B | 238.23B | 231.05B | 214.32B | 208.36B | 198.53B | 190.88B | 179.04B | 137.61B | 122.45B | 122.73B | 112.08B | 108.7B | 106.63B | 101.7B | 92.98B | 88.05B | 80.51B | 69.51B | 57.12B | 50.01B | 42.01B | 36.73B | 30.38B | 20.86B | 12.89B |
| Revenue Growth % | 12.36% | 16.22% | 11.65% | 4.83% | 10.8% | 3.11% | 7.81% | 2.86% | 4.95% | 4.01% | 6.61% | 30.11% | 12.38% | -0.23% | 9.5% | 3.11% | 1.94% | 4.85% | 9.39% | 5.6% | 9.36% | 15.84% | 21.68% | 14.23% | 19.03% | 14.36% | 20.91% | 45.67% | 61.85% | -6.05% |
| Cost of Goods Sold | 388.88B | 346.57B | 296.75B | 264.84B | 251.32B | 226.65B | 219.65B | 203.56B | 197.97B | 187.84B | 179.94B | 168.12B | 129.57B | 115.7B | 116.31B | 106.09B | 103.02B | 101.25B | 96.7B | 88.64B | 83.21B | 76.67B | 66.26B | 54.02B | 47.21B | 39.58B | 34.21B | 27.52B | 19.25B | 11.78B |
| COGS % of Revenue | 96.39% | 96.52% | 96.05% | 95.71% | 95.21% | 95.14% | 95.07% | 94.98% | 95.01% | 94.62% | 94.27% | 93.9% | 94.16% | 94.49% | 94.76% | 94.65% | 94.77% | 94.95% | 95.08% | 95.34% | 94.5% | 95.23% | 95.33% | 94.57% | 94.41% | 94.21% | 93.13% | 90.57% | 92.29% | 91.39% |
| Gross Profit | 14.55B | 12.48B | 12.2B | 11.87B | 12.65B | 11.58B | 11.4B | 10.76B | 10.39B | 10.69B | 10.94B | 10.93B | 8.04B | 6.75B | 6.43B | 5.99B | 5.68B | 5.38B | 5B | 4.34B | 3.78B | 3.45B | 3.25B | 3.1B | 2.8B | 2.43B | 2.52B | 2.86B | 1.61B | 1.11B |
| Gross Margin % | 3.61% | 3.48% | 3.95% | 4.29% | 4.79% | 4.86% | 4.93% | 5.02% | 4.99% | 5.38% | 5.73% | 6.1% | 5.84% | 5.51% | 5.24% | 5.35% | 5.23% | 5.05% | 4.92% | 4.66% | 4.29% | 4.28% | 4.67% | 5.43% | 5.59% | 5.79% | 6.87% | 9.43% | 7.71% | 8.61% |
| Gross Profit Growth % | 16.54% | 2.32% | 2.81% | -6.17% | 9.21% | 1.6% | 5.93% | 3.56% | -2.77% | -2.33% | 0.13% | 35.97% | 19.06% | 5.04% | 7.28% | 5.46% | 5.54% | 7.66% | 15.29% | 14.83% | 9.48% | 6.21% | 4.7% | 10.93% | 15.05% | -3.67% | -11.91% | 78.11% | 45.03% | -8.96% |
| Operating Expenses | 8.1B | 8.11B | 8.28B | 7.42B | 9.93B | 8.07B | 8.39B | 7.68B | 7.47B | 7.33B | 7.09B | 7.4B | 5.39B | 4.33B | 4.05B | 3.89B | 3.67B | 3.66B | 3.52B | 3.05B | 2.61B | 2.44B | 2.26B | 2.17B | 2.1B | 2.33B | 2.37B | 2.53B | 1.25B | 1.02B |
| OpEx % of Revenue | 2.01% | 2.26% | 2.68% | 2.68% | 3.76% | 3.39% | 3.63% | 3.59% | 3.59% | 3.69% | 3.72% | 4.13% | 3.92% | 3.54% | 3.3% | 3.47% | 3.38% | 3.43% | 3.46% | 3.28% | 2.96% | 3.04% | 3.26% | 3.8% | 4.21% | 5.56% | 6.44% | 8.34% | 5.98% | 7.89% |
| Selling, General & Admin | -8.1B | 8.02B | 8.2B | 7.33B | 9.86B | 8B | 8.29B | 7.61B | 7.35B | 6.99B | 6.7B | 7.01B | 4.93B | 3.85B | 3.61B | 3.49B | 3.29B | 3.3B | 3.17B | 2.77B | 2.38B | 2.26B | 2.09B | 2.02B | 1.95B | 2.08B | 2.05B | 2.22B | 1.16B | 944.5M |
| SG&A % of Revenue | -2.01% | 2.23% | 2.65% | 2.65% | 3.73% | 3.36% | 3.59% | 3.55% | 3.53% | 3.52% | 3.51% | 3.91% | 3.58% | 3.14% | 2.94% | 3.11% | 3.03% | 3.09% | 3.12% | 2.98% | 2.71% | 2.81% | 3.01% | 3.54% | 3.89% | 4.94% | 5.58% | 7.3% | 5.56% | 7.33% |
| Research & Development | 103M | 91M | 77M | 89M | 70M | 74M | 96M | 71M | 125M | 341M | 392M | 392M | 456M | 480M | 440M | 407M | 376M | 364M | 347M | 284M | 223M | 182M | 172.7M | 149.4M | 135.1M | 147.5M | 112.6M | 114.7M | 0 | 0 |
| R&D % of Revenue | 0.03% | 0.03% | 0.02% | 0.03% | 0.03% | 0.03% | 0.04% | 0.03% | 0.06% | 0.17% | 0.21% | 0.22% | 0.33% | 0.39% | 0.36% | 0.36% | 0.35% | 0.34% | 0.34% | 0.31% | 0.25% | 0.23% | 0.25% | 0.26% | 0.27% | 0.35% | 0.31% | 0.38% | - | - |
| Other Operating Expenses | 16.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 111.6M | 201.3M | 199.3M | 87.2M | 71.8M |
| Operating Income | 6.45B | 4.37B | 3.93B | 4.45B | 2.72B | 3.51B | 3.01B | 3.08B | 2.92B | 3.36B | 3.85B | 3.53B | 2.65B | 2.42B | 2.38B | 2.1B | 2.01B | 1.72B | 1.48B | 1.28B | 1.17B | 1B | 983.4M | 929.9M | 693.6M | 96.4M | 158.2M | 332.2M | 362.2M | 92.8M |
| Operating Margin % | 1.6% | 1.22% | 1.27% | 1.61% | 1.03% | 1.47% | 1.3% | 1.44% | 1.4% | 1.69% | 2.02% | 1.97% | 1.93% | 1.98% | 1.94% | 1.87% | 1.85% | 1.61% | 1.45% | 1.38% | 1.33% | 1.25% | 1.41% | 1.63% | 1.39% | 0.23% | 0.43% | 1.09% | 1.74% | 0.72% |
| Operating Income Growth % | 47.62% | 11.33% | -11.81% | 63.53% | -22.42% | 16.53% | -2.14% | 5.37% | -12.99% | -12.83% | 9.06% | 33.25% | 9.5% | 1.68% | 13.44% | 4.38% | 16.72% | 16.51% | 15.11% | 9.65% | 16.52% | 2.2% | 5.75% | 34.07% | 619.5% | -39.06% | -52.38% | -8.28% | 290.3% | -66.14% |
| EBITDA | 7.18B | 5.01B | 4.56B | 5.31B | 3.72B | 4.73B | 3.93B | 4.03B | 3.87B | 4.27B | 4.74B | 4.55B | 3.35B | 3.01B | 2.93B | 2.59B | 2.48B | 2.16B | 1.85B | 1.58B | 1.43B | 1.25B | 1.22B | 1.13B | 901.1M | 342.5M | 359.5M | 531.5M | 449.4M | 164.6M |
| EBITDA Margin % | 1.78% | 1.39% | 1.48% | 1.92% | 1.41% | 1.99% | 1.7% | 1.88% | 1.86% | 2.15% | 2.48% | 2.54% | 2.44% | 2.46% | 2.39% | 2.31% | 2.29% | 2.03% | 1.82% | 1.7% | 1.63% | 1.56% | 1.75% | 1.98% | 1.8% | 0.82% | 0.98% | 1.75% | 2.15% | 1.28% |
| EBITDA Growth % | 43.43% | 9.78% | -14.09% | 42.59% | -21.29% | 20.26% | -2.31% | 4% | -9.26% | -9.9% | 4.13% | 35.6% | 11.39% | 2.73% | 12.99% | 4.43% | 14.84% | 16.98% | 17.1% | 10.19% | 14.27% | 3.17% | 7.22% | 25.8% | 163.09% | -4.73% | -32.36% | 18.27% | 173.03% | -52.35% |
| D&A (Non-Cash Add-back) | 729M | 636M | 635M | 857M | 1B | 1.22B | 922M | 949M | 951M | 910M | 885M | 1.02B | 704M | 591M | 551M | 496M | 474M | 441M | 371M | 295M | 262M | 249M | 232.1M | 203.7M | 207.5M | 246.1M | 201.3M | 199.3M | 87.2M | 71.8M |
| EBIT | 6.45B | 4.62B | 4.03B | 4.88B | 2.11B | -4.82B | 1.39B | 874M | 522M | 7.2B | 3.6B | 3.03B | 2.35B | 2.15B | 2.17B | 1.83B | 2.05B | 1.21B | 1.6B | 1.4B | 1.26B | -127M | 978M | 929.9M | 698.5M | 204.9M | 109.5M | 110.4M | 562.5M | 232.2M |
| Net Interest Income | -68M | -83M | -125M | -141M | -168M | -205M | -200M | -225M | -235M | -279M | -335M | -354M | -234M | -207M | -232M | -179M | -171M | -113M | -53M | 4M | 11M | -77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 179M | 173M | 118M | 107M | 10M | 12M | 49M | 39M | 48M | 29M | 18M | 20M | 23M | 22M | 19M | 18M | 16M | 31M | 89M | 103M | 105M | 41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 247M | 256M | 243M | 248M | 178M | 217M | 249M | 264M | 283M | 308M | 353M | 374M | 257M | 229M | 251M | 197M | 187M | 144M | 142M | 99M | 94M | 118M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -253M | -13M | -138M | 177M | -795M | -8.54B | -1.87B | -2.47B | -2.68B | 3.53B | -601M | -874M | -554M | -501M | -461M | -463M | -146M | -658M | -21M | 13M | 0 | -1.25B | -72M | -74.5M | -87.5M | -196.3M | 148.7M | -130.2M | -109.4M | -61.7M |
| Pretax Income | 6.2B | 4.36B | 3.79B | 4.63B | 1.93B | -5.03B | 1.14B | 610M | 239M | 6.89B | 3.25B | 2.66B | 2.1B | 1.92B | 1.92B | 1.64B | 1.86B | 1.06B | 1.46B | 1.3B | 1.17B | -245M | 911.4M | 855.4M | 601.2M | 9.6M | 306.9M | 202M | 253.5M | 36.4M |
| Pretax Margin % | 1.54% | 1.21% | 1.23% | 1.67% | 0.73% | -2.11% | 0.5% | 0.28% | 0.11% | 3.47% | 1.7% | 1.48% | 1.52% | 1.57% | 1.56% | 1.46% | 1.71% | 1% | 1.43% | 1.4% | 1.33% | -0.3% | 1.31% | 1.5% | 1.2% | 0.02% | 0.84% | 0.66% | 1.22% | 0.28% |
| Income Tax | 1.1B | 878M | 629M | 905M | 636M | -695M | 18M | 356M | -53M | 1.61B | 908M | 815M | 742M | 581M | 516M | 505M | 601M | 241M | 468M | 329M | 421M | -83.1M | 264.9M | 293.3M | 182.6M | 52.3M | 122.3M | 117.1M | 98.6M | 31.3M |
| Effective Tax Rate % | 17.77% | 20.14% | 16.6% | 19.55% | 32.99% | 13.81% | 1.57% | 58.36% | -22.18% | 23.42% | 27.94% | 30.67% | 35.4% | 30.28% | 26.89% | 30.89% | 32.24% | 22.65% | 32.12% | 25.37% | 35.95% | 33.92% | 29.07% | 34.29% | 30.37% | 544.79% | 39.85% | 57.97% | 38.9% | 85.99% |
| Net Income | 4.76B | 3.29B | 3B | 3.56B | 1.11B | -4.54B | 900M | 34M | 67M | 5.18B | 2.26B | 1.48B | 1.26B | 1.34B | 1.4B | 1.13B | 1.26B | 823M | 990M | 963M | 738M | -157M | 646.5M | 555.4M | 418.6M | -48.3M | 723.7M | 84.9M | 154.9M | 133.9M |
| Net Margin % | 1.18% | 0.92% | 0.97% | 1.29% | 0.42% | -1.91% | 0.39% | 0.02% | 0.03% | 2.61% | 1.18% | 0.82% | 0.92% | 1.09% | 1.14% | 1.01% | 1.16% | 0.77% | 0.97% | 1.04% | 0.84% | -0.19% | 0.93% | 0.97% | 0.84% | -0.11% | 1.97% | 0.28% | 0.74% | 1.04% |
| Net Income Growth % | 44.52% | 9.76% | -15.67% | 219.57% | 124.54% | -604.33% | 2547.06% | -49.25% | -98.71% | 129.54% | 52.98% | 16.86% | -5.61% | -4.63% | 24.16% | -10.53% | 53.46% | -16.87% | 2.8% | 30.49% | 570.06% | -124.28% | 16.4% | 32.68% | 966.67% | -106.67% | 752.41% | -45.19% | 15.68% | -1.11% |
| Net Income (Continuing) | 5.1B | 3.48B | 3.16B | 3.73B | 1.29B | -4.34B | 1.13B | 254M | 292M | 5.28B | 2.34B | 1.84B | 1.41B | 1.36B | 1.4B | 1.13B | 1.26B | 823M | 989M | 968M | 745M | -160M | 643M | 562.1M | 421.8M | -43.3M | 184.6M | 60.6M | 275.2M | 83.3M |
| Discontinued Operations | 0 | 0 | 0 | -3M | -5M | -1M | -6M | 1M | 5M | -11M | -32M | -299M | -96M | 0 | 0 | 0 | 0 | 0 | 1M | -5M | -7M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.34B | 380M | 372M | 367M | 480M | 1.47B | 1.62B | 1.59B | 1.71B | 1.5B | 1.49B | 1.47B | 1.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 196.3M | 196.1M | 195.9M | 195.8M | 195.6M | 195.4M | 194.8M |
| EPS (Diluted) | 38.38 | 25.72 | 22.39 | 25.04 | 7.23 | -27.02 | 4.95 | 0.17 | 0.32 | 22.73 | 9.70 | 6.27 | 5.41 | 5.59 | 5.59 | 4.57 | 4.62 | 2.95 | 3.32 | 2.99 | 2.38 | -0.53 | 2.19 | 1.88 | 1.43 | -0.17 | 2.55 | 0.31 | 1.62 | 0.80 |
| EPS Growth % | 49.22% | 14.87% | -10.58% | 246.33% | 126.76% | -645.86% | 2811.76% | -46.88% | -98.59% | 134.33% | 54.7% | 15.9% | -3.22% | 0% | 22.32% | -1.08% | 56.61% | -11.14% | 11.04% | 25.63% | 549.06% | -124.2% | 16.49% | 31.47% | 941.18% | -106.67% | 722.58% | -80.86% | 102.5% | -44.83% |
| EPS (Basic) | 38.55 | 25.86 | 22.54 | 25.23 | 7.31 | -27.02 | 4.97 | 0.17 | 0.32 | 22.95 | 9.82 | 6.37 | 5.51 | 5.71 | 5.70 | 4.65 | 4.70 | 2.99 | 3.40 | 3.06 | 2.46 | -0.53 | 2.23 | 1.92 | 1.47 | -0.17 | 2.57 | 0.31 | 1.66 | 0.83 |
| Diluted Shares Outstanding | 124.1M | 128.1M | 134.1M | 142.2M | 154.1M | 160.6M | 182M | 197.3M | 209M | 223M | 233M | 235M | 233M | 239M | 251M | 263M | 273M | 279M | 298M | 305M | 316M | 294M | 299M | 298.8M | 298.1M | 283.1M | 284.2M | 275.2M | 95.61M | 84.39M |
| Basic Shares Outstanding | 123.6M | 127.4M | 133.2M | 141.1M | 152.3M | 160.6M | 181M | 196.3M | 208M | 221M | 230M | 232M | 229M | 235M | 246M | 258M | 269M | 275M | 291M | 298M | 306M | 294M | 290M | 289.3M | 285.2M | 283.1M | 281.3M | 275.2M | 93.44M | 83.65M |
| Dividend Payout Ratio | 8% | 10.47% | 10.46% | 8.2% | 24.87% | - | 32.67% | 858.82% | 391.04% | 4.88% | 10.81% | 15.38% | 16.94% | 14.5% | 13.9% | 15.13% | 10.37% | 14.09% | 7.07% | 7.48% | 9.89% | - | 10.8% | 14.35% | 18.75% | - | 10.71% | 111.66% | 29.89% | 38.76% |
Regulatory drug pricing reform
As indicated by recent quarterly filings, McKesson's top-line growth has exhibited significant variability, ranging from 6.0% to 23.4% year-over-year, reflecting the company's ongoing transition toward higher-margin domestic specialty markets and the divestiture of lower-margin international operations that previously anchored the firm's historical revenue base.
The wide fluctuations in quarterly revenue suggest that the company is still absorbing the impact of its portfolio restructuring. Investors should monitor whether the current revenue trajectory stabilizes as the firm pivots further into the US Oncology Network and specialized biopharma services.
According to the provided financial data, McKesson maintains a structurally thin operating margin profile, which fluctuated between 0.8% and 2.3% over the last ten quarters, underscoring the inherent difficulty of scaling profitability within a high-volume, low-margin pharmaceutical distribution model that is highly sensitive to operational costs.
The narrow margin spread suggests that even minor inflationary pressures in logistics or labor can disproportionately impact bottom-line results. The recent expansion toward 2.3% in 2026Q4 may indicate successful mix-shifting, though this remains subject to the volatility of pharmaceutical procurement costs.
Based on reported figures, McKesson's operating income has not consistently scaled faster than gross profit, as evidenced by the erratic operating margin performance that frequently tracks closely with gross margin fluctuations, suggesting limited operating leverage within the current high-throughput, capital-intensive pharmaceutical distribution infrastructure.
The lack of significant operating leverage implies that the company's SG&A expenses are largely fixed and necessary to support the massive scale of its distribution network. Future margin expansion likely depends on the successful integration of higher-margin technology services rather than traditional distribution volume growth.
As documented in the income statement history, EPS has experienced extreme swings, including a 66.6% increase in 2025Q4 followed by a 62.3% decline in 2025Q2, which suggests that reported net income is frequently impacted by non-operating items, legal accruals, or accounting adjustments rather than pure operational output.
The inconsistency in EPS growth warrants further investigation into the specific non-recurring charges that have historically clouded the company's true earnings power. Analysts should focus on normalized earnings metrics to better assess the sustainability of the firm's profitability in the face of ongoing legal and regulatory headwinds.
Quick answers to the most common questions about buying MCK stock.
For fiscal year 2026, McKesson Corporation (MCK) reported total revenue of $403.43B. This represents a 3030.6% increase compared to $12.89B in 1997.
McKesson Corporation (MCK) is profitable, generating $4.76B in net income for the fiscal year ending 2026 with a net profit margin of 1.2%.
McKesson Corporation (MCK) reported an operating income of $6.45B, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
McKesson Corporation (MCK) generated $14.55B in gross profit for the year, representing a gross profit margin of 3.6%. This demonstrates the company's core pricing power and production efficiency.