McKesson (MCK) financial statements
McKesson reported revenue of $403.4B in fiscal 2026, up 8.2% a year over 9 years.
Net income was $4.8B and the operating margin 1.5%, against 3.6% in 2017.
Free cash flow was $5.7B, and the company returned $381M in dividends and $4.8B in net buybacks.
The diluted share count fell 44% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from McKesson's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $198.5B | $208.4B | $214.3B | $231.1B | $238.2B | $264.0B | $276.7B | $309.0B | $359.1B | $403.4B |
| Cost of revenue | $187.3B | $197.2B | $202.6B | $219.0B | $226.1B | $250.8B | $264.4B | $296.1B | $345.7B | $388.9B |
| Gross profit | $11.3B | $11.2B | $11.8B | $12.0B | $12.1B | $13.1B | $12.4B | $12.8B | $13.3B | $14.6B |
| Research and development | $341M | $125M | $71M | $96M | — | — | — | — | — | — |
| Selling, general and admin | $7.4B | $8.1B | $8.4B | $9.2B | $8.8B | $10.5B | $7.8B | $8.7B | $8.5B | $8.1B |
| Operating income | $7.1B | $762M | $886M | $2.5B | -$5.0B | $2.0B | $4.4B | $3.9B | $4.4B | $6.2B |
| Interest expense | $308M | $283M | $264M | $249M | $217M | $178M | $248M | $252M | $265M | $247M |
| Pre-tax income | $6.9B | $239M | $610M | $1.1B | -$5.0B | $1.9B | $4.6B | $3.8B | $4.4B | $6.2B |
| Income tax | $1.6B | -$53M | $356M | $18M | -$695M | $636M | $905M | $629M | $878M | $1.1B |
| Net income | $5.1B | $67M | $34M | $900M | -$4.5B | $1.1B | $3.6B | $3.0B | $3.3B | $4.8B |
| EPS (diluted) | $22.73 | $0.32 | $0.17 | $4.95 | -$28.26 | $7.23 | $25.03 | $22.39 | $25.72 | $38.38 |
| Diluted shares | 223M | 209M | 197M | 182M | 161M | 154M | 142M | 134M | 128M | 124M |
| Gross margin | 5.7% | 5.4% | 5.5% | 5.2% | 5.1% | 5.0% | 4.5% | 4.2% | 3.7% | 3.6% |
| Operating margin | 3.6% | 0.4% | 0.4% | 1.1% | -2.1% | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% |
| Net margin | 2.6% | 0.0% | 0.0% | 0.4% | -1.9% | 0.4% | 1.3% | 1.0% | 0.9% | 1.2% |
Balance sheet
Fiscal years, from McKesson's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.8B | $2.7B | $3.0B | $4.0B | $6.3B | $3.5B | $4.7B | $4.6B | $5.7B | $4.0B |
| Receivables | $18.2B | $17.7B | $18.2B | $19.9B | $19.2B | $18.6B | $19.4B | $21.6B | $25.6B | $28.0B |
| Inventory | $15.3B | $16.3B | $16.7B | $16.7B | $19.2B | $18.7B | $19.7B | $21.1B | $23.0B | $24.2B |
| Total current assets | $36.9B | $37.1B | $38.5B | $42.2B | $45.4B | $46.2B | $44.3B | $48.0B | $55.4B | $57.2B |
| Property, plant and equipment | $2.3B | $2.5B | $2.5B | $2.4B | $2.6B | $2.1B | $2.2B | $2.3B | $2.5B | $2.7B |
| Goodwill | $10.6B | $10.9B | $9.4B | $9.4B | $9.5B | $9.5B | $9.9B | $10.1B | $10.0B | $11.3B |
| Total assets | $61.0B | $60.4B | $59.7B | $61.2B | $65.0B | $63.3B | $62.3B | $67.4B | $75.1B | $82.3B |
| Total current liabilities | $35.6B | $36.7B | $37.6B | $42.6B | $44.1B | $48.5B | $48.0B | $52.4B | $61.6B | $67.0B |
| Long-term debt | $7.3B | $6.8B | $7.3B | $6.3B | $6.4B | $5.1B | $4.6B | $5.6B | $4.5B | $5.3B |
| Total liabilities | $49.7B | $50.3B | $51.4B | $55.9B | $64.8B | $65.1B | $63.8B | $69.0B | $76.8B | $84.1B |
| Shareholders' equity | $11.1B | $9.8B | $8.1B | $5.1B | -$21M | -$2.3B | -$1.9B | -$2.0B | -$2.1B | -$2.2B |
| Net debt | $5.6B | $5.2B | $4.6B | $3.4B | $128M | $1.5B | -$52M | $996M | -$1.2B | $1.3B |
Cash flow
Fiscal years, from McKesson's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.7B | $4.3B | $4.0B | $4.4B | $4.5B | $4.4B | $5.2B | $4.3B | $6.1B | $6.2B |
| Capital spending | $404M | $405M | $426M | $362M | $451M | $388M | $390M | $431M | $537M | $436M |
| Free cash flow | $4.3B | $3.9B | $3.6B | $4.0B | $4.1B | $4.0B | $4.8B | $3.9B | $5.5B | $5.7B |
| Stock-based compensation | $115M | $69M | $95M | $119M | $151M | $161M | $162M | $182M | $226M | $247M |
| Dividends paid | $253M | $262M | $292M | $294M | $276M | $277M | $292M | $314M | $345M | $381M |
| Share buybacks (net) | -$2.3B | -$1.7B | -$1.6B | -$1.9B | -$742M | -$3.5B | -$3.6B | -$3.0B | -$3.1B | -$4.8B |
| Net borrowing | $223M | -$765M | -$13M | -$298M | -$540M | -$1.1B | -$277M | $703M | -$21M | $783M |
| Free cash flow margin | 2.2% | 1.9% | 1.7% | 1.7% | 1.7% | 1.5% | 1.7% | 1.3% | 1.5% | 1.4% |
| Dividends per share | $1.13 | $1.25 | $1.48 | $1.62 | $1.72 | $1.80 | $2.05 | $2.34 | $2.69 | $3.07 |
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Open MCK in InvestinglyQuestions
What was McKesson's revenue in 2026?
$403.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does McKesson generate?
$5.7B in fiscal 2026 (operating cash flow minus capital spending).
From McKesson's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.