Mckesson
MCK · NYSEWholesale-Drugs, Proprietaries & Druggists' Sundries · Fiscal year ends Mar 31
Mckesson reported revenue of $403B in the fiscal year ended Mar 2026, up 12.4% from the year before. Operating income was $6.2B, an operating margin of 1.5%, and net income was $4.8B. Operating cash flow of $6.2B less capital expenditure of $436M left free cash flow of $5.7B. Net debt was $2.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $264B | $277B | $309B | $359B | $403B |
| Cost of revenue | $251B | $264B | $296B | $346B | $389B |
| Gross profit | $13.1B | $12.4B | $12.8B | $13.3B | $14.6B |
| Selling, general & admin | $10.5B | $7.8B | $8.7B | $8.5B | $8.1B |
| Operating income | $2B | $4.4B | $3.9B | $4.4B | $6.2B |
| Interest expense | $178M | $248M | $252M | $265M | $247M |
| Pre-tax income | $1.9B | $4.6B | $3.8B | $4.4B | $6.2B |
| Income tax | $636M | $905M | $629M | $878M | $1.1B |
| Net income | $1.1B | $3.6B | $3B | $3.3B | $4.8B |
| Diluted EPS | 7.23 | 25.03 | 22.39 | 25.72 | 38.38 |
| Diluted shares | 154M | 142M | 134M | 128M | 124M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $4.7B | $4.6B | $5.7B | $4B |
| Receivables | $18.6B | $19.4B | $21.6B | $25.6B | $28B |
| Inventory | $18.7B | $19.7B | $21.1B | $23B | $24.2B |
| Current assets | $46.2B | $44.3B | $48B | $55.4B | $57.2B |
| Net PP&E | $2.1B | $2.2B | $2.3B | $2.5B | $2.7B |
| Goodwill | $9.5B | $9.9B | $10.1B | $10B | $11.3B |
| Total assets | $63.3B | $62.3B | $67.4B | $75.1B | $82.3B |
| Payables | $38.1B | $42.5B | $47.1B | $55.3B | $60B |
| Deferred revenue | – | – | – | $354M | $366M |
| Current liabilities | $48.5B | $48B | $52.4B | $61.6B | $67B |
| Short-term debt | $0 | $0 | $0 | – | – |
| Long-term debt | $5.9B | $5.6B | $5.6B | $5.7B | $6.5B |
| Shareholders' equity | −$2.3B | −$1.9B | −$2B | −$2.1B | −$2.2B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $4.4B | $5.2B | $4.3B | $6.1B | $6.2B |
| Capital expenditure | $388M | $390M | $431M | $537M | $436M |
| Free cash flow | $4B | $4.8B | $3.9B | $5.5B | $5.7B |
| Depreciation & amortisation | $312M | $272M | $279M | $272M | $287M |
| Stock-based compensation | $161M | $162M | $182M | $226M | $247M |
| Acquisitions | $6M | $867M | $272M | $24M | $3.4B |
| Share buybacks | $3.5B | $3.6B | $3B | $3.1B | $4.8B |
| Dividends paid | $277M | $292M | $314M | $345M | $381M |
| Dividend per share | 1.83 | 2.09 | 2.40 | 2.75 | 3.17 |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.8% | 11.7% | 16.2% | 12.4% |
| Operating income growth (YoY) | – | 115.0% | −10.8% | 13.1% | 40.5% |
| EPS growth (YoY) | – | 246.2% | −10.5% | 14.9% | 49.2% |
| Gross margin | 5.0% | 4.5% | 4.2% | 3.7% | 3.6% |
| Operating margin | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% |
| Net margin | 0.4% | 1.3% | 1.0% | 0.9% | 1.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.7% | 30.5% | 25.9% | 32.7% | 40.6% |
| Free cash flow margin | 1.5% | 1.7% | 1.3% | 1.5% | 1.4% |
| Cash conversion (CFO ÷ net income) | 3.98x | 1.45x | 1.44x | 1.85x | 1.29x |
| Receivable days | 26 | 26 | 26 | 26 | 25 |
| Inventory days | 27 | 27 | 26 | 24 | 23 |
| Payable days | 55 | 59 | 58 | 58 | 56 |
| Interest cover | 11.4x | 17.7x | 15.5x | 16.7x | 25.1x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.3B | $916M | $1B | −$37M | $2.6B |
| Current ratio | 0.95x | 0.92x | 0.92x | 0.90x | 0.85x |
Recent filings
More in Wholesale-Drugs, Proprietaries & Druggists' Sundries
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.