Core Viewpoint - McKesson Corporation has raised its fiscal 2026 profit forecast, driven by anticipated strong growth in its oncology and specialty drug distribution sectors [1] Company Summary - McKesson Corporation is focusing on expanding its oncology and specialty drug distribution businesses, which are expected to contribute significantly to its profit growth in fiscal 2026 [1]

分组1 - McKesson reported quarterly earnings of $9.34 per share, exceeding the Zacks Consensus Estimate of $9.31 per share, and up from $8.03 per share a year ago, representing an earnings surprise of +0.35% [1] - The company achieved revenues of $106.16 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.47%, compared to $95.29 billion in the same quarter last year [2] - McKesson has outperformed the S&P 500 with a share price increase of about 3.8% since the beginning of the year, while the S&P 500 gained 1.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $11.19 on revenues of $101.62 billion, and for the current fiscal year, it is $38.63 on revenues of $408.09 billion [7] - The Medical - Dental Supplies industry, to which McKesson belongs, is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $106.2 billion, an increase of 11% year-over-year, driven by broad-based growth across the business [21][28] - Adjusted earnings per diluted share increased 16% to $9.34, reflecting strong operational performance [22][28] - Operating profit rose 13% year-over-year to $1.7 billion, supported by increased demand for access solutions and strong growth in specialty distribution [22][28] Business Line Data and Key Metrics Changes - North American Pharmaceutical revenues increased by 9% to $88.3 billion, driven by higher prescription volumes and specialty product distribution strength [23][28] - Oncology and Multispecialty segment revenues surged 37% to $13 billion, with operating profit increasing 57% to $366 million, aided by provider growth and acquisitions [24][28] - Prescription Technology Solutions revenues grew by 9% to $1.5 billion, with operating profit rising 18% to $277 million, driven by demand for access solutions [25][28] Market Data and Key Metrics Changes - GLP-1 distribution revenues reached $14 billion, up $3 billion or 26% compared to the prior year, indicating strong market demand [23][28] - The company anticipates revenue growth of 12%-16% and operating profit growth of 13%-17% for fiscal 2026, reflecting sustained momentum across core businesses [28][29] Company Strategy and Development Direction - The company is focused on two strategic growth pillars: Oncology and Multispecialty, and Biopharma Services, aiming to leverage its scale and connectivity in the community space [7][9] - Investments are being made in technology and automation to enhance operational efficiency and improve patient access to medications [11][12] - The company is progressing with the separation of its Medical-Surgical business, targeting an IPO by the second half of calendar 2027 [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to extend momentum and execute against strategic priorities, highlighting a strong financial position and disciplined capital allocation [18][36] - The operating environment is viewed as navigable despite regulatory changes, with ongoing engagement with lawmakers to advocate for patient access and community care [68][69] Other Important Information - The company completed the divestiture of its Norwegian operations, marking the final step in its exit from Europe, which is expected to contribute approximately $1 billion in revenue for fiscal 2026 [20][28] - Free cash flow for the quarter was $1.1 billion, with a total of $9.6 billion for the trailing 12 months, demonstrating strong operational performance [26][27] Q&A Session Summary Question: Can you discuss the specific investments in technology and automation? - Management highlighted investments in AI and automation to improve workflows, resulting in increased productivity during the annual verification season [39][40] Question: What is the long-term opportunity to improve margins in the segment? - Management noted that half of the segment's revenue is related to third-party logistics, with ongoing automation expected to enhance margins [43][44] Question: Any nuances to consider for fiscal 2027 guidance? - Management indicated stable utilization trends and strong specialty distribution growth, with a focus on operational efficiency as positive indicators for future performance [50][51] Question: What is driving the margin improvement in Oncology and Multispecialty? - Management attributed margin improvements to provider additions and growth in specialty oncology products, with ongoing automation efforts expected to further enhance margins [55][57] Question: How is the company navigating regulatory changes? - Management expressed confidence in navigating the regulatory landscape, emphasizing constructive discussions with manufacturing partners regarding pricing strategies [68][69]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $106.2 billion, an increase of 11% year-over-year, driven by broad-based growth across the business [21][28] - Adjusted earnings per diluted share increased 16% to $9.34, reflecting strong operational performance [22][28] - Operating profit rose 13% year-over-year to $1.7 billion, supported by increased demand for access solutions and strong growth in specialty distribution [22][28] Business Line Data and Key Metrics Changes - North American pharmaceutical revenues increased by 9% to $88.3 billion, driven by higher prescription volumes and specialty product distribution strength [23][28] - Oncology and multispecialty segment revenues surged by 37% to $13 billion, with operating profit increasing by 57% to $366 million, aided by provider growth and acquisitions [24][28] - Prescription technology solutions revenues grew by 9% to $1.5 billion, with operating profit rising 18% to $277 million, driven by demand for access solutions [25][28] - Medical-surgical solutions revenues increased by 1% to $3 billion, but operating profit decreased by 10% to $265 million due to lower volumes [25][28] Market Data and Key Metrics Changes - GLP-1 distribution revenues reached $14 billion, up $3 billion or 26% compared to the prior year, indicating strong demand in the market [23][28] - The company continues to see stable utilization trends and strong specialty distribution growth across its North American pharmaceutical segment [29][30] Company Strategy and Development Direction - The company is focused on two strategic growth pillars: oncology and multispecialty, and biopharma services, leveraging its scale and leadership to meet evolving market needs [7][8] - Investments are being made in technology and automation to enhance operational efficiency and improve patient access to medications [11][12] - The company is progressing with the separation of its medical-surgical business, aiming for an IPO by the second half of calendar 2027 [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to extend momentum and execute against strategic priorities, raising full-year EPS guidance to a range of $38.80-$39.20, reflecting 17%-19% growth [5][28] - The company anticipates revenue growth of 12%-16% and operating profit growth of 13%-17% for the full year, supported by strong third-quarter performance [28][29] - Management highlighted the importance of community-based care and the role of advocacy in expanding patient access [9][10] Other Important Information - The company completed the divestiture of its Norwegian operations, marking the final step in its exit from Europe, which is expected to contribute approximately $1 billion in revenue for fiscal 2026 [20][28] - Free cash flow for the quarter was $1.1 billion, with a total of $9.6 billion for the trailing 12 months, demonstrating strong operational performance [26][27] Q&A Session Summary Question: Can you discuss the specific investments in technology and automation? - Management highlighted investments in AI and automation to improve workflows, resulting in increased productivity during the annual verification season [38][39] Question: What are the long-term opportunities for margin improvement in the segment? - Management noted that half of the segment's revenue is related to third-party logistics, with ongoing automation expected to improve margins [43][44] Question: Any nuances to consider for fiscal 2027 guidance? - Management indicated stable utilization trends and strong specialty distribution growth, with operational efficiency gains supporting positive growth [48][50] Question: What is driving the margin improvement in oncology and multispecialty? - Management attributed margin improvements to provider additions and continued growth in specialty oncology products [55][57] Question: How is the company navigating the regulatory environment? - Management expressed confidence in navigating the regulatory landscape, emphasizing constructive conversations with manufacturing partners [66][69]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13252 McKESSON CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3207296 (State or other j ...

Financial Data and Key Metrics Changes - Revenue increased by 11% to $106.2 billion, driven by broad-based growth across the business and higher prescription volumes [19][25] - Adjusted earnings per diluted share rose by 16% to $9.34, reflecting strong operational performance [21][25] - Operating profit increased by 13% year-over-year to $1.7 billion, supported by demand for access solutions and specialty distribution [20][25] Business Line Data and Key Metrics Changes - North American pharmaceutical revenues grew by 9% to $88.3 billion, with GLP-1 distribution revenues reaching $14 billion, up 26% year-over-year [21][22] - Oncology and multispecialty segment revenues surged by 37% to $13 billion, with operating profit increasing by 57% to $366 million [22][23] - Prescription technology solutions segment revenues rose by 9% to $1.5 billion, with operating profit up 18% to $277 million [23] Market Data and Key Metrics Changes - The U.S. Oncology Network now includes approximately 3,400 providers, with significant contributions from the integration of Florida Cancer Specialists and PRISM Vision [6][8] - The company reported strong demand for biopharma services, adding over 50 new programs across 43 unique brands during the quarter [9][60] Company Strategy and Development Direction - The company is focused on oncology and multispecialty services, leveraging its scale and leadership to meet evolving market needs [6][8] - Investments are being made in technology and automation to enhance operational efficiency and improve patient access to medications [10][36] - The company is progressing with the separation of its medical-surgical business, aiming for an IPO by the second half of calendar 2027 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain momentum and execute strategic priorities, raising full-year EPS guidance to $38.80-$39.20, reflecting 17%-19% growth [4][25] - The company anticipates revenue growth of 12%-16% and operating profit growth of 13%-17% for the full year, supported by strong third-quarter performance [25][26] Other Important Information - The company completed the divestiture of its Norwegian operations, marking the final step in its exit from Europe [18] - Free cash flow for the quarter was reported at $1.1 billion, with plans to repurchase approximately $2.5 billion of shares [24][32] Q&A Session Questions and Answers Question: Can you talk about the specific investments you're making in technology and automation? - Management highlighted investments in AI and automation to improve workflows, allowing employees to support more patients efficiently during the annual verification season [35][36] Question: How should we think about the longer-term opportunity to improve margins in that segment? - Management noted that operating margins have grown over 130 basis points year-over-year, with a focus on automating capabilities and services for biopharma partners [38] Question: What are the key drivers of growth in the North American pharmaceutical segment? - Management pointed to strong specialty distribution growth and operational efficiency gains as key drivers of growth in the segment [40][52]

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McKesson Corporation Third Quarter Fiscal 2026 Earnings Call February 4, 2026 1 © 2026 McKesson Corporation. All rights reserved. Cautionary Statements Cautionary Statements In an effort to provide additional and useful information regarding the Company's financial results and other financial information as determined by generally accepted accounting principles (GAAP), certain materials in this presentation include non-GAAP information. The Company believes the presentation of non-GAAP measures provides use ...

Exhibit 99.1 McKESSON CORPORATION REPORTS FISCAL 2026 THIRD QUARTER RESULTS AND RAISES FULL YEAR ADJUSTED EPS GUIDANCE IRVING, Texas, February 4, 2026 - McKesson Corporation (NYSE:MCK) today announced results for the third quarter ended December 31, 2025. Third Quarter Highlights: Fiscal 2026 Full Year Outlook: "McKesson delivered another strong quarter, extending the momentum we've built across the enterprise and demonstrating the impact of our disciplined execution," said Brian Tyler, chief executive offi ...

Key Takeaways MCK is expected to post Q3 fiscal 2026 sales of $105.54B, reflecting 10.8% year-over-year growth.MCK's EPS is projected to climb 15.9% to $9.31, with consensus estimates stable over the past month.MCK's results are likely to benefit from oncology strength, GLP-1 volume growth and efficiency gains.McKesson Corporation (MCK) is scheduled to report third-quarter fiscal 2026 results on Feb. 4, after market close.The Zacks Consensus Estimate for sales is pegged at $105.54 billion, implying 10.8% ye ...