McKesson reports strong Q2 results and raises guidance

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2026, McKesson Corporation (the "Company") reported the Company's preliminary results for the quarter ended on September 30, 2026 which are attached hereto as Exhibit 99.1.¹

The information contained in this Form 8-K, including Exhibit 99.1, is furnished to the Securities and Exchange Commission (the "Commission"), but shall not be deemed "filed" with the Commission for purposes of Section 18 of the Securities Exchange Act of 1934², as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Earnings release issued by the Company dated November 4 , 2026³

104 Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document³

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 4, 2026⁴

McKesson Corporation

By: /s/ Kenny K. Cheung⁴

Kenny K. Cheung

Executive Vice President and⁴ Chief Financial Officer⁴

McKESSON REPORTS FISCAL 2027 SECOND QUARTER RESULTS AND RAISES FULL YEAR ADJUSTED EPS GUIDANCE

IRVING, Texas, November 4, 2026 - McKesson Corporation (NYSE:MCK) today announced results for the second quarter ended September 30, 2026.

Second Quarter Highlights:

• Consolidated revenues of $111.0 billion increased 8%.⁵

• Earnings per diluted share of $10.44 increased $1.52.

• Adjusted Earnings per Diluted Share of $11.68 increased 18%.

• Generated $3.1 billion of cash flow from operations and $2.9 billion of Free Cash Flow.

Fiscal 2027 Full Year Outlook:

• Raised Adjusted Earnings per Diluted Share guidance range to $45.60 to $46.40, from the previous range of $44.20 to $45.00.⁹

• Fiscal 2027 Adjusted Earnings per Diluted Share guidance range indicates 17% to 19% growth compared to the prior year.

• The Company does not forecast GAAP earnings per diluted share 1 .¹⁰

"McKesson delivered another quarter of strong results, reflecting operational strength in our core business segments and disciplined execution across the enterprise," said Brian Tyler, chair and chief executive officer. "We continue to invest strategically to advance healthcare outcomes and create long-term value. We further strengthened our portfolio through transactions that will expand our capabilities and deepen our presence in key growth areas, while maintaining our commitment to financial discipline. We are confident in our ability to leverage differentiated solutions and create value for customers, partners, patients, and shareholders. As we close out a strong first half of our fiscal year, I want to thank Team McKesson for their unwavering commitment to excellence and for the impact they make across healthcare every day."

Fiscal 2027 Second Quarter Result Summary

Second Quarter Year-to-Date

Adjusted Earnings 2

Adjusted Earnings per Diluted Share 2

11.68 9.86 18 21.59 18.12 19

1 See below under "Fiscal 2027 Outlook" for full explanation

2 Adjusted results in this earnings release are non-GAAP financial measures; refer to the accompanying definitions and reconciliation schedules

Second quarter revenues were $111.0 billion, an increase of 8% from a year ago⁵, driven by growth in the North American Pharmaceutical and Oncology & Multispecialty segments due to increased prescription volumes and distribution of specialty products, partially offset by lower contributions from branded pharmaceuticals.

Second quarter earnings per diluted share was $10.44 compared to $8.92 a year ago, an increase of $1.52.⁶

Second quarter Adjusted Earnings per Diluted Share was $11.68 compared to $9.86 a year ago, an increase of 18%⁷, driven by strong operational growth across the North American Pharmaceutical, Oncology & Multispecialty, and Prescription Technology Solutions segments, and a lower share count.

During the three months ended September 30, 2026, McKesson generated cash from operations of $3.1 billion, and invested $123 million in capital expenditures, resulting in Free Cash Flow of $2.9 billion.⁸ During the first six months of the fiscal year, McKesson generated cash from operations of $2.9 billion, and invested $275 million in capital expenditures, resulting in Free Cash Flow of $2.6 billion.

For the first six months of the fiscal year, McKesson returned $3.6 billion of cash to shareholders, which included $3.4 billion of common stock repurchases and $198 million of dividend payments.

Business Highlights¹¹

• McKesson signed an agreement to extend its pharmaceutical distribution partnership with CVS Health through June 2032.

• On October 5, 2026, McKesson signed a definitive agreement to invest approximately $1.4 billion for a minority interest of approximately 49% in Option Care Health, Inc.¹² This transaction aligns with McKesson's strategy in supporting the delivery of complex specialty therapies and expanding patient access through community-based care. The transaction is subject to customary closing conditions¹², including approval by Option Care Health's stockholders and the receipt of required regulatory approvals.

• On November 2, 2026, McKesson completed the acquisition of Precision Medicine Group, LLC, a global provider of clinical research and biopharma commercialization service. This acquisition represents a meaningful milestone in advancing its strategy in oncology, multispecialty, and biopharma services.

• On November 2, 2026, PRISM Vision Group expanded its network with the addition of Spectrum Vision Partners, adding more than 150 providers and bringing its total provider network to more than 350.

North American Pharmaceutical Segment

• Revenues were $91.4 billion, an increase of 6%, driven by increased prescription transaction volumes, including higher volumes from specialty products to health systems and strategic accounts, partially offset by lower contributions from branded pharmaceuticals.

• Segment Operating Profit was $1.1 billion. Adjusted Segment Operating Profit was $1.0 billion, an increase of 22%, driven by growth in the distribution of specialty p