McKesson earnings: September 2026 quarter

McKesson, which moves medicines from drugmakers to pharmacies, hospitals and clinics in North America, had a strong September quarter. Sales rose 8% to about $111 billion, led by its cancer-care business. Its own adjusted earnings per share rose 18% to $11.68, helped by buying back shares. The company raised its forecast for the year for the second quarter running. The cost of that progress is more debt and higher interest bills, and some of the extra cash came from paying suppliers later. ¹

Against what analysts expected

On its own adjusted measure, McKesson earned $11.68 a share, about 9% above the $10.69 analysts on average expected, according to Nasdaq's earnings calendar. On the reported figure, which includes one-off charges such as restructuring and separation costs, it earned $10.44, about 2% below that forecast, so the comparison depends on the measure. ¹²

The strong points

• McKesson's own adjusted earnings per share, which leave out one-off costs, rose 18% to $11.68 from a year earlier. ¹
• Sales rose 8% to about $111 billion, with the cancer-care and specialty business growing fastest at 24%. ¹
• Over the first six months, the cash left after running the business and investing in it more than doubled. ¹

The weak points

• McKesson took on $3.2 billion of new long-term borrowing, and its interest bill rose 42% to $105 million in the quarter. ¹
• Profit per dollar of sales fell in its cancer-care business and in medical supplies, by more than a full percentage point in medical supplies. ¹
• Much of the jump in cash came from paying suppliers later, and such timing gains can reverse. ¹

What the company expects

• McKesson raised its forecast for adjusted earnings per share for the year to $45.60-$46.40, from $44.20-$45.00 three months ago. ¹
• This is the second raise in a row: the forecast started the year at $43.80-$44.60. ¹

Our verdict on the quarter

A very strong report. McKesson raised its yearly profit forecast again, its adjusted earnings came in well above what analysts expected, and both sales and profit grew strongly, with more debt and later supplier payments as the main caveats.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. McKesson's results release, 4 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 4 November 2026. ↩