Slide 1: McKesson Corporation First Quarter Fiscal 2027 Earnings Call
McKesson Corporation First Quarter Fiscal 2027 Earnings Call August 5, 2026 1 © 2026 McKesson Corporation. All rights reserved.
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by their use of terminology such as “
Slide 3: Accelerating Long-Term Growth and Value Creation
Accelerating Long-Term Growth and Value Creation Our Company Priorities Grow Focus Strengthen Oncology & Modernize On People North Multispecialty & Accelerate and Culture American and Biopharma the Portfolio Distribution Platforms Organic Growth Operating Leverage Capital Allocation 13% to 16% Long-
Slide 4: First Quarter Fiscal 2027 Results
First Quarter Fiscal 2027 Results 4 © 2026 McKesson Corporation. All rights reserved.
Slide 5: Company Highlights
FIRST QUARTER FISCAL 2027 RESULTS Company Highlights Company Updates Q1 QUARTERLY REVENUE • Remains committed to a disciplined capital allocation framework and continued to return excess capital to $105.4B 8% shareholders • In the quarter, McKesson completed $2.5 billion share repurchases, including
Slide 6: Consolidated Adjusted Financial Information
FIRST QUARTER FISCAL 2027 RESULTS Consolidated Adjusted Financial Information Q1 Fiscal 2027 Results Adjusted Results Q1 YoY ($ and shares in millions, except per share amounts) FY 27 Change GAAP Revenues $ 105,380 8 % Gross Profit $ 3,677 13 % Operating Expenses $ (2,090) 10 % Operating Profit $ 1,
Slide 7: Adjusted Earnings Per Share Results
FIRST QUARTER FISCAL 2027 RESULTS Adjusted Earnings Per Share Results Q1 Fiscal 2027 year-over-year $0.50 $(0.24) $9.93 $1.41 $8.26 Q1 FY26 Operating Performance Capital Allocation Other1 Q1 FY27 Adj. EPS Adj. EPS See endnotes for details 7 © 2026 McKesson Corporation. All rights reserved.
Slide 8: North American Pharmaceutical
FIRST QUARTER FISCAL 2027 RESULTS North American Pharmaceutical Results Q1 YoY ($ in millions) FY 27 Change North American Pharmaceutical Revenue $ 86,773 5 % Adjusted Segment Operating Profit $ 894 19 % Adjusted Segment Operating Profit Margin 1.03 % 12 bp Q1 Revenue growth driven by increased pres
Slide 9: Oncology & Multispecialty
FIRST QUARTER FISCAL 2027 RESULTS Oncology & Multispecialty Results Q1 YoY ($ in millions) FY 27 Change Oncology & Multispecialty Revenue $ 14,222 33 % Adjusted Segment Operating Profit $ 405 41 % Adjusted Segment Operating Profit Margin 2.85 % 16 bp Q1 Revenue driven by growth in provider solutions
Slide 10: Prescription Technology Solutions
FIRST QUARTER FISCAL 2027 RESULTS Prescription Technology Solutions Results Q1 YoY ($ in millions) FY 27 Change Prescription Technology Solutions Revenue $ 1,566 9 % Adjusted Segment Operating Profit $ 303 13 % Adjusted Segment Operating Profit Margin 19.35 % 59 bp Q1 Revenue growth driven by increa
Slide 11: Medical-Surgical Solutions
FIRST QUARTER FISCAL 2027 RESULTS Medical-Surgical Solutions Results Q1 YoY ($ in millions) FY 27 Change Medical-Surgical Solutions Revenue $ 2,819 4 % Adjusted Segment Operating Profit $ 195 (20) % Adjusted Segment Operating Profit Margin 6.92 % (211) bp Q1 Revenue increase driven by growth across
Slide 12: Corporate
FIRST QUARTER FISCAL 2027 RESULTS Corporate Results Q1 YoY ($ in millions) FY 27 Change Corporate Adjusted Corporate Expenses $ (144) 4 % Q1 Adjusted Corporate Expenses increase driven by higher technology infrastructure investments 12 © 2026 McKesson Corporation. All rights reserved.
Slide 13: Efficient Capital Deployment and Financial Discipline Drive Shareholder Value
FIRST QUARTER FISCAL 2027 RESULTS Efficient Capital Deployment and Financial Discipline Drive Shareholder Value ($ in millions) $1,238 $(259) $5,164 $3,214 $3,975 $(220) $(152) $(2,632) YE Cash1 Operating Cash Flow Capital Expenditures Share Repurchases Long Term Debt2 Proceeds from Other3 Q1 Cash1
Slide 14: Fiscal 2027 Outlook
Fiscal 2027 Outlook On the following slides, McKesson presents an overview of its fiscal 2027 Outlook and assumptions. McKesson does not provide forward-looking guidance on a GAAP basis as the company is unable to provide a quantitative reconciliation of forward-looking Non-GAAP measures to the most
Slide 15: Fiscal 2027 Adjusted EPS Outlook
FISCAL 2027 ADJUSTED OUTLOOK Fiscal 2027 Adjusted EPS Outlook $44.20 to $45.00 Strong Business Performance Capital Deployment Anticipate Fiscal 2027 Adjusted Operating Profit growth of Anticipate approximately $5.0 billion in share repurchases in 9% to 13% compared to prior year Fiscal 2027, of whic
Slide 16: Raising Fiscal 2027 Adjusted EPS Outlook
FISCAL 2027 ADJUSTED OUTLOOK Raising Fiscal 2027 Adjusted EPS Outlook 15% to 17% growth $44.20 to $45.00 $39.11 $38.37 FY26 Norway USON FY26 Operating Capital Allocation Other1 MMS Noncontrolling FY27 Performance Gains Performance Interest Actual Baseline Outlook See endnotes for details 16 © 2026 M
Slide 17: Raising Fiscal 2027 Adjusted EPS Outlook
FISCAL 2027 ADJUSTED OUTLOOK Raising Fiscal 2027 Adjusted EPS Outlook $44.20 to $45.00 $43.80 to $44.60 FY27 Outlook Operational Performance Tax Capital Allocation FY27 Outlook May 7, 2026 August 6, 2026 17 © 2026 McKesson Corporation. All rights reserved.
Slide 18: Consolidated Metrics
FISCAL 2027 ADJUSTED OUTLOOK Consolidated Metrics Metric Fiscal 2027 Outlook Fiscal 2026 Actual Earnings per Diluted Share $44.20 to $45.00 $39.11 Previously $43.80 to $44.60 Revenues 5% to 9% growth 12% growth Operating Profit 9% to 13% growth 15% growth Previously 8% to 12% growth Corporate Expens
Slide 19: Segment Metrics
FISCAL 2027 ADJUSTED OUTLOOK Segment Metrics ADJUSTED REVENUE OPERATING PROFIT North American Pharmaceutical 4.0% to 8.0% growth High end of 5.5% to 9.5% growth Previously 5.5% to 9.5% growth Oncology & Multispecialty 14.5% to 18.5% growth 13.5% to 17.5% growth Prescription Technology Solutions 2.5%
Slide 20: Endnotes
Endnotes These notes refer to the financial metrics and/or defined terms presented on: Slide 3 – Accelerating Long-Term Growth and Value Creation 1. Long-Term Adjusted EPS Growth Target refers to Long-Term Adjusted EPS Growth which excludes gains or losses associated with McKesson Venture’s portfoli
Slide 21: Appendix
Appendix 21 © 2026 McKesson Corporation. All rights reserved.
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Three Months Ended June 30, 2026 2025 Change Net income (GAAP) $ 1,032 $ 831 24 % Net income attributabl
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions, except per share amounts) Three Months Ended June 30, 2026 2025 Change Earnings per diluted
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions) Three Months Ended June 30, 2026 2025 Change Gross profit (GAAP) $ 3,685 $ 3,279 12 % Pre-ta
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions) Three Months Ended June 30, 2026 2025 Change Interest expense (GAAP) $ (77) $ (49) 57 % Pre-
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (Continued) (unaudited) (in millions, except per share amounts) (a) Certain computations may reflect rounding adjustments. Any per
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Schedule 3 Three Months Ended June 30, 2026 2025 Change As reported As adjusted As reported As adjusted As
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Fiscal 2027 and Q1 Fiscal 2026 McKESSON CORPORATION Schedule 6 RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (unaudited) (in millions) Three Months Ended June 30, 2026 2025 Change GAAP CASH FLOW CATEGORIES Net cash used in operating activities $ (22
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Trailing Twelve Months Ended Q1 FY27 McKESSON CORPORATION Schedule 6 RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (Continued) (unaudited) (in millions) Trailing Twelve Months Ended June 30, 2026 (1) FREE CASH FLOW (NON-GAAP) Net cash provided by opera
Slide 30: Financial Statement Notes
Financial Statement Notes McKESSON CORPORATION 1 of 1 FINANCIAL STATEMENT NOTES 1. Transaction-related expenses and adjustments for the three months ended June 30, 2026 include pre-tax charges of $68 million ($50 million after-tax) within Medical-Surgical Solutions and Corporate Expenses, net, relat
Slide 31: Financial Statement Notes
Financial Statement Notes McKESSON CORPORATION 1 of 3 SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION In an effort to provide investors with additional information regarding the Company's financial results as determined by generally accepted accounting principles ("GAAP"), McKesson Corporation (the "Com
Slide 32: Financial Statement Notes
Financial Statement Notes SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 2 of 3 • Adjusted Segment Operating Profit (Non-GAAP) and Adjusted Segment Operating Profit Margin (Non-GAAP): We define Adjusted Segment Operating Profit as GAAP segment operating profit, excluding amortization of acq
Slide 33: Financial Statement Notes
Financial Statement Notes SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued) 3 of 3 Other adjustments - The Company evaluates the nature and significance of transactions qualitatively and quantitatively on an individual basis and may include them in the determination of our adjusted results fro