Slide 1: McKesson Corporation Third Quarter Fiscal 2026 Earnings Call
McKesson Corporation Third Quarter Fiscal 2026 Earnings Call February 4, 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: Third Quarter Fiscal 2026 Results
Third Quarter Fiscal 2026 Results 4 © 2026 McKesson Corporation. All rights reserved.
Slide 5: Third Quarter Highlights
THIRD QUARTER FISCAL 2026 RESULTS Third Quarter Highlights Q3 QUARTERLY REVENUE Company Updates $106.2B 11% • Advanced the planned separation of the Medical-Surgical Solutions segment • Implemented transition service agreements effective January 1 Q3 ADJUSTED EARNINGS PER DILUTED SHARE • On January
Slide 6: Consolidated Adjusted Financial Information
THIRD QUARTER FISCAL 2026 RESULTS Consolidated Adjusted Financial Information Q3 Fiscal 2026 Results Adjusted Results Q3 YoY YTD Q3 YoY ($ and shares in millions, except per share amounts) FY 26 Change FY 26 Change Revenues $ 106,158 11 % $ 307,135 15 % Gross Profit $ 3,662 10 % $ 10,460 8 % Operati
Slide 7: Adjusted Earnings Per Share Results
THIRD QUARTER FISCAL 2026 RESULTS Adjusted Earnings Per Share Results Q3 Fiscal 2026 year-over-year $0.21 $(0.20) $0.14 $9.34 $1.13 $0.03 $8.03 Q3 FY25 Operating McKesson Ventures Tax Rate Diluted Weighted Other1 Q3FY26 Performance Average Common Shares Adj. EPS Adj. EPS See endnotes for details 7 ©
Slide 8: North American Pharmaceutical
THIRD QUARTER FISCAL 2026 RESULTS North American Pharmaceutical Results Q3 YoY YTD Q3 YoY ($ in millions) FY 26 Change FY 26 Change North American Pharmaceutical Revenue $ 88,322 9 % $ 257,532 13 % Adjusted Segment Operating Profit $ 872 6 % $ 2,472 9 % Adjusted Segment Operating Profit Margin 0.99
Slide 9: Oncology & Multispecialty
THIRD QUARTER FISCAL 2026 RESULTS Oncology & Multispecialty Results Q3 YoY YTD Q3 YoY ($ in millions) FY 26 Change FY 26 Change Oncology & Multispecialty Revenue $ 13,010 37 % $ 35,712 30 % Adjusted Segment Operating Profit $ 366 57 % $ 1,050 54 % Adjusted Segment Operating Profit Margin 2.81 % 36 b
Slide 10: Prescription Technology Solutions
THIRD QUARTER FISCAL 2026 RESULTS Prescription Technology Solutions Results Q3 YoY YTD Q3 YoY ($ in millions) FY 26 Change FY 26 Change Prescription Technology Solutions Revenue $ 1,500 9 % $ 4,310 11 % Adjusted Segment Operating Profit $ 277 18 % $ 807 19 % Adjusted Segment Operating Profit Margin
Slide 11: Medical-Surgical Solutions
THIRD QUARTER FISCAL 2026 RESULTS Medical-Surgical Solutions Results Q3 YoY YTD Q3 YoY ($ in millions) FY 26 Change FY 26 Change Medical-Surgical Solutions Revenue $ 2,991 1 % $ 8,639 1 % Adjusted Segment Operating Profit $ 265 (10) % $ 758 3 % Adjusted Segment Operating Profit Margin 8.86 % (111) b
Slide 12: Corporate
THIRD QUARTER FISCAL 2026 RESULTS Corporate Results Q3 YoY YTD Q3 YoY ($ in millions) FY 26 Change FY 26 Change Corporate Adjusted Corporate Expenses $ (156) 18 % $ (445) 32 % Q3 Adjusted Corporate Expenses increase driven by higher technology investments 12 © 2026 McKesson Corporation. All rights r
Slide 13: Efficient Capital Deployment and Financial Discipline Drive Shareholder Value
THIRD QUARTER FISCAL 2026 RESULTS Efficient Capital Deployment and Financial Discipline Drive Shareholder Value ($ in millions) $2,734 $(560) $(2,359) $5,691 $(3,275) $728 $2,959 YE Cash1 Operating Cash Flow Capital Expenditures Share Repurchases M&A Other2 Q3 Cash1 + Dividends 3/31/25 12/31/25 See
Slide 14: Fiscal 2026 Outlook
Fiscal 2026 Outlook On the following slides, McKesson presents an overview of its fiscal 2026 Outlook and assumptions. The company does not provide forward-looking guidance on a GAAP basis as McKesson is unable to provide a quantitative reconciliation of forward-looking Non-GAAP measures to the most
Slide 15: Fiscal 2026 Adjusted Outlook
FISCAL 2026 ADJUSTED OUTLOOK Fiscal 2026 Adjusted EPS Outlook $38.80 to $39.20 Strong Business Performance Capital Deployment Anticipate Fiscal 2026 Adjusted Operating Profit growth of Anticipate approximately $2.5 billion in share repurchases in 13% to 17% compared to prior year Fiscal 2026 Fiscal
Slide 16: Raising Fiscal 2026 Adjusted EPS Outlook
FISCAL 2026 ADJUSTED OUTLOOK Raising Fiscal 2026 Adjusted EPS Outlook 17% to 19% growth $38.80 to $39.20 $33.05 FY25 Operating McKesson Ventures Other1 FY26 Performance Actual Outlook See endnotes for details 16 © 2026 McKesson Corporation. All rights reserved.
Slide 17: Consolidated Metrics
FISCAL 2026 ADJUSTED OUTLOOK Consolidated Metrics Metric Fiscal 2026 Outlook Fiscal 2025 Actual Earnings per Diluted Share $38.80 to $39.20 $33.05 Previously $38.35 to $38.85 Revenues 12% to 16% growth 16% growth Previously 11% to 15% growth Operating Profit 13% to 17% growth 15% growth Previously 1
Slide 18: Segment Metrics
FISCAL 2026 ADJUSTED OUTLOOK Segment Metrics ADJUSTED REVENUE OPERATING PROFIT North American Pharmaceutical 10% to 14% growth 8% to 12% growth Previously 5% to 9% growth Oncology & Multispecialty 29% to 33% growth 51% to 55% growth Previously 27% to 31% growth Previously 49% to 53% growth Prescript
Slide 19: 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 20: Appendix
Appendix 20 © 2026 McKesson Corporation. All rights reserved.
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 Change 2025 2024 Change Net inc
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 Schedule 2 McKESSON CORPORATION (Continued) RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions, except per share amounts) Three Months Ended December 31, Nine Months Ended December 31, 202
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) Schedule 2 (unaudited) (Continued) (in millions) Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 Change 2025 2024 Ch
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) Schedule 2 (unaudited) (Continued) (in millions) Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 Change 2025 2024 Ch
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 Schedule 2 McKESSON CORPORATION (Continued) RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions, except per share amounts) (a) Certain computations may reflect rounding adjustments. Any per
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) Schedule 3 (in millions) Three Months Ended December 31, 2025 2024 Change As reported As adjusted As reported As adjusted
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) Schedule 3 (in millions) (Continued) Nine Months Ended December 31, 2025 2024 Change As reported As adjusted As reported
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 Fiscal 2026 and Q3 Fiscal 2025 Schedule 6 McKESSON CORPORATION RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (unaudited) (in millions) Three Months Ended December 31,(1) Nine Months Ended December 31, 2025 2025 2024 Change GAAP CASH FLOW CATEGORIES
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended Q4 FY25 and Trailing Twelve Months Ended Q3 FY26 Schedule 6 McKESSON CORPORATION (Continued) RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (unaudited) (in millions) 29 © 2026 McKesson Corporation. All rights reserved.
Slide 30: Financial Statement Notes
Financial Statement Notes McKESSON CORPORATION FINANCIAL STATEMENT NOTES 1 of 2 1. Transaction-related expenses and adjustments for the three and nine months ended December 31, 2024 includes a net loss of $23 million (pre-tax and after-tax) and $666 million (pre-tax and after-tax), respectively, to
Slide 31: Financial Statement Notes
Financial Statement Notes FINANCIAL STATEMENT NOTES (continued) 2 of 2 6. During the nine months ended December 31, 2024, the Company recognized a pre-tax net gain of $100 million ($74 million after-tax) within Corporate expenses, net related to a recapitalization event of one of our investments in
Slide 32: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information 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 Cor
Slide 33: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information 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 a
Slide 34: Supplemental Non-GAAP Financial Information
Supplemental Non-GAAP Financial Information 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 ad