Slide 1: McKesson Corporation Fourth Quarter Fiscal 2026 Earnings Call
McKesson Corporation Fourth Quarter Fiscal 2026 Earnings Call May 7, 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: Fourth Quarter Fiscal 2026 Results
Fourth Quarter Fiscal 2026 Results 4 © 2026 McKesson Corporation. All rights reserved.
Slide 5: Company Highlights
FOURTH QUARTER FISCAL 2026 RESULTS Company Highlights Company Updates Q4 QUARTERLY REVENUE • Donald R. Knauss will complete his service on the Board of Directors at the 2026 Annual Stockholders meeting, in $96.3B 6% accordance with McKesson’s governance policy • Effective May 1, 2026, the Board elec
Slide 6: Consolidated Adjusted Financial Information
FOURTH QUARTER FISCAL 2026 RESULTS Consolidated Adjusted Financial Information Q4 and Full Year Fiscal 2026 Results Adjusted Results Q4 YoY Full Year YoY ($ and shares in millions, except per share amounts) FY 26 Change FY 26 Change Revenues $ 96,295 6 % $ 403,430 12 % Gross Profit $ 3,862 14 % $ 14
Slide 7: Adjusted Earnings Per Share Results
FOURTH QUARTER FISCAL 2026 RESULTS Adjusted Earnings Per Share Results Excluding McKesson Ventures, 20% growth over prior year $1.23 $(0.57) $(0.10) $39.11 $5.50 $33.05 FY25 Operating Performance Diluted Weighted McKesson Ventures Other1 FY26 Average Common Shares Adj. EPS Adj. EPS See endnotes for
Slide 8: North American Pharmaceutical
FOURTH QUARTER FISCAL 2026 RESULTS North American Pharmaceutical Results Q4 YoY Full Year YoY ($ in millions) FY 26 Change FY 26 Change North American Pharmaceutical Revenue $ 79,120 3 % $ 336,652 11 % Adjusted Segment Operating Profit $ 980 11 % $ 3,452 10 % Adjusted Segment Operating Profit Margin
Slide 9: Oncology & Multispecialty
FOURTH QUARTER FISCAL 2026 RESULTS Oncology & Multispecialty Results Q4 YoY Full Year YoY ($ in millions) FY 26 Change FY 26 Change Oncology & Multispecialty Revenue $ 12,711 35 % $ 48,423 31 % Adjusted Segment Operating Profit $ 385 53 % $ 1,435 53 % Adjusted Segment Operating Profit Margin 3.03 %
Slide 10: Prescription Technology Solutions
FOURTH QUARTER FISCAL 2026 RESULTS Prescription Technology Solutions Results Q4 YoY Full Year YoY ($ in millions) FY 26 Change FY 26 Change Prescription Technology Solutions Revenue $ 1,495 12 % $ 5,805 11 % Adjusted Segment Operating Profit $ 322 13 % $ 1,129 17 % Adjusted Segment Operating Profit
Slide 11: Medical-Surgical Solutions
FOURTH QUARTER FISCAL 2026 RESULTS Medical-Surgical Solutions Results Q4 YoY Full Year YoY ($ in millions) FY 26 Change FY 26 Change Medical-Surgical Solutions Revenue $ 2,868 1 % $ 11,507 1 % Adjusted Segment Operating Profit $ 271 (5) % $ 1,029 1 % Adjusted Segment Operating Profit Margin 9.45 % (
Slide 12: Corporate
FOURTH QUARTER FISCAL 2026 RESULTS Corporate Results Q4 YoY Full Year YoY ($ in millions) FY 26 Change FY 26 Change Corporate Adjusted Corporate Expenses $ (209) 33 % $ (654) 32 % Q4 Adjusted Corporate Expenses increase driven by pre-tax losses of $15 million associated with McKesson Ventures' equit
Slide 13: Efficient Capital Deployment and Financial Discipline Drive Shareholder Value
FOURTH QUARTER FISCAL 2026 RESULTS Efficient Capital Deployment and Financial Discipline Drive Shareholder Value ($ in millions) $6,155 $(745) $(5,131) $(2,586) $5,691 $591 $3,975 YE Cash1 Operating Cash Flow Capital Expenditures Share Repurchases M&A Other2 YE Cash1 + Dividends 3/31/25 3/31/26 See
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 Outlook
FISCAL 2027 ADJUSTED OUTLOOK Fiscal 2027 Adjusted EPS Outlook $43.80 to $44.60 Strong Business Performance Capital Deployment Anticipate Fiscal 2027 Adjusted Operating Profit growth of During the fourth quarter, McKesson entered into a $2.25 8% to 12% compared to prior year billion accelerated share
Slide 16: Fiscal 2027 Adjusted EPS Outlook
FISCAL 2027 ADJUSTED OUTLOOK Fiscal 2027 Adjusted EPS Outlook 14% to 16% growth $43.80 to $44.60 $39.11 $38.37 FY26 Norway USON FY26 Operating Capital Other1 MMS Noncontrolling FY27 Performance Gains Performance Allocation Interest Actual Baseline Outlook See endnotes for details 16 © 2026 McKesson
Slide 17: Consolidated Metrics
FISCAL 2027 ADJUSTED OUTLOOK Consolidated Metrics Metric Fiscal 2027 Outlook Fiscal 2026 Actual Earnings per Diluted Share $43.80 to $44.60 $39.11 Revenues 5% to 9% growth 12% growth Operating Profit 8% to 12% growth 15% growth Corporate Expenses $580 to $640 million $654 million Interest Expense $3
Slide 18: Segment Metrics
FISCAL 2027 ADJUSTED OUTLOOK Segment Metrics ADJUSTED REVENUE OPERATING PROFIT North American Pharmaceutical 4.0% to 8.0% growth 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% to 6.5% growth 11.0% to 15.0% growth Medic
Slide 19: Long-Term Outlook
LONG-TERM OUTLOOK Reaffirming Long-Term Financial Growth Targets Adjusted Operating Profit Growth Oncology & Prescription Capital North American Multispecialty Technology Deployment Pharmaceutical Solutions • Sustain Strong FCF Conversion • Investments in Growth • Capital Return to 5% to 8% 13% to 1
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 Q4 Fiscal 2026 and Q4 Fiscal 2025 McKESSON CORPORATION Schedule 2 RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) (in millions) Three Months Ended March 31, Year Ended March 31, 2026 2025 Change 2026 2025 Change Net income (GAAP) $
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 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 March 31, Year Ended March 31, 2026 2025 Change
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) Schedule 2 (unaudited) (Continued) (in millions) Three Months Ended March 31, Year Ended March 31, 2026 2025 Change 2026 2025 Change Gross pr
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) Schedule 2 (unaudited) (Continued) (in millions) Three Months Ended March 31, Year Ended March 31, 2026 2025 Change 2026 2025 Change Interest
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 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 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) Schedule 3 (in millions) Three Months Ended March 31, 2026 2025 Change As reported As adjusted As reported As adjusted As
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 Fiscal 2025 McKESSON CORPORATION RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP) (unaudited) Schedule 3 (in millions) Year Ended March 31, (Continued) 2026 2025 Change As reported As adjusted As reported As adjuste
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q4 Fiscal 2026 and Q4 Fiscal 2025 Schedule 6 McKESSON CORPORATION RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP) (unaudited) (in millions) Three Months Ended March 31,(1) Year Ended March 31, 2026 2026 2025 Change GAAP CASH FLOW CATEGORIES Net cash prov
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 months and the year ended March 31, 2026 includes a pre-tax net gain of $480 million ($410 million after-tax) to remeasure assets and liabilities to fair valu
Slide 31: Financial Statement Notes
Financial Statement Notes FINANCIAL STATEMENT NOTES (continued) 2 of 2 6. Restructuring, impairment, and related charges, net for the three months and year ended March 31, 2026 includes pre-tax charges of $99 million ($73 million after-tax) and $245 million ($181 million after tax), respectively, pr
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