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McKesson (MCK) Financials

McKesson logo
$664.10 -39.66 (-5.64%)
Closing price 08/7/2025 03:59 PM Eastern
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$668.50 +4.40 (+0.66%)
As of 08:21 AM Eastern
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Annual Income Statements for McKesson

Annual Income Statements for McKesson

This table shows McKesson's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,476 2,258 5,070 67 34 900 -4,539 1,114 3,560 3,002 3,295
Consolidated Net Income / (Loss)		 1,543 2,310 5,153 297 255 1,120 -4,340 1,287 3,722 3,160 3,481
Net Income / (Loss) Continuing Operations		 1,842 2,342 5,277 292 254 1,126 -4,339 1,292 3,725 3,160 3,481
Total Pre-Tax Income 		2,657 3,250 6,891 239 610 1,144 -5,034 1,928 4,630 3,789 4,359
Total Operating Income		 2,968 3,545 7,122 762 886 2,489 -5,040 2,038 4,381 3,909 4,422
Total Gross Profit		 11,411 11,416 11,271 11,184 11,754 12,023 12,148 13,130 12,358 12,828 13,323
Total Revenue		 179,045 190,884 198,533 208,357 214,319 231,051 238,228 263,966 276,711 308,951 359,051
Operating Revenue		 179,045 190,884 198,533 208,357 214,319 231,051 238,228 263,966 276,711 308,951 359,051
Total Cost of Revenue		 167,634 179,468 187,262 197,173 202,565 219,028 226,080 250,836 264,353 296,123 345,728
Operating Cost of Revenue		 167,634 179,468 187,262 197,173 202,565 219,028 226,080 250,836 264,353 296,123 345,728
Total Operating Expenses		 8,443 7,871 4,149 10,422 10,868 9,534 17,188 11,092 7,977 8,919 8,901
Selling, General & Admin Expense		 7,901 7,379 7,447 8,138 8,437 9,182 8,849 10,537 7,776 8,657 8,507
Restructuring Charge		 0.00 203 18 567 597 268 334 281 209 115 286
Other Special Charges / (Income)		 150 - 0.00 -146 37 82 7,936 274 -8.00 147 108
Total Other Income / (Expense), net		 -311 -295 -231 -523 -276 -1,345 6.00 -110 249 -120 -63
Interest Expense		 374 353 308 405 264 249 217 369 248 252 265
Other Income / (Expense), net		 63 58 77 -118 182 12 223 259 497 132 202
Income Tax Expense		 815 908 1,614 -53 356 18 -695 636 905 629 878
Net Income / (Loss) Discontinued Operations		 -299 -32 -124 5.00 1.00 -6.00 -1.00 -5.00 -3.00 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 67 52 83 230 221 220 199 173 162 158 186
Basic Earnings per Share		 $6.37 $9.82 $22.95 $0.32 $0.17 $4.98 ($28.26) $7.32 $25.23 $22.54 $25.86
Weighted Average Basic Shares Outstanding		 232M 230M 221M 208M 196.30M 180.60M 160.60M 152.30M 141.10M 133.20M 127.40M
Diluted Earnings per Share		 $6.27 $9.70 $22.73 $0.32 $0.17 $4.95 ($28.26) $7.23 $25.03 $22.39 $25.72
Weighted Average Diluted Shares Outstanding		 235M 233M 223M 209M 197.30M 181.60M 160.60M 154.10M 142.20M 134.10M 128.10M
Weighted Average Basic & Diluted Shares Outstanding		 231.70M 229.90M 220.90M 209.40M 200M 161.85M 158.19M 145.37M 135.60M 129.99M 125.11M
Cash Dividends to Common per Share		 $0.96 $1.08 $1.12 $1.30 $1.51 $1.62 $1.67 $1.83 $2.09 $2.40 $2.75

Quarterly Income Statements for McKesson

This table shows McKesson's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,079 787 958 664 589 791 915 241 879 1,260 784
Consolidated Net Income / (Loss)		 1,120 826 997 703 630 830 960 287 928 1,306 831
Net Income / (Loss) Continuing Operations		 1,119 826 997 703 630 830 960 287 928 1,306 831
Total Pre-Tax Income 		1,448 932 1,091 916 612 1,170 1,084 534 1,226 1,515 1,051
Total Operating Income		 1,241 980 1,100 951 642 1,216 1,029 578 1,224 1,591 1,036
Total Gross Profit		 3,174 3,066 3,022 3,069 3,152 3,585 3,152 3,248 3,284 3,639 3,279
Total Revenue		 70,490 68,910 74,483 77,215 80,898 76,355 79,283 93,651 95,294 90,823 97,827
Operating Revenue		 70,490 68,910 74,483 77,215 80,898 76,355 79,283 93,651 95,294 90,823 97,827
Total Cost of Revenue		 67,316 65,844 71,461 74,146 77,746 72,770 76,131 90,403 92,010 87,184 94,548
Operating Cost of Revenue		 67,316 65,844 71,461 74,146 77,746 72,770 76,131 90,403 92,010 87,184 94,548
Total Operating Expenses		 1,933 2,086 1,922 2,118 2,510 2,369 2,123 2,670 2,060 2,048 2,243
Selling, General & Admin Expense		 1,903 1,964 1,870 2,092 2,506 2,189 2,001 2,503 2,028 1,975 2,196
Restructuring Charge		 31 125 52 28 4.00 31 10 171 32 73 47
Other Special Charges / (Income)		 -1.00 -3.00 0.00 -2.00 0.00 149 112 -4.00 0.00 - 0.00
Total Other Income / (Expense), net		 207 -48 -9.00 -35 -30 -46 55 -44 2.00 -76 15
Interest Expense		 69 79 47 61 64 80 75 78 67 45 49
Other Income / (Expense), net		 276 31 38 26 34 34 130 34 69 -31 64
Income Tax Expense		 329 106 94 213 -18 340 124 247 298 209 220
Net Income / (Loss) Attributable to Noncontrolling Interest		 41 39 39 39 41 39 45 46 49 46 47
Basic Earnings per Share		 $7.71 $5.73 $7.07 $4.95 $4.45 $6.07 $7.04 $1.88 $6.98 $9.96 $6.28
Weighted Average Basic Shares Outstanding		 139.90M 141.10M 135.50M 134.10M 132.50M 133.20M 129.80M 128.70M 126M 127.40M 124.90M
Diluted Earnings per Share		 $7.66 $5.69 $7.02 $4.92 $4.42 $6.03 $7.00 $1.87 $6.95 $9.90 $6.25
Weighted Average Diluted Shares Outstanding		 141M 142.20M 136.60M 134.80M 133.30M 134.10M 130.70M 129.30M 126.60M 128.10M 125.50M
Weighted Average Basic & Diluted Shares Outstanding		 136.94M 135.60M 134.90M 133.06M 131.41M 129.99M 129.68M 126.94M 125.33M 125.11M 124.38M

Annual Cash Flow Statements for McKesson

This table details how cash moves in and out of McKesson's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Net Change in Cash & Equivalents		 1,148 -1,293 -594 -1,732 309 1,042 2,373 -2,461 744 -94 1,371
Net Cash From Operating Activities		 3,112 3,672 4,744 4,345 4,036 4,374 4,542 4,434 5,159 4,314 6,085
Net Cash From Continuing Operating Activities		 3,112 3,672 4,744 4,345 4,036 4,374 4,542 4,434 5,159 4,314 6,085
Net Income / (Loss) Continuing Operations		 1,543 2,310 5,153 297 255 1,120 -4,340 1,287 3,722 3,160 3,481
Consolidated Net Income / (Loss)		 1,543 2,310 5,153 297 255 1,120 -4,340 1,287 3,722 3,160 3,481
Depreciation Expense		 306 281 324 303 317 321 321 279 248 253 242
Amortization Expense		 711 604 586 648 632 601 566 481 360 382 394
Non-Cash Adjustments To Reconcile Net Income		 799 380 -3,517 2,227 2,029 1,985 717 2,271 409 1,149 1,204
Changes in Operating Assets and Liabilities, net		 -247 97 2,198 870 803 347 7,278 116 420 -630 764
Net Cash From Investing Activities		 -677 -1,557 -3,269 -2,993 -1,381 -579 -415 -89 -542 -1,072 -733
Net Cash From Continuing Investing Activities		 -677 -1,767 -3,269 -2,993 -1,381 -579 -415 -89 -542 -1,072 -733
Purchase of Property, Plant & Equipment		 -376 -488 -404 -405 -426 -362 -451 -388 -390 -431 -537
Acquisitions		 -339 -229 -4,370 -3,068 -1,036 -277 -225 -153 -1,035 -528 -346
Divestitures		 15 0.00 206 500 101 37 400 578 1,077 47 179
Other Investing Activities, net		 23 -1,050 1,299 -20 -20 23 -139 -126 -194 -160 -29
Net Cash From Financing Activities		 -968 -3,453 -2,069 -3,084 -2,227 -2,734 -1,693 -6,321 -4,368 -3,342 -3,965
Net Cash From Continuing Financing Activities		 -968 -3,453 -2,069 -3,084 -2,227 -2,734 -1,693 -6,321 -4,368 -3,342 -3,965
Repayment of Debt		 -3,546 -3,281 -9,743 -23,309 -38,735 -22,053 -7,541 -13,407 -10,048 -20,427 -16,159
Repurchase of Common Equity		 -450 -1,612 -2,311 -1,709 -1,639 -1,937 -791 -4,547 -3,638 -3,025 -3,146
Payment of Dividends		 -227 -244 -253 -262 -292 -294 -276 -277 -292 -314 -345
Issuance of Debt		 3,103 1,561 10,118 22,064 38,364 21,437 6,823 11,690 9,447 20,955 15,584
Issuance of Common Equity		 152 123 120 132 75 113 92 220 163 116 101
Other Financing Activities, net		 - - - - - - - 0.00 0.00 -647 0.00
Effect of Exchange Rate Changes		 -319 45 - - -119 -19 -61 55 25 6.00 -16
Other Net Changes in Cash		 - - - - - - 0.00 -540 470 0.00 0.00
Cash Interest Paid		 359 337 315 298 383 235 220 186 224 234 273
Cash Income Taxes Paid		 866 923 587 144 262 368 379 359 562 901 1,124

Quarterly Cash Flow Statements for McKesson

This table details how cash moves in and out of McKesson's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -180 1,901 -2,042 -113 -541 2,602 -2,281 207 -1,229 4,674 -3,273
Net Cash From Operating Activities		 1,668 3,325 -1,052 965 254 4,147 -1,380 2,100 -2,383 7,748 -918
Net Cash From Continuing Operating Activities		 1,668 3,325 -1,052 965 254 4,147 -1,380 2,100 -2,383 7,748 -918
Net Income / (Loss) Continuing Operations		 1,120 826 997 703 630 830 960 287 928 1,306 831
Consolidated Net Income / (Loss)		 1,120 826 997 703 630 830 960 287 928 1,306 831
Depreciation Expense		 61 63 64 65 62 62 63 61 58 60 62
Amortization Expense		 87 98 95 92 97 98 106 102 95 91 95
Non-Cash Adjustments To Reconcile Net Income		 96 238 140 395 668 -54 56 683 246 219 335
Changes in Operating Assets and Liabilities, net		 304 2,100 -2,348 -290 -1,203 3,211 -2,565 967 -3,710 6,072 -2,241
Net Cash From Investing Activities		 -414 -244 -149 -166 -180 -577 -87 -286 -136 -224 -3,564
Net Cash From Continuing Investing Activities		 -414 -244 -149 -166 -180 -577 -87 -286 -136 -224 -3,564
Purchase of Property, Plant & Equipment		 -108 -125 -78 -75 -90 -188 -106 -136 -126 -169 -111
Acquisitions		 -879 -68 -46 -65 -70 -347 -61 -83 -72 -130 -3,437
Divestitures		 578 3.00 39 11 -3.00 - 90 3.00 -10 96 4.00
Other Investing Activities, net		 -5.00 -54 -64 -37 -17 -42 -10 -70 72 -21 -20
Net Cash From Financing Activities		 -1,425 -1,190 -843 -909 -622 -968 -809 -1,599 1,298 -2,855 1,176
Net Cash From Continuing Financing Activities		 -1,425 -1,190 -843 -909 -622 -968 -809 -1,599 1,298 -2,855 1,176
Repayment of Debt		 -847 -8,844 -509 -1,987 -2,488 -15,443 -1,583 -6,072 -2,321 -6,183 -165
Repurchase of Common Equity		 -2,016 -138 -696 -809 -842 -678 -527 -1,492 -827 -300 -581
Payment of Dividends		 -77 -76 -74 -75 -83 -82 -82 -80 -92 -91 -90
Issuance of Debt		 1,499 7,848 1,056 1,935 2,770 15,194 1,361 6,013 4,519 3,691 1,990
Issuance of Common Equity		 16 20 27 27 21 41 22 32 19 28 22
Effect of Exchange Rate Changes		 -9.00 10 2.00 -3.00 7.00 - -5.00 6.00 -22 5.00 33

Annual Balance Sheets for McKesson

This table presents McKesson's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Total Assets		 53,870 56,523 60,969 60,381 59,672 61,247 65,015 63,298 62,320 67,443 75,140
Total Current Assets		 36,670 38,435 36,948 37,136 38,465 42,222 45,382 46,231 44,292 47,970 55,398
Cash & Equivalents		 5,341 4,048 2,783 2,672 2,981 4,015 6,278 3,532 4,678 4,583 5,691
Accounts Receivable		 15,914 17,980 18,215 17,711 18,246 19,950 19,181 18,583 19,410 21,622 25,643
Inventories, net		 14,296 15,335 15,278 16,310 16,709 16,734 19,246 18,702 19,691 21,139 23,001
Prepaid Expenses		 1,119 1,072 672 443 529 617 665 898 513 626 1,063
Plant, Property, & Equipment, net		 2,045 2,278 2,292 2,464 2,548 2,365 2,581 2,092 2,177 2,316 2,502
Total Noncurrent Assets		 15,155 15,810 21,729 20,781 18,659 16,660 17,052 14,975 15,851 17,157 17,240
Goodwill		 9,817 9,786 10,586 10,924 9,358 9,360 9,493 9,451 9,947 10,132 10,022
Intangible Assets		 3,441 3,021 3,665 4,102 3,689 3,156 2,878 2,059 2,277 2,110 1,464
Other Noncurrent Operating Assets		 1,897 3,003 3,415 2,027 2,099 4,144 4,681 3,465 3,627 4,915 5,754
Total Liabilities & Shareholders' Equity		 53,870 56,523 60,969 60,381 59,672 61,247 65,015 63,298 62,320 67,443 75,140
Total Liabilities		 44,399 46,109 48,369 48,865 49,992 54,536 63,569 65,090 63,810 69,042 76,834
Total Current Liabilities		 33,497 35,069 35,612 36,685 37,626 42,624 44,103 48,466 47,957 52,357 61,604
Short-Term Debt		 1,664 1,617 1,240 1,129 330 1,052 742 799 968 50 1,191
Accounts Payable		 25,166 28,585 31,022 32,177 33,853 37,195 38,975 38,086 42,490 47,097 55,330
Accrued Expenses		 3,769 3,948 3,004 3,379 3,443 3,340 3,987 4,543 4,200 4,915 4,825
Other Current Liabilities		 - - - - - 354 390 297 299 295 258
Total Noncurrent Liabilities		 10,902 11,040 12,757 12,180 12,366 11,912 19,466 16,624 15,853 16,685 15,230
Long-Term Debt		 8,180 6,497 7,305 6,751 7,265 6,335 6,406 5,080 4,626 5,579 4,463
Asset Retirement Reserve & Litigation Obligation		 - - - - - 0.00 8,067 7,220 6,625 6,113 5,601
Noncurrent Deferred & Payable Income Tax Liabilities		 859 2,734 3,678 2,804 2,998 2,255 1,411 1,418 1,387 917 1,029
Other Noncurrent Operating Liabilities		 1,863 1,809 1,774 2,625 2,103 3,322 3,582 2,906 3,215 4,076 4,137
Redeemable Noncontrolling Interest		 1,386 1,406 1,327 1,459 1,393 1,402 1,271 - - - 0.00
Total Equity & Noncontrolling Interests		 8,085 9,008 11,273 10,057 8,287 5,309 175 -1,792 -1,490 -1,599 -1,694
Total Preferred & Common Equity		 8,001 8,924 11,095 9,804 8,094 5,092 -21 -2,272 -1,857 -1,971 -2,074
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 8,001 8,924 11,095 9,804 8,094 5,092 -21 -2,272 -1,857 -1,971 -2,074
Common Stock		 6,972 5,848 6,031 6,191 6,438 6,665 6,927 7,277 7,750 8,051 8,376
Retained Earnings		 12,705 8,360 13,189 12,986 12,409 13,022 8,202 9,030 12,295 14,978 17,921
Treasury Stock		 -9,956 -3,721 -5,982 -7,655 -8,902 -12,892 -13,670 -17,045 -20,997 -24,119 -27,439
Accumulated Other Comprehensive Income / (Loss)		 -1,713 -1,561 -2,141 -1,717 -1,849 -1,703 -1,480 -1,534 -905 -881 -932
Noncontrolling Interest		 84 84 178 253 193 217 196 480 367 372 380

Quarterly Balance Sheets for McKesson

This table presents McKesson's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 6/30/2025
Total Assets		 63,081 62,690 62,320 64,096 66,091 66,512 67,443 71,670 72,429 71,081 81,311
Total Current Assets		 46,448 44,657 44,292 45,539 47,531 47,640 47,970 52,252 53,341 51,741 56,801
Cash & Equivalents		 2,916 2,774 4,678 2,636 2,524 1,982 4,583 2,302 2,509 1,131 2,418
Accounts Receivable		 20,109 20,537 19,410 21,860 22,494 23,066 21,622 23,743 25,270 25,831 28,158
Inventories, net		 19,876 20,657 19,691 20,510 21,945 22,020 21,139 25,571 24,176 23,837 25,065
Prepaid Expenses		 722 675 513 533 568 572 626 636 751 942 1,160
Plant, Property, & Equipment, net		 2,071 2,140 2,177 2,172 2,171 2,201 2,316 2,357 2,361 2,397 2,574
Total Noncurrent Assets		 14,562 15,893 15,851 16,385 16,389 16,671 17,157 17,061 16,727 16,943 21,936
Goodwill		 9,239 9,934 9,947 9,971 9,934 9,973 10,132 10,118 10,087 10,004 11,365
Intangible Assets		 1,872 2,273 2,277 2,221 2,142 2,097 2,110 2,045 1,573 1,509 4,272
Other Noncurrent Operating Assets		 3,451 3,686 3,627 4,193 4,313 4,601 4,915 4,898 5,067 5,430 6,299
Total Liabilities & Shareholders' Equity		 63,081 62,690 62,320 64,096 66,091 66,512 67,443 71,670 72,429 71,081 81,311
Total Liabilities		 64,330 64,779 63,810 65,336 67,555 68,194 69,042 73,051 75,071 73,785 82,174
Total Current Liabilities		 48,357 48,006 47,957 48,422 51,147 51,661 52,357 56,434 58,771 58,562 64,331
Short-Term Debt		 800 1,021 968 50 49 266 50 51 53 3,590 1,249
Accounts Payable		 41,003 42,238 42,490 43,982 46,795 46,699 47,097 51,704 53,317 49,689 57,861
Accrued Expenses		 4,279 4,453 4,200 4,090 4,007 4,400 4,915 4,383 4,787 5,027 4,924
Other Current Liabilities		 284 292 299 300 296 296 295 296 243 256 297
Total Noncurrent Liabilities		 15,973 16,773 15,853 16,914 16,408 16,533 16,685 16,617 16,300 15,223 17,843
Long-Term Debt		 4,813 5,452 4,626 5,611 5,535 5,625 5,579 5,584 5,691 4,422 6,528
Asset Retirement Reserve & Litigation Obligation		 6,644 6,642 6,625 6,628 6,128 6,128 6,113 6,114 5,617 5,617 5,601
Noncurrent Deferred & Payable Income Tax Liabilities		 1,660 1,465 1,387 1,139 1,112 978 917 928 1,048 1,092 987
Other Noncurrent Operating Liabilities		 2,856 3,214 3,215 3,536 3,633 3,802 4,076 3,991 3,944 4,092 4,727
Redeemable Noncontrolling Interest		 - - - - - - - - - - 725
Total Equity & Noncontrolling Interests		 -1,249 -2,089 -1,490 -1,240 -1,464 -1,682 -1,599 -1,381 -2,642 -2,704 -1,588
Total Preferred & Common Equity		 -1,767 -2,455 -1,857 -1,602 -1,828 -2,053 -1,971 -1,755 -3,017 -3,084 -1,967
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -1,767 -2,455 -1,857 -1,602 -1,828 -2,053 -1,971 -1,755 -3,017 -3,084 -1,967
Common Stock		 7,612 7,539 7,750 7,827 7,902 7,965 8,051 8,129 8,224 8,294 8,452
Retained Earnings		 10,579 11,582 12,295 13,182 13,761 14,268 14,978 15,810 15,959 16,752 18,616
Treasury Stock		 -18,844 -20,677 -20,997 -21,763 -22,604 -23,474 -24,119 -24,781 -26,310 -27,141 -28,137
Accumulated Other Comprehensive Income / (Loss)		 -1,114 -899 -905 -848 -887 -812 -881 -913 -890 -989 -898
Noncontrolling Interest		 518 366 367 362 364 371 372 374 375 380 379

Annual Metrics And Ratios for McKesson

This table displays calculated financial ratios and metrics derived from McKesson's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 30.32% 6.61% 4.01% 4.95% 2.86% 7.81% 3.11% 10.80% 4.83% 11.65% 16.22%
EBITDA Growth		 26.26% 10.87% 80.68% -80.33% 26.46% 69.71% -214.81% 177.79% 79.46% -14.76% 12.49%
EBIT Growth		 22.66% 18.87% 99.81% -91.05% 65.84% 134.18% -292.60% 147.69% 112.36% -17.16% 14.43%
NOPAT Growth		 29.53% 24.15% 113.49% -82.93% -60.37% 564.05% -244.01% 138.71% 158.08% -7.51% 8.32%
Net Income Growth		 22.66% 49.71% 123.07% -94.24% -14.14% 339.22% -487.50% 129.65% 189.20% -15.10% 10.16%
EPS Growth		 15.90% 54.70% 134.33% -98.59% -46.88% 2,811.76% -670.91% 125.58% 246.20% -10.55% 14.87%
Operating Cash Flow Growth		 -0.77% 17.99% 29.19% -8.41% -7.11% 8.37% 3.84% -2.38% 16.35% -16.38% 41.05%
Free Cash Flow Firm Growth		 185.10% -57.34% 175.06% -60.35% 15.66% 30.45% 19.23% -27.87% 68.30% -33.61% 45.39%
Invested Capital Growth		 -16.42% 3.62% -1.25% -9.11% -17.04% -8.54% -76.54% -66.28% -173.59% 3.66% -213.02%
Revenue Q/Q Growth		 4.13% 0.93% 1.04% 1.42% 0.38% 2.71% 0.26% 2.71% 1.03% 2.47% 4.20%
EBITDA Q/Q Growth		 18.19% 19.71% 133.29% -76.94% 167.15% 273.69% 4.26% -12.83% 6.19% 5.36% 6.07%
EBIT Q/Q Growth		 2.78% 1.26% 124.76% -90.18% 145.52% 132.87% 3.70% -14.55% 7.04% 6.29% 7.19%
NOPAT Q/Q Growth		 -0.13% 1.97% 138.64% -82.68% 220.87% 232.99% 2.72% -18.25% 14.83% -0.13% 16.56%
Net Income Q/Q Growth		 -12.53% 14.93% 161.04% -94.07% 396.51% 259.54% -9.18% -19.31% 12.75% 0.13% 15.84%
EPS Q/Q Growth		 -13.76% 15.89% 168.68% -98.54% 113.71% 203.56% -4.28% -21.84% 14.66% 1.54% 17.71%
Operating Cash Flow Q/Q Growth		 -20.06% 49.94% -26.05% 57.66% 27.52% 21.00% -22.04% -9.82% 9.28% 23.54% 144.97%
Free Cash Flow Firm Q/Q Growth		 223.34% -37.53% 66.15% -44.71% 529.04% 17.92% -12.24% -34.38% 37.14% 22.91% 336.17%
Invested Capital Q/Q Growth		 -14.92% -7.48% -1.68% -18.15% -28.89% -24.38% -52.14% -62.61% -135.92% -124.83% -141.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 6.37% 5.98% 5.68% 5.37% 5.48% 5.20% 5.10% 4.97% 4.47% 4.15% 3.71%
EBITDA Margin		 2.26% 2.35% 4.08% 0.77% 0.94% 1.48% -1.65% 1.16% 1.98% 1.51% 1.47%
Operating Margin		 1.66% 1.86% 3.59% 0.37% 0.41% 1.08% -2.12% 0.77% 1.58% 1.27% 1.23%
EBIT Margin		 1.69% 1.89% 3.63% 0.31% 0.50% 1.08% -2.02% 0.87% 1.76% 1.31% 1.29%
Profit (Net Income) Margin		 0.86% 1.21% 2.60% 0.14% 0.12% 0.48% -1.82% 0.49% 1.35% 1.02% 0.97%
Tax Burden Percent		 58.07% 71.08% 74.78% 124.27% 41.80% 97.90% 86.21% 66.75% 80.39% 83.40% 79.86%
Interest Burden Percent		 87.66% 90.20% 95.72% 37.11% 57.12% 45.74% 104.50% 83.94% 94.92% 93.76% 94.27%
Effective Tax Rate		 30.67% 27.94% 23.42% -22.18% 58.36% 1.57% 0.00% 32.99% 19.55% 16.60% 20.14%
Return on Invested Capital (ROIC)		 13.41% 17.96% 37.90% 6.82% 3.10% 23.74% -57.96% 88.31% 3,422.01% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.97% 12.25% 27.46% -33.06% -5.72% -38.84% -98.40% 83.73% 3,433.33% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 2.19% 5.28% 6.88% -4.36% -0.70% -10.07% -48.45% -832.24% -3,648.82% 0.00% 0.00%
Return on Equity (ROE)		 15.59% 23.23% 44.78% 2.46% 2.41% 13.67% -106.41% -743.93% -226.81% -204.60% -211.42%
Cash Return on Invested Capital (CROIC)		 31.29% 14.40% 39.16% 16.37% 21.73% 32.66% 66.03% 187.44% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 5.74% 6.53% 12.25% 1.06% 1.78% 4.14% -7.63% 3.58% 7.77% 6.23% 6.49%
Return on Assets (ROA)		 2.92% 4.19% 8.77% 0.49% 0.42% 1.85% -6.87% 2.01% 5.93% 4.87% 4.88%
Return on Common Equity (ROCE)		 13.02% 19.78% 38.95% 2.13% 2.03% 10.99% -66.15% -4,930.15% -285.35% -253.54% -259.70%
Return on Equity Simple (ROE_SIMPLE)		 19.29% 25.89% 46.44% 3.03% 3.15% 22.00% 0.00% -56.65% -200.43% -160.32% -167.84%
Net Operating Profit after Tax (NOPAT)		 2,058 2,555 5,454 931 369 2,450 -3,528 1,366 3,525 3,260 3,531
NOPAT Margin		 1.15% 1.34% 2.75% 0.45% 0.17% 1.06% -1.48% 0.52% 1.27% 1.06% 0.98%
Net Nonoperating Expense Percent (NNEP)		 9.44% 5.71% 10.44% 39.89% 8.83% 62.58% 40.44% 4.58% -11.31% 10.20% 9.97%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 89.17%
Cost of Revenue to Revenue		 93.63% 94.02% 94.32% 94.63% 94.52% 94.80% 94.90% 95.03% 95.53% 95.85% 96.29%
SG&A Expenses to Revenue		 4.41% 3.87% 3.75% 3.91% 3.94% 3.97% 3.71% 3.99% 2.81% 2.80% 2.37%
R&D to Revenue		 0.22% 0.21% 0.17% 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 4.72% 4.12% 2.09% 5.00% 5.07% 4.13% 7.21% 4.20% 2.88% 2.89% 2.48%
Earnings before Interest and Taxes (EBIT)		 3,031 3,603 7,199 644 1,068 2,501 -4,817 2,297 4,878 4,041 4,624
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,048 4,488 8,109 1,595 2,017 3,423 -3,930 3,057 5,486 4,676 5,260
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.11 3.76 2.67 2.81 2.66 4.56 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.27 0.18 0.15 0.13 0.10 0.10 0.13 0.17 0.18 0.23 0.23
Price to Earnings (P/E)		 33.15 14.87 5.83 411.57 633.80 25.82 0.00 40.72 13.63 23.47 25.60
Dividend Yield		 0.46% 0.74% 0.80% 0.97% 1.34% 1.23% 0.87% 0.60% 0.59% 0.33% 0.41%
Earnings Yield		 3.02% 6.72% 17.14% 0.24% 0.16% 3.87% 0.00% 2.46% 7.34% 4.26% 3.91%
Enterprise Value to Invested Capital (EV/IC)		 3.93 2.70 2.29 2.37 2.25 2.86 14.18 61.77 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.31 0.21 0.17 0.15 0.11 0.12 0.14 0.18 0.18 0.23 0.24
Enterprise Value to EBITDA (EV/EBITDA)		 13.56 8.72 4.04 19.29 12.02 8.25 0.00 15.76 9.08 15.37 16.10
Enterprise Value to EBIT (EV/EBIT)		 18.11 10.86 4.55 47.78 22.69 11.29 0.00 20.98 10.21 17.79 18.31
Enterprise Value to NOPAT (EV/NOPAT)		 26.68 15.32 6.01 33.05 65.69 11.52 0.00 35.28 14.13 22.05 23.98
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.64 10.66 6.91 7.08 6.01 6.45 7.22 10.87 9.65 16.66 13.92
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.43 19.10 5.82 13.77 9.38 8.37 8.16 16.62 10.21 22.19 17.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.04 0.78 0.68 0.68 0.78 1.10 4.94 -3.28 -3.75 -3.52 -3.34
Long-Term Debt to Equity		 0.86 0.62 0.58 0.59 0.75 0.94 4.43 -2.83 -3.10 -3.49 -2.63
Financial Leverage		 0.55 0.43 0.25 0.13 0.12 0.26 0.49 -9.94 -1.06 -0.64 -0.31
Leverage Ratio		 5.34 5.55 5.11 5.03 5.66 7.38 15.48 -370.85 -38.27 -42.01 -43.30
Compound Leverage Factor		 4.68 5.01 4.89 1.87 3.24 3.37 16.18 -311.27 -36.33 -39.39 -40.82
Debt to Total Capital		 50.97% 43.79% 40.41% 40.63% 43.97% 52.40% 83.17% 143.85% 136.31% 139.68% 142.78%
Short-Term Debt to Total Capital		 8.62% 8.73% 5.86% 5.82% 1.91% 7.46% 8.63% 19.55% 23.59% 1.24% 30.08%
Long-Term Debt to Total Capital		 42.35% 35.07% 34.55% 34.81% 42.06% 44.94% 74.54% 124.30% 112.72% 138.44% 112.70%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 7.61% 8.04% 7.12% 8.83% 9.18% 11.48% 17.07% 11.74% 8.94% 9.23% 9.60%
Common Equity to Total Capital		 41.42% 48.16% 52.47% 50.55% 46.85% 36.12% -0.24% -55.59% -45.25% -48.91% -52.37%
Debt to EBITDA		 2.43 1.81 1.05 4.94 3.77 2.16 -1.82 1.92 1.02 1.20 1.07
Net Debt to EBITDA		 1.11 0.91 0.21 0.93 0.55 0.99 -0.22 0.77 0.17 0.22 -0.01
Long-Term Debt to EBITDA		 2.02 1.45 0.90 4.23 3.60 1.85 -1.63 1.66 0.84 1.19 0.85
Debt to NOPAT		 4.78 3.18 1.57 8.46 20.59 3.02 -2.03 4.30 1.59 1.73 1.60
Net Debt to NOPAT		 2.19 1.59 0.31 1.59 2.98 1.38 -0.25 1.72 0.26 0.32 -0.01
Long-Term Debt to NOPAT		 3.98 2.54 1.34 7.25 19.69 2.59 -1.82 3.72 1.31 1.71 1.26
Altman Z-Score		 4.57 4.30 4.34 4.13 4.22 4.45 3.91 4.87 5.36 5.62 5.87
Noncontrolling Interest Sharing Ratio		 16.50% 14.89% 13.01% 13.34% 15.56% 19.55% 37.83% -562.72% -25.81% -23.92% -22.84%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.09 1.10 1.04 1.01 1.02 0.99 1.03 0.95 0.92 0.92 0.90
Quick Ratio		 0.63 0.63 0.59 0.56 0.56 0.56 0.58 0.46 0.50 0.50 0.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,803 2,049 5,635 2,234 2,584 3,371 4,019 2,899 4,879 3,239 4,709
Operating Cash Flow to CapEx		 827.66% 752.46% 1,174.26% 1,072.84% 947.42% 1,208.29% 1,007.10% 1,142.78% 1,322.82% 1,000.93% 1,133.15%
Free Cash Flow to Firm to Interest Expense		 12.84 5.80 18.30 5.52 9.79 13.54 18.52 7.86 19.67 12.85 17.77
Operating Cash Flow to Interest Expense		 8.32 10.40 15.40 10.73 15.29 17.57 20.93 12.02 20.80 17.12 22.96
Operating Cash Flow Less CapEx to Interest Expense		 7.32 9.02 14.09 9.73 13.67 16.11 18.85 10.96 19.23 15.41 20.94
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 3.39 3.46 3.38 3.43 3.57 3.82 3.77 4.11 4.41 4.76 5.04
Accounts Receivable Turnover		 12.06 11.26 10.97 11.60 11.92 12.10 12.18 13.98 14.57 15.06 15.19
Inventory Turnover		 12.29 12.11 12.23 12.48 12.27 13.10 12.57 13.22 13.77 14.51 15.67
Fixed Asset Turnover		 84.44 88.31 86.89 87.62 85.52 94.06 96.33 112.98 129.64 137.53 149.05
Accounts Payable Turnover		 7.24 6.68 6.28 6.24 6.14 6.17 5.94 6.51 6.56 6.61 6.75
Days Sales Outstanding (DSO)		 30.27 32.41 33.27 31.47 30.62 30.17 29.98 26.11 25.06 24.24 24.02
Days Inventory Outstanding (DIO)		 29.70 30.13 29.83 29.24 29.75 27.87 29.04 27.61 26.51 25.16 23.30
Days Payable Outstanding (DPO)		 50.40 54.66 58.09 58.50 59.49 59.20 61.49 56.07 55.63 55.21 54.07
Cash Conversion Cycle (CCC)		 9.57 7.88 5.02 2.21 0.88 -1.16 -2.47 -2.35 -4.06 -5.81 -6.74
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,974 14,480 14,299 12,996 10,781 9,860 2,313 780 -574 -553 -1,731
Invested Capital Turnover		 11.67 13.42 13.80 15.27 18.03 22.39 39.14 170.69 2,686.51 -548.27 -314.41
Increase / (Decrease) in Invested Capital		 -2,745 506 -181 -1,303 -2,215 -921 -7,547 -1,533 -1,354 21 -1,178
Enterprise Value (EV)		 54,896 39,136 32,776 30,767 24,236 28,228 32,788 48,184 49,790 71,888 84,686
Market Capitalization		 48,923 33,580 29,572 27,575 21,549 23,237 30,451 45,357 48,507 70,470 84,343
Book Value per Share		 $34.36 $39.04 $52.32 $47.51 $42.19 $28.78 ($0.13) ($15.17) ($13.56) ($15.00) ($16.55)
Tangible Book Value per Share		 ($22.58) ($16.99) ($14.88) ($25.31) ($25.82) ($41.96) ($77.86) ($92.00) ($102.83) ($108.16) ($108.20)
Total Capital		 19,315 18,528 21,145 19,396 17,275 14,098 8,594 4,087 4,104 4,030 3,960
Total Debt		 9,844 8,114 8,545 7,880 7,595 7,387 7,148 5,879 5,594 5,629 5,654
Total Long-Term Debt		 8,180 6,497 7,305 6,751 7,265 6,335 6,406 5,080 4,626 5,579 4,463
Net Debt		 4,503 4,066 1,699 1,480 1,101 3,372 870 2,347 916 1,046 -37
Capital Expenditures (CapEx)		 376 488 404 405 426 362 451 388 390 431 537
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -504 935 -207 -1,092 -1,812 -3,365 -4,257 -4,968 -7,375 -8,920 -10,706
Debt-free Net Working Capital (DFNWC)		 4,837 4,983 2,576 1,580 1,169 650 2,021 -1,436 -2,697 -4,337 -5,015
Net Working Capital (NWC)		 3,173 3,366 1,336 451 839 -402 1,279 -2,235 -3,665 -4,387 -6,206
Net Nonoperating Expense (NNE)		 515 245 301 634 114 1,330 812 79 -197 100 50
Net Nonoperating Obligations (NNO)		 4,503 4,066 1,699 1,480 1,101 3,149 867 2,572 916 1,046 -37
Total Depreciation and Amortization (D&A)		 1,017 885 910 951 949 922 887 760 608 635 636
Debt-free, Cash-free Net Working Capital to Revenue		 -0.28% 0.49% -0.10% -0.52% -0.85% -1.46% -1.79% -1.88% -2.67% -2.89% -2.98%
Debt-free Net Working Capital to Revenue		 2.70% 2.61% 1.30% 0.76% 0.55% 0.28% 0.85% -0.54% -0.97% -1.40% -1.40%
Net Working Capital to Revenue		 1.77% 1.76% 0.67% 0.22% 0.39% -0.17% 0.54% -0.85% -1.32% -1.42% -1.73%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $9.82 $22.95 $0.32 $0.17 $4.98 ($28.26) $7.32 $25.23 $22.54 $25.86
Adjusted Weighted Average Basic Shares Outstanding		 0.00 230M 221M 208M 196M 181M 160.60M 152.30M 141.10M 133.20M 127.40M
Adjusted Diluted Earnings per Share		 $0.00 $9.70 $22.73 $0.32 $0.17 $4.95 ($28.26) $7.23 $25.03 $22.39 $25.72
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 233M 223M 209M 197M 182M 160.60M 154.10M 142.20M 134.10M 128.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.17 $4.98 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 225.02M 210.90M 202.05M 189.96M 161.85M 158.19M 145.37M 135.60M 129.99M 125.11M
Normalized Net Operating Profit after Tax (NOPAT)		 2,162 2,701 5,690 2,045 2,322 2,796 2,309 1,738 3,686 3,479 3,846
Normalized NOPAT Margin		 1.21% 1.41% 2.87% 0.98% 1.08% 1.21% 0.97% 0.66% 1.33% 1.13% 1.07%
Pre Tax Income Margin		 1.48% 1.70% 3.47% 0.11% 0.28% 0.50% -2.11% 0.73% 1.67% 1.23% 1.21%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.10 10.21 23.37 1.59 4.05 10.04 -22.20 6.22 19.67 16.04 17.45
NOPAT to Interest Expense		 5.50 7.24 17.71 2.30 1.40 9.84 -16.26 3.70 14.21 12.94 13.33
EBIT Less CapEx to Interest Expense		 7.10 8.82 22.06 0.59 2.43 8.59 -24.28 5.17 18.10 14.33 15.42
NOPAT Less CapEx to Interest Expense		 4.50 5.85 16.40 1.30 -0.22 8.38 -18.34 2.65 12.64 11.23 11.30
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 14.71% 10.56% 4.91% 88.22% 114.51% 26.25% -6.36% 21.52% 7.85% 9.94% 9.91%
Augmented Payout Ratio		 43.88% 80.35% 49.76% 663.64% 757.25% 199.20% -24.59% 374.83% 105.59% 105.66% 100.29%

Quarterly Metrics And Ratios for McKesson

This table displays calculated financial ratios and metrics derived from McKesson's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.73% 4.25% 10.91% 10.06% 14.77% 10.80% 6.44% 21.29% 17.80% 18.95% 23.39%
EBITDA Growth		 231.01% 37.56% 8.17% -21.79% -49.85% 20.31% 2.39% -31.66% 73.17% 21.35% -5.35%
EBIT Growth		 377.04% 46.52% 8.28% -24.79% -55.44% 23.64% 1.85% -37.36% 91.27% 24.80% -5.09%
NOPAT Growth		 2,185.77% 118.12% 20.96% -16.98% -31.09% -0.68% -9.34% -57.44% 40.19% 58.99% -10.11%
Net Income Growth		 2,771.79% 103.95% 23.24% -27.30% -43.75% 0.48% -3.71% -59.18% 47.30% 57.35% -13.44%
EPS Growth		 19,250.00% 128.51% 33.46% -23.36% -42.30% 5.98% -0.28% -61.99% 57.24% 64.18% -10.71%
Operating Cash Flow Growth		 21.13% 15.17% -11.80% -12.83% -84.77% 24.72% -31.18% 117.62% -1,038.19% 86.83% 33.48%
Free Cash Flow Firm Growth		 -48.12% 15.09% -89.33% -107.73% -97.80% -62.13% 62.08% 725.71% -3,310.28% 202.93% -331.75%
Invested Capital Growth		 -23.39% -173.59% 44.07% 159.93% 39.36% 3.66% 9.36% -79.39% 87.56% -213.02% 130.33%
Revenue Q/Q Growth		 0.47% -2.24% 8.09% 3.67% 4.77% -5.62% 3.83% 18.12% 1.75% -4.69% 7.71%
EBITDA Q/Q Growth		 14.83% -29.61% 10.67% -12.57% -26.37% 68.86% -5.82% -41.64% 86.58% 18.33% -26.53%
EBIT Q/Q Growth		 16.78% -33.36% 12.56% -14.15% -30.81% 84.91% -7.28% -47.20% 111.27% 20.65% -29.49%
NOPAT Q/Q Growth		 9.09% -9.44% 15.74% -27.39% -9.45% 30.53% 5.64% -65.91% 198.24% 48.03% -40.27%
Net Income Q/Q Growth		 15.82% -26.25% 20.70% -29.49% -10.38% 31.75% 15.66% -70.10% 223.34% 40.73% -36.37%
EPS Q/Q Growth		 19.31% -25.72% 23.37% -29.91% -10.16% 36.43% 16.09% -73.29% 271.66% 42.45% -36.87%
Operating Cash Flow Q/Q Growth		 50.68% 99.34% -131.64% 191.73% -73.68% 1,532.68% -133.28% 252.17% -213.48% 425.14% -111.85%
Free Cash Flow Firm Q/Q Growth		 -55.66% 53.59% -79.34% -154.91% 112.64% 2,539.81% -11.57% 111.97% -164.88% 349.09% -167.65%
Invested Capital Q/Q Growth		 160.26% -135.92% 410.98% -10.59% 39.54% -124.83% 452.98% -83.15% 1,169.60% -141.44% 359.73%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 4.50% 4.45% 4.06% 3.97% 3.90% 4.70% 3.98% 3.47% 3.45% 4.01% 3.35%
EBITDA Margin		 2.36% 1.70% 1.74% 1.47% 1.03% 1.85% 1.68% 0.83% 1.52% 1.88% 1.28%
Operating Margin		 1.76% 1.42% 1.48% 1.23% 0.79% 1.59% 1.30% 0.62% 1.28% 1.75% 1.06%
EBIT Margin		 2.15% 1.47% 1.53% 1.27% 0.84% 1.64% 1.46% 0.65% 1.36% 1.72% 1.12%
Profit (Net Income) Margin		 1.59% 1.20% 1.34% 0.91% 0.78% 1.09% 1.21% 0.31% 0.97% 1.44% 0.85%
Tax Burden Percent		 77.35% 88.63% 91.38% 76.75% 102.94% 70.94% 88.56% 53.75% 75.69% 86.20% 79.07%
Interest Burden Percent		 95.45% 92.19% 95.87% 93.76% 90.53% 93.60% 93.53% 87.25% 94.82% 97.12% 95.55%
Effective Tax Rate		 22.72% 11.37% 8.62% 23.25% -2.94% 29.06% 11.44% 46.25% 24.31% 13.80% 20.93%
Return on Invested Capital (ROIC)		 202.31% 3,386.08% 253.53% 249.01% 128.79% 0.00% 193.01% 113.79% 104.63% 0.00% 98.07%
ROIC Less NNEP Spread (ROIC-NNEP)		 207.22% 3,383.64% 253.25% 247.92% 127.98% 0.00% 194.54% 113.01% 104.66% 0.00% 98.34%
Return on Net Nonoperating Assets (RNNOA)		 -472.65% -3,596.02% -535.63% -449.87% -257.79% 0.00% -471.91% -165.99% -257.46% 0.00% -380.92%
Return on Equity (ROE)		 -270.34% -209.94% -282.09% -200.86% -129.00% -204.60% -278.90% -52.20% -152.84% -211.42% -282.85%
Cash Return on Invested Capital (CROIC)		 193.13% 0.00% 207.99% 232.35% 137.80% 0.00% 160.68% 418.26% 33.72% 0.00% 27.54%
Operating Return on Assets (OROA)		 9.33% 6.46% 6.87% 5.70% 3.90% 7.80% 6.76% 3.12% 6.80% 8.65% 5.55%
Return on Assets (ROA)		 6.89% 5.28% 6.02% 4.10% 3.63% 5.18% 5.60% 1.46% 4.88% 7.24% 4.19%
Return on Common Equity (ROCE)		 -350.52% -264.12% -375.08% -266.16% -154.21% -253.54% -357.22% -61.59% -179.01% -259.70% -469.15%
Return on Equity Simple (ROE_SIMPLE)		 -134.46% 0.00% -244.07% -199.45% -153.73% 0.00% -177.95% -89.72% -97.44% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 959 869 1,005 730 661 863 911 311 926 1,372 819
NOPAT Margin		 1.36% 1.26% 1.35% 0.95% 0.82% 1.13% 1.15% 0.33% 0.97% 1.51% 0.84%
Net Nonoperating Expense Percent (NNEP)		 -4.91% 2.44% 0.29% 1.09% 0.81% 3.33% -1.53% 0.78% -0.03% 12.99% -0.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 15.70% - - - 17.45% 34.63% 13.24%
Cost of Revenue to Revenue		 95.50% 95.55% 95.94% 96.03% 96.10% 95.30% 96.02% 96.53% 96.55% 95.99% 96.65%
SG&A Expenses to Revenue		 2.70% 2.85% 2.51% 2.71% 3.10% 2.87% 2.52% 2.67% 2.13% 2.17% 2.24%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 2.74% 3.03% 2.58% 2.74% 3.10% 3.10% 2.68% 2.85% 2.16% 2.25% 2.29%
Earnings before Interest and Taxes (EBIT)		 1,517 1,011 1,138 977 676 1,250 1,159 612 1,293 1,560 1,100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,665 1,172 1,297 1,134 835 1,410 1,328 775 1,446 1,711 1,257
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.19 0.18 0.20 0.20 0.20 0.23 0.24 0.19 0.21 0.23 0.24
Price to Earnings (P/E)		 16.82 13.63 15.39 16.76 20.45 23.47 25.66 25.28 25.60 25.60 28.98
Dividend Yield		 0.54% 0.59% 0.51% 0.52% 0.49% 0.33% 0.32% 0.39% 0.47% 0.41% 0.39%
Earnings Yield		 5.94% 7.34% 6.50% 5.97% 4.89% 4.26% 3.90% 3.96% 3.91% 3.91% 3.45%
Enterprise Value to Invested Capital (EV/IC)		 35.61 0.00 34.24 38.77 29.46 0.00 40.79 205.85 19.06 0.00 21.83
Enterprise Value to Revenue (EV/Rev)		 0.21 0.18 0.22 0.21 0.22 0.23 0.25 0.21 0.23 0.24 0.26
Enterprise Value to EBITDA (EV/EBITDA)		 11.01 9.08 10.94 11.75 14.78 15.37 16.92 15.58 16.05 16.10 18.91
Enterprise Value to EBIT (EV/EBIT)		 12.49 10.21 12.31 13.33 17.25 17.79 19.60 18.32 18.45 18.31 21.50
Enterprise Value to NOPAT (EV/NOPAT)		 18.54 14.13 16.56 17.43 20.09 22.05 25.12 24.55 26.28 23.98 28.60
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.05 9.65 12.11 12.61 18.79 16.66 19.98 13.22 32.05 13.92 14.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 16.00 10.21 19.43 24.10 24.89 22.19 26.52 16.82 73.73 17.98 110.54
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -3.10 -3.75 -4.57 -3.81 -3.50 -3.52 -4.08 -2.17 -2.96 -3.34 -9.01
Long-Term Debt to Equity		 -2.61 -3.10 -4.53 -3.78 -3.34 -3.49 -4.04 -2.15 -1.64 -2.63 -7.56
Financial Leverage		 -2.28 -1.06 -2.12 -1.81 -2.01 -0.64 -2.43 -1.47 -2.46 -0.31 -3.87
Leverage Ratio		 -43.95 -38.27 -46.60 -47.61 -34.26 -42.01 -51.80 -33.74 -31.37 -43.30 -68.17
Compound Leverage Factor		 -41.95 -35.28 -44.68 -44.64 -31.02 -39.32 -48.45 -29.44 -29.75 -42.05 -65.14
Debt to Total Capital		 147.65% 136.31% 128.05% 135.53% 139.96% 139.68% 132.46% 185.17% 150.94% 142.78% 112.48%
Short-Term Debt to Total Capital		 23.29% 23.59% 1.13% 1.19% 6.32% 1.24% 1.20% 1.71% 67.63% 30.08% 18.06%
Long-Term Debt to Total Capital		 124.36% 112.72% 126.92% 134.34% 133.64% 138.44% 131.26% 183.46% 83.31% 112.70% 94.42%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 8.35% 8.94% 8.19% 8.84% 8.81% 9.23% 8.79% 12.09% 7.16% 9.60% 15.97%
Common Equity to Total Capital		 -56.00% -45.25% -36.24% -44.37% -48.78% -48.91% -41.26% -97.26% -58.10% -52.37% -28.45%
Debt to EBITDA		 1.25 1.02 1.01 1.06 1.33 1.20 1.20 1.32 1.62 1.07 1.50
Net Debt to EBITDA		 0.72 0.17 0.54 0.58 0.88 0.22 0.71 0.74 1.39 -0.01 1.03
Long-Term Debt to EBITDA		 1.06 0.84 1.00 1.05 1.27 1.19 1.19 1.31 0.89 0.85 1.26
Debt to NOPAT		 2.11 1.59 1.53 1.57 1.80 1.73 1.78 2.08 2.64 1.60 2.27
Net Debt to NOPAT		 1.21 0.26 0.82 0.86 1.20 0.32 1.05 1.17 2.27 -0.01 1.56
Long-Term Debt to NOPAT		 1.78 1.31 1.52 1.56 1.72 1.71 1.76 2.06 1.46 1.26 1.90
Altman Z-Score		 5.13 5.16 5.25 5.20 5.33 5.49 5.29 5.32 5.71 5.74 5.57
Noncontrolling Interest Sharing Ratio		 -29.66% -25.81% -32.96% -32.51% -19.54% -23.92% -28.08% -18.00% -17.12% -22.84% -65.86%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.93 0.92 0.94 0.93 0.92 0.92 0.93 0.91 0.88 0.90 0.88
Quick Ratio		 0.49 0.50 0.51 0.49 0.48 0.50 0.46 0.47 0.46 0.51 0.48
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,447 2,223 459 -252 32 842 744 1,578 -1,024 2,550 -1,725
Operating Cash Flow to CapEx		 1,544.44% 2,660.00% -1,348.72% 1,286.67% 282.22% 2,205.85% -1,301.89% 1,544.12% -1,891.27% 4,584.62% -827.03%
Free Cash Flow to Firm to Interest Expense		 20.97 28.13 9.77 -4.13 0.50 10.52 9.92 20.23 -15.28 56.66 -35.20
Operating Cash Flow to Interest Expense		 24.17 42.09 -22.38 15.82 3.97 51.84 -18.40 26.92 -35.57 172.18 -18.73
Operating Cash Flow Less CapEx to Interest Expense		 22.61 40.51 -24.04 14.59 2.56 49.49 -19.81 25.18 -37.45 168.42 -21.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 4.33 4.41 4.49 4.51 4.67 4.76 4.62 4.77 5.01 5.04 4.94
Accounts Receivable Turnover		 14.09 14.57 13.60 13.67 13.83 15.06 13.76 13.83 14.09 15.19 14.55
Inventory Turnover		 13.17 13.77 13.58 13.33 13.55 14.51 13.06 13.75 14.45 15.67 14.38
Fixed Asset Turnover		 130.31 129.64 133.51 137.25 138.91 137.53 138.55 145.71 149.88 149.05 153.15
Accounts Payable Turnover		 6.58 6.56 6.49 6.35 6.50 6.61 6.29 6.33 6.87 6.75 6.65
Days Sales Outstanding (DSO)		 25.91 25.06 26.83 26.71 26.39 24.24 26.53 26.40 25.90 24.02 25.08
Days Inventory Outstanding (DIO)		 27.72 26.51 26.88 27.38 26.93 25.16 27.96 26.55 25.26 23.30 25.38
Days Payable Outstanding (DPO)		 55.47 55.63 56.22 57.48 56.12 55.21 58.06 57.63 53.09 54.07 54.91
Cash Conversion Cycle (CCC)		 -1.84 -4.06 -2.51 -3.39 -2.80 -5.81 -3.57 -4.68 -1.94 -6.74 -4.45
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,598 -574 1,785 1,596 2,227 -553 1,952 329 4,177 -1,731 4,496
Invested Capital Turnover		 148.70 2,686.51 187.86 263.44 157.65 -548.27 167.92 343.05 107.61 -314.41 117.12
Increase / (Decrease) in Invested Capital		 -488 -1,354 546 982 629 21 167 -1,267 1,950 -1,178 2,544
Enterprise Value (EV)		 56,901 49,790 61,115 61,878 65,598 71,888 79,624 67,725 79,605 84,686 98,143
Market Capitalization		 52,836 48,507 57,728 58,454 61,318 70,470 75,917 64,115 72,344 84,343 91,680
Book Value per Share		 ($17.31) ($13.56) ($11.81) ($13.55) ($15.43) ($15.00) ($13.50) ($23.27) ($24.29) ($16.55) ($15.72)
Tangible Book Value per Share		 ($103.40) ($102.83) ($101.72) ($103.07) ($106.14) ($108.16) ($107.07) ($113.18) ($114.99) ($108.20) ($140.71)
Total Capital		 4,384 4,104 4,421 4,120 4,209 4,030 4,254 3,102 5,308 3,960 6,914
Total Debt		 6,473 5,594 5,661 5,584 5,891 5,629 5,635 5,744 8,012 5,654 7,777
Total Long-Term Debt		 5,452 4,626 5,611 5,535 5,625 5,579 5,584 5,691 4,422 4,463 6,528
Net Debt		 3,699 916 3,025 3,060 3,909 1,046 3,333 3,235 6,881 -37 5,359
Capital Expenditures (CapEx)		 108 125 78 75 90 188 106 136 126 169 111
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5,102 -7,375 -5,469 -6,091 -5,737 -8,920 -6,433 -7,886 -4,362 -10,706 -8,699
Debt-free Net Working Capital (DFNWC)		 -2,328 -2,697 -2,833 -3,567 -3,755 -4,337 -4,131 -5,377 -3,231 -5,015 -6,281
Net Working Capital (NWC)		 -3,349 -3,665 -2,883 -3,616 -4,021 -4,387 -4,182 -5,430 -6,821 -6,206 -7,530
Net Nonoperating Expense (NNE)		 -161 43 8.22 27 31 33 -49 24 -1.51 66 -12
Net Nonoperating Obligations (NNO)		 3,687 916 3,025 3,060 3,909 1,046 3,333 2,971 6,881 -37 5,359
Total Depreciation and Amortization (D&A)		 148 161 159 157 159 160 169 163 153 151 157
Debt-free, Cash-free Net Working Capital to Revenue		 -1.86% -2.67% -1.93% -2.09% -1.90% -2.89% -2.05% -2.39% -1.27% -2.98% -2.30%
Debt-free Net Working Capital to Revenue		 -0.85% -0.97% -1.00% -1.23% -1.25% -1.40% -1.32% -1.63% -0.94% -1.40% -1.66%
Net Working Capital to Revenue		 -1.22% -1.32% -1.02% -1.24% -1.33% -1.42% -1.33% -1.64% -1.98% -1.73% -1.99%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $7.71 $5.73 $7.07 $4.95 $4.45 $6.07 $7.04 $1.88 $6.98 $9.96 $6.28
Adjusted Weighted Average Basic Shares Outstanding		 139.90M 141.10M 135.50M 134.10M 132.50M 133.20M 129.80M 128.70M 126M 127.40M 124.90M
Adjusted Diluted Earnings per Share		 $7.66 $5.69 $7.02 $4.92 $4.42 $6.03 $7.00 $1.87 $6.95 $9.90 $6.25
Adjusted Weighted Average Diluted Shares Outstanding		 141M 142.20M 136.60M 134.80M 133.30M 134.10M 130.70M 129.30M 126.60M 128.10M 125.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 136.94M 135.60M 134.90M 133.06M 131.41M 129.99M 129.68M 126.94M 125.33M 125.11M 124.38M
Normalized Net Operating Profit after Tax (NOPAT)		 982 977 1,053 750 452 990 1,019 400 951 1,434 856
Normalized NOPAT Margin		 1.39% 1.42% 1.41% 0.97% 0.56% 1.30% 1.29% 0.43% 1.00% 1.58% 0.88%
Pre Tax Income Margin		 2.05% 1.35% 1.46% 1.19% 0.76% 1.53% 1.37% 0.57% 1.29% 1.67% 1.07%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 21.99 12.80 24.21 16.02 10.56 15.63 15.45 7.85 19.30 34.67 22.45
NOPAT to Interest Expense		 13.90 10.99 21.39 11.96 10.33 10.78 12.15 3.98 13.83 30.48 16.72
EBIT Less CapEx to Interest Expense		 20.42 11.22 22.55 14.79 9.16 13.28 14.04 6.10 17.42 30.91 20.18
NOPAT Less CapEx to Interest Expense		 12.33 9.41 19.73 10.74 8.92 8.43 10.74 2.24 11.95 26.72 14.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 8.69% 7.85% 7.54% 8.28% 9.76% 9.94% 10.31% 12.08% 11.18% 9.91% 10.53%
Augmented Payout Ratio		 161.07% 105.59% 92.81% 108.64% 88.50% 105.66% 101.76% 142.81% 128.45% 100.29% 106.00%

Key Financial Trends

McKesson Corporation's financial performance from Q3 2022 through Q1 2026 shows several notable trends and key points across its income statements, balance sheets, and cash flow statements.

  • Revenue Growth: Operating revenue increased steadily from $68.6 billion in Q3 2022 to $97.8 billion in Q1 2026, indicating strong top-line growth.
  • Consistent Profitability: The company reported positive net income each quarter, rising from a net income of $39 million in Q3 2022 to $831 million in Q1 2026, demonstrating improving profitability.
  • Steady Gross Profit: Gross profit remained stable around $3.0 billion per quarter in recent periods, supporting consistent operating performance.
  • Operating Income Stability: Operating income fluctuated but reached over $1 billion in Q1 2026, indicating operational efficiency improvements.
  • Improved Cash from Operating Activities: Net cash from continuing operating activities improved significantly from negative figures in 2023 to positive $7.7 billion in Q4 2025, suggesting better cash management and operational cash generation.
  • High Accounts Payable and Receivable Balances: McKesson maintains very large accounts payable ($57.9 billion in Q1 2026) and accounts receivable ($28.2 billion in Q1 2026), reflecting its large scale but possibly impacting cash flow timing.
  • Negative Equity Position: The company shows negative total common equity over the periods, reaching approximately -$1.97 billion in Q1 2026, likely due to large treasury stock balances, which may concern equity investors.
  • Significant Acquisition Activity: There were large acquisitions spending ($3.44 billion in Q1 2026), signaling growth through M&A but increasing investing cash outflows.
  • Large Net Cash Outflows in Recent Quarters: Net cash flow was negative $3.27 billion in Q1 2026, driven largely by investing activities, which could strain liquidity if prolonged.
  • Increasing Debt Levels: Long-term debt increased from around $5.5 billion in 2022 to $6.5 billion in Q1 2026, with sizable issuance and some repayments, potentially raising leverage and interest costs.

In summary, McKesson has shown steady revenue and earnings growth, with improving cash flow from operations suggesting enhanced operational efficiency. However, the company’s negative equity position and significant investment in acquisitions, combined with large payables and receivables, introduce some financial risks. The leverage position is moderate but should be monitored. Investors should watch the company’s ability to convert strong profitability into sustainable positive cash flows and maintain a healthy balance sheet amid ongoing acquisitions.

08/08/25 05:50 AMAI Generated. May Contain Errors.

Frequently Asked Questions About McKesson's Financials

When does McKesson's fiscal year end?

According to the most recent income statement we have on file, McKesson's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

How has McKesson's net income changed over the last 10 years?

McKesson's net income appears to be on an upward trend, with a most recent value of $3.48 billion in 2025, rising from $1.54 billion in 2015. The previous period was $3.16 billion in 2024. See where experts think McKesson is headed by visiting McKesson's forecast page.

What is McKesson's operating income?
McKesson's total operating income in 2025 was $4.42 billion, based on the following breakdown:
  • Total Gross Profit: $13.32 billion
  • Total Operating Expenses: $8.90 billion
How has McKesson's revenue changed over the last 10 years?

Over the last 10 years, McKesson's total revenue changed from $179.05 billion in 2015 to $359.05 billion in 2025, a change of 100.5%.

How much debt does McKesson have?

McKesson's total liabilities were at $76.83 billion at the end of 2025, a 11.3% increase from 2024, and a 73.1% increase since 2015.

How much cash does McKesson have?

In the past 10 years, McKesson's cash and equivalents has ranged from $2.67 billion in 2018 to $6.28 billion in 2021, and is currently $5.69 billion as of their latest financial filing in 2025.

How has McKesson's book value per share changed over the last 10 years?

Over the last 10 years, McKesson's book value per share changed from 34.36 in 2015 to -16.55 in 2025, a change of -148.2%.


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This page (NYSE:MCK) was last updated on 8/8/2025 by MarketBeat.com Staff
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