Earnings Call
May 7, 2026
Q1 FY2026
EPS Estimate
11.56
EPS Actual
11.69
Post-Earnings Close
$736.09
Earnings Reaction
-2.5%
McKesson opened fiscal 2026 with record consolidated revenues of $97.8 billion, a 23% year-over-year increase, while adjusted operating profit rose 9% to $1.4 billion. Three of four segments delivered double-digit operating profit growth, and adjusted EPS came in at $8.26, a 5% increase on a reported basis, but 14% higher when stripping out the $110 million in McKesson Ventures equity investment gains that inflated the prior-year comparison. The headline EPS figure came in below the consensus estimate of $11.56, though the comparison is complicated by the timing of those prior-year gains and the discrete tax benefit differential ($23 million in Q1 FY26 versus $125 million in Q1 FY25). Management raised full-year EPS guidance to $37.10, $37.90 from $36.90, $37.70, with the incremental $0.20 lift attributable primarily to held-for-sale accounting treatment on the Norway business following the announced definitive agreement to divest those retail and distribution operations.
Report generated on May 8, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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