McKesson Corporation (MCK) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended September 30, 2026 and McKesson published the results on November 4, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. McKesson reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Earnings per Diluted Share (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• McKesson's fiscal year ends March 31, so Q2 fiscal 2027 is the quarter ended September 30, 2026.
• The Other segment held McKesson's former Norwegian retail and distribution businesses, sold on January 30, 2026. It had $302 million of revenue in Q2 fiscal 2026 and none this quarter.

Source: McKesson Q2 fiscal 2027 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How McKesson splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• McKesson's North American Pharmaceutical revenue was $91.4 billion in Q2 fiscal 2027, up 6% from $86.5 billion in Q2 fiscal 2026, 82% of total revenue.
• McKesson's Oncology & Multispecialty revenue was $15.0 billion in Q2 fiscal 2027, up 24% from $12.0 billion in Q2 fiscal 2026, 14% of total revenue.
• McKesson's Prescription Technology Solutions revenue was $1.5 billion in Q2 fiscal 2027, up 10% from $1.4 billion in Q2 fiscal 2026, 1% of total revenue.
• McKesson's Medical-Surgical Solutions revenue was $3.1 billion in Q2 fiscal 2027, up 5% from $2.9 billion in Q2 fiscal 2026, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, McKesson said:

“McKesson is raising its fiscal 2027 Adjusted Earnings per Diluted Share guidance to $45.60 to $46.40 from the previous range of $44.20 to $45.00.”

“Fiscal 2027 Adjusted Earnings per Diluted Share guidance range indicates 17% to 19% growth compared to the prior year.”

“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 directly comparable forward-looking GAAP measure, without unreasonable effort.”

Source: McKesson Q2 FY27 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MCK forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and GAAP diluted EPS attributable to McKesson, each as first reported in that quarter's release. McKesson's fiscal year ends March 31.

McKesson's next report is expected around February 3, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Nov 4, 2026

McKesson is a drug wholesaler first: North American Pharmaceutical brought in $91,360 million of its $110,957 million of revenues in Q2 fiscal 2027. Oncology & Multispecialty added $14,980 million, Medical-Surgical Solutions $3,097 million and Prescription Technology Solutions $1,520 million. (McKesson Q2 FY27 release, Nov 4, 2026)

McKesson said revenues rose 8% on higher prescription volumes in North American Pharmaceutical and on specialty distribution in Oncology & Multispecialty, partly offset by lower contributions from branded pharmaceuticals. The 10-Q names growing drug utilization, for example the GLP-1 class of medications, and newly launched products as part of that market growth. Oncology & Multispecialty revenues rose 24%, on provider solutions and specialty distribution. (McKesson Q2 FY27 release, Nov 4, 2026; McKesson Form 10-Q, Q2 FY27, Nov 4, 2026)

Distribution revenue is large and thin-margin. Cost of sales was $107,001 million against revenues of $110,957 million, leaving gross profit of $3,956 million. North American Pharmaceutical's operating profit was 1.19% of its revenues; the smaller Prescription Technology Solutions segment earned $275 million of operating profit on $1,520 million of revenues. (McKesson Q2 FY27 release, Nov 4, 2026)

McKesson's sales are concentrated. In fiscal 2026 its largest customer, CVS Health, accounted for approximately 24% of total consolidated revenues, the next two for 11% and 10%, and the ten largest for approximately 73%. In the quarter McKesson signed an agreement extending its pharmaceutical distribution partnership with CVS Health through June 2032. (McKesson Form 10-K, fiscal 2026, May 8, 2026; McKesson Q2 FY27 release, Nov 4, 2026)

McKesson's GAAP diluted EPS was $10.44 in Q2 fiscal 2027 and its Adjusted Earnings per Diluted Share $11.68. The adjusted figure adds back amortization of acquisition-related intangibles ($0.40 a share), transaction-related expenses ($0.68) and restructuring, impairment and related charges ($0.53), and takes out $0.32 of gains from antitrust legal settlements and a small LIFO inventory adjustment. (McKesson Q2 FY27 release, Nov 4, 2026)

Buybacks shrank McKesson's share count. Diluted weighted-average shares were 116.7 million, against 124.4 million a year earlier. In the first six months of fiscal 2027 McKesson returned $3.6 billion to shareholders, including $3.4 billion of share repurchases and $198 million of dividends. The quarterly dividend declared rose to $0.94 a share from $0.82. (McKesson Q2 FY27 release, Nov 4, 2026)

McKesson's GAAP EPS in Q1 fiscal 2027 carried most of this year's transaction-related charges: over the first six months they reduced GAAP EPS by $4.56 a share, against $0.68 in Q2. On June 1, 2026 Apollo Funds invested approximately $1.25 billion for an approximately 13% interest in Medical-Surgical Solutions, which McKesson intends to separate into an independent company. (McKesson Q2 FY27 release, Nov 4, 2026; McKesson Form 10-Q, Q2 FY27, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

McKesson guides one number for the year, Adjusted Earnings per Diluted Share, and does not forecast GAAP EPS. With Q2 results it raised fiscal 2027 guidance to $45.60 to $46.40, from $44.20 to $45.00, which it said indicates 17% to 19% growth over fiscal 2026. Further modeling considerations go in the earnings call presentation. (McKesson Q2 FY27 release, Nov 4, 2026)

Through the first half of fiscal 2027 McKesson has reported Adjusted Earnings per Diluted Share of $21.59, against $18.12 a year earlier. (McKesson Q2 FY27 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover McKesson, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones McKesson's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MCK is on is MCK a buy or a sell?, what analysts expect next is on the MCK forecast, and what the company does is on the McKesson Corporation (MCK) stock page.

Every number on this page can be traced to a document McKesson published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.