McKesson beats adjusted EPS estimates and raises full-year guidance

McKesson reports adjusted EPS above estimates

McKesson reported $11.68 in adjusted, or non-GAAP, earnings per share for the quarter, 8.6% above the cited S&P consensus estimate of $10.75. The company generated $111 billion in revenue, up 7.6% from a year earlier and 0.8% above the cited $110.1 billion consensus estimate.

The results were released for McKesson’s calendar third-quarter 2026, which the coverage also identifies as fiscal second-quarter 2027. Another same-day report gave a more precise revenue figure of $110.957 billion and an adjusted EPS estimate of $10.81, attributing an $0.87 EPS beat.

Full-year adjusted EPS guidance increases

McKesson management raised full-year adjusted EPS guidance to a midpoint of $46, an increase of 3.1%. The guidance is a forward-looking company target and remains distinct from the adjusted earnings McKesson reported for the quarter.

Revenue growth remained below recent pace

The reported 7.6% year-over-year revenue increase was below McKesson’s reported annualized two-year growth rate of 12.6%, though it remained above its five-year annualized rate of 10.8%. S&P sell-side analysts expected revenue growth of 6.8% over the following 12 months.

McKesson’s U.S. Pharmaceutical segment recorded average year-over-year revenue growth of 8.1% over the past two years, according to the same analysis. That segment’s reported growth rate lagged the company’s overall revenue growth.

Margins were broadly unchanged

McKesson reported an operating margin of 1.4%, in line with the same quarter a year earlier, and a free-cash-flow margin of 2.7%, described as similar to the prior-year quarter. Its adjusted operating margin had averaged 1.6% over the past five years.

The reviewed coverage differed on whether revenue topped estimates: the primary report cited $111 billion against a $110.1 billion consensus, while another report listed $110.957 billion against a $110.974 billion estimate. The reviewed sources therefore differ on whether revenue topped estimates, and the supplied evidence does not resolve the discrepancy.

McKesson published quarterly results materials

McKesson published an earnings-call presentation in conjunction with its fiscal 2027 second-quarter results, and a transcript of the Wednesday earnings call was also available. McKesson separately raised its full-year adjusted EPS guidance to a midpoint of $46.