McKesson
McKesson is a very large, thin-margin U.S. and Canadian drug distributor that is using its distribution cash flow to build higher-margin oncology, specialty and biopharma services businesses while separating its medical-surgical unit.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Keep a large share-repurchase program going, funded partly by divestiture and Medical-Surgical capital-raising proceeds.
- Remaining repurchase authorization in quarterly filings
- New accelerated repurchase programs
- Whether acquisition spending reduces the pace of repurchases
- Turn Medical-Surgical into a self-financed standalone company that sends cash back to the parent before the final separation step.Medium confidence
- Repeat the partial-ownership deal model in specialties beyond oncology and retina, buying a controlling or large minority stake while physicians or partners keep the rest.Medium confidence
- Combine SCRI, Ontada and Precision Medicine Group into a single offering to biopharma companies that covers clinical trials, real-world data and commercialization.Medium confidence
- Link specialty drug distribution with community and home infusion through the Option Care Health stake.Low confidence
- Use automation and AI to cut costs in Prescription Technology Solutions while keeping its margin high.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2022-03 | FY 2023-03 | FY 2024-03 | FY 2025-03 | FY 2026-03 |
|---|---|---|---|---|---|
| Revenue | $264.0B | $276.7B | $309.0B | $359.1B | $403.4B |
| Gross profit | $13.1B | $12.4B | $12.8B | $13.3B | $14.6B |
| Operating income | $2.0B | $4.4B | $3.9B | $4.4B | $6.2B |
| Net income | $1.1B | $3.6B | $3.0B | $3.3B | $4.8B |
| Operating cash flow | $4.4B | $5.2B | $4.3B | $6.1B | $6.2B |
| Capital expenditure | $388M | $390M | $431M | $537M | $436M |
| Free cash flow | $4.0B | $4.8B | $3.9B | $5.5B | $5.7B |
| Stock-based comp | $161M | $162M | $182M | $226M | $247M |
| Buybacks | $3.5B | $3.6B | $3.0B | $3.1B | $4.8B |
| Dividends | $277M | $292M | $314M | $345M | $381M |
| Cash | $3.5B | $4.7B | $4.6B | $5.7B | $4.0B |
| Total debt | $5.9B | $5.6B | $5.6B | $5.7B | $6.5B |
| Equity | -$2.3B | -$1.9B | -$2.0B | -$2.1B | -$2.2B |
Built from the company's disclosures: 10-K (2026-05-08), 8-K (2026-11-04), 8-K (2026-08-05), 8-K (2026-07-01), 8-K (2026-06-12), DEF 14A (2026-06-12).
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