McKesson (MCK) reported net income of $1.2 billion ($1,218 million) in fiscal Q2 2027, ended September 30, 2026, up 10% from the same period a year earlier ($1,110 million). Earnings per share (EPS) were $10.44, compared with $8.92 a year earlier. Adjusted earnings per share (non-GAAP, excluding items the company considers non-recurring) were $11.68, up 18%.
Revenue totaled $111.0 billion ($110,957 million), growth of 8%, driven by the North American Pharmaceutical and Oncology & Multispecialty segments, through higher prescription volumes and distribution of specialty products, partially offset by lower contribution from brand-name drugs. Adjusted earnings were $1.4 billion ($1,363 million), up 11%. The company attributes the increase in adjusted EPS to operating growth in the North American Pharmaceutical, Oncology & Multispecialty and Prescription Technology Solutions segments and to a lower share count.
Operating cash flow was $3.1 billion, and free cash flow (non-GAAP) was $2.9 billion in the quarter. In the first six months of the fiscal year, McKesson returned $3.6 billion to shareholders, of which $3.4 billion in share repurchases and $198 million in dividends. Dividends declared in the quarter were $0.94 per share, up 15%.
The company raised its adjusted EPS guidance for fiscal 2027 to between $45.60 and $46.40, from $44.20 to $45.00 previously, which indicates growth of 17% to 19%. McKesson does not provide EPS guidance on a GAAP basis.
Among the period's highlights, McKesson extended its distribution partnership with CVS Health through June 2032 and, on October 5, 2026, signed an agreement to invest about $1.4 billion for a minority stake of approximately 49% in Option Care Health, subject to shareholder and regulatory approval. On November 2, 2026, it completed the acquisition of Precision Medicine Group.
