McKesson (MCK) Releases Q3 2026 Earnings: EPS Beats, Profit Growth but Weak Operating Cash Flow

McKesson Corporation (MCK) reported third-quarter 2026 results with total revenue of $106.2 billion (up 11.4% year-over-year).

Key profitability figures:

Gross profit: $3.7 billion (+12.2% year-over-year).

Operating profit: $1.6 billion (+32.3% year-over-year).

Net income attributable to common shareholders: $1.2 billion (+34.9% year-over-year).

Diluted earnings per share: $9.59 (+38.0% year-over-year).

Cash flow and capital spending:

Cash from operating activities: $1.2 billion (-151.7% year-over-year).

Purchases of property, plant and equipment: $108 million (-14.3% year-over-year).

Balance sheet highlights:

Cash and cash equivalents: $3.0 billion (+161.6% year-over-year).

Total liabilities: $84.3 billion (+14.2% year-over-year).

Estimates versus results:

Consensus EPS estimate: $9.31; reported diluted EPS: $9.59 (beat the estimate).

Consensus revenue estimate: $106.9 billion; reported revenue: $106.2 billion.

Overall, McKesson (MCK) delivered notable profit growth and an EPS beat while reporting weaker operating cash flow; the quarter closed with a larger cash balance alongside higher total liabilities.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

McKesson Corporation Insider Trading Activity

McKesson Corporation insiders have traded $MCK stock on the open market 5 times in the past 6 months. Of those trades, 0 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $MCK stock by insiders over the last 6 months:

BRIAN S. TYLER (Chief Executive Officer) has made 0 purchases and 2 sales selling 23,860 shares for an estimated $16,503,842.
NAPOLEON B JR RUTLEDGE (SVP, Controller & CAO) has made 0 purchases and 2 sales selling 658 shares for an estimated $501,823.
THOMAS L RODGERS (EVP, Chief Strategy & BDO) sold 276 shares for an estimated $225,265

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

McKesson Corporation Hedge Fund Activity

We have seen 856 institutional investors add shares of McKesson Corporation stock to their portfolio, and 788 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

JPMORGAN CHASE & CO removed 2,020,197 shares (-42.0%) from their portfolio in Q3 2025, for an estimated $1,560,682,990
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 1,083,682 shares (+83.7%) to their portfolio in Q3 2025, for an estimated $837,187,692
FMR LLC added 781,659 shares (+36.4%) to their portfolio in Q3 2025, for an estimated $603,862,843
GQG PARTNERS LLC removed 490,526 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $378,950,956
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 478,159 shares (-12.2%) from their portfolio in Q4 2025, for an estimated $392,229,046
HOLOCENE ADVISORS, LP removed 316,205 shares (-83.2%) from their portfolio in Q3 2025, for an estimated $244,281,010
TWO SIGMA ADVISERS, LP removed 284,300 shares (-95.0%) from their portfolio in Q3 2025, for an estimated $219,633,122

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

McKesson Corporation Government Contracts

We have seen $9,226,194,396 of award payments to $MCK over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

EXPRESS REPORT: PHARMACEUTICAL PRIME VENDOR (PPV)FY2025 MARCH: $1,999,986,922
EXPRESS REPORT: PHARMACEUTICAL PRIME VENDOR (PPV)FY2026 OCTOBER: $1,184,200,532
EXPRESS REPORT: PHARMACEUTICAL PRIME VENDOR (PPV)FY2025 JULY: $1,118,034,560
EXPRESS REPORT: PHARMACEUTICAL PRIME VENDOR (PPV)FY2025 APRIL: $1,045,889,951
EXPRESS REPORT: PHARMACEUTICAL PRIME VENDOR (PPV)FY2025 MAY: $1,043,484,624

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

McKesson Corporation Congressional Stock Trading

Members of Congress have traded $MCK stock 8 times in the past 6 months. Of those trades, 5 have been purchases and 3 have been sales.

Here’s a breakdown of recent trading of $MCK stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 2 times. They made 1 purchase worth up to $15,000 on 11/18 and 1 sale worth up to $15,000 on 12/19.
REPRESENTATIVE JARED MOSKOWITZ has traded it 3 times. They made 3 purchases worth up to $45,000 on 12/02, 10/10 and 0 sales.
REPRESENTATIVE JONATHAN L. JACKSON sold up to $15,000 on 10/08.
REPRESENTATIVE VAL T. HOYLE has traded it 2 times. They made 1 purchase worth up to $15,000 on 09/10 and 1 sale worth up to $15,000 on 09/23.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

McKesson Corporation Analyst Ratings

Wall Street analysts have issued reports on $MCK in the last several months. We have seen 9 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

UBS issued a "Buy" rating on 11/06/2025
Baird issued a "Outperform" rating on 11/06/2025
JP Morgan issued a "Overweight" rating on 09/26/2025
Citigroup issued a "Buy" rating on 09/24/2025
Morgan Stanley issued a "Overweight" rating on 09/24/2025
Deutsche Bank issued a "Buy" rating on 09/24/2025
Leerink Partners issued a "Outperform" rating on 09/24/2025

To track analyst ratings and price targets for McKesson Corporation, check out Quiver Quantitative's $MCK forecast page.

McKesson Corporation Price Targets

Multiple analysts have issued price targets for $MCK recently. We have seen 14 analysts offer price targets for $MCK in the last 6 months, with a median target of $862.0.

Here are some recent targets:

Glen Santangelo from Barclays set a target price of $960.0 on 12/09/2025
Stephen Baxter from Wells Fargo set a target price of $914.0 on 11/10/2025
Kevin Caliendo from UBS set a target price of $980.0 on 11/06/2025
Eric Coldwell from Baird set a target price of $927.0 on 11/06/2025
Erin Wright from Morgan Stanley set a target price of $916.0 on 11/06/2025
Brian Tanquilut from Jefferies set a target price of $900.0 on 10/14/2025
Lisa Gill from JP Morgan set a target price of $853.0 on 09/26/2025