Analyst Consensus ?
ConsensusBuy31 ratings
Bullish2580.6%
Neutral619.4%
Bearish00.0%
McKesson Corporation · MCK · FY2026 Q2 · Calendar Q4 2025
McKesson raises FY2026 outlook as specialty demand drives Q2
The current analysis supports a constructive near-term operating picture for McKesson: specialty distribution, oncology, GLP-1 demand and technology-enabled services supported strong Q2 results and a higher full-year EPS outlook. The thesis remains dependent on execution against capital investments, acquisition integration and the planned Medical-Surgical separation.
Reported After market closeNYSEHealthcare
$105.64B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$9.86
Consensus $9.03
EPS surprise
+9.2%
Reported versus consensus
Reported revenue
$103.15B
Consensus $104.14B
Revenue surprise
-0.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.7%
Event window
SPY move
-1.1%
Same window
Abnormal move
+2.8%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-5.8%
Up to 20 sessions
MCKSPY benchmark
Ask FN2 about MCK FY2026 Q2
Transcript, numbers and history already loaded
Why did MCK rise 1.7% after beating EPS estimates in FY2026 Q2?What changed in MCK's guidance and outlook in FY2026 Q2?Give me the bull and bear case for MCK after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, McKesson reported another record quarter, with revenue growth of 10% and adjusted EPS of $9.86. Management added detail on a 12,000-square-foot cell-and-gene-therapy cold-chain facility, a new reporting structure, and a Medical-Surgical IPO and subsequent split-off targeted by H2 2027.
Guidance delta
Full-year adjusted EPS guidance was raised to $38.35-$38.85 from the prior quarter's $37.10-$37.90 outlook.
Key takeaways
- Q2 revenue reached a record $103 billion, up 10% year over year.
- Adjusted EPS rose 39% to $9.86, according to the transcript analysis.
- Oncology, multispecialty distribution, GLP-1 demand and biopharma services were identified as key growth drivers.
- Management is investing in automation, AI capabilities and cold-chain capacity while planning a Medical-Surgical Solutions separation.
- The main execution watchpoints are acquisition integration, higher second-half capital spending and tax-rate variability.
Management priorities
- Expand cold-chain capacity and the InspiroCare cell-and-gene-therapy patient hub
- Integrate and grow the PRISM Vision and Core Ventures platforms
- Increase automation and AI capabilities across distribution centers
- Execute the Medical-Surgical Solutions spin-off/IPO plan targeted for H2 2027
- Maintain share repurchases and dividend payments
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Beat
Miss
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Analyst 52W Price Targets
$902.28Current
$257Low
$806.48Average
$1,085High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 14, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 19, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 11, 2026 |
| UBS | Buy | Buy | Maintain | Aug 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 6, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 6, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 24, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 8, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 6, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Feb 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Nov 6, 2025 |
| Baird | Outperform | Outperform | Maintain | Nov 6, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 14, 2025 |
| Leerink Partners | Outperform | Outperform | Maintain | Sep 24, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Sep 24, 2025 |
| Argus Research | Buy | Buy | Maintain | Jun 24, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 11, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Apr 18, 2022 |
| Goldman Sachs | Buy | Buy | Maintain | May 7, 2021 |
| Guggenheim | Buy | Buy | Maintain | May 27, 2020 |
| CFRA | Buy | Buy | Maintain | May 20, 2020 |
| Standpoint Research | Buy | Hold | Upgrade | Jul 10, 2018 |
| Leerink Swann | Market Perform | Market Perform | Maintain | May 29, 2018 |
| Bank of America | Buy | Buy | Maintain | Apr 11, 2018 |
| Needham | Hold | Hold | Maintain | Apr 4, 2017 |
| Avondale Partners | Market Outperform | Market Perform | Upgrade | Jan 18, 2017 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 12, 2016 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Jan 13, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 29, 2013 |
| ISI Group | Strong Buy | Buy | Upgrade | Oct 24, 2013 |
| Sterne Agee | Buy | Buy | Maintain | Sep 18, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $902.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Glen Santangelo | $1,000 | $869.26 | +10.8% | Aug 19, 2026 |
| RBC Capital | Ryan Halsted | $845 | $869.26 | -6.3% | Aug 19, 2026 |
| Wells Fargo | Stephan Baxter | $933 | $879.87 | +3.4% | Aug 11, 2026 |
| Robert W. Baird | Analyst unavailable | $1,015 | $843.89 | +12.5% | Aug 6, 2026 |
| UBS | Kevin Caliendo | $1,050 | $744.46 | +16.4% | May 8, 2026 |
| Deutsche Bank | George Hill | $875 | $763.9 | -3.0% | May 8, 2026 |
| Raymond James | Analyst unavailable | $970 | $930.31 | +7.5% | Mar 5, 2026 |
| Leerink Partners | Michael Cherny | $1,085 | $930.22 | +20.3% | Mar 5, 2026 |
| Barclays | Analyst unavailable | $1,050 | $946.47 | +16.4% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $966 | $826.62 | +7.1% | Jan 29, 2026 |
| Robert W. Baird | Eric Coldwell | $968 | $833.36 | +7.3% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $960 | $797.93 | +6.4% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $1,000 | $852.02 | +10.8% | Nov 6, 2025 |
| UBS | Kevin Caliendo | $920 | $801.3 | +2.0% | Oct 27, 2025 |
| Jefferies | Analyst unavailable | $900 | $769.49 | -0.3% | Oct 13, 2025 |
| Wells Fargo | Stephen Baxter | $772 | $659.01 | -14.4% | Aug 13, 2025 |
| Wells Fargo | Stephen Baxter | $766 | $714.88 | -15.1% | Jun 3, 2025 |
| Jefferies | Rob Dickerson | $715 | $541.15 | -20.8% | Nov 19, 2024 |
| Robert W. Baird | Eric Coldwell | $688 | $526.54 | -23.7% | Nov 7, 2024 |
| Deutsche Bank | George Hill | $579 | $479.16 | -35.8% | Sep 25, 2024 |
| Robert W. Baird | Eric Coldwell | $531 | $505 | -41.1% | Sep 24, 2024 |
| Wells Fargo | Stephen Baxter | $535 | $511.17 | -40.7% | Sep 13, 2024 |
| Leerink Partners | Michael Cherny | $665 | $514.75 | -26.3% | Sep 6, 2024 |
| Bank of America Securities | Michael Cherny | $635 | $526.5 | -29.6% | Sep 5, 2024 |
| Mizuho Securities | Ann Hynes | $570 | $617.51 | -36.8% | Aug 8, 2024 |
| Robert W. Baird | Eric Coldwell | $694 | $589.53 | -23.1% | Jul 9, 2024 |
| Argus Research | David Toung | $670 | $608.72 | -25.7% | Jun 24, 2024 |
| Robert W. Baird | Eric Coldwell | $679 | $549.26 | -24.7% | May 29, 2024 |
| Argus Research | David Toung | $570 | $527.28 | -36.8% | Apr 10, 2024 |
| Robert W. Baird | Eric Coldwell | $603 | $534.79 | -33.2% | Apr 5, 2024 |
| Robert W. Baird | Eric Coldwell | $567 | $494.01 | -37.2% | Feb 8, 2024 |
| Argus Research | David Toung | $480 | $515.03 | -46.8% | Feb 7, 2024 |
| Morgan Stanley | Analyst unavailable | $426 | $370.98 | -52.8% | Feb 2, 2023 |
| Morgan Stanley | Analyst unavailable | $420 | $384.01 | -53.5% | Jan 6, 2023 |
| UBS | Kevin Caliendo | $380 | $322.86 | -57.9% | May 23, 2022 |
| Morgan Stanley | Ricky Goldwasser | $370 | $323.25 | -59.0% | Apr 16, 2022 |
| Robert W. Baird | Eric Coldwell | $340 | $258.02 | -62.3% | Feb 2, 2022 |
| Morgan Stanley | Ricky Goldwasser | $292 | $232.69 | -67.6% | Dec 17, 2021 |
| Barclays | Steven Valiquette | $290 | $230.35 | -67.9% | Dec 9, 2021 |
| Argus Research | David Toung | $270 | $219.39 | -70.1% | Nov 8, 2021 |
| Goldman Sachs | Robert Jones | $257 | $195.97 | -71.5% | May 7, 2021 |
Track every rating change on MCK the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMcKesson Corporation is a prominent global provider of healthcare services, operating extensively in both the United States and international markets. Its diverse operations are strategically organized into four key business segments. The U.S. Pharmaceutical division plays a crucial role in the distribution of a comprehensive array of pharmaceutical products, encompassing branded, generic, specialty, biosimilar, and over-the-counter medications, alongside other health-related merchandise. This segment also delivers specialized support to community-based oncology and other specialty medical practices through practice management tools, technology solutions, clinical guidance, and broader business services. Furthermore, it assists pharmacies with consulting, outsourcing, and technology services, while also furnishing financial, operational, and clinical software solutions.…
Historical context
All MCK earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the MCK recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-03T07:26:04.660466+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T07:26:04.657830+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.