Analyst Consensus ?
ConsensusBuy31 ratings
Bullish2580.6%
Neutral619.4%
Bearish00.0%
McKesson Corporation · MCK · FY2026 Q4 · Calendar Q2 2026
McKesson Closes FY2026 With 18% EPS Growth, Reaffirms FY27 Outlook
McKesson closed fiscal 2026 with 18% adjusted EPS growth and $6.2 billion in operating cash flow, but Q4 revenue of $96.3 billion fell short of the $101.3 billion consensus as the North American Pharmaceutical segment lagged estimates. The stock declined 3.3% on an abnormal basis in the session following the report before recovering 4.2% in subsequent trading. Management reaffirmed FY27 EPS guidance of $43.80-$44.60, signaling continued 12-14% earnings growth driven by oncology platform expansion, specialty pharmaceutical distribution, and AI-driven automation. The pending Medical-Surgical Solutions separation, anchored by Apollo Funds' $1.25 billion minority investment for a 13% stake, represents a significant strategic milestone expected to unlock value. The shift from raised guidance in Q3 to maintained guidance in Q4 suggests management views the current trajectory as on track…
Reported After market closeNYSEHealthcare
$104.14B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$11.69
Consensus $11.56
EPS surprise
+1.1%
Reported versus consensus
Reported revenue
$96.30B
Consensus $101.35B
Revenue surprise
-5.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.5%
Event window
SPY move
+0.8%
Same window
Abnormal move
-3.3%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+4.2%
Up to 20 sessions
MCKSPY benchmark
Ask FN2 about MCK FY2026 Q4
Transcript, numbers and history already loaded
Why did MCK fall 2.5% after beating EPS estimates in FY2026 Q4?What changed in MCK's guidance and outlook in FY2026 Q4?Give me the bull and bear case for MCK after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q4 FY2026 adjusted EPS of $11.69 beat the $11.56 consensus by 1.1%, while revenue of $96.3 billion missed the $101.3 billion estimate by 5.0%. The stock fell 3.3% on an abnormal basis in the session after the report, against a 2.5% market decline and a 0.8% gain in the SPY benchmark. Trading volume ran 2.3x the baseline. Shares subsequently recovered with a 4.2% drift. Analyst consensus price targets as of July 2026 stand at $999.33 (median $1,010), versus a current price of $889.50, implying roughly 12% upside to the consensus target.
Guidance delta
Management maintained FY27 EPS guidance of $43.80-$44.60, implying 12-14% year-over-year growth. This follows the prior quarter's raised full-year FY26 EPS guidance to $38.80-$39.20. The guidance sentiment shifted from 'raised' in Q3 to 'maintained' in Q4, suggesting management sees the current trajectory as on track rather than accelerating further.
Key takeaways
- Full-year FY2026 delivered 18% adjusted EPS growth, $6.2 billion in operating cash flow, and $5.1 billion returned to shareholders.
- Q4 EPS of $11.69 beat consensus by 1.1%, but revenue of $96.3 billion missed the $101.3 billion estimate by 5.0%.
- Core Ventures and PRISM Vision acquisitions are fully integrated and contributing to oncology and multispecialty platform growth.
- Medical-Surgical Solutions separation advanced with $2 billion in financing and Apollo Funds' $1.25 billion minority investment for a 13% stake.
- AI-enabled Montreal distribution center launched with advanced robotics, scaling automation across the distribution network.
- FY27 EPS guidance of $43.80-$44.60 reaffirmed, indicating 12-14% year-over-year earnings growth.
Management priorities
- Continue expanding the U.S. Oncology Network provider base across new geographies.
- Scale AI-enabled automation across distribution centers, including full ramp-up of the Montreal facility.
- Complete the separation and IPO of Medical-Surgical Solutions with Apollo Funds as strategic minority partner.
- Invest in technology platforms such as Ambient Scribe and Ontada to enhance provider productivity.
- Deploy $5 billion in share repurchases in FY27 while maintaining disciplined capital allocation.
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Analyst 52W Price Targets
$992.87Previous close
$257Low
$838.88Average
$1,200High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 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 |
|---|---|---|---|---|
| Mizuho | Neutral | Neutral | Maintain | Oct 20, 2026 |
| UBS | Buy | Buy | Maintain | Oct 16, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Oct 7, 2026 |
| 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 |
| 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 |
| Morgan Stanley | Overweight | Overweight | Maintain | Nov 6, 2025 |
| Baird | Outperform | Outperform | Maintain | Nov 6, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 14, 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 previous close $992.87. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $1,020 | $1,010.43 | +2.7% | Oct 20, 2026 |
| UBS | Analyst unavailable | $1,200 | $998.64 | +20.9% | Oct 16, 2026 |
| Morgan Stanley | Erin Wright | $977 | $915.45 | -1.6% | Oct 6, 2026 |
| Barclays | Glen Santangelo | $1,000 | $869.26 | +0.7% | Aug 19, 2026 |
| RBC Capital | Ryan Halsted | $845 | $869.26 | -14.9% | Aug 19, 2026 |
| Wells Fargo | Stephan Baxter | $933 | $879.87 | -6.0% | Aug 11, 2026 |
| Robert W. Baird | Analyst unavailable | $1,015 | $843.89 | +2.2% | Aug 6, 2026 |
| UBS | Kevin Caliendo | $1,050 | $744.46 | +5.8% | May 8, 2026 |
| Deutsche Bank | George Hill | $875 | $763.9 | -11.9% | May 8, 2026 |
| Raymond James | Analyst unavailable | $970 | $930.31 | -2.3% | Mar 5, 2026 |
| Leerink Partners | Michael Cherny | $1,085 | $930.22 | +9.3% | Mar 5, 2026 |
| Barclays | Analyst unavailable | $1,050 | $946.47 | +5.8% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $966 | $826.62 | -2.7% | Jan 29, 2026 |
| Robert W. Baird | Eric Coldwell | $968 | $833.36 | -2.5% | Jan 14, 2026 |
| Barclays | Analyst unavailable | $960 | $797.93 | -3.3% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $1,000 | $852.02 | +0.7% | Nov 6, 2025 |
| UBS | Kevin Caliendo | $920 | $801.3 | -7.3% | Oct 27, 2025 |
| Jefferies | Analyst unavailable | $900 | $769.49 | -9.4% | Oct 13, 2025 |
| Wells Fargo | Stephen Baxter | $772 | $659.01 | -22.2% | Aug 13, 2025 |
| Wells Fargo | Stephen Baxter | $766 | $714.88 | -22.8% | Jun 3, 2025 |
| Jefferies | Rob Dickerson | $715 | $541.15 | -28.0% | Nov 19, 2024 |
| Robert W. Baird | Eric Coldwell | $688 | $526.54 | -30.7% | Nov 7, 2024 |
| Deutsche Bank | George Hill | $579 | $479.16 | -41.7% | Sep 25, 2024 |
| Robert W. Baird | Eric Coldwell | $531 | $505 | -46.5% | Sep 24, 2024 |
| Wells Fargo | Stephen Baxter | $535 | $511.17 | -46.1% | Sep 13, 2024 |
| Leerink Partners | Michael Cherny | $665 | $514.75 | -33.0% | Sep 6, 2024 |
| Bank of America Securities | Michael Cherny | $635 | $526.5 | -36.0% | Sep 5, 2024 |
| Mizuho Securities | Ann Hynes | $570 | $617.51 | -42.6% | Aug 8, 2024 |
| Robert W. Baird | Eric Coldwell | $694 | $589.53 | -30.1% | Jul 9, 2024 |
| Argus Research | David Toung | $670 | $608.72 | -32.5% | Jun 24, 2024 |
| Robert W. Baird | Eric Coldwell | $679 | $549.26 | -31.6% | May 29, 2024 |
| Argus Research | David Toung | $570 | $527.28 | -42.6% | Apr 10, 2024 |
| Robert W. Baird | Eric Coldwell | $603 | $534.79 | -39.3% | Apr 5, 2024 |
| Robert W. Baird | Eric Coldwell | $567 | $494.01 | -42.9% | Feb 8, 2024 |
| Mizuho Securities | Ann Hynes | $450 | $515.03 | -54.7% | Feb 7, 2024 |
| Morgan Stanley | Analyst unavailable | $426 | $370.98 | -57.1% | Feb 2, 2023 |
| Morgan Stanley | Analyst unavailable | $420 | $384.01 | -57.7% | Jan 6, 2023 |
| UBS | Kevin Caliendo | $380 | $322.86 | -61.7% | May 23, 2022 |
| Morgan Stanley | Ricky Goldwasser | $370 | $323.25 | -62.7% | Apr 16, 2022 |
| Robert W. Baird | Eric Coldwell | $340 | $258.02 | -65.8% | Feb 2, 2022 |
| Morgan Stanley | Ricky Goldwasser | $292 | $232.69 | -70.6% | Dec 17, 2021 |
| Barclays | Steven Valiquette | $290 | $230.35 | -70.8% | Dec 9, 2021 |
| Argus Research | David Toung | $270 | $219.39 | -72.8% | Nov 8, 2021 |
| Goldman Sachs | Robert Jones | $257 | $195.97 | -74.1% | 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
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|---|---|---|---|---|
| RDY Dr. Reddy's Laboratories Limited | FY2027 Q2 · Calendar Q4 2026 | +24.0% | -0.2% | Dr. Reddy’s: margins improve as semaglutide rollout advances |
| DGX Quest Diagnostics Incorporated | FY2026 Q3 · Calendar Q4 2026 | +4.5% | +1.8% | Quest Diagnostics: growth broadens, but PAMA remains a headwind |
| ARGX argenx SE | FY2026 Q3 · Calendar Q4 2026 | — | -1.6% | argenx: VYVGART momentum and a broader late-stage pipeline |
Latest beats and misses
Who reports nextBeat on EPS
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
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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 · 2026-07-29T02:42:10.854549+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T02:42:10.851311+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 2026-07-29. For educational purposes only; not investment advice.