MCKESSON CORP MCK
McKesson Corporation together with its subsidiaries (collectively, the "Company," "McKesson," "we," "our," or "us" and other similar pronouns), which traces its business roots to 1833, is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services to help make quality care more accessible and affordable.
The Company's fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references in this document to a particular year refer to the Company's fiscal year. The Company was incorporated on July 7, 1994 in the State of Delaware.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $403.43B | $359.05B | $308.95B | $276.71B | $263.97B | $238.23B | $231.05B | $214.32B | $208.36B | $198.53B |
| Cost of revenue | $388.88B | $345.73B | $296.12B | $264.35B | $250.84B | $226.08B | $219.03B | $202.56B | $197.17B | $187.26B |
| Gross profit | $14.55B | $13.32B | $12.83B | $12.36B | $13.13B | $12.15B | $12.02B | $11.75B | $11.18B | $11.27B |
| R&D | — | — | — | — | — | — | $96.0M | $71.0M | $125.0M | $341.0M |
| SG&A | $8.10B | $8.51B | $8.66B | $7.78B | $10.54B | $8.85B | $9.18B | $8.44B | $8.14B | $7.45B |
| Total operating expenses | $8.34B | $8.90B | $8.92B | $7.98B | $11.09B | $17.19B | $9.53B | $10.87B | $10.42B | $4.15B |
| Operating income | $6.21B | $4.42B | $3.91B | $4.38B | $2.04B | -$5.04B | $2.49B | $886.0M | $762.0M | $7.12B |
| Interest expense | $247.0M | $265.0M | $252.0M | $248.0M | $178.0M | $217.0M | $249.0M | $264.0M | $283.0M | — |
| Pre-tax income | $6.20B | $4.36B | $3.79B | $4.63B | $1.93B | -$5.03B | $1.14B | $610.0M | $239.0M | $6.89B |
| Income tax | $1.10B | $878.0M | $629.0M | $905.0M | $636.0M | $695.0M | $18.0M | $356.0M | $53.0M | $1.61B |
| Net income | $4.76B | $3.29B | $3.00B | $3.56B | $1.11B | -$4.54B | $900.0M | $34.0M | $67.0M | $5.07B |
| EPS, basic | 38.55 | 25.86 | 22.54 | 25.23 | 7.32 | -28.26 | 4.98 | 0.17 | 0.32 | 22.95 |
| EPS, diluted | 38.38 | 25.72 | 22.39 | 25.03 | 7.23 | -28.26 | 4.95 | 0.17 | 0.32 | 22.73 |
| Shares, diluted (wtd. avg.) | $124.1M | $128.1M | $134.1M | $142.2M | $154.1M | $160.6M | $181.6M | $197.3M | $209.0M | $223.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.98B | $5.69B | $4.58B | $4.68B | $3.94B | $6.40B | $4.02B | $2.98B | $2.67B | $4.25B |
| Receivables | $27.98B | $25.64B | $21.62B | $19.41B | $18.58B | $19.18B | $19.95B | $18.25B | $17.71B | $18.21B |
| Inventory | $24.21B | $23.00B | $21.14B | $19.69B | $18.70B | $19.25B | $16.73B | $16.71B | $16.31B | $15.28B |
| Total current assets | $57.21B | $55.40B | $47.97B | $44.29B | $46.23B | $45.38B | $42.22B | $38.47B | $37.14B | $36.95B |
| Property, plant and equipment | $2.67B | $2.50B | $2.32B | $2.18B | $2.09B | $2.58B | $2.37B | $2.55B | $2.46B | $2.29B |
| Goodwill | $11.32B | $10.02B | $10.13B | $9.95B | $9.45B | $9.49B | $9.36B | $9.36B | $10.92B | $10.59B |
| Other intangibles | $4.08B | $1.46B | $2.11B | $2.28B | $2.06B | $2.88B | $3.16B | $3.69B | $4.10B | $3.67B |
| Total assets | $82.32B | $75.14B | $67.44B | $62.32B | $63.30B | $65.02B | $61.25B | $59.67B | $60.38B | $60.97B |
| Accounts payable | $59.97B | $55.33B | $47.10B | $42.49B | $38.09B | $38.98B | $37.20B | $33.85B | $32.18B | $31.02B |
| Short-term debt | — | — | — | — | — | — | — | — | $0 | $183.0M |
| Total current liabilities | $67.02B | $61.60B | $52.36B | $47.96B | $48.47B | $44.10B | $42.62B | $37.63B | $36.69B | $35.61B |
| Long-term debt | $6.53B | $5.65B | $5.63B | $5.59B | $5.88B | $7.15B | $7.39B | $7.59B | $7.88B | $8.36B |
| Retained earnings | $22.29B | $17.92B | $14.98B | $12.29B | $9.03B | $8.20B | $13.02B | $12.41B | $12.99B | $13.19B |
| Total equity | -$2.17B | -$2.07B | -$1.60B | -$1.49B | -$1.79B | $175.0M | $5.31B | $8.29B | $10.06B | $11.27B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.16B | $6.08B | $4.31B | $5.16B | $4.43B | $4.54B | $4.37B | $4.04B | $4.34B | $4.74B |
| Depreciation and amortisation | $287.0M | $272.0M | $279.0M | $272.0M | $312.0M | $344.0M | $335.0M | $317.0M | $303.0M | $324.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $69.0M | $115.0M |
| Capital expenditure | $436.0M | $537.0M | $431.0M | $390.0M | $388.0M | $451.0M | $362.0M | $426.0M | $405.0M | $404.0M |
| Investing cash flow | -$3.43B | -$733.0M | -$1.07B | -$542.0M | -$89.0M | -$415.0M | -$579.0M | -$1.38B | -$2.99B | -$3.27B |
| Financing cash flow | -$4.63B | -$3.96B | -$3.34B | -$4.37B | -$6.32B | -$1.69B | -$2.73B | -$2.23B | -$3.08B | -$2.07B |
| Dividends paid | $381.0M | $345.0M | $314.0M | $292.0M | $277.0M | $276.0M | $294.0M | $292.0M | $262.0M | $253.0M |
| Buybacks | $4.75B | $3.15B | $3.02B | $3.64B | $3.52B | $742.0M | $1.93B | $1.64B | $1.71B | $2.31B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000927653-26-000169.
Others in SIC 5122
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| COR | Cencora, Inc. | $63.15B | 41.6x | 9.3% |
| CAH | CARDINAL HEALTH INC | $57.49B | 34.2x | 14.2% |
| HLF | HERBALIFE LTD. | $1.30B | 5.6x | 0.9% |
| NUS | NU SKIN ENTERPRISES, INC. | $235.6M | 1.5x | -14.3% |
| COSM | Cosmos Health Inc. | $27.5M | — | 19.9% |
| HWH | HWH International Inc. | $14.5M | — | -30.8% |
| MEDS | DataMeds AI, Inc. | $2.8M | — | 28.7% |
| HKPD | Cellyan Biotechnology Co., Ltd | — | — | — |