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# McKesson Corporation (NYSE: MCK) — Recent Events ## Filings that contain financial statements - **Form 8-K, accession 0000927653-26-000232** (filed August 5, 2026): Exhibit 99.1 furnishes McKesson's fiscal 2027 first-quarter results for the three months ended June 30, 2026, including condensed consolidated statements of operations, balance sheets (June 30, 2026 vs. March 31, 2026), and statements of cash flows (GAAP), plus GAAP-to-non-GAAP reconciliations. - **Form 8-K, accession 0000927653-26-000066** (filed May 7, 2026): Exhibit 99.1 furnishes McKesson's fiscal 2026 fourth-quarter and full-year results for the periods ended March 31, 2026, including condensed consolidated statements of operations, balance sheets (March 31, 2026 vs. March 31, 2025), and statements of cash flows (GAAP), plus reconciliations. This is the source for full fiscal-2026 comparative GAAP figures. - **Form 8-K, accession 0000927653-26-000015** (filed February 4, 2026): Exhibit 99.1 furnishes fiscal 2026 third-quarter results for the three and nine months ended December 31, 2025, with full financial statement tables. - **Form 8-K, accession 0000927653-25-000138** (filed November 5, 2025): Exhibit 99.1 furnishes fiscal 2026 second-quarter results for the three and six months ended September 30, 2025, with full financial statement tables. - **Form 8-K, accession 0000927653-25-000105** (filed August 6, 2025): Exhibit 99.1 furnishes fiscal 2026 first-quarter results for the three months ended June 30, 2025, with full financial statement tables (comparative basis under the prior segment structure — U.S. Pharmaceutical, Prescription Technology Solutions, Medical-Surgical Solutions, International). - **Form 8-K, accession 0000927653-25-000121** (filed September 18, 2025): Exhibit 99.1 furnishes supplemental historical segment financial information (GAAP and non-GAAP) recast under the new four-segment structure for the fiscal quarters ended June 30 2024, September 30 2024, December 31 2024, March 31 2025, and June 30 2025, and for full fiscal years 2025 and 2024. ## Earnings and guidance - **August 5, 2026 — Fiscal 2027 first-quarter results and raised guidance.** Revenues of $105.4 billion increased 8%; GAAP diluted EPS of $5.15 decreased $1.10 from $6.25 a year ago, driven largely by a $293 million redemption-value adjustment on redeemable noncontrolling interests tied to the Medical-Surgical Solutions minority sale; Adjusted EPS of $9.93 rose 20%. McKesson raised its fiscal 2027 Adjusted EPS guidance range to $44.20–$45.00 from $43.80–$44.60. (Accession 0000927653-26-000232.) - **May 7, 2026 — Fiscal 2026 fourth-quarter and full-year results; fiscal 2027 guidance issued.** Full-year revenues of $403.4 billion increased 12%; full-year GAAP diluted EPS of $38.38 increased $12.66; full-year Adjusted EPS of $39.11 increased 18%. Fourth-quarter GAAP diluted EPS was $13.71 versus $10.01 a year ago. McKesson established initial fiscal 2027 Adjusted EPS guidance of $43.80–$44.60 and reaffirmed its long-term Adjusted EPS growth target of 13%–16%. (Accession 0000927653-26-000066.) - **February 4, 2026 — Fiscal 2026 third-quarter results and raised guidance.** Quarterly revenues of $106.2 billion increased 11%; GAAP diluted EPS of $9.59 increased $2.64; Adjusted EPS of $9.34 increased 16%. McKesson raised and narrowed fiscal 2026 Adjusted EPS guidance to $38.80–$39.20 from $38.35–$38.85. (Accession 0000927653-26-000015.) - **November 5, 2025 — Fiscal 2026 second-quarter results and raised guidance.** Revenues rose 10% to a record $103.2 billion; GAAP diluted EPS of $8.92 increased $7.05 (the prior-year quarter included charges tied to the Canadian retail sale and business rationalization); Adjusted EPS of $9.86 increased 39%. McKesson raised its fiscal 2026 Adjusted EPS guidance by $0.30 to $38.35–$38.85. (Accession 0000927653-25-000138.) - **August 6, 2025 — Fiscal 2026 first-quarter results and raised guidance.** Revenues of $97.8 billion increased 23%; GAAP diluted EPS of $6.25 decreased $0.75 versus a year ago, reflecting a $189 million pre-tax provision for bad debts tied to the Rite Aid bankruptcy; Adjusted EPS of $8.26 increased 5%. Guidance was raised to $37.10–$37.90 for fiscal 2026. (Accession 0000927653-25-000105.) - **September 23, 2025 — Investor Day update.** McKesson raised and narrowed fiscal 2026 Adjusted EPS guidance to $38.05–$38.55 from $37.10–$37.90, and increased its long-term Adjusted EPS growth target to 13%–16% from 12%–14%. New segment-level long-term Adjusted Segment Operating Profit growth targets were introduced: North American Pharmaceutical 5%–8%, Oncology & Multispecialty 13%–16%, Prescription Technology Solutions 10%–13%. (Accession 0000927653-25-000125.) ## Segment reorganization - **September 18, 2025.** Effective in the second quarter of fiscal 2026, McKesson began reporting across four new segments — North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions — with Norwegian operations moved into "Other." The change did not affect previously issued consolidated financial statements or historical diluted EPS. (Accession 0000927653-25-000121.) ## Medical-Surgical Solutions separation McKesson has been advancing a plan announced in May 2025 (per the September 18, 2025 Form 8-K, accession 0000927653-25-000121) to separate its Medical-Surgical Solutions segment into an independent company. Milestones disclosed in these filings: - **April 1, 2026.** Subsidiaries including McKesson Medical-Surgical Top Holdings, Inc. entered into a credit agreement with JPMorgan Chase Bank, N.A. as administrative and collateral agent, providing a $750.0 million Term Loan A-1 facility due 2031 and a $250.0 million Term Loan A-2 facility due 2028 — together the "secured $1.0 billion term loan" the May 7, 2026 earnings release referred to when describing these initial financing transactions — plus a $1,000.0 million revolving credit facility maturing 2031. (Accession 0000927653-26-000045; also referenced in the May 7, 2026 earnings release, accession 0000927653-26-000066.) - **June 9, 2026.** The same subsidiaries entered into Amendment No. 1 to that credit agreement, adding a $2,250.0 million senior secured Term Loan B facility due 2032, to further finance the planned separation. (Accession 0000927653-26-000167.) - **Signed, pending regulatory approval as of the May 7, 2026 earnings release:** McKesson signed a definitive agreement for Apollo Global to acquire an approximately 13% minority ownership interest in the Medical-Surgical Solutions segment. - **June 1, 2026 — Closed.** McKesson sold an approximately 13% minority interest in its Medical-Surgical Solutions business to Apollo Funds for $1.25 billion, as disclosed in the August 5, 2026 earnings release. The transaction triggered a $293 million charge to remeasure the resulting redeemable noncontrolling interest to redemption value, which reduced fiscal 2027 first-quarter GAAP net income attributable to McKesson. - **August 5, 2026.** McKesson unveiled "Wellverse" as the name of the future standalone Medical-Surgical Solutions business. (Accession 0000927653-26-000232, Exhibit 99.1.) ## Capital allocation and dividends - **July 21, 2026.** The Board of Directors declared a 15% increase to the quarterly dividend, from $0.82 to $0.94 per share — the tenth consecutive year of dividend increases. In the fiscal 2027 first quarter, McKesson returned $2.6 billion to shareholders, including $2.25 billion under a May 2026 accelerated share repurchase program. (Accession 0000927653-26-000232.) - **April 2026.** The Board approved an additional $5.0 billion share repurchase authorization, bringing total authorized repurchases to $7.7 billion. McKesson also entered a $2.25 billion accelerated share repurchase program in the fiscal 2026 fourth quarter. (Accession 0000927653-26-000066.) - **July 29, 2025.** The Board declared a 15% dividend increase, from $0.71 to $0.82 per share — the ninth consecutive year of increases. (Accession 0000927653-25-000105.) ## Debt and credit facilities - **April 24, 2026.** McKesson entered into a new $5.0 billion revolving credit facility maturing April 2031 with Bank of America, N.A. as administrative agent, replacing its existing $1.0 billion 364-day facility and $4.0 billion five-year facility (both terminated, with no borrowings outstanding at termination). The new facility requires McKesson to maintain a total debt-to-Consolidated EBITDA ratio of no greater than 4.25x (temporary step-up to 4.75x available after a qualifying acquisition), excluding Medical-Surgical Solutions segment debt and EBITDA. (Accession 0000927653-26-000053.) - **April 1, 2026** and **June 9, 2026** — see Medical-Surgical Solutions separation financing above. (Accessions 0000927653-26-000045 and 0000927653-26-000167.) ## Divestitures and portfolio moves - **January 30, 2026 — Closed.** McKesson closed the sale of its retail and distribution businesses in Norway to NorgesGruppen, completing its full exit from European operations. The transaction generated a pre-tax net gain of approximately $480 million recognized in the fourth quarter of fiscal 2026. (Disclosed in the February 4, 2026 and May 7, 2026 earnings releases; the agreement had been signed August 4, 2025.) - **April 2025–June 2025 (prior fiscal year, referenced for context).** McKesson completed the acquisitions of an 80% controlling interest in PRISM Vision Holdings, LLC (April 1, 2025) and a 70% controlling interest in Core Ventures (June 2, 2025), expanding its oncology and ophthalmology platforms. (Accession 0000927653-25-000105.) - **April 2026.** The US Oncology Network added Cancer Care Northwest to its community oncology footprint; PRISM Vision Group added the Retina Macula Institute in Southern California, effective May 1, 2026. (Accession 0000927653-26-000066.) ## Management changes - **March 3–4, 2026.** Britt J. Vitalone, Executive Vice President and Chief Financial Officer, gave notice of his intention to retire; his last day as CFO was May 28, 2026. Kenny K. Cheung, formerly EVP and CFO of Sysco Corporation and previously CFO of The Hertz Corporation, was appointed EVP and CFO effective May 29, 2026. Cheung's arrangement included a $3.5 million sign-on bonus and $6.0 million in sign-on restricted stock units, plus an annual base salary of $1,050,000. Vitalone entered an advisory agreement with the company effective July 2, 2026, paying a $50,000 monthly advisory fee. (Accession 0000927653-26-000035.) - **June 29, 2026.** Thomas L. Rodgers, EVP and Chief Strategy and Business Development Officer, gave notice of his intention to retire, effective August 1, 2026. Ramesh Srinivasan was appointed EVP and Chief Strategy Officer effective the same date. (Accession 0000927653-26-000185.) - **May 1, 2026.** Following Donald R. Knauss's planned completion of Board service at the 2026 Annual Stockholders meeting, the Board elected Brian Tyler as Chair of the Board (in addition to his role as Chief Executive Officer) and Dominic J. Caruso as Lead Independent Director. (Accession 0000927653-26-000066.) ## Governance - **July 22, 2026 — Annual Meeting of Shareholders.** All eleven director nominees were elected; Deloitte & Touche LLP was ratified as independent auditor for fiscal year ending March 31, 2027; and the advisory vote on named executive officer compensation was approved. (Accession 0000927653-26-000215.) ## Cybersecurity - **August 25, 2026 (disclosed August 28).** McKesson discovered a cybersecurity incident affecting its information systems. As of the Form 8-K filed August 28, 2026, the company stated it had not determined the incident to be material or reasonably likely to have a material impact on its financial condition or results of operations. An investigation was in its early stages. (Accession 0000927653-26-000247.) ## Legal and other items referenced in earnings disclosures - McKesson's results across the periods above reference an ongoing pre-tax provision related to the Rite Aid Corporation bankruptcy (both charges and subsequent credits as claims resolve), and ongoing restructuring, impairment, and litigation-related charges tied to opioid-related claims reserves, none of which the company characterized as a new standalone material event in these filings.