McKesson stock lifts fiscal 2027 outlook after strong Q2

McKesson reported stronger fiscal second-quarter results on November 4, 2026, and raised its full-year adjusted earnings outlook. The McKesson press release said revenue for the quarter ended September 30 rose 8% year over year to 111.0 billion US dollars.

Adjusted diluted earnings per share increased 18% to 11.68 US dollars from 9.86 US dollars a year earlier. GAAP diluted earnings per share rose to 10.44 US dollars from 8.92 US dollars. McKesson attributed the adjusted earnings increase to operating growth in North American Pharmaceutical, Oncology & Multispecialty, and Prescription Technology Solutions, as well as a lower share count.

Specialty healthcare drives expansion

North American Pharmaceutical revenue grew 6% to 91.4 billion US dollars, helped by higher prescription volumes and specialty products. Oncology & Multispecialty revenue advanced 24% to 15.0 billion US dollars, while Prescription Technology Solutions revenue rose 10% to 1.5 billion US dollars.

The Medical-Surgical Solutions segment grew revenue 5% to 3.1 billion US dollars, but adjusted segment operating profit declined 10% because of product mix in ambulatory care. The contrast shows why McKesson's earnings outlook depends not only on volume growth, but also on the composition and profitability of its business.

McKesson also reported 3.1 billion US dollars of operating cash flow and 2.9 billion US dollars of free cash flow for the quarter. In the first half of the fiscal year, the company returned 3.6 billion US dollars to shareholders, including 3.4 billion US dollars of common-stock repurchases and 198 million US dollars of dividends.

Higher guidance raises execution bar

Management lifted fiscal 2027 adjusted diluted earnings guidance to 45.60 to 46.40 US dollars per share from 44.20 to 45.00 US dollars previously. The new range implies adjusted earnings growth of 17% to 19% compared with the prior fiscal year. McKesson expects revenue growth of 6% to 10% and operating profit growth of 12% to 16%.

Chief Executive Brian Tyler said the quarter reflected operational strength in the core segments and disciplined execution. Chief Financial Officer Kenny Cheung said the guidance increase was supported by business strength and confidence in consistent execution. The outlook is a non-GAAP measure; McKesson said it does not provide forward-looking GAAP earnings per share guidance because several adjustments cannot be forecast with reasonable precision.

Strategic activity remains part of the investment case. McKesson signed an agreement on October 5 to invest approximately 1.4 billion US dollars for a minority interest of approximately 49% in Option Care Health, subject to customary closing conditions. On November 2, it completed the acquisition of Precision Medicine Group, a clinical research and biopharma commercialization services provider.

McKesson stock traded at 977.50 euros on Lang & Schwarz at 13:37 CET on Friday, November 13, 2026.

McKesson's next listed investor event is the Jefferies Global Healthcare Conference on November 17, 2026. The company also plans to participate in healthcare conferences in December and January.

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