Mckesson Corporation

Strong FY2026 performance + shareholder returns (all segments momentum) - McKesson reported fiscal 2026 adjusted EPS (diluted) of $39.11, +18% YoY, and adjusted operating profit +15% to $6.5B on revenue of $403B (+12% YoY). - Operating cash flow: $6.2B (exceeded plan) and free cash flow: $5.4B. - Capital returned to shareholders: $5.1B in FY2026 via share repurchases + dividends; highlighted ROIC 34% and ~$23B returned since fiscal 2020 with 17% adjusted EPS CAGR.

FY2027 outlook: core growth expected but not uniform across all businesses - Company guided FY2027 adjusted EPS to $43.80–$44.60 (+12% to +14% YoY), with first-half vs second-half cadence broadly similar to FY2026 (some quarter volatility tied to discrete tax timing). - Segment expectations: - North American Pharmaceutical: revenue +4% to +8%, operating profit +5.5% to +9.5%; continued GLP-1 growth expected with quarter-to-quarter variability. - Oncology & Multispecialty: revenue +14.5% to +18.5%, operating profit +13.5% to +17.5% (benefiting from provider expansion and integration of PRISM Vision and Core Ventures). - Prescription Technology Solutions (RxTS): revenue +2.5% to +6.5%, operating profit +11% to +15% (profit strength despite slower top-line growth variability). - Medical-Surgical Solutions (toward separation): revenue +1% to +6%, operating profit flat to +4%.

Major strategic progress: oncology platform scaling + Medical-Surgical separation execution - Oncology & multispecialty platform growth drivers - U.S. Oncology Network added 570+ providers in FY2026 (largest net increase since 2010); +1,900+ providers using Ambient Scribe. - PRISM Vision: ~+20% provider growth and added new practices (e.g., Spokane Eye Clinic; Retina Macula Institute in May). - Integration update: acquisitions (PRISM Vision, Core Ventures) contributed meaningfully to growth (company cited ~34% of segment operating profit growth). - Medical-Surgical separation - Progress milestone: Norway fully exited (completed in January). - For separation readiness: financing put in place ($1B Term Loan A + $1B revolving credit facility) and Apollo agreed as a minority investor (~13% stake; ~$1.25B, valuing NewCo at ~$13B EV; subject to approvals). - Expected separation-related additional term loans: up to $2.25B in 2H of Q1 FY2027; company expects separation to unlock “strategic clarity” and shareholder value.