McKesson Corporation reported its fiscal 2026 second‑quarter results on November 5, 2025, posting revenue of $103.15 billion and adjusted earnings per share of $9.86, a $0.82 beat over the consensus estimate of $9.04. The company also raised its full‑year adjusted EPS guidance to $38.35–$38.85, up $0.30 from the prior range of $38.05–$38.55.
The adjusted EPS beat was driven by disciplined cost management and a favorable product mix. McKesson’s operating margin expanded across all segments, with the Oncology & Multispecialty division reporting a 32% revenue increase and the North American Pharmaceutical segment up 8–10%. These gains offset a modest decline in the Medical‑Surgical Solutions business, which faced seasonal demand pressure from vaccines and testing.
Revenue, while up 10% year‑over‑year, fell short of the $104.13 billion consensus estimate by roughly $1 billion. The miss was largely attributable to weaker performance in legacy product lines and a temporary slowdown in the Medical‑Surgical Solutions segment, which has been impacted by supply‑chain constraints and a shift toward specialty products.
CEO Brian Tyler highlighted the company’s “sustained momentum” and noted that the quarter’s results reflected “focused execution across the enterprise.” He emphasized that the strong performance in oncology, multispecialty, and biopharma services—areas that have seen double‑digit operating profit growth—will continue to drive long‑term value.
CFO Britt Vitalone explained that the guidance increase signals confidence in continued demand and cost discipline. She added that ongoing investments in automation and technology, particularly in prescription technology solutions, are expected to further improve margins and support the raised earnings outlook.
Investors responded favorably to the earnings beat and guidance raise, with analysts noting the company’s ability to deliver a robust EPS performance despite a revenue miss. The market reaction was driven primarily by the strong adjusted EPS beat and the upward revision of the full‑year outlook, which together underscored McKesson’s resilience and strategic focus on high‑margin growth segments.
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