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MCK: McKesson scale needs distribution margins to keep turning into cash

MCKResearch reportPosted by Goglides ResearchMay 20, 2026
NYSEMCKCoverage BootstrapMcKesson Corporation

Thesis summary

McKesson reported FY2026 revenue of $403.4 billion and FY2026 operating income of $6.2 billion. The thesis depends on pharma distribution scale, specialty growth, working capital, margins and cash conversion.

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McKesson reported FY2026 revenue of $403.4 billion and FY2026 operating income of $6.2 billion. The thesis depends on pharma distribution scale, specialty growth, working capital, margins and cash conversion.

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