McKesson Q1 FY27: Operating income +27%, net income -22% on $614.0M noncontrolling interest drag

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 27% to $1.3B, but net income fell 22% to $614M as noncontrolling interest charges surged $371M (primarily $293M Med-Surg and $81M Core Ventures redeemable NCI remeasurement to redemption value), plus higher interest expense and income tax.

  MD&A: Consolidated Results verify on EDGAR →
• high

  Apollo invested $1.25B for 13% of Med-Surg via convertible preferred equity (June 2026); Med-Surg subsidiaries raised $3.2B in secured term loans and a $1B revolver, shifting debt from parent to subsidiary level as separation progresses.

  MD&A: Apollo Investment & Med-Surg Financing verify on EDGAR →
• high

  Board authorized additional $5B share buyback (April 2026); Q1 FY27 repurchases totaled $2.5B (4.3x prior year's $581M), including two ASR programs, leaving $5.2B remaining authorization. Quarterly dividend raised 14.6% to $0.94/share.

  MD&A: Capital Return verify on EDGAR →