MCKESSON CORP

The following summary provides highlights and key factors that impacted our business, operating results, financial condition, and liquidity for the three and nine months ended December 31, 2025:

•For the three months ended December 31, 2025 compared to the prior year, revenues increased by 11%, gross profit increased by 12%, total operating expenses were flat, and other income, net increased by 7%.

•For the nine months ended December 31, 2025 compared to the prior year, revenues increased by 15%, gross profit increased by 8%, total operating expenses decreased by 6%, and other income, net decreased by 14%. Refer to the “Overview of Consolidated Results” section below for an analysis of these changes;

•Diluted earnings per common share attributable to McKesson Corporation increased to $9.59 from $6.95 for the three months ended December 31, 2025 and increased to $24.73 from $15.80 for the nine months ended December 31, 2025 compared to the respective prior year periods;

•On April 1, 2025, we completed the acquisition of a controlling interest in PRISM Vision for $875 million in cash, as discussed in further detail in the“Business Acquisitions and Divestitures” section above;

•On June 2, 2025, we completed the acquisition of a controlling interest in Core Ventures for $2.5 billion in cash, as discussed in further detail in the“Business Acquisitions and Divestitures” section above;

•We recorded an immaterial net charge of $29 million for the nine months ended December 31, 2025 related to the bankruptcy of our customer, Rite Aid Corporation (including certain of its subsidiaries, “Rite Aid”) as discussed further in the“Overview of Consolidated Results” section below;

•On May 8, 2025, we entered into a syndicated $1.0 billion 364-Day senior unsecured credit facility (the “364-Day Credit Facility”) which is scheduled to mature in May 2026. Refer to Financial Note 8, “Debt and Financing Activities,” to the accompanying condensed consolidated financial statements in this Quarterly Report for additional information;

•On May 30, 2025, we completed a public debt offering of 4.65% Notes due May 30, 2030 in a principal amount of $650 million, 4.95% Notes due May 30, 2032 in a principal amount of $650 million, and 5.25% Notes due May 30, 2035 in a principal amount of $700 million, for total proceeds received, net of discounts and debt offering expenses, of $2.0 billion. The net proceeds from these notes in addition to cash on hand were utilized to fund the purchase of the interest in Core Ventures. Refer to Financial Note 8, “Debt and Financing Activities,” to the accompanying condensed consolidated financial statements in this Quarterly Report for additional information;

•On November 14, 2025, our €600 million outstanding principal amount of 1.50% Notes matured and were repaid using cash on hand;

•On December 3, 2025, our $500 million outstanding principal amount of 0.90% Notes matured and were repaid using cash on hand;

•During the nine months ended December 31, 2025, we returned $2.4 billion of cash to shareholders through $2.1 billion of common stock repurchases in open market transactions and $280 million of dividend payments. The total remaining authorization outstanding for repurchases of the Company’s common stock at December 31, 2025 was $5.4 billion; and

•On July 29, 2025, our Board of Directors (the “Board”) raised our quarterly dividend to $0.82 from $0.71 per share of common stock.