MCKESSON CORP

Overview of Segment Results:

Segment Revenues:

North American Pharmaceutical

North American Pharmaceutical revenues for the three months ended June 30, 2026 increased $4.0 billion or 5% compared to the same prior year period. Within the segment, sales in the U.S. increased $3.7 billion primarily due to higher volumes from institutional and retail national account customers partially offset by branded pharmaceutical price decreases and branded to generic drug conversions.

Oncology & Multispecialty

Oncology & Multispecialty revenues for the three months ended June 30, 2026 increased $3.6 billion or 33% compared to the same prior year period primarily driven by higher specialty pharmaceutical sales in provider solutions.

Prescription Technology Solutions

Prescription Technology Solutions revenues for the three months ended June 30, 2026 increased $132 million or 9% compared to the same prior year period primarily due to increased volumes from third-party logistics.

Medical-Surgical Solutions revenues for the three months ended June 30, 2026 increased $118 million or 4% compared to the same prior year period. Within the segment, sales to extended care customers increased $79 million and sales to ambulatory care customers increased $35 million driven by underlying business growth.

Other Segment Expense, Segment Operating Profit and Corporate Expenses, Net:

(1)Other segment expense, net includes cost of sales, total operating expenses, as well as other income, net, for our reportable segments.

(2)Other segment expense, net for our North American Pharmaceutical segment includes the following:

•related to the bankruptcy of our customer Rite Aid, we recorded a provision for bad debts of $189 million during the three months ended June 30, 2025;

(3)Other segment expense, net for our Prescription Technology Solutions segment includes the following:

•charges of $61 million for the three months ended June 30, 2026 for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” to the accompanying condensed consolidated financial statements included in this Quarterly Report;

(4)Other segment expense, net for our Medical-Surgical Solutions segment includes the following:

•net charges of $45 million for the three months ended June 30, 2026 related to our planned separation of the Medical-Surgical Solutions business;

(5)Corporate expenses, net includes the following:

•charges of $50 million and $29 million for the three months ended June 30, 2026 and 2025 for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” to the accompanying condensed consolidated financial statements included in this Quarterly Report;

•a credit of $34 million for the three months ended June 30, 2026 related to our estimated liability for opioid-related claims as discussed in more detail in Financial Note 11, “Commitments and Contingent Liabilities,” to the accompanying condensed consolidated financial statements; and

•net charges of $23 million for the three months ended June 30, 2026 related to our planned separation of the Medical-Surgical Solutions business.

North American Pharmaceutical

Operating profit for this segment increased for the three months ended June 30, 2026 compared to the same prior year period largely due to higher pharmaceutical distribution volumes across the segment and the absence of the prior year impact from the Rite Aid bankruptcy, partially offset by higher operating expenses to support volume growth.

Oncology & Multispecialty

Operating profit for this segment increased for the three months ended June 30, 2026 compared to the same prior year period primarily due to growth in specialty pharmaceuticals, including contributions from business acquisitions completed in the prior year, partially offset by an increase in operating expenses to support higher volumes.

Prescription Technology Solutions

Operating profit for this segment decreased for the three months ended June 30, 2026 compared to the same prior year period driven by higher restructuring charges and an increase in operating expenses to support higher volumes, partially offset by increased demand for Access Solutions.

Operating profit for this segment decreased for the three months ended June 30, 2026 compared to the same prior year period primarily due to $45 million of charges related to our planned separation of the Medical-Surgical Solutions business, a decline in the contribution from our ambulatory care business, and an increase in operating expenses to support higher volumes.

Corporate Expenses, Net

Corporate expenses, net decreased for the three months ended June 30, 2026 compared to the same prior year period primarily due to a $34 million credit related to our estimated liability for opioid-related claims as discussed in more detail in Financial Note 11, “Commitments and Contingent Liabilities,” offset by $23 million of charges related to our planned separation of the Medical-Surgical Solutions Segment, and higher restructuring charges.