MCKESSON CORP

The following summary provides highlights and key factors that impacted our business, operating results, financial condition, and liquidity for the three and six months ended September 30, 2026, as well as other material developments:

•For the three months ended September 30, 2026 compared to the prior year, revenues increased by 8%, gross profit increased by 12%, total operating expenses increased by 10%, and other income, net increased by 2%. Refer to the “Overview of Consolidated Results” section below for an analysis of these changes;

•For the six months ended September 30, 2026 compared to the prior year, revenues increased by 8%, gross profit increased by 12%, total operating expenses increased by 8%, and other income, net increased by 2%. 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 $10.44 from $8.92 for the three months ended September 30, 2026 and increased to $15.53 from $15.16 for the six months ended September 30, 2026 compared to the respective prior year periods;

•In the first quarter of 2027, certain of our subsidiaries within the Medical-Surgical Solutions segment entered into, and then amended, a syndicated credit agreement for: a $750 million principal senior secured term loan due in 2031, a $250 million principal senior secured term loan due in 2028; a $2.25 billion senior secured term loan due 2032, for total proceeds received, net of discounts and debt offering expenses, of $3.2 billion; and a $1.0 billion senior secured revolving credit facility scheduled to mature in April 2031. Refer to Financial Note 8, “Debt and Financing Activities,” to the accompanying condensed consolidated financial statements in this Quarterly Report for additional information;

•On April 24, 2026, we terminated our 2022 revolving credit facility and our 364-Day credit facility and entered into a new Credit Agreement (the “2026 Credit Facility”) that provides a syndicated $5.0 billion senior unsecured credit facility. The 2026 Credit Facility matures in 2031. Refer to Financial Note 8, “Debt and Financing Activities,” to the accompanying condensed consolidated financial statements in this Quarterly Report for additional information;

•As a part of our intention to separate our Medical-Surgical Solutions business into an independent company, on June 1, 2026, Apollo Funds invested approximately $1.25 billion for convertible preferred equity of our Medical-Surgical Solutions business to acquire an approximately 13% interest in the business;

•On April 29, 2026, our Board of Directors (the “Board”) approved the Company to repurchase up to an additional $5.0 billion of common stock;

•During the six months ended September 30, 2026, we returned $3.6 billion of cash to shareholders through $3.4 billion of common stock repurchases and $198 million of dividend payments. The total remaining authorization outstanding for repurchases of the Company’s common stock at September 30, 2026 was $4.3 billion; and

•On July 21, 2026, the Board raised our quarterly dividend from $0.82 to $0.94 per share of common stock.