MCKESSON CORP

Overview of Segment Results:

Segment Revenues:

North American Pharmaceutical

North American Pharmaceutical revenues for the three months ended September 30, 2026 increased $4.9 billion or 6% compared to the same prior year period. Within the segment, sales in the U.S. increased $4.6 billion primarily due to higher volumes from institutional healthcare providers and retail national account customers partially offset by branded pharmaceutical price decreases and branded to generic drug conversions.

North American Pharmaceutical revenues for the six months ended September 30, 2026 increased $8.9 billion or 5% compared to the same prior year period. Within the segment, sales in the U.S. increased $8.4 billion primarily due to higher volumes from institutional healthcare providers 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 September 30, 2026 increased $2.9 billion or 24% compared to the same prior year period primarily driven by higher specialty pharmaceutical sales in provider solutions.

Oncology & Multispecialty revenues for the six months ended September 30, 2026 increased $6.5 billion or 29% 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 September 30, 2026 increased $144 million or 10% compared to the same prior year period primarily due to increased volumes from third-party logistics.

Prescription Technology Solutions revenues for the six months ended September 30, 2026 increased $276 million or 10% 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 September 30, 2026 increased $150 million or 5% compared to the same prior year period. Within the segment, sales to extended care customers increased $91 million and sales to ambulatory care customers increased $49 million driven by underlying business growth.

Medical-Surgical Solutions revenues for the six months ended September 30, 2026 increased $268 million or 5% compared to the same prior year period. Within the segment, sales to extended care customers increased $170 million and sales to ambulatory care customers increased $84 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 six months ended September 30, 2025;

•cash receipts for our share of antitrust legal settlements were $50 million for the three months ended September 30, 2026, and $56 million and $8 million for the six months ended September 30, 2026 and 2025, respectively;

(3)Other segment expense, net for our Oncology & Multispecialty segment includes the following:

•a net gain of $51 million for the three and six months ended September 30, 2025 related to the sale of an investment and market decisions;

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

•charges of $18 million and $79 million for the three and six months ended September 30, 2026, respectively, 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;

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

•net charges of $42 million and $87 million for the three and six months ended September 30, 2026, respectively, related to our planned separation of the Medical-Surgical Solutions business;

(6)Corporate expenses, net includes the following:

•charges of $52 million and $38 million for the three months ended September 30, 2026 and 2025, respectively, and charges of $102 million and $67 million for the six months ended September 30, 2026 and 2025, respectively, 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 $36 million for the six months ended September 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 $4 million and $27 million for the three and six months ended September 30, 2026, respectively, 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 September 30, 2026 compared to the same prior year period largely due to higher pharmaceutical distribution volumes across the segment and an increase from net cash proceeds received representing our share of antitrust legal settlements, partially offset by higher operating expenses to support volume growth.

Operating profit for this segment increased for the six months ended September 30, 2026 compared to the same prior year period largely due to higher pharmaceutical distribution volumes across the segment, the prior year impact from the Rite Aid bankruptcy charge and an increase from net cash proceeds received representing our share of antitrust legal settlements, partially offset by higher operating expenses to support volume growth.

Oncology & Multispecialty

Operating profit for this segment increased for the three months ended September 30, 2026 compared to the same prior year period primarily due to growth in specialty pharmaceuticals partially offset by an increase in operating expenses to support higher volumes and a prior year net gain of$51 million related to the sale of an investment and market decisions.

Operating profit for this segment increased for the six months ended September 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 and a prior year net gain of$51 million related to the sale of an investment and market decisions.

Prescription Technology Solutions

Operating profit for this segment increased for the three months ended September 30, 2026 compared to the same prior year period driven by increased demand for access solutions partially offset by an increase in operating expenses to support higher volumes.

Operating profit for this segment increased for the six months ended September 30, 2026 compared to the same prior year period driven by increased demand for access solutions partially offset by higher restructuring charges and an increase in operating expenses to support higher volumes.

Operating profit for this segment decreased for the three months ended September 30, 2026 compared to the same prior year period primarily due to$42 million of charges related to our planned separation of the Medical-Surgical Solutions business and a decline in the contribution from our ambulatory care business, partially offset by an increase in the contribution from our extended care business.

Operating profit for this segment decreased for the six months ended September 30, 2026 compared to the same prior year period primarily due to$87 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 partially offset by an increase in the contribution from our extended care business.

Corporate Expenses, Net

Corporate expenses, net slightly increased for the three months ended September 30, 2026 compared to the same prior year period primarily due to higher restructuring charges, partially offset by lower operating expenses.

Corporate expenses, net slightly increased for the six months ended September 30, 2026 compared to the same prior year period primarily due to higher restructuring charges and$27 million of charges related to our planned separation of the Medical-Surgical Solutions segment partially offset by a $36 million credit related to our estimated liability for opioid-related claims as discussed in more detail in Financial Note 11, “Commitments and Contingent Liabilities,” and lower operating expenses.