Mckesson Corp (MCK) · Nov 4, 2026 · Earnings

McKesson earnings beat as oncology growth offsets med-surg weakness

Beat — Adjusted EPS $11.68 vs ~$10.72 consensus

McKesson earnings beat Q2 expectations on strong pharmaceutical and oncology execution, while Medical-Surgical margins weakened and strategic expansion continued.

McKesson is shifting from a traditional drug distributor toward a broader oncology, specialty-care, and biopharma-services platform while preparing to separate Medical-Surgical Solutions. The quarter strengthens that strategy: the core pharmaceutical engine and oncology business delivered the growth, while Medical-Surgical remains the weak spot.

The quarter clearly beat the published bar. Adjusted EPS of $11.68 exceeded the published consensus of roughly $10.72, while revenue of $111.0 billion topped expectations near $109.9 billion. That is a meaningful earnings beat, not just a revenue-volume result. The company said, “Second quarter Adjusted Earnings per Diluted Share was $11.68 compared to $9.86 a year ago, an increase of 18%.”

Metric	Q2 FY27	Q2 FY26	Consensus
Revenue (Financial Highlights)	$110,957	$103,150	$109,900
Adjusted EPS (Financial Highlights)	$11.68	$9.86	$10.72
North American Pharmaceutical adjusted profit (Segment results)	$1,040	$851
Medical-Surgical adjusted profit (Segment results)	$225	$249
Free cash flow, six months (Cash Flow statement)	$2,575	$1,117

The underlying business was stronger than the headline revenue growth suggests. North American Pharmaceutical revenue rose 6%, but adjusted segment profit climbed 22%, helped by specialty-product distribution to health systems and strategic accounts. Oncology & Multispecialty revenue increased 24%, with adjusted profit up 8%, reinforcing the company’s targeted shift toward higher-growth specialty businesses. The filing said second-quarter revenue growth was “driven by growth in the North American Pharmaceutical and Oncology & Multispecialty segments due to increased prescription volumes and distribution of specialty products.”

Medical-Surgical is still a real execution problem. Its revenue rose 5%, but adjusted segment profit fell 10% to $225 million and the adjusted margin dropped to 7.27% from 8.45%, primarily because of product mix and weaker ambulatory-care contributions. That weakness matters less to the consolidated quarter because the business is planned for separation, but it complicates the portfolio transition and shows that not every growth platform is scaling cleanly.

The strategic expansion is advancing, but much of it was already known. McKesson completed the Precision Medicine Group acquisition on November 2 and had already announced its planned $1.4 billion investment for roughly 49% of Option Care Health. The completed acquisition adds execution progress to the oncology and biopharma-services strategy, while Option Care remains subject to shareholder and regulatory approvals. The filing said, “On November 2, 2026, McKesson completed the acquisition of Precision Medicine Group, LLC.” 〔0〕

Cash generation gives the expansion and shareholder returns room to continue. Six-month operating cash flow reached $2.85 billion and free cash flow $2.575 billion, despite substantial working-capital investment. The balance sheet also shows higher debt and redeemable noncontrolling interests, so the strategic buildout is not costless, but current cash generation remains strong. The company reported, “During the first six months of the fiscal year, McKesson generated cash from operations of $2.9 billion, and invested $275 million in capital expenditures, resulting in Free Cash Flow of $2.6 billion.”

Bottom line: This was a genuine earnings beat that strengthens McKesson’s specialty-care growth story. The main offset is deteriorating Medical-Surgical profitability, but it does not outweigh the stronger core execution and cash generation this quarter.

What to watch next

Option Care shareholder vote and regulatory approvals

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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McKesson earnings beat as oncology growth offsets med-surg weakness

What to watch next

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