Exhibit 99.1

McKESSON CORPORATION REPORTS FISCAL 2026 FIRST QUARTER RESULTS

AND RAISES FULL YEAR ADJUSTED EPS GUIDANCE

IRVING, Texas, August 6, 2025 - McKesson Corporation (NYSE:MCK) today announced results for the first quarter ended June 30, 2025.

First Quarter Highlights:

•Consolidated revenues of $97.8 billion increased 23%.

•Earnings per diluted share of $6.25 decreased $0.75.

•Adjusted Earnings per Diluted Share of $8.26 increased 5%.

•McKesson completed the transactions to acquire controlling interests in PRISM Vision Holdings, LLC and Core Ventures.

•McKesson's Board of Directors approved a 15% increase to the quarterly dividend, to $0.82 per share. This marks the ninth consecutive year of dividend increases.

Fiscal 2026 Outlook:

•Adjusted Earnings per Diluted Share guidance range raised to $37.10 to $37.90, from the previous range of $36.90 to $37.70.

•Fiscal 2026 Adjusted Earnings per Diluted Share guidance range indicates 12% to 15% growth compared to the prior year. Excluding fiscal 2025 net gains associated with McKesson Ventures' equity investments, the guidance range indicates 14% to 17% growth.

•The Company does not forecast GAAP earnings per diluted share1.

"McKesson had a standout quarter with momentum and growth across the enterprise," said Brian Tyler, chief executive officer. "We continue to execute against our strategy, delivering for our customers, partners, and patients. Our strong first quarter results included record revenue of $97.8 billion, representing 23% growth compared to the previous year. In addition, we closed the acquisitions of PRISM Vision Holdings and Core Ventures, further expanding our differentiated capabilities in Oncology and Specialty solutions. As a result of the strong first quarter performance and our confidence in the outlook for the remainder of the year, which includes the announced sale of our Norwegian businesses, we are raising our fiscal 2026 Adjusted Earnings per Diluted Share guidance to a range of $37.10 to $37.90."

"I want to thank our employees for their unwavering dedication and commitment. Their execution and shared focus on our mission have been instrumental in driving performance and creating sustainable value for our stakeholders."

Fiscal 2026 First Quarter Result Summary

	First Quarter
($ in millions, except per share amounts)	FY26		FY25		Change
Revenues	$	97,827	$	79,283	23	%
Net income attributable to McKesson Corporation	784		915		(14)
Adjusted Earnings2	1,037		1,029		1
Earnings per diluted common share attributable to McKesson Corporation	6.25		7.00		(11)
Adjusted Earnings per Diluted Share2	8.26		7.88		5
1 See below under "Fiscal 2026 Outlook" for full explanation 2 Adjusted results in this earnings release are non-GAAP financial measures; refer to the accompanying definitions and reconciliation schedules

First quarter revenues were $97.8 billion, an increase of 23% from a year ago, primarily driven by growth in the U.S. Pharmaceutical segment due to increased prescription volumes from retail national account customers and growth in the distribution of oncology and specialty products, including contributions from acquisitions.

First quarter earnings per diluted share was $6.25 compared to $7.00 a year ago, a decrease of $0.75, due to a pre-tax increase to the provision for bad debts of $189 million within the U.S. Pharmaceutical segment related to the Rite Aid bankruptcy.

First quarter Adjusted Earnings per Diluted Share was $8.26 compared to $7.88 a year ago, an increase of 5%, driven by strong operational growth across the business, partially offset by a higher tax rate and pre-tax gains of $110 million in the first quarter of fiscal 2025 associated with McKesson Ventures' equity investments.

For the first three months of the fiscal year, McKesson returned $671 million of cash to shareholders, which included $581 million of common stock repurchases and $90 million of dividend payments. During the first three months of the fiscal year, McKesson used cash from operations of $918 million, and invested $189 million in capital expenditures, resulting in negative Free Cash Flow of $1.1 billion. McKesson also used $3.4 billion of cash towards acquisitions during the quarter.

Business Highlights

•On April 1, 2025, McKesson completed the acquisition of an 80% controlling interest in PRISM Vision Holdings, LLC, a leading provider in general ophthalmology and retina management services.

•On June 2, 2025, McKesson completed the acquisition of a 70% controlling interest in Core Ventures, a business and administrative services organization established by Florida Cancer Specialists & Research Institute, LLC (FCS). FCS joined The US Oncology Network, growing its total number of providers to approximately 3,300.

•On July 29, 2025, the Board of Directors declared a 15% increase to its quarterly dividend from $0.71 per share to $0.82 per share, marking the ninth consecutive year of increases.

•On August 4, 2025, McKesson entered into a definitive agreement to sell its retail and distribution businesses in Norway to NorgesGruppen. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

U.S. Pharmaceutical Segment

•Revenues were $90.0 billion, an increase of 25%, driven by increased prescription volumes from retail national account customers and growth in the distribution of oncology and specialty products, including contributions from acquisitions.

•Segment Operating Profit was $727 million. Adjusted Segment Operating Profit was $950 million, an increase of 17%, driven by growth in core pharmaceutical distribution, including higher volumes from retail national account customers, and growth in the distribution of oncology and specialty products, including contributions from acquisitions.

Prescription Technology Solutions Segment

•Revenues were $1.4 billion, an increase of 16%, driven by increased prescription volumes in the third-party logistics and technology services businesses.

•Segment Operating Profit was $253 million. Adjusted Segment Operating Profit was $269 million, an increase of 21%, driven by higher demand for access solutions.

Medical-Surgical Solutions Segment

•Revenues were $2.7 billion, an increase of 2%, driven by higher volumes of specialty pharmaceuticals.

•Segment Operating Profit was $221 million. Adjusted Segment Operating Profit was $244 million, an increase of 22%, led by operational efficiencies from cost optimization initiatives.

International Segment

•Revenues were $3.7 billion, an increase of 1%, driven by higher pharmaceutical distribution volumes in the Canadian business, partially offset by the divestiture of the Canada-based Rexall and Well.ca retail businesses.

•Segment Operating Profit was $92 million. Adjusted Segment Operating Profit was $99 million, a decrease of 3%, a result of the fiscal 2025 divestiture of the Canada-based Rexall and Well.ca retail businesses, partially offset by higher pharmaceutical distribution volumes in the Canadian business.

Fiscal 2026 Outlook

McKesson does not provide forward-looking guidance on a GAAP basis as the company is unable to provide a quantitative reconciliation of forward-looking Non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort. McKesson cannot reasonably forecast LIFO inventory-related adjustments, certain litigation loss and gain contingencies, restructuring, impairment and related charges, and other adjustments, which are difficult to predict and estimate. These items are generally uncertain and depend on various factors, many of which are beyond the company's control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

McKesson is raising its fiscal 2026 Adjusted Earnings per Diluted Share guidance to $37.10 to $37.90 from the previous range of $36.90 to $37.70. The updated guidance range includes approximately $0.20 of Adjusted Earnings per Diluted Share accretion as a result of the anticipated held-for-sale accounting related to the agreement to sell its retail and distribution businesses in Norway to NorgesGruppen.

Additional modeling considerations will be provided in the earnings call presentation.

Conference Call Details

McKesson has scheduled a conference call for today, Wednesday, August 6, 2025, at 4:30 PM ET to discuss the company’s financial results. The audio webcast of the conference call will be available live and archived on McKesson's Investor Relations website at investor.mckesson.com.

Upcoming Investor Event - McKesson Investor Day

McKesson will host its Investor Day on Tuesday, September 23, 2025. The event will feature presentations by McKesson's leadership team and a live Q&A session with chief executive officer Brian Tyler and chief financial officer Britt Vitalone. The video webcast and additional details will be available on McKesson's Investor Relations website.

Non-GAAP Financial Measures

GAAP refers to the U.S. generally accepted accounting principles. This press release includes GAAP financial measures as well as Non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Operating Expenses, Adjusted Other Income, Adjusted Interest Expense, Adjusted Income Tax Expense, Adjusted Earnings, Adjusted Earnings per Diluted Share, Adjusted Segment Operating Profit, Adjusted Segment Operating Profit Margin, Adjusted Corporate Expenses, Adjusted Operating Profit, and Free Cash Flow which are financial measures not calculated in accordance with GAAP. Refer to the “Supplemental Non-GAAP Financial Information” section of the accompanying financial statement tables for the definitions and usefulness of the company’s Non-GAAP financial measures and the attached schedules for reconciliations of the differences between the Non-GAAP financial measures and their most directly comparable GAAP financial measures.

Cautionary Statements

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by their use of terminology such as “believes,” “expects,” “anticipates,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “projects,” “plans,” “estimates,” “targets,” or the negative of these words or other comparable terminology. Any discussion of our intent to separate our Medical-Surgical Solutions segment into an independent company and to sell our businesses in Norway, other anticipated or completed transactions, including the anticipated closings thereof, or synergies expected therefrom, litigation outcomes, financial outlook, guidance, trends, strategy, plans, assumptions, expectations, commitments, and intentions may also include forward-looking statements. Readers should not place undue reliance on forward-looking statements, such as financial performance forecasts, which speak only as of the date they are first made. Except to the extent required by law, we undertake no obligation to update or revise our forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. Although it is not possible to predict or identify all such risks and uncertainties, we encourage investors to read the risk factors described in our publicly available filings with the Securities and Exchange Commission and news releases.

These risk factors include, but are not limited to: we experience costly and disruptive legal disputes and settlements, including regarding our role in distributing controlled substances such as opioids; we experience losses not covered by insurance or indemnification; we are subject to frequently changing, extensive, complex, and challenging healthcare and other laws; we from time to time record significant charges from impairment to goodwill, intangibles, and other long-lived assets; we experience cybersecurity incidents that might significantly compromise our technology systems or might result in material data breaches; we experience significant problems with information systems or networks; we may be unsuccessful in achieving our strategic growth objectives; we may be unsuccessful in our efforts to implement initiatives to reduce or optimize our costs; we might be unable to successfully complete or integrate acquisitions or other strategic transactions, especially in the timeframes noted; we may not receive anticipated benefits from acquisitions or other strategic transactions; we might be adversely impacted by delays or other difficulties with divestitures; we are impacted by customer purchase reductions, contract non-renewals, payment defaults, and bankruptcies; our contracts with government entities involve future funding and compliance risks; we might be harmed by changes in our relationships or contracts with suppliers; our use of third-party data is subject to risks and limitations that could impede the growth of our data services business; we might be unable to successfully recruit and retain qualified employees; we might be adversely impacted by healthcare reform such as changes in pricing and reimbursement models; we might be adversely impacted by competition and industry consolidation; we are adversely impacted by changes or disruptions in product supply and have difficulties in sourcing or selling products due to a variety of causes; we are adversely impacted as a result of our distribution of generic pharmaceuticals; we are adversely impacted by changes in the economic environments in which we operate; changes affecting capital and credit markets might impede access to credit, increase borrowing costs, and disrupt banking services for us and our customers and suppliers and might impair the financial soundness of our customers and suppliers; we might be adversely impacted by changes in tax legislation or challenges to our tax positions; we might be adversely impacted by conditions and events outside of our control, such as widespread public health issues, natural disasters, and geopolitical factors; we may be adversely affected by global climate change or by regulatory or market responses to such change; and evolving expectations and regulatory requirements related to governance and sustainability matters, including those concerning human capital management, climate change, environmental responsibility, and social impact may have an adverse effect on our business, financial condition, and results of operations and damage our reputation.

About McKesson Corporation

McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable. Learn more about how McKesson is impacting virtually every aspect of healthcare atMcKesson.comand read Stories & Insights.

We routinely use our website, investors.mckesson.com, to post information that may be material to investors, such as business developments, earnings, and financial performance, as well as presentation materials and details for upcoming and past events.

Contacts:

Investors

Investors@McKesson.com

Media Relations

MediaRelations@McKesson.com

Schedule 1

McKESSON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP)

(unaudited)

(in millions, except per share amounts)

	Three Months Ended June 30,
	2025		2024		Change
Revenues	$	97,827	$	79,283	23	%
Cost of sales	(94,548)		(76,131)		24
Gross profit	3,279		3,152		4
Selling, distribution, general, and administrative expenses	(2,196)		(2,001)		10
Claims and litigation charges, net	—		(112)		(100)
Restructuring, impairment, and related charges, net	(47)		(10)		370
Total operating expenses	(2,243)		(2,123)		6
Operating income	1,036		1,029		1
Other income, net	64		130		(51)
Interest expense	(49)		(75)		(35)
Income before income taxes	1,051		1,084		(3)
Income tax expense	(220)		(124)		77
Net income	831		960		(13)
Net income attributable to noncontrolling interests	(47)		(45)		4
Net income attributable to McKesson Corporation	$	784	$	915	(14)	%
Earnings per common share attributable to McKesson Corporation (a)
Diluted	$	6.25	$	7.00	(11)	%
Basic	$	6.28	$	7.04	(11)	%
Dividends declared per common share	$	0.71	$	0.62	15	%
Weighted-average common shares outstanding
Diluted	125.5		130.7		(4)	%
Basic	124.9		129.8		(4)

(a)Certain computations may reflect rounding adjustments.

Any percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to our applicable filings with the SEC for additional disclosures including our Quarterly Reports on Form 10-Q for fiscal 2026 and 2025 as well as our

Annual Report on Form 10-K for fiscal 2025.

Schedule 2

McKESSON CORPORATION

RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

(unaudited)

(in millions, except per share amounts)

	Three Months Ended June 30,
	2025		2024		Change
Net income (GAAP)	$	831	$	960	(13)	%
Net income attributable to noncontrolling interests (GAAP)	(47)		(45)		4
Net income attributable to McKesson Corporation (GAAP)	784		915		(14)
Pre-tax adjustments:
Amortization of acquisition-related intangibles	50		63		(21)
Transaction-related expenses and adjustments	86		15		473
LIFO inventory-related adjustments	(7)		(2)		250
Gains from antitrust legal settlements	(8)		(90)		(91)
Restructuring, impairment, and related charges, net (1)	47		10		370
Claims and litigation charges, net (2)	—		112		(100)
Other adjustments, net (3) (4)	161		43		274
Income tax effect on pre-tax adjustments	(75)		(36)		108
Net income attributable to noncontrolling interests effect on pre-tax adjustments	(1)		(1)		—
Adjusted Earnings (Non-GAAP)	$	1,037	$	1,029	1	%
Earnings per diluted common share attributable to McKesson Corporation (GAAP) (a)	$	6.25	$	7.00	(11)	%
After-tax adjustments:
Amortization of acquisition-related intangibles	0.29		0.36		(19)
Transaction-related expenses and adjustments	0.58		0.10		480
LIFO inventory-related adjustments	(0.04)		(0.01)		300
Gains from antitrust legal settlements	(0.04)		(0.51)		(92)
Restructuring, impairment, and related charges, net	0.28		0.06		367
Claims and litigation charges, net	—		0.64		(100)
Other adjustments, net	0.94		0.24		292
Adjusted Earnings per Diluted Share (Non-GAAP) (a)	$	8.26	$	7.88	5	%
Diluted weighted-average common shares outstanding	125.5		130.7		(4)	%

(a)Certain computations may reflect rounding adjustments.

Any percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled "Financial Statement Notes" of this release.

For more information relating to the Adjusted Earnings (Non-GAAP) and Adjusted Earnings per Diluted Share (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release.

Schedule 2 (continued)

McKESSON CORPORATION

RECONCILIATION OF GAAP OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

(unaudited)

(in millions)

	Three Months Ended June 30,
	2025		2024		Change
Gross profit (GAAP)	$	3,279	$	3,152	4	%
Pre-tax adjustments:
LIFO inventory-related adjustments	(7)		(2)		250
Gains from antitrust legal settlements	(8)		(90)		(91)
Adjusted Gross Profit (Non-GAAP)	$	3,264	$	3,060	7	%
Total operating expenses (GAAP)	$	(2,243)	$	(2,123)	6	%
Pre-tax adjustments:
Amortization of acquisition-related intangibles	50		63		(21)
Transaction-related expenses and adjustments	81		11		636
Restructuring, impairment, and related charges, net (1)	47		10		370
Claims and litigation charges, net (2)	—		112		(100)
Other adjustments, net	161		—		—
Adjusted Operating Expenses (Non-GAAP)	$	(1,904)	$	(1,927)	(1)	%
Other income, net (GAAP)	$	64	$	130	(51)	%
Pre-tax adjustments:
Transaction-related expenses and adjustments	—		(1)		(100)
Other adjustments, net (3) (4)	—		43		(100)
Adjusted Other Income (Non-GAAP)	$	64	$	172	(63)	%
Interest expense (GAAP)	$	(49)	$	(75)	(35)	%
Pre-tax adjustments:
Transaction-related expenses and adjustments	5		5		—
Adjusted Interest Expense (Non-GAAP)	$	(44)	$	(70)	(37)	%
Income tax expense (GAAP)	$	(220)	$	(124)	77	%
Tax adjustments:
Amortization of acquisition-related intangibles	(13)		(15)		(13)
Transaction-related expenses and adjustments	(13)		(3)		333
LIFO inventory-related adjustments	2		1		100
Gains from antitrust legal settlements	2		23		(91)
Restructuring, impairment, and related charges, net (1)	(12)		(2)		500
Claims and litigation charges, net (2)	—		(28)		(100)
Other adjustments, net (3) (4)	(41)		(12)		242
Adjusted Income Tax Expense (Non-GAAP)	$	(295)	$	(160)	84	%

Any percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled "Financial Statement Notes" of this release.

For more information relating to the Adjusted Gross Profit (Non-GAAP), Adjusted Operating Expenses (Non-GAAP), Adjusted Other Income (Non-GAAP), Adjusted Interest Expense (Non-GAAP), and Adjusted Income Tax Expense (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release.

Schedule 3

McKESSON CORPORATION

RECONCILIATION OF GAAP SEGMENT OPERATING RESULTS TO ADJUSTED RESULTS (NON-GAAP)

(unaudited)

(in millions)

	Three Months Ended June 30,
	2025								2024								Change
	As reported (GAAP)			Adjustments		As adjusted (Non-GAAP)			As reported (GAAP)			Adjustments		As adjusted (Non-GAAP)			As reported (GAAP)		As adjusted (Non-GAAP)
REVENUES
U.S. Pharmaceutical	$	89,954		$	—	$	89,954		$	71,715		$	—	$	71,715		25	%	25	%
Prescription Technology Solutions	1,434			—		1,434			1,241			—		1,241			16		16
Medical-Surgical Solutions	2,701			—		2,701			2,636			—		2,636			2		2
International	3,738			—		3,738			3,691			—		3,691			1		1
Revenues	$	97,827		$	—	$	97,827		$	79,283		$	—	$	79,283		23	%	23	%
OPERATING PROFIT
U.S. Pharmaceutical (2) (3) (4)	$	727		$	223	$	950		$	781		$	34	$	815		(7)	%	17	%
Prescription Technology Solutions	253			16		269			203			20		223			25		21
Medical-Surgical Solutions (1)	221			23		244			188			12		200			18		22
International	92			7		99			90			12		102			2		(3)
Subtotal	1,293			269		1,562			1,262			78		1,340			2		17
Corporate expenses, net (1) (2) (5)	(193)			55		(138)			(103)			68		(35)			87		294
Income before interest expense and income taxes	$	1,100		$	324	$	1,424		$	1,159		$	146	$	1,305		(5)	%	9	%
OPERATING PROFIT AS A % OF REVENUES
U.S. Pharmaceutical	0.81		%			1.06		%	1.09		%			1.14		%	(28)	bp	(8)	bp
Prescription Technology Solutions	17.64					18.76			16.36					17.97			128		79
Medical-Surgical Solutions	8.18					9.03			7.13					7.59			105		144
International	2.46					2.65			2.44					2.76			2		(11)

Any percentage changes displayed above which are not meaningful are displayed as zero percent.

Refer to the section entitled "Financial Statement Notes" of this release.

For more information relating to the Adjusted Segment Operating Profit (Non-GAAP), Adjusted Operating Profit (Non-GAAP), Adjusted Corporate Expenses (Non-GAAP), and Adjusted Segment Operating Profit Margin (Non-GAAP) definitions, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release.

Schedule 4

McKESSON CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions, except per share amounts)

	June 30, 2025		March 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	2,418	$	5,691
Receivables, net	28,158		25,643
Inventories, net	25,065		23,001
Prepaid expenses and other	1,160		1,063
Total current assets	56,801		55,398
Property, plant, and equipment, net	2,574		2,502
Operating lease right-of-use assets	2,168		1,782
Goodwill	11,365		10,022
Intangible assets, net	4,272		1,464
Other non-current assets	4,131		3,972
Total assets	$	81,311	$	75,140
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND DEFICIT
Current liabilities
Drafts and accounts payable	$	57,861	$	55,330
Current portion of long-term debt	1,249		1,191
Current portion of operating lease liabilities	297		258
Other accrued liabilities	4,924		4,825
Total current liabilities	64,331		61,604
Long-term debt	6,528		4,463
Long-term deferred tax liabilities	987		1,029
Long-term operating lease liabilities	1,859		1,478
Long-term litigation liabilities	5,601		5,601
Other non-current liabilities	2,868		2,659
Redeemable noncontrolling interests	725		—
McKesson Corporation stockholders’ deficit
Preferred stock, $0.01 par value, 100 shares authorized, no shares issued or outstanding	—		—
Common stock, $0.01 par value, 800 shares authorized, 280 and 279 shares issued at June 30, 2025 and March 31, 2025, respectively	3		3
Additional paid-in capital	8,449		8,373
Retained earnings	18,616		17,921
Accumulated other comprehensive loss	(898)		(932)
Treasury shares, at cost, 155 and 154 shares at June 30, 2025 and March 31, 2025, respectively	(28,137)		(27,439)
Total McKesson Corporation stockholders’ deficit	(1,967)		(2,074)
Noncontrolling interests	379		380
Total deficit	(1,588)		(1,694)
Total liabilities, redeemable noncontrolling interests, and deficit	$	81,311	$	75,140

Schedule 5

McKESSON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in millions)

	Three Months Ended June 30,
	2025		2024
OPERATING ACTIVITIES
Net income	$	831	$	960
Adjustments to reconcile to net cash used in operating activities:
Depreciation	62		63
Amortization	95		106
Asset impairment charges	2		3
Deferred taxes	(8)		28
Charges (credits) associated with last-in, first-out inventory method	(7)		(2)
Non-cash operating lease expense	70		57
Loss (gain) from sales of businesses and investments	17		(86)
Provision for bad debts	196		15
Other non-cash items	57		69
Changes in assets and liabilities:
Receivables	(2,089)		(2,101)
Inventories	(1,971)		(4,442)
Drafts and accounts payable	1,947		4,616
Operating lease liabilities	(89)		(96)
Taxes	134		(211)
Litigation liabilities	—		114
Other	(165)		(473)
Net cash used in operating activities	(918)		(1,380)
INVESTING ACTIVITIES
Payments for property, plant, and equipment	(111)		(106)
Capitalized software expenditures	(78)		(61)
Acquisitions, net of cash, cash equivalents, and restricted cash acquired	(3,359)		—
Proceeds from sales of businesses and investments, net	4		90
Other	(20)		(10)
Net cash used in investing activities	(3,564)		(87)
FINANCING ACTIVITIES
Proceeds from short-term borrowings	—		1,361
Repayments of short-term borrowings	—		(1,361)
Proceeds from issuances of long-term debt	1,990		—
Common stock transactions:
Issuances	22		22
Share repurchases	(581)		(527)
Dividends paid	(90)		(82)
Other	(165)		(222)
Net cash provided by (used in) financing activities	1,176		(809)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	33		(5)
Net decrease in cash, cash equivalents, and restricted cash	(3,273)		(2,281)
Cash, cash equivalents, and restricted cash at beginning of period	5,956		4,585
Cash, cash equivalents, and restricted cash at end of period	2,683		2,304
Less: Restricted cash at end of period included in Prepaid expenses and other	(265)		(2)
Cash and cash equivalents at end of period	$	2,418	$	2,302

Schedule 6

McKESSON CORPORATION

RECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP)

(unaudited)

(in millions)

	Three Months Ended June 30,
	2025		2024		Change
GAAP CASH FLOW CATEGORIES
Net cash used in operating activities	$	(918)	$	(1,380)	(33)	%
Net cash used in investing activities	(3,564)		(87)		—
Net cash provided by (used in) financing activities	1,176		(809)		245
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	33		(5)		760
Net decrease in cash, cash equivalents, and restricted cash	$	(3,273)	$	(2,281)	43	%
FREE CASH FLOW (NON-GAAP)
Net cash used in operating activities	$	(918)	$	(1,380)	(33)	%
Payments for property, plant, and equipment	(111)		(106)		5
Capitalized software expenditures	(78)		(61)		28
Free Cash Flow (Non-GAAP)	$	(1,107)	$	(1,547)	(28)	%

Any percentage changes displayed above which are not meaningful are displayed as zero percent.

For more information relating to the Free Cash Flow (Non-GAAP) definition, refer to the section entitled “Supplemental Non-GAAP Financial Information” of this release.

1 of 1

McKESSON CORPORATION

FINANCIAL STATEMENT NOTES

(1)Restructuring, impairment, and related charges, net for the three months ended June 30, 2025 includes pre-tax charges of $47 million ($35 million after-tax), primarily within Medical-Surgical Solutions and Corporate Expenses, net. The three months ended June 30, 2024 includes pre-tax charges of $10 million ($8 million after-tax), primarily within Medical-Surgical Solutions and Prescription Technology Solutions. These charges are included under "total operating expenses" in the reconciliation of McKesson's GAAP operating results to adjusted results (Non-GAAP) provided in Schedule 2 of the accompanying financial statement tables.

(2)Claims and litigation charges, net for the three months ended June 30, 2024 includes pre-tax charges of $114 million ($86 million after-tax) related to our estimated liability for opioid-related claims of a nationwide group of certain third-party payors. We recorded charges of $57 million ($43 million after-tax) within Corporate expenses, net and $57 million ($43 million after-tax) within U.S. Pharmaceutical. These charges are included under "total operating expenses" in the reconciliation of McKesson's GAAP operating results to adjusted results (Non-GAAP) provided in Schedule 2 of the accompanying financial statement tables.

(3)Other adjustments, net for the three months ended June 30, 2025 includes a pre-tax provision for bad debts of $189 million ($140 million after-tax) within U.S. Pharmaceutical related to the bankruptcy of our customer, Rite Aid Corporation (including certain of its subsidiaries, "Rite Aid"). Management believes this charge is not reflective of allowances recorded in the normal course of business operations and is related to Rite Aid's continued bankruptcy proceedings, and is therefore excluded from the determination of our adjusted results (Non-GAAP). This charge represents the remaining trade accounts receivable balances due from Rite Aid prior to its bankruptcy petition filing and is included under "total operating expenses" in the reconciliation of McKesson's GAAP operating results to adjusted results (Non-GAAP) provided in Schedule 2 of the accompanying financial statement tables.

(4)Other adjustments, net for the three months ended June 30, 2024 includes a pre-tax charge of $43 million ($31 million after-tax) within U.S. Pharmaceutical related to a loss from one of the Company's investments in equity securities. This charge is included under "other income, net" in the reconciliation of McKesson's GAAP operating results to adjusted results (Non-GAAP) provided in Schedule 2 of the accompanying financial statement tables.

(5)During the three months ended June 30, 2024, the Company recognized a pre-tax net gain of $97 million ($72 million after-tax) within Corporate expenses, net related to a recapitalization event of one of our investments in equity securities, which resulted in an increase to the carrying value of this investment. This gain was recorded in “Other income, net” in the Condensed Consolidated Statements of Operations (GAAP) provided in Schedule 1 of the accompanying financial statement tables.

1 of 3

McKESSON CORPORATION

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION

In an effort to provide investors with additional information regarding the Company's financial results as determined by generally accepted accounting principles ("GAAP"), McKesson Corporation (the "Company" or "we") also presents the following Non-GAAP measures in this press release.

•Adjusted Gross Profit (Non-GAAP): We define Adjusted Gross Profit as GAAP gross profit, excluding transaction-related expenses and adjustments, last-in, first-out (“LIFO”) inventory-related adjustments, gains from antitrust legal settlements, and other adjustments.

•Adjusted Operating Expenses (Non-GAAP): We define Adjusted Operating Expenses as GAAP total operating expenses, excluding amortization of acquisition-related intangibles, transaction-related expenses and adjustments, restructuring, impairment, and related charges, claims and litigation charges, and other adjustments.

•Adjusted Other Income (Non-GAAP): We define Adjusted Other Income as GAAP other income (expense), net, excluding amortization of acquisition-related intangibles, transaction-related expenses and adjustments, and other adjustments.

•Adjusted Interest Expense (Non-GAAP): We define Adjusted Interest Expense as GAAP interest expense, excluding transaction-related expenses and adjustments related to net interest expense incurred from cross-currency swaps used to hedge the changes in the fair value of the Company's foreign currency-denominated notes resulting from changes in benchmark interest rates and foreign currency exchange rates. The foreign currency-denominated notes were previously designated as non-derivative net investment hedges of portions of the Company's net investments in its now-divested European businesses against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar.

•Adjusted Income Tax Expense (Non-GAAP): We define Adjusted Income Tax Expense as GAAP income tax benefit (expense), excluding the income tax effects of amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, claims and litigation charges, and other adjustments. Income tax effects are calculated in accordance with Accounting Standards Codification ("ASC") 740, “Income Taxes,” which is the same accounting principle used by the Company when presenting its GAAP financial results.

•Adjusted Earnings (Non-GAAP): We define Adjusted Earnings as GAAP income attributable to McKesson, excluding amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, claims and litigation charges, other adjustments, as well as the related income tax effects for each of these items, as applicable.

•Adjusted Earnings per Diluted Share (Non-GAAP): We define Adjusted Earnings per Diluted Share as GAAP earnings per diluted common share attributable to McKesson, excluding per share impacts of amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, claims and litigation charges, other adjustments, as well as the related income tax effects for each of these items, as applicable, divided by diluted weighted-average shares outstanding.

•Adjusted Segment Operating Profit (Non-GAAP) and Adjusted Segment Operating Profit Margin (Non-GAAP): We define Adjusted Segment Operating Profit as GAAP segment operating profit, excluding amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, and other adjustments. We define Adjusted Segment Operating Profit Margin as Adjusted Segment Operating Profit (Non-GAAP) divided by GAAP segment revenues.

•Adjusted Corporate Expenses (Non-GAAP): We define Adjusted Corporate Expenses as GAAP corporate expenses, net, excluding transaction-related expenses and adjustments, restructuring, impairment, and related charges, claims and litigation charges, and other adjustments.

2 of 3

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued)

•Adjusted Operating Profit (Non-GAAP): We define Adjusted Operating Profit as GAAP income before interest expense and income taxes, excluding amortization of acquisition-related intangibles, transaction-related expenses and adjustments, LIFO inventory-related adjustments, gains from antitrust legal settlements, restructuring, impairment, and related charges, claims and litigation charges, and other adjustments.

The following provides further details regarding the adjustments made to our GAAP financial results to arrive at our Non-GAAP measures as defined above:

Amortization of acquisition-related intangibles - Amortization charges for intangible assets directly related to business combinations and the formation of joint ventures.

Transaction-related expenses and adjustments - Transaction, integration, and other expenses that are directly related to business combinations, the formation of joint ventures, divestitures, and other transaction-related costs including initial public offering costs. Examples include transaction closing costs, professional service fees, legal fees, severance charges, retention payments and employee relocation expenses, facility or other exit-related expenses, certain fair value adjustments including deferred revenues, contingent consideration and inventory, recoveries of acquisition-related expenses or post-closing expenses, net interest expense impact of hedging foreign currency-denominated notes, bridge loan fees and gains or losses on business combinations, and divestitures of businesses that do not qualify as discontinued operations.

LIFO inventory-related adjustments - LIFO inventory-related non-cash charges or credit adjustments.

Gains from antitrust legal settlements - Net cash proceeds representing the Company’s share of antitrust legal settlements.

Restructuring, impairment, and related charges - Restructuring charges that are incurred for programs in which we change our operations, the scope of a business undertaken by our business units, or the manner in which that business is conducted as well as long-lived asset impairments. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, asset impairments, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, integration of acquired businesses, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of our underlying business, which include normal levels of reinvestment in the business. Any credit adjustments due to subsequent changes in estimates are also excluded from adjusted results.

Claims and litigation charges - Adjustments to certain of the Company’s reserves, including those related to estimated probable settlements for its controlled substance monitoring and reporting, and opioid-related claims, as well as any applicable income items or credit adjustments due to subsequent changes in estimates. This does not include our legal fees to defend claims, which are expensed as incurred. This also may include charges or credits for general non-operational claims not directly related to our ongoing business.

Other adjustments - The Company evaluates the nature and significance of transactions qualitatively and quantitatively on an individual basis and may include them in the determination of our adjusted results from time to time. While not all-inclusive, other adjustments may include: other asset impairments; gains or losses from debt extinguishment; and other similar substantive and/or infrequent items as deemed appropriate.

The Company evaluates the aforementioned Non-GAAP measures on a periodic basis and updates the definitions from time to time. The evaluation considers both the quantitative and qualitative aspects of the Company’s presentation of Non-GAAP adjusted results. A reconciliation of McKesson’s GAAP financial results to Non-GAAP financial results is provided in Schedules 2 and 3 of the financial statement tables included with this press release.

•Free Cash Flow (Non-GAAP): We define free cash flow as net cash provided by (used in) operating activities less payments for property, plant, and equipment and capitalized software expenditures, as disclosed in our condensed consolidated statements of cash flows. A reconciliation of McKesson’s GAAP financial results to Free Cash Flow (Non-GAAP) is provided in Schedule 6 of the financial statement tables included with this press release

3 of 3

SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (continued)

The Company believes the presentation of Non-GAAP measures provides useful supplemental information to investors with regard to its operating performance, as well as assists with the comparison of its past financial performance to the Company’s future financial results. Moreover, the Company believes that the presentation of Non-GAAP measures assists investors’ ability to compare its financial results to those of other companies in the same industry. However, the Company's Non-GAAP measures used in the press tables may be defined and calculated differently by other companies in the same industry.

The Company internally uses both GAAP and Non-GAAP financial measures in connection with its own financial planning and reporting processes. Management utilizes Non-GAAP financial measures when allocating resources, deploying capital, as well as assessing business performance, and determining employee incentive compensation. The Company conducts its businesses internationally in local currencies, including Canadian dollars, Euro, and British pound sterling. As a result, the comparability of our results reported in U.S. dollars can be affected by changes in foreign currency exchange rates. We believe free cash flow is important to management and useful to investors as a supplemental measure as it indicates the cash flow available for working capital needs, re-investment opportunities, strategic acquisitions, share repurchases, dividend payments, or other strategic uses of cash. Nonetheless, Non-GAAP adjusted results and related Non-GAAP measures disclosed by the Company should not be considered a substitute for, nor superior to, financial results and measures as determined or calculated in accordance with GAAP.