McKesson Corporation (MCK) Cash Flow Statement
Where MCK’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $6.16B +1.2% vs FY2025
- Capital expenditures
- $745.0M 0.2% of revenue
- Free cash flow
- $5.41B 1.3% margin
- Returned to shareholders
- $5.13B 95% of free cash flow
- Change in cash
- −$1.98B cash at year-end $3.98B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MCK operating cash flow, capex and free cash flow
MCK cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.74BFY2017 | $6.16BFY2026 | +2.9%/yr | |
| Capital expenditures | $562.0MFY2017 | $745.0MFY2026 | +3.2%/yr | |
| Free cash flow | $4.18BFY2017 | $5.41BFY2026 | +2.9%/yr | |
| Free cash flow margin | 2.1%FY2017 | 1.3%FY2026 | −0.8 pts | |
| Operating cash flow / net income | 0.92FY2017 | 1.29FY2026 | +0.37 | |
| Stock-based compensation | $115.0MFY2017 | $182.0MFY2024 | +6.8%/yr | |
| Dividends paid | $253.0MFY2017 | $381.0MFY2026 | +4.7%/yr | |
| Share buybacks (net) | $2.31BFY2017 | $4.75BFY2026 | +8.3%/yr | |
| Capex / revenue | 0.3%FY2017 | 0.2%FY2026 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MCK cash flow by activity
MCK net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MCK cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.76B | $3.48B | $3.16B | $3.72B | $1.29B | −$4.34B | $1.12B | $33.0M | $297.0M | $5.15B |
| Depreciation & amortization | $729.0M | $636.0M | $635.0M | $608.0M | $760.0M | $887.0M | $922.0M | $949.0M | $951.0M | $910.0M |
| Stock-based compensation | — | — | $182.0M | $162.0M | $161.0M | $233.0M | $1.22B | $95.0M | $69.0M | $115.0M |
| Change in working capital | $162.0M | $1.16B | −$64.0M | $384.0M | $82.0M | $8.19B | $689.0M | $614.0M | $1.52B | $1.69B |
| Other non-cash items | $502.0M | $813.0M | $401.0M | $283.0M | $2.14B | −$424.0M | $420.0M | $2.35B | $1.51B | −$3.12B |
| Cash from operating activities | $6.16B | $6.08B | $4.31B | $5.16B | $4.43B | $4.54B | $4.37B | $4.04B | $4.34B | $4.74B |
| Investing activities | ||||||||||
| Capital expenditures | −$745.0M | −$859.0M | −$687.0M | −$558.0M | −$535.0M | −$641.0M | −$506.0M | −$557.0M | −$580.0M | −$562.0M |
| Investments (net) | — | −$733.0M | −$1.07B | −$542.0M | −$89.0M | $400.0M | $37.0M | −$1.38B | −$1.52B | −$3.80B |
| Acquisitions & other investing | −$2.69B | $859.0M | $687.0M | $558.0M | $535.0M | −$174.0M | −$110.0M | $557.0M | $580.0M | $562.0M |
| Cash from investing activities | −$3.43B | −$733.0M | −$1.07B | −$542.0M | −$89.0M | −$415.0M | −$579.0M | −$1.38B | −$1.52B | −$3.80B |
| Financing activities | ||||||||||
| Dividends paid | −$381.0M | −$345.0M | −$314.0M | −$292.0M | −$277.0M | −$276.0M | −$294.0M | −$292.0M | −$262.0M | −$253.0M |
| Share repurchases & issuance (net) | −$4.75B | −$3.15B | −$3.02B | −$3.64B | −$3.52B | −$770.0M | −$1.95B | −$1.64B | −$1.71B | −$2.31B |
| Net borrowing (repayment) | $783.0M | −$21.0M | $56.0M | −$277.0M | −$1.33B | −$540.0M | −$298.0M | −$16.0M | −$1.06B | $393.0M |
| Shares issued | $89.0M | $101.0M | $116.0M | $163.0M | $220.0M | $92.0M | $113.0M | $75.0M | $0 | $0 |
| Other financing | −$372.0M | −$554.0M | −$175.0M | −$324.0M | −$1.41B | −$199.0M | −$301.0M | −$355.0M | −$53.0M | $102.0M |
| Cash from financing activities | −$4.63B | −$3.96B | −$3.34B | −$4.37B | −$6.32B | −$1.69B | −$2.73B | −$2.23B | −$3.08B | −$2.07B |
| Summary | ||||||||||
| Net change in cash | −$1.98B | $1.37B | −$94.0M | $743.0M | −$2.46B | $2.37B | $1.04B | $309.0M | −$111.0M | −$1.26B |
| Cash at end of period | $3.98B | $5.96B | $4.58B | $4.68B | $3.94B | $6.40B | $4.02B | $2.98B | $2.67B | $2.78B |
| Free cash flow | $5.41B | $5.23B | $3.63B | $4.60B | $3.90B | $3.90B | $3.87B | $3.48B | $3.77B | $4.18B |
| Free cash flow margin | 1.3% | 1.5% | 1.2% | 1.7% | 1.5% | 1.6% | 1.7% | 1.6% | 1.8% | 2.1% |
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% |
| Operating cash flow / net income | 1.29 | 1.75 | 1.37 | 1.39 | 3.45 | — | 3.91 | 122.30 | 14.63 | 0.92 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.03B | $1.68B | $1.25B | $1.21B | $784.0M | $1.31B | $928.0M | $287.0M | $960.0M | $830.0M | $630.0M | $703.0M |
| Depreciation & amortization | $195.0M | $196.0M | $188.0M | $188.0M | $157.0M | $151.0M | $153.0M | $163.0M | $169.0M | $160.0M | $159.0M | $157.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $182.0M | $45.0M | $46.0M |
| Change in working capital | −$1.69B | $1.58B | −$184.0M | $1.15B | −$2.23B | $6.66B | −$4.18B | $1.28B | −$2.59B | $3.27B | −$968.0M | −$254.0M |
| Other non-cash items | $245.0M | −$41.0M | −$22.0M | −$125.0M | $374.0M | −$364.0M | $721.0M | $372.0M | $84.0M | −$296.0M | $388.0M | $313.0M |
| Cash from operating activities | −$220.0M | $3.42B | $1.23B | $2.42B | −$918.0M | $7.75B | −$2.38B | $2.10B | −$1.38B | $4.15B | $254.0M | $965.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$112.0M | −$185.0M | −$175.0M | −$196.0M | −$189.0M | −$278.0M | −$196.0M | −$218.0M | −$167.0M | −$269.0M | −$154.0M | −$140.0M |
| Investments (net) | — | — | — | −$24.0M | −$3.56B | −$224.0M | −$136.0M | −$286.0M | −$87.0M | −$577.0M | −$180.0M | −$166.0M |
| Acquisitions & other investing | −$102.0M | $610.0M | −$94.0M | $196.0M | $189.0M | $278.0M | $196.0M | $218.0M | $167.0M | $269.0M | $154.0M | −$9.0M |
| Cash from investing activities | −$214.0M | $425.0M | −$269.0M | −$24.0M | −$3.56B | −$224.0M | −$136.0M | −$286.0M | −$87.0M | −$577.0M | −$180.0M | −$315.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$102.0M | −$101.0M | −$101.0M | −$89.0M | −$90.0M | −$91.0M | −$92.0M | −$80.0M | −$82.0M | −$82.0M | −$83.0M | −$75.0M |
| Share repurchases & issuance (net) | −$2.53B | −$2.67B | −$680.0M | $581.0M | −$581.0M | −$300.0M | −$827.0M | −$1.49B | −$527.0M | −$678.0M | −$842.0M | −$809.0M |
| Net borrowing (repayment) | $3.21B | −$8.0M | −$1.20B | −$2.0M | $1.99B | −$2.43B | $2.42B | −$3.0M | — | — | — | −$3.0M |
| Shares issued | $23.0M | $24.0M | $15.0M | $28.0M | $22.0M | $28.0M | $19.0M | $32.0M | $22.0M | $41.0M | $21.0M | $27.0M |
| Other financing | $1.03B | −$64.0M | −$63.0M | −$1.48B | −$165.0M | −$58.0M | −$218.0M | −$56.0M | −$222.0M | −$249.0M | $282.0M | −$49.0M |
| Cash from financing activities | $1.63B | −$2.82B | −$2.03B | −$961.0M | $1.18B | −$2.85B | $1.30B | −$1.60B | −$809.0M | −$968.0M | −$622.0M | −$909.0M |
| Summary | ||||||||||||
| Net change in cash | $1.19B | $1.01B | −$1.06B | $1.43B | −$3.27B | $4.67B | −$1.23B | $207.0M | −$2.28B | $2.60B | −$542.0M | −$112.0M |
| Cash at end of period | $5.26B | $4.07B | $3.05B | $4.11B | $2.68B | $5.96B | $1.28B | $2.51B | $2.30B | $4.58B | $1.98B | $2.52B |
| Free cash flow | −$332.0M | $3.24B | $1.06B | $2.22B | −$1.11B | $7.47B | −$2.58B | $1.88B | −$1.55B | $3.88B | $100.0M | $825.0M |
| Free cash flow margin | −0.3% | 3.4% | 1.0% | 2.2% | −1.1% | 8.2% | −2.7% | 2.0% | −2.0% | 5.1% | 0.1% | 1.1% |
| Capex / revenue | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.2% | 0.2% |
| Operating cash flow / net income | −0.21 | 2.03 | 0.99 | 2.00 | −1.17 | 5.93 | −2.57 | 7.32 | −1.44 | 5.00 | 0.40 | 1.37 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MCK cash generation
In fiscal 2026 (ended March 31, 2026), McKesson generated $6.2 billion of cash from operations (up 1.2%) and spent $745.0 million on capital expenditures, leaving free cash flow of $5.4 billion, 1.3% of revenue. It returned $5.1 billion to shareholders through dividends ($381.0 million) and net share buybacks ($4.8 billion). Cash and equivalents fell by $2.0 billion over the year.
Related: MCK income statement, MCK balance sheet, MCK dividend history. See the MCK stock overview for the latest quote and news.
MCK cash flow FAQ
What is McKesson's free cash flow?
McKesson's free cash flow was $5.4 billion in fiscal 2026: $6.2 billion of operating cash flow minus $745.0 million of capital expenditures It was $5.2 billion a year earlier..
How much cash does McKesson generate from operations?
McKesson generated $6.2 billion of cash from operating activities in fiscal 2026, 1.29 times its net income of $4.8 billion.
How much does McKesson spend on capital expenditures?
McKesson spent $745.0 million on capital expenditures in fiscal 2026, 0.2% of revenue, compared with $859.0 million the year before.
How much stock does McKesson buy back?
McKesson spent $4.8 billion on net share repurchases in fiscal 2026.
How much does McKesson pay in dividends?
McKesson paid $381.0 million in dividends in fiscal 2026, 7.0% of free cash flow.