MCKESSON CORP, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover - shares
 3 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-13252  
Entity Registrant Name McKESSON CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-3207296  
Entity Address, Address Line One 6555 State Hwy 161  
Entity Address, City or Town Irving  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75039  
City Area Code 972  
Local Phone Number 446-4800  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   124,384,393
Entity Central Index Key 0000927653  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol MCK  
Security Exchange Name NYSE  
1.500% Notes due 2025    
Document Information [Line Items]    
Title of 12(b) Security 1.500% Notes due 2025  
Trading Symbol MCK25  
Security Exchange Name NYSE  
1.625% Notes due 2026    
Document Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
Trading Symbol MCK26  
Security Exchange Name NYSE  
3.125% Notes due 2029    
Document Information [Line Items]    
Title of 12(b) Security 3.125% Notes due 2029  
Trading Symbol MCK29  
Security Exchange Name NYSE  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]    
Revenues $ 97,827 $ 79,283
Cost of sales (94,548) (76,131)
Gross profit 3,279 3,152
Selling, distribution, general, and administrative expenses (2,196) (2,001)
Claims and litigation charges, net 0 (112)
Restructuring, impairment, and related charges, net (47) (10)
Total operating expenses (2,243) (2,123)
Operating income 1,036 1,029
Other income, net 64 130
Interest expense (49) (75)
Income before income taxes 1,051 1,084
Income tax expense (220) (124)
Net income 831 960
Net income attributable to noncontrolling interests (47) (45)
Net income attributable to McKesson Corporation $ 784 $ 915
Earnings per common share attributable to McKesson Corporation    
Diluted (in dollars per share) $ 6.25 $ 7.00
Basic (in dollars per share) $ 6.28 $ 7.04
Weighted-average common shares outstanding    
Diluted (in shares) 125.5 130.7
Basic (in shares) 124.9 129.8
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 831 $ 960
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments 21 (31)
Unrealized gain on cash flow and other hedges 14 0
Changes in retirement-related benefit plans (1) (1)
Other comprehensive income (loss), net of tax 34 (32)
Comprehensive income 865 928
Comprehensive income attributable to noncontrolling interests (47) (45)
Comprehensive income attributable to McKesson Corporation $ 818 $ 883
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
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
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 0
McKesson Corporation stockholders’ deficit    
Preferred stock, $0.01 par value, 100 shares authorized, no shares issued or outstanding 0 0
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
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Mar. 31, 2025
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock, shares issued (in shares) 280,000,000 279,000,000
Treasury    
Treasury shares, at cost (in shares) 155,000,000 154,000,000
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury
Noncontrolling Interests
Beginning balance, common stock (in shares) at Mar. 31, 2024   278          
Beginning balance at Mar. 31, 2024 $ (1,599) $ 3 $ 8,048 $ 14,978 $ (881) $ (24,119) $ 372
Beginning balance, treasury common stock (in shares) at Mar. 31, 2024           (148)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of shares under employee plans, net of forfeitures (in shares)   1          
Issuance of shares under employee plans, net of forfeitures (112)   22     $ (134)  
Share-based compensation 56   56        
Repurchase of common stock (in shares)           (1)  
Repurchase of common stock (528)         $ (528)  
Net income 960     915     45
Other comprehensive income (loss) (32)       (32)    
Cash dividends declared (83)     (83)      
Payments to noncontrolling interests (43)           (43)
Ending balance common stock (in shares) at Jun. 30, 2024   279          
Ending balance at Jun. 30, 2024 (1,381) $ 3 8,126 15,810 (913) $ (24,781) 374
Ending balance, treasury common stock (in shares) at Jun. 30, 2024           (149)  
Beginning balance, common stock (in shares) at Mar. 31, 2025   279          
Beginning balance at Mar. 31, 2025 (1,694) $ 3 8,373 17,921 (932) $ (27,439) 380
Beginning balance, treasury common stock (in shares) at Mar. 31, 2025           (154)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of shares under employee plans, net of forfeitures (in shares)   1          
Issuance of shares under employee plans, net of forfeitures (84)   22     $ (106)  
Share-based compensation 55   55        
Repurchase of common stock (in shares)           (1)  
Repurchase of common stock (592)         $ (592)  
Net income 831     784     47
Other comprehensive income (loss) 34       34    
Cash dividends declared (89)     (89)      
Payments to noncontrolling interests (47)           (47)
Other (2)   (1)       (1)
Ending balance common stock (in shares) at Jun. 30, 2025   280          
Ending balance at Jun. 30, 2025 $ (1,588) $ 3 $ 8,449 $ 18,616 $ (898) $ (28,137) $ 379
Ending balance, treasury common stock (in shares) at Jun. 30, 2025           (155)  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared, per common share (in dollars per share) $ 0.71 $ 0.62
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 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 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 0 114
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) 0
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 0 1,361
Repayments of short-term borrowings 0 (1,361)
Proceeds from issuances of long-term debt 1,990 0
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
v3.25.2
Significant Accounting Policies
 3 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Nature of Operations: McKesson Corporation together with its subsidiaries (collectively, the “Company” or “McKesson,”) is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. McKesson partners 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. The Company reports its financial results in four reportable segments: U.S. Pharmaceutical, Prescription Technology Solutions (“RxTS”), Medical-Surgical Solutions, and International. Refer to Financial Note 13, “Segments of Business,” for additional information.
Basis of Presentation: The condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial reporting and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and therefore do not include all information and disclosures normally included in the annual consolidated financial statements.
The condensed consolidated financial statements of McKesson include the financial statements of all majority-owned or controlled companies. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of the net income or loss allocable to the noncontrolling interests is reported as “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations. All significant intercompany balances and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees.
The Company considers itself to control an entity if it is the majority owner of or has voting control over such entity. The Company also assesses control through means other than voting rights and determines which business entity is the primary beneficiary of the variable interest entity (“VIE”). The Company consolidates VIEs when it is determined that it is the primary beneficiary of the VIE. Investments in business entities in which the Company does not have control, but instead has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method.
Fiscal Period: The Company’s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references to a particular year means the Company’s fiscal year.
Reclassifications: Certain prior period amounts have been reclassified to conform to the current year presentation.
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of these financial statements and income and expenses during the reporting period. Actual amounts could differ from those estimated amounts. In the opinion of management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the results of operations, financial position, and cash flows of McKesson for the interim periods presented.
The results of operations for the three months ended June 30, 2025 and 2024 are not necessarily indicative of the results that may be anticipated for the entire year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies, and financial notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, previously filed with the SEC on May 9, 2025 (the “2025 Annual Report”).
Recently Adopted Accounting Pronouncements
In the first quarter of fiscal 2026, the Company adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures using a prospective transition method. ASU 2023-09 improves the transparency of income tax disclosures by requiring, on an annual basis, consistent categories, and greater disaggregation of information in the rate reconciliation as well as income taxes paid disaggregated by jurisdiction. While this accounting standard will increase disclosures related to the Company’s income taxes within its Annual Report on Form 10-K for the year ended March 31, 2026, the standard did not have any impact on the Company’s Consolidated Financial Statement results.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its disclosures.
v3.25.2
Business Acquisitions and Divestitures
 3 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Acquisitions and Divestitures Business Acquisitions and Divestitures
Acquisitions
For all acquisitions, we allocate the purchase price to the assets acquired, and the liabilities assumed based on their fair values as of the acquisition date. The fair values of the assets acquired and liabilities assumed are preliminary and may be subject to additional adjustments, which may be up to one year from the respective acquisition dates.
PRISM Vision Holdings, LLC
On April 1, 2025, the Company completed its acquisition of a controlling interest in PRISM Vision Holdings, LLC (“PRISM Vision”), a leading provider of general ophthalmology and retina management services. The Company acquired an 80% controlling interest in PRISM Vision for $874 million in cash (subject to customary post-closing adjustments). The payment made upon closing was from cash on hand. PRISM Vision physicians retained a 20% ownership interest. The financial results of PRISM Vision are included within the Company’s U.S. Pharmaceutical segment as of the acquisition date. The transaction was accounted for as a business combination.
The purchase price allocation included acquired intangible finite-lived assets of $510 million and goodwill of $432 million. Goodwill attributable to the acquisition of PRISM Vision is mostly deductible for tax purposes.
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash consideration$874 
Redeemable noncontrolling interests25 
Contingent stock-based compensation liability 16 
Estimated fair value of total consideration $915 
Identifiable assets acquired and liabilities assumed:
Current assets$126 
Intangible assets510 
Other non-current assets 106 
Total assets 742 
Current liabilities172 
Non-current liabilities87 
Net identifiable assets483 
Goodwill432 
Net assets acquired$915 
Community Oncology Revitalization Enterprise Ventures, LLC
On June 2, 2025, the Company completed the acquisition of a controlling interest in Community Oncology Revitalization Enterprise Ventures, LLC (“Core Ventures”), a business and administrative services organization established by Florida Cancer Specialists & Research Institute, LLC (“FCS”). The Company acquired a 70% controlling interest for $2.5 billion in cash (subject to customary post-closing adjustments). The payment made upon closing was from cash on hand and the net proceeds from the May 30, 2025 public debt offerings. Refer to Financial Note 8, “Debt and Financing Activities,” for additional information on the public debt offerings. FCS physicians retained a 30% interest. The 30% minority interest is classified as redeemable noncontrolling interest, with a put option exercisable every five years subject to a floor of 75% of initial fair value. Refer to Financial Note 5, “Redeemable Noncontrolling Interests and Noncontrolling Interests” for additional information.
The transaction was accounted for as a business combination, and the financial results of Core Ventures are included within the Company’s U.S. Pharmaceutical segment as of the acquisition date.
The purchase price allocation included acquired intangible finite-lived assets of $2.3 billion and goodwill of $806 million. Goodwill attributable to the acquisition of Core Ventures is deductible for tax purposes.
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash consideration$2,506 
Redeemable noncontrolling interests700 
Estimated fair value of total consideration$3,206 
Identifiable assets acquired and liabilities assumed:
Current assets$529 
Intangible assets2,310 
Other non-current assets357 
Total assets 3,196 
Current liabilities468 
Non-current liabilities328 
Net identifiable assets2,400 
Goodwill806 
Net assets acquired$3,206 
Canada Divestiture Activities
On December 30, 2024, the Company completed the sale of its Rexall and Well.ca businesses in Canada (“Canadian retail disposal group”) for an adjusted purchase price consisting of a cash payment of $9 million, received at closing, and a note of $120 million, measured at fair value and accruing interest upon satisfaction of certain conditions, and payable to the Company at the end of six years. Within the International segment and as part of the transaction, the Company divested net assets of $741 million, including $125 million of intercompany trade accounts payable primarily related to purchases of inventories from McKesson Canada assumed by the buyer upon divestiture. The Company determined that the disposal group did not meet the criteria for classification as discontinued operations.
During the year ended March 31, 2025, the Company recorded net charges of $667 million, to remeasure the Canadian retail disposal group to fair value less costs to sell, within “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations. The remeasurement adjustment for the year ended March 31, 2025 included a $48 million loss related to the accumulated other comprehensive loss balances associated with the Canadian retail disposal group. The Company’s measurement of the fair value of the Canadian retail disposal group was based on the total consideration expected to be received by the Company as outlined in the transaction agreements. Certain components of the total consideration included Level 3 fair value measurements.
Other
For the periods presented, the Company also completed immaterial acquisitions and divestitures within its operating segments. Financial results for the Company’s business acquisitions have been included in its condensed consolidated financial statements as of their respective acquisition dates.
On August 4, 2025, the Company entered into a definitive agreement to sell its retail and distribution businesses in Norway (“Norway disposal group”), which operate within the International segment. As a result, the Company expects to classify the assets and liabilities of the Norway disposal group as held for sale in its next quarterly financial statements. The Company is currently evaluating the financial impact of the transaction.
v3.25.2
Restructuring, Impairment, and Related Charges, Net
 3 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment, and Related Charges, Net Restructuring, Impairment, and Related Charges, Net
The Company recorded restructuring, impairment, and related charges, net of $47 million and $10 million for the three months ended June 30, 2025 and 2024, respectively. These charges were included in “Restructuring, impairment, and related charges, net” in the Condensed Consolidated Statement of Operations.
Restructuring Initiatives
During the second quarter of fiscal 2025, the Company approved enterprise-wide initiatives to modernize and accelerate the technology service operating model which were intended to improve business continuity, compliance, operating efficiency and advance investments to streamline the organization. These initiatives include cost reduction efforts and support other rationalization efforts within Corporate, and the Medical-Surgical Solutions and U.S. Pharmaceutical segments to help realize long-term sustainable growth. The Company anticipates total charges related to these initiatives of $650 million to $700 million, consisting primarily of employee severance and other employee-related costs as well as facility, exit, and other related costs, including long-lived asset impairments. These programs are anticipated to be substantially complete in fiscal 2028. For the three months ended June 30, 2025, the Company recorded charges of $38 million related to these initiatives, which primarily includes facility exit and other related costs as well as severance and other employee-related costs.
Restructuring, impairment, and related charges, net for the three months ended June 30, 2025 and 2024 consisted of the following:
Three Months Ended June 30, 2025
(In millions)
U.S. Pharmaceutical (1)
Prescription Technology Solutions
Medical-Surgical Solutions (2)
International
Corporate (3)
Total
Severance and employee-related costs, net $— $— $5 $— $(1)$4 
Exit and other-related costs (4)
1 — 12 — 28 41 
Asset impairments and accelerated depreciation— — — — 2 2 
Total$1 $— $17 $— $29 $47 
(1)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s U.S. Pharmaceutical segment.
(2)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s Medical-Surgical Solutions segment.
(3)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s Corporate segment.
(4)Exit and other-related costs consist of accruals for costs to be incurred without future economic benefits, project consulting fees, and other exit costs expensed as incurred.
Three Months Ended June 30, 2024
(In millions)U.S. PharmaceuticalPrescription Technology Solutions Medical-Surgical SolutionsInternational
Corporate
Total
Severance and employee-related costs, net $— $— $— $— $(1)$(1)
Exit and other-related costs (1)
— 3 3 — 2 8 
Asset impairments and accelerated depreciation1 1 — 1 — 3 
Total$1 $4 $3 $1 $1 $10 
(1)Exit and other-related costs consist of accruals for costs to be incurred without future economic benefits, project consulting fees, and other exit costs expensed as incurred.
The following table summarizes the activity related to the liabilities associated with the Company’s restructuring initiatives for the three months ended June 30, 2025:
(In millions)U.S. PharmaceuticalPrescription Technology SolutionsMedical-Surgical SolutionsInternationalCorporateTotal
Balance, March 31, 2025 (1)
$10 $1 $90 $1 $24 $126 
Restructuring, impairment, and related charges, net1 — 17 — 29 47 
Non-cash charges— — — — (2)(2)
Cash payments(2)— (50)— (31)(83)
Balance, June 30, 2025 (2)
$9 $1 $57 $1 $20 $88 
(1)As of March 31, 2025, the total reserve balance was $126 million, of which $103 million was recorded within “Other accrued liabilities” and $23 million was recorded within “Other non-current liabilities” in the Company’s Condensed Consolidated Balance Sheet.
(2)As of June 30, 2025, the total reserve balance was $88 million, of which $68 million was recorded within “Other accrued liabilities” and $20 million was recorded within “Other non-current liabilities” in the Company’s Condensed Consolidated Balance Sheet.
v3.25.2
Income Taxes
 3 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was as follows:
Three Months Ended June 30,
(Dollars in millions)20252024
Income tax expense$220 $124 
Reported income tax rate20.9 %11.4 %
Fluctuations in the Company’s reported income tax rates were primarily due to changes in the mix of earnings between various taxing jurisdictions and discrete items recognized in the quarters.
During the three months ended June 30, 2025, the Company recognized a net discrete tax benefit of $23 million primarily related to the tax impact of share-based compensation. During the three months ended June 30, 2024, the Company recognized a net discrete tax benefit of $125 million, primarily driven by discrete tax benefits of $58 million related to an election to change the tax status of a foreign affiliate, $37 million related to the tax impact of share-based compensation, and $36 million related to the reduction in unrecognized tax benefits due to a change in case law.
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, and various foreign jurisdictions. As of June 30, 2025, the Company had $1.5 billion of unrecognized tax benefits, of which $1.4 billion would reduce income tax expense and the effective tax rate if recognized.
v3.25.2
Redeemable Noncontrolling Interests and Noncontrolling Interests
 3 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests and Noncontrolling Interests Redeemable Noncontrolling Interests and Noncontrolling Interests
Redeemable Noncontrolling Interests
Noncontrolling interests with redemption features, such as put rights, that are not solely within the Company’s control are considered redeemable noncontrolling interests.
During the first quarter of 2026, the Company recognized redeemable noncontrolling interests of $25 million related to the acquisition of PRISM Vision and $700 million related to its acquisition of Core Ventures. The Company utilized the Monte Carlo simulation model to determine the fair value of the redeemable noncontrolling interests for both acquisitions.
Redeemable noncontrolling interests are presented outside of stockholders’ deficit in the Company’s Condensed Consolidated Balance Sheet. Refer to Financial Note 2, “Business Acquisitions and Divestitures,” for additional information on the acquisition activity discussed above.
Noncontrolling Interests
Net income attributable to noncontrolling interests includes third-party equity interests in the Company’s consolidated entities, including ClarusONE Sourcing Services LLP, Vantage Oncology Holdings, LLC and SCRI Oncology, LLC.
The Company allocated $47 million and $45 million of net income to noncontrolling interests during the three months ended June 30, 2025 and 2024, respectively, which was recorded in “Net income attributable to noncontrolling interests” in the Company’s Condensed Consolidated Statements of Operations.
Changes in redeemable noncontrolling interests and noncontrolling interests for the three months ended June 30, 2025 and 2024, were as follows:
(In millions)Noncontrolling
Interests		Redeemable
Noncontrolling
Interests
Balance, March 31, 2025
$380 $— 
Net income attributable to noncontrolling interests47 — 
Payments to noncontrolling interests(47)— 
Acquisition of PRISM Vision — 25 
Acquisition of Core Ventures— 700 
Other(1)— 
Balance, June 30, 2025
$379 $725 
(In millions)Noncontrolling
Interests		Redeemable
Noncontrolling
Interests
Balance, March 31, 2024
$372 $— 
Net income attributable to noncontrolling interests45— 
Payments to noncontrolling interests(43)— 
Other— — 
Balance, June 30, 2024
$374 $— 
v3.25.2
Earnings Per Common Share
 3 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. The computation of diluted earnings per common share is similar to that of basic earnings per common share, except that the former reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Potentially dilutive securities include outstanding stock options, restricted stock units, and performance-based restricted stock units. Less than one million of potentially dilutive securities for the three months ended June 30, 2025 and 2024 were excluded from the computation of diluted earnings per common share as they were anti-dilutive.
The computations for basic and diluted earnings per common share were as follows:
Three Months Ended June 30,
(In millions, except per share amounts)20252024
Net income$831 $960 
Net income attributable to noncontrolling interests(47)(45)
Net income attributable to McKesson Corporation$784 $915 
Weighted-average common shares outstanding:
Basic124.9 129.8 
Effect of dilutive securities:
Stock options— 0.1 
Restricted stock units (1)
0.6 0.8 
Diluted125.5 130.7 
Earnings per common share attributable to McKesson Corporation: (2)
Diluted$6.25 $7.00 
Basic$6.28 $7.04 
(1)Includes dilutive effect from restricted stock units and performance-based restricted stock units.
(2)Certain computations may reflect rounding adjustments.
v3.25.2
Goodwill and Intangible Assets, Net
 3 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill
The Company evaluates goodwill for impairment on an annual basis in the first fiscal quarter, and more frequently if indicators for potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a component), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit. The annual impairment testing performed in fiscal 2026 and fiscal 2025 did not indicate any impairment of goodwill.
Changes in the carrying amount of goodwill were as follows:
(In millions)U.S. PharmaceuticalPrescription Technology SolutionsMedical-Surgical Solutions
International
CorporateTotal
Balance, March 31, 2025$4,132 $2,027 $2,507 $1,327 $29 $10,022 
Goodwill acquired1,238 39 — — — 1,277 
Disposals (9)— — — — (9)
Foreign currency translation adjustments, net— — — 75 — 75 
Other adjustments29 — — — (29)— 
Balance, June 30, 2025$5,390 $2,066 $2,507 $1,402 $— $11,365 
Intangible Assets
Information regarding intangible assets was as follows:
 June 30, 2025March 31, 2025
(Dollars in millions)Weighted-
Average
Remaining
Amortization
Period
(Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships10$1,487 $(675)$812 $1,475 $(650)$825 
Service agreements233,298 (752)2,546 1,116 (728)388 
Trademarks and trade names20575 (282)293 378 (278)100 
Technology9312 (146)166 288 (141)147 
Other22487 (32)455 31 (27)4 
Total  $6,159 $(1,887)$4,272 $3,288 $(1,824)$1,464 
All intangible assets were subject to amortization as of June 30, 2025 and March 31, 2025. Amortization expense of intangible assets was $50 million and $63 million for the three months ended June 30, 2025 and 2024, respectively.
(In millions)Estimated Amortization Expense
Fiscal 2026 (from July 1, 2025 to March 31, 2026)$214 
Fiscal 2027284 
Fiscal 2028279 
Fiscal 2029278 
Fiscal 2030273 
Thereafter2,944 
Refer to Financial Note 2, “Business Acquisitions and Divestitures,” for a description of the goodwill and intangible assets recognized as part of the PRISM Vision and Core Ventures acquisitions.
v3.25.2
Debt and Financing Activities
 3 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Financing Activities Debt and Financing Activities
Long-term debt consisted of the following:
(In millions)June 30, 2025March 31, 2025
U.S. Dollar notes (1) (2)
0.90% Notes due December 3, 2025
$500 $500 
1.30% Notes due August 15, 2026
499 499 
7.65% Debentures due March 1, 2027
150 150 
3.95% Notes due February 16, 2028
343 343 
4.90% Notes due July 15, 2028
400 399 
4.75% Notes due May 30, 2029
196 196 
4.25% Notes due September 15, 2029
500 500 
4.65% Notes due May 30, 2030
650 — 
4.95% Notes due May 30, 2032
650 — 
5.10% Notes due July 15, 2033
597 597 
5.25% Notes due May 30, 2035
698 — 
6.00% Notes due March 1, 2041
217 217 
4.88% Notes due March 15, 2044
255 255 
Foreign currency notes (1) (3)
1.50% Euro Notes due November 17, 2025
707 649 
1.63% Euro Notes due October 30, 2026
589 541 
3.13% Sterling Notes due February 17, 2029
618 581 
Lease and other obligations208 227 
Total debt7,777 5,654 
Less: Current portion1,249 1,191 
Total long-term debt$6,528 $4,463 
(1)These notes are unsecured and unsubordinated obligations of the Company.
(2)Interest on these U.S. dollar notes is payable semi-annually.
(3)Interest on these foreign currency notes is payable annually.
Long-Term Debt
The Company’s long-term debt includes both U.S. dollar and foreign currency-denominated borrowings. At June 30, 2025 and March 31, 2025, $7.8 billion and $5.7 billion, respectively, of total debt was outstanding, of which $1.2 billion was included under the caption “Current portion of long-term debt” in the Company’s Condensed Consolidated Balance Sheets.
Public Debt Offerings
On May 30 2025, the Company completed a public debt offering of 4.65% Notes due May 30, 2030 in a principal amount of $650 million (the “2030 Notes”), a public debt offering of 4.95% Notes due May 30, 2032 in a principal amount of $650 million (the “2032 Notes”) and a public debt offering of 5.25% Notes due May 30, 2035 in a principal amount of $700 million (the “2035 Notes” and, together with the 2030 and 2032 Notes, the “Notes”). Interest on the Notes is payable semi-annually on May 30th and November 30th of each year, commencing on November 30, 2025. Total proceeds received from the issuance of the Notes, net of discounts and debt offering expenses, were $2.0 billion. The Company utilized the net proceeds from the Notes together with cash on hand to fund the acquisition of Core Ventures.
On September 10, 2024, the Company completed a public debt offering of 4.25% Notes due September 15, 2029 in a principal amount of $500 million (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 15th and September 15th of each year, commencing on March 15, 2025. Proceeds received from the issuance of the 2029 Notes, net of discounts and debt offering expenses, were $496 million. The Company utilized the net proceeds from the debt offering of the 2029 Notes together with cash on hand to redeem its $500 million outstanding principal amount of 5.25% Notes due February 15, 2026 (the “2026 Notes”), which became callable on or after February 15, 2024, prior to maturity at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest through the redemption date. The total loss recognized on the debt extinguishment of the 2026 Notes described above for the year ended March 31, 2025 was not material and was included within “Interest expense” in the Company’s Consolidated Statements of Operations.
Each of the 2029 Notes, the 2030 Notes, the 2032 Notes, and the 2035 Notes constitutes a “series,” is an unsecured and unsubordinated obligation of the Company and ranks equally with all of the Company’s existing, and future unsecured and unsubordinated indebtedness that may be outstanding from time-to-time. Each series is governed by an indenture and officers’ certificate that are materially similar to those of other series of notes issued by the Company. Upon at least 10 days’ and not more than 60 days’ notice to holders of the applicable series of the notes, the Company may redeem such series of the notes for cash in whole, at any time, or in part, from time to time, at redemption prices that include accrued and unpaid interest and a make-whole premium before a specified date, and at par plus accrued and unpaid interest thereafter until maturity, each as specified in the indenture and the officers’ certificate. If there were to occur both (a) a change of control of the Company and (b) a downgrade of the applicable series of the notes below an investment grade rating by each of the Ratings Agencies (as defined in the applicable officers’ certificate) within a specified period, then the Company would be required to make an offer to purchase that series at a price equal to 101% of the then outstanding principal amount of that series, plus accrued and unpaid interest to, but not including, the date of repurchase. The indenture and the related officers’ certificate for each series, subject to the exceptions and in compliance with the conditions as applicable, specify that the Company may not consolidate, merge or sell all or substantially all of its assets, incur liens, or enter into sale-leaseback transactions exceeding specific terms, without the lenders’ consent. The indenture also contains customary events of default provisions.
Revolving Credit Facilities
5-Year Facility
On November 7, 2022, the Company entered into a Credit Agreement (the “2022 Credit Facility”) which was subsequently amended on November 7, 2024 and May 8, 2025, that provides a syndicated $4.0 billion senior unsecured credit facility with a $3.6 billion aggregate sublimit of availability in Canadian dollars, British pound sterling, and Euro. The 2022 Credit Facility is scheduled to mature in November 2028. On November 7, 2024, the maturity date of the 2022 Credit Facility was extended from November 2028 to November 2029. Borrowings under the 2022 Credit Facility bear interest based upon the Term Secured Overnight Financing Rate (“SOFR”) for credit extensions denominated in U.S. dollars, the Sterling Overnight Index Average Reference Rate for credit extensions denominated in British pound sterling, the Euro Interbank Offered Rate for credit extensions denominated in Euros, the Canadian Overnight Repo Rate Average for credit extensions denominated in Canadian dollars, a prime rate, or alternative overnight rates, as applicable, plus agreed upon margins. The 2022 Credit Facility contains various customary investment grade covenants, including a financial covenant which obligates the Company to maintain a maximum Total Debt to Consolidated EBITDA ratio, as defined in the 2022 Credit Facility. If the Company does not comply with these covenants, its ability to use the 2022 Credit Facility may be suspended and repayment of any outstanding balances under the 2022 Credit Facility may be required to be repaid. The Company can use funds obtained under the 2022 Credit Facility for general corporate purposes.
364-Day Facility
On May 8, 2025, the Company entered into a Credit Agreement (the “364-Day Credit Facility”), that provides a syndicated $1.0 billion senior unsecured credit facility. The 364-Day Credit Facility is scheduled to mature in May 2026. On or prior to the maturity date, the Company may, at its election and subject to certain customary conditions, convert the outstanding loans into a term loan that is repayable in May 2027. Borrowings under the 364-Day Credit Facility bear interest based upon SOFR for credit extensions denominated in U.S. Dollars and other relevant underlying benchmarks, plus agreed margins.
The 364-Day Credit Facility contains various customary investment grade covenants, including a financial covenant which obligates the Company to maintain a maximum Total Debt to Consolidated EBITDA ratio, as defined in the 364-Day Credit Facility. If the Company does not comply with these covenants, its ability to use the 364-Day Credit Facility may be suspended and any outstanding balances under the 364-Day Credit Facility may be required to be repaid. The terms and conditions of the 364-Day Credit Facility are substantially similar to those under the 2022 Credit Facility. The Company can use funds obtained under the 364-Day Credit Facility for general corporate purposes. There were no borrowings under the 2022 Credit Facility during the three months ended June 30, 2025 and 2024 and no amounts outstanding at June 30, 2025 or March 31, 2025. There were no borrowings under the 364-Day Facility during the three months ended June 30, 2025 and no amounts outstanding at June 30, 2025. At June 30, 2025, the Company was in compliance with all covenants under the 2022 Credit Facility and the 364-Day Facility.
Commercial Paper
The Company maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company could issue up to $4.0 billion in outstanding commercial paper notes through May 7, 2025 and up to $5.0 billion following the execution of the 364-Day Facility. During the three months ended June 30, 2025, the Company had no borrowings under the program. During the three months ended June 30, 2024, the Company borrowed and repaid $1.4 billion under the program. At June 30, 2025 and March 31, 2025, there were no commercial paper notes outstanding.
v3.25.2
Hedging Activities
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Hedging Activities Hedging Activities
In the normal course of business, the Company is exposed to interest rate and foreign currency exchange rate fluctuations. At times, the Company limits these risks through the use of derivatives as described below. In accordance with the Company’s policy, derivatives are only used for hedging purposes. The Company does not use derivatives for trading or speculative purposes. The Company uses various counterparties for its derivative contracts to minimize the exposure to credit risk but does not anticipate non-performance by these parties.
Foreign Currency Exchange Risk
The Company conducts its business worldwide in U.S. dollars and the functional currencies of its foreign subsidiaries, including Canadian dollars, Euro, and British pounds sterling. Changes in foreign currency exchange rates could have a material adverse impact on the Company’s financial results that are reported in U.S. dollars. The Company is also exposed to foreign currency exchange rate risk related to its foreign subsidiaries, including intercompany loans denominated in non-functional currencies. The Company has certain foreign currency exchange rate risk programs that use foreign currency forward contracts and cross-currency swaps. These forward contracts and cross-currency swaps are generally used to offset the potential income statement effects from intercompany loans and other obligations denominated in non-functional currencies. These programs reduce but do not entirely eliminate foreign currency exchange rate risk.
Interest Rate Risk
The Company has exposure to changes in interest rates, and it utilizes risk programs which use interest rate swaps to hedge the changes in debt fair values caused by fluctuations in benchmark interest rates. The Company also enters into forward contracts to hedge the variability of future benchmark interest rates on any planned bond issuances. These programs reduce but do not entirely eliminate interest rate risk.
Derivative Instruments
At June 30, 2025 and March 31, 2025, the notional amounts of the Company’s outstanding derivatives were as follows:
June 30, 2025March 31, 2025
(In millions)Currency
Maturity Date (1)
Notional
Derivatives designated as net investment hedges: (2)
Cross-currency swaps (3)
CADDec-26 to Mar-27C$6,500 C$6,500 
Derivatives designated as fair value hedges: (2)
Cross-currency swaps (3)
GBPNov-28£450 £450 
Cross-currency swaps (3)
EURAug-25 to Jul-26€1,100 €1,100 
Floating interest rate swaps (4)
USDAug-27 to Sep-29$750 $750 
Derivatives designated as cash flow hedges: (2)
Foreign currency forwards (5)
GBPJul-25£2 £11 
Interest rate swap locks (6)
USD$— $850 
(1)The maturity date reflected is for outstanding derivatives as of June 30, 2025.
(2)There was no ineffectiveness in these hedges for the three months ended June 30, 2025 and 2024.
(3)Represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes.
(4)Represents fixed-to-floating interest rate swaps to hedge the changes in fair value caused by fluctuations in the benchmark interest rates.
(5)The Company entered into agreements with financial institutions to hedge the variability of foreign currency exchange fluctuations in future cash payments due to a third party in the United Kingdom for capital expenditures.
(6)The Company entered into additional agreements with financial institutions to hedge cash flows associated with interest payments on upcoming financing activities.
Net Investment Hedges
The Company uses cross-currency swaps to hedge portions of the Company’s net investments denominated in Canadian dollars against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. The changes in the fair value of these derivatives attributable to the changes in spot currency exchange rates and differences between spot and forward interest rates are recorded in accumulated other comprehensive loss and offset foreign currency translation gains and losses recorded on the Company’s net investments denominated in Canadian dollars. To the extent cross-currency swaps designated as hedges are ineffective, changes in carrying value attributable to the change in spot rates are recorded in earnings.
In fiscal 2025, the Company expanded the net investment hedging program by entering into new cross-currency swaps and restructuring existing cross-currency swaps. As of June 30, 2025 and March 31, 2025, the outstanding notional amount of cross-currency swaps was C$6.5 billion.
Fair Value Hedges
The Company uses cross-currency swaps to hedge the changes in the fair value of its foreign currency notes resulting from changes in benchmark interest rates and foreign currency exchange rates. The Company also uses floating interest rate swaps to hedge the changes in the fair value of its U.S. dollar notes resulting from changes in benchmark interest rates. The changes in the fair value of these derivatives and the offsetting changes in the fair value of the hedged notes are recorded in earnings. Gains and losses from the changes in the Company’s fair value hedges recorded in earnings were largely offset by the gains and losses recorded in earnings on the hedged item. For components excluded from the assessment of hedge effectiveness, the initial value of the excluded component is recognized in accumulated other comprehensive loss and then released into earnings over the life of the hedging instrument. The difference between the change in the fair value of the excluded component and the amount amortized into earnings during the period is recorded in other comprehensive loss.
Cash Flow Hedges
The Company uses cross-currency swaps to hedge intercompany loans denominated in non-functional currencies to reduce the income statement effects arising from fluctuations in foreign currency exchange rates. The Company also uses forward contracts to hedge the variability of future benchmark interest rates on any planned bond issuances and to offset the potential income statement effects from obligations denominated in non-functional currencies. The effective portion of changes in the fair value of these hedges is recorded in accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings. Changes in fair values representing hedge ineffectiveness are recognized in current earnings. There were no gains or losses reclassified from accumulated other comprehensive loss and recorded within “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024.
The Company executed a series of forward-starting interest rate swap locks designated as cash flow hedges in fiscal 2025 with a notional amount of $850 million, and in the first quarter of fiscal 2026 with a notional amount of $550 million, for a total of $1.4 billion, to hedge the cash flows associated with upcoming financing activities. During the first quarter of fiscal 2026, the Company completed a public debt offering of the Notes, at which point the interest rate swap locks were terminated, and the proceeds will be amortized to interest expense over the life of the Notes. Refer to Financial Note 8, “Debt and Financing Activities,” for additional information on the public debt offering of the Notes.
Derivatives Not Designated as Hedges
Derivative instruments not designated as hedges are marked-to-market at the end of each accounting period with the change in fair value included in earnings. Changes in the fair values for contracts not designated as hedges are recorded directly into earnings within “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations. The Company did not enter into or have any outstanding derivative instruments not designated as hedges during the periods presented.
Other Information on Derivative Instruments
Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended June 30,
(In millions)20252024
Derivatives designated as net investment hedges:
Cross-currency swaps$(233)$7 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$5 $— 
Interest rate swap locks, Foreign currency forwards and Other14 — 
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Information regarding the fair value of derivatives on a gross basis were as follows:
Balance Sheet
Caption		June 30, 2025March 31, 2025
Fair Value of
Derivative		U.S. Dollar NotionalFair Value of
Derivative		U.S. Dollar Notional
(In millions)AssetLiabilityAssetLiability
Derivatives designated for hedge accounting:
Cross-currency swaps (current)Prepaid expenses and other$113 $— $595 $54 $— $595 
Cross-currency swaps (non-current)Other non-current assets/liabilities155 251 5,550 66 18 5,550 
Interest rate swaps (non-current)Other non-current liabilities— 12 750 — 18 750 
Interest Rate Swap LocksOther non-current liabilities— — — — 6 850 
Foreign currency forwards (current)Prepaid expenses and other— — 3 1 — 14 
Total$268 $263 $121 $42 
Refer to Financial Note 10, "Fair Value Measurements," for more information on these recurring fair value measurements.
v3.25.2
Fair Value Measurements
 3 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures certain assets and liabilities at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. The fair value hierarchy consists of three levels of inputs that may be used to measure fair value as follows:
Level 1 - quoted prices in active markets for identical assets or liabilities.
Level 2 - significant other observable market-based inputs.
Level 3 - significant unobservable inputs for which little or no market data exists and requires considerable assumptions that are significant to the fair value measurement.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and cash equivalents at June 30, 2025 and March 31, 2025 included the Company’s investments in money market funds of $242 million and $1.0 billion, respectively, which are reported at fair value. The fair value of money market funds was determined using quoted prices for identical investments in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosure guidance. The carrying value of all other cash equivalents approximates their fair value due to their relatively short-term nature.
Fair values of the Company’s interest rate swaps, cross-currency swaps, and foreign currency forward contracts were determined using observable inputs from available market information, including quoted interest rates, foreign currency exchange rates, and other observable inputs from available market information. These inputs are considered Level 2 under the fair value measurements and disclosure guidance, and may not be representative of actual values that could have been realized or that will be realized in the future. Refer to Financial Note 9, “Hedging Activities,” for fair values and other information on the Company’s derivatives.
The Company holds investments in equity and debt securities of U.S. growth stage companies that address both current and emerging business challenges in the healthcare industry and which had a carrying value of $111 million and $103 million at June 30, 2025 and March 31, 2025, respectively. These investments primarily consist of equity securities without readily determinable fair values and are included within “Other non-current assets” in the Condensed Consolidated Balance Sheets. The net realized and unrealized gains and losses as well as impairment charges related to these investments were not material for the three months ended June 30, 2025 and $110 million for the three months ended June 30, 2024, all of which are included within “Other income, net” in the Condensed Consolidated Statements of Operations. The net gain recognized for the three months ended June 30, 2024 primarily related to a recapitalization event of one of the Company’s investments in equity securities which resulted in an increase to the carrying value of this investment. The Company recognized a net gain of $97 million related to this event and sold a portion of its investment for proceeds of $89 million.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company’s assets and liabilities are also subject to nonrecurring fair value measurements. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges, including long-lived assets associated with the Company’s restructuring initiatives as discussed in more detail in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” or as a result of charges to remeasure assets classified as held for sale to fair value less costs to sell.
At June 30, 2025, assets and liabilities related to the company’s acquisition of PRISM Vision and Core Ventures were measured at fair value on a nonrecurring basis. Refer to Financial Note 2, “Business Acquisitions and Divestitures.”
The aforementioned investments in equity securities of U.S. growth stage companies include the carrying value of investments without readily determinable fair values, which were determined using a measurement alternative and are recorded at cost less impairment, plus or minus any changes in observable price from orderly transactions of the same or similar security of the same issuer. These inputs related to changes in observable price are considered Level 2 under the fair value measurements and disclosure guidance and may not be representative of actual values that could have been realized or that will be realized in the future. Inputs related to impairments of investments are generally considered Level 3 fair value measurements due to their inherently unobservable nature based on significant assumptions by management and use of company-specific information.
There were no other material assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2025 and March 31, 2025.
Other Fair Value Disclosures
At June 30, 2025 and March 31, 2025, the carrying amounts of cash, certain cash equivalents, restricted cash, receivables, drafts and accounts payable, and other current assets and liabilities approximated their estimated fair values because of the short-term maturity of these financial instruments.
The Company determines the fair value of commercial paper using quoted prices in active markets for identical instruments, which are considered Level 1 inputs under the fair value measurements and disclosure guidance.
The Company’s long-term debt is recorded at amortized cost. The carrying value and fair value of the Company’s long-term debt was as follows:
June 30, 2025March 31, 2025
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, including current maturities$7,777 $7,798 $5,654 $5,598 
The estimated fair value of the Company’s long-term debt was determined using quoted market prices in a less active market and other observable inputs from available market information, which are considered to be Level 2 inputs, and may not be representative of actual values that could have been realized or that will be realized in the future.
Goodwill
Fair value assessments of the reporting unit and the reporting unit's net assets, which are performed for goodwill impairment tests, are considered a Level 3 measurement due to the significance of unobservable inputs developed using company-specific information. The Company considered a market approach as well as an income approach using a discounted cash flow (“DCF”) model to determine the fair value of each reporting unit.
Long-lived Assets
The Company utilizes multiple approaches, including the DCF model and market approaches, for estimating the fair value of intangible assets. The future cash flows used in the analysis are based on internal cash flow projections from its long-range plans and include significant assumptions by management. Accordingly, the fair value assessment of long-lived assets is considered a Level 3 fair value measurement.
The Company measures certain long-lived and intangible assets at fair value on a nonrecurring basis when events occur that indicate an asset group may not be recoverable. If the carrying amount of an asset group is not recoverable, an impairment charge is recorded to reduce the carrying amount by the excess over its fair value.
v3.25.2
Commitments and Contingent Liabilities
 3 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
In addition to commitments and obligations incurred in the ordinary course of business, the Company is subject to a variety of claims and legal proceedings, including claims from customers and vendors, pending and potential legal actions for damages, governmental investigations, and other matters. The Company and its affiliates are parties to the legal claims and proceedings described below and in Financial Note 17 to the Company’s 2025, Annual Report, which disclosure is incorporated in this footnote by this reference. The Company is vigorously defending itself against those claims and in those proceedings. Significant developments in those matters are described below. If the Company is unsuccessful in defending, or if it determines to settle, any of these matters, it may be required to pay substantial sums, be subject to injunction and/or be forced to change how it operates its business, which could have a material adverse impact on its financial position or results of operations.
Unless otherwise stated, the Company is unable to reasonably estimate the loss or a range of possible loss for the matters described below. Often, the Company is unable to determine that a loss is probable, or to reasonably estimate the amount of loss or a range of loss, for a claim because of the limited information available and the potential effects of future events and decisions by third parties, such as courts and regulators, that will determine the ultimate resolution of the claim. Many of the matters described are at preliminary stages, raise novel theories of liability, or seek an indeterminate amount of damages. It is not uncommon for claims to remain unresolved over many years. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and whether it can make a reasonable estimate of the loss or range of loss. When the Company determines that a loss from a claim is probable and reasonably estimable, it records a liability for an estimated amount. The Company also provides disclosure when it is reasonably possible that a loss may be incurred or when it is reasonably possible that the amount of a loss will exceed its recorded liability. Amounts included within “Claims and litigation charges, net” in the Condensed Consolidated Statements of Operations consist of estimated loss contingencies related to opioid-related litigation matters, as well as any applicable income items or credit adjustments due to subsequent changes in estimates.
Litigation and Claims Involving Distribution of Controlled Substances
The Company and its affiliates have been sued as defendants in many cases asserting claims related to distribution of controlled substances, such as opioids. They have been named as defendants along with other pharmaceutical wholesale distributors, pharmaceutical manufacturers, and retail pharmacies. The plaintiffs in these actions have included state attorneys general, county and municipal governments, school districts, tribal nations, hospitals, health and welfare funds, third-party payors, and individuals. These actions have been filed in state and federal courts throughout the U.S., and in Puerto Rico and Canada. These plaintiffs have sought monetary damages and other forms of relief based on a variety of causes of action, including negligence, public nuisance, unjust enrichment, and civil conspiracy, as well as alleging violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), state and federal controlled substances laws, and other statutes. Because of the many uncertainties associated with opioid-related litigation matters, the Company is not able to conclude that a liability is probable or provide a reasonable estimate for the range of ultimate possible loss for opioid-related litigation matters other than those for which an accrual is described below.
State and Local Government Claims
The Company and two other national pharmaceutical distributors (collectively “Distributors”) entered into a settlement agreement (the “Settlement”) and consent judgment with 48 states and their participating subdivisions, as well as the District of Columbia and all eligible territories (the “Settling Governmental Entities”). Approximately 2,300 cases have been dismissed. The Distributors did not admit liability or wrongdoing and do not waive any defenses pursuant to the Settlement. Under the Settlement, the Company has paid the Settling Governmental Entities approximately $2.0 billion as of June 30, 2025, and additionally will pay the Settling Governmental Entities up to approximately $5.9 billion through 2038. A minimum of 85% of the Settlement payments must be used by state and local governmental entities to remediate the opioid epidemic, while the remainder relates to plaintiffs’ attorneys’ fees and costs and will be paid out through 2030. Pursuant to the Settlement, the Distributors are in the process of establishing a clearinghouse to consolidate their controlled-substance distribution data, which will be available to the settling U.S. states to use as part of their anti-diversion efforts.
Alabama and West Virginia did not participate in the Settlement. Under a separate settlement agreement with Alabama and its subdivisions, the Company has paid approximately $75 million as of June 30, 2025, and additionally will pay approximately $99 million through 2031. The Company previously settled with the state of West Virginia in 2018, so West Virginia and its subdivisions were not eligible to participate in the Settlement. Under a separate settlement agreement, the Company has paid certain West Virginia subdivisions approximately $68 million as of June 30, 2025, and additionally will pay approximately $84 million through 2033. That agreement does not include school districts or the claims of Cabell County and the City of Huntington. After a trial, the claims of Cabell County and the City of Huntington, were decided in the Company’s favor on July 4, 2022. Those subdivisions appealed that decision.
Some other state and local governmental subdivisions did not participate in the Settlement, including certain municipal governments, government hospitals, school districts, and government-affiliated third-party payors. The Company contends that those subdivisions’ claims are foreclosed by the Settlement or other dispositive defenses, but the subdivisions contend that their claims are not foreclosed.
The City of Baltimore, Maryland, is one such subdivision. A trial of its claims against the Company and another national pharmaceutical distributor began on September 16, 2024 in the Circuit Court of Maryland for Baltimore City, Mayor and City Council of Baltimore v. Purdue Pharma LP, No. 24-C-18-000515. Baltimore claims that the defendants’ distribution of controlled substances to certain pharmacies in the City of Baltimore and Baltimore County caused a public nuisance. On November 12, 2024, the jury returned a verdict finding the Company liable and assessing approximately $192 million in compensatory damages. On June 12, 2025, the court granted remittitur of the verdict, reducing compensatory damages against the Company to $37 million. Plaintiff must decide whether to accept the reduced damages or seek a new trial on the amount of damages. The court is also considering Plaintiff’s request for additional “abatement” relief and it has indicated that it will issue a decision before the Plaintiff must decide whether to seek a new trial. If the Plaintiff chooses a new trial, then the court may revisit the proper amount of abatement relief. The Company believes it has valid bases to challenge the verdict and any abatement award, and is prepared to appeal. Because of the many bases to challenge the verdict on appeal, the Company has not adjusted its litigation reserve as a result of the court’s entry of judgment.
The district attorneys of the City of Philadelphia, Pennsylvania, and Allegheny County, Pennsylvania did not participate in the Settlement and sought to bring separate claims against the Company, notwithstanding the settlement with the state of Pennsylvania and its attorney general. On January 26, 2024, the Commonwealth Court of Pennsylvania ruled that the Pennsylvania attorney general had settled and fully released the claims brought by those district attorneys under Pennsylvania’s Unfair Trade Practices and Consumer Protection Law. The district attorneys have appealed that decision to the Supreme Court of Pennsylvania. An accrual for the remaining governmental subdivision claims is reflected in the total estimated liability for opioid-related claims in a manner consistent with how Settlement amounts were allocated to Settling Governmental Entities.
Native American Tribe Claims
The Company also entered into settlement agreements for opioid-related claims of federally recognized Native American tribes. Under those agreements, the Company has paid the settling Native American tribes approximately $112 million as of June 30, 2025, and additionally will pay approximately $84 million through 2027. A minimum of 85% of the total settlement payments must be used by the settling Native American tribes to remediate the opioid epidemic.
Non-Governmental Plaintiff Claims
The Company has also been a defendant in hundreds of opioid-related cases brought in the U.S. by private plaintiffs, such as hospitals, health and welfare funds, third-party payors, and individuals. These claims, and those of private entities generally, are not included in the settlement agreements described above. The Company and two other national distributors have reached class-action settlements with representatives of nationwide groups of acute care hospitals and certain third-party payors. The claims of remaining U.S. non-governmental plaintiffs are not included in the charges recorded by the Company (described below).
With respect to the acute care hospitals, for the year ended March 31, 2024, the Company recorded a charge of $149 million within “Claims and litigation charges, net” in the Consolidated Statement of Operations to reflect its portion of a settlement with a nationwide class of acute care hospitals. The corresponding liability was included within “Other accrued liabilities” in the Consolidated Balance Sheet. On October 30, 2024, the U.S. District Court for the District of New Mexico granted preliminary approval to the proposed settlement, pursuant to which the Company placed approximately $149 million into escrow on November 27, 2024. On March 4, 2025, the Court granted final approval to the settlement, which became effective on April 4, 2025. The escrow payment was presented as restricted cash within “Prepaid expenses and other” in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2025.
With respect to the third-party payors, for the year ended March 31, 2025, the Company recorded a charge of $114 million within “Claims and litigation charges, net” in the Consolidated Statement of Operations to reflect the Company’s portion of the settlement with representatives of a nationwide group of certain third-party payors, of which $57 million was recorded within Corporate expenses, net and U.S. Pharmaceutical, respectively. The corresponding liability was included within “Other accrued liabilities” in the Consolidated Balance Sheet. On January 15, 2025, the U.S. District Court for the Northern District of Ohio overruled objections and approved the settlement, pursuant to which the Company placed approximately $114 million into escrow on February 12, 2025. Objections to the settlement have been resolved, and the settlement is currently pending final approval by the district court. The escrow payment was presented as restricted cash within “Prepaid expenses and other” in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2025.
The Company’s estimated accrued liability for the above-described opioid-related claims of U.S. governmental entities, including Native American tribes, and certain non-governmental plaintiffs, including a settlement with certain third-party payors and a nationwide class of acute care hospitals, was as follows:
(In millions)June 30, 2025March 31, 2025
Current litigation liabilities (1)
$776 $776 
Long-term litigation liabilities5,601 5,601 
Total litigation liabilities$6,377 $6,377 
(1)These amounts, recorded within “Other accrued liabilities” in the Condensed Consolidated Balance Sheets, are the amounts estimated to be paid within the next twelve months following each respective period end date.
During the three months ended June 30, 2025, the Company made no payments associated with the Settlement and the separate settlement agreements for opioid-related claims of participating states, subdivisions, and Native American tribes discussed above.
In July 2025, the Company made payments totaling $497 million associated with the Settlement and the separate settlement agreements for opioid-related claims of participating states, subdivisions, and Native American tribes.
Canadian Plaintiff Claims
The Company and its Canadian affiliate are also defendants in four opioid-related cases pending in Canada. These cases involve the claims of the provincial governments, municipal governments, a group representing indigenous people, as well as
one case brought by an individual. The claims of a class of provincial governments are pending in the Supreme Court of British Columbia, Docket No. S-189395, and a common-issues trial is scheduled to begin Feb. 22, 2028.
Defense of Opioids Claims
The Company believes it has valid legal defenses in all opioid-related matters, including claims not covered by settlement agreements, and it intends to mount a vigorous defense in such matters. Other than the accruals described above, the Company has not concluded a loss is probable in any of the matters; nor is any possible loss or range of loss reasonably estimable. An adverse judgment or negotiated resolution in any of these matters could have a material adverse impact on the Company’s financial position, cash flows or liquidity, or results of operations.
Other Litigation and Claims
On or about April 25, 2018, a second amended qui tam complaint filed in the U.S. District Court for the Eastern District of New York was served on McKesson Corporation, McKesson Specialty Care Distribution Corporation, McKesson Specialty Distribution LLC, McKesson Specialty Care Distribution Joint Venture, L.P., Oncology Therapeutics Network Corporation, Oncology Therapeutics Network Joint Venture, L.P., US Oncology, Inc., and US Oncology Specialty, L.P. by Omni Healthcare, Inc. as relator, purportedly on behalf of the United States and 33 cities and states alleging that from 2001 through 2010 the defendants repackaged and sold single-dose syringes of oncology medications in a manner that violated the federal False Claims Act and various state and local false claims statutes, and seeking damages, treble damages, civil penalties, attorneys’ fees and costs of suit, all in unspecified amounts. United States of America ex rel. Omni Healthcare, Inc. v. McKesson Corp., et al., 1:12-cv-06440 (E.D.N.Y.). The United States and the other governmental plaintiffs declined to intervene in the suit. In February 2019, the court dismissed all of the defendants except McKesson Corporation and Oncology Therapeutics Network Corp. On or about March 2, 2020, another qui tam complaint filed in the U.S. District Court for the Eastern District of New York was served on US Oncology, Inc. by the same relator purportedly on behalf of the United States and 33 cities and states alleging the same misconduct and seeking the same relief. United States ex rel. Omni Healthcare, Inc. v. US Oncology, Inc., 1:19-cv-05125. The United States and the named states declined to intervene in the case. Relator filed an amended complaint on August 19, 2022. On September 8, 2023, US Oncology, Inc.’s motion to dismiss the amended complaint was granted. The dismissal was affirmed by the Court of Appeals for the Second Circuit on November 12, 2024. On March 27, 2025, the relator filed a petition seeking review by the U.S. Supreme Court, which was denied.
On May 17, 2013, the Company was served with a complaint filed in the United States District Court for the Northern District of California, captioned True Health Chiropractic Inc., et al. v. McKesson Corporation, et al., No. CV-13-02219 (HG), later amended to include McLaughlin Chiropractic Associates, Inc. as a named plaintiff. The plaintiffs alleged that McKesson and a subsidiary sent unsolicited marketing faxes in violation of the Telephone Consumer Protection Act of 1991, as amended by the Junk Fax Protection Act of 2005. The district court initially certified a class, but later de-certified it, leaving only the two named plaintiffs. The court awarded $6,500 in statutory damages and denied treble damages. The Ninth Circuit affirmed. On June 20, 2025, the U.S. Supreme Court reversed the Ninth Circuit’s decision and remanded the case for reconsideration of class certification, but did not disturb the ruling denying treble damages, which is now final. The Company believes that any remaining potential liability is not material.
Government Subpoenas and Investigations
From time to time, the Company receives subpoenas or requests for information from various government agencies. The Company generally responds to such subpoenas and requests in a cooperative, thorough, and timely manner. These responses sometimes require time and effort and can result in considerable costs being incurred by the Company. Such subpoenas and requests can lead to the assertion of claims or the commencement of civil or criminal legal proceedings against the Company and other members of the healthcare industry, as well as to settlements of claims against the Company. The Company responds to these requests in the ordinary course of business.
State Opioid Statutes
In April 2018, the State of New York Opioid Stewardship Act (“OSA”) imposed an aggregate $100 million annual surcharge for 2017 and 2018 on all manufacturers and distributors licensed to sell or distribute opioids in New York. In December 2021, the Company paid $26 million for the 2017 OSA surcharge assessment. On May 18, 2022, the Company filed a lawsuit in New York state trial court challenging the constitutionality of the OSA. In November 2022, the Company received a 2018 OSA surcharge assessment of approximately $42 million. On December 14, 2022, the state court ruled that the OSA is constitutional. The Appellate Division subsequently ruled that the 2017 assessment was unconstitutional, but that the 2018
assessment was proper. The Company has paid $42 million for the 2018 OSA surcharge assessment. On March 31, 2025, the State of New York agreed to pay the Company $28 million to settle the matter. On May 9, 2025, the State of New York’s Fiscal Year 2026 budget was signed into law, which included appropriations for the payment. The recovery was recorded within “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and the corresponding receivable was included within “Receivables, net” in the Company’s Condensed Consolidated Balance Sheet.
Antitrust Settlements
During the first fiscal quarter of 2026, the Company received proceeds of $8 million related to its share of antitrust settlements. The lawsuits were filed against a brand manufacturer alleging that the manufacturer, by itself or in concert with others, took improper actions to delay or prevent generic drugs from entering the market. The Company was not a named party to either litigation but was a member of the representative classes of those who purchased directly from the pharmaceutical manufacturer. The Company recognized a gain in that amount within "Cost of sales" in the Condensed Consolidated Statement of Operations in the first quarter of fiscal 2026 related to the settlements.
v3.25.2
Stockholders' Deficit
 3 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Deficit Stockholders' Deficit
Each share of the Company’s outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to participate equally in any dividends declared by the Company’s Board of Directors (the “Board”).
On July 29, 2025, the Company raised its quarterly dividend from $0.71 to $0.82 per share of common stock. The Company anticipates that it will continue to pay quarterly cash dividends in the future. However, the payment and amount of future dividends remain within the discretion of the Board and will depend upon the Company's future earnings, financial condition, capital requirements, legal requirements, and other factors.
Share Repurchase Plans
The Board has authorized the repurchase of common stock. The Company may repurchase common stock from time-to-time through open market transactions, privately negotiated transactions, accelerated share repurchase programs, or by combinations of such methods, any of which may use pre-arranged trading plans that are designed to meet the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, corporate and regulatory requirements, tax implications, restrictions under the Company’s debt obligations, other uses for capital, impacts on the value of remaining shares, cash generated from operations, and market and economic conditions.
Excise taxes of $2 million and $1 million were accrued for shares repurchased during the three months ended June 30, 2025 and 2024, respectively. On October 30, 2024, the company made a payment of $25 million for fiscal 2024 excise taxes previously accrued. As of June 30, 2025 and March 31, 2025, the amount accrued for excise taxes was $28 million and $26 million within “Other accrued liabilities” in the Company’s Condensed Consolidated Balance Sheets, respectively.
Information regarding share repurchase activity for the three months ended June 30, 2025 and 2024 were as follows:
Share Repurchases (1)
(In millions, except price per share)
Total
Number of
Shares
Purchased (2)
Average Price
Paid Per Share (3)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the
Programs
Balance at March 31, 2025$7,469 
Shares repurchased - Open market (4)
0.8 $709.84 (590)
Balance at June 30, 2025$6,879 
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards.
(2)The number of shares purchased reflects rounding adjustments.
(3)The average price paid per share includes $2 million of excise taxes for the three months ended June 30, 2025.
(4)Of the total dollar value, $9 million was accrued within “Other accrued liabilities” in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2025 for share repurchases that were executed in late June 2025 and settled in early July 2025.
Share Repurchases (1)
(In millions, except price per share)
Total
Number of
Shares
Purchased (2)
Average Price
Paid Per Share (3)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the
Programs
Balance at March 31, 2024$6,615 
Shares repurchased - Open market1.0$548.20 (527)
Balance at June 30, 2024$6,088 
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards.
(2)The number of shares purchased reflects rounding adjustments.
(3)The average price paid per share includes $1 million of excise taxes for the three months ended June 30, 2024.

Accumulated Other Comprehensive Loss
Information regarding changes in accumulated other comprehensive loss, including noncontrolling interests, by components for the three months ended June 30, 2025 and 2024 was as follows:
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax (2)
Unrealized Gains (Losses) on Cash Flow and Other Hedges,
Net of Tax (3)
Unrealized Losses and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2025$(989)$47 $(4)$14 $(932)
Other comprehensive income (loss)193 (172)14 (1)34 
Balance, June 30, 2025$(796)$(125)$10 $13 $(898)
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Canada and Norway into the Company’s reporting currency, U.S. dollars.
(2)Amounts recorded for the three months ended June 30, 2025 include losses of $(233) million related to net investment hedges from cross-currency swaps, which are net of income tax benefit of $61 million.
(3)Amounts recorded for the three months ended June 30, 2025 include gains of $5 million related to cash flow and other hedges from cross-currency swaps and gains of $14 million related to cash flow hedges from foreign currency forwards. These amounts are net of income tax (expense) of $(5) million.

Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Losses on Net Investment Hedges,
Net of Tax (2)
Unrealized Gains (Losses) on Cash Flow and Other Hedges,
Net of Tax		Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2024$(856)$(12)$3 $(16)$(881)
Other comprehensive income (loss)(36)5 — (1)(32)
Balance, June 30, 2024$(892)$(7)$3 $(17)$(913)
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Canada and Norway into the Company’s reporting currency, U.S. dollars.
(2)Amounts recorded for the three months ended June 30, 2024 include gains of $7 million related to net investment hedges from cross-currency swaps, which are net of income tax expense of $2 million.
v3.25.2
Segments of Business
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments of Business Segments of Business
The Company reports its financial results in four reportable segments: U.S. Pharmaceutical, RxTS, Medical-Surgical Solutions, and International. The organizational structure also includes Corporate, which consists of income and expenses associated with administrative functions and projects, and the results of certain investments. The factors for determining the reportable segments include the manner in which management evaluates the performance of the Company combined with the nature of the individual business activities. The Company evaluates the performance of its operating segments on a number of measures, including revenues and operating profit before interest expense and income taxes.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM uses operating profit before interest expense and income taxes to assess performance and allocate resources for each reportable segment during the Company’s annual long-term planning process and through quarterly operating reviews focused on each segment’s results compared to the budget and rolling forecast. The CODM is regularly provided with budgeted or forecasted expense information for the segment and also uses consolidated expense information. Assets by segment are not a measure used to assess the performance of the Company by the CODM and thus are not reported in our disclosures.
The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products in the U.S. This segment also provides practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices. In addition, the segment sells financial, operational, and clinical solutions to pharmacies (retail, hospital, alternate sites) and provides consulting, outsourcing, technological, and other services.
The RxTS segment helps solve medication access, affordability, and adherence challenges for patients by working across healthcare to connect patients, pharmacies, providers, pharmacy benefit managers, health plans, and biopharma companies. RxTS serves our biopharma and life sciences partners, delivering innovative solutions that help people get the medicine they need to live healthier lives. RxTS offers technology services, which includes electronic prior authorization, prescription price transparency, benefit insight, and dispensing support services, in addition to third-party logistics and wholesale distribution support designed to benefit stakeholders.
The Medical-Surgical Solutions segment provides medical-surgical supply distribution, logistics, and other services to healthcare providers, including physician offices, surgery centers, nursing homes, hospital reference labs, and home health care agencies. This segment offers national brand medical-surgical products as well as McKesson’s own line of high-quality products through a network of distribution centers in the U.S. During the three months ended June 30, 2025, the Company announced its intention to separate this segment into an independent company.
The International segment includes the Company’s operations in Canada and Norway, bringing together non-U.S.-based drug distribution services, specialty pharmacy, retail, and infusion care services. The Company’s Canadian operations deliver medicines, supplies, and information technology solutions throughout Canada. During fiscal 2025, the Company completed the previously announced transaction to sell the Canadian retail disposal group. Refer to Financial Note 2, “Business Acquisitions and Divestitures,” for more information. The Company’s Norwegian operations provide distribution and services to wholesale and retail customers in Norway where it owns, partners, or franchises with retail pharmacies.
Financial information relating to the Company’s reportable operating segments and reconciliations to the condensed consolidated totals was as follows:
 Three Months Ended June 30,
(In millions)20252024
Segment revenues (1)
U.S. Pharmaceutical$89,954 $71,715 
Prescription Technology Solutions1,434 1,241 
Medical-Surgical Solutions2,701 2,636 
International3,738 3,691 
Total revenues$97,827 $79,283 
Other segment expense, net (2)
U.S. Pharmaceutical (3)
$89,227 $70,934 
Prescription Technology Solutions
1,181 1,038 
Medical-Surgical Solutions
2,480 2,448 
International
3,646 3,601 
Total other segment expense, net$96,534 $78,021 
Segment operating profit
U.S. Pharmaceutical$727 $781 
Prescription Technology Solutions253 203 
Medical-Surgical Solutions221 188 
International92 90 
Subtotal1,293 1,262 
Corporate expenses, net (4)
(193)(103)
Interest expense(49)(75)
Income before income taxes$1,051 $1,084 
Segment depreciation and amortization (5)
U.S. Pharmaceutical$63 $60 
Prescription Technology Solutions21 21 
Medical-Surgical Solutions22 23 
International14 30 
Corporate37 35 
Total segment depreciation and amortization$157 $169 
Segment expenditures for long-lived assets (6)
U.S. Pharmaceutical$73 $28 
Prescription Technology Solutions1 4 
Medical-Surgical Solutions25 51 
International13 25 
Corporate77 59 
Total segment expenditures for long-lived assets$189 $167 
(1)Revenues from services on a disaggregated basis represent approximately 1% of the U.S. Pharmaceutical segment’s total revenues, approximately 38% of the RxTS segment’s total revenues, less than 1% of the Medical-Surgical Solutions segment’s total revenues, and less than 1% of the International segment’s total revenues. The International segment reflects foreign revenues. Revenues for the remaining three reportable segments are derived in the U.S.
(2)Other segment expense, net includes cost of sales, total operating expenses, as well as other income, net, for the Company’s reportable segments.
(3)The Company’s U.S. Pharmaceutical other segment expense, net includes the following:
•a provision for bad debts of $189 million for the three months ended June 30, 2025 related to the bankruptcy of the Company’s customer Rite Aid Corporation (including certain of its subsidiaries, “Rite Aid”). This charge was recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations;
•cash receipts for the Company’s share of antitrust legal settlements of $8 million and $90 million for the three months ended June 30, 2025 and 2024, respectively. These gains were recorded within “Cost of sales” in the Company’s Condensed Consolidated Statements of Operations;
•a credit of $7 million and $2 million related to the last-in, first-out method of accounting for inventories for the three months ended June 30, 2025 and 2024, respectively. These amounts were recorded within “Cost of sales” in the Company’s Condensed Consolidated Statements of Operations;
•a charge of $57 million for the three months ended June 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities,” and
•a loss of $43 million for the three months ended June 30, 2024 related to one of the Company’s equity method investments, which was recorded within “Other income, net” in the Company’s Condensed Consolidated Statement of Operations.
(4)Corporate expenses, net includes the following:
•a net gain of $110 million for the three months ended June 30, 2024 related to the Company’s investments in equity securities of certain U.S. growth stage companies in the healthcare industry, as discussed in Financial Note 10, “Fair Value Measurements;”
•a net charge of $55 million for the three months ended June 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities;” and
•restructuring charges of $29 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net.”
(5)Amounts primarily consist of amortization of acquired intangible assets purchased in connection with business acquisitions and capitalized software for internal use as well as depreciation and amortization of property, plant, and equipment, net.
(6)Long-lived assets consist of property, plant, and equipment, net and capitalized software.
Long-lived assets by geographic areas were as follows:
(In millions)June 30, 2025March 31, 2025
Long-lived assets
United States$2,952 $2,877 
Foreign330 306 
Total long-lived assets$3,282 $3,183 
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
LeAnn Smith [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 8, 2025, LeAnn Smith, our Executive Vice President and Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 2,506 shares of the Company’s common stock. The duration of the trading arrangement is until June 8, 2026, or earlier if all transactions under the trading arrangement are completed or if the trading arrangement is otherwise terminated according to its terms. The trading arrangement was entered into during an open trading window period and Ms. Smith represented to us that she intended for it to satisfy the requirements for the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The number of shares subject to the arrangement includes shares that may be withheld by the Company to satisfy income tax withholding and remittance obligations in connection with the net settlement of equity awards.
Name LeAnn Smith
Title Executive Vice President and Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 8, 2025
Expiration Date June 8, 2026
Arrangement Duration 365 days
Aggregate Available 2,506
v3.25.2
Significant Accounting Policies (Policies)
 3 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation: The condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial reporting and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and therefore do not include all information and disclosures normally included in the annual consolidated financial statements.
The condensed consolidated financial statements of McKesson include the financial statements of all majority-owned or controlled companies. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of the net income or loss allocable to the noncontrolling interests is reported as “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations. All significant intercompany balances and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees.
The Company considers itself to control an entity if it is the majority owner of or has voting control over such entity. The Company also assesses control through means other than voting rights and determines which business entity is the primary beneficiary of the variable interest entity (“VIE”). The Company consolidates VIEs when it is determined that it is the primary beneficiary of the VIE. Investments in business entities in which the Company does not have control, but instead has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method.
Fiscal Period
Fiscal Period: The Company’s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references to a particular year means the Company’s fiscal year.
Reclassifications
Reclassifications: Certain prior period amounts have been reclassified to conform to the current year presentation.
Use of Estimates
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of these financial statements and income and expenses during the reporting period. Actual amounts could differ from those estimated amounts. In the opinion of management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the results of operations, financial position, and cash flows of McKesson for the interim periods presented.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In the first quarter of fiscal 2026, the Company adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures using a prospective transition method. ASU 2023-09 improves the transparency of income tax disclosures by requiring, on an annual basis, consistent categories, and greater disaggregation of information in the rate reconciliation as well as income taxes paid disaggregated by jurisdiction. While this accounting standard will increase disclosures related to the Company’s income taxes within its Annual Report on Form 10-K for the year ended March 31, 2026, the standard did not have any impact on the Company’s Consolidated Financial Statement results.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its disclosures.
Acquisitions
For all acquisitions, we allocate the purchase price to the assets acquired, and the liabilities assumed based on their fair values as of the acquisition date. The fair values of the assets acquired and liabilities assumed are preliminary and may be subject to additional adjustments, which may be up to one year from the respective acquisition dates.
Hedging Activities
Net Investment Hedges
The Company uses cross-currency swaps to hedge portions of the Company’s net investments denominated in Canadian dollars against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. The changes in the fair value of these derivatives attributable to the changes in spot currency exchange rates and differences between spot and forward interest rates are recorded in accumulated other comprehensive loss and offset foreign currency translation gains and losses recorded on the Company’s net investments denominated in Canadian dollars. To the extent cross-currency swaps designated as hedges are ineffective, changes in carrying value attributable to the change in spot rates are recorded in earnings.
In fiscal 2025, the Company expanded the net investment hedging program by entering into new cross-currency swaps and restructuring existing cross-currency swaps. As of June 30, 2025 and March 31, 2025, the outstanding notional amount of cross-currency swaps was C$6.5 billion.
Fair Value Hedges
The Company uses cross-currency swaps to hedge the changes in the fair value of its foreign currency notes resulting from changes in benchmark interest rates and foreign currency exchange rates. The Company also uses floating interest rate swaps to hedge the changes in the fair value of its U.S. dollar notes resulting from changes in benchmark interest rates. The changes in the fair value of these derivatives and the offsetting changes in the fair value of the hedged notes are recorded in earnings. Gains and losses from the changes in the Company’s fair value hedges recorded in earnings were largely offset by the gains and losses recorded in earnings on the hedged item. For components excluded from the assessment of hedge effectiveness, the initial value of the excluded component is recognized in accumulated other comprehensive loss and then released into earnings over the life of the hedging instrument. The difference between the change in the fair value of the excluded component and the amount amortized into earnings during the period is recorded in other comprehensive loss.
Cash Flow Hedges
The Company uses cross-currency swaps to hedge intercompany loans denominated in non-functional currencies to reduce the income statement effects arising from fluctuations in foreign currency exchange rates. The Company also uses forward contracts to hedge the variability of future benchmark interest rates on any planned bond issuances and to offset the potential income statement effects from obligations denominated in non-functional currencies. The effective portion of changes in the fair value of these hedges is recorded in accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings. Changes in fair values representing hedge ineffectiveness are recognized in current earnings. There were no gains or losses reclassified from accumulated other comprehensive loss and recorded within “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024.
The Company executed a series of forward-starting interest rate swap locks designated as cash flow hedges in fiscal 2025 with a notional amount of $850 million, and in the first quarter of fiscal 2026 with a notional amount of $550 million, for a total of $1.4 billion, to hedge the cash flows associated with upcoming financing activities. During the first quarter of fiscal 2026, the Company completed a public debt offering of the Notes, at which point the interest rate swap locks were terminated, and the proceeds will be amortized to interest expense over the life of the Notes. Refer to Financial Note 8, “Debt and Financing Activities,” for additional information on the public debt offering of the Notes.
Derivatives Not Designated as Hedges
Derivative instruments not designated as hedges are marked-to-market at the end of each accounting period with the change in fair value included in earnings. Changes in the fair values for contracts not designated as hedges are recorded directly into earnings within “Selling, distribution, general, and administrative expenses” in the Condensed Consolidated Statements of Operations. The Company did not enter into or have any outstanding derivative instruments not designated as hedges during the periods presented.
Fair Value
The Company measures certain assets and liabilities at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. The fair value hierarchy consists of three levels of inputs that may be used to measure fair value as follows:
Level 1 - quoted prices in active markets for identical assets or liabilities.
Level 2 - significant other observable market-based inputs.
Level 3 - significant unobservable inputs for which little or no market data exists and requires considerable assumptions that are significant to the fair value measurement.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and cash equivalents at June 30, 2025 and March 31, 2025 included the Company’s investments in money market funds of $242 million and $1.0 billion, respectively, which are reported at fair value. The fair value of money market funds was determined using quoted prices for identical investments in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosure guidance. The carrying value of all other cash equivalents approximates their fair value due to their relatively short-term nature.
Fair values of the Company’s interest rate swaps, cross-currency swaps, and foreign currency forward contracts were determined using observable inputs from available market information, including quoted interest rates, foreign currency exchange rates, and other observable inputs from available market information. These inputs are considered Level 2 under the fair value measurements and disclosure guidance, and may not be representative of actual values that could have been realized or that will be realized in the future. Refer to Financial Note 9, “Hedging Activities,” for fair values and other information on the Company’s derivatives.
The Company holds investments in equity and debt securities of U.S. growth stage companies that address both current and emerging business challenges in the healthcare industry and which had a carrying value of $111 million and $103 million at June 30, 2025 and March 31, 2025, respectively. These investments primarily consist of equity securities without readily determinable fair values and are included within “Other non-current assets” in the Condensed Consolidated Balance Sheets. The net realized and unrealized gains and losses as well as impairment charges related to these investments were not material for the three months ended June 30, 2025 and $110 million for the three months ended June 30, 2024, all of which are included within “Other income, net” in the Condensed Consolidated Statements of Operations. The net gain recognized for the three months ended June 30, 2024 primarily related to a recapitalization event of one of the Company’s investments in equity securities which resulted in an increase to the carrying value of this investment. The Company recognized a net gain of $97 million related to this event and sold a portion of its investment for proceeds of $89 million.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company’s assets and liabilities are also subject to nonrecurring fair value measurements. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges, including long-lived assets associated with the Company’s restructuring initiatives as discussed in more detail in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” or as a result of charges to remeasure assets classified as held for sale to fair value less costs to sell.
At June 30, 2025, assets and liabilities related to the company’s acquisition of PRISM Vision and Core Ventures were measured at fair value on a nonrecurring basis. Refer to Financial Note 2, “Business Acquisitions and Divestitures.”
The aforementioned investments in equity securities of U.S. growth stage companies include the carrying value of investments without readily determinable fair values, which were determined using a measurement alternative and are recorded at cost less impairment, plus or minus any changes in observable price from orderly transactions of the same or similar security of the same issuer. These inputs related to changes in observable price are considered Level 2 under the fair value measurements and disclosure guidance and may not be representative of actual values that could have been realized or that will be realized in the future. Inputs related to impairments of investments are generally considered Level 3 fair value measurements due to their inherently unobservable nature based on significant assumptions by management and use of company-specific information.
Goodwill
Fair value assessments of the reporting unit and the reporting unit's net assets, which are performed for goodwill impairment tests, are considered a Level 3 measurement due to the significance of unobservable inputs developed using company-specific information. The Company considered a market approach as well as an income approach using a discounted cash flow (“DCF”) model to determine the fair value of each reporting unit.
Long-lived Assets
The Company utilizes multiple approaches, including the DCF model and market approaches, for estimating the fair value of intangible assets. The future cash flows used in the analysis are based on internal cash flow projections from its long-range plans and include significant assumptions by management. Accordingly, the fair value assessment of long-lived assets is considered a Level 3 fair value measurement.
The Company measures certain long-lived and intangible assets at fair value on a nonrecurring basis when events occur that indicate an asset group may not be recoverable. If the carrying amount of an asset group is not recoverable, an impairment charge is recorded to reduce the carrying amount by the excess over its fair value.
Commitments and Contingent Liabilities
In addition to commitments and obligations incurred in the ordinary course of business, the Company is subject to a variety of claims and legal proceedings, including claims from customers and vendors, pending and potential legal actions for damages, governmental investigations, and other matters. The Company and its affiliates are parties to the legal claims and proceedings described below and in Financial Note 17 to the Company’s 2025, Annual Report, which disclosure is incorporated in this footnote by this reference. The Company is vigorously defending itself against those claims and in those proceedings. Significant developments in those matters are described below. If the Company is unsuccessful in defending, or if it determines to settle, any of these matters, it may be required to pay substantial sums, be subject to injunction and/or be forced to change how it operates its business, which could have a material adverse impact on its financial position or results of operations.
Unless otherwise stated, the Company is unable to reasonably estimate the loss or a range of possible loss for the matters described below. Often, the Company is unable to determine that a loss is probable, or to reasonably estimate the amount of loss or a range of loss, for a claim because of the limited information available and the potential effects of future events and decisions by third parties, such as courts and regulators, that will determine the ultimate resolution of the claim. Many of the matters described are at preliminary stages, raise novel theories of liability, or seek an indeterminate amount of damages. It is not uncommon for claims to remain unresolved over many years. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and whether it can make a reasonable estimate of the loss or range of loss. When the Company determines that a loss from a claim is probable and reasonably estimable, it records a liability for an estimated amount. The Company also provides disclosure when it is reasonably possible that a loss may be incurred or when it is reasonably possible that the amount of a loss will exceed its recorded liability. Amounts included within “Claims and litigation charges, net” in the Condensed Consolidated Statements of Operations consist of estimated loss contingencies related to opioid-related litigation matters, as well as any applicable income items or credit adjustments due to subsequent changes in estimates.
v3.25.2
Business Acquisitions and Divestitures (Tables)
 3 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash consideration$874 
Redeemable noncontrolling interests25 
Contingent stock-based compensation liability 16 
Estimated fair value of total consideration $915 
Identifiable assets acquired and liabilities assumed:
Current assets$126 
Intangible assets510 
Other non-current assets 106 
Total assets 742 
Current liabilities172 
Non-current liabilities87 
Net identifiable assets483 
Goodwill432 
Net assets acquired$915 
The following table summarizes the preliminary purchase price allocation to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date.
(In millions)Amounts Recognized
as of Acquisition Date
Purchase consideration
Cash consideration$2,506 
Redeemable noncontrolling interests700 
Estimated fair value of total consideration$3,206 
Identifiable assets acquired and liabilities assumed:
Current assets$529 
Intangible assets2,310 
Other non-current assets357 
Total assets 3,196 
Current liabilities468 
Non-current liabilities328 
Net identifiable assets2,400 
Goodwill806 
Net assets acquired$3,206 
v3.25.2
Restructuring, Impairment, and Related Charges, Net (Tables)
 3 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Details for Charges Recorded
Restructuring, impairment, and related charges, net for the three months ended June 30, 2025 and 2024 consisted of the following:
Three Months Ended June 30, 2025
(In millions)
U.S. Pharmaceutical (1)
Prescription Technology Solutions
Medical-Surgical Solutions (2)
International
Corporate (3)
Total
Severance and employee-related costs, net $— $— $5 $— $(1)$4 
Exit and other-related costs (4)
1 — 12 — 28 41 
Asset impairments and accelerated depreciation— — — — 2 2 
Total$1 $— $17 $— $29 $47 
(1)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s U.S. Pharmaceutical segment.
(2)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s Medical-Surgical Solutions segment.
(3)Includes costs related to operational efficiencies and cost optimization efforts described above to support the Company’s Corporate segment.
(4)Exit and other-related costs consist of accruals for costs to be incurred without future economic benefits, project consulting fees, and other exit costs expensed as incurred.
Three Months Ended June 30, 2024
(In millions)U.S. PharmaceuticalPrescription Technology Solutions Medical-Surgical SolutionsInternational
Corporate
Total
Severance and employee-related costs, net $— $— $— $— $(1)$(1)
Exit and other-related costs (1)
— 3 3 — 2 8 
Asset impairments and accelerated depreciation1 1 — 1 — 3 
Total$1 $4 $3 $1 $1 $10 
(1)Exit and other-related costs consist of accruals for costs to be incurred without future economic benefits, project consulting fees, and other exit costs expensed as incurred.
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes the activity related to the liabilities associated with the Company’s restructuring initiatives for the three months ended June 30, 2025:
(In millions)U.S. PharmaceuticalPrescription Technology SolutionsMedical-Surgical SolutionsInternationalCorporateTotal
Balance, March 31, 2025 (1)
$10 $1 $90 $1 $24 $126 
Restructuring, impairment, and related charges, net1 — 17 — 29 47 
Non-cash charges— — — — (2)(2)
Cash payments(2)— (50)— (31)(83)
Balance, June 30, 2025 (2)
$9 $1 $57 $1 $20 $88 
(1)As of March 31, 2025, the total reserve balance was $126 million, of which $103 million was recorded within “Other accrued liabilities” and $23 million was recorded within “Other non-current liabilities” in the Company’s Condensed Consolidated Balance Sheet.
(2)As of June 30, 2025, the total reserve balance was $88 million, of which $68 million was recorded within “Other accrued liabilities” and $20 million was recorded within “Other non-current liabilities” in the Company’s Condensed Consolidated Balance Sheet.
v3.25.2
Income Taxes (Tables)
 3 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense
Income tax expense was as follows:
Three Months Ended June 30,
(Dollars in millions)20252024
Income tax expense$220 $124 
Reported income tax rate20.9 %11.4 %
v3.25.2
Redeemable Noncontrolling Interests and Noncontrolling Interests (Tables)
 3 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Schedule of Changes in Redeemable Noncontrolling Interests and Noncontrolling Interests
Changes in redeemable noncontrolling interests and noncontrolling interests for the three months ended June 30, 2025 and 2024, were as follows:
(In millions)Noncontrolling
Interests		Redeemable
Noncontrolling
Interests
Balance, March 31, 2025
$380 $— 
Net income attributable to noncontrolling interests47 — 
Payments to noncontrolling interests(47)— 
Acquisition of PRISM Vision — 25 
Acquisition of Core Ventures— 700 
Other(1)— 
Balance, June 30, 2025
$379 $725 
(In millions)Noncontrolling
Interests		Redeemable
Noncontrolling
Interests
Balance, March 31, 2024
$372 $— 
Net income attributable to noncontrolling interests45— 
Payments to noncontrolling interests(43)— 
Other— — 
Balance, June 30, 2024
$374 $— 
v3.25.2
Earnings Per Common Share (Tables)
 3 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share
The computations for basic and diluted earnings per common share were as follows:
Three Months Ended June 30,
(In millions, except per share amounts)20252024
Net income$831 $960 
Net income attributable to noncontrolling interests(47)(45)
Net income attributable to McKesson Corporation$784 $915 
Weighted-average common shares outstanding:
Basic124.9 129.8 
Effect of dilutive securities:
Stock options— 0.1 
Restricted stock units (1)
0.6 0.8 
Diluted125.5 130.7 
Earnings per common share attributable to McKesson Corporation: (2)
Diluted$6.25 $7.00 
Basic$6.28 $7.04 
(1)Includes dilutive effect from restricted stock units and performance-based restricted stock units.
(2)Certain computations may reflect rounding adjustments.
v3.25.2
Goodwill and Intangible Assets, Net (Tables)
 3 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
Changes in the carrying amount of goodwill were as follows:
(In millions)U.S. PharmaceuticalPrescription Technology SolutionsMedical-Surgical Solutions
International
CorporateTotal
Balance, March 31, 2025$4,132 $2,027 $2,507 $1,327 $29 $10,022 
Goodwill acquired1,238 39 — — — 1,277 
Disposals (9)— — — — (9)
Foreign currency translation adjustments, net— — — 75 — 75 
Other adjustments29 — — — (29)— 
Balance, June 30, 2025$5,390 $2,066 $2,507 $1,402 $— $11,365 
Schedule of Information Regarding Intangible Assets
Information regarding intangible assets was as follows:
 June 30, 2025March 31, 2025
(Dollars in millions)Weighted-
Average
Remaining
Amortization
Period
(Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships10$1,487 $(675)$812 $1,475 $(650)$825 
Service agreements233,298 (752)2,546 1,116 (728)388 
Trademarks and trade names20575 (282)293 378 (278)100 
Technology9312 (146)166 288 (141)147 
Other22487 (32)455 31 (27)4 
Total  $6,159 $(1,887)$4,272 $3,288 $(1,824)$1,464 
Schedule of Estimated Amortization Expense of Assets
(In millions)Estimated Amortization Expense
Fiscal 2026 (from July 1, 2025 to March 31, 2026)$214 
Fiscal 2027284 
Fiscal 2028279 
Fiscal 2029278 
Fiscal 2030273 
Thereafter2,944 
v3.25.2
Debt and Financing Activities (Tables)
 3 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consisted of the following:
(In millions)June 30, 2025March 31, 2025
U.S. Dollar notes (1) (2)
0.90% Notes due December 3, 2025
$500 $500 
1.30% Notes due August 15, 2026
499 499 
7.65% Debentures due March 1, 2027
150 150 
3.95% Notes due February 16, 2028
343 343 
4.90% Notes due July 15, 2028
400 399 
4.75% Notes due May 30, 2029
196 196 
4.25% Notes due September 15, 2029
500 500 
4.65% Notes due May 30, 2030
650 — 
4.95% Notes due May 30, 2032
650 — 
5.10% Notes due July 15, 2033
597 597 
5.25% Notes due May 30, 2035
698 — 
6.00% Notes due March 1, 2041
217 217 
4.88% Notes due March 15, 2044
255 255 
Foreign currency notes (1) (3)
1.50% Euro Notes due November 17, 2025
707 649 
1.63% Euro Notes due October 30, 2026
589 541 
3.13% Sterling Notes due February 17, 2029
618 581 
Lease and other obligations208 227 
Total debt7,777 5,654 
Less: Current portion1,249 1,191 
Total long-term debt$6,528 $4,463 
(1)These notes are unsecured and unsubordinated obligations of the Company.
(2)Interest on these U.S. dollar notes is payable semi-annually.
(3)Interest on these foreign currency notes is payable annually.
v3.25.2
Hedging Activities (Tables)
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivatives
At June 30, 2025 and March 31, 2025, the notional amounts of the Company’s outstanding derivatives were as follows:
June 30, 2025March 31, 2025
(In millions)Currency
Maturity Date (1)
Notional
Derivatives designated as net investment hedges: (2)
Cross-currency swaps (3)
CADDec-26 to Mar-27C$6,500 C$6,500 
Derivatives designated as fair value hedges: (2)
Cross-currency swaps (3)
GBPNov-28£450 £450 
Cross-currency swaps (3)
EURAug-25 to Jul-26€1,100 €1,100 
Floating interest rate swaps (4)
USDAug-27 to Sep-29$750 $750 
Derivatives designated as cash flow hedges: (2)
Foreign currency forwards (5)
GBPJul-25£2 £11 
Interest rate swap locks (6)
USD$— $850 
(1)The maturity date reflected is for outstanding derivatives as of June 30, 2025.
(2)There was no ineffectiveness in these hedges for the three months ended June 30, 2025 and 2024.
(3)Represents cross-currency fixed-to-fixed interest rate swaps to mitigate the foreign currency exchange fluctuations on its foreign currency-denominated notes.
(4)Represents fixed-to-floating interest rate swaps to hedge the changes in fair value caused by fluctuations in the benchmark interest rates.
(5)The Company entered into agreements with financial institutions to hedge the variability of foreign currency exchange fluctuations in future cash payments due to a third party in the United Kingdom for capital expenditures.
(6)The Company entered into additional agreements with financial institutions to hedge cash flows associated with interest payments on upcoming financing activities.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended June 30,
(In millions)20252024
Derivatives designated as net investment hedges:
Cross-currency swaps$(233)$7 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$5 $— 
Interest rate swap locks, Foreign currency forwards and Other14 — 
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains (losses) from derivatives included in other comprehensive income (loss) in the Condensed Consolidated Statements of Comprehensive Income were as follows:
Three Months Ended June 30,
(In millions)20252024
Derivatives designated as net investment hedges:
Cross-currency swaps$(233)$7 
Derivatives designated as cash flow and other hedges:
Cross-currency swaps (1)
$5 $— 
Interest rate swap locks, Foreign currency forwards and Other14 — 
(1)Includes other comprehensive income (loss) related to the excluded component of certain fair value hedges.
Schedule of Fair Value of Derivatives
Information regarding the fair value of derivatives on a gross basis were as follows:
Balance Sheet
Caption		June 30, 2025March 31, 2025
Fair Value of
Derivative		U.S. Dollar NotionalFair Value of
Derivative		U.S. Dollar Notional
(In millions)AssetLiabilityAssetLiability
Derivatives designated for hedge accounting:
Cross-currency swaps (current)Prepaid expenses and other$113 $— $595 $54 $— $595 
Cross-currency swaps (non-current)Other non-current assets/liabilities155 251 5,550 66 18 5,550 
Interest rate swaps (non-current)Other non-current liabilities— 12 750 — 18 750 
Interest Rate Swap LocksOther non-current liabilities— — — — 6 850 
Foreign currency forwards (current)Prepaid expenses and other— — 3 1 — 14 
Total$268 $263 $121 $42 
v3.25.2
Fair Value Measurements (Tables)
 3 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The Company’s long-term debt is recorded at amortized cost. The carrying value and fair value of the Company’s long-term debt was as follows:
June 30, 2025March 31, 2025
(In millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, including current maturities$7,777 $7,798 $5,654 $5,598 
v3.25.2
Commitments and Contingent Liabilities (Tables)
 3 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Estimated Accrual Liability
The Company’s estimated accrued liability for the above-described opioid-related claims of U.S. governmental entities, including Native American tribes, and certain non-governmental plaintiffs, including a settlement with certain third-party payors and a nationwide class of acute care hospitals, was as follows:
(In millions)June 30, 2025March 31, 2025
Current litigation liabilities (1)
$776 $776 
Long-term litigation liabilities5,601 5,601 
Total litigation liabilities$6,377 $6,377 
(1)These amounts, recorded within “Other accrued liabilities” in the Condensed Consolidated Balance Sheets, are the amounts estimated to be paid within the next twelve months following each respective period end date.
v3.25.2
Stockholders' Deficit (Tables)
 3 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Shares Repurchased Activity Information regarding share repurchase activity for the three months ended June 30, 2025 and 2024 were as follows:
Share Repurchases (1)
(In millions, except price per share)
Total
Number of
Shares
Purchased (2)
Average Price
Paid Per Share (3)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the
Programs
Balance at March 31, 2025$7,469 
Shares repurchased - Open market (4)
0.8 $709.84 (590)
Balance at June 30, 2025$6,879 
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards.
(2)The number of shares purchased reflects rounding adjustments.
(3)The average price paid per share includes $2 million of excise taxes for the three months ended June 30, 2025.
(4)Of the total dollar value, $9 million was accrued within “Other accrued liabilities” in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2025 for share repurchases that were executed in late June 2025 and settled in early July 2025.
Share Repurchases (1)
(In millions, except price per share)
Total
Number of
Shares
Purchased (2)
Average Price
Paid Per Share (3)
Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the
Programs
Balance at March 31, 2024$6,615 
Shares repurchased - Open market1.0$548.20 (527)
Balance at June 30, 2024$6,088 
(1)This table does not include the value of equity awards surrendered to satisfy tax withholding obligations or forfeitures of equity awards.
(2)The number of shares purchased reflects rounding adjustments.
(3)The average price paid per share includes $1 million of excise taxes for the three months ended June 30, 2024.
Schedule of Accumulated Other Comprehensive Income (Loss)
Information regarding changes in accumulated other comprehensive loss, including noncontrolling interests, by components for the three months ended June 30, 2025 and 2024 was as follows:
Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Gains (Losses) on Net Investment Hedges,
Net of Tax (2)
Unrealized Gains (Losses) on Cash Flow and Other Hedges,
Net of Tax (3)
Unrealized Losses and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2025$(989)$47 $(4)$14 $(932)
Other comprehensive income (loss)193 (172)14 (1)34 
Balance, June 30, 2025$(796)$(125)$10 $13 $(898)
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Canada and Norway into the Company’s reporting currency, U.S. dollars.
(2)Amounts recorded for the three months ended June 30, 2025 include losses of $(233) million related to net investment hedges from cross-currency swaps, which are net of income tax benefit of $61 million.
(3)Amounts recorded for the three months ended June 30, 2025 include gains of $5 million related to cash flow and other hedges from cross-currency swaps and gains of $14 million related to cash flow hedges from foreign currency forwards. These amounts are net of income tax (expense) of $(5) million.

Foreign Currency Translation Adjustments
(In millions)
Foreign Currency Translation Adjustments, Net of Tax (1)
Unrealized Losses on Net Investment Hedges,
Net of Tax (2)
Unrealized Gains (Losses) on Cash Flow and Other Hedges,
Net of Tax		Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of TaxTotal Accumulated Other Comprehensive Loss
Balance, March 31, 2024$(856)$(12)$3 $(16)$(881)
Other comprehensive income (loss)(36)5 — (1)(32)
Balance, June 30, 2024$(892)$(7)$3 $(17)$(913)
(1)Primarily results from the conversion of non-U.S. dollar financial statements of the Company’s operations in Canada and Norway into the Company’s reporting currency, U.S. dollars.
(2)Amounts recorded for the three months ended June 30, 2024 include gains of $7 million related to net investment hedges from cross-currency swaps, which are net of income tax expense of $2 million.
v3.25.2
Segments of Business (Tables)
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Financial information relating to the Company’s reportable operating segments and reconciliations to the condensed consolidated totals was as follows:
 Three Months Ended June 30,
(In millions)20252024
Segment revenues (1)
U.S. Pharmaceutical$89,954 $71,715 
Prescription Technology Solutions1,434 1,241 
Medical-Surgical Solutions2,701 2,636 
International3,738 3,691 
Total revenues$97,827 $79,283 
Other segment expense, net (2)
U.S. Pharmaceutical (3)
$89,227 $70,934 
Prescription Technology Solutions
1,181 1,038 
Medical-Surgical Solutions
2,480 2,448 
International
3,646 3,601 
Total other segment expense, net$96,534 $78,021 
Segment operating profit
U.S. Pharmaceutical$727 $781 
Prescription Technology Solutions253 203 
Medical-Surgical Solutions221 188 
International92 90 
Subtotal1,293 1,262 
Corporate expenses, net (4)
(193)(103)
Interest expense(49)(75)
Income before income taxes$1,051 $1,084 
Segment depreciation and amortization (5)
U.S. Pharmaceutical$63 $60 
Prescription Technology Solutions21 21 
Medical-Surgical Solutions22 23 
International14 30 
Corporate37 35 
Total segment depreciation and amortization$157 $169 
Segment expenditures for long-lived assets (6)
U.S. Pharmaceutical$73 $28 
Prescription Technology Solutions1 4 
Medical-Surgical Solutions25 51 
International13 25 
Corporate77 59 
Total segment expenditures for long-lived assets$189 $167 
(1)Revenues from services on a disaggregated basis represent approximately 1% of the U.S. Pharmaceutical segment’s total revenues, approximately 38% of the RxTS segment’s total revenues, less than 1% of the Medical-Surgical Solutions segment’s total revenues, and less than 1% of the International segment’s total revenues. The International segment reflects foreign revenues. Revenues for the remaining three reportable segments are derived in the U.S.
(2)Other segment expense, net includes cost of sales, total operating expenses, as well as other income, net, for the Company’s reportable segments.
(3)The Company’s U.S. Pharmaceutical other segment expense, net includes the following:
•a provision for bad debts of $189 million for the three months ended June 30, 2025 related to the bankruptcy of the Company’s customer Rite Aid Corporation (including certain of its subsidiaries, “Rite Aid”). This charge was recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations;
•cash receipts for the Company’s share of antitrust legal settlements of $8 million and $90 million for the three months ended June 30, 2025 and 2024, respectively. These gains were recorded within “Cost of sales” in the Company’s Condensed Consolidated Statements of Operations;
•a credit of $7 million and $2 million related to the last-in, first-out method of accounting for inventories for the three months ended June 30, 2025 and 2024, respectively. These amounts were recorded within “Cost of sales” in the Company’s Condensed Consolidated Statements of Operations;
•a charge of $57 million for the three months ended June 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities,” and
•a loss of $43 million for the three months ended June 30, 2024 related to one of the Company’s equity method investments, which was recorded within “Other income, net” in the Company’s Condensed Consolidated Statement of Operations.
(4)Corporate expenses, net includes the following:
•a net gain of $110 million for the three months ended June 30, 2024 related to the Company’s investments in equity securities of certain U.S. growth stage companies in the healthcare industry, as discussed in Financial Note 10, “Fair Value Measurements;”
•a net charge of $55 million for the three months ended June 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities;” and
•restructuring charges of $29 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net.”
(5)Amounts primarily consist of amortization of acquired intangible assets purchased in connection with business acquisitions and capitalized software for internal use as well as depreciation and amortization of property, plant, and equipment, net.
(6)Long-lived assets consist of property, plant, and equipment, net and capitalized software.
Schedule of Long-lived Assets By Geographic Areas
Long-lived assets by geographic areas were as follows:
(In millions)June 30, 2025March 31, 2025
Long-lived assets
United States$2,952 $2,877 
Foreign330 306 
Total long-lived assets$3,282 $3,183 
v3.25.2
Significant Accounting Policies (Details)
 3 Months Ended
Jun. 30, 2025
segment
Accounting Policies [Abstract]  
Number of reportable segments 4
v3.25.2
Business Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 02, 2025
Apr. 01, 2025
Dec. 30, 2024
Mar. 31, 2025
Jun. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Goodwill       $ 10,022 $ 11,365
Disposed of by sale | Canadian retail disposal group          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Cash proceeds from divestiture     $ 9    
Noncash divestiture, amount of consideration received     $ 120    
Noncash divestiture payable period (in years)     6 years    
Divested net assets     $ 741    
Trade accounts payable     $ 125    
Canadian businesses held for sale       667  
Accumulated other comprehensive loss in charge for remeasurement to fair value       $ 48  
PRISM Vision LLC          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Business acquisition, percentage of controlling interest acquired   80.00%      
Cash payments to acquire business   $ 874      
Intangible assets   510      
Goodwill   $ 432      
PRISM Vision LLC | PRISM Vision Physicians          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Ownership percentage retained   20.00%      
Core Ventures          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Business acquisition, percentage of controlling interest acquired 70.00%        
Cash payments to acquire business $ 2,506        
Intangible assets 2,310        
Goodwill $ 806        
Core Ventures | FCS Physicians          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Ownership percentage retained 30.00%        
Exercisable term 5 years        
Initial fair value percentage 75.00%        
v3.25.2
Business Acquisitions and Divestitures - Identified Assets Acquired and Liabilities Assumed (PRISM Vision) (Details) - USD ($)
$ in Millions
Apr. 01, 2025
Jun. 30, 2025
Mar. 31, 2025
Identifiable assets acquired and liabilities assumed:      
Goodwill   $ 11,365 $ 10,022
PRISM Vision LLC      
Purchase consideration:      
Cash consideration $ 874    
Redeemable noncontrolling interests 25    
Contingent stock-based compensation liability 16    
Estimated fair value of total consideration 915    
Identifiable assets acquired and liabilities assumed:      
Current assets 126    
Intangible assets 510    
Other non-current assets 106    
Total assets 742    
Current liabilities 172    
Non-current liabilities 87    
Net identifiable assets 483    
Goodwill 432    
Net assets acquired $ 915    
v3.25.2
Business Acquisitions and Divestitures - Identified Assets Acquired and Liabilities Assumed (Core Ventures) (Details) - USD ($)
$ in Millions
Jun. 02, 2025
Jun. 30, 2025
Mar. 31, 2025
Identifiable assets acquired and liabilities assumed:      
Goodwill   $ 11,365 $ 10,022
Core Ventures      
Purchase consideration:      
Cash consideration $ 2,506    
Redeemable noncontrolling interests 700    
Estimated fair value of total consideration 3,206    
Identifiable assets acquired and liabilities assumed:      
Current assets 529    
Intangible assets 2,310    
Other non-current assets 357    
Total assets 3,196    
Current liabilities 468    
Non-current liabilities 328    
Net identifiable assets 2,400    
Goodwill 806    
Net assets acquired $ 3,206    
v3.25.2
Restructuring, Impairment, and Related Charges, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 47 $ 10
Strategic Growth Initiative Plan - Operational Efficiencies and Cost Optimization    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 38  
Strategic Growth Initiative Plan - Operational Efficiencies and Cost Optimization | Minimum    
Restructuring Cost and Reserve [Line Items]    
Restructuring, anticipated total charges 650  
Strategic Growth Initiative Plan - Operational Efficiencies and Cost Optimization | Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring, anticipated total charges $ 700  
v3.25.2
Restructuring, Impairment, and Related Charges, Net - Schedule of Details for Charges Recorded (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net $ 4 $ (1)
Exit and other-related costs 41 8
Asset impairments and accelerated depreciation 2 3
Total 47 10
Operating Segments | U.S. Pharmaceutical    
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net 0 0
Exit and other-related costs 1 0
Asset impairments and accelerated depreciation 0 1
Total 1 1
Operating Segments | Prescription Technology Solutions    
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net 0 0
Exit and other-related costs 0 3
Asset impairments and accelerated depreciation 0 1
Total 0 4
Operating Segments | Medical-Surgical Solutions    
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net 5 0
Exit and other-related costs 12 3
Asset impairments and accelerated depreciation 0 0
Total 17 3
Operating Segments | International    
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net 0 0
Exit and other-related costs 0 0
Asset impairments and accelerated depreciation 0 1
Total 0 1
Corporate    
Restructuring Cost and Reserve [Line Items]    
Severance and employee-related costs, net (1) (1)
Exit and other-related costs 28 2
Asset impairments and accelerated depreciation 2 0
Total $ 29 $ 1
v3.25.2
Restructuring, Impairment, and Related Charges, Net - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]    
Beginning balance $ 126  
Restructuring, impairment, and related charges, net 47 $ 10
Non-cash charges (2)  
Cash payments (83)  
Ending balance 88  
Restructuring liabilities 88  
Operating Segments | U.S. Pharmaceutical    
Restructuring Reserve [Roll Forward]    
Beginning balance 10  
Restructuring, impairment, and related charges, net 1 1
Non-cash charges 0  
Cash payments (2)  
Ending balance 9  
Restructuring liabilities 9  
Operating Segments | Prescription Technology Solutions    
Restructuring Reserve [Roll Forward]    
Beginning balance 1  
Restructuring, impairment, and related charges, net 0 4
Non-cash charges 0  
Cash payments 0  
Ending balance 1  
Restructuring liabilities 1  
Operating Segments | Medical-Surgical Solutions    
Restructuring Reserve [Roll Forward]    
Beginning balance 90  
Restructuring, impairment, and related charges, net 17 3
Non-cash charges 0  
Cash payments (50)  
Ending balance 57  
Restructuring liabilities 57  
Operating Segments | International    
Restructuring Reserve [Roll Forward]    
Beginning balance 1  
Restructuring, impairment, and related charges, net 0 1
Non-cash charges 0  
Cash payments 0  
Ending balance 1  
Restructuring liabilities 1  
Corporate    
Restructuring Reserve [Roll Forward]    
Beginning balance 24  
Restructuring, impairment, and related charges, net 29 $ 1
Non-cash charges (2)  
Cash payments (31)  
Ending balance 20  
Restructuring liabilities 20  
Accrued Liabilities    
Restructuring Reserve [Roll Forward]    
Beginning balance 103  
Ending balance 68  
Restructuring liabilities 68  
Other Non-Current Liabilities    
Restructuring Reserve [Roll Forward]    
Beginning balance 23  
Ending balance 20  
Restructuring liabilities $ 20  
v3.25.2
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 220 $ 124
Reported income tax rate 20.90% 11.40%
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Tax benefit, share-based compensation $ (23) $ (37)
Effective income tax rate reconciliation, net discrete tax benefit   (125)
Effective income tax rate reconciliation, foreign income tax rate differential, tax benefit   (58)
Unrecognized tax benefits, increase (decrease)   $ (36)
Unrecognized tax benefits 1,500  
Unrecognized tax benefits that would impact effective tax rate $ 1,400  
v3.25.2
Redeemable Noncontrolling Interests and Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 02, 2025
Apr. 01, 2025
Jun. 30, 2025
Jun. 30, 2024
Noncontrolling Interest [Line Items]        
Net income attributable to noncontrolling interests     $ 47 $ 45
PRISM Vision LLC        
Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interests   $ 25    
Core Ventures        
Noncontrolling Interest [Line Items]        
Redeemable noncontrolling interests $ 700      
ClarusONE Sourcing Services, Vantage Oncology, SCRI Oncology, and Prism Vision        
Noncontrolling Interest [Line Items]        
Net income attributable to noncontrolling interests     $ 47 $ 45
v3.25.2
Redeemable Noncontrolling Interests and Noncontrolling Interests - Schedule of Changes in Redeemable Noncontrolling Interests and Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 02, 2025
Apr. 01, 2025
Jun. 30, 2025
Jun. 30, 2024
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Beginning balance   $ (1,694) $ (1,694) $ (1,599)
Beginning balance, redeemable noncontrolling interests   0 0  
Net income attributable to noncontrolling interests     47 45
Payments to noncontrolling interests     (47) (43)
Ending balance     (1,588) (1,381)
Ending balance, redeemable noncontrolling interests     725  
PRISM Vision LLC        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests   25    
Core Ventures        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests $ 700      
Noncontrolling Interests        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Beginning balance   380 380 372
Net income attributable to noncontrolling interests     47 45
Payments to noncontrolling interests     (47) (43)
Other     (1) 0
Ending balance     379 374
Noncontrolling Interests | PRISM Vision LLC        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests     0  
Noncontrolling Interests | Core Ventures        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests     0  
Redeemable Noncontrolling Interests        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Beginning balance, redeemable noncontrolling interests   $ 0 0 0
Net income attributable to redeemable noncontrolling interests     0 0
Payments to noncontrolling interests     0 0
Other     0 0
Ending balance, redeemable noncontrolling interests     725 $ 0
Redeemable Noncontrolling Interests | PRISM Vision LLC        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests     25  
Redeemable Noncontrolling Interests | Core Ventures        
Equity, Attributable to Noncontrolling Interest [Roll Forward]        
Acquisition of noncontrolling interests     $ 700  
v3.25.2
Earnings Per Common Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]    
Potentially dilutive securities excluded from diluted earnings per share (less than) (in shares) 1 1
v3.25.2
Earnings Per Common Share - Schedule of Computations for Basic and Diluted Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income $ 831 $ 960
Net income attributable to noncontrolling interests (47) (45)
Net income attributable to McKesson Corporation $ 784 $ 915
Weighted-average common shares outstanding:    
Basic (in shares) 124.9 129.8
Diluted (in shares) 125.5 130.7
Earnings per common share attributable to McKesson Corporation:    
Diluted (in dollars per share) $ 6.25 $ 7.00
Basic (in dollars per share) $ 6.28 $ 7.04
Stock options    
Weighted-average common shares outstanding:    
Effect of dilutive securities (in shares) 0.0 0.1
Restricted stock units    
Weighted-average common shares outstanding:    
Effect of dilutive securities (in shares) 0.6 0.8
v3.25.2
Goodwill and Intangible Assets, Net - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 10,022
Goodwill acquired 1,277
Disposals (9)
Foreign currency translation adjustments, net 75
Other adjustments 0
Goodwill, ending balance 11,365
U.S. Pharmaceutical  
Goodwill [Roll Forward]  
Goodwill, beginning balance 4,132
Goodwill acquired 1,238
Disposals (9)
Foreign currency translation adjustments, net 0
Other adjustments 29
Goodwill, ending balance 5,390
Prescription Technology Solutions  
Goodwill [Roll Forward]  
Goodwill, beginning balance 2,027
Goodwill acquired 39
Disposals 0
Foreign currency translation adjustments, net 0
Other adjustments 0
Goodwill, ending balance 2,066
Medical-Surgical Solutions  
Goodwill [Roll Forward]  
Goodwill, beginning balance 2,507
Goodwill acquired 0
Disposals 0
Foreign currency translation adjustments, net 0
Other adjustments 0
Goodwill, ending balance 2,507
International  
Goodwill [Roll Forward]  
Goodwill, beginning balance 1,327
Goodwill acquired 0
Disposals 0
Foreign currency translation adjustments, net 75
Other adjustments 0
Goodwill, ending balance 1,402
Corporate  
Goodwill [Roll Forward]  
Goodwill, beginning balance 29
Goodwill acquired 0
Disposals 0
Foreign currency translation adjustments, net 0
Other adjustments (29)
Goodwill, ending balance $ 0
v3.25.2
Goodwill and Intangible Assets, Net - Schedule of Information Regarding Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 6,159 $ 3,288
Accumulated Amortization (1,887) (1,824)
Net Carrying Amount $ 4,272 1,464
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Amortization Period (Years) 10 years  
Gross Carrying Amount $ 1,487 1,475
Accumulated Amortization (675) (650)
Net Carrying Amount $ 812 825
Service agreements    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Amortization Period (Years) 23 years  
Gross Carrying Amount $ 3,298 1,116
Accumulated Amortization (752) (728)
Net Carrying Amount $ 2,546 388
Trademarks and trade names    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Amortization Period (Years) 20 years  
Gross Carrying Amount $ 575 378
Accumulated Amortization (282) (278)
Net Carrying Amount $ 293 100
Technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Amortization Period (Years) 9 years  
Gross Carrying Amount $ 312 288
Accumulated Amortization (146) (141)
Net Carrying Amount $ 166 147
Other    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Amortization Period (Years) 22 years  
Gross Carrying Amount $ 487 31
Accumulated Amortization (32) (27)
Net Carrying Amount $ 455 $ 4
v3.25.2
Goodwill and Intangible Assets, Net - Intangible Assets Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense of intangible assets $ 50 $ 63
v3.25.2
Goodwill and Intangible Assets, Net - Schedule of Estimated Amortization Expense of Assets (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Fiscal 2026 (from July 1, 2025 to March 31, 2026) $ 214
Fiscal 2027 284
Fiscal 2028 279
Fiscal 2029 278
Fiscal 2030 273
Thereafter $ 2,944
v3.25.2
Debt and Financing Activities - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
May 30, 2025
Mar. 31, 2025
Sep. 10, 2024
Debt Instrument [Line Items]        
Total debt $ 7,777   $ 5,654  
Less: Current portion 1,249   1,191  
Total long-term debt $ 6,528   4,463  
Loans payable | 0.90% Notes due December 3, 2025        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 0.90%      
Total debt $ 500   500  
Loans payable | 1.30% Notes due August 15, 2026        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 1.30%      
Total debt $ 499   499  
Loans payable | 7.65% Debentures due March 1, 2027        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 7.65%      
Total debt $ 150   150  
Loans payable | 3.95% Notes due February 16, 2028        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 3.95%      
Total debt $ 343   343  
Loans payable | 4.90% Notes due July 15, 2028        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.90%      
Total debt $ 400   399  
Loans payable | 4.75% Notes due May 30, 2029        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.75%      
Total debt $ 196   196  
Loans payable | 4.25% Notes due September 15, 2029        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.25%     4.25%
Total debt $ 500   500  
Loans payable | 4.65% Notes due May 30, 2030        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.65% 4.65%    
Total debt $ 650   0  
Loans payable | 4.95% Notes due May 30, 2032        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.95% 4.95%    
Total debt $ 650   0  
Loans payable | 5.10% Notes due July 15, 2033        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 5.10%      
Total debt $ 597   597  
Loans payable | 5.25% Notes due May 30, 2035        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 5.25% 5.25%    
Total debt $ 698   0  
Loans payable | 6.00% Notes due March 1, 2041        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 6.00%      
Total debt $ 217   217  
Loans payable | 4.88% Notes due March 15, 2044        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.88%      
Total debt $ 255   255  
Loans payable | 1.50% Euro Notes due November 17, 2025        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 1.50%      
Total debt $ 707   649  
Loans payable | 1.63% Euro Notes due October 30, 2026        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 1.63%      
Total debt $ 589   541  
Loans payable | 3.13% Sterling Notes due February 17, 2029        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 3.13%      
Total debt $ 618   581  
Lease and other obligations        
Debt Instrument [Line Items]        
Total debt $ 208   $ 227  
v3.25.2
Debt and Financing Activities - Long-Term Debt (Details) - USD ($)
$ in Millions
May 30, 2025
Sep. 10, 2024
Jun. 30, 2025
Mar. 31, 2025
Debt Instrument [Line Items]        
Long-term debt     $ 7,800 $ 5,700
Current portion of long-term debt     $ 1,249 $ 1,191
Term Loan        
Debt Instrument [Line Items]        
Redemption price percentage of principal (as a percent) 101.00% 101.00%    
Term Loan | Minimum        
Debt Instrument [Line Items]        
Debt instrument, redemption period (in days) 10 days 10 days    
Term Loan | Maximum        
Debt Instrument [Line Items]        
Debt instrument, redemption period (in days) 60 days 60 days    
Notes | Term Loan        
Debt Instrument [Line Items]        
Proceeds from debt issuance $ 2,000      
4.65% Notes due May 30, 2030 | Term Loan        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.65%   4.65%  
Debt principal amount $ 650      
4.95% Notes due May 30, 2032 | Term Loan        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 4.95%   4.95%  
Debt principal amount $ 650      
5.25% Notes due May 30, 2035 | Term Loan        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent) 5.25%   5.25%  
Debt principal amount $ 700      
4.25% Notes due September 15, 2029 | Term Loan        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent)   4.25% 4.25%  
Debt principal amount   $ 500    
Proceeds from debt issuance   $ 496    
5.25% Notes due February 15, 2026        
Debt Instrument [Line Items]        
Interest rate on debt instrument (as a percent)   5.25%    
5.25% Notes due February 15, 2026 | Term Loan        
Debt Instrument [Line Items]        
Repayments of long-term debt   $ 500    
Redemption price percentage of principal (as a percent)   100.00%    
v3.25.2
Debt and Financing Activities - Revolving Credit Facilities (Details) - Revolving Credit Facility - USD ($)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
May 08, 2025
Mar. 31, 2025
Nov. 07, 2022
Senior Unsecured Credit Facility (the 2022 Credit Facility) | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity         $ 4,000,000,000.0
Borrowings under facility $ 0 $ 0      
Amounts outstanding under facility 0     $ 0  
Senior Unsecured Credit Facility (the 2022 Credit Facility), Canadian Dollar, British Pound Sterling, and Euros Sublimit | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity         $ 3,600,000,000
Senior Unsecured Credit Facility (364 Day Credit Facility) | Unsecured Debt          
Line of Credit Facility [Line Items]          
Credit facility, maximum borrowing capacity     $ 1,000,000,000.0    
Borrowings under facility 0        
Amounts outstanding under facility $ 0        
v3.25.2
Debt and Financing Activities - Commercial Paper (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
May 07, 2025
Mar. 31, 2025
Line of Credit Facility [Line Items]        
Repayments of commercial paper $ 0 $ 1,400    
Proceeds from issuance of commercial paper 0 $ 1,400    
Debt outstanding 7,777     $ 5,654
Commercial Paper        
Line of Credit Facility [Line Items]        
Credit facility, maximum borrowing capacity 5,000   $ 4,000  
Debt outstanding $ 0     $ 0
v3.25.2
Hedging Activities - Schedule of Notional Amounts of Outstanding Derivatives (Details) - Derivatives designated for hedge accounting
€ in Millions, £ in Millions, $ in Millions, $ in Millions
Jun. 30, 2025
CAD ($)
Jun. 30, 2025
GBP (£)
Jun. 30, 2025
EUR (€)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
CAD ($)
Mar. 31, 2025
GBP (£)
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
USD ($)
Cross-currency swaps | Net Investment Hedges | CAD                
Derivatives, Fair Value [Line Items]                
Notional $ 6,500       $ 6,500      
Cross-currency swaps | Fair Value Hedges | GBP                
Derivatives, Fair Value [Line Items]                
Notional | £   £ 450       £ 450    
Cross-currency swaps | Fair Value Hedges | EUR                
Derivatives, Fair Value [Line Items]                
Notional | €     € 1,100       € 1,100  
Floating interest rate swaps | Fair Value Hedges | USD                
Derivatives, Fair Value [Line Items]                
Notional       $ 750       $ 750
Floating interest rate swaps | Cash Flow Hedges                
Derivatives, Fair Value [Line Items]                
Notional       1,400        
Floating interest rate swaps | Cash Flow Hedges | USD                
Derivatives, Fair Value [Line Items]                
Notional       $ 0       $ 850
Interest rate swap locks, Foreign currency forwards and Other | Cash Flow Hedges | GBP                
Derivatives, Fair Value [Line Items]                
Notional | £   £ 2       £ 11    
v3.25.2
Hedging Activities - Narrative (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
CAD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
CAD ($)
Derivative [Line Items]          
Other comprehensive income (loss), cash flows hedge, gain (loss) reclassification, before tax $ 0 $ 0      
Currency swap | Cash Flow Hedges | Derivatives designated for hedge accounting          
Derivative [Line Items]          
Other comprehensive income (loss), cash flows hedge, gain (loss) reclassification, before tax 5,000,000 $ 0      
Floating interest rate swaps | Cash Flow Hedges | Derivatives designated for hedge accounting          
Derivative [Line Items]          
Notional amounts of derivative       $ 1,400,000,000  
Derivative, notional amount, entered into during period $ 550,000,000        
CAD | Currency swap | Net Investment Hedging | Derivatives designated for hedge accounting          
Derivative [Line Items]          
Notional amounts of derivative     $ 6,500   $ 6,500
v3.25.2
Hedging Activities - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow and other hedges: $ 0 $ 0
Derivatives designated for hedge accounting | Cross-currency swaps | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivatives designated as net investment hedges: (233,000,000) 7,000,000
Derivatives designated for hedge accounting | Cross-currency swaps | Cash Flow Hedges    
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow and other hedges: 5,000,000 0
Derivatives designated for hedge accounting | Interest rate swap locks, Foreign currency forwards and Other | Cash Flow Hedges    
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow and other hedges: $ 14,000,000 $ 0
v3.25.2
Hedging Activities - Schedule of Fair Value of Derivatives (Details) - Derivatives designated for hedge accounting - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Derivatives, Fair Value [Line Items]    
Asset $ 268 $ 121
Liability 263 42
Cross-currency swaps | Prepaid expenses and other    
Derivatives, Fair Value [Line Items]    
Asset 113 54
Liability 0 0
U.S. Dollar notional amount, asset 595 595
Cross-currency swaps | Other non-current assets/liabilities    
Derivatives, Fair Value [Line Items]    
Asset 155 66
Liability 251 18
U.S. Dollar notional amount, asset 5,550 5,550
Interest Rate Swap | Other non-current liabilities    
Derivatives, Fair Value [Line Items]    
Asset 0 0
Liability 12 18
U.S. Dollar, notional amount, liability 750 750
Interest Rate Swap Locks | Other non-current liabilities    
Derivatives, Fair Value [Line Items]    
Asset 0 0
Liability 0 6
U.S. Dollar, notional amount, liability 0 850
Interest rate swap locks, Foreign currency forwards and Other | Prepaid expenses and other    
Derivatives, Fair Value [Line Items]    
Asset 0 1
Liability 0 0
U.S. Dollar notional amount, asset $ 3 $ 14
v3.25.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments in equity and debt securities of growth stage companies $ 111   $ 103
Gains (losses) associated with equity investments 0 $ 110  
Gain related to share price increase of equity securities   97  
Proceeds from sale of equity securities   $ 89  
Fair value, inputs, level 1 | Fair Value, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market funds at carrying value $ 242   $ 1,000
v3.25.2
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value $ 7,777 $ 5,654
Fair Value, Recurring | Fair value, inputs, level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value 7,777 5,654
Fair Value $ 7,798 $ 5,598
v3.25.2
Commitments and Contingent Liabilities - Litigation and Claims Involving Distribution of Controlled Substances (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 12, 2025
USD ($)
Nov. 12, 2024
USD ($)
Jul. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
case
distributor
jurisdiction
state
Jun. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Nov. 27, 2024
USD ($)
Loss Contingencies [Line Items]                
Claims and litigation charges       $ 0 $ (112)      
National Prescription Opioid Litigation                
Loss Contingencies [Line Items]                
Loss contingency, claims settled, number of jurisdictions not participating in settlement | jurisdiction       1        
National Prescription Opioid Litigation | Canada                
Loss Contingencies [Line Items]                
Complaints filed against the entity | case       4        
An individual | National Prescription Opioid Litigation | Canada                
Loss Contingencies [Line Items]                
Complaints filed against the entity | case       1        
National Prescription Opioid Litigation                
Loss Contingencies [Line Items]                
Number of other national distributors named in suit | distributor       2        
Number of states in which court cases are pending | state       48        
Loss contingency, number of cases dismissed | case       2,300        
Portion of settlement award to be used by state and local government for remediation (as a percent)       85.00%        
Amounts awarded to plaintiff $ 37 $ 192            
Claims and litigation charges           $ 114 $ 149  
Restricted cash in escrow           114   $ 149
National Prescription Opioid Litigation | Corporate Segment and U.S. Pharmaceutical Segment                
Loss Contingencies [Line Items]                
Claims and litigation charges           $ 57    
National Prescription Opioid Litigation | State of Alabama and Subdivisions                
Loss Contingencies [Line Items]                
Settlement payment       $ 75        
Award payable under proposed framework       $ 99        
National Prescription Opioid Litigation | Native American Tribes Other Than Cherokee Nation                
Loss Contingencies [Line Items]                
Litigation settlement, amount awarded to other party, percentage of total settlement to be used to remediate damages (as a percent)       0.85        
National Prescription Opioid Litigation | Settling Governmental Entities and Cherokee Nation | Settled Litigation | Subsequent Event                
Loss Contingencies [Line Items]                
Settlement payment     $ 497          
National Prescription Opioid Litigation | Three Largest U.S. Pharmaceutical Distributors                
Loss Contingencies [Line Items]                
Settlement payment       $ 2,000        
Award payable under proposed framework       5,900        
National Prescription Opioid Litigation | Three National Pharmaceutical Distributors | State of West Virginia and Subdivisions                
Loss Contingencies [Line Items]                
Settlement payment       68        
National Prescription Opioid Litigation | Three National Pharmaceutical Distributors | State of West Virginia and Subdivisions | Settled Litigation                
Loss Contingencies [Line Items]                
Award payable under proposed framework       84        
National Prescription Opioid Litigation | Three National Pharmaceutical Distributors | Cherokee Nation                
Loss Contingencies [Line Items]                
Settlement payment       112        
Award payable under proposed framework       $ 84        
v3.25.2
Commitments and Contingent Liabilities - Schedule of Estimated Accrual Liability (Details) - National Prescription Opioid Litigation - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Loss Contingencies [Line Items]    
Current litigation liabilities $ 776 $ 776
Long-term litigation liabilities 5,601 5,601
Total litigation liabilities $ 6,377 $ 6,377
v3.25.2
Commitments and Contingent Liabilities - Other Litigation and Claims (Narrative) (Details)
May 17, 2013
USD ($)
plaintiff
Apr. 25, 2018
city
United States ex rel. Omni Healthcare Inc. v. McKesson Corporation, et al.    
Loss Contingencies [Line Items]    
Number of cities filed on behalf of | city   33
True Health Chiropractic Inc., et al. v. McKesson Corporation, et al., No. CV-13-02219    
Loss Contingencies [Line Items]    
Number of plaintiffs | plaintiff 2  
Amounts awarded to plaintiff | $ $ 6,500  
v3.25.2
Commitments and Contingent Liabilities - State Opioid Statutes (Narrative) (Details) - USD ($)
 1 Months Ended 28 Months Ended
Mar. 31, 2025
Dec. 31, 2021
Mar. 31, 2025
Nov. 30, 2022
Mar. 31, 2018
Mar. 31, 2017
Loss Contingencies [Line Items]            
Annual surcharge       $ 42,000,000 $ 100,000,000 $ 100,000,000
Loss contingency accrual, payments $ 28,000,000          
New York Opioid Tax Surcharge            
Loss Contingencies [Line Items]            
Loss contingency accrual, payments   $ 26,000,000 $ 42,000,000      
v3.25.2
Commitments and Contingent Liabilities - Antitrust Settlement (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Segments | U.S. Pharmaceutical    
Loss Contingencies [Line Items]    
Proceeds from legal settlements $ 8 $ 90
v3.25.2
Stockholders' Deficit - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended 15 Months Ended
Oct. 30, 2024
USD ($)
Sep. 30, 2025
$ / shares
Jun. 30, 2025
USD ($)
vote
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
vote
Dividends Payable [Line Items]            
Number of votes per share of common stock permitted on proposals presented to stockholders (vote) | vote     1     1
Cash dividends declared, per common share (in dollars per share) | $ / shares     $ 0.71 $ 0.62    
Excise taxes         $ 26 $ 28
Excise tax payment $ 25          
Share Repurchase Transactions            
Dividends Payable [Line Items]            
Excise taxes     $ 2 $ 1    
Forecast            
Dividends Payable [Line Items]            
Cash dividends declared, per common share (in dollars per share) | $ / shares   $ 0.82        
v3.25.2
Stockholders' Deficit - Schedule of Shares Repurchased Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended 15 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Jun. 30, 2025
Share Repurchases, Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs [Roll Forward]        
Beginning balance $ 7,469 $ 6,615 $ 6,615 $ 6,615
Ending balance $ 6,879 $ 6,088 7,469 6,879
Excise taxes     $ 26 $ 28
Open Market Transactions        
Accelerated Share Repurchases [Line Items]        
Total Number of Shares Purchased (in shares) 0.8 1.0    
Average Price Paid Per Share (in dollars per share) $ 709.84 $ 548.20    
Share Repurchases, Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs [Roll Forward]        
Shares repurchased $ (590) $ (527)    
Open Market Transactions | Other Accrued Liabilities        
Share Repurchases, Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs [Roll Forward]        
Shares repurchased $ (9)      
v3.25.2
Stockholders' Deficit - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ (1,694,000,000) $ (1,599,000,000)
Other comprehensive income (loss) 34,000,000 (32,000,000)
Ending balance (1,588,000,000) (1,381,000,000)
Other comprehensive income (loss), cash flows hedge, gain (loss) reclassification, before tax 0 0
Derivatives designated for hedge accounting | Net Investment Hedging | Currency swap    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss), net investment hedge, gain (loss) (233,000,000) 7,000,000
Derivatives designated for hedge accounting | Cash Flow Hedges | Currency swap    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss), cash flows hedge, gain (loss) reclassification, before tax 5,000,000 0
Derivatives designated for hedge accounting | Cash Flow Hedges | Interest rate swap locks, Foreign currency forwards and Other    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss), cash flows hedge, gain (loss) reclassification, before tax 14,000,000 0
Total Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (932,000,000) (881,000,000)
Other comprehensive income (loss) 34,000,000  
Ending balance (898,000,000) (913,000,000)
Foreign Currency Translation Adjustments, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (989,000,000) (856,000,000)
Other comprehensive income (loss) 193,000,000 (36,000,000)
Ending balance (796,000,000) (892,000,000)
Unrealized Gains (Losses) on Net Investment Hedges, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 47,000,000 (12,000,000)
Other comprehensive income (loss) (172,000,000) 5,000,000
Ending balance (125,000,000) (7,000,000)
Unrealized Gains (Losses) on Net Investment Hedges, Net of Tax | Net Investment Hedging    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss) before reclassification, tax (61,000,000) 2,000,000
Unrealized Gains (Losses) on Cash Flow and Other Hedges, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (4,000,000) 3,000,000
Other comprehensive income (loss) 14,000,000 0
Ending balance 10,000,000 3,000,000
Unrealized Gains (Losses) on Cash Flow and Other Hedges, Net of Tax | Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Other comprehensive income (loss) before reclassification, tax 5,000,000  
Unrealized Gains (Losses) and Other Components of Benefit Plans, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 14,000,000 (16,000,000)
Other comprehensive income (loss) (1,000,000) (1,000,000)
Ending balance $ 13,000,000 $ (17,000,000)
v3.25.2
Segments of Business - Narrative (Details)
 3 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.2
Segments of Business - Schedule of Segment Information (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment revenues    
Total revenues $ 97,827 $ 79,283
Other segment expense, net    
Total other segment expense, net 96,534 78,021
Segment operating profit    
Total operating profit (loss) 1,293 1,262
Interest expense (49) (75)
Income before income taxes 1,051 1,084
Segment depreciation and amortization    
Total segment depreciation and amortization 157 169
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 189 167
Number of reportable segments | segment 4  
Provision for bad debts $ 196 15
Credits related to LIFO accounting (7) (2)
Gains (losses) associated with equity investments 0 110
Restructuring charges 47 10
U.S. Pharmaceutical    
Segment expenditures for long-lived assets    
Provision for bad debts 189  
Operating Segments | U.S. Pharmaceutical    
Segment revenues    
Total revenues 89,954 71,715
Other segment expense, net    
Total other segment expense, net 89,227 70,934
Segment operating profit    
Total operating profit (loss) 727 781
Segment depreciation and amortization    
Total segment depreciation and amortization 63 60
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 73 $ 28
Revenue derived from services, percentage (less than) 1.00% 1.00%
Net cash proceeds from settlements $ 8 $ 90
Credits related to LIFO accounting (7) (2)
Income (loss) from equity method investments   (43)
Restructuring charges 1 1
Operating Segments | U.S. Pharmaceutical | National Prescription Opioid Litigation    
Segment expenditures for long-lived assets    
Pre-tax expenses related to estimated litigation liability   57
Operating Segments | Prescription Technology Solutions    
Segment revenues    
Total revenues 1,434 1,241
Other segment expense, net    
Total other segment expense, net 1,181 1,038
Segment operating profit    
Total operating profit (loss) 253 203
Segment depreciation and amortization    
Total segment depreciation and amortization 21 21
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 1 $ 4
Revenue derived from services, percentage (less than) 38.00% 38.00%
Restructuring charges $ 0 $ 4
Operating Segments | Medical-Surgical Solutions    
Segment revenues    
Total revenues 2,701 2,636
Other segment expense, net    
Total other segment expense, net 2,480 2,448
Segment operating profit    
Total operating profit (loss) 221 188
Segment depreciation and amortization    
Total segment depreciation and amortization 22 23
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 25 $ 51
Revenue derived from services, percentage (less than) 1.00% 1.00%
Restructuring charges $ 17 $ 3
Operating Segments | International    
Segment revenues    
Total revenues 3,738 3,691
Other segment expense, net    
Total other segment expense, net 3,646 3,601
Segment operating profit    
Total operating profit (loss) 92 90
Segment depreciation and amortization    
Total segment depreciation and amortization 14 30
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 13 $ 25
Revenue derived from services, percentage (less than) 1.00% 1.00%
Restructuring charges $ 0 $ 1
Corporate    
Segment operating profit    
Corporate expenses, net (193) (103)
Interest expense (49) (75)
Segment depreciation and amortization    
Total segment depreciation and amortization 37 35
Segment expenditures for long-lived assets    
Total segment expenditures for long-lived assets $ 77 59
Number of reportable segments | segment 3  
Gains (losses) associated with equity investments   110
Restructuring charges $ 29 1
Corporate | National Prescription Opioid Litigation    
Segment expenditures for long-lived assets    
Pre-tax expenses related to estimated litigation liability   $ 55
v3.25.2
Segments of Business - Schedule of Long-lived Assets By Geographic Areas (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total long-lived assets $ 3,282 $ 3,183
United States    
Segment Reporting Information [Line Items]    
Total long-lived assets 2,952 2,877
Foreign    
Segment Reporting Information [Line Items]    
Total long-lived assets $ 330 $ 306