McKesson Corporation stock research
FY2026 Q4
McKesson (MCK) Gross Margin & Quarterly History
Explore McKesson Corporation (MCK) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q4
In the current quarter, revenue was lower than the prior quarter but higher than the same quarter last year, while gross profit was higher than both periods. Gross margin improved compared to both the immediately preceding quarter and the year-ago quarter.
- The improvement in gross margin was primarily associated with a decrease in cost of revenue that outpaced the decline in revenue relative to the prior quarter, and a larger increase in gross profit relative to the increase in revenue compared to the year-ago quarter.
- Compared to the prior quarter, revenue was lower and cost of revenue was lower, but gross profit was higher, resulting in an improved gross margin. Compared to the same quarter last year, revenue, gross profit, and cost of revenue were all higher, with gross profit increasing more than cost of revenue, leading to a higher gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
4.2%
Gross profit
$4.0B
Revenue
$96.3B
Cost of revenue
$92.3B
Quarter-over-quarter change
+0.7 pts
Year-over-year change
+0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $97.8B | $3.3B | $94.5B | 3.4% |
| Sep 30, 2025 | $103.2B | $3.5B | $99.6B | 3.4% |
| Dec 31, 2025 | $106.2B | $3.7B | $102.5B | 3.5% |
| Mar 31, 2026 | $96.3B | $4.0B | $92.3B | 4.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+0.7 pts
Year-over-year change
Mar 31, 2025
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was primarily associated with a decrease in cost of revenue that outpaced the decline in revenue relative to the prior quarter, and a larger increase in gross profit relative to the increase in revenue compared to the year-ago quarter.
Compared to the prior quarter, revenue was lower and cost of revenue was lower, but gross profit was higher, resulting in an improved gross margin. Compared to the same quarter last year, revenue, gross profit, and cost of revenue were all higher, with gross profit increasing more than cost of revenue, leading to a higher gross margin.
Monitor the relationship between cost of revenue and revenue, as changes in their relative proportions directly affect gross margin.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| McKesson Corporation (MCK) | 4.2% |