McKesson (MCK) Gross Margin — Quarter Ended Sep 30, 2025

Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin remained unchanged from the prior quarter but was slightly lower than the year-ago period.

Gross margin takeaway

Quarter ended Sep 30, 2025 · FY2026 Q2

The stability of gross margin sequentially reflects that cost of revenue grew at a pace similar to revenue. The slight year-over-year decline indicates a marginally higher proportion of cost of revenue relative to revenue.
Sequentially, gross margin was stable. Year-over-year, gross margin weakened slightly.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

3.4%

Gross profit

$3.5B

Revenue

$103.2B

Cost of revenue

$99.6B

Quarter-over-quarter change

+0.1 pts

Year-over-year change

-0.0 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
Dec 31, 2024	$95.3B	$3.3B	$92.0B	3.4%
Mar 31, 2025	$90.8B	$3.6B	$87.2B	4.0%
Jun 30, 2025	$97.8B	$3.3B	$94.5B	3.4%
Sep 30, 2025	$103.2B	$3.5B	$99.6B	3.4%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Jun 30, 2025

+0.1 pts

Year-over-year change

Sep 30, 2024

-0.0 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The stability of gross margin sequentially reflects that cost of revenue grew at a pace similar to revenue. The slight year-over-year decline indicates a marginally higher proportion of cost of revenue relative to revenue.

Sequentially, gross margin was stable. Year-over-year, gross margin weakened slightly.

Monitor the relationship between cost of revenue and revenue, as any shift could impact the already narrow gross margin.