McKesson Corporation stock research
FY2026 Q3
McKesson (MCK) Gross Margin — Quarter Ended Dec 31, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit also increased, and gross margin improved slightly, reflecting that revenue grew faster than cost of revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2026 Q3
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit also increased, and gross margin improved slightly, reflecting that revenue grew faster than cost of revenue.
- The strongest observable driver is the growth in revenue outpacing the growth in cost of revenue, leading to a higher proportion of revenue retained as gross profit.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Compared to the same quarter one year earlier, all metrics were higher, and gross margin also improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
3.5%
Gross profit
$3.7B
Revenue
$106.2B
Cost of revenue
$102.5B
Quarter-over-quarter change
+0.0 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $106.2B | $3.7B | $102.5B | 3.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+0.0 pts
Year-over-year change
Dec 31, 2024
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the growth in revenue outpacing the growth in cost of revenue, leading to a higher proportion of revenue retained as gross profit.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Compared to the same quarter one year earlier, all metrics were higher, and gross margin also improved.
Monitor the relationship between revenue growth and cost of revenue growth to see if the margin improvement can be sustained.