{"schemaVersion":1,"research":true,"symbol":"mck","name":"Mckesson","topic":"moat","path":"/stock/mck/moat","status":"stale","version":8,"updatedAt":"2026-10-19T15:49:19.491Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"McKesson has substantial distribution infrastructure, joint sourcing and integrated pharmacy services, but the supplied passages do not establish durable cost superiority, material switching barriers or network effects. Continued customer demand and strong pharmaceutical execution coexist with declining Health Mart participation and powerful counterparties. Observed supplier-linked pricing and less favorable customer renewals indicate constrained pricing discretion. Insufficient structural evidence, rather than demonstrated company-wide competitive weakness, supports the uncertain verdict.","advantages":[{"mechanism":"cost_advantage","claim":"The existing distribution network and joint generic sourcing provide credible operating scale, but relative procurement savings, delivery costs and barriers to replication are not demonstrated.","durability":"The infrastructure is established; management's claim that scale provides competitive advantage remains unquantified. The passages cannot establish a durable cost lead.","risks":"Supplier concentration limits negotiating power, customers have greater price bargaining power, and customers or manufacturers can develop internal supply capabilities.","invalidation":"The cost-advantage hypothesis would be undermined by comparable providers matching delivered costs and reliability, persistent deterioration in procurement terms, or major customers internalizing distribution without meaningful service or cost penalties.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6"]},{"mechanism":"switching_costs","claim":"Ordering, inventory and reconciliation services embed McKesson in customer workflows, and the CVS partnership extension demonstrates continuity. Material customer switching costs remain a hypothesis rather than a demonstrated advantage.","durability":"The disclosed CVS extension runs to June 2027. No migration costs, exclusive commitments or quantified dependence establish protection beyond existing relationships.","risks":"Customers sometimes reduce purchases, fail to renew or renew on less favorable terms. Health Mart participation fell from approximately 4,500 pharmacies in fiscal 2024 to 3,900 in fiscal 2026; the reasons are not disclosed.","invalidation":"The switching-cost hypothesis would be undermined by important customers replacing integrated services with little disruption, repeated non-renewals, or continued participation losses despite competitive service and pricing.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / North American Pharmaceutical / joint generic sourcing","excerpt":"We also source generic pharmaceutical drugs through our ClarusONE Sourcing Services LLP joint venture with Walmart Inc."},{"id":"e2","sourceId":"filing-1","location":"Business / U.S. Pharmaceutical / distribution centers","excerpt":"Pharmaceutical business operates and serves customers through a network of 27 distribution centers in the U.S., including two strategic redistribution centers."},{"id":"e3","sourceId":"filing-4","location":"Competition / management assertion about scale and breadth","excerpt":"We believe that our scale and diversity of product and service offerings are our primary competitive advantages."},{"id":"e4","sourceId":"filing-1","location":"Risk factors / supplier concentration and negotiating terms","excerpt":"This concentration reduces our ability to negotiate favorable terms with suppliers and causes us to depend on a smaller number of suppliers."},{"id":"e5","sourceId":"filing-1","location":"Risk factors / customer bargaining power","excerpt":"Many of our customers, including healthcare organizations, have consolidated or joined group purchasing organizations and have greater power to negotiate favorable prices."},{"id":"e6","sourceId":"filing-1","location":"Risk factors / competing service providers and internal supply capabilities","excerpt":"In addition, our businesses face competition from various other service providers and from pharmaceutical and other healthcare manufacturers as well as other potential customers, which may from time to time decide to develop, for their own internal needs, supply management capabilities that might otherwise be provided by our businesses."},{"id":"e7","sourceId":"filing-1","location":"Business / McKesson Connect ordering and account functionality","excerpt":"For example, we offer McKesson ConnectSM, an internet-based ordering system that provides item look-up and real-time inventory availability as well as ordering, purchasing, third-party reconciliation, and account management functionality."},{"id":"e8","sourceId":"filing-1","location":"Business / integrated inventory management","excerpt":"•Inventory Management – An integrated solution comprised of forecasting software and automated replenishment technologies that reduce inventory-carrying costs."},{"id":"e9","sourceId":"filing-1","location":"Other Information about the Business / CVS partnership extension","excerpt":"In fiscal 2023, we extended our pharmaceutical distribution partnership with CVS to June 2027."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / experienced customer reductions and unfavorable renewals","excerpt":"Some of our customers from time to time reduce the amounts they purchase from us, do not renew their purchase contracts with us, renew their purchase contracts at less favorable terms, delay or default on their payments to us, or avoid payments to us through bankruptcy proceedings."},{"id":"e11","sourceId":"filing-5","location":"Business / fiscal 2024 Health Mart pharmacy participation","excerpt":"•Health Mart® – A national network of approximately 4,500 independently-owned pharmacies and one of the industry’s most comprehensive pharmacy franchise programs."},{"id":"e12","sourceId":"filing-1","location":"Business / fiscal 2026 Health Mart pharmacy participation","excerpt":"•Health Mart® – A national network of approximately 3,900 independently-owned pharmacies and one of the industry’s most comprehensive pharmacy franchise programs."},{"id":"e13","sourceId":"filing-1","location":"Other Information about the Business / customer concentration","excerpt":"Other Information about the Business Customers: During fiscal 2026, sales to our ten largest customers, including group purchasing organizations (“GPOs”) accounted for approximately 73% of our total consolidated revenues."},{"id":"e14","sourceId":"filing-6","location":"Financial Review / supplier price changes passed to customers","excerpt":"The business’ practice is to pass on to customers published price changes from suppliers."},{"id":"e15","sourceId":"filing-6","location":"Financial Review / manufacturer inventory price protection","excerpt":"Manufacturers generally provide us with price protection, which limits price related inventory losses."},{"id":"e16","sourceId":"filing-2","location":"Financial Review / U.S. customer volume growth and branded price decreases","excerpt":"increased $3.7 billion primarily due to higher volumes from institutional and retail national account customers partially offset by branded pharmaceutical price decreases and branded to generic drug conversions."},{"id":"e17","sourceId":"filing-2","location":"Financial Note 13 / comparative segment revenues and operating profits","excerpt":"31 Table of Contents McKESSON CORPORATION FINANCIAL NOTES (CONTINUED) (UNAUDITED) Financial information relating to the Company’s reportable segments and reconciliations to the consolidated totals was as follows: Three Months Ended June 30, (In millions) 2026 2025 Segment revenues (1) North American Pharmaceutical $ 86,773 $ 82,729 Oncology & Multispecialty 14,222 10,658 Prescription Technology Solutions 1,566 1,434 Medical-Surgical Solutions 2,819 2,701 Other — 305 Total revenues $ 105,380 $ 97,827 Other segment expense, net (2) North American Pharmaceutical (3) $ 85,870 $ 82,135 Oncology & Multispecialty 13,897 10,446 Prescription Technology Solutions (4) 1,340 1,181 Medical-Surgical Solutions (5) 2,697 2,480 Other — 292 Total other segment expense, net $ 103,804 $ 96,534 Segment operating profit North American Pharmaceutical $ 903 $ 594 Oncology & Multispecialty 325 212 Prescription Technology Solutions 226 253 Medical-Surgical Solutions 122 221 Other — 13 Subtotal 1,576 1,293 Corporate expenses, net (6) (191) (193) Interest expense (77) (49) Income before income taxes $ 1,308 $ 1,051 Segment depreciation and amortization (7) North American Pharmaceutical $ 39 $ 32 Oncology & Multispecialty 66 42 Prescription Technology Solutions 19 21 Medical-Surgical Solutions 26 22 Other — 3 Corporate 45 37 Total segment depreciation and amortization $ 195 $ 157 Segment expenditures for long-lived assets (8) North American Pharmaceutical $ 64 $ 61 Oncology & Multispecialty 18 24 Prescription Technology Solutions — 1 Medical-Surgical Solutions 27 25 Other — 1 Corporate 43 77 Total segment expenditures for long-lived assets $ 152 $ 189 32 Table of Contents McKESSON CORPORATION FINANCIAL NOTES (CONCLUDED) (UNAUDITED) (1)Revenues from services on a disaggregated basis represent less than 1% of the North American Pharmaceutical segment’s total revenues, approximately 7% of the Oncology & Multispecialty segment’s total revenues, approximately 39% of the Prescription Technology Solutions segment’s total revenues, and less than 1% of the Medical-Surgical Solutions segment’s total revenues."},{"id":"e18","sourceId":"filing-8","location":"First-quarter results / adjusted Prescription Technology Solutions profit and demand","excerpt":"Adjusted Segment Operating Profit was $303 million, an increase of 13%, driven by higher demand for access solutions."},{"id":"e19","sourceId":"filing-8","location":"First-quarter results / adjusted Medical-Surgical profit decline","excerpt":"Adjusted Segment Operating Profit was $195 million, a decrease of 20%, driven by product mix and one-time administrative expenses, partially offset by contributions from the extended care channel."},{"id":"e20","sourceId":"filing-3","location":"Appendix A / three-year operating cash flow and capital expenditures","excerpt":"A-2\nReconciliation of Operating Cash Flow (GAAP) to Free Cash Flow (Non-GAAP) \nYear Ended March 31,\n(In millions)\nOperating Cash Flow (GAAP)\n6,155 \n6,085 \n4,314 \nInvesting Cash Flow (GAAP)\n(3,432)\n(733)\n(1,072)\nFinancing Cash Flow (GAAP)\n(4,631)\n(3,965)\n(3,342)\nEffect of exchange rate changes on cash, cash equivalents, and restricted cash\n(16)\nNet increase (decrease) in cash, cash equivalents, and restricted cash\n(1,888)\n1,371 \n(94)\nYear Ended March 31,\n(In millions)\nOperating Cash Flow (GAAP)\n6,155 \n6,085 \n4,314 \nPayments for property, plant, and equipment\n(436)\n(537)\n(431)\nCapitalized software expenditures\n(309)\n(322)\n(256)\nFree Cash Flow (Non-GAAP)\n5,410 \n5,226 \n3,627 \nSupplemental Non-GAAP Financial Information"},{"id":"e21","sourceId":"filing-3","location":"Executive Compensation / applied three-year adjusted ROIC result","excerpt":"For FY 2024 — FY 2026, the Compensation and Talent Committee applied a three-year average ROIC result of 26.43% for purposes of calculating PSU payouts."},{"id":"e22","sourceId":"filing-2","location":"Financial Review / actual acquisition spending","excerpt":"Investing activities for the three months ended June 30, 2026 and 2025 includes $23 million and $3.4 billion of net cash payments for acquisitions, including $2.5 billion and $874 million for the acquisitions of the interests in Core Ventures and PRISM Vision, respectively, during the three months ended June 30, 2025 as discussed in further detail in Financial Note 2, “Business Acquisitions and Divestitures,” to the accompanying condensed consolidated financial statements in this Quarterly Report."},{"id":"e23","sourceId":"filing-8","location":"Cash flow statement / operating cash use, debt proceeds and shareholder distributions","excerpt":"Contacts:\nInvestors\nInvestors@McKesson.com\nMedia Relations\nReceivables\n(2,374)\n(2,089)\nInventories\n(2,074)\n(1,971)\nDrafts and accounts payable\n3,773 \n1,947 \nOperating lease liabilities\n(65)\n(89)\nTaxes\n(538)\n134 \nLitigation liabilities\n(34)\n— \nOther\n(380)\n(165)\nNet cash used in operating activities\n(220)\n(918)\nINVESTING ACTIVITIES\nPayments for property, plant, and equipment\n(112)\n(111)\nCapitalized software expenditures\n(40)\n(78)\nAcquisitions, net of cash, cash equivalents, and restricted cash acquired\n(23)\n(3,359)\nProceeds from sales of businesses and investments, net\n9 \n4 \nOther\n(48)\n(20)\nNet cash used in investing activities\n(214)\n(3,564)\nFINANCING ACTIVITIES\nProceeds from issuances of long-term debt\n3,215 \n1,990 \nRepayments of long-term debt\n(1)\n— \nCommon stock transactions:\nIssuances\n23 \n22 \nShare repurchases\n(2,530)\n(581)\nDividends paid\n(102)\n(90)\nSale of noncontrolling interest in Medical-Surgical Solutions, net\n1,238 \n— \nOther\n(211)\n(165)\nNet cash provided by financing activities\n1,632 \n1,176 \nEffect of exchange rate changes on cash, cash equivalents, and restricted cash\n(10)\n33 \nNet increase (decrease) in cash, cash equivalents, and restricted cash\n1,188 \n(3,273)\nCash, cash equivalents, and restricted cash at beginning of period\n4,068 \n5,956 \nCash, cash equivalents, and restricted cash at end of period\n5,256 \n2,683 \nLess: Restricted cash at end of period included in Prepaid expenses and other\n(92)\n(265)\nCash and cash equivalents at end of period\n$\n5,164 \n$\n2,418 \n Schedule 6\nMcKESSON CORPORATION\nRECONCILIATION OF GAAP CASH FLOW TO FREE CASH FLOW (NON-GAAP)"},{"id":"e24","sourceId":"filing-2","location":"Debt and Financing Activities / limits on parent guarantees for MMS borrowing","excerpt":"Neither McKesson Corporation nor any of its subsidiaries outside of the MMS Borrower group guarantees or otherwise has any obligation with respect to the Amended MMS Credit Agreement."},{"id":"e25","sourceId":"filing-7","location":"Transaction Details / proposed minority investment commitment","excerpt":"Under the definitive agreement, CD&R will hold a majority interest of approximately 51% in Option Care Health and McKesson will invest approximately $1.4 billion for a minority interest of approximately 49%."},{"id":"e26","sourceId":"filing-7","location":"Transaction Details / expected closing and approval conditions","excerpt":"The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions, including approval by Option Care Health’s stockholders and the receipt of required regulatory approvals."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation / FY 2026–FY 2028 PSU metrics","excerpt":"PSUs for the FY 2026 — FY 2028 cycle will be earned based on Cumulative Adjusted EPS (67%) and three-year average Return on Invested Capital (“ROIC”) (33%), with the resulting payout subject to a potential upward or downward adjustment of up to 20% based on McKesson’s three-year Total Shareholder Return (“TSR”) relative to a comparator group of companies."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation / actual May 2025 RSU grants","excerpt":"Smith 1,391 1,000,393 Thomas L. Rodgers 974 700,491 (1)The RSUs awarded in May 2025 were granted at a fair market value of $719.19 per unit."},{"id":"e29","sourceId":"filing-3","location":"Change in Control / PSU conversion at greater of target or actual performance","excerpt":"Award agreements under the Stock Plans provide that upon a Change in Control, PSUs convert into time-based vesting awards based on the greater of target or actual performance under the terms of the awards through the date of the Change in Control."},{"id":"e30","sourceId":"filing-3","location":"Grants of Plan-Based Awards / future PSU payout decisions","excerpt":"Payout decisions for these PSU awards will be made in May 2028."},{"id":"e31","sourceId":"filing-3","location":"Governance highlights / shareholder rights and director nominees","excerpt":"Shareholder Rights Board of Directors Corporate Governance •Annual election of directors with majority voting standard for uncontested elections •Proxy access •Meaningful right to call special meeting of shareholders (15% ownership threshold) •No supermajority vote provisions •Lead Independent Director with robust roles and responsibilities •10 of 11 director nominees are independent •Regular executive sessions of independent directors •Annual Board and committee evaluation process •Policy requiring directors with over 12 years of tenure to offer to resign •Policies on other public company board service and retirement age of 75 •Pay for performance alignment •No poison pill •Regular Board refreshment •Comprehensive senior management succession planning process •Robust shareholder engagement program •Stock ownership guidelines for executives and directors 10 2026 Proxy Statement Proxy Summary Item Your Board’s Recommendation 2 RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2027 Deloitte & Touche LLP (D&T) is an independent accounting firm with the breadth of expertise and knowledge necessary to audit the Company."},{"id":"e32","sourceId":"filing-3","location":"Board letter / combined CEO and chair roles effective May 2026","excerpt":"Brian S. Tyler, who has served as McKesson’s Chief Executive Officer since 2019 and has led the Company’s transformation into a diversified healthcare services leader, assumed the additional role of Chair of the Board, effective May 1, 2026."},{"id":"e33","sourceId":"filing-3","location":"Board Leadership Structure / Lead Independent Director appointment","excerpt":"Caruso as Lead Independent Director, effective May 1, 2026."},{"id":"e34","sourceId":"filing-2","location":"Financial Review / opioid settlement liability at June 2026","excerpt":"Funds necessary for future debt maturities and our other cash requirements, including any future payments that may be made related to our total estimated litigation liability of $5.7 billion as of June 30, 2026 payable under the terms of various settlement agreements for opioid-related claims, are expected to be met by existing cash balances, cash flow from operations, existing credit sources, and future borrowings."},{"id":"e35","sourceId":"filing-8","location":"Financial Statement Notes / realized Rite Aid bad-debt provision","excerpt":"5.Other adjustments, net for the three months ended June 30, 2025 includes a pre-tax provision for bad debts of $189 million ($140 million after-tax), within North American Pharmaceutical related to the bankruptcy of our customer, Rite Aid Corporation (including certain of its subsidiaries, \"Rite Aid\")."},{"id":"e36","sourceId":"filing-8","location":"First-quarter results / adjusted North American Pharmaceutical profit growth","excerpt":"Adjusted Segment Operating Profit was $894 million, an increase of 19%, driven by growth in the distribution of specialty products to health systems and strategic accounts, and the timing of new product launches."},{"id":"e37","sourceId":"filing-8","location":"First-quarter results / adjusted Oncology & Multispecialty profit growth","excerpt":"Adjusted Segment Operating Profit was $405 million, an increase of 41%, driven by growth in provider solutions and specialty distribution, including contributions from acquisitions."}],"changes":["The uncertain moat verdict is retained after reassessing the current catalog; infrastructure and integrated workflows still do not demonstrate durable competitive superiority.","Pricing and management grades remain supportable from current catalog evidence. Prescription Technology Solutions' GAAP profit decline is balanced explicitly against 13% adjusted profit growth and higher access-solutions demand.","The previous supplier price-pass-through and inventory-protection arguments are supported by filing-6. The proposed Option Care Health investment remains a conditional future commitment, not a completed capability or demonstrated return."],"limitations":["All evidence comes from supplied issuer filings and issuer-filed releases. Operating results and contractual disclosures support numerical assessments, but promotional claims do not independently establish competitive superiority.","The passages disclose generic competitive categories. Named compensation and shareholder-return comparators are not established business competitors, so competitor arrays are empty.","Relative procurement costs, delivery economics, market shares, entry economics and customer migration costs are absent. Scale alone does not establish efficient scale or network effects.","Health Mart participation decline is observable, but closures, departures and other causes are not separated. No customer retention rate is inferred.","Detailed service-fee pricing, escalators and termination rights are missing. Product-price pass-through does not establish identical economics for every service.","Actual compensation arrangements and governance practices are disclosed, but executive ownership quantities and post-election board composition are not established by the selected passages.","Source dates are filing dates. The October 2026 transaction announcement describes an expected 2027 closing, and future PSU payouts remain unresolved."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Joint sourcing and 27 distribution centers establish substantial capabilities, but comparative costs, replication barriers and defensible market structure are missing. Management's scale claim cannot resolve the structural position.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":null,"rationale":"The CVS extension demonstrates a continuing relationship through June 2027, but does not establish persistent competitive protection beyond that contract.","evidenceIds":["e9","e10"]},{"criterion":"customer_dependency","grade":null,"rationale":"Integrated workflows suggest potential switching friction, while non-renewals and declining franchise participation show that relationships can end. Material customer dependence cannot be established.","evidenceIds":["e7","e8","e10","e11","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Actual pharmaceutical growth demonstrates business effectiveness, but does not resolve whether any structural advantage withstands counterparty bargaining or internal alternatives.","evidenceIds":["e4","e5","e6","e16","e36"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Supplier price changes are passed to customers, and branded price decreases offset recent volume growth. These observed outcomes indicate limited autonomous product pricing; service-fee outcomes are not separately disclosed.","evidenceIds":["e14","e16"]},{"criterion":"retention","grade":2,"rationale":"The CVS extension and higher institutional and retail national-account volumes support continuing demand, partly through indirect operating evidence. Actual unfavorable renewals and Health Mart contraction balance that support. No retention rate is inferred.","evidenceIds":["e9","e10","e11","e12","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"Manufacturer price protection and adjusted pharmaceutical and oncology profit growth support resilience during branded price decreases. Prescription Technology Solutions shows adjusted growth despite lower GAAP profit, while Medical-Surgical adjusted profit declined 20%. Volume, acquisitions, mix and accounting effects limit attribution to pricing.","evidenceIds":["e15","e16","e17","e18","e19","e36","e37"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Supplier-linked price pass-through, constrained supplier negotiations, stronger customer bargaining and experienced renewals on less favorable terms demonstrate limited discretion. Exact fee-setting and termination rights remain missing.","evidenceIds":["e4","e5","e10","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Three-year operating cash generation after reinvestment and the applied 26.43% adjusted ROIC support productive capital use. Acquisition spending and recent substantial repurchases alongside operating cash use and subsidiary borrowing make the record mixed; the MMS debt lacks a parent guarantee. The proposed $1.4 billion investment has unproven returns and remains conditional. Buyback value creation is not established.","evidenceIds":["e20","e21","e22","e23","e24","e25","e26"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual grants, an applied multiyear ROIC payout result and established PSU metrics linking adjusted EPS, ROIC and relative returns demonstrate meaningful alignment mechanisms. Adjusted metrics and change-in-control conversion at the greater of target or actual performance weaken the link. FY 2026–FY 2028 payout decisions remain future events; ownership amounts are missing.","evidenceIds":["e21","e27","e28","e29","e30"]},{"criterion":"execution","grade":3,"rationale":"Multiyear cash generation, increased customer volumes and adjusted pharmaceutical, oncology and access-solutions profit growth demonstrate strong execution from operating evidence. Medical-Surgical weakness, franchise contraction and the realized Rite Aid provision qualify the record. These results do not prove a moat.","evidenceIds":["e20","e16","e18","e19","e11","e12","e35","e36","e37"]},{"criterion":"governance","grade":2,"rationale":"Annual elections, majority voting, proxy access, special-meeting rights and an appointed Lead Independent Director support accountability. Combined CEO and chair roles concentrate authority, and the $5.7 billion opioid settlement liability provides material adverse compliance context without establishing current oversight failure. 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