Key Stats
McKesson Corporation (NYSE: MCK) is an American healthcare services company headquartered in Irving, Texas. It distributes pharmaceuticals and provides health information technology, medical supplies, and care management tools to healthcare providers across North America and beyond.
The company delivers roughly one-third of all pharmaceutical products used or consumed in North America. Together with Cencora and Cardinal Health, McKesson controls over 90% of the U.S. pharmaceutical wholesale market.
With $309 billion in fiscal year 2024 revenue, McKesson ranks as the ninth-largest company by revenue in the United States and the country’s largest healthcare company by that measure. It was founded in 1833, making it one of the oldest corporations in American history.
McKesson Corporation History
McKesson Corporation Co-Founders
The two founders built their business during a period when organized healthcare in the United States was still taking shape. Their focus on drug wholesaling and distribution set a template that the company has followed, in expanded form, for nearly 200 years.
McKesson Corporation Revenue
McKesson’s revenue has grown steadily for over a decade, accelerating sharply in recent years as prescription volumes and specialty pharmaceutical demand rise. Note that McKesson’s fiscal year ends March 31, so figures below correspond to fiscal years rather than calendar years.
McKesson Corporation Acquisitions
McKesson has made more than 30 acquisitions over its history, spanning healthcare IT, pharmaceutical distribution, medical devices, and specialty care. Deals have spanned seven countries, with the United States accounting for most activity.
The 1999 purchase of HBO & Company for $14.5 billion was the most expensive and the most consequential in negative terms. HBOC supplied hospitals with electronic patient records and insurance processing software, and the deal was meant to combine distribution scale with healthcare technology. Within two years, however, accounting fraud at HBOC surfaced, forcing McKesson to restate its financials and write down billions in value. The company eventually reverted to the McKesson name in 2001 and sold most of its healthcare software operations to Symphony Technology Group in 2014.
On the technology side, McKesson’s 2006 acquisitions of Per Se Technologies ($500 million) and RelayHealth ($480 million) added financial automation tools and a leading pharmacy communication network. Practice Partner, a medical software firm, followed in 2007 for $150 million.
The 2010 acquisition of US Oncology for $2.16 billion moved McKesson into specialty cancer care, adding a network of roughly 1,400 community oncologists. This became the foundation of what is now the US Oncology Network, the country’s largest community-based oncology platform.
The 2014 acquisition of Celesio, a German pharmaceutical distributor, for $8.3 billion gave McKesson direct exposure to European pharmaceutical markets across 14 countries. Two years later, the $3 billion acquisition of Rexall Health expanded McKesson’s Canadian pharmacy footprint to over 500 locations, though it later sold Rexall and the Well.ca digital pharmacy in December 2024 to refocus on higher-margin segments.
More recently, McKesson acquired Rx Savings Solutions and OncoHealth to strengthen its pharmacy benefit tools. In early 2025, it completed the acquisition of an 80% stake in PRISM Vision Group for $850 million, extending its practice management capabilities into the ophthalmology and retina market.
McKesson Corporation Market Cap
McKesson’s market cap has climbed sharply since 2020, driven by rising pharmaceutical volumes, specialty drug demand, and GLP-1 medication growth. From roughly $27 billion in 2015, it reached approximately $116 billion in early 2026.
McKesson Corporation Competitors
The U.S. pharmaceutical wholesale market is tightly concentrated. McKesson, Cencora (formerly AmerisourceBergen), and Cardinal Health collectively control over 90% of drug distribution in the country, forming what industry analysts call “the Big Three.” Beyond distribution, McKesson also competes in healthcare IT, medical-surgical supplies, and specialty care management.
| Company | Headquarters | Primary Segment | Revenue (approx.) |
|---|---|---|---|
| Cencora (fmr. AmerisourceBergen) | Conshohocken, Pennsylvania, USA | Pharmaceutical distribution | ~$295B (FY2024) |
| Cardinal Health | Dublin, Ohio, USA | Pharma & medical distribution | ~$227B (FY2024) |
| CVS Health | Woonsocket, Rhode Island, USA | Retail pharmacy, PBM, insurance | ~$372B (2023) |
| Walgreens Boots Alliance | Deerfield, Illinois, USA | Retail pharmacy, wholesale | ~$148B (FY2024) |
| Henry Schein | Melville, New York, USA | Dental & medical supply distribution | ~$12.4B (2023) |
| Owens & Minor | Mechanicsville, Virginia, USA | Medical-surgical distribution | ~$10.1B (2023) |
| Medline Industries | Northfield, Illinois, USA | Medical-surgical supply distribution | ~$21B (est. 2023) |
| Oracle Health (Cerner) | Austin, Texas, USA | Healthcare IT, EHR | N/A (subsidiary) |
| Patterson Companies | Saint Paul, Minnesota, USA | Dental & animal health distribution | ~$6.5B (FY2024) |
| UnitedHealth Group (OptumRx) | Eden Prairie, Minnesota, USA | PBM, specialty pharmacy | ~$372B (2023) |
FAQs
Who founded McKesson Corporation?
John McKesson and Charles Olcott founded the company in 1833 in New York City as Olcott & McKesson. The firm began as a drug importer and wholesaler, and a third partner, Daniel Robbins, later joined, prompting the rename to McKesson & Robbins in 1853.
What does McKesson Corporation do?
McKesson distributes branded, generic, and specialty pharmaceuticals across North America and provides health IT solutions, medical-surgical supply distribution, and oncology services. It delivers roughly one-third of all pharmaceutical products used in North America.
What is McKesson’s annual revenue?
For fiscal year 2024 (ended March 31, 2024), McKesson reported $309 billion in revenue, a 12% increase year-over-year. Fiscal year 2025 revenue rose further to approximately $359 billion, driven by specialty drug and GLP-1 medication volumes.
Where is McKesson Corporation headquartered?
McKesson is headquartered in Irving, Texas. The company relocated from San Francisco, California, in April 2019, after more than 185 years with its original base on the East and West coasts.
Who are McKesson’s main competitors?
McKesson’s closest rivals in pharmaceutical distribution are Cencora and Cardinal Health. Together, the three companies control over 90% of the U.S. wholesale drug market. McKesson also competes with CVS Health, Walgreens, Henry Schein, Owens & Minor, and healthcare IT firms such as Oracle Health.
