Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

McKesson Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013	Dec 31, 2012	Sep 30, 2012	Jun 30, 2012	Mar 31, 2012	Dec 31, 2011	Sep 30, 2011	Jun 30, 2011	Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Revenues	49,957)	49,733)	46,678)	47,899)	48,761)	47,546)	44,925)	46,484)	44,160)	43,476)	38,141)	34,306)	32,954)	32,208)	30,620)	31,187)	29,850)	30,798)	31,699)	30,839)	30,216)	29,980)	28,853)	28,247)	27,534)	27,450)
Cost of sales	(47,201)	(46,826)	(43,826)	(45,027)	(45,917)	(44,698)	(42,008)	(43,586)	(41,296)	(40,744)	(35,601)	(32,466)	(30,945)	(30,288)	(28,624)	(29,519)	(28,130)	(29,198)	(29,854)	(29,273)	(28,569)	(28,471)	(27,102)	(26,786)	(26,168)	(26,058)
Gross profit	2,756)	2,907)	2,852)	2,872)	2,844)	2,848)	2,917)	2,898)	2,864)	2,732)	2,540)	1,840)	2,009)	1,920)	1,996)	1,668)	1,720)	1,600)	1,845)	1,566)	1,647)	1,509)	1,751)	1,461)	1,366)	1,392)
Operating expenses	(1,886)	(1,935)	(2,112)	(1,952)	(1,890)	(1,917)	(2,217)	(2,098)	(2,077)	(2,051)	(1,984)	(1,355)	(1,330)	(1,273)	(1,356)	(1,183)	(1,109)	(1,102)	(1,138)	(1,074)	(1,169)	(1,037)	(1,128)	(1,154)	(949)	(918)
Goodwill impairment charge	(290)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on business combination	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	81)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	580)	972)	740)	920)	954)	931)	700)	800)	787)	681)	556)	485)	679)	647)	640)	485)	611)	579)	707)	492)	478)	472)	623)	307)	417)	474)
Other income (loss), net	23)	19)	15)	13)	17)	13)	10)	12)	22)	19)	25)	(8)	9)	6)	7)	10)	10)	8)	9)	(2)	6)	8)	17)	7)	3)	9)
Impairment of an equity investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(191)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest expense	(78)	(79)	(86)	(87)	(91)	(89)	(90)	(93)	(95)	(96)	(116)	(69)	(59)	(59)	(70)	(59)	(55)	(56)	(59)	(64)	(64)	(64)	(82)	(53)	(44)	(43)
Income from continuing operations before income taxes	525)	912)	669)	846)	880)	855)	620)	719)	714)	604)	465)	408)	629)	594)	386)	436)	566)	531)	657)	426)	420)	416)	558)	261)	376)	440)
Income tax expense	(200)	(239)	(204)	(204)	(244)	(256)	(209)	(198)	(223)	(185)	(103)	(252)	(213)	(174)	(127)	(138)	(165)	(151)	(136)	(126)	(124)	(130)	(136)	(106)	(121)	(142)
Income from continuing operations	325)	673)	465)	642)	636)	599)	411)	521)	491)	419)	362)	156)	416)	420)	259)	298)	401)	380)	521)	300)	296)	286)	422)	155)	255)	298)
Income (loss) from discontinued operations, net of tax	(1)	(113)	(21)	5)	(6)	(10)	(267)	(10)	(14)	(8)	4)	(92)	(12)	4)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	72)	—)
Net income	324)	560)	444)	647)	630)	589)	144)	511)	477)	411)	366)	64)	404)	424)	259)	298)	401)	380)	521)	300)	296)	286)	422)	155)	327)	298)
Net (income) loss attributable to noncontrolling interests	(17)	(18)	(13)	(13)	(13)	(13)	(12)	(39)	(8)	(8)	5)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income attributable to McKesson Corporation	307)	542)	431)	634)	617)	576)	132)	472)	469)	403)	371)	64)	404)	424)	259)	298)	401)	380)	521)	300)	296)	286)	422)	155)	327)	298)

Revenues: Revenues demonstrated an overall upward trajectory from mid-2010 through late 2016, with fluctuations noticeable in some quarters. Beginning at approximately $27.45 billion in June 2010, revenues rose steadily, peaking at $49.96 billion by September 2016. Notable surges occurred in early 2014 and mid-2014, suggesting periods of accelerated growth.
Cost of Sales: Cost of sales closely tracked revenues but maintained a consistently high proportion of total revenues, indicating relatively stable gross margins. The figures increased from around $26.06 billion in June 2010 to about $47.2 billion in September 2016, paralleling the revenue growth trend. There were no abrupt changes, supporting a steady cost pattern over the analyzed period.
Gross Profit: Gross profit exhibited moderate growth but with some volatility. Starting near $1.39 billion in June 2010, gross profit reached a peak close to $2.9 billion in early 2015, after which it showed minor fluctuations. Despite growth in absolute terms, the ratio of gross profit to revenues appears stable, reflecting consistent operational efficiency in core sales activities.
Operating Expenses: Operating expenses saw gradual increases over the period, rising from approximately $918 million in mid-2010 to a peak exceeding $2 billion between 2014 and 2016. A significant increase was particularly marked in early 2014, which may suggest increased investment in operations, administration, or restructuring efforts.
Goodwill Impairment Charge: A one-time goodwill impairment charge occurred near the end of the data range, specifically in late 2016, amounting to $290 million. This may have negatively impacted operating results for that period.
Gain on Business Combination: An isolated gain of $81 million was recorded in late 2010, suggesting a positive non-recurring income item possibly linked to acquisition activities.
Operating Income: Operating income fluctuated over the quarters with notable variability but generally maintained an upward movement from $474 million in mid-2010 to peaks near $1 billion in mid-2015 and mid-2016. The highest operating income was recorded in June 2015 at $931 million. This suggests improving operational profitability despite sporadic decreases, potentially impacted by rising expenses and non-recurring charges.
Other Income (Loss), Net: Other income showed minor fluctuations around single-digit to low double-digit million-dollar amounts, with no clear trend. A few quarters, such as early 2014, registered positive spikes, possibly related to incidental financial activities or investment results.
Impairment of an Equity Investment: A major impairment charge appeared in late 2012 amounting to $191 million, indicating a significant write-down of investments that adversely affected that period's income.
Interest Expense: Interest expense remained relatively stable, mostly ranging between $40 million and $90 million per quarter, with a slight increase visible around 2013-2014, peaking at $116 million. This likely reflects changes in debt levels or borrowing costs over time.
Income from Continuing Operations Before Income Taxes: This measure generally followed operating income trends, growing from $440 million in mid-2010 to $912 million by mid-2016, indicating sustained underlying profitability despite some volatility.
Income Tax Expense: Income tax expense fluctuated considerably, ranging from a low of about $103 million in early 2014 to highs above $250 million in late 2013 and subsequent years. This variability likely corresponds to changes in income before taxes and adjustments related to tax planning or regulatory changes.
Income from Continuing Operations: Income from continuing operations echoed the pre-tax income movements but showed pronounced volatility, with marked dips such as in late 2013 and early 2014. However, the trend remained generally positive, ending at $325 million in late 2016.
Income (Loss) from Discontinued Operations, Net of Tax: This category contained sporadic positive and negative values, including substantial losses in early 2015 (-$267 million) and late 2016 (-$113 million). This variability suggests ongoing divestitures or business segment exits that had material impacts on net income in certain periods.
Net Income: Net income reflected significant quarter-to-quarter volatility, influenced by both continuing and discontinued operations. Peaks occurred in mid-2015 and late 2015, exceeding $600 million, but sharp declines were also noted, such as in late 2013 and early 2015. The overall trend is upward but uneven, highlighting sensitivity to one-time charges and operational fluctuations.
Net Income Attributable to McKesson Corporation: Net income attributable to the company’s shareholders followed similar patterns to total net income, with notable highs around $630 million in late 2015 and lows near $64 million in late 2013. The data suggest the company’s earnings were subject to episodic challenges but trended positively over the analyzed timeframe.

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McKesson Corp. (NYSE:MCK)

Income Statement Quarterly Data

Income Statement
Quarterly Data