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Side-by-side financial comparison of Elevance Health (ELV) and McKesson Corporation (MCK). Click either name above to swap in a different company.
McKesson Corporation is the larger business by last-quarter revenue ($106.2B vs $49.7B, roughly 2.1× Elevance Health). McKesson Corporation runs the higher net margin — 1.1% vs 1.1%, a 0.0% gap on every dollar of revenue. On growth, McKesson Corporation posted the faster year-over-year revenue change (11.4% vs 1.8%). Over the past eight quarters, McKesson Corporation's revenue compounded faster (17.9% CAGR vs 6.5%).
Elevance Health, Inc. is an American health insurance company. Prior to June 2022, Elevance Health was named Anthem, Inc. The company is the world's seventh largest healthcare company based on revenue. Its services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon.
McKesson Corporation is an American publicly traded company that distributes pharmaceuticals and provides health information technology, medical supplies, and health management tools. The company delivers a third of all pharmaceutical products used or consumed in North America and employs over 80,000 employees. With $308.9 billion in 2024 revenue, it is the ninth-largest company by revenue in the United States and the nation's largest health care company.
ELV vs MCK — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $49.7B | $106.2B |
| Net Profit | $547.0M | $1.2B |
| Gross Margin | 88.9% | 3.5% |
| Operating Margin | 0.6% | 1.5% |
| Net Margin | 1.1% | 1.1% |
| Revenue YoY | 1.8% | 11.4% |
| Net Profit YoY | -74.9% | 34.9% |
| EPS (diluted) | $2.56 | $9.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $49.7B | — | ||
| Q4 25 | $49.7B | $106.2B | ||
| Q3 25 | $50.7B | $103.2B | ||
| Q2 25 | $49.8B | $97.8B | ||
| Q1 25 | $48.9B | $90.8B | ||
| Q4 24 | $45.4B | $95.3B | ||
| Q3 24 | $45.1B | $93.7B | ||
| Q2 24 | $43.9B | $79.3B |
| Q1 26 | $547.0M | — | ||
| Q4 25 | $547.0M | $1.2B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.7B | $784.0M | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $418.0M | $879.0M | ||
| Q3 24 | $1.0B | $241.0M | ||
| Q2 24 | $2.3B | $915.0M |
| Q1 26 | 88.9% | — | ||
| Q4 25 | 88.9% | 3.5% | ||
| Q3 25 | 89.4% | 3.4% | ||
| Q2 25 | 89.4% | 3.4% | ||
| Q1 25 | 89.8% | 4.0% | ||
| Q4 24 | 86.8% | 3.4% | ||
| Q3 24 | 88.7% | 3.5% | ||
| Q2 24 | 89.0% | 4.0% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.6% | 1.5% | ||
| Q3 25 | 2.6% | 1.4% | ||
| Q2 25 | 4.9% | 1.1% | ||
| Q1 25 | 6.5% | 1.8% | ||
| Q4 24 | 1.5% | 1.3% | ||
| Q3 24 | 3.1% | 0.6% | ||
| Q2 24 | 6.3% | 1.3% |
| Q1 26 | 1.1% | — | ||
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 2.3% | 1.1% | ||
| Q2 25 | 3.5% | 0.8% | ||
| Q1 25 | 4.5% | 1.4% | ||
| Q4 24 | 0.9% | 0.9% | ||
| Q3 24 | 2.3% | 0.3% | ||
| Q2 24 | 5.2% | 1.2% |
| Q1 26 | $2.56 | — | ||
| Q4 25 | $2.56 | $9.59 | ||
| Q3 25 | $5.32 | $8.92 | ||
| Q2 25 | $7.72 | $6.25 | ||
| Q1 25 | $9.61 | $9.90 | ||
| Q4 24 | $1.88 | $6.95 | ||
| Q3 24 | $4.36 | $1.87 | ||
| Q2 24 | $9.85 | $7.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.5B | $3.0B |
| Total DebtLower is stronger | $31.9B | $5.4B |
| Stockholders' EquityBook value | $43.9B | $-1.3B |
| Total Assets | $121.5B | $84.2B |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $9.5B | — | ||
| Q4 25 | $9.5B | $3.0B | ||
| Q3 25 | $8.7B | $4.0B | ||
| Q2 25 | $8.6B | $2.4B | ||
| Q1 25 | $7.5B | $5.7B | ||
| Q4 24 | $8.3B | $1.1B | ||
| Q3 24 | $7.9B | $2.5B | ||
| Q2 24 | $6.5B | $2.3B |
| Q1 26 | $31.9B | — | ||
| Q4 25 | $31.9B | $5.4B | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $30.9B | $4.4B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.6B |
| Q1 26 | $43.9B | — | ||
| Q4 25 | $43.9B | $-1.3B | ||
| Q3 25 | $44.0B | $-1.7B | ||
| Q2 25 | $43.7B | $-2.0B | ||
| Q1 25 | $42.5B | $-2.1B | ||
| Q4 24 | $41.3B | $-3.1B | ||
| Q3 24 | $43.8B | $-3.0B | ||
| Q2 24 | $42.2B | $-1.8B |
| Q1 26 | $121.5B | — | ||
| Q4 25 | $121.5B | $84.2B | ||
| Q3 25 | $122.7B | $84.2B | ||
| Q2 25 | $121.9B | $81.3B | ||
| Q1 25 | $119.7B | $75.1B | ||
| Q4 24 | $116.9B | $71.1B | ||
| Q3 24 | $116.5B | $72.4B | ||
| Q2 24 | $113.0B | $71.7B |
| Q1 26 | 0.73× | — | ||
| Q4 25 | 0.73× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $1.2B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 1.1% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $10.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $84.0M | $1.2B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $2.1B | $-918.0M | ||
| Q1 25 | $1.0B | $7.7B | ||
| Q4 24 | $706.0M | $-2.4B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $447.0M | $-1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $-209.0M | $1.1B | ||
| Q3 25 | $775.0M | $2.3B | ||
| Q2 25 | $1.8B | $-1.0B | ||
| Q1 25 | $821.0M | $7.6B | ||
| Q4 24 | $384.0M | $-2.5B | ||
| Q3 24 | $2.3B | $2.0B | ||
| Q2 24 | $124.0M | $-1.5B |
| Q1 26 | — | — | ||
| Q4 25 | -0.4% | 1.1% | ||
| Q3 25 | 1.5% | 2.2% | ||
| Q2 25 | 3.6% | -1.1% | ||
| Q1 25 | 1.7% | 8.3% | ||
| Q4 24 | 0.8% | -2.6% | ||
| Q3 24 | 5.2% | 2.1% | ||
| Q2 24 | 0.3% | -1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 0.1% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.5% | 0.1% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 0.7% | 0.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 0.7% | 0.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 1.04× | ||
| Q3 25 | 0.95× | 2.18× | ||
| Q2 25 | 1.18× | -1.17× | ||
| Q1 25 | 0.47× | 6.15× | ||
| Q4 24 | 1.69× | -2.71× | ||
| Q3 24 | 2.63× | 8.71× | ||
| Q2 24 | 0.19× | -1.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELV
Segment breakdown not available.
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
