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Segments of Business (Tables) | 6 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | Financial information relating to the Company’s reportable operating segments and reconciliations to the condensed consolidated totals was as follows:
| Three Months Ended September 30, |  | Six Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Segment revenues (1) |  |  |  |  |  |  |
North American Pharmaceutical | $ | 86,481 |  |  | $ | 80,018 |  |  | $ | 169,210 |  |  | $ | 146,366 |
Oncology & Multispecialty | 12,044 |  |  | 9,157 |  |  | 22,702 |  |  | 17,938 |
Prescription Technology Solutions | 1,376 |  |  | 1,265 |  |  | 2,810 |  |  | 2,506 |
Medical-Surgical Solutions | 2,947 |  |  | 2,946 |  |  | 5,648 |  |  | 5,578 |
Other | 302 |  |  | 265 |  |  | 607 |  |  | 546 |
Total revenues | $ | 103,150 |  |  | $ | 93,651 |  |  | $ | 200,977 |  |  | $ | 172,934 |
Other segment expense, net (2) |  |  |  |  |  |  |
North American Pharmaceutical (3) | $ | 85,629 |  |  | $ | 79,671 |  |  | $ | 167,764 |  |  | $ | 145,317 |
Oncology & Multispecialty (4) | 11,712 |  |  | 8,957 |  |  | 22,158 |  |  | 17,590 |
Prescription Technology Solutions | 1,132 |  |  | 1,060 |  |  | 2,313 |  |  | 2,098 |
Medical-Surgical Solutions (5) | 2,727 |  |  | 2,855 |  |  | 5,207 |  |  | 5,295 |
Other | 274 |  |  | 252 |  |  | 566 |  |  | 516 |
Total other segment expense, net | $ | 101,474 |  |  | $ | 92,795 |  |  | $ | 198,008 |  |  | $ | 170,816 |
Segment operating profit |  |  |  |  |  |  |
North American Pharmaceutical | $ | 852 |  |  | $ | 347 |  |  | $ | 1,446 |  |  | $ | 1,049 |
Oncology & Multispecialty | 332 |  |  | 200 |  |  | 544 |  |  | 348 |
Prescription Technology Solutions | 244 |  |  | 205 |  |  | 497 |  |  | 408 |
Medical-Surgical Solutions | 220 |  |  | 91 |  |  | 441 |  |  | 283 |
Other | 28 |  |  | 13 |  |  | 41 |  |  | 30 |
Subtotal | 1,676 |  |  | 856 |  |  | 2,969 |  |  | 2,118 |
Corporate expenses, net (6) | (207) |  |  | (244) |  |  | (400) |  |  | (347) |
Interest expense | (74) |  |  | (78) |  |  | (123) |  |  | (153) |
Income before income taxes | $ | 1,395 |  |  | $ | 534 |  |  | $ | 2,446 |  |  | $ | 1,618 |
Segment depreciation and amortization (7) |  |  |  |  |  |  |
North American Pharmaceutical | $ | 32 |  |  | $ | 43 |  |  | $ | 64 |  |  | $ | 91 |
Oncology & Multispecialty | 71 |  |  | 37 |  |  | 113 |  |  | 75 |
Prescription Technology Solutions | 20 |  |  | 22 |  |  | 41 |  |  | 43 |
Medical-Surgical Solutions | 23 |  |  | 22 |  |  | 45 |  |  | 44 |
Other | 1 |  |  | 5 |  |  | 4 |  |  | 10 |
Corporate | 41 |  |  | 34 |  |  | 78 |  |  | 69 |
Total segment depreciation and amortization | $ | 188 |  |  | $ | 163 |  |  | $ | 345 |  |  | $ | 332 |
Segment expenditures for long-lived assets (8) |  |  |  |  |  |  |
North American Pharmaceutical | $ | 74 |  |  | $ | 66 |  |  | $ | 135 |  |  | $ | 96 |
Oncology & Multispecialty | 23 |  |  | 19 |  |  | 47 |  |  | 37 |
Prescription Technology Solutions | — |  |  | 3 |  |  | 1 |  |  | 7 |
Medical-Surgical Solutions | 32 |  |  | 42 |  |  | 57 |  |  | 93 |
Other | 4 |  |  | 4 |  |  | 5 |  |  | 9 |
Corporate | 63 |  |  | 84 |  |  | 140 |  |  | 143 |
Total segment expenditures for long-lived assets | $ | 196 |  |  | $ | 218 |  |  | $ | 385 |  |  | $ | 385 |
(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 37% of the Prescription Technology Solutions segment’s total revenues, and less than 1% of the Medical-Surgical Solutions segment’s total revenues. The Company’s Norwegian operations are included in Other. Revenues for the four reportable segments are derived in the U.S and Canada. (2)Other segment expense, net includes cost of sales, total operating expenses, as well as other income, net, for the Company’s reportable segments. (3)The Company’s North American Pharmaceutical other segment expense, net includes the following: •a provision for bad debts of $189 million for the six months ended September 30, 2025 and a credit of $203 million for the three and six months ended September 30, 2024 related to the bankruptcy of the Company’s customer Rite Aid Corporation (including certain of its subsidiaries, “Rite Aid”). This charge was recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Condensed Consolidated Statements of Operations; •cash receipts for the Company’s share of antitrust legal settlements were immaterial and $63 million for the three months ended September 30, 2025 and 2024, respectively, and $8 million and $153 million for the six months ended September 30, 2025 and 2024, respectively. These gains were recorded within “Cost of sales” in the Company’s Condensed Consolidated Statements of Operations; •a charge of $593 million for the three and six months ended September 30, 2024 to remeasure the assets and liabilities of the Canadian retail disposal group to fair value less costs to sell, as discussed in Financial Note 2, “Business Acquisitions and Divestitures;” •restructuring charges of $63 million and $65 million for the three and six months ended September 30, 2024, respectively, for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net;” and •a charge of $57 million for the six months ended September 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities.” (4)The Company’s Oncology & Multispecialty other segment expense, net includes the following: •a net gain of $51 million for the three and six months ended September 30, 2025 related to the sale of an investment and market decisions, which was recorded within “Selling, distribution, general, and administrative expenses” in the Company’s Condensed Consolidated Statement of Operations; and •a loss of $43 million for the six months ended September 30, 2024 related to one of the Company’s equity method investments, which was recorded within “Other income, net” in the Company’s Condensed Consolidated Statement of Operations. (5)The Company’s Medical-Surgical Solutions other segment expense, net for the three and six months ended September 30, 2024 includes restructuring charges of $144 million related to a broad set of initiatives to drive operational efficiencies and increase cost optimization efforts as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net.” (6)Corporate expenses, net includes the following: •a charge of $50 million for the three and six months ended September 30, 2024 related to the effect of accumulated other comprehensive loss components from the Canadian retail disposal group, as discussed in Financial Note 2, “Business Acquisitions and Divestitures;” •a net gain of $95 million for the six months ended September 30, 2024 related to the Company’s investments in equity securities of certain U.S. growth stage companies in the healthcare industry, as discussed in Financial Note 10, “Fair Value Measurements;” •a net charge of $51 million for the six months ended September 30, 2024 related to the estimated liability for opioid-related claims, as discussed in Financial Note 11, “Commitments and Contingent Liabilities;” and •restructuring charges of $38 million and $23 million for the three months ended September 30, 2025 and 2024, respectively, and charges of $67 million and $24 million for the six months ended September 30, 2025 and 2024, respectively, for restructuring initiatives as discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net.” (7)Amounts primarily consist of amortization of acquired intangible assets purchased in connection with business acquisitions and capitalized software for internal use as well as depreciation and amortization of property, plant, and equipment, net. (8)Long-lived assets consist of property, plant, and equipment, net and capitalized software.
Schedule of Long-lived Assets By Geographic Areas | Long-lived assets by geographic areas were as follows:
(In millions) | September 30, 2025 |  | March 31, 2025
Long-lived assets |  |  |
United States | $ | 3,096 |  |  | $ | 2,877 |
Foreign | 261 |  |  | 306 |
Total long-lived assets | $ | 3,357 |  |  | $ | 3,183 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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