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Debt and Financing Activities
 3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Financing Activities Debt and Financing Activities
Long-term debt consisted of the following:
(In millions)June 30, 2026March 31, 2026
U.S. Dollar notes (1) (2)
1.30% Notes due August 15, 2026
500 500 
7.65% Debentures due March 1, 2027
150 150 
3.95% Notes due February 16, 2028
343 343 
4.90% Notes due July 15, 2028
400 400 
4.75% Notes due May 30, 2029
196 196 
4.25% Notes due September 15, 2029
500 500 
4.65% Notes due May 30, 2030
650 650 
4.95% Notes due May 30, 2032
650 650 
5.10% Notes due July 15, 2033
597 597 
5.25% Notes due May 30, 2035
699 699 
6.00% Notes due March 1, 2041
218 218 
4.88% Notes due March 15, 2044
255 255 
U.S. Dollar Medical-Surgical Solutions term loans (3)
4.94% Term Loan A-2 due April 1, 2028
250 — 
4.94% Term Loan A-1 due April 1, 2031
750 — 
5.88% Term Loan B due June 9, 2032
2,239 — 
Foreign currency notes (1) (4)
1.63% Euro Notes due October 30, 2026
571 578 
3.13% Sterling Notes due February 17, 2029
597 595 
Lease and other obligations164 195 
Total debt9,729 6,526 
Less: Current portion1,297 1,267 
Total long-term debt$8,432 $5,259 
(1)These notes are unsecured and unsubordinated obligations of the Company.
(2)Interest on these U.S. dollar notes is payable semi-annually.
(3)Interest on these U.S. dollar Medical-Surgical Solutions term loans is payable quarterly.
(4)Interest on these foreign currency notes is payable annually.
Long-Term Debt
The Company’s long-term debt includes both U.S. dollar and foreign currency-denominated borrowings. At June 30, 2026 and March 31, 2026, $9.7 billion and $6.5 billion, respectively, of total debt was outstanding, of which $1.3 billion was included under the caption “Current portion of long-term debt” in the Company’s Condensed Consolidated Balance Sheets.
Medical-Surgical Solutions Facilities

Term Loan A and Revolving Facility
On April 1, 2026, McKesson Medical-Surgical Top Holdings, Inc. ("MMS Borrower") and certain of its subsidiaries entered into a credit agreement (the “MMS Credit Agreement”) providing for (i) a $750 million senior secured term loan A facility due 2031 (the “Term Loan A-1 Facility”), (ii) a $250 million senior secured term loan A facility due 2028 (the “Term
Loan A-2 Facility” and, together with the Term Loan A-1 Facility, the Term Loan A Facilities”) and (iii) a $1.0 billion senior secured revolving credit facility (the “Revolving Credit Facility”).
Borrowings under the Term Loan A Facilities bear interest at Adjusted Term SOFR (as defined in the Amended MMS Credit Agreement) plus a margin ranging from 1.25% to 1.625%, determined based on the Company's leverage ratio and public credit ratings. As of June 30, 2026 borrowings under the Term Loan A Facilities was subject to interest at Adjusted Term SOFR plus 1.25%. Borrowings under the Revolving Credit Facility bear interest at either a benchmark rate or base rate plus applicable margins, which initially are 1.25% and 0.25%, respectively, and thereafter vary based on leverage ratios and public credit ratings. The Revolving Credit Facility also requires payment of a commitment fee ranging from 0.175% to 0.225%.
Total proceeds received from the issuance of the Term Loan A Facilities, net of discounts and debt offering expenses, were $993 million. The net proceeds from the Term Loan A Facilities were used by MMS Borrower for a payment of principal on an intercompany loan with the Company. MMS Borrower had no borrowings under the Revolving Credit Facility during the period ended June 30, 2026.
Medical-Surgical Solutions Term Loan B
On June 9, 2026, MMS Borrower and certain of its subsidiaries amended the MMS Credit Agreement (as so amended, the Amended MMS Credit Agreement) to establish a $2.25 billion senior secured term loan B facility due 2032 (the “Term Loan B Facility”). The amendment did not otherwise materially modify the terms of the existing credit agreement.
Borrowings under the Term Loan B Facility bear interest, at the borrower's option, at either Adjusted Term SOFR plus 2.25% or the Base Rate (as defined in the Amended MMS Credit Agreement) plus 1.25%. MMS Borrower initially elected an interest rate equal to Adjusted Term SOFR plus 2.25%.
Total proceeds received from the issuance of the Term Loan B Facility, net of discounts and debt offering expenses, were $2.2 billion. The net proceeds from the Term Loan B Facility were used by MMS Borrower for a payment of principal on an intercompany loan with the Company.
At June 30, 2026, MMS Borrower was in compliance with all debt covenants under the Amended MMS Credit Agreement.
The obligations under the Amended MMS Credit Agreement are secured by substantially all tangible and intangible assets of the MMS Borrower and certain of its material U.S. subsidiaries that guarantee the facilities, subject to customary exceptions. The agreement contains customary representations, warranties, and affirmative and negative covenants, including restrictions on indebtedness, liens, investments, fundamental changes, asset dispositions, and dividends and other distributions. 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.
Revolving Credit Facilities
5-Year Facility
In November 2022, the Company entered a $4.0 billion syndicated senior unsecured revolving credit facility (the “2022 Credit Facility”) maturing in November 2029, which was terminated in April 2026 and replaced with the 2026 5-Year Credit Facility described below.

364-Day Facility
On May 8, 2025, the Company entered a $1.0 billion senior unsecured 364-day revolving credit facility maturing in May 2026, which was terminated in April 2026 and replaced with the 2026 5-Year Facility described below.

2026 Credit Facility
On April 24, 2026, the Company replaced its prior revolving credit facilities with a new $5.0 billion senior unsecured revolving credit facility (the “2026 Credit Facility”), maturing in April 2031. The facility contains customary investment-grade covenants, including a maximum Total Debt-to-Consolidated EBITDA ratio, and is available for general corporate purposes.
Borrowings bear interest at variable rates based on SOFR or other applicable benchmark rates plus an applicable margin. The remaining terms are substantially consistent with the Company's prior revolving credit facility.
There were no borrowings under any of the facilities during the period ended June 30, 2026, and no amounts were outstanding at June 30, 2026 and March 31, 2026. At June 30, 2026, the Company was in compliance with all covenants under the 2026 Credit Facility.
Commercial Paper
The Company maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company could issue up to $5.0 billion in outstanding commercial paper notes. During the three months ended June 30, 2026 and 2025, the Company had no borrowings under the program. At June 30, 2026 and March 31, 2026, there were no commercial paper notes outstanding.