What move does the options market price into McKesson's report?

Implied ±6.8%, either direction.

How often does McKesson move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

MCKNYSEWholesale-Drugs, Proprietaries & Druggists' Sundries

McKesson Corp (MCK) earnings date, market-implied expected move, and options open interest by expiry

1,002.38

pre 994.00 −0.44%

Pre-market07:30 ETdelayed

Open998.38Volume720,275Mkt cap$116.4BP/E26.55EPS37.44Div yield0.34%

Day994.00 – 998.380%52-wk722.11 – 1,030.2788%

MCK

McKesson Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±6.8%implied · straddle

930.251,066.51

spot 998.38exp Nov 20ATM strike 1000ATM straddle 80.15IV 45%

Nov 2 close

Expected move

Inputs

Next report

Today

after close

est.Q2 FY27

Calendar

Next report

Last report

−0.67%

vs ±6.2% implied · ×0.11

shaded = implied · ▲▼ = realized

Aug 5 '26 · confirmed

Implied vs realized

Largest filed tie

73.00%

of MCK revenue · Ten largest customers combined

customerMCK 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

−3.12%

shares held · 10 largest managers

13F · Jun 30 '26126d lag

2,028 managers

Top fund weight

1.58%

MCK weight · XLV

N-PORTJun 30 '26

11 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

McKesson (MCK) is expected to report on Nov 3 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±4.4%
avg realized: ±3.6%

Feb 5 '25Feb 5 '25confirmed±4.7%▼−1.18%×0.25

May 8 '25May 8 '25confirmed±4.4%▲+0.47%×0.11

Aug 6 '25Aug 6 '25confirmed±3.9%▼−5.76%×1.48

Q2 FY26Sep 18 '25confirmed±1.7%▼−0.30%×0.18

Nov 5 '25Nov 5 '25confirmed±3.4%▲+1.70%×0.50

Q3 FY26Feb 4 '26confirmed±4.5%▲+16.52%×3.70

Q4 FY26May 7 '26confirmed±6.1%▼−2.47%×0.40

Q1 FY27Aug 5 '26confirmed±6.2%▼−0.67%×0.11

quarterimplied−20%0+20%realized×

Q1 FY27±6.2%▼−0.67%×0.11

Q4 FY26±6.1%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 5 expiries · Nov 2 close

0.89OI · 5 expiries · Nov 2 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,7180%Nov 2017d1,936+2%

1,9320%Dec 1845d0.802,407+1%0.80

2,0660%Jan 1573d0.702,9370%0.70

5070%Feb 19108d0.995100%0.99

1,702+3%Mar 19136d2.207750%2.20

ExpiryPutsCallsP/C

Nov 2017d1,7180%1,936+2%0.89

Dec 1845d1,9320%2,407+1%0.80

Jan 1573d2,0660%2,9370%0.70

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±6.8%

Funds 4

XLV±0.1%

JEPI±0.0%

VIG±0.0%

VTV±0.0%

Suppliers 1

GILD±1.8%×0.26

Dashed = straddle · × = co-movement · max 501dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ1 FY27

0.98%as filednet margin · revenue +9.43% QoQ · +7.72% YoY

Revenue

$105B+9.43% QoQ

Gross profit

$3.7B−8.88% QoQ

3.50% margin

Operating income

$1.3B−38.65% QoQ

1.25% margin

Pre-tax income

$1.3B−38.45% QoQ

Net income

$1.0B−44.37% QoQ

0.98% margin

Cost of revenue

$102B+10.24% QoQ

Operating expenses

$2.4B+24.92% QoQ

SG&A $2.3B

Other operating $102M

Other expense

$11M

Tax

$276M+2.22% QoQ

Revenue$105B+9.43%

Gross profit

$3.7B−8.88%

3.50% margin

Operating income

$1.3B−38.65%

1.25% margin

Pre-tax income

$1.3B−38.45%

Net income

$1.0B−44.37%

0.98% margin

Cost of revenue

$102B+10.24%

Operating expenses

$2.4B+24.92%

SG&A $2.3B

Other operating $102M

Other expense

$11M

Tax$276M+2.22%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 2 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 07:30 ET

Intraday

Event sensitivity

NFP ×1.30· ±1.4% vs ±1.1% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±1.4%5 of 10×1.30

FOMCrate decision±1.4%12 of 24×1.23

PCEpersonal income & outlays±1.2%9 of 19×1.12

PPIproducer prices±1.1%4 of 10×1.04

CPIconsumer prices±1.0%6 of 10×0.91

GDPgross domestic product±0.8%9 of 19×0.74

CPROFcorporate profits±0.8%6 of 12×0.68

Bar = avg |move| to ±2% · tick = ±1.1% avg day · ×base = |move| ÷ ±1.1% · min 6 releases

Earnings history

EPS 5.15 · consensus —

Quarter	Reported	EPS	Consensus
Q1 FY27	Aug 5 '26 · confirmed	5.15	—
Q4 FY26	May 7 '26 · confirmed	13.62	—
Q3 FY26	Feb 4 '26 · confirmed	9.59	—
Q2 FY26	Sep 18 '25 · confirmed	8.92	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod