麦克森 2025年度报告

OR 94-3207296 6555 State Hwy 161,Irving, TX 75039(Address of principal executive offices, including zip code)(972) 446-4800(Registrant’s telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of theAct.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer AcceleratedfilerSmallerreportingcompanyEmerging growth company ☒☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, computed by reference to the closing price as of the last business day of the registrant’s most recently completed second fiscal quarter, September 30, 2025, was approximately $95.3 billion.Number of shares of common stock outstanding on April 30, 2026: 120,204,051 DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for its calendar year 2026 Annual Meeting of Shareholders are incorporated by reference into Part III ofthis Annual Report on Form 10-K. TABLE OF CONTENTS Item PART I 1.Business1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity2.Properties3.Legal Proceedings4.Mine Safety DisclosuresInformation about our Executive Officers PART II 5.Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities306.Reserved327.Management’s Discussion and Analysis of Financial Condition and Results of Operations337A.Quantitative and Qualitative Disclosures About Market Risk578.Financial Statements and Supplementary Data589.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure1199A.Controls and Procedures1199B.Other Information1199C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections119 PART III 10.Directors, Executive Officers, and Corporate Governance11911.Executive Compensation12012.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters12113.Certain Relationships and Related Transactions, and Director Independence12114.Principal Accountant Fees and Services121 PART IV PART I INDEX TO BUSINESS SectionGeneralBusiness SegmentsNorth American PharmaceuticalOncology & MultispecialtyPrescription Technology SolutionsMedical-Surgical SolutionsInvestments, Restructuring, Business Combinations, and DivestituresCompetitionPatents, Trademarks, Copyrights, and LicensesHuman CapitalGovernment RegulationOther Information about the BusinessForward-Looking Statements General McKesson Corporation together with