The biggest changes in the 10-K filed 2026-08-11, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+115.9% Big change FY to 2026-06-30 vs 2025-06-30The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+14.2% Big change FY to 2026-06-30 vs 2025-06-30“Revenue for fiscal 2026 increased 14 percent to $254.2 billion from the prior year, primarily due to branded and specialty pharmaceutical sales growth from existing and new customers.”
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“Pharma segment revenue for fiscal 2026 increased 15 percent to $234.8 billion from the prior year, primarily due to branded and specialty pharmaceutical sales growth from existing and new customers.”
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Net income
+9.8% FY to 2026-06-30 vs 2025-06-30“(in millions, except per common share amounts) Operating Earnings Operating Earnings Growth Rate Earnings Before Income Taxes Provision for Income Taxes Net (Earnings)/Loss Attributable to Non-controlling Interests Net Earnings(1) Net Earnings(1) Growth Rate Effective Tax Rate Diluted EPS(1) Diluted EPS(1) Growth Rate”
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Gross margin
3.7% → 3.8% (+0.2 pts) FY to 2026-06-30 vs 2025-06-30“Gross margin for fiscal 2026 increased 20 percent to $9.8 billion from the prior year, primarily due to the acquisitions of MSO platforms and ADS, increased contribution from branded and specialty pharmaceutical products, and the performance of our generics program.”
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“Gross margin rate for fiscal 2026 grew 17 basis points from the prior year, primarily due to the acquisition of MSO platforms, partially offset by the impact of the unfavorable changes in product mix in the Pharma segment.”
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Operating margin
1.0% → 1.0% (+0.0 pts) FY to 2026-06-30 vs 2025-06-30The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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