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McKesson Corp. — Historical IV crush pattern, win rate, and edge score
McKesson Corp. (MCK) is a Healthcare stock with actively traded listed options. Across 12 earnings events, sellers won 50% of the time. The market only priced in 0.78x the actual move — earnings tend to surprise beyond expectations. A mixed pattern — event-driven setups here need tighter risk controls. MCK premium selling verdict.
Implied vs Actual Earnings Moves
Avoid short premium into earnings.
Actual moves tend to exceed implied — prefer defined-risk strategies (iron condors with wide wings) or reduced position size.
How to read this page
Crush % = (Pre-earnings IV − Post-earnings IV) / Pre-earnings IV × 100Historical IV levels before and after each earnings announcement
ORATS historical earnings data, minimum 5 quarters required
Past crush patterns do not predict future results. Sample sizes under 8 quarters have lower statistical reliability. Company fundamentals, guidance, and macro context change between earnings.
MCK may be attractive for premium selling between earnings cycles — standard VRP and IV Rank signals apply.
See current premium signal →MCK actual earnings moves have historically exceeded implied — selling premium through the event carries elevated risk.
This page — historical earnings analysis ↓Bottom line: Despite consistent IV crush, MCK's actual earnings moves have historically exceeded implied. Premium selling through earnings has been a losing strategy — consider long-vol structures or staying out of the event entirely.
| Quarter | Implied | Actual | Crush | Result |
|---|---|---|---|---|
| Q1 2026 | ±1.6% | -3.6% | --5% | LOSS |
| Q4 2025 | ±1.5% | +0.8% | -6% | WIN |
| Q3 2025 | ±1.5% | -0.5% | -3% | WIN |
Quantitative screening, not investment advice. Verify with your broker. Disclaimer
McKesson Corp.'s earnings crush track record is mixed, with IV compression occurring in about 50% of recent cycles. A win rate near 50% means the options market is approximately correctly pricing the expected move — sometimes the stock moves less (crush), sometimes more (expansion). For premium sellers, this requires a more selective approach: trade the earnings event when other conditions are favorable (high IV Rank, positive VRP, manageable implied move) and sit out when the setup isn't clean. An average crush of -0.3% per event provides reasonable premium decay when it does work.
McKesson Corp.'s earnings crush analysis examines how the stock's actual post-earnings move compares to what options implied. With a win rate of 50.0% and average crush of -0.3%, premium sellers can assess whether the earnings event historically overprices or underprices the gap move. This historical pattern is one of the strongest predictors of future earnings options behavior.
McKesson Corp.'s implied earnings moves have historically fallen short of what actually happened, with an implied/actual ratio of only 0.78x — the options market priced in just 78% of the real move. When this ratio is below 1.0, the stock regularly surprises in magnitude — the market underestimates the gap risk. This is dangerous territory for premium sellers: even if you sell at seemingly wide strikes, the stock may blow through them. McKesson Corp.'s earnings events are better suited for buying strategies (straddles or strangles) or avoiding entirely.
| Q2 2025 |
| ±1.6% |
| -3.6% |
| --3% |
| LOSS |
Showing 4 of 12 · Short ATM straddle, close-to-close
Unlock all 12 quarters →Sometimes — McKesson Corp. crushed IV in 50% of recent earnings (-0% average drop). Mixed track record; use defined-risk strategies if trading.
McKesson Corp. has delivered an IV crush (actual move smaller than implied move) in 50.0% of its last 12 earnings cycles. This mixed record suggests selective trading — wait for additional confirming signals before selling premium through earnings.
McKesson Corp.'s average post-earnings IV crush is -0.3%. This relatively small crush means limited premium available to capture — transaction costs and slippage can eat into thin margins.
McKesson Corp.'s earn effect of 4.00× reflects the magnitude of gap moves around announcements relative to normal daily moves. High earn effect stocks are typically those with significant revenue sensitivity to quarterly results (e.g., guidance revisions, subscriber/user metrics), binary catalysts beyond just EPS (FDA approvals, contract wins), or concentrated institutional positioning that creates outsized reactions. For premium sellers, high earn effect means both more premium available AND more risk per event.
McKesson Corp.'s implied earnings moves have averaged 0.78x the actual move — meaning the options market priced in only 78% of what actually happened. This can result from unpredictable guidance revisions, high sensitivity to sector-specific metrics, or institutional positioning that amplifies post-earnings momentum. For premium sellers, this is a warning: traditional earnings crush strategies have negative expected value on McKesson Corp..
IV crush is the rapid decline in implied volatility immediately after an earnings announcement. Before earnings, uncertainty drives IV higher because the market prices in potential for a large move. After the news drops, uncertainty resolves and IV collapses — typically within hours. For McKesson Corp., the average crush of -0.3% means options lose roughly that percentage of their time value post-announcement. Premium sellers profit from this by selling options at inflated pre-earnings prices and buying them back (or letting them expire) after the crush deflates their value.