Earnings summaries and quarterly performance for CVS HEALTH.
Executive leadership at CVS HEALTH.
J. David Joyner
Detailed
Chief Executive Officer
CEO
AL
Amy L. Compton-Phillips
Detailed
Executive Vice President and Chief Medical Officer
BO
Brian O. Newman
Detailed
Executive Vice President and Chief Financial Officer
HC
Heidi Capozzi
Detailed
Executive Vice President and Chief People Officer
PS
Prem Shah
Detailed
Group President, CVS Health
SK
Sreekanth K. Chaguturu
Detailed
Executive Vice President and President, Health Care Delivery
SN
Steve Nelson
Detailed
Executive Vice President and President, Aetna
Board of directors at CVS HEALTH.
AA
Alecia A. DeCoudreaux
Detailed
Director
AM
Anne M. Finucane
Detailed
Director
CD
C. David Brown II
Detailed
Director
DH
Douglas H. Shulman
Detailed
Director
FA
Fernando Aguirre
Detailed
Director
GP
Guy P. Sansone
Detailed
Director
JS
J. Scott Kirby
Detailed
Director
JR
Jeffrey R. Balser, M.D., Ph.D.
Detailed
Director
LM
Larry M. Robbins
Detailed
Director
LV
Leslie V. Norwalk
Detailed
Director
MF
Michael F. Mahoney
Detailed
Lead Independent Director
RN
Roger N. Farah
Detailed
Executive Chair of the Board
Research analysts who have asked questions during CVS HEALTH earnings calls.
Andrew Mok
Barclays
7 questions for CVS
Also covers: ACHC, ADUS, AGL +21 more
JL
Justin Lake
Wolfe Research, LLC
7 questions for CVS
Also covers: AGL, CI, CNC +8 more
LG
Lisa Gill
JPMorgan Chase & Co.
7 questions for CVS
Also covers: AGL, CAH, CI +13 more
Elizabeth Anderson
Evercore ISI
6 questions for CVS
Also covers: AGL, ALGN, CAH +23 more
Michael Cherny
Leerink Partners
5 questions for CVS
Also covers: ACCD, ALGN, CAH +19 more
AH
Ann Hynes
Mizuho Financial Group
4 questions for CVS
Also covers: ARDT, BTSG, CI +18 more
EW
Erin Wright
Morgan Stanley
4 questions for CVS
Also covers: ALGN, BTSG, CAH +18 more
George Hill
Deutsche Bank
4 questions for CVS
Also covers: AGL, CAH, CI +16 more
Stephen Baxter
Wells Fargo & Company
3 questions for CVS
Also covers: AGL, BTSG, CAH +15 more
Eric Percher
Nephron Research
2 questions for CVS
Also covers: AMWL, CAH, COR +5 more
JR
John Ransom
Raymond James
2 questions for CVS
Also covers: ACHC, ADUS, ALHC +11 more
Stephen Baxter
Wells Fargo
2 questions for CVS
Also covers: BTSG, CAH, CNC +10 more
Brian Tanquilut
Jefferies
1 question for CVS
Also covers: ACHC, ADUS, AHCO +29 more
CR
Charles Rhyee
TD Cowen
1 question for CVS
Also covers: AMWL, BTSG, CAH +18 more
Elizabeth Anderson
Evercore
1 question for CVS
Also covers: CAH, CRL
Joshua Raskin
Nephron Research
1 question for CVS
Also covers: AIRS, BKD, CI +13 more
Kevin Caliendo
UBS
1 question for CVS
Also covers: AHCO, ALGN, AMWL +16 more
Recent press releases and 8-K filings for CVS.
CVS Health reports Q4 2025 results and 2026 guidance
CVS
Earnings
Guidance Update
- FY 2025 revenue exceeded $400 billion, with adjusted EPS of $6.75 and operating cash flow of $10.6 billion.
- Q4 2025 revenue was $105 billion (+8% YoY), delivering adjusted operating income of $2.6 billion and adjusted EPS of $1.09.
- Aetna segment posted a YoY adjusted operating income improvement of $2.6 billion, while retail pharmacy achieved 16% same-store sales growth and completed the transition to cost-based reimbursement.
- 2026 guidance reaffirmed: revenue ≥ $400 billion, adjusted EPS of $7.00–$7.20, and operating cash flow of at least $9 billion.
Feb 10, 2026, 1:00 PM
CVS Health reports Q4 2025 earnings and reaffirms 2026 guidance
CVS
Earnings
Guidance Update
- Q4 revenue totaled $105 billion, up 8% YoY, with adjusted operating income of $2.6 billion and adjusted EPS of $1.09.
- FY 2025 results: revenue exceeded $400 billion, adjusted EPS of $6.75, and operating cash flow of $10.6 billion, all surpassing initial expectations.
- Q4 segment performance: Health Services revenues grew 9% to $51 billion (AOI +9% to $1.9 billion); Pharmacy & Consumer Wellness revenues rose 12% to $38 billion, with same-store sales +16% and AOI +9% to $1.9 billion.
- 2026 guidance reaffirmed: full-year revenue of at least $400 billion, adjusted EPS of $7.00–$7.20, and operating cash flow of at least $9 billion.
Feb 10, 2026, 1:00 PM
CVS Health announces Q4 2025 earnings results
CVS
Earnings
Guidance Update
- Consolidated Q4 2025 revenue of $105.7 B (+8.2% Y/Y), GAAP EPS $2.30, adjusted EPS $1.09.
- Cash flow from operations of $3.4 B for the quarter and $10.6 B year-to-date.
- Reaffirmed FY 2026 guidance: consolidated revenue ≥ $400.0 B, adjusted EPS $7.00–$7.20, and cash flow from operations ≥ $9.0 B.
- Segment highlights: Health Services revenue of $51.2 B with AOI of $1.92 B ; Pharmacy & Consumer Wellness revenue of $37.7 B with AOI of $1.91 B.
Feb 10, 2026, 1:00 PM
CVS Health reports Q4 2025 results and reaffirms 2026 outlook
CVS
Earnings
Guidance Update
- Revenue of $105 billion+ in Q4 2025 (+8% YoY) ; adjusted operating income $2.6 billion and adjusted EPS $1.09
- Full-year 2025: revenue >$400 billion, adjusted EPS $6.75 (15% above initial expectations), operating cash flow $10.6 billion
- Reaffirmed 2026 guidance: revenue ≥$400 billion, adjusted EPS $7.00–$7.20, operating cash flow ≥$9 billion, with a 55/45 H1/H2 earnings split
- Aetna segment delivered a year-over-year adjusted operating income improvement of >$2.6 billion, driven by enhanced pricing and leadership refresh
- Disappointed by preliminary 2027 Medicare Advantage Advanced Rate Notice but commitment to MA margin recovery and long-term targets remains unchanged
Feb 10, 2026, 1:00 PM
CVS Health reports Q4 and full-year 2025 results
CVS
Earnings
Guidance Update
- Q4 revenue of $105.7 billion (+8.2% year-over-year) and full-year revenue of $402.1 billion (+7.8% year-over-year) were driven by growth across all segments.
- Q4 GAAP diluted EPS of $2.30 and Adjusted EPS of $1.09; FY GAAP diluted EPS of $1.39 and Adjusted EPS of $6.75.
- Generated $10.6 billion of cash flow from operations in 2025, marking a record full-year total.
- Provided 2026 guidance: GAAP diluted EPS of $5.94–$6.14, Adjusted EPS of $7.00–$7.20, and updated cash flow from operations guidance to at least $9.0 billion.
Feb 10, 2026, 11:31 AM
CVS Health reports Q4 and FY 2025 results
CVS
Earnings
Guidance Update
- CVS Health posted Q4 revenues of $105.7 billion (up 8.2% year-over-year) and full-year revenues of $402.1 billion (up 7.8%).
- GAAP diluted EPS was $2.30 in Q4 (vs $1.30 prior) and $1.39 for FY 2025 (vs $3.66), while adjusted EPS was $1.09 in Q4 (vs $1.19) and $6.75 for the year (vs $5.42).
- Generated $10.6 billion of operating cash flow in 2025.
- Provided 2026 guidance for GAAP diluted EPS of $5.94–$6.14, adjusted EPS of $7.00–$7.20, and updated operating cash flow guidance to at least $9.0 billion.
Feb 10, 2026, 11:30 AM
CVS Health accelerates adoption of osteoporosis biosimilars
CVS
Product Launch
- CVS Caremark will include biosimilars Ospomyv and Stoboclo and generics Bonsity and Tymlos on its national commercial formularies effective April 1, 2026, replacing Prolia and Forteo and offering over 50% lower cost per prescription.
- The formulary strategy has delivered $1.5 billion in gross savings and supported a 96% transition of Humira patients to biosimilars.
- Ospomyv and Stoboclo are FDA-approved for treating osteoporosis in high-risk patients and increasing bone density in cancer patients.
- CVS Specialty streamlines the transition for providers and patients through EHR integration and proactive communication.
Feb 5, 2026, 1:00 PM
CVS Health simplifies health insurance and reduces costs
CVS
- Aetna now has about half as many medical services requiring prior authorization as its nearest competitor, approving 95% of eligible requests within 24 hours and 77% of electronic authorizations in real time, with a goal of exceeding 80% by year-end.
- New bundled prior authorization programs cover full care pathways for lung, breast, and prostate cancer, select musculoskeletal procedures, and IVF, and embedding nurses in 17 health systems to cut 30-day readmissions and hospital stays by 5% year-over-year.
- Driving drug cost reductions via biosimilars, with a Humira alternative delivering $1.3 billion in client savings and a Stelara biosimilar priced 86% below brand list price; 25 million members now benefit from point-of-sale rebate sharing through CVS Caremark.
- In 2024, CVS Health contributed $474 billion to the U.S. economy, operates 9,000 community pharmacies within 10 miles of over 85% of Americans, and serves 87 million pharmacy benefit members and 37 million health insurance enrollees.
Jan 22, 2026, 1:00 PM
CVS Health under scrutiny in House antitrust report
CVS
Legal Proceedings
- A House Judiciary Committee interim report titled “When CVS Writes the Rules: How CVS Protects Itself From Innovation and Competition” alleges CVS Health may have violated federal antitrust laws by using its PBM and insurer clout to stifle digital pharmacy rivals through surveillance, audits, provider-manual changes, and cease-and-desist letters.
- The report states CVS began its push into digital pharmacy in 2019 amid competition from PillPack, Phil, and Blink, and relied on unproven fraud allegations as a pretext for its conduct.
- CVS described the findings as misguided, is reviewing the report, and noted it updated its provider manual in May 2025 to make hub-service use easier for network pharmacies.
- The probe has attracted bipartisan attention and presidential criticism, with CVS and other insurer CEOs set to testify before Congress.
Jan 22, 2026, 3:18 AM
CVS Health outlines mid-teens EPS CAGR through 2028 at Investor Day 2025
CVS
Guidance Update
New Projects/Investments
- CVS Health’s leadership defined four growth pillars—best-in-class businesses, consumer experience transformation, provider partnerships, and unified enterprise technology—leveraging 300,000 colleagues and 85% U.S. population reach within 10 miles of a facility.
- 2025 guidance was raised to at least $400 billion in revenue and $6.60–$6.70 EPS, while 2026 outlook calls for $400 billion revenue and $7.00–$7.20 EPS, targeting a mid-teens EPS CAGR through 2028.
- New “Engagement as a Service” platform will launch in 2026 to monetize CVS Health’s proprietary technology assets, aiming for high-margin, high-growth revenue.
- Segment outlook for 2026 includes HCB AOI of $3.6–$3.9 billion with a 90.5% MBR and 25.4 million medical members; Health Services AOI >$7.2 billion; and PCW AOI growth of ~1% despite reimbursement pressures.
Dec 9, 2025, 1:00 PM
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