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
5 questions for CVS
Also covers: ACHC, ADUS, AGL +21 more
Elizabeth Anderson
Evercore ISI
5 questions for CVS
Also covers: AGL, ALGN, CAH +23 more
JL
Justin Lake
Wolfe Research, LLC
5 questions for CVS
Also covers: AGL, CI, CNC +8 more
LG
Lisa Gill
JPMorgan Chase & Co.
5 questions for CVS
Also covers: AGL, CAH, CI +13 more
Michael Cherny
Leerink Partners
3 questions for CVS
Also covers: ACCD, ALGN, CAH +18 more
Stephen Baxter
Wells Fargo & Company
3 questions for CVS
Also covers: AGL, BTSG, CAH +15 more
AH
Ann Hynes
Mizuho Financial Group
2 questions for CVS
Also covers: ARDT, BTSG, CI +17 more
Eric Percher
Nephron Research
2 questions for CVS
Also covers: AMWL, CAH, COR +5 more
EW
Erin Wright
Morgan Stanley
2 questions for CVS
Also covers: ALGN, BTSG, CAH +18 more
George Hill
Deutsche Bank
2 questions for CVS
Also covers: AGL, CAH, CI +16 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, CNC, ELV +6 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
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 +15 more
Recent press releases and 8-K filings for CVS.
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
CVS Health outlines 2026 guidance and unveils Engagement as a Service
CVS
Guidance Update
Product Launch
- 2026 outlook: Revenues of at least $400 billion; adjusted EPS of $7.00–$7.20, representing ~15% growth over normalized 2025 and a mid-teens EPS CAGR through 2028.
- Health Care Benefits segment: AOI of $3.6–$3.9 billion; 2026 Medical Loss Ratio of 90.5% ± 50 bps; 25.4 million medical members as Aetna exits the individual exchange business.
- Product launch: Introduction of an Open Engagement Platform with a new “Engagement as a Service” offering for industry partners, targeted for rollout in 2026.
- Technology investments: Leveraging AI for dynamic pricing, supply chain modernization, conversational AI, and enhanced pharmacist capacity to improve customer experience and drive operational efficiency.
Dec 9, 2025, 1:00 PM
CVS Health provides 2026 guidance and long-term outlook at 2025 Investor Day
CVS
Guidance Update
New Projects/Investments
- CVS Health raised its 2025 outlook to ≥$400 billion in revenue (up >$14 billion) and $6.60–$6.70 EPS, driven by all segments and Aetna’s recovery to $2.8 billion AOI.
- For 2026, the company guides to $400 billion in revenue, $15.0–15.4 billion in adjusted AOI, and $7.00–$7.20 EPS (≈15% growth off a normalized $6.20 baseline); share buybacks will remain suspended as it de-leverages.
- Over 2026–2028, management targets a mid-teens EPS CAGR and expects to generate $55–60 billion in deployable cash, funding organic growth, dividends, and a return to share repurchases once leverage goals are met.
- The company committed $20 billion to technology over the next decade and unveiled an “open platform” for partners—future revenue upside from this initiative is not yet included in guidance.
Dec 9, 2025, 1:00 PM
CVS Health raises 2025 EPS guidance, forecasts 2026 profit growth
CVS
Guidance Update
- CVS Health raised its 2025 adjusted EPS guidance to $6.60–$6.70, up from $6.55–$6.65, and improved its GAAP loss-per-share outlook to a loss of $0.32–$0.22.
- The company initiated its 2026 guidance with adjusted EPS of $7.00–$7.20, adjusted operating income of $15.07–$15.41 billion, and total revenues of at least $400 billion.
- CFO Brian Newman cited strong business momentum in 2025 and expects continued earnings growth in 2026.
Dec 9, 2025, 11:42 AM
CVS Health updates 2025–2026 financial guidance and unveils new care engagement platform
CVS
Guidance Update
Product Launch
- Updated 2025 guidance, raising total revenues to ≥$400 billion, GAAP operating income to $4.37 – 4.54 billion, and Adjusted EPS to $6.60 – 6.70; initiated 2026 guidance with revenues of ≥$400 billion, GAAP operating income of $13.26 – 13.60 billion, and Adjusted EPS of $7.00 – 7.20.
- Committed to mid-teens Adjusted EPS CAGR through 2028, reflecting confidence in long-term earnings growth across its diversified businesses.
- Announced new Engagement as a Service platform—an AI-native, open consumer engagement solution integrating Aetna, Caremark, Pharmacy, and Health Care Delivery—to simplify care and enhance consumer experiences.
- Reinforced strategy to leverage its scale and diversified operating segments (Aetna, CVS Caremark, CVS Pharmacy, Health Care Delivery) to deliver best-in-class execution and transform consumer experiences.
Dec 9, 2025, 11:33 AM
CVS Health updates 2025–2026 guidance and outlines strategic roadmap
CVS
Guidance Update
Product Launch
- Strategy launch: At its 2025 Investor Day, CVS Health outlined a plan to deliver best-in-class execution, transform consumer experiences, and serve as the partner of choice by leveraging its enterprise capabilities, while committing to a mid-teens Adjusted EPS CAGR through 2028.
- 2025 guidance raised: Total revenues are now guided to at least $400.0 billion, GAAP operating income to $4.37 billion–$4.54 billion, adjusted operating income to $14.22 billion–$14.39 billion, GAAP diluted EPS to $(0.32)–$(0.22), adjusted EPS to $6.60–$6.70, and cash flow from operations to $7.5 billion–$8.0 billion.
- 2026 guidance initiated: Total revenues of at least $400.0 billion, GAAP operating income of $13.26 billion–$13.60 billion, adjusted operating income of $15.07 billion–$15.41 billion, GAAP diluted EPS of $5.94–$6.14, adjusted EPS of $7.00–$7.20, and cash flow from operations of at least $10.0 billion.
- Product launch: Announced an AI-native open consumer engagement platform to simplify care and integrate experiences across Aetna, CVS Caremark, CVS Pharmacy, and Health Care Delivery, as well as participating industry partners.
Dec 9, 2025, 11:30 AM
CVS Health expands digital and care-coordination initiatives
CVS
New Projects/Investments
Product Launch
- As of November 2025, Aetna rolled out condition-specific prior authorization bundles that integrate medical procedures and pharmacy prescriptions into a single clinical review, including IVF and a new musculoskeletal bundle covering procedures, medications and post-op services.
- Under CVS Health’s $20 billion multi-year digital investment, Aetna has embedded generative AI throughout its Aetna Health app and operational systems, launching an initial conversational AI function with expansion planned for early 2026.
- The Aetna Clinical Collaboration program, live in 17 hospitals, pairs Aetna nurses with hospital staff to support Medicare Advantage members post-discharge, targeting a 5 percent reduction in 30-day readmissions and hospital length of stay.
Dec 4, 2025, 1:00 PM
CVS cuts paid holidays after $10 billion Sycamore acquisition
CVS
M&A
- Elimination of six paid holidays (Thanksgiving, Christmas, New Year’s, Memorial Day, Fourth of July, Labor Day) for hourly retail workers, effective early October 2025.
- Full-time hourly employees lose several hundred dollars annually in guaranteed holiday pay; salaried staff retain unpaid holiday benefits if they don’t work.
- Change is part of Sycamore Partners’ $10 billion acquisition cost-reduction plan, expected to yield millions in savings.
- Shift coincides with ongoing store consolidations and staffing challenges, heightening employee morale and service quality concerns.
Nov 11, 2025, 3:35 PM
CVS Health reports Q3 2025 results
CVS
Earnings
Guidance Update
Accounting Changes
- CVS Health reported record revenue of $102.9 billion, up 7.8% YoY, with adjusted EPS of $1.60.
- The company recorded a GAAP diluted loss per share of $3.13 due to a $5.7 billion goodwill impairment in its Health Care Delivery unit.
- CVS raised its full-year adjusted EPS guidance to $6.55–$6.65 and cash flow from operations guidance to up to $8 billion.
- Strong performance in Health Care Benefits (Aetna) and Pharmacy & Consumer Wellness segments offset ongoing drugstore challenges, including declining margins and increased medical costs.
Oct 29, 2025, 1:37 PM
CVS Health reports Q3 2025 results
CVS
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Consolidated revenues of $102.9 B in Q3 2025, up 7.8% year-over-year; GAAP EPS of ($3.13) and adjusted EPS of $1.60.
- Raised full-year 2025 adjusted EPS guidance to $6.55–$6.65 and revenue guidance to at least $397.3 B, up from prior forecasts.
- Health Care Benefits segment posted Q3 revenues of $36.0 B with adjusted operating income of $0.31 B, reversing a year-ago loss and achieving a Medical Benefit Ratio of 92.8%.
- Pharmacy & Consumer Wellness delivered $36.2 B in revenues and filled 461.4 M prescriptions, while adjusted operating income declined to $1.48 B amid reimbursement pressures.
Oct 29, 2025, 12:00 PM
Quarterly earnings call transcripts for CVS HEALTH.
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