CVS HEALTH (CVS) Company Report

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.

21 hours ago

Press Release

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

Bloomberg

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

Bloomberg

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

Presentation

CVS Health reports Q3 2025 results and raises full-year outlook

CVS

Earnings

Guidance Update

CVS Health delivered Q3 revenue of $103 billion (+8% y/y), adjusted operating income of $3.5 billion (+36%), and adjusted EPS of $1.60 (+47%).
Generated year-to-date cash flow from operations of $7.2 billion, paid $2.6 billion in dividends, and held $2.3 billion in cash at quarter end.
Raised 2025 guidance to adjusted EPS of $6.55–$6.65, revenue ≥ $397 billion, enterprise adjusted operating income of $14.14–$14.31 billion, cash flow of $7.5–$8 billion, and an adjusted tax rate of 25.3%.
Expects meaningful margin improvement in Healthcare Benefits, low single-digit growth in Health Services, continued momentum in Pharmacy & Consumer Wellness, and mid-teens adjusted EPS growth for 2026; formal guidance to be provided December 9.

Oct 29, 2025, 12:00 PM

Transcript

CVS Health reports Q3 2025 results and raises full-year guidance

CVS

Earnings

Guidance Update

CVS Health reported $103 billion in Q3 2025 revenues (+8% y/y), adjusted operating income of $3.5 billion (+36% y/y), and adjusted EPS of $1.60 (+47% y/y).
Full-year 2025 guidance was raised to $6.55–$6.65 in adjusted EPS (from $6.30–$6.40), revenues of at least $397 billion, enterprise adjusted operating income of $14.14–$14.31 billion, and cash flow from operations of $7.5–$8 billion.
The healthcare benefits segment generated $36 billion in revenue (+9% y/y), maintained medical membership at 26.7 million, and improved its medical benefit ratio to 92.8%.
Recorded a $5.7 billion goodwill impairment in the healthcare delivery unit due to a strategic tempering of Oak Street Health clinic growth.

Oct 29, 2025, 12:00 PM

Transcript

CVS Health reports Q3 2025 results and updates guidance

CVS

Earnings

Guidance Update

CVS reported record third quarter revenues of $102.9 billion, up 7.8% year-over-year
GAAP diluted loss per share was $(3.13), driven by a $5.7 billion goodwill impairment; Adjusted EPS rose to $1.60 from $1.09
Year-to-date operating cash flow was $7.2 billion; full-year GAAP EPS guidance cut to $(0.34)–$(0.24), while Adjusted EPS guidance raised to $6.55–$6.65; cash flow guidance set at $7.5 billion–$8.0 billion
Aetna achieved industry-leading Medicare Advantage Star Ratings, and Caremark secured nearly $6.0 billion in contract wins

Oct 29, 2025, 10:32 AM

8-K

CVS Health reports Q3 2025 results

CVS

Earnings

Guidance Update

CVS Health delivered a record $102.9 billion in third-quarter revenue, up 7.8% year-over-year.
Reported a GAAP diluted loss per share of $(3.13) in Q3, reflecting a $5.7 billion goodwill impairment; Adjusted EPS was $1.60 versus $1.09 a year ago.
Generated $7.2 billion of year-to-date operating cash flow and updated full-year 2025 guidance to GAAP EPS of $(0.34)–$(0.24) (from $3.84–$3.94), Adjusted EPS of $6.55–$6.65, and operating cash flow of $7.5–$8.0 billion.
Operationally, Aetna achieved industry-leading Medicare Advantage Star Ratings, Caremark secured nearly $6.0 billion in contract wins with retention in the high nineties, and the annual vaccination campaign launched nationwide.

Oct 29, 2025, 10:30 AM

Press Release

CVS completes acquisition of select Rite Aid assets

CVS

M&A

Hiring

CVS Pharmacy acquired 63 former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington, plus 626 prescription files across 15 states, now serving over 9 million former patients.
The U.S. Bankruptcy Court approved the sale in May 2025; the transaction closed in under four months, with final store transfers completed on September 30, 2025.
To support the integration, CVS hired 3,500 former Rite Aid and Bartell Drugs colleagues and invested in staffing, recruitment and training at existing locations to maintain service quality.
The company is hosting Grand Opening events—with DJs, food trucks and giveaways—at converted stores throughout October to engage local communities.

Oct 15, 2025, 12:00 PM

Press Release

CVS Health reports 2026 Medicare Advantage star rating results

CVS

CVS Health’s Aetna announced over 81% of its Medicare Advantage members are in plans rated 4 stars or higher for 2026.
Over 63% of its MA members are enrolled in 4.5-star plans for 2026.
Key MA contracts achieved high ratings: H5522 (1.3 M employer + 110 K individual members) and H5521 (1.1 M individual members) both at 4.5 stars; H3959, H2293 and H2663 at 4 stars; and H1609 at 4.5 stars, reflecting sustained multi-year performance.
These results are based on CMS’s 2026 Star Ratings published Oct. 9, 2025, with enrollment data as of September 2025.

Oct 9, 2025, 9:24 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CVS HEALTH.

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