Total Revenue

+7.2% ( " , " )

Total revenue increased from $36,351 million in Q3 2024 to $38,986 million in Q3 2025, driven by strong performance in key segments such as U.S. Retail Pharmacy and International. This builds on previous trends where brand inflation and robust digital and in-store sales contributed to revenue growth in earlier quarters ( " , " ).

U.S. Retail Pharmacy

+7.7% ( " , " )

U.S. Retail Pharmacy revenue grew from $28,503 million to $30,715 million, reflecting continued improvements in comparable pharmacy sales and operational execution. This increase follows earlier period gains driven by stronger prescription volume and favorable brand inflation effects ( " , " ).

International

+7.8% ( " , " )

International sales rose from $5,727 million to $6,172 million as a result of sustained strong retail performance in Boots UK and healthy wholesale results in Germany. This improvement builds on past performance where comparable sales gains in these markets were instrumental to overall growth ( " , " ).

U.S. Healthcare

-1% ( " , " )

U.S. Healthcare revenue slightly declined from $2,125 million to $2,102 million, primarily due to lower revenue at VillageMD driven by clinic closures and reduced risk-based revenue, despite partial offsetting contributions from other healthcare services—a trend observed in previous period analyses ( " , " ).

Corporate and Other

Slight decline from $(3) million to $(4) million ( " , " )

The small deterioration in Corporate and Other, moving from $(3) million to $(4) million, can be attributed to ongoing non-cash impairments and acquisition-related costs that have historically affected this segment’s operating income, reflecting challenges that persisted from previous periods ( " , " ).