CVS Health Corporation (CVS)

CVS Health recognized for technology that improves medication safety and patient careMay 29, 2026 8:00 AM
PR Newswire (US) The company was awarded a 2026 Newsweek AI Impact AwardWOONSOCKET, R.I., May 29, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced it has been recognized by Newsweek with the 2026 AI Impact Award in the AI Health Care category, specifically for Best Outcomes – Patient Care. The award recognizes CVS Health's AI-Driven Prescription Interpretation and Instruction Standardization technology, which embeds artificial intelligence directly into pharmacy dispensing workflows to help pharmacists improve medication safety and patient care across the company's national pharmacy network. "This recognition reflects our commitment to applying AI in ways that ultimately free up our clinicians' time to better serve patients," said Tony Ambrozie, Senior Vice President and Chief Digital and Technology Officer at CVS Health. "By embedding intelligent automation into our pharmacy workflows, we're giving our pharmacists and technicians more time to focus on what they do best: providing expert clinical support to the patients who depend on us. This is what responsible, patient-centric AI looks like in practice."The Newsweek AI Impact Awards spotlight practitioner-led AI solutions delivering measurable, real-world impact. Award winners are featured on Newsweek.com.Transforming prescription processing through responsible AIAcross the U.S. health care system, pharmacies routinely receive electronic prescriptions containing complex directions for use. These instructions historically required manual transcription by pharmacy teams, creating administrative burden and limiting the time clinicians could dedicate to direct patient support.CVS Health addressed this challenge by deploying trained open-source large language models (LLMs) to interpret prescriber directions, parsing clinical terminology, conditional dosing logic, and contextual nuance that legacy rules-based systems could not process. In parallel, AI-driven logic analyzes frequency, quantity, and duration fields to calculate precise dosage supply — one of the most labor-intensive steps in prescription processing.Delivering results across retail and specialty pharmacyThe solution has delivered significant, measurable outcomes across both retail and specialty pharmacy settings:In retail pharmacy, automating this repetitive task accelerates prescription fulfillment and reduces delays at the point of care, with operational gains directly reallocated to expand clinical support capabilities.In specialty pharmacy, where patients often manage chronic, rare, or life-threatening conditions, this tool has helped CVS Specialty onboard patients and fill their prescriptions more quickly, so they can begin therapy faster.Patient safety and responsible AI deployment were foundational design principles throughout development. Model performance is continuously evaluated against pharmacy accuracy benchmarks, with human-in-the-loop safeguards ensuring pharmacists retain final clinical authority.For more information about CVS Health's technology and innovation initiatives, visit CVSHealth.com.About CVS HealthCVS Health is a leading health solutions company simplifying health care one person, one family, and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contactTara Burke
646-765-4971
BurkeT1@CVSHealth.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-recognized-for-technology-that-improves-medication-safety-and-patient-care-302784905.htmlSOURCE CVS Health Original: CVS Health recognized for technology that improves medication safety and patient care

CVS Health to Deliver Faster, More Personalized Call Center Care for Millions of Members with Salesforce's Agentforce HealthMay 28, 2026 7:30 AM
PR Newswire (US) Collaboration will improve call center experience for members and 1.5 million providers with AI agentsSAN FRANCISCO and WOONSOCKET, R.I., May 28, 2026 /PRNewswire/ -- Salesforce (NYSE: CRM), the world's #1 AI CRM, and CVS Health (NYSE: CVS), a leading health care solutions company which serves 185 million people each year, today announced an expansion of their collaboration to simplify and streamline call center interactions for members and providers across multiple CVS Health businesses. This expanded use of Agentforce Health, Salesforce's industry vertical solution for health care that brings humans, data, and AI agents together on a deeply unified platform, reinforces CVS Health's leadership position in leveraging AI to personalize the member call center experience and better meet members' health care needs. Driving Customer Call Center Engagement with Data and AICVS Health will leverage Agentforce Health to support its Aetna and CVS Caremark businesses on a secure call center platform.The call center platform will use AI agents to provide real-time insights, empowering CVS Health member care colleagues to resolve inquiries faster and with clinical integrity and oversight. Salesforce's technology will connect CVS Health's data, as permitted by applicable laws and client contracts, to help ensure member care colleagues have a complete view of a member's health profile when they are interacting with different CVS Health businesses. This will enable CVS Health member care colleagues to address members' challenges in a single interaction where possible and appropriate for the member. The platform will remove friction from the experience by giving AI agents access to the information they need to quickly support members and CVS Health member care colleagues, creating a more personalized and easier call center experience."Our purpose is to simplify health care – one person, one family and one community at a time – which starts with building a more connected, compassionate and accessible health care experience during every interaction with our members," said Pushpendu Pal, Senior Vice President and Chief Digital Technology Officer, CVS Health. "Through the responsible use of AI, we're revolutionizing health care, unlocking new levels of accessibility for our members, and empowering our colleagues to provide an even deeper, more engaged experience in every moment of a member's journey."A Decade of Collaboration Evolves into AI-Driven Call Center CareFor over a decade, CVS Health and Salesforce have worked together to build CVS Health a centralized call center service solution that simplifies the member experience with Agentforce Health and Agentforce Service. By leveraging Slack, customer care call center teams can communicate in real-time and ensure they are aligned on providing the best outcomes for members and providers."Agentforce Health supports CVS Health's call center experience strategy by creating a seamless experience and automating routine tasks," said Amit Khanna, Senior Vice President and General Manager, Agentforce Health at Salesforce. "With Agentforce Health, CVS Health colleagues can focus on higher-value work, facilitating more meaningful, one-on-one time with every member."This expansion marks Salesforce's largest Agentforce deal to date across regulated industries.The expanded collaboration will also help reduce fragmentation in the U.S. health system and demonstrates the value of CVS Health's integrated call center experience model. As a client of CVS Caremark and Aetna, Salesforce's own employees will experience the benefits of this expanded collaboration. About Salesforce
Salesforce helps organizations of any size become Agentic Enterprises - integrating humans, agents, apps, and data on a trusted, unified platform to unlock unprecedented growth and innovation. Visit www.salesforce.com for more information.About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media Contact
Phil Blando
Phillip.Blando@CVSHealth.com View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-to-deliver-faster-more-personalized-call-center-care-for-millions-of-members-with-salesforces-agentforce-health-302783519.htmlSOURCE CVS Health Original: CVS Health to Deliver Faster, More Personalized Call Center Care for Millions of Members with Salesforce's Agentforce Health

CVS Caremark Delivers Affordability and Access to GLP-1 Weight Management Medications with Expanded Coverage OptionsMay 28, 2026 6:45 AM
PR Newswire (US) Expanded GLP-1 options for members create a path to sustainable coverage of these important medicationsWOONSOCKET, R.I., May 28, 2026 /PRNewswire/ -- CVS Health (NYSE: CVS) today announced updates to its most common commercial formularies, expanding GLP-1 options for members— including the reintroduction of Zepbound® (tirzepatide) as a covered medication. These changes build on Caremark's industry leading efforts as a pharmacy benefits manager to explore all potential avenues that help patients get FDA-approved weight management medications at an affordable cost. Plan sponsors that adopt CVS Caremark template formularies retain discretion to customize coverage for their members. What changes is CVS Caremark making to its weight management drug coverage? CVS Caremark will add Zepbound back to our commercial formularies as an additional preferred option October 1, 2026, increasing access to GLP-1s at a more affordable price for plan sponsors who elect to provide coverage of those medications for their members. Additionally, effective June 1, 2026, CVS Caremark will remove the new-to-market block on Foundayo™(orforglipron), a new oral GLP-1 therapy, where approved for coverage by plans.Over the past year, we've been actively driving change in the GLP-1 weight management space to help lower costs. Our approach has made a real difference, enabling us to now expand options while continuing to make progress on affordability.We expect these changes to help drive increased savings in the weight management category – after a history of delivering double digit savings for our template formulary customers year over year – while expanding choice for our members.Why is CVS Caremark adding Zepbound to their formulary?Simply put, we achieved what our customers asked us for: deliver affordability and optionality in this important class."We're creating access and options that would not have existed without our leadership in the market," said Ed DeVaney, President, CVS Caremark. "We acted boldly through active engagement and negotiation with our drug manufacturer partners to tackle affordability and access for our customers and their members."What is CVS Caremark doing to bring down the cost of GLP-1s?Over the past two years, high prices have put these therapies out of reach for the many people who could benefit from them. Last year, we took the initiative to drive engagement with manufacturers to bend the cost curve — similar to how we've helped improve affordability for drugs used for diabetes, high cholesterol, psoriasis, rheumatoid arthritis and many more. By acting early, we helped improve affordability and get ahead of a rapidly evolving GLP-1 pipeline. This past year, as this therapy class has continued to evolve, we worked with the manufacturers to secure a more affordable cost with positive results that allow us the flexibility to continue offering our customers more choice and access for their members.What are the challenges with GLP-1 pricing?While GLP-1s represent a major clinical advancement, the broad demand for a high-priced medicine creates a level of financial strain that is difficult to absorb at scale. As a result, many of our customers have made tough trade-offs, limiting coverage in order to maintain sustainable, balanced benefit programs. Ongoing collaboration with pharmaceutical companies is helping to make this in-demand drug class more accessible.How was CVS Caremark able to lower the price of these weight management drugs? As a pharmacy benefit manager, CVS Caremark is hired by businesses, big and small, health plans, unions, and government entities to negotiate the cost of medications included on formularies elected by plan sponsors that offer a benefit to their members. These negotiations have led us to deliver increased affordability and increased access to GLP-1s across the class.What is a formulary and how does it impact patients? A formulary is a list of prescription medications available under a health plan, managed with the support of a pharmacy benefit manager. CVS Caremark regularly evaluates formularies — which plan sponsors may adopt or customize based on the needs of their populations — to help support member access to clinically appropriate treatments as evaluated by an independent Pharmacy & Therapeutics committee while helping manage overall medication costs for customers and the members they serve. How is CVS Caremark supporting customers and members through these changes? CVS Caremark will provide advanced communication and/or support to customers, consultants, providers and members to help ensure a smooth transition to covered therapies. These efforts include proactive outreach, educational resources, and clinical support programs. These formulary updates are one component of CVS Health's ongoing efforts to address rising prescription drug costs and improve access to affordable medications for the millions of Americans it serves. About CVS HealthCVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Cautionary Statement Concerning Forward-Looking StatementsThe Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include, but are not limited to, statements regarding the anticipated impact of the formulary changes on affordability, access, and member out-of-pocket costs, as well as statements regarding ongoing engagement with pharmaceutical manufacturers. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in CVS Health's filings with the Securities and Exchange Commission, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and Current Reports on Form 8-K. You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health does not assume any duty to update or revise forward-looking statements except as required by law.Media Contact: 
Phil Blando
Phillip.Blando@cvshealth.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-caremark-delivers-affordability-and-access-to-glp-1-weight-management-medications-with-expanded-coverage-options-302783820.htmlSOURCE CVS Health Original: CVS Caremark Delivers Affordability and Access to GLP-1 Weight Management Medications with Expanded Coverage Options

Aetna reduces claims processing time by more than 20% with AI to improve care experienceMay 26, 2026 9:00 AM
PR Newswire (US) HARTFORD, Conn., May 26, 2026 /PRNewswire/ -- Aetna®, a CVS Health® company (NYSE: CVS), today announced the launch of the second generation Aetna Claims Assist Manager (CAM), an AI-powered agentic claims advisor platform designed to streamline claims processing and improve payment accuracy. Insurance claims processing remains a major cost driver across the U.S. healthcare system, where administrative activities account for roughly a quarter of total spending. According to the 2023 CAQH Index, providers and health insurers spend an estimated $80 billion each year managing administrative transactions. The 2025 CAQH Index also estimates the healthcare industry could save more than $20 billion each year through further automation of administrative processes, including claims-related workflows.CAM, with adjuster AI agents, reduces processing time by over 20% for complex claims that require manual review, helping providers get paid faster and more consistently. Bringing together eligibility, coverage, member and provider data, AI agents automate resolutions and recommend next-best actions."Claims Assist Manager shows how we are using AI to modernize the fundamentals of healthcare operations," said Katerina Guerraz, EVP and Chief Operating Officer at Aetna. "By reducing manual steps and accelerating decision making, we are delivering faster, more reliable outcomes for providers and members."The platform responds directly to provider feedback. In Aetna's recent provider survey, reducing administrative burden and simplifying insurance processes ranked among the highest priorities.Claims Assist Manager is part of CVS Health's $20 billion multi-year investment in digital innovation aimed at simplifying the U.S. health system and creating a more seamless experience for consumers. Beyond claims processing, CAM demonstrates how automation, predictive analytics, and intelligent workflows can modernize complex administrative operations—at scale—while improving the provider and member experience.About Aetna
Aetna, a CVS Health business, serves an estimated 37 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care professionals, governmental units, government-sponsored plans, labor groups and expatriates. For more information, visit Aetna.com (e.g., clinical diagnoses, eligibility criteria, participation in a disease state management program).About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
Phil Blando
Phillip.Blando@CVSHealth.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/aetna-reduces-claims-processing-time-by-more-than-20-with-ai-to-improve-care-experience-302780491.htmlSOURCE CVS Health Original: Aetna reduces claims processing time by more than 20% with AI to improve care experience

Glenview Capital Issues Statement on CVS HealthMay 21, 2026 4:15 PM
PR Newswire (US) NEW YORK, May 21, 2026 /PRNewswire/ -- Two years ago, we established a concentrated position in shares of CVS Health (NYSE: CVS). Since our purchases in May 2024, CVS shares have generated a total return of 80%, reflecting progress in the long-term cultural and operational turnaround underway at the Company. We rebalanced our position in May 2025 and once again our funds have rebalanced positions in May 2026 including the successful resolution of a special purpose vehicle raised in mid-2024 to invest exclusively in the shares of CVS Health. Following healthy Q1 results and increased annual guidance, Glenview reduced its overall holdings by 3.75 million shares consistent with our fund's diversification parameters and to create buying power for further unique opportunities in this volatile macro environment. With this rebalancing, CVS Health remains among our three largest positions, and we have no plans for additional adjustments to our CVS holdings. Our confidence in the near, medium, and long-term outlook for CVS remains strong. With greater operational intensity, discipline, alignment and focus, CVS Health continues to make a positive impact on the health and well-being of the majority of Americans. We appreciate and applaud the efforts and determination of the 300,000 associates of CVS and commend Management on leading industry innovations to promote fair and simple pharmacy reimbursement, greater transparency and alignment in pharmacy benefit management, enhanced access and affordability of conventional and specialty medications, improved speed and reduced friction in prior authorization of medical claims and enhanced care navigation through Health 100. Together we grow.
About Glenview Capital
In its 26th year of operations, Glenview Capital is a long-term investment partnership focused on fundamental investing.Contact:
Logan Flynn
lflynn@hstrategies.com View original content:https://www.prnewswire.com/news-releases/glenview-capital-issues-statement-on-cvs-health-302779460.htmlSOURCE Glenview Capital Original: Glenview Capital Issues Statement on CVS Health

CVS Health study reveals a need for greater digital health literacy for Medicare membersMay 18, 2026 8:30 AM
PR Newswire (US) Majority of respondents believe that low digital literacy is having a negative impact on their ability to manage their health CVS Health continues to launch innovative digital offerings to help members access care, as part of its $20 billion technology investment, announced in 2025 WOONSOCKET, R.I., May 18, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS), today released "Navigating the Digital Health Literacy Gap," a research-based white paper revealing a significant gap between older Americans' current ability to navigate digital health tools and their interest and openness to learning more. These findings come at a crucial time as health care undergoes a profound transformation fueled by AI just as all baby boomers will be age 65 and older and are set to comprise one in five Americans by 2030*. Key findings of the survey include: 58% state that low digital health literacy is negatively impacting their health management.Across four key areas – navigation, knowledge, access, and trust – navigation emerged as the most significant barrier, with 85% of respondents reporting challenges understanding how to use digital health platforms effectively.Yet, despite this challenge, 86% of older Americans are open to engaging with digital health tools.And 71% of respondents reported an eagerness to engage more with digital health care tools."We're caring for the fastest growing and most clinically complex population in the country, and what we found in the research challenges a common assumption—older adults actually are more open to engaging with technology than many think," said Dr. Benjamin Kornitzer, Senior Vice President and Chief Medical Officer of Aetna. "It creates a real opportunity to meet them where they are and provide day to day support, whether it's managing medications, following up after a visit, or staying on track with chronic conditions. Technology and engagement can help them live healthier, more independent lives."A growing population with complex needsThe need for accessible digital health solutions is becoming increasingly urgent. In addition to becoming one of the largest demographics by 2030, CVS Health's research found that Medicare respondents report an average of more than three health conditions, highlighting the importance of tools that support ongoing care management. At the same time, digital engagement helps improve access to care – from scheduling appointments to managing prescriptions and navigating benefits. The opportunity: designing for older AmericansThe research makes clear that the issue is not willingness, but usability. Older Americans are ready to adopt digital health tools when they are designed with their needs in mind and paired with the right level of support. More intuitive self-service: We're enabling CVS Pharmacy customers to initiate self-check-in, schedule appointments, see pharmacy rewards, and provide additional information via intuitive prompts to help expedite prescription pickup and pharmacy care.Personalized digital care tools: CVS Health launched Care Paths to provide more personalized, timely guidance within digital channels. These capabilities help members better understand care options and next steps, supporting a more intuitive experience.Community-based support: Oak Street Health offers classes on "Smartphone Basics" in their community rooms, and computer/internet access for those who may not have it at home.The white paper is based on comprehensive research by CVS Health including surveys, interviews, and ethnographic studies of Medicare-eligible consumers across the United States. To learn more: Navigating the Digital Health Literacy Gap. *According the U.S. Census BureauAbout CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
David Whitrap
David.Whitrap @Vegie-1219 View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-study-reveals-a-need-for-greater-digital-health-literacy-for-medicare-members-302774017.htmlSOURCE CVS Health Original: CVS Health study reveals a need for greater digital health literacy for Medicare members

CVS Health (CVS) climbs after earnings beat and stronger full-year forecastMay 6, 2026 8:15 AM
IH Market News CVS Health (NYSE:CVS) reported first-quarter results that surpassed Wall Street expectations and raised its outlook for the full year, sending shares more than 4% higher in premarket trading.The healthcare group posted adjusted earnings of $2.57 per share, beating analyst forecasts of $2.21 by $0.36.Revenue increased 6.2% year over year to $100.4 billion, ahead of consensus estimates of $95.02 billion. Health Care Benefits division drives earnings improvement The company’s strongest performance came from its Health Care Benefits segment, where adjusted operating income surged 52.6% to $3.0 billion.CVS said the improvement reflected continued progress in its margin recovery efforts.The segment’s medical benefit ratio improved to 84.6%, down from 87.3% a year earlier, supported by stronger underlying performance in the Government business. Company raises earnings and cash flow guidance CVS increased its full-year 2026 adjusted earnings-per-share guidance to a range of $7.30 to $7.50, compared with previous guidance of $7.00 to $7.20.The midpoint of the updated forecast exceeded analyst expectations of $7.16 per share.The company also lifted its operating cash flow guidance to at least $9.5 billion, up from its prior forecast of at least $9.0 billion.Shares gained 4.1% following the announcement.“Our positive performance is driven by strong execution across our enterprise,” said David Joyner, chairman and chief executive officer of CVS Health.“We will continue to build momentum through delivering on our strategy and a steadfast focus on our purpose – to simplify health care one person, one family and one community at a time.” Other business segments face margin pressure Despite the strong overall results, CVS reported weaker profitability in several other business units.Adjusted operating income in the Health Services division fell 7.1% to $1.5 billion, primarily due to ongoing pricing improvements for pharmacy clients.Meanwhile, the Pharmacy & Consumer Wellness segment recorded an 8.8% decline in adjusted operating income to $1.2 billion, as pharmacy reimbursement pressures continued to weigh on margins.CVS Health stock price Original: CVS Health (CVS) climbs after earnings beat and stronger full-year forecast

CVS HEALTH CORPORATION REPORTS STRONG FIRST QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCEMay 6, 2026 6:30 AM
PR Newswire (US) First quarter total revenues increased to $100.4 billion, up 6.2% year-over-yearFirst quarter GAAP diluted EPS of $2.30 and Adjusted EPS of $2.57Raising full-year 2026 guidance:GAAP diluted EPS guidance range to $6.24 to $6.44 from $5.94 to $6.14Adjusted EPS guidance range to $7.30 to $7.50 from $7.00 to $7.20Cash flow from operations guidance to at least $9.5 billion from at least $9.0 billionWOONSOCKET, R.I., May 6, 2026 /PRNewswire/ -- CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2026."CVS Health continues to provide what people want most from health care: a connected, convenient, cost-effective engagement experience across our unique collection of businesses. We build trust every day in communities across the country by providing better access, affordability and care to nearly 185 million people. Our positive performance is driven by strong execution across our enterprise. We will continue to build momentum through delivering on our strategy and a steadfast focus on our purpose - to simplify health care one person, one family and one community at a time."                                                                                                
                                                                                                           - David Joyner, CVS Health Chairman and CEO
Three Months EndedMarch 31,
Year EndingDecember 31,In billions, except per share amounts2026
2025
2026 ProjectedTotal revenues $     100.4
$       94.6
At least $405.0Diluted earnings per share $       2.30
$       1.41
$6.24-$6.44Adjusted EPS (2)$       2.57
$       2.25
$7.30-$7.50Cash flow from operations$         4.2
$         4.6
At least $9.5First quarter GAAP diluted EPS of $2.30 increased from $1.41 in the prior year. Adjusted EPS of $2.57 increased from $2.25 in the prior year, primarily due to improved adjusted operating income in the Health Care Benefits segment, reflecting continued execution on the Health Care Benefits segment margin recovery plan.The Company is increasing its full-year 2026 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect increases in the Health Care Benefits and Pharmacy & Consumer Wellness segments, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.Consolidated first quarter results
Three Months EndedMarch 31,In millions, except per share amounts2026
2025
ChangeTotal revenues $ 100,426
$  94,588
$    5,838Operating income4,680
3,374
1,306Adjusted operating income (1)5,150
4,579
571Net income2,957
1,782
1,175Diluted earnings per share$     2.30
$     1.41
$     0.89Adjusted EPS (2)$     2.57
$     2.25
$     0.32For the three months ended March 31, 2026 compared to the prior year:Total revenues increased 6.2% driven by revenue growth across all operating segments.Operating income increased 38.7% primarily due to the increase in adjusted operating income described below, as well as the absence of a $387 million legacy litigation charge and a $247 million pre-tax loss on the wind down and sale of Accountable Care assets, both recorded in the prior year.Adjusted operating income increased 12.5% primarily driven by an increase in the Health Care Benefits segment. See pages 3 through 5 for additional discussion of the adjusted operating income performance of the Company's segments.Operational UpdatesThe release of the U.S. Centers for Medicare & Medicaid Services' improved Medicare Advantage final rate notice and home health assessment policy enable strong member service and more performance clarity for 2027.Aetna® announced significant progress in streamlining the prior authorization reform, exceeding industry commitments across all benchmarks: standardizing data requirements for 88% of prior authorization volume, approving more than 95% of eligible prior authorizations within 24 hours, processing 83% of prior authorizations in real time and eliminating more than 1 million provider calls through automation and digital tools.CVS Health announced Health100, a health technology services subsidiary, which will use Google Cloud's AI technologies to deliver a fully integrated health care engagement platform to provide a connected, proactive and personalized experience for American consumers.CVS Pharmacy® continues to increase community access to care, including through the unveiling of small pharmacy-focused locations in 2026.Health Care Benefits segmentThe Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three months ended March 31, 2026 and 2025 were as follows:
Three Months EndedMarch 31,In millions, except percentages2026
2025
ChangeTotal revenues$ 35,971
$ 34,810
$   1,161Adjusted operating income (1)3,041
1,993
1,048Medical benefit ratio ("MBR") (3)84.6 %
87.3 %
(2.7) %Medical membership (4)26.0
27.1
(1.1)Total revenues increased 3.3% for the three months ended March 31, 2026 compared to the prior year primarily driven by an increase in the Government business, partially offset by a decline as a result of the Company's exit of the individual exchange business in 2026.Adjusted operating income increased 52.6% for the three months ended March 31, 2026 compared to the prior year primarily driven by improved underlying performance in the Government business and the absence of the $448 million premium deficiency reserve recorded within the individual exchange product line in the prior year, partially offset by lower favorable prior-year development.The MBR decreased to 84.6% in the three months ended March 31, 2026 compared to 87.3% in the prior year primarily driven by improved underlying performance in the Government business and the absence of the premium deficiency reserve recorded in the prior year, partially offset by lower favorable prior-year development.Medical membership as of March 31, 2026 of 26.0 million decreased approximately 600 thousand members compared with December 31, 2025 reflecting the Company's exit of the individual exchange business in 2026, partially offset by an increase in Commercial ASC membership.Prior years' health care costs payable estimates developed favorably by $1.1 billion during the three months ended March 31, 2026.Days claims payable were 42.9 days as of March 31, 2026, an increase of 4.0 days compared to December 31, 2025.Health Services segmentThe Health Services segment provides a full range of pharmacy benefit management solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. The segment results for the three months ended March 31, 2026 and 2025 were as follows:
Three Months EndedMarch 31,In millions2026
2025
ChangeTotal revenues$  48,237
$  43,462
$    4,775Adjusted operating income (1)1,489
1,603
(114)Pharmacy claims processed (5) (6)464.7
464.2
0.5Total revenues increased 11.0% for the three months ended March 31, 2026 compared to the prior year primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.Adjusted operating income decreased 7.1% for the three months ended March 31, 2026 compared to the prior year primarily driven by continued pharmacy client price improvements, partially offset by improved purchasing economics and pharmacy drug mix.Pharmacy claims processed remained relatively consistent on a 30-day equivalent basis for the three months ended March 31, 2026 compared to the prior year.Pharmacy & Consumer Wellness segmentThe Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also provides pharmacy fulfillment services to support the Health Services segment's specialty and mail order pharmacy offerings. The segment results for the three months ended March 31, 2026 and 2025 were as follows:
Three Months EndedMarch 31,In millions2026
2025
ChangeTotal revenues$  31,989
$  31,912
$        77Adjusted operating income (1)1,197
1,313
(116)Prescriptions filled (5) (6)451.2
435.5
15.7Total revenues remained relatively consistent for the three months ended March 31, 2026 compared to the prior year primarily driven by pharmacy drug mix, increased prescription volume, including contributions from the Company's Rite Aid asset acquisitions which were completed during the third quarter of 2025, and brand inflation. These increases were largely offset by regulatory-related price reductions on certain drugs, the impact of recent generic drug introductions and pharmacy reimbursement pressure.Adjusted operating income decreased 8.8% for the three months ended March 31, 2026 compared to the prior year primarily driven by pharmacy reimbursement pressure, continued business investments, lower contributions from seasonal illnesses and greater weather disruption compared to the prior year. These decreases were partially offset by increased prescription volume and contributions from the Company's Rite Aid asset acquisitions.Prescriptions filled increased 3.6% on a 30-day equivalent basis for the three months ended March 31, 2026 compared to the prior year primarily driven by incremental volume resulting from the Company's Rite Aid prescription file acquisitions and increased utilization, partially offset by the absence of long-term care pharmacy prescription volume following the deconsolidation of Omnicare, LLC in September 2025.About CVS HealthCVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Teleconference and WebcastThe Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its first quarter results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.Non-GAAP Financial InformationThe Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" beginning on page 10 and endnotes beginning on page 19 for explanations of non-GAAP financial measures presented in this press release. See pages 12 through 13 and page 18 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.Cautionary Statement Concerning Forward-looking StatementsThe Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include, but are not limited to, the full-year 2026 guidance information, Mr. Joyner's quotation and the information included in the reconciliations and endnotes. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and our Current Reports on Form 8-K.You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.- Tables Follow - CVS HEALTH CORPORATIONCondensed Consolidated Statements of Operations(Unaudited)

Three Months EndedMarch 31,In millions, except per share amounts2026
2025Revenues:


Products$     62,226
$     57,669Premiums33,791
32,820Services3,835
3,579Net investment income574
520Total revenues100,426
94,588Operating costs:


Cost of products sold55,444
51,057Health care costs29,358
29,135Operating expenses10,944
11,022Total operating costs95,746
91,214Operating income4,680
3,374Interest expense(774)
(785)Other income32
28Income before income tax provision3,938
2,617Income tax provision981
835Net income2,957
1,782Net income attributable to noncontrolling interests(14)
(3)Net income attributable to CVS Health$       2,943
$       1,779



Net income per share attributable to CVS Health:


Basic$        2.31
$        1.41Diluted$        2.30
$        1.41Weighted average shares outstanding:


Basic1,273
1,261Diluted1,279
1,264 CVS HEALTH CORPORATIONCondensed Consolidated Balance Sheets(Unaudited) 
In millionsMarch 31,
2026
December 31,
2025Assets:


Cash and cash equivalents$           9,542
$           8,453Investments2,260
2,145Accounts receivable, net40,992
39,779Inventories17,770
19,246Other current assets4,253
5,091  Total current assets74,817
74,714Long-term investments32,407
32,669Property and equipment, net13,037
13,083Operating lease right-of-use assets14,741
14,973Goodwill85,478
85,478Intangible assets, net25,070
25,508Other assets7,424
7,113Total assets$        252,974
$        253,538



Liabilities:


Accounts payable$         16,922
$         17,641Pharmacy claims and discounts payable26,149
26,344Health care costs payable 15,518
15,399Accrued expenses and other current liabilities22,258
22,387Other insurance liabilities1,075
1,116Current portion of operating lease liabilities1,904
1,737Current portion of long-term debt2,580
4,068  Total current liabilities86,406
88,692Long-term operating lease liabilities13,330
13,643Long-term debt60,531
60,502Deferred income taxes3,771
3,832Other long-term insurance liabilities4,592
4,716Other long-term liabilities6,707
6,771Total liabilities175,337
178,156



Shareholders' equity:


Preferred stock—
—Common stock and capital surplus50,679
50,402Treasury stock(36,706)
(36,790)Retained earnings63,282
61,196Accumulated other comprehensive income201
406  Total CVS Health shareholders' equity77,456
75,214Noncontrolling interests181
168Total shareholders' equity77,637
75,382Total liabilities and shareholders' equity$        252,974
$        253,538 CVS HEALTH CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited)

Three Months EndedMarch 31,In millions2026
2025Cash flows from operating activities:


Reconciliation of net income to net cash provided by operating activities:


Net income$        2,957
$        1,782Adjustments required to reconcile net income to net cash provided by operating activities:


  Depreciation and amortization1,115
1,154  Stock-based compensation266
126  Loss on sale of subsidiary—
236  Deferred income taxes and other items(91)
(169)  Change in operating assets and liabilities2
1,427Net cash provided by operating activities4,249
4,556



Cash flows from investing activities:


Proceeds from sales and maturities of investments4,159
3,534Purchases of investments(4,186)
(3,552)Purchases of property and equipment(849)
(743)Acquisitions(5)
(20)Other7
19Net cash used in investing activities(874)
(762)



Cash flows from financing activities:


Commercial paper borrowings (repayments), net—
(859)Repayments of long-term debt(1,518)
(743)Dividends paid(847)
(840)Proceeds from exercise of stock options103
144Payments for taxes related to net share settlement of equity awards(9)
(11)Other(47)
(23)Net cash used in financing activities(2,318)
(2,332)Net increase in cash, cash equivalents and restricted cash1,057
1,462Cash, cash equivalents and restricted cash at the beginning of the period8,712
8,884Cash, cash equivalents and restricted cash at the end of the period$        9,769
$      10,346Non-GAAP Financial InformationThe Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company's and investors' ability to compare the Company's past financial performance with its current and expected future performance. These non-GAAP financial measures, which are included in this press release and which may be referred to on the conference call discussing the Company's first quarter financial results, are provided as supplemental information to the financial measures presented in this press release and discussed on the conference call that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company's definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.Non-GAAP financial measures such as consolidated adjusted operating income, adjusted earnings per share ("EPS") and adjusted income attributable to CVS Health exclude from the relevant GAAP metrics, as applicable: amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance.For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance:The Company's acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.The Company's net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company's business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends.During the three months ended March 31, 2026 and 2025, the acquisition-related integration costs relate to the acquisitions of Signify Health, Inc. and Oak Street Health, Inc. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.During the three months ended March 31, 2025, the Company recorded a legacy litigation charge related to a court decision associated with its past business practices. The legacy litigation charge was reflected in operating expenses within the Pharmacy & Consumer Wellness segment.During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company's Medicare Shared Savings Program ("MSSP") operations, as well as costs incurred in connection with the wind down of the Company's ACO REACH operations. The loss on Accountable Care assets was reflected in operating expenses within the Health Services segment.During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company's evaluation of corporate office real estate space. The office real estate optimization charges were reflected in operating expenses within each segment.The corresponding tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health and Adjusted EPS above. The nature of each non-GAAP adjustment is evaluated to determine whether a discrete adjustment should be made to the adjusted income tax provision.See endnotes (1) and (2) on page 19 for definitions of non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented on pages 12 through 13 and page 18. Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Adjusted Operating Income(Unaudited)
The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating income, as well as reconciliations of segment GAAP operating income (loss) to segment adjusted operating income (loss):

Three Months Ended March 31, 2026In millionsHealth CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
ConsolidatedTotalsOperating income (loss) (GAAP measure)$       2,806
$     1,347
$        1,134
$      (607)
$        4,680Amortization of intangible assets236
142
63
1
442Net realized capital (gains) losses(1)
—
—
17
16Acquisition-related integration costs—
—
—
12
12Adjusted operating income (loss) (1)$       3,041
$     1,489
$        1,197
$      (577)
$        5,150

Three Months Ended March 31, 2025In millionsHealth
CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
ConsolidatedTotalsOperating income (loss) (GAAP measure)$       1,674
$     1,227
$          864
$      (391)
$        3,374Amortization of intangible assets294
144
60
1
499Net realized capital (gains) losses21
(15)
—
15
21Acquisition-related integration costs—
—
—
45
45Legacy litigation charge—
—
387
—
387Loss on Accountable Care assets—
247
—
—
247Office real estate optimization charges4
—
2
—
6Adjusted operating income (loss) (1)$       1,993
$     1,603
$        1,313
$      (330)
$        4,579 Adjusted Earnings Per Share(Unaudited)
The following are reconciliations of net income attributable to CVS Health to adjusted income attributable to CVS Health and calculations of GAAP diluted EPS and Adjusted EPS:

Three Months EndedMarch 31, 2026
Three Months EndedMarch 31, 2025In millions, except per share amountsTotal
Company
Per
Common
Share
Total
Company
Per
Common
ShareNet income attributable to CVS Health (GAAP measure)$     2,943
$       2.30
$     1,779
$       1.41Amortization of intangible assets442
0.35
499
0.39Net realized capital losses16
0.01
21
0.02Acquisition-related integration costs12
0.01
45
0.04Legacy litigation charge—
—
387
0.30Loss on Accountable Care assets—
—
247
0.19Office real estate optimization charges—
—
6
0.01Tax impact of non-GAAP adjustments(121)
(0.10)
(140)
(0.11)Adjusted income attributable to CVS Health (2)$     3,292
$       2.57
$     2,844
$       2.25







Weighted average diluted shares outstanding

1,279


1,264 Supplemental Information(Unaudited) 
The following are reconciliations of financial measures of the Company's segments to the consolidated totals:
In millionsHealth Care Benefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
IntersegmentEliminations (a)
ConsolidatedTotalsThree Months Ended










March 31, 2026










Total revenues$    35,971
$  48,237
$        31,989
$       126
$       (15,897)
$    100,426Adjusted operating income (loss) (1)3,041
1,489
1,197
(577)
—
5,150March 31, 2025










Total revenues$    34,810
$  43,462
$        31,912
$       133
$       (15,729)
$      94,588Adjusted operating income (loss) (1)1,993
1,603
1,313
(330)
—
4,579
_____________________________________________(a)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment. Supplemental Information(Unaudited)
Health Care Benefits segment
The following table summarizes the Health Care Benefits segment's performance for the respective periods:

Three Months EndedMarch 31,
ChangeIn millions, except percentages and basis points ("bps")2026
2025
$
%Revenues:






Premiums$ 33,792
$ 32,808
$    984
3.0 %Services1,717
1,615
102
6.3 %Net investment income462
387
75
19.4 %  Total revenues35,971
34,810
1,161
3.3 %Health care costs28,579
28,637
(58)
(0.2) %MBR (Health care costs as a % of premium revenues) (3)84.6 %
87.3 %
(270)bpsOperating expenses$  4,586
$  4,499
$      87
1.9 %Operating expenses as a % of total revenues12.7 %
12.9 %



Operating income$  2,806
$  1,674
$  1,132
67.6 %Operating income as a % of total revenues7.8 %
4.8 %



Adjusted operating income (1)$  3,041
$  1,993
$  1,048
52.6 %Adjusted operating income as a % of total revenues8.5 %
5.7 %



Premium revenues (by business):






Government$ 27,783
$ 24,902
$  2,881
11.6 %Commercial6,009
7,906
(1,897)
(24.0) % The following table summarizes the Health Care Benefits segment's medical membership for the respective periods:

March 31, 2026
December 31, 2025
March 31, 2025In thousandsInsured
ASC
Total
Insured
ASC
Total
Insured
ASC
TotalMedical membership: (4)
















Commercial2,462
15,872
18,334
3,447
15,350
18,797
3,961
15,250
19,211Medicare Advantage4,175
—
4,175
4,267
—
4,267
4,220
—
4,220Medicare Supplement1,192
—
1,192
1,202
—
1,202
1,253
—
1,253Medicaid1,938
366
2,304
1,952
373
2,325
1,983
412
2,395Total medical membership9,767
16,238
26,005
10,868
15,723
26,591
11,417
15,662
27,079

















Supplemental membership information:













Medicare Prescription Drug Plan (stand-alone)3,889




4,041




4,094 The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods:

March 31, 2026
December 31, 2025
March 31, 2025Days Claims Payable (7)42.9
38.9
43.2 Supplemental Information(Unaudited)
Health Services segment
The following table summarizes the Health Services segment's performance for the respective periods:

Three Months EndedMarch 31,
ChangeIn millions, except percentages2026
2025
$
%Revenues:






Products$ 45,726
$ 41,135
$   4,591
11.2 %Services2,511
2,313
198
8.6 %Net investment income—
14
(14)
(100.0) %  Total revenues48,237
43,462
4,775
11.0 %Cost of products sold44,719
40,115
4,604
11.5 %Health care costs1,302
1,047
255
24.4 %Gross profit (8)2,216
2,300
(84)
(3.7) %Gross margin (Gross profit as a % of total revenues) (8)4.6 %
5.3 %



Operating expenses$    869
$  1,073
$    (204)
(19.0) %Operating expenses as a % of total revenues1.8 %
2.5 %



Operating income$  1,347
$  1,227
$     120
9.8 %Operating income as a % of total revenues2.8 %
2.8 %



Adjusted operating income (1)$  1,489
$  1,603
$    (114)
(7.1) %Adjusted operating income as a % of total revenues3.1 %
3.7 %



Pharmacy claims processed (5) (6)464.7
464.2
0.5
0.1 % Supplemental Information(Unaudited)
Pharmacy & Consumer Wellness segment
The following table summarizes the Pharmacy & Consumer Wellness segment's performance for the respective periods:

Three Months EndedMarch 31,
ChangeIn millions, except percentages2026
2025
$
%Revenues:






Products$ 31,339
$ 31,285
$      54
0.2 %Services650
627
23
3.7 %Total revenues31,989
31,912
77
0.2 %Cost of products sold25,790
25,804
(14)
(0.1) %Gross profit (8)6,199
6,108
91
1.5 %Gross margin (Gross profit as a % of total revenues) (8)19.4 %
19.1 %



Operating expenses $ 5,065
$  5,244
$    (179)
(3.4) %Operating expenses as a % of total revenues15.8 %
16.4 %



Operating income$ 1,134
$    864
$     270
31.3 %Operating income as a % of total revenues3.5 %
2.7 %



Adjusted operating income (1)$ 1,197
$  1,313
$    (116)
(8.8) %Adjusted operating income as a % of total revenues3.7 %
4.1 %



Revenues (by major goods/service lines):






Pharmacy$ 26,123
$ 26,076
$      47
0.2 %Front Store 5,259
5,243
16
0.3 %Other607
593
14
2.4 %Prescriptions filled (5) (6)451.2
435.5
15.7
3.6 %Same store sales increase (decrease): (9)






Total2.8 %
14.2 %



Pharmacy3.1 %
17.7 %



Front Store1.2 %
(0.3) %



Prescription volume (6)6.8 %
6.7 %



 Adjusted Earnings Per Share Guidance(Unaudited)
The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our most recently filed Quarterly Report on Form 10-Q. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS.

Year Ending December 31, 2026
Low
HighIn millions, except per share amountsTotal
Company
Per
Common
Share
Total
Company
Per
Common
ShareNet income attributable to CVS Health (GAAP measure)$     8,032
$       6.24
$     8,288
$       6.44Non-GAAP adjustments:






Amortization of intangible assets1,730
1.35
1,730
1.35Net realized capital losses16
0.01
16
0.01Acquisition-related integration costs80
0.06
80
0.06Tax impact of non-GAAP adjustments(470)
(0.36)
(470)
(0.36)Adjusted income attributable to CVS Health (2)$     9,388
$       7.30
$     9,644
$       7.50







Weighted average diluted shares outstanding

1,286


1,286Endnotes(1)  The Company defines adjusted operating income as operating income (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, certain legacy litigation charges, losses on Accountable Care assets and office real estate optimization charges. The chief operating decision maker (the "CODM") uses adjusted operating income as its principal measure of segment performance as it enhances the CODM's ability to compare past financial performance with current performance and analyze underlying business performance and trends. The consolidated measure is not determined in accordance with GAAP and should not be considered a substitute for, or superior to, the most directly comparable GAAP measure, consolidated operating income. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from consolidated operating income in determining consolidated adjusted operating income.(2)  GAAP diluted earnings per share and Adjusted EPS, respectively, are calculated by dividing net income attributable to CVS Health and adjusted income attributable to CVS Health by the Company's weighted average diluted shares outstanding. The Company defines adjusted income attributable to CVS Health as net income attributable to CVS Health (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, certain legacy litigation charges, losses on Accountable Care assets, office real estate optimization charges, as well as the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from net income attributable to CVS Health in determining adjusted income attributable to CVS Health.(3)  Medical benefit ratio is calculated by dividing the Health Care Benefits segment's health care costs by premium revenues and represents the percentage of premium revenues spent on medical benefits for the segment's insured members. Management uses MBR to assess the underlying business performance and underwriting of its insurance products, understand variances between actual results and expected results and identify trends in period-over-period results. MBR provides management and investors with information useful in assessing the operating results of the Health Care Benefits segment's insured products.(4)  Medical membership represents the number of members covered by the Health Care Benefits segment's insured and ASC medical products and related services at a specified point in time. Management uses this metric to understand variances between actual medical membership and expected amounts as well as trends in period-over-period results. This metric provides management and investors with information useful in understanding the impact of medical membership on the Health Care Benefits segment's total revenues and operating results.(5)  Pharmacy claims processed represents the number of prescription claims processed through the Company's pharmacy benefits manager and dispensed by either its retail network pharmacies or the Company's mail and specialty pharmacies. Prescriptions filled represents the number of prescriptions dispensed through the Pharmacy & Consumer Wellness segment's retail pharmacies and infusion services operations, as well as through the Omnicare long-term care pharmacies prior to their deconsolidation in September 2025. Management uses these metrics to understand variances between actual claims processed and prescriptions dispensed, respectively, and expected amounts as well as trends in period-over-period results. These metrics provide management and investors with information useful in understanding the impact of pharmacy claim volume and prescription volume, respectively, on segment total revenues and operating results.(6)  Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription.(7)  Days claims payable is calculated by dividing the Health Care Benefits segment's health care costs payable at the end of each quarter by its average health care costs per day during such quarter. Management and investors use this metric as one of the indicators of the adequacy of the health care costs payable liability at the end of each quarter.(8)  Gross profit is calculated as the segment's total revenues less its cost of products sold, and, for the Health Services segment, health care costs. Gross margin is calculated by dividing the segment's gross profit by its total revenues and represents the percentage of total revenues that remains after incurring direct costs associated with the segment's products sold and services provided. Gross margin provides investors with information that may be useful in assessing the operating results of the Company's Health Services and Pharmacy & Consumer Wellness segments.(9)  Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company's retail pharmacy stores that have been operating for greater than one year and digital sales initiated online or through mobile applications and fulfilled through the Company's distribution centers, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. Same store metrics exclude revenues and prescriptions from infusion services operations and long-term care pharmacies. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Same-store metrics provide management and investors with information useful in understanding the portion of current revenues and prescriptions resulting from organic growth in existing locations versus the portion resulting from opening new stores.  View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-corporation-reports-strong-first-quarter-2026-results-and-raises-full-year-2026-guidance-302763294.htmlSOURCE CVS Health Original: CVS HEALTH CORPORATION REPORTS STRONG FIRST QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE

Aetna Provider Survey Reveals Optimism and Opportunities to Simplify Health CareApril 8, 2026 6:30 AM
PR Newswire (US)

Optimism exists for the future of health careSurvey highlights opportunities to deepen trust across the provider-payer relationshipFriction points remain, with administrative burden cited as top challengeHARTFORD, Conn., April 8, 2026 /PRNewswire/ -- Aetna®, a CVS Health® company (NYSE: CVS) today announced research findings from the inaugural Aetna Provider Survey, a quarterly study that polls a representative sample of the U.S. provider market to better understand their perceptions, opportunities, and challenges today and into the future. This survey series is intended to solicit timely, objective feedback from the U.S. provider market so we can identify opportunities to change the provider-payer dynamic and deepen trust over time.







The findings show optimism for the future, with a majority (60%) of respondents who believe the health care system will become less burdensome in the next five years. The study also revealed an average provider-payer trust score of more than 50%, demonstrating momentum as well as areas for improvement. While more than four in ten (44%) of respondents agree their current payers prioritize patient well-being and give clear coverage information, only 36% think payers consistently deliver on their promises. When asked the single action payers could take to address their challenges, providers cited helping patients navigate the system (26%) as the top action. "Our industry is at an inflection point and, now more than ever, building trusted provider-payer relationships is critical to achieving our shared goals. At Aetna, we know there is more work ahead and I'm proud of the bold steps we have taken to help our provider partners, medical professionals and those they care for better navigate the health care system," said Steve Nelson, Executive Vice President and President of Aetna. "This survey is one of many ways Aetna engages with those we serve, understanding their priorities and pain points so we can remove friction from the health care system."From an industry perspective, respondents were asked to choose one thing they would change about the health care system today, with the top three answers below.  Reduce administrative burden (26%)Improve access to care for all patients (21%)Simplify insurance processes (17%)Prior Authorization has a role, but needs to be simplified
Most providers (65%) agree prior authorization has a role to play in the health care system, with the top three benefits cited as assessing medical need (33%), ensuring financial accountability (27%), and reducing low-value care (19%). Aetna continues to lead the industry in simplifying Prior Authorization, with the fewest medical services subject to prior authorization. Today, of eligible prior authorizations, more than 95% are approved within 24 hours. Aetna has a target of more than 80% of electronic prior authorizations executed in real-time by year end 2026.Operational excellence is enabled by technology and AI
Survey respondents cited access to patient care and complex insurance processes as pain points and also identified AI as being a part of the solution. Over half (52%) of providers are confident that AI will help improve the health care system by simplifying and accelerating administrative processes. The majority of respondents (57%) also believe access to healthcare will become more equitable in the next five years.Aetna continues to create and integrate AI and digitally enabled solutions to help members better access and navigate the health care system through their channel of choice. Aetna Care Paths, available on the Aetna Health app, provides personalized care recommendations.Aetna is also leveraging technology to achieve operational excellence across the business. As an example, Aetna leveraged technology to automate more than one million incoming provider calls focused on prior authorization requirements and status in 2025. As a company policy, Aetna does not use AI to deny prior authorization claims.Optimism for the future
Looking ahead, there is industry optimism. Over the next five years, three in four providers believe the patient experience will improve and more than half (52%) believe that health care will become easier for patients to navigate.An overwhelming majority (87%) agree that advances in technology will lead to better health outcomes over the next five years. And, 76% reported that technology is a top three investment priority for their organization over the next three years.Survey Methodology
The national study was conducted in Q1 2026 by Morning Consult, a global decision intelligence company. The survey polled a representative sample of U.S. providers comprised of 827 participants, including hospital system executives, physicians, nurses, pharmacists, and health IT leaders (CTO/CIOs) nationwide. The overall margin of error is ±3 percentage points.About Aetna
Aetna, a CVS Health business, serves an estimated 37 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care professionals, governmental units, government-sponsored plans, labor groups and expatriates. For more information, visit Aetna.com (e.g., clinical diagnoses, eligibility criteria, participation in a disease state management program).About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
Phil Blando
Phillip.Blando@CVSHealth.com 



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Original: Aetna Provider Survey Reveals Optimism and Opportunities to Simplify Health Care

CVS Health to hold first quarter 2026 earnings conference callApril 6, 2026 9:00 AM
PR Newswire (US)

WOONSOCKET, R.I., April 6, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) will hold a conference call with analysts and investors on Wednesday, May 6th, 2026, at 8:00 a.m. ET to discuss first quarter 2026 financial results.







An audio webcast of the event will be broadcast simultaneously on the Investor Relations portion of the CVS Health website at investors.cvshealth.com where it will be archived for a period of one year.About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics, and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
Ethan Slavin
860-273-6095
SlavinE@cvshealth.comInvestor contact
Larry McGrath
800-201-0938
investorinfo@cvshealth.com 



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Original: CVS Health to hold first quarter 2026 earnings conference call

Omnicare Advances Court-Supervised Process While Continuing to Deliver Enhanced Value to CustomersApril 1, 2026 3:07 PM
PR Newswire (US)

Enters into Asset Purchase Agreement with GenieRx WOONSOCKET, R.I., April 1, 2026 /PRNewswire/ -- Omnicare, LLC (the "Company" or "Omnicare"), a subsidiary of CVS Health (NYSE: CVS), today announced it has entered into an asset purchase agreement with GenieRx Holdings LLC ("GenieRx"), a joint partnership between private investment firm Milrose Capital LLC and health-care investment and management firm Integro Asset Management LLC, which does business as Integro Healthcare Services. GenieRx will serve as the "stalking horse bidder" in the Company's ongoing court-supervised sale process.







"We are making meaningful progress in our court-supervised process and are pleased to enter into this purchase agreement with GenieRx," said David Azzolina, President of Omnicare. "GenieRx's interest reflects the strength of Omnicare's clinical expertise, the trust we have earned from the skilled nursing and senior living communities we serve, and the essential role our teams play in supporting high-quality care for residents. We are grateful for the continued support of our customers and for the dedication of our colleagues, who remain focused every day on serving residents with care and professionalism."Omnicare continues to focus on helping skilled nursing and assisted living providers navigate the increasing clinical, regulatory, and operational complexity of long-term care. As the sale process moves forward, the Company remains engaged with skilled nursing facilities through transparent pricing approaches, clinical programs aligned with CMS value-based purchasing measures, and analytics that support ISNPs, ACOs, and other risk-bearing care models.For assisted living communities, Omnicare continues to emphasize a partnership-driven approach to pharmacy services, programs designed to support rising resident acuity and aging-in-place, and ongoing improvements to billing, delivery, and communication experiences for operators and residents.Throughout the court-supervised process, Omnicare remains focused on supporting its customers and ensuring residents continue to receive safe, reliable pharmacy care.Additional Information About the Court-Supervised Sale ProcessAs part of Omnicare's ongoing court-supervised process, GenieRx will serve as a "stalking horse bidder", whereby the agreement with GenieRx will set the floor for the sale of the Company's assets. Accordingly, the proposed agreement is subject to higher or otherwise better offers from other qualified bidders.The deadline for interested parties to submit competing bids is April 30, 2026. If qualified bids are received, an auction is expected to be held on May 5, 2026. A hearing to approve the sale to the winning bidder will be scheduled shortly thereafter, subject to the availability of the Court.Additional information regarding Omnicare's court-supervised process is available at www.OmnicareRestructuring.com.Court filings and other information related to the proceedings, including bidding procedures and instructions on how to file a proof of claim, are available on a separate website administered by Omnicare's claims agent, Stretto, at https://cases.stretto.com/Omnicare, by calling Stretto representatives toll-free at (833) 570-5323 or (949) 276-9547 for calls originating outside of the U.S. or Canada, or by sending an email to TeamOmnicare@stretto.com.AdvisorsJenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare.About OmnicareOmnicare is a national leading provider of pharmacy services to the long-term care market, which includes skilled nursing facilities and independent and assisted living communities, addressing the needs of an aging population across the continuum of senior care.For more information, visit www.omnicare.com.About CVS HealthCVS Health® is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media ContactsOmnicare
Aaron Palash
212-355-4449
OmnicareMedia @nywoody-6095
Ethan.Slavin@CVSHealth.com



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Original: Omnicare Advances Court-Supervised Process While Continuing to Deliver Enhanced Value to Customers

CVS Pharmacy® celebrates opening of first pharmacy-only location in ChicagoMarch 30, 2026 12:00 PM
PR Newswire (US)

Small, dedicated neighborhood pharmacies to open in select communities to help increase access to convenient pharmacy care Openings are part of ongoing commitment to serve communities and meet consumers where they are WOONSOCKET, R.I., March 30, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) today unveiled the first of nearly 20 pharmacy-only, apothecary-style CVS Pharmacy® locations it plans to open this year to increase access to pharmacy care. The new pharmacy, located at 2628 West Pershing Road in Chicago's West End, will help bridge gaps in care and make it easier for community members to access medications, immunizations and other health care services provided by pharmacists.







Pharmacy-only locations will open in areas across the country, increasing access to vital pharmacy care, creating a simple and convenient way for community members to seek pharmacist support. Each site will feature a full-service pharmacy with a customized selection of over-the-counter products available for purchase. With footprints averaging around 3,000 square feet, the pharmacy-only sites will help ensure patients have access to prescription medications and the trusted advice and counsel of their neighborhood CVS pharmacist."Pharmacists are among the most accessible and most trusted health care providers," said Len Shankman, Executive Vice President and President, Pharmacy and Consumer Wellness, CVS Health. "We know how important it is for patients to be able to speak one-on-one with their pharmacist, have their questions answered and seek medication advice when needed. Our new, pharmacy-only locations allow our pharmacy teams to continue to build relationships with patients – their friends and neighbors – and provide on the ground pharmacy care in communities that need us."Multiple pharmacy formats to meet community health needsThe pharmacy-only locations are just one component of the company's work to reinvent pharmacy. By taking a customized approach focused on the diverse needs of the communities they serve, CVS Pharmacy has worked to strategically realign its retail footprint over the last few years. The new pharmacy-only sites, opening in select communities, will help the company better support its patients in those communities, ensuring its footprint is the right size and scale, and addressing shifts in the pharmacy industry.These smaller dedicated neighborhood pharmacies join several other formats already in place across the country. They include CVS Pharmacy's traditional full-service front store and pharmacy locations, store-in-store pharmacies, such as those inside Target and Schnucks grocery stores, CVS Pharmacy stores that feature a MinuteClinic retail medical clinic, and side-by-side CVS Pharmacy and Oak Street Health care centers, primarily located in neighborhoods with high Medicaid populations.The company opened its first pharmacy-only location in Birmingham, AL late last year. In addition to the new site in Chicago, pharmacy-only locations are planned for several other communities in 2026, including Houston, TX, Roxbury, MA, Detroit, MI, and Brooklyn, NY. The company also plans to open more than 40 new CVS Pharmacy locations, including traditional stores and pharmacies in Target.Importance of one-on-one interactions with pharmacists The 2025 CVS Health® Rx Report highlighted that 80% of patients prefer face-to-face pharmacy care, and nearly half (48%) would switch pharmacies if limited to digital-only options. The overwhelming majority of pharmacy professionals (97%) also say in-person interactions remain vital.Added Shankman, "We believe health care is best delivered locally, in the community by trusted, caring and tech-enabled colleagues and our customers and patients want to shop and engage in the way that's most convenient for their busy lives. Whether in-person, online, or a combination of the two, our community pharmacies are delivering best-in-class service through consistent, connected, personalized experiences – meeting consumers where, when and how they need us." Whether a patient prefers the convenience of same-day or 1- to 2-day prescription delivery or prefers to visit their local pharmacy in-person, CVS Pharmacy is ensuring patients have multiple care options to choose from, depending on their individual needs.About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
Amy Thibault
401-318-2865
Amy.Thibault@cvshealth.com 














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Original: CVS Pharmacy® celebrates opening of first pharmacy-only location in Chicago

CVS Health declares quarterly dividendMarch 18, 2026 5:15 PM
PR Newswire (US)

WOONSOCKET, R.I., March 18, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) has announced that its board of directors has approved a quarterly dividend of sixty-six and one-half cents ($0.665 cents) per share on the Common Stock of the Corporation. The dividend is payable on May 4, 2026, to holders of record on April 23, 2026.







About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
Ethan Slavin
860-273-6095
Ethan.Slavin @W. Mark-0938
InvestorInfo@CVSHealth.com



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Original: CVS Health declares quarterly dividend

CVS Health Announces $5 Million Scholarship Program to Support Future Pharmacists in LouisianaFebruary 18, 2026 8:00 AM
PR Newswire (US)

Investment aims to strengthen the pharmacy workforce and expand access to care across the stateBATON ROUGE, La., Feb. 18, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced the launch of a new $5 million scholarship program designed to support aspiring pharmacists in the state of Louisiana. The initiative will provide financial assistance to students pursuing their Doctor of Pharmacy (PharmD) degree at either Xavier University of Louisiana or the University of Louisiana at Monroe.







This initiative is part of CVS Health's broader commitment to advancing health equity, expanding access to care, and investing in the next generation of health care professionals. The program will help reduce financial barriers for students from diverse backgrounds and communities, particularly those with a desire to serve in areas with critical health care needs."Pharmacists play a vital role in improving health outcomes and delivering care in the communities we serve," said Lucille Accetta, RPh, Senior Vice President and Chief Pharmacy Officer. "This investment reflects our deep commitment to Louisiana and our belief in the power of education to transform lives and strengthen the healthcare workforce. By investing in future pharmacists in Louisiana, we are not only supporting individual students—we are investing in the health and resilience of entire communities. We're proud to partner with these institutions to help shape the future of pharmacy and ensure care is accessible where it's needed most."Louisiana's long-term success depends on investing where it matters most — right here in the Bayou and in the next generation of leaders who will shape the state's future. From strengthening the workforce to expanding access to care, ensuring young Louisianans have the opportunity to learn, train, and build their careers at home is a top priority for state leadership. Strategic investments in education and workforce development are critical to keeping Louisiana competitive and positioning the state as a destination for talent, innovation, and opportunity.This announcement from CVS Health reinforces that commitment and aligns with Louisiana's broader efforts to grow a strong, homegrown healthcare workforce. By supporting students pursuing careers in pharmacy, this initiative helps create clear pathways for Louisiana's best and brightest to stay, serve, and succeed in their communities. Public-private partnerships like this one are essential to ensuring that Louisiana continues to produce skilled professionals who will call the state home for generations to come."Louisiana's future depends on the young people we invest in today," said Louisiana Governor Jeff Landry. "When we create opportunities for our students to learn, train, and build their careers right here at home, we're strengthening our workforce and our communities at the same time. I'm excited to work with CVS Health on this initiative and grateful for their commitment to helping Louisiana's next generation succeed and choose to build their future in our great state."Xavier University of Louisiana, a historically Black university with a strong legacy of producing healthcare leaders, and the University of Louisiana at Monroe, a key contributor to the state's pharmacy workforce, were selected for their shared commitment to academic excellence and community impact in the state of Louisiana.This new scholarship program builds on CVS Health's existing educational support initiatives, including the CVS Health/AACP Community Pharmacy Scholarship, which awards $20,000 to 21 student pharmacists nationwide, and the company's Enterprise Tuition Assistance and PharmD Tuition Assistance programs for CVS Health colleagues.This CVS Health pharmacy scholarship will be available starting the 2026-27 academic year. More information will be available through the financial aid offices at Xavier University and the University of Louisiana at Monroe.About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
David Whitrap
David.Whitrap@CVSHealth.com



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Original: CVS Health Announces $5 Million Scholarship Program to Support Future Pharmacists in Louisiana

CVS Health tops Q4 forecasts but trims operating cash flow outlookFebruary 10, 2026 10:04 AM
IH Market News
CVS Health Corporation (NYSE:CVS) reported fourth-quarter results that came in ahead of market expectations, though the update was met with a cautious market reaction as the company lowered its outlook for operating cash flow. Shares slipped about 2.5% in premarket trading.The healthcare group delivered adjusted earnings of $1.09 per share for the quarter, beating analysts’ forecasts of $1.00. Revenue rose 8.2% year over year to $105.7 billion, also exceeding the consensus estimate of $103.63 billion. Despite the earnings beat, CVS cut its 2026 operating cash flow guidance to at least $9.0 billion, down from a prior target of at least $10.0 billion.CVS reaffirmed its full-year 2026 adjusted EPS guidance of $7.00 to $7.20, broadly in line with analysts’ expectations of $7.17.“Our fourth quarter and full-year results demonstrate the progress we are making in transforming the health care experience with our unique collection of businesses,” said David Joyner, CVS Health President and CEO. “From lowering drug prices, to improving navigation of health care, to being the front door of care across our country, we are well positioned to achieve our ambition to be the most trusted health care company in America.”For full-year 2025, CVS posted record revenue of $402.1 billion, up 7.8% from the prior year. Adjusted earnings per share reached $6.75, representing a 24.5% increase year on year.The Pharmacy & Consumer Wellness division delivered particularly strong momentum, with fourth-quarter revenue climbing 12.4%, supported by higher prescription volumes and a favorable drug mix. Same-store prescription volumes rose 9.7% on a 30-day equivalent basis.Meanwhile, the Health Services segment — which includes CVS’s pharmacy benefit management operations — reported a 9.0% increase in fourth-quarter revenue. The Health Care Benefits segment saw revenue grow 10.1%, although it recorded an adjusted operating loss linked to changes in Medicare Part D seasonality following the Inflation Reduction Act.CVS Health stock price

Original: CVS Health tops Q4 forecasts but trims operating cash flow outlook

CVS HEALTH CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTSFebruary 10, 2026 6:30 AM
PR Newswire (US)

Fourth Quarter HighlightsTotal revenues increased to $105.7 billion, up 8.2% compared to prior yearGAAP diluted EPS of $2.30 and Adjusted EPS of $1.09Full-Year HighlightsTotal revenues increased to a record high $402.1 billion, up 7.8% compared to prior yearGAAP diluted EPS of $1.39 and Adjusted EPS of $6.75Generated cash flow from operations of $10.6 billionOperational HighlightsCVS Pharmacy® successfully completed the transition to cost-based reimbursement across its Commercial, Third-Party Discount, Medicare and Medicaid businesses.Aetna® continues to improve the experience for health care professionals and their patients, approving more than 95% of all eligible prior authorizations within 24 hours, with many completed instantaneously.Caremark® closes out 2025 with significant customer wins and strong retention, providing momentum into 2026.2026 Full-Year GuidanceConfirmed GAAP diluted EPS guidance range of $5.94 to $6.14Confirmed Adjusted EPS guidance range of $7.00 to $7.20Updated cash flow from operations guidance to at least $9.0 billion from at least $10.0 billionCEO Commentary
"Our fourth quarter and full-year results demonstrate the progress we are making in transforming the health care experience with our unique collection of businesses. From lowering drug prices, to improving navigation of health care, to being the front door of care across our country, we are well positioned to achieve our ambition to be the most trusted health care company in America."- David Joyner, CVS Health President and CEOWOONSOCKET, R.I., Feb. 10, 2026 /PRNewswire/ -- CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended December 31, 2025.Financial Results Summary
Three Months Ended December 31,In millions, except per share amounts2025
2024
ChangeTotal revenues $  105,693
$    97,710
$      7,983Operating income2,112
2,368
(256)Adjusted operating income (1)2,597
2,728
(131)Diluted earnings per share$        2.30
$        1.30
$        1.00Adjusted EPS (2)$        1.09
$        1.19
$      (0.10)Fourth quarter GAAP diluted EPS of $2.30 increased from $1.30 in the prior year. Adjusted EPS of $1.09 decreased from $1.19 in the prior year, primarily due to a decline in adjusted operating income in the Health Care Benefits segment, reflecting changes in the seasonality of the Medicare Part D program due to the impact of the Inflation Reduction Act ("IRA").Consolidated fourth quarter and full-year results
Three Months Ended
December 31,
Year Ended December 31,In millions, except per share amounts2025
2024
Change
2025
2024
ChangeTotal revenues $ 105,693
$  97,710
$    7,983
$ 402,067
$ 372,809
$  29,258Operating income2,112
2,368
(256)
4,660
8,516
(3,856)Adjusted operating income (1)2,597
2,728
(131)
14,443
11,976
2,467Net income2,923
1,623
1,300
1,728
4,586
(2,858)Diluted earnings per share $      2.30
$      1.30
$      1.00
$      1.39
$      3.66
$     (2.27)Adjusted EPS (2)$      1.09
$      1.19
$     (0.10)
$      6.75
$      5.42
$      1.33For the three months and year ended December 31, 2025 compared to the prior year:Total revenues increased 8.2% in the three months ended December 31, 2025 and increased 7.8% in the year ended December 31, 2025 driven by growth across all operating segments.Operating income decreased 10.8% in the three months ended December 31, 2025 primarily due to a decrease in adjusted operating income and a decline in net realized capital gains compared to the prior year.Operating income decreased 45.3% for the year ended December 31, 2025 primarily due to a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit and approximately $1.2 billion of legacy litigation charges, both recorded during the year ended December 31, 2025. These decreases were partially offset by an increase in adjusted operating income and the absence of approximately $1.2 billion of restructuring charges recorded in the prior year.Adjusted operating income decreased 4.8% in the three months ended December 31, 2025 and increased 20.6% in the year ended December 31, 2025. See pages 3 through 5 for a discussion of the adjusted operating income performance of the Company's segments.Interest expense increased $29 million, or 3.8%, and $161 million, or 5.4%, respectively, primarily as a result of long-term debt issuances in December 2024 and August 2025.The Company recorded an income tax benefit at an effective income tax rate of (115.9)% in the fourth quarter of 2025, compared to income tax expense at an effective income tax rate of 23.7% in the prior year. The change was due to a worthless stock deduction associated with a subsidiary that filed for bankruptcy in 2025.The effective income tax rate for the full year decreased to 19.1% compared to 25.4% in the prior year due to the worthless stock deduction described above, partially offset by the impact of the goodwill impairment charge and the legacy litigation charges recorded during 2025, both of which were not deductible for income tax purposes.Health Care Benefits segmentThe Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three months and years ended December 31, 2025 and 2024 were as follows:
Three Months Ended December 31,
Year Ended December 31,In millions, except percentages2025
2024
Change
2025
2024
ChangeTotal revenues$   36,293
$   32,958
$     3,335
$  143,354
$  130,665
$  12,689Adjusted operating income (loss) (1)(676)
(439)
(237)
2,939
307
2,632Medical benefit ratio ("MBR") (3)94.8 %
94.8 %
— %
91.2 %
92.5 %
(1.3) %Medical membership (4)





26.6
27.1
(0.5)Total revenues increased 10.1% and 9.7% for the three months and year ended December 31, 2025, respectively, compared to the prior year primarily driven by increases in the Government business, largely due to the impact of the IRA on the Medicare Part D program.Adjusted operating loss increased $237 million for the three months ended December 31, 2025 compared to the prior year primarily driven by changes in the seasonality of the Medicare Part D program due to the impact of the IRA and the unfavorable year-over-year impact of premium deficiency reserves, partially offset by improved underlying performance in the Government business.Adjusted operating income increased $2.6 billion for the year ended December 31, 2025 compared to the prior year primarily driven by improved underlying performance in the Government business and higher favorable prior year development.The MBR of 94.8% in the three months ended December 31, 2025 remained consistent with the prior year as improved underlying performance in the Government business was offset by changes in the seasonality of the Medicare Part D program due to the impact of the IRA.The MBR decreased to 91.2% in the year ended December 31, 2025 compared to 92.5% in the prior year primarily driven by improved underlying performance in the Government business and higher favorable prior year development.Medical membership as of December 31, 2025 of 26.6 million decreased 112,000 members compared with September 30, 2025 reflecting declines in the individual exchange product line, partially offset by an increase in Commercial ASC membership. Medical membership as of December 31, 2025 decreased 504,000 members compared with December 31, 2024, reflecting declines in the individual exchange and Government product lines, partially offset by an increase in Commercial ASC membership.Prior years' health care costs payable estimates developed favorably by $2.0 billion during the year ended December 31, 2025. This development is reported on a basis consistent with the prior years' development reported in the health care costs payable table in the Company's annual audited financial statements and does not directly correspond to an increase in 2025 operating results.Days claims payable were 38.9 days as of December 31, 2025, a decrease of 3.6 days compared to September 30, 2025.See the supplemental information on page 18 for additional information regarding the performance of the Health Care Benefits segment.Health Services segmentThe Health Services segment provides a full range of pharmacy benefit management ("PBM") solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. The segment results for the three months and years ended December 31, 2025 and 2024 were as follows:
Three Months Ended December 31,
Year Ended December 31,In millions2025
2024
Change
2025
2024
ChangeTotal revenues$  51,244
$  47,020
$    4,224
$ 190,425
$ 173,605
$   16,820Adjusted operating income (1)1,923
1,761
162
7,151
7,243
(92)Pharmacy claims processed (5) (6)491.9
499.4
(7.5)
1,900.7
1,917.6
(16.9)Total revenues increased 9.0% and 9.7% for the three months and year ended December 31, 2025, respectively, compared to the prior year primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.Adjusted operating income increased 9.2% for the three months ended December 31, 2025 compared to the prior year primarily driven by improved purchasing economics, partially offset by continued pharmacy client price improvements.Adjusted operating income decreased 1.3% for the year ended December 31, 2025 compared to the prior year primarily driven by continued pharmacy client price improvements and the impact of a higher medical benefit ratio in the Company's health care delivery business, partially offset by improved purchasing economics and pharmacy drug mix.Pharmacy claims processed decreased 1.5% and 0.9% on a 30-day equivalent basis for the three months and year ended December 31, 2025, respectively, compared to the prior year.See the supplemental information on page 19 for additional information regarding the performance of the Health Services segment.Pharmacy & Consumer Wellness segmentThe Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also provides pharmacy fulfillment services to support the Health Services segment's specialty and mail order pharmacy offerings. The segment results for the three months and years ended December 31, 2025 and 2024 were as follows:
Three Months Ended December 31,
Year Ended December 31,In millions2025
2024
Change
2025
2024
ChangeTotal revenues$  37,660
$  33,514
$    4,146
$ 139,367
$ 124,500
$     14,867Adjusted operating income (1)1,911
1,758
153
6,040
5,774
266Prescriptions filled (5) (6)473.8
445.9
27.9
1,808.8
1,715.5
93.3Total revenues increased 12.4% and 11.9% for the three months and year ended December 31, 2025, respectively, compared to the prior year primarily driven by pharmacy drug mix and increased prescription volume, including incremental volume resulting from the Company's Rite Aid prescription file acquisitions, partially offset by continued pharmacy reimbursement pressure and the impact of recent generic drug introductions.Adjusted operating income increased 8.7% and 4.6% for the three months and year ended December 31, 2025, respectively, compared to the prior year primarily driven by increased prescription volume, including incremental volume resulting from the Company's Rite Aid prescription file acquisitions, as well as favorable drug mix, partially offset by continued pharmacy reimbursement pressure and increased investments in the segment's colleagues and capabilities.Prescriptions filled increased 6.3% and 5.4% on a 30-day equivalent basis for the three months and year ended December 31, 2025, respectively, compared to the prior year primarily driven by increased utilization and incremental volume resulting from the Company's Rite Aid prescription file acquisitions.Same store prescription volume(6)(11) increased 9.7% and 8.0% on a 30-day equivalent basis for the three months and year ended December 31, 2025, respectively, compared to the prior year.See the supplemental information on page 20 for additional information regarding the performance of the Pharmacy & Consumer Wellness segment.Teleconference and webcastThe Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.Non-GAAP Financial InformationThe Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" beginning on page 11 and endnotes beginning on page 24 for explanations of non-GAAP financial measures presented in this press release. See pages 14 through 16 and page 23 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.About CVS HealthCVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Cautionary statement concerning forward-looking statementsThe Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include, but are not limited to, the information under the headings "2026 Full-Year Guidance", "CEO Commentary" and "Financial Results Summary" and the information included in the reconciliations and endnotes. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025 and our Current Reports on Form 8-K.You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise. - Tables Follow - CVS HEALTH CORPORATIONCondensed Consolidated Statements of Operations(Unaudited)

Three Months Ended December 31,
Year Ended December 31,In millions, except per share amounts2025
2024
2025
2024Revenues:






Products$    67,042
$    61,911
$  249,908
$  231,521Premiums34,017
30,913
134,751
122,896Services4,040
4,131
15,175
16,239Net investment income594
755
2,233
2,153Total revenues105,693
97,710
402,067
372,809Operating costs:






Cost of products sold59,060
55,268
221,167
206,287Health care costs33,066
29,543
125,538
115,121Operating expenses11,455
10,521
44,977
41,706Goodwill impairment—
—
5,725
—Restructuring charges—
10
—
1,179Total operating costs103,581
95,342
397,407
364,293Operating income2,112
2,368
4,660
8,516Interest expense(787)
(758)
(3,119)
(2,958)Gain on early extinguishment of debt—
491
—
491Gain on deconsolidation of subsidiary—
—
483
—Other income29
25
112
99Income before income tax provision1,354
2,126
2,136
6,148Income tax provision (benefit)(1,569)
503
408
1,562Net income2,923
1,623
1,728
4,586Net loss attributable to noncontrolling interests20
21
40
28Net income attributable to CVS Health$      2,943
$      1,644
$      1,768
$      4,614







Net income per share attributable to CVS Health:






Basic$       2.32
$       1.31
$       1.40
$       3.67Diluted$       2.30
$       1.30
$       1.39
$       3.66Weighted average shares outstanding:






Basic 1,270
1,259
1,267
1,259Diluted1,277
1,261
1,271
1,262 CVS HEALTH CORPORATIONCondensed Consolidated Balance Sheets(Unaudited)

At December 31,In millions2025
2024Assets:


Cash and cash equivalents$         8,453
$         8,586Investments2,145
2,407Accounts receivable, net39,779
36,469Inventories19,246
18,107Other current assets5,091
3,076  Total current assets74,714
68,645Long-term investments32,669
28,934Property and equipment, net13,083
12,993Operating lease right-of-use assets14,973
15,944Goodwill85,478
91,272Intangible assets, net25,508
27,323Separate accounts assets1,994
3,311Other assets5,119
4,793Total assets$      253,538
$      253,215



Liabilities:


Accounts payable$       17,641
$       15,892Pharmacy claims and discounts payable26,344
24,166Health care costs payable 15,399
15,064Accrued expenses and other current liabilities22,387
20,810Other insurance liabilities1,116
1,183Current portion of operating lease liabilities1,737
1,751Short-term debt—
2,119Current portion of long-term debt4,068
3,624  Total current liabilities88,692
84,609Long-term operating lease liabilities13,643
14,899Long-term debt60,502
60,527Deferred income taxes3,832
3,806Separate accounts liabilities1,994
3,311Other long-term insurance liabilities4,716
4,902Other long-term liabilities4,777
5,431Total liabilities178,156
177,485



Shareholders' equity:


Preferred stock—
—Common stock and capital surplus50,402
49,661Treasury stock(36,790)
(36,818)Retained earnings61,196
62,837Accumulated other comprehensive income (loss)406
(120)  Total CVS Health shareholders' equity75,214
75,560Noncontrolling interests168
170Total shareholders' equity75,382
75,730Total liabilities and shareholders' equity$      253,538
$      253,215 CVS HEALTH CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited)

Year Ended December 31,In millions2025
2024Cash flows from operating activities:


Cash receipts from customers$      389,128
$      357,995Cash paid for inventory, prescriptions dispensed and health services rendered(216,493)
(197,726)Insurance benefits paid (121,238)
(109,464)Cash paid to other suppliers and employees(37,570)
(38,821)Interest and investment income received1,969
1,735Interest paid(2,991)
(2,909)Income taxes paid(2,166)
(1,703)Net cash provided by operating activities10,639
9,107



Cash flows from investing activities:


Proceeds from sales and maturities of investments12,383
10,353Purchases of investments(15,012)
(15,191)Purchases of property and equipment(2,832)
(2,781)Acquisitions (net of cash and restricted cash acquired)(436)
(95)Other26
101Net cash used in investing activities(5,871)
(7,613)



Cash flows from financing activities:


Commercial paper borrowings (repayments), net(2,119)
1,919Proceeds from issuance of long-term debt3,969
7,913Repayments of long-term debt(3,629)
(4,773)Repurchase of common stock—
(3,023)Dividends paid(3,397)
(3,373)Proceeds from exercise of stock options394
361Payments for taxes related to net share settlement of equity awards(158)
(185)Other—
26Net cash used in financing activities(4,940)
(1,135)Net increase (decrease) in cash, cash equivalents and restricted cash(172)
359Cash, cash equivalents and restricted cash at the beginning of the period8,884
8,525Cash, cash equivalents and restricted cash at the end of the period$         8,712
$         8,884 CVS HEALTH CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited)

Year Ended December 31,In millions2025
2024Reconciliation of net income to net cash provided by operating activities:


Net income$         1,728
$         4,586Adjustments required to reconcile net income to net cash provided by operating activities:


  Depreciation and amortization4,606
4,597  Goodwill impairment5,725
—  Stock-based compensation535
540  Loss on sale of subsidiary236
—  Gain on early extinguishment of debt—
(491)  Gain on deconsolidation of subsidiary(483)
—  Restructuring charges (impairment of long-lived assets)—
840  Deferred income taxes102
(572)  Other items(336)
(502) Change in operating assets and liabilities, net of effects from acquisitions:


Accounts receivable, net(3,498)
(1,301)Inventories(1,267)
(102)Other assets(2,593)
(38)Accounts payable and pharmacy claims and discounts payable3,855
2,335Health care costs payable and other insurance liabilities16
2,757Other liabilities2,013
(3,542)Net cash provided by operating activities$       10,639
$         9,107Non-GAAP Financial InformationThe Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company's and investors' ability to compare the Company's past financial performance with its current and expected future performance. These non-GAAP financial measures, which are included in this press release and which may be referred to on the conference call discussing the Company's fourth quarter and full-year 2025 financial results, are provided as supplemental information to the financial measures presented in this press release and discussed on the conference call that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company's definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.Non-GAAP financial measures such as consolidated adjusted operating income, adjusted earnings per share ("EPS") and adjusted income attributable to CVS Health exclude from the relevant GAAP metrics, as applicable: amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance.For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance:The Company's acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.The Company's net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company's business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends.During the three months and year ended December 31, 2025 and 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health, Inc. and Oak Street Health, Inc. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.During the year ended December 31, 2025, the goodwill impairment charge relates to the Health Care Delivery reporting unit within the Health Services segment.During the year ended December 31, 2025, the Health Care Delivery clinic closure charge primarily relates to the write down of long-lived assets in connection with the planned closure of certain existing Oak Street Health clinics in 2026, as well as associated severance and employee-related costs expected to be incurred. The Health Care Delivery clinic closure charge is reflected in operating expenses within the Health Services segment.During the years ended December 31, 2025 and 2024, the opioid litigation charges relate to changes in the Company's accrual related to ongoing opioid litigation matters.During the year ended December 31, 2025 and the three months and year ended December 31, 2024, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company's evaluation of corporate office real estate space in response to its ongoing flexible work arrangement. The office real estate optimization charges are reflected in operating expenses within each segment.During the year ended December 31, 2025, the Company recorded legacy litigation charges related to two court decisions associated with its past business practices.
In April 2025, a jury found Omnicare, LLC ("Omnicare") and CVS Health Corporation liable in connection with alleged violations of the federal False Claims Act related to dispensing practices by Omnicare from 2010, prior to its acquisition by the Company in 2015, through 2018. Damages were found only with respect to Omnicare. Accordingly, the Company recorded a litigation charge of $387 million during the first quarter of 2025. During the second quarter of 2025, the Company recorded a charge of $542 million, reflecting penalties assessed under the False Claims Act. These litigation charges are reflected in operating expenses within the Pharmacy & Consumer Wellness segment.
In June 2025, a court found certain subsidiaries of CVS Health Corporation liable for damages in connection with a complaint filed in February 2014, in which the government declined to intervene, related to PBM direct and indirect remuneration reporting practices for two clients from 2010 through 2016, which the Company has since modified. In connection with this court decision, the Company recorded a litigation charge of $291 million during the second quarter of 2025. This litigation charge is reflected in operating expenses within the Health Services segment.During the year ended December 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company's Medicare Shared Savings Program ("MSSP") operations, which the Company sold in March 2025, as well as costs incurred in connection with the process of winding down the Company's Accountable Care Organization Realizing Equity, Access and Community Health ("ACO REACH") operations. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.During the three months ended December 31, 2024, the restructuring charges are primarily comprised of a stock-based compensation charge. During the year ended December 31, 2024, the restructuring charges also include a store impairment charge, corporate workforce optimization costs, including severance and employee-related costs, and other asset impairment and related charges associated with the discontinuation of certain non-core assets. During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, the Company completed a strategic review of its retail business and determined that it planned to close additional retail stores in 2025, and, accordingly, it recorded a store impairment charge to write down the associated lease right-of-use assets and property and equipment. In addition, during the third quarter of 2024, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, at which time impairment losses were recorded to write down the carrying value of these assets to the Company's best estimate of their fair value. The restructuring charges associated with the store impairments are reflected within the Pharmacy & Consumer Wellness segment, other asset impairments and related charges are reflected within the Corporate/Other and Pharmacy & Consumer Wellness segments and corporate workforce optimization costs, including severance and employee-related costs, as well as the stock-based compensation charge, are reflected within the Corporate/Other segment.During the three months and year ended December 31, 2024, the gain on early extinguishment of debt relates to the Company's repayment of approximately $2.6 billion of its outstanding senior notes in December 2024, pursuant to its tender offer for such senior notes.During the year ended December 31, 2025, the gain on deconsolidation of subsidiary relates to Omnicare, a wholly-owned indirect subsidiary of CVS Health Corporation, and certain of its subsidiary entities (collectively, the "Omnicare Entities"). In September 2025, the Omnicare Entities voluntarily initiated Chapter 11 proceedings under the U.S. Bankruptcy Code, at which time the Company determined that it no longer retained control of the Omnicare Entities and deconsolidated the subsidiaries.Following the voluntarily initiation of Chapter 11 proceedings described above, it was determined that the Company's investment in a subsidiary became worthless in 2025. Consequently, the Company recognized a related net tax benefit of approximately $1.9 billion in the aggregate during the three months and year ended December 31, 2025.The corresponding tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health and Adjusted EPS above. The nature of each non-GAAP adjustment is evaluated to determine whether a discrete adjustment should be made to the adjusted income tax provision.See endnotes (1) and (2) on page 24 for definitions of non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented on pages 14 through 16 and page 23.
Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial
Measures
 Adjusted Operating Income(Unaudited)
The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating
income, as well as reconciliations of segment GAAP operating income (loss) to segment adjusted operating income (loss):

Three Months Ended December 31, 2025In millionsHealth CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
ConsolidatedTotalsOperating income (loss) (GAAP measure)$            (936)
$       1,790
$            1,846
$          (588)
$            2,112Amortization of intangible assets274
143
65
1
483Net realized capital (gains) losses(14)
(10)
—
9
(15)Acquisition-related integration costs—
—
—
17
17Adjusted operating income (loss) (1)$            (676)
$       1,923
$            1,911
$          (561)
$            2,597




Three Months Ended December 31, 2024In millionsHealth CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other

ConsolidatedTotalsOperating income (loss) (GAAP measure)$            (757)
$       1,903
$            1,694
$          (472)

$            2,368Amortization of intangible assets294
147
61
1

503Net realized capital (gains) losses15
(289)
—
68

(206)Acquisition-related integration costs—
—
—
40

40Office real estate optimization charges9
—
3
1

13Restructuring charges—
—
—
10

10Adjusted operating income (loss) (1)$            (439)
$       1,761
$            1,758
$          (352)

$            2,728 
Year Ended December 31, 2025In millionsHealth
CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
ConsolidatedTotalsOperating income (loss) (GAAP measure)$          1,793
$          220
$            4,860
$      (2,213)
$            4,660Amortization of intangible assets1,155
569
249
3
1,976Net realized capital (gains) losses(13)
(25)
—
82
44Acquisition-related integration costs—
—
—
117
117Goodwill impairment—
5,725
—
—
5,725Health Care Delivery clinic closure charge—
83
—
—
83Opioid litigation charge—
—
—
320
320Office real estate optimization charges4
—
2
4
10Legacy litigation charges—
291
929
—
1,220Loss on Accountable Care assets—
288
—
—
288Adjusted operating income (loss) (1)$          2,939
$       7,151
$            6,040
$      (1,687)
$          14,443




Year Ended December 31, 2024In millionsHealth
CareBenefits
HealthServices
Pharmacy &ConsumerWellness
Corporate/Other
ConsolidatedTotalsOperating income (loss) (GAAP measure)$            (984)
$       6,937
$            4,770
$      (2,207)
$            8,516Amortization of intangible assets1,175
595
253
2
2,025Net realized capital (gains) losses97
(289)
—
75
(117)Acquisition-related integration costs—
—
—
243
243Opioid litigation charge—
—
—
100
100Office real estate optimization charges19
—
4
7
30Restructuring charges—
—
747
432
1,179Adjusted operating income (loss) (1)$              307
$       7,243
$            5,774
$      (1,348)
$          11,976 Adjusted Earnings Per Share(Unaudited)
The following are reconciliations of net income attributable to CVS Health to adjusted income attributable to CVS
Health and calculations of GAAP diluted earnings per share and Adjusted EPS: 

Three Months EndedDecember 31, 2025
Three Months Ended December 31, 2024In millions, except per share amountsTotal
Company
Per
Common
Share
Total
Company
Per
Common
ShareNet income attributable to CVS Health (GAAP measure)$      2,943
$        2.30
$      1,644
$        1.30Amortization of intangible assets483
0.38
503
0.40Net realized capital gains(15)
(0.01)
(206)
(0.16)Acquisition-related integration costs17
0.01
40
0.03Office real estate optimization charges—
—
13
0.01Restructuring charges—
—
10
0.01Gain on early extinguishment of debt—
—
(491)
(0.39)Tax benefit from worthless stock deduction(1,928)
(1.51)
—
—Tax impact of other non-GAAP adjustments(113)
(0.08)
(7)
(0.01)Adjusted income attributable to CVS Health (2)$      1,387
$        1.09
$      1,506
$        1.19







Weighted average diluted shares outstanding

1,277


1,261








Year Ended
December 31, 2025
Year Ended
December 31, 2024In millions, except per share amountsTotal
Company
Per
Common
Share
Total
 Company
Per
Common
 ShareNet income attributable to CVS Health (GAAP measure)$     1,768
$       1.39
$      4,614
$       3.66Amortization of intangible assets1,976
1.56
2,025
1.61Net realized capital (gains) losses44
0.03
(117)
(0.09)Acquisition-related integration costs117
0.09
243
0.19Goodwill impairment5,725
4.50
—
—Health Care Delivery clinic closure charge83
0.07
—
—Opioid litigation charges320
0.25
100
0.08Office real estate optimization charges10
0.01
30
0.02Legacy litigation charges1,220
0.96
—
—Loss on Accountable Care assets288
0.23
—
—Restructuring charges—
—
1,179
0.93Gain on early extinguishment of debt—
—
(491)
(0.39)Gain on deconsolidation of subsidiary(483)
(0.38)
—
—Tax benefit from worthless stock deduction(1,928)
(1.51)
—
—Tax impact of other non-GAAP adjustments(568)
(0.45)
(745)
(0.59)Adjusted income attributable to CVS Health (2)$     8,572
$       6.75
$      6,838
$       5.42







Weighted average diluted shares outstanding

1,271


1,262







  Supplemental Information
(Unaudited)The Company's segments maintain separate financial information, and the Company's chief operating decision maker (the "CODM") evaluates the segments' operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company's segments based on adjusted operating income. Adjusted operating income is defined as operating income (loss) (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance as further described in endnote (1). The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM's ability to compare past financial performance with current performance and analyze underlying business performance and trends.The following are reconciliations of financial measures of the Company's segments to the consolidated totals:In millionsHealth CareBenefits
Health
Services (a)
Pharmacy &ConsumerWellness
Corporate/Other
Intersegment
Eliminations (b)
ConsolidatedTotalsThree Months Ended










December 31, 2025










Total revenues$     36,293
$   51,244
$      37,660
$        122
$        (19,626)
$     105,693Adjusted operating income
(loss) (1)(676)
1,923
1,911
(561)
—
2,597December 31, 2024










Total revenues$     32,958
$   47,020
$      33,514
$          83
$        (15,865)
$      97,710Adjusted operating income
(loss) (1)(439)
1,761
1,758
(352)
—
2,728











Year Ended










December 31, 2025










Total revenues$   143,354
$ 190,425
$    139,367
$        484
$        (71,563)
$     402,067Adjusted operating income
(loss) (1)2,939
7,151
6,040
(1,687)
—
14,443December 31, 2024










Total revenues$   130,665
$ 173,605
$    124,500
$        451
$        (56,412)
$     372,809Adjusted operating income
(loss) (1)307
7,243
5,774
(1,348)
—
11,976





(a)Total revenues of the Health Services segment include approximately $2.1 billion and $2.5 billion of retail co-payments for the three months ended December 31, 2025 and 2024, respectively, and $10.9 billion and $11.4 billion of retail co-payments for the years ended December 31, 2025 and 2024, respectively.(b)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.   Supplemental Information(Unaudited) 
Health Care Benefits segment
 The following table summarizes the Health Care Benefits segment's performance for the respective periods:









Change
Three Months Ended December 31,
Year Ended December 31,
Three Months Ended December 31,2025 vs 2024
Year Ended December 31,2025 vs 2024In millions, except percentages and
basis points ("bps")2025
2024
2025
2024
$
%
$
%Revenues:














Premiums$ 34,018
$ 30,902
$  134,749
$  122,849
$    3,116
10.1 %
$    11,900
9.7 %Services1,800
1,659
6,823
6,343
141
8.5 %
480
7.6 %Net investment income475
397
1,782
1,473
78
19.6 %
309
21.0 %  Total revenues36,293
32,958
143,354
130,665
3,335
10.1 %
12,689
9.7 %Health care costs32,253
29,300
122,949
113,659
2,953
10.1 %
9,290
8.2 %MBR (Health care costs as a % of
premium revenues) (3)94.8 %
94.8 %
91.2 %
92.5 %
—bps
(130)bpsOperating expenses$   4,976
$   4,415
$ 18,612
$ 17,990
$       561
12.7 %
$         622
3.5 %Operating expenses as a % of
total revenues13.7 %
13.4 %
13.0 %
13.8 %







Operating income (loss)$   (936)
$   (757)
$   1,793
$   (984)
$     (179)
(23.6) %
$      2,777
282.2 %Operating income (loss) as a % of
total revenues(2.6) %
(2.3) %
1.3 %
(0.8) %







Adjusted operating income (loss) (1)$   (676)
$   (439)
$   2,939
$       307
$     (237)
(54.0) %
$      2,632
857.3 %Adjusted operating income (loss)
as a % of total revenues(1.9) %
(1.3) %
2.1 %
0.2 %







Premium revenues (by business):














Government$ 26,562
$ 22,164
$  103,362
$ 88,433
$    4,398
19.8 %
$    14,929
16.9 %Commercial7,456
8,738
31,387
34,416
(1,282)
(14.7) %
(3,029)
(8.8) % The following table summarizes the Health Care Benefits segment's medical membership for the respective periods:

December 31, 2025
September 30, 2025
December 31, 2024In thousandsInsured
ASC
Total
Insured
ASC
Total
Insured
ASC
TotalMedical membership: (4)
















Commercial3,447
15,350
18,797
3,536
15,314
18,850
4,691
14,160
18,851Medicare Advantage4,267
—
4,267
4,266
—
4,266
4,447
—
4,447Medicare Supplement1,202
—
1,202
1,221
—
1,221
1,282
—
1,282Medicaid1,952
373
2,325
1,978
388
2,366
2,094
421
2,515Total medical membership10,868
15,723
26,591
11,001
15,702
26,703
12,514
14,581
27,095

















Supplemental membership information:













Medicare Prescription Drug Plan (stand-alone)4,041




4,056




4,882 The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods:

December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024Days Claims Payable (7)38.9
42.5
40.9
43.2
44.0 Supplemental Information(Unaudited)
Health Services segment
 The following table summarizes the Health Services segment's performance for the respective periods:









Change
Three Months Ended December 31,
Year Ended December 31,
Three Months Ended December 31,2025 vs 2024
Year Ended December 31,2025 vs 2024In millions, except percentages2025
2024
2025
2024
$
%
$
%Revenues:














Products$ 48,802
$ 44,019
$    180,927
$     162,436
$    4,783
10.9 %
$ 18,491
11.4 %Services2,432
2,713
9,478
10,884
(281)
(10.4) %
(1,406)
(12.9) %Net investment income10
288
20
285
(278)
(96.5) %
(265)
(93.0) %  Total revenues51,244
47,020
190,425
173,605
4,224
9.0 %
16,820
9.7 %Cost of products sold47,209
43,358
175,634
160,036
3,851
8.9 %
15,598
9.7 %Health care costs1,395
979
4,834
3,407
416
42.5 %
1,427
41.9 %Gross profit (8)2,640
2,683
9,957
10,162
(43)
(1.6) %
(205)
(2.0) %Gross margin (Gross profit as a
% of total revenues) (8)5.2 %
5.7 %
5.2 %
5.9 %







Operating expenses$       850
$       780
$  4,012
$  3,225
$         70
9.0 %
$       787
24.4 %Operating expenses as a % of
total revenues1.7 %
1.7 %
2.1 %
1.9 %







Goodwill impairment$         —
$         —
$  5,725
$        —
$         —
— %
$    5,725
100.0 %Operating income1,790
1,903
220
6,937
(113)
(5.9) %
(6,717)
(96.8) %Operating income as a % of total
revenues3.5 %
4.0 %
0.1 %
4.0 %







Adjusted operating income (1)$   1,923
$   1,761
$  7,151
$  7,243
$       162
9.2 %
$       (92)
(1.3) %Adjusted operating income as a
% of total revenues3.8 %
3.7 %
3.8 %
4.2 %







Revenues (by distribution
channel):














Pharmacy network (9)$ 27,588
$ 25,202
$     101,775
$     91,650
$    2,386
9.5 %
$ 10,125
11.0 %Mail & specialty (10)21,263
18,750
79,334
70,877
2,513
13.4 %
8,457
11.9 %Other2,383
2,780
9,296
10,793
(397)
(14.3) %
(1,497)
(13.9) %Net investment income10
288
20
285
(278)
(96.5) %
(265)
(93.0) %Pharmacy claims processed (5) (6)491.9
499.4
1,900.7
1,917.6
(7.5)
(1.5) %
(16.9)
(0.9) % Supplemental Information(Unaudited)
Pharmacy & Consumer Wellness segment
 The following table summarizes the Pharmacy & Consumer Wellness segment's performance for the respective periods:









Change
Three Months Ended December 31,
Year Ended December 31,
Three Months Ended December 31,2025 vs 2024
Year Ended December 31,2025 vs 2024In millions, except percentages2025
2024
2025
2024
$
%
$
%Revenues:














Products$  36,845
$ 32,833
$  136,575
$  122,028
$    4,012
12.2 %
$ 14,547
11.9 %Services815
681
2,792
2,472
134
19.7 %
320
12.9 %  Total revenues37,660
33,514
139,367
124,500
4,146
12.4 %
14,867
11.9 %Cost of products sold30,578
26,710
113,583
99,337
3,868
14.5 %
14,246
14.3 %Gross profit (8)7,082
6,804
25,784
25,163
278
4.1 %
621
2.5 %Gross margin (Gross profit as a
% of total revenues) (8)18.8 %
20.3 %
18.5 %
20.2 %







Operating expenses $  5,236
$   5,110
$  20,924
$  19,646
$       126
2.5 %
$    1,278
6.5 %Operating expenses as a % of
total revenues13.9 %
15.2 %
15.0 %
15.8 %







Restructuring charges$        —
$         —
$         —
$       747
$         —
— %
$     (747)
(100.0) %Operating income1,846
1,694
4,860
4,770
152
9.0 %
90
1.9 %Operating income as a % of
total revenues4.9 %
5.1 %
3.5 %
3.8 %







Adjusted operating income (1)$  1,911
$   1,758
$    6,040
$    5,774
$       153
8.7 %
$       266
4.6 %Adjusted operating income as
a % of total revenues5.1 %
5.2 %
4.3 %
4.6 %







Revenues (by major
goods/service lines):














Pharmacy$  31,375
$ 27,224
$  115,510
$  100,687
$    4,151
15.2 %
$ 14,823
14.7 %Front Store 5,656
5,675
21,459
21,522
(19)
(0.3) %
(63)
(0.3) %Other629
615
2,398
2,291
14
2.3 %
107
4.7 %Prescriptions filled (5) (6)473.8
445.9
1,808.8
1,715.5
27.9
6.3 %
93.3
5.4 %Same store sales increase
(decrease): (11)














Total16.0 %
10.2 %
15.0 %
9.4 %







Pharmacy19.3 %
13.0 %
18.0 %
12.3 %







Front Store0.5 %
(1.2) %
1.2 %
(2.1) %







Prescription volume (6)9.7 %
5.9 %
8.0 %
6.8 %







 Supplemental Information(Unaudited)
Corporate/Other segment The following table summarizes the Corporate/Other segment's performance for the respective periods:









Change
Three Months EndedDecember 31,
Year Ended December 31,
Three Months Ended December 31,2025 vs 2024
Year Ended December 31,2025 vs 2024In millions, except percentages2025
2024
2025
2024
$
%
$
%Revenues:














Premiums $          11
$          11
$          45
$          47
$          —
— %
$          (2)
(4.3) %Services2
2
8
9
—
— %
(1)
(11.1) %Net investment income109
70
431
395
39
55.7 %
36
9.1 %  Total revenues122
83
484
451
39
47.0 %
33
7.3 %Health care costs44
45
177
187
(1)
(2.2) %
(10)
(5.3) %Operating expenses666
500
2,520
2,039
166
33.2 %
481
23.6 %Restructuring charges—
10
—
432
(10)
(100.0) %
(432)
(100.0) %Operating loss (588)
(472)
(2,213)
(2,207)
(116)
(24.6) %
(6)
(0.3) %Adjusted operating loss (1)(561)
(352)
(1,687)
(1,348)
(209)
(59.4) %
(339)
(25.1) %  Supplemental Information(Unaudited)
The following table shows the components of the change in the consolidated health care costs payable during the
years ended December 31, 2025 and 2024:

Year Ended December 31,In millions2025
2024Health care costs payable, beginning of the period$       15,064
$       12,049Less: Reinsurance recoverables81
5Less: Impact of discount rate on long-duration insurance reserves (a)(1)
(23)Health care costs payable, beginning of the period, net14,984
12,067Add: Components of incurred health care costs


  Current year127,256
115,774  Prior years (b)(1,982)
(947)Total incurred health care costs (c)125,274
114,827Less: Claims paid


  Current year113,023
101,583  Prior years11,906
10,327Total claims paid124,929
111,910Health care costs payable, end of the period, net15,329
14,984Add: Reinsurance recoverables90
81Add: Impact of discount rate on long-duration insurance reserves (a)(20)
(1)Health care costs payable, end of the period$       15,399
$       15,064






(a)Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income (loss) on the condensed consolidated balance sheets.(b)Negative amounts reported for incurred health care costs related to prior years result from claims being settled for amounts less than originally estimated.(c)Total incurred health care costs for the years ended December 31, 2025 and 2024 in the table above exclude $87 million and $107 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the condensed consolidated balance sheets and $177 million and $187 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the condensed consolidated balance sheets.

Adjusted Earnings Per Share Guidance
(Unaudited)The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our most recently filed Quarterly Report on Form 10-Q. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS.
Year Ending December 31, 2026
Low
HighIn millions, except per share amountsTotal
Company
Per
Common
 Share
Total
Company
Per
Common
ShareNet income attributable to CVS Health (GAAP measure)$      7,638
$        5.94
$     7,892
$       6.14Non-GAAP adjustments:






Amortization of intangible assets1,730
1.35
1,730
1.35Acquisition-related integration costs80
0.06
80
0.06Tax impact of non-GAAP adjustments(450)
(0.35)
(450)
(0.35)Adjusted income attributable to CVS Health (2)$      8,998
$        7.00
$     9,252
$       7.20







Weighted average diluted shares outstanding

1,285


1,285
Endnotes(1) The Company defines adjusted operating income as operating income (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, goodwill impairment charges, Health Care Delivery clinic closure charges, opioid litigation charges, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets and restructuring charges. The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM's ability to compare past financial performance with current performance and analyze underlying business performance and trends. The consolidated measure is not determined in accordance with GAAP and should not be considered a substitute for, or superior to, the most directly comparable GAAP measure, consolidated operating income. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from consolidated operating income in determining consolidated adjusted operating income.(2) GAAP diluted earnings per share and Adjusted EPS, respectively, are calculated by dividing net income attributable to CVS Health and adjusted income attributable to CVS Health by the Company's weighted average diluted shares outstanding. The Company defines adjusted income attributable to CVS Health as net income attributable to CVS Health (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, goodwill impairment charges, Health Care Delivery clinic closure charges, opioid litigation charges, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets, restructuring charges, gains on early extinguishment of debt, the gain on deconsolidation of subsidiary, the tax benefit from a worthless stock deduction, as well as the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from net income attributable to CVS Health in determining adjusted income attributable to CVS Health.(3) Medical benefit ratio is calculated by dividing the Health Care Benefits segment's health care costs by premium revenues and represents the percentage of premium revenues spent on medical benefits for the segment's insured members. Management uses MBR to assess the underlying business performance and underwriting of its insurance products, understand variances between actual results and expected results and identify trends in period-over-period results. MBR provides management and investors with information useful in assessing the operating results of the Health Care Benefits segment's insured products.(4) Medical membership represents the number of members covered by the Health Care Benefits segment's insured and ASC medical products and related services at a specified point in time. Management uses this metric to understand variances between actual medical membership and expected amounts as well as trends in period-over-period results. This metric provides management and investors with information useful in understanding the impact of medical membership on the Health Care Benefits segment's total revenues and operating results.(5) Pharmacy claims processed represents the number of prescription claims processed through the Company's pharmacy benefits manager and dispensed by either its retail network pharmacies or the Company's mail and specialty pharmacies. Prescriptions filled represents the number of prescriptions dispensed through the Pharmacy & Consumer Wellness segment's retail pharmacies and infusion services operations, as well as through the Omnicare long-term care pharmacies prior to their deconsolidation in September 2025. Management uses these metrics to understand variances between actual claims processed and prescriptions dispensed, respectively, and expected amounts as well as trends in period-over-period results. These metrics provide management and investors with information useful in understanding the impact of pharmacy claim volume and prescription volume, respectively, on segment total revenues and operating results.(6) Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription.(7) Days claims payable is calculated by dividing the Health Care Benefits segment's health care costs payable at the end of each quarter by its average health care costs per day during such quarter. Management and investors use this metric as an indicator of the adequacy of the Health Care Benefits segment's health care costs payable liability at the end of each quarter and as an indicator of changes in such adequacy over time.(8) Gross profit is calculated as the segment's total revenues less its cost of products sold, and, for the Health Services segment, health care costs. Gross margin is calculated by dividing the segment's gross profit by its total revenues and represents the percentage of total revenues that remains after incurring direct costs associated with the segment's products sold and services provided. Gross margin provides investors with information that may be useful in assessing the operating results of the Company's Health Services and Pharmacy & Consumer Wellness segments.(9) Health Services pharmacy network revenues relate to claims filled at retail and specialty retail pharmacies, including pharmacies owned by the Company, as well as activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.(10) Health Services mail and specialty revenues relate to specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment.(11) Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company's retail pharmacy stores that have been operating for greater than one year and digital sales initiated online or through mobile applications and fulfilled through the Company's distribution centers, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. Same store metrics exclude revenues and prescriptions from infusion services operations and long-term care pharmacies. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Same-store metrics provide management and investors with information useful in understanding the portion of current revenues and prescriptions resulting from organic growth in existing locations versus the portion resulting from opening new stores.  





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Original: CVS HEALTH CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS

Tech Bounce Holds Attention as Earnings Roll In; U.S. Retail Sales Awaited: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 10, 2026 5:39 AM
IH Market News
Futures tied to the main U.S. equity benchmarks were little changed on Tuesday as investors weighed a recent rebound in technology shares against a packed earnings calendar and key U.S. economic data due later this week. Results are scheduled from a range of blue chips, including CVS Health (NYSE:CVS) and Coca-Cola (NYSE:KO). Elsewhere, Japan’s Nikkei notched another record, while gold prices eased.



Futures steady after tech-led rebound



U.S. stock futures hovered near flat, signalling a tentative start to the session after Monday’s tech-driven advance.By 03:04 ET, Dow and S&P 500 futures were largely unchanged, while Nasdaq 100 futures slipped 18 points, or 0.1%.Wall Street’s major averages extended gains at the start of the week, building on momentum from late last week as technology stocks linked to the artificial intelligence buildout—particularly data centres—led the charge.Sentiment was further supported by a CNBC report citing comments from OpenAI chief executive Sam Altman, who said in an internal memo that ChatGPT had returned to growth. The development lifted expectations around one of the most influential hubs in the AI ecosystem. Analysts at Vital Knowledge noted that optimism around OpenAI helped prompt DA Davidson to upgrade its outlook for Oracle (NYSE:ORCL), which holds a $300bn data-centre contract with the ChatGPT developer.By the close, the Nasdaq Composite had climbed 0.9%, sitting just shy of a fresh record, while the S&P 500 also ended within striking distance of all-time highs.



Earnings rush continues



Another busy day of results is set to shape trading, as investors look for clues on corporate performance early in 2026.Ahead of the opening bell, reports are due from Marriott International (NASDAQ:MAR), Spotify (NYSE:SPOT), CVS Health and Coca-Cola. After the close, Gilead Sciences (NASDAQ:GILD) will publish its numbers.In after-hours moves, shares of Onsemi (NASDAQ:ON) fell after the chipmaker posted weaker-than-expected fourth-quarter revenue, citing a prolonged inventory overhang. Customers are still working through chip stockpiles accumulated during earlier supply-chain disruptions.Onsemi also flagged headwinds for its silicon carbide business from sluggish electric vehicle demand and intensifying competition from China. Its midpoint forecast for current-quarter sales came in below Wall Street expectations.



U.S. retail sales in focus



On the macro front, markets are bracing for December U.S. retail sales data.Household spending is the backbone of the U.S. economy, accounting for more than two-thirds of output and driving much of the 4.4% annualised GDP growth recorded in the third quarter.However, core retail sales—which exclude autos, gasoline, building materials and food services and are closely tied to the consumer component of GDP—are expected to rise 0.3% in the final month of 2025, easing from 0.5% in November.Some analysts point to a cooling labour market as a potential drag, although Federal Reserve officials in January characterised employment conditions as “stabilizing.” Analysts at ING said the data should still show “reasonably healthy” growth and reinforce the view that “the U.S. consumer is alive and well.”



Nikkei hits new high on “Takaichi trade”



Asian markets extended gains on Tuesday, led by Japan, where equities surged to fresh records on enthusiasm for the so-called “Takaichi trade” following Prime Minister Sanae Takaichi’s weekend election victory.Investors have welcomed expectations that Takaichi’s agenda will favour growth, profitability and domestic investment. Her decisive win has strengthened hopes for pro-business reforms, fiscal support and policies aimed at lifting capital investment, innovation and strategic industries.



Gold pulls back



Gold prices retreated on Tuesday, giving back part of Monday’s advance as markets remained cautious ahead of several important U.S. data releases.Silver and platinum also moved lower, despite limited support from an overnight dip in the dollar, which later stabilised during Asian trading.Precious metals have seen sharp swings over the past week, with profit-taking and stretched positioning pushing prices off record highs. Uncertainty around U.S. monetary policy—amid speculation over a potential change in Federal Reserve leadership—has added to volatility.Safe-haven demand for gold was also tempered by mixed signals in U.S.-Iran relations. While both sides reported progress in weekend talks over Iran’s nuclear programme, Washington nevertheless issued a warning on Monday to U.S.-flagged vessels transiting the Strait of Hormuz.CVS Health stock priceCoca-Cola stock priceOracle stock priceMarriott International stock priceSpotify stock priceGilead Sciences stock priceON Semiconductor stock price

Original: Tech Bounce Holds Attention as Earnings Roll In; U.S. Retail Sales Awaited: Dow Jones, S&P, Nasdaq, Wall Street Futures

CVS Pharmacy Now Accepting TrumpRx Discount CardsFebruary 6, 2026 4:08 PM
PR Newswire (US)

WOONSOCKET, R.I., Feb. 6, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced that its approximately 9,000 community pharmacies are accepting TrumpRx discount cards, which offer savings on certain medications for those who are eligible, as determined by the drug manufacturers.







Eligible patients can bring their printed discount cards and savings can be applied at the pharmacy counter. CVS Pharmacy and its 27,000 community pharmacists across the country are available to support customers by providing information and insight on how to save more on medications.In addition, CVS Pharmacy is a retail pharmacy partner for NovoCare and was the first to build a streamlined NovoCare enrollment experience. CVS Specialty Pharmacy also supports patients accessing significantly reduced pricing on fertility medication via the TrumpRx Fertility program. As the Trump Administration continues to establish more competitive prices for important medicines, we are doing our part, creating more affordable access to families across the country who need fertility medications. For more information about TrumpRx and how it works, please visit: http://TrumpRx.govAbout CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of September 30, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
David Whitrap
857-523-1219
David.Whitrap@CVSHealth.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-pharmacy-now-accepting-trumprx-discount-cards-302681674.htmlSOURCE CVS Health

Original: CVS Pharmacy Now Accepting TrumpRx Discount Cards

CVS Health Helps Customers Accelerate Biosimilar Adoption Through Formulary Changes - Supporting Affordable Options for Osteoporosis CareFebruary 5, 2026 8:00 AM
PR Newswire (US)

WOONSOCKET, R.I., Feb. 5, 2026 /PRNewswire/ -- CVS Health® (NYSE: CVS)  today announced new steps to further help customers expand adoption of lower-cost biosimilar medications. Effective April 1, 2026, CVS Caremark will begin offering osteoporosis biosimilars Ospomyv and Stoboclo, as well as generic teriparatide, Bonsity, and Tymlos on major national commercial template formularies. These medications will replace Prolia and Forteo, giving customers and their members more affordable options with strong clinical and supply confidence. This preferred biosimilar approach is over 50% lower in costs per prescription than the original brand.







What is a drug formulary?A drug formulary is a continually updated list of preferred medications and related products supported by current evidence-based medicine, judgment of physicians, pharmacists and other experts.How does CVS Caremark help customers use a formulary to drive savings?CVS Caremark helps customers use a formulary to help manage costs while making sure that their members have access to clinically appropriate medications. In much the same way that generic drugs are used as alternatives to branded drugs, biosimilars offer quality, safe, and effective treatment options that have no clinically meaningful difference from their reference products.How is CVS Caremark helping to improve the use of biosimilars?This formulary change builds on steps Caremark previously took to exclude reference brand Humira from its template formulary and include lower list price biosimilars."Caremark was the first pharmacy benefit manager to exclude reference brand Humira from our commercial template formulary in favor of biosimilars priced dramatically less than the branded product," said Ed DeVaney, President, CVS Caremark. "The results of our industry leadership in this category illustrate the value we can deliver when we can leverage our tools to drive competition. To date, our biosimilar formulary strategy has helped customers and their members realize $1.5 billion in gross savings."CVS Caremark has proven experience in supporting biosimilar adoption, helping 96% of Caremark's client members using Humira to transition to a biosimilar.How is CVS Specialty making care simpler?Like Humira and its biosimilars, Prolia is a specialty drug dispensed by CVS Specialty. As is done for all CVS Specialty patients who experience changes to their plan formulary, CVS Specialty proactively reaches out to both the prescriber and the patient to inform them about the formulary change, describe the process for providers to submit a new prescription for a covered alternative and keep the patient updated about the process."When a CVS Specialty patient's plan formulary changes, our advanced technology capabilities allow us to streamline the process for the doctor by communicating with them in their electronic health record workflow and sending a new prescription that can be approved with a single click," said Lucille Accetta, RPh, MPH, MBA, Senior Vice President & Head of CVS Specialty Operations, CVS Health. "We also work to deliver a frictionless experience for the patient by proactively communicating with them digitally or over the phone – based on their preferences – to inform them of the changes, answer their questions and educate them about the new medication."What are biosimilars and what do these biosimilars treat?Biosimilars are often injectable medications that treat complex chronic conditions and require special handling such as temperature control. These factors make drug shortages and supply chain issues particularly challenging for biosimilars and underscore the importance of a reliable supply of medication for the patient.The Prolia biosimilar options now included on Caremark's template formulary are Ospomyv, brought to market by Cordavis Limited, and Stoboclo, manufactured by Celltrion, Inc.Ospomyv and Stoboclo are FDA-approved for the treatment of osteoporosis in high-risk individuals, as well as increasing bone density in men and women undergoing certain cancer treatments. Treating osteoporosis is crucial to prevent painful and debilitating fractures, which can lead to loss of independence, disability, and even death, particularly in older adults. These effective alternatives for osteoporosis offer patients affordable options with the same clinical benefits—increasing access to lifechanging medications.About CVS Health
CVS Health® is a leading health solutions company building a world of health around every consumer, wherever they are. As of September 30, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media Contact:David Whitrapdavid.whitrap@cvshealth.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-helps-customers-accelerate-biosimilar-adoption-through-formulary-changes--supporting-affordable-options-for-osteoporosis-care-302680016.htmlSOURCE CVS Health

Original: CVS Health Helps Customers Accelerate Biosimilar Adoption Through Formulary Changes - Supporting Affordable Options for Osteoporosis Care

Aetna Launches Simplified, Digital-first, Benefits Onboarding Experience for Members in 2026February 5, 2026 7:00 AM
PR Newswire (US)

Delivering a simplified consumer health experience for four million membersIntegration of first-to-market, enhanced text for select groups with new RCS capabilities to comeHARTFORD, Conn., Feb. 5, 2026 /PRNewswire/ -- Aetna®, a CVS Health® company (NYSE: CVS) today announces the introduction of an industry leading, fully-digital benefits onboarding experience for four million members during the 2026 welcome season.  This technology-enabled offering provides easier navigation and self-service for members by leveraging digital and Rich Communication Services ["RCS"] enabled text messaging channels to access the information, resources and support they need at the start of the plan year.







"Annual benefits onboarding is an important and personal time for our members and their families. It's often the first experience with Aetna and we want to support them with the information they need at the right time and in the right channel," said Nathan Frank, Senior Vice President and Chief Digital and Technology Officer at Aetna. "Aetna's industry-leading, digital onboarding is one of many innovations that we are implementing this year. I'm excited to see our technology enabled solutions make health care easier to navigate."In addition to the digital onboarding, Aetna has also started to roll-out a first-to-market, enhanced messaging capability for select members with plans to scale this RCS technology throughout the year.  By transforming from basic, SMS text messaging to a simplified, RCS interactive experience, the member can access what they need within the text chain, reducing click-throughs and avoiding mandatory downloads.  These benefits have led to more than an 80% increase in overall member engagement and 26% reduction in opt-out rates for all RCS supported member engagement.Looking ahead in 2026, Aetna will continue to extend its enhanced messaging capabilities across the member health care journey.  Some other areas for expansion are included below.Member discharge and recovery: Helping members make a healthy transition from the hospital and return home from the hospital or make the transition into a skilled nursing facility is a priority.  In 2025, Aetna expanded its Aetna Clinical Collaboration care model which provides personalized, in-person connection.  Later this year, an RCS driven, enhanced messaging option for member discharge and recovery will be rolled out to provide a simpler, digital alternative based on the patient's channel preferences.Chronic condition management: Building on Aetna Care Paths, the first-to-market, digital care option available in the Aetna Health app, Aetna will also integrate RCS's enhanced messaging throughout the digital experience with a focus on helping to manage chronic conditions and achieve better health outcomes.  About Aetna
Aetna, a CVS Health business, serves an estimated 37 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care professionals, governmental units, government-sponsored plans, labor groups and expatriates. For more information, visit Aetna.com (e.g., clinical diagnoses, eligibility criteria, participation in a disease state management program).About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of September 30, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.Media contact
David Whitrap
david.whitrap@cvshealth.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/aetna-launches-simplified-digital-first-benefits-onboarding-experience-for-members-in-2026-302679838.htmlSOURCE CVS Health

Original: Aetna Launches Simplified, Digital-first, Benefits Onboarding Experience for Members in 2026

Fed Call and Earnings Wave Take Center Stage as Markets Brace for Volatility: Dow Jones, S&P, Nasdaq, Wall Street FuturesJanuary 28, 2026 10:28 AM
IH Market News
U.S. equity futures were mostly higher early Wednesday as investors positioned cautiously ahead of a packed session featuring a key Federal Reserve policy decision and a heavy slate of corporate earnings. The Fed is widely expected to keep interest rates unchanged, while several mega-cap technology groups are set to report results after U.S. markets close. Elsewhere, gold climbed to yet another all-time high, and reports said China has approved purchases of Nvidia’s H200 artificial intelligence chips for the first time.



S&P 500 and Nasdaq futures advance



Futures tied to major U.S. indices were trading modestly in positive territory, reflecting guarded optimism ahead of the day’s events.By 02:49 ET, Dow futures were up 37 points, or 0.1%, S&P 500 futures had gained 28 points, or 0.4%, and Nasdaq 100 futures were higher by 249 points, or 1.0%.Wall Street closed mixed on Tuesday as investors digested a wave of quarterly earnings. Sentiment was dented by a sharp drop in UnitedHealth (NYSE:UNH), after the healthcare group warned that 2026 revenue would be lower following a federal proposal for a smaller-than-expected increase in Medicare Advantage premiums. The move weighed on the broader health insurance space, with CVS Health (NYSE:CVS) and Humana (NYSE:HUM) both suffering double-digit losses.By the close, the Dow Jones Industrial Average had fallen 0.8%. However, relative strength in technology and automotive stocks helped support the broader S&P 500 and the Nasdaq Composite.Beyond earnings, investors were also monitoring the risk of a partial U.S. government shutdown amid political backlash over fatal shootings involving immigration enforcement agents in Minneapolis, alongside renewed tariff threats from President Donald Trump.Adding to the cautious tone, U.S. consumer confidence sank in January to its lowest level in 12 years, according to data from the Conference Board, highlighting growing unease among households despite an economy that remains resilient but constrained by high inflation and soft hiring.



Fed decision in focus



Against this backdrop, policymakers at the Federal Reserve are expected to leave interest rates unchanged at the conclusion of their meeting later today.Last year, the central bank delivered a series of rate cuts to support a cooling labour market, bringing borrowing costs into a range of 3.5% to 3.75%. Since then, relatively low layoffs and inflation still well above the Fed’s 2% target have reduced the urgency for further easing.As a result, attention is likely to turn to Chair Jerome Powell’s guidance on the future path of rates, particularly after the Fed’s December meeting revealed deep divisions among officials over how policy should evolve. Markets currently do not expect the next rate cut until June.Investors are also closely watching developments around the leadership of the Fed. Powell, whose term as chair ends in May, is facing a criminal investigation launched earlier this month by the Trump administration. Powell has denied any wrongdoing and described the probe as a politically motivated attempt to undermine the Fed’s independence. Trump has repeatedly criticised Powell for not cutting rates more aggressively, arguing that faster easing would help stimulate growth.Although Powell has received support from members of Trump’s Republican Party, it remains unclear whether he will remain on the Fed’s rate-setting board after his term ends. Trump has reportedly been speaking with potential successors, with prediction markets currently viewing BlackRock executive Rick Rieder as the leading candidate.



Earnings deluge



Earnings season remains a dominant theme, with investors facing a flood of results, particularly from large technology companies.After the U.S. market closes, attention will turn to reports from Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Tesla (NASDAQ:TSLA). These updates are expected to offer fresh insight into the sustainability of the artificial intelligence boom, which has become a major driver of equity markets and, potentially, broader economic growth.Big technology groups have been investing heavily in AI infrastructure, fuelling strong demand for advanced semiconductors and data centres. Reinforcing expectations that this trend could extend into 2026, Europe’s largest listed company, ASML (NASDAQ:ASML), reported stronger-than-expected fourth-quarter bookings and said orders continue to increase.Earlier in the day, investors will also parse earnings from AT&T (NYSE:T), Starbucks (NASDAQ:SBUX) and energy equipment maker GE Vernova (NYSE:GEV).



Gold sets another record



Gold prices surged to a new record above $5,200 an ounce on Wednesday, supported by strong demand for safe-haven assets and continued weakness in the U.S. dollar.Other precious metals remained elevated, with silver and platinum trading close to recent highs. The cautious mood ahead of the Fed decision has underpinned demand for havens.Gold has risen around 20% so far in 2026, building on last year’s strong gains. Heightened geopolitical tensions — including developments in Venezuela and a dispute involving Greenland — alongside uncertainty over U.S. policy have been key drivers of the rally.A weaker dollar has further boosted metals prices. The greenback slid to a near four-year low this week after Trump signalled on Tuesday that he was unconcerned by the currency’s decline, prompting additional selling.



China clears purchases of Nvidia’s H200 chips – reports



China has approved the purchase of an initial batch of Nvidia’s (NASDAQ:NVDA) H200 artificial intelligence chips, according to media reports.Authorities have reportedly authorised major domestic technology groups — including ByteDance, Alibaba and Tencent — to buy more than 400,000 H200 chips combined, as Beijing seeks to support its ambitions in artificial intelligence while balancing efforts to bolster domestic chip production.The first round of approvals could be worth around $10 billion, with other companies still awaiting clearance. According to the Wall Street Journal, firms seeking approval were required to submit detailed explanations outlining how the chips would be used.The move comes as Nvidia chief executive Jensen Huang has been visiting China, after previously receiving approval from the Trump administration to begin H200 sales to Chinese customers. Nvidia shares rose more than 1% in extended trading following the reports.UnitedHealth Group stock priceCVS Health stock priceHumana stock priceMeta stock priceMicrosoft stock priceTesla stock priceASML Holding stock priceAT&T stock priceStarbucks stock priceGE Vernova stock priceNvidia stock price

Original: Fed Call and Earnings Wave Take Center Stage as Markets Brace for Volatility: Dow Jones, S&P, Nasdaq, Wall Street Futures

What discovery from plaintiffs CVS/Caremark et al are FTC investigators obtaining in that suit in W.D. Missouri(Kansas City)? High cost of prescription drugs is the issue. Express Scripts et al lost a motion for a preliminary injunction against FTC in the District Court for the E.D. Missouri in February where high cost of insulin was an issue.

https://x.com/toobaffled/status/1803431414333055259 $CVS

CVS, new 52 week high

$CVS is the top performer in the S&P 500 YTD, up over +50% and breaking out of its Power Earnings Gap yesterday...
By: TrendSpider | March 19, 2025

• $CVS is the top performer in the S&P 500 YTD, up over +50% and breaking out of its Power Earnings Gap yesterday...

Strength begets strength.



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$CVS Textbook power earnings gap, bull pennant forming, and a $2M insider buy…
By: TrendSpider | March 5, 2025

• Textbook power earnings gap, bull pennant forming, and a $2M insider buy…

A lot to like. $CVS



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CVS launches higher in pre-market on big EPS beat:
By: TrendSpider | February 12, 2025

• CVS launches higher in pre-market on big EPS beat:

~EPS: $1.19 vs $0.93 est
~REV: $97.71B vs $97.19B est

$CVS +10.18% in PM

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Not today.

CVS Health Stock Among the Worst to Own in February
By: Schaeffer's Investment Research | February 4, 2025

• CVS Health stock is historically a losing bet this month

• The stock has been struggling to distance itself from 12-year lows

Volatility is plaguing Wall Street in light of President Donald Trump's tariffs. Regardless of what's up next, traders can take advantage of Schaeffer’s Senior Quantitative Analyst Rocky White's list of 25 worst S&P 500 Index (SPX) stocks for February to know which stocks to avoid over the coming weeks. CVS Health Corp (NYSE:CVS) is among them, and warrants a closer look.

According to White, CVS averaged a 4.3% loss in February in the last decade, settling higher only three times during that period. The stock was last seen down 0.4% to trade at $56.28, indicating a drop of similar magnitude would place it closer to the $53 region.

CVS Health stock has been attempting to distance itself from a Dec. 23, roughly 12-year low of $44.38. The equity's latest rally lost steam before conquering $58, though, and today's losses could bring about a fourth consecutive negative session. Shares are also struggling with pressure from the 200-day moving average, and carry a 23.1% year-over-year deficit.

Short-term options traders are already bearish toward CVS. This is per the security's Schaeffer's put/call open interest ratio (SOIR), which ranks higher than 86% of annual readings.



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Healthcare in the U.S. has a chance of improving only when CVS is finally out of the healthcare and pharmacy business. What a beautiful sight to see.

Not looking good CVS.

No prescriptions for me.

$CVS falls to lowest price in more than 12 years
By: Barchart | December 19, 2024

• $CVS falls to lowest price in more than 12 years.



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$CVS forms the dreaded tear-drop pattern as it plunges to its lowest price in more than 12 years
By: Barchart | December 17, 2024

• $CVS forms the dreaded tear-drop pattern as it plunges to its lowest price in more than 12 years.



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I was a CVS Pharmacist. Trust me, I have plenty of stories. They literally KILLED people. Ashleigh Anderson died for these crooks and their shareholders. She died because they couldn't find a relief pharmacist and decided to keep her store open, forcing her to work until she died. Trust me, I have stories. CVS kills people all the time via prescription errors and it is never reported on mainstream media. Let this pos BURN.

This company is so corrupt, I could tell you so many stories.

CVS was my biggest client when I quit work back in February. I was basically paid to lie for these people. So corrupt.

I hope they go down bigtime.

I designed, printed and mailed protected health information via USPS. These people lied about mail dates, used the meter machine to post without a date (which should be illegal) and foiled Postal-One paperwork. It's all corrupt business.

Absolutely corrupt! LET THIS BURN all the way down to hell!!! CVS killed and hurt a lot of people and families. LET HER BURN!!!!!!

Wow. I'd stay away from this. I agree. Let it tank. Used to be one of my biggest clients. The company is corrupt as all hell.

TANK BABY!!!! TANK DOWN TO HELL!!!

NONE of my family are stupid enough to work there. CVS is destroying lives and it will destroy everything you have invested in it. You can call me names and swear like the refined gentleman you clearly are, but you will risk your life if you pick up prescriptions at CVS. Don't say you weren't warned.

Pull your ass in now. Cvs give jobs to over 75 thousands people. Your family may be working there as well. What a shame you piece of shite

Let it burn. CVS has contributed to rising health care costs, dissolved the independent pharmacies that kept working Americans alive, abandoned those communities and left them with no pharmacies. Let it burn. CVS has burned a lot of bridges with pharmacists like myself by abusing us and not paying us what we're worth. Let it burn. PBMs are destroying the country through shady, unfair practices and contracts while they lobby against Lina Khan. PBMs and CVS are making drugs LESS accessible for everyday Americans. CVS is ERASING your access to real healthcare. LET. IT. BURN.

CVS Health (CVS) Stock Slips on C-Suite Shakeup
By: Schaeffer's Investment Research | October 18, 2024

• Options traders are targeting CVS after news of its CEO replacement

• Longtime exec David Joyner is replacing Karen Lynch as CEO

CVS Health Corp (NYSE:CVS) stock is down 7.3% at $59.04 at last glance, after news that the company has replaced CEO Karen Lynch with pharmacy benefits executive David Joyner. The healthcare name previously addressed higher medical costs, and it had been reported that several options were being weighed with strategic advisors. In its release today, CVS announced it expects adjusted earnings of $1.05-$1.10 per share for its third quarter, which is scheduled for release Nov. 6.

Now trading at its lowest levels since late September, CVS Health stock is back under familiar pressure at the $60 level. Headed for its largest single-day percentage drop since its early-May bear gap, the equity is down 25.2% year to date.

Options traders are targeting CVS amid today's volatility. So far, 44,000 calls and 33,000 puts have crossed the tape, which is five times the options volume the stock has typically seen by this point in the day. The November 70 call is the most popular, with new positions opening at the weekly 11/29 50-strike put.

The bullish-leaning sentiment amongst traders isn't unusual, however. CVS' 10-day call/put volume ratio of 5.14 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year.

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CVS Health Stock Bounces on Company Updates
By: Schaeffer's Investment Research | October 4, 2024

• CVS Health is considering splitting its retail pharmacy and insurance units

• TD Cowen also upgraded CVS to "buy" and hiked its price target to $85

Shares of CVS Health Corp (NYSE:CVS) are 3.9% higher to trade at $65.40 at last glance, after several updates for the healthcare giant. According to reports, CVS' insurance unit is facing higher-than-usual medical costs and other major issues. In response, the company is conducting a strategic review, and considering shifting from its long-held business strategy by splitting its retail pharmacy and insurance units.

Amid this big news, TD Cowen upgraded CVS Health stock to "buy" from "hold" and hiked its target price to $85 from $59, citing changes to the company's 2025 Medicare Advantage plan benefits as a catalyst. Coming into today, analyst sentiment was split, with 11 rating CVS a "hold" and 13 recommending a "buy" or better, leaving room for more bull notes to roll in.

Puts are more popular at the moment, and a change in the options pits could provide more support. This is per the security's 10-day put/call volume ratio of 0.78 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that stands higher than 83% of readings from the past 12 months. Echoing this, its Schaeffer's put/call open interest ratio (SOIR) of 0.59 stands in the elevated 73rd percentile of annual readings.

This shift looks to be taking place, with calls outpacing puts during today's trading. Already, more than 52,000 calls have crossed the tape, 6 times the average intraday volume and well above the 3,484 puts traded so far. Most popular by far is the weekly 10/11 69-strike call.

On the charts, today's bounce puts CVS Health stock on track to close above its 160-day moving average that's acted as resistance since early April. Shares are filling a post-earnings bear gap from April that sent them to their lowest levels since April 2020, resulting in a more than four-year low of $52.78. Pacing for its second consecutive weekly gain of more than 6%, CVS is still down more than 17% in 2024.

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$CVS $1.6 Million Bullish OTM Call Order
By: Cheddar Flow | October 4, 2024

• $CVS $1.6M Bullish OTM Call Order

This has a lot of premium relative to recent CVS prints and was executed above the ask to show urgency



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CVS Health reported earnings this morning:
By: TrendSpider | August 7, 2024

• CVS Health reported earnings this morning:

~EPS: $1.83 vs $1.73 est
~SALES: $91.23B vs $91.51B est
~Revises FY24 EPS guide to $6.40-$6.65 from at least $7.00

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CVS Health Corporation (CVS) is Attracting Investor Attention
By: Zacks Investment Research | July 24, 2024

CVS Health CVS has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this drugstore chain and pharmacy benefits manager have returned -4.1% over the past month versus the Zacks S&P 500 composite's +1.8% change. The Zacks Retail - Pharmacies and Drug Stores industry, to which CVS Health belongs, has lost 9.3% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate Revisions

Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, CVS Health is expected to post earnings of $1.74 per share, indicating a change of -21.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $7 points to a change of -19.9% from the prior year. Over the last 30 days, this estimate has changed -0.2%.

For the next fiscal year, the consensus earnings estimate of $7.75 indicates a change of +10.8% from what CVS Health is expected to report a year ago. Over the past month, the estimate has changed -0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for CVS Health.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS


Zacks

Revenue Growth Forecast

While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For CVS Health, the consensus sales estimate for the current quarter of $91.56 billion indicates a year-over-year change of +3%. For the current and next fiscal years, $368.87 billion and $388.97 billion estimates indicate +3.1% and +5.5% changes, respectively.

Last Reported Results and Surprise History

CVS Health reported revenues of $88.44 billion in the last reported quarter, representing a year-over-year change of +3.7%. EPS of $1.31 for the same period compares with $2.20 a year ago.

Compared to the Zacks Consensus Estimate of $89.2 billion, the reported revenues represent a surprise of -0.86%. The EPS surprise was -22.49%.

Over the last four quarters, CVS Health surpassed consensus EPS estimates three times. The company topped consensus revenue estimates three times over this period.

Valuation

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

CVS Health is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about CVS Health. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

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Bear of the Day: CVS Health (CVS)
By: Zacks Investment Research | June 17, 2024

Zacks Rank #5 (Strong Sell) stock CVS Health (CVS) is the largest retail pharmacy chain in the United States. The company operates in four main segments: health care benefits, health services, pharmacy and consumer wellness, and corporate/other. Though CVS is a household name, has been in business for more than 60 years, and is highly profitable, the company’s stock is facing several bearish headwinds that are company-specific and industry-wide.

Retail Theft Plagues Pharmacy Industry

Since 2018, the amount of lost retail revenue due to theft has grown each year consecutively and soared overall. For example, in 2018, retailers lost about $50 billion to theft. By 2024, projections call for retail theft losses to balloon to more than $130 billion and a whopping $143 billion by 2025. According to Capital One Financial (COF), “Retailers lost $112.1 billion in gross revenue and $84.9 billion in fraudulent sales returns in 2022.” Meanwhile, “The average shoplifting incident cost retailers $461.86 in 2020.”

Indeed, there is plenty of time and room for the political blame game. However, as investors, we must focus on what is going on and how it will impact the market while leaving the politics to the dinner table. Brazen organized retail incidents are becoming commonplace. What’s worse, shoplifters are caught roughly 2% of the time and arrested 1% of the time. The troubling trend is leading to higher expenses and worse profit margins.


Image Source: Zacks Investment Research

As a result, CVS and its main drugstore competitor, Walgreens Boots Alliance (WBA), have closed numerous stores in hard-hit areas of the country, such as California and New York. However, customers are turning away from brick-and-mortar drugstores in several open locations. In heavy crime zones like Manhattan, customers must flag down associates to gain access to the growing number of items locked behind protective glass. Instead of accepting the frustrating situation, many retail customers are taking their business to e-commerce retailers such as Amazon (AMZN) or PDD’s (PDD) Temu.

Poor Medicare Advantage Rating Squeezes CVS Profits

Medicare Advantage ratings, or Medicare Star Ratings, measure the performance of Medicare Advantage Part D plans. In 2023, CVS suffered a signficant setback when its largest MA plan, Aetna National PPO, saw its rating plunge from 4.5 to 3.5 stars.

Because of the headwinds above, year-over-year revenue growth at CVS has plunged since 2020.


Image Source: Zacks Investment Research

Relative Performance of CVS Shares Trending Down

CVS shares are down-trending and underperforming the general market by a wide margin – a sign of relative price weakness.


Image Source: Zacks Investment Research

Pharmacy Competitions is Heating Up

Major competitors such as Walgreens, Target (TGT) and Wal-Mart (WMT) are expanding their pharmacy businesses.

Bottom Line

Drugstore giant CVS faces numerous bearish headwinds, which are industry and company-specific. Investors should avoid shares over the next 6-12 months.

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CVS Health $CVS is currently trading at new 52 WEEK LOWS
By: Evan | May 29, 2024

• CVS Health $CVS is currently trading at new 52 WEEK LOWS.



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Bear of the Day: CVS Health (CVS)
By: Zacks Investment Research | May 8, 2024

CVS Health (CVS) is a Zacks Rank #5 (Strong Sell) that is a prominent player in the health solutions sector in the United States.

The stock has had a rough couple of years but has held up until recently. A recent earnings surprise miss has taken away a lot of hope from investors and the stock has now fallen near COVID lows.

The earnings miss seen last week was the first since 2015, which is making investors very nervous about what the rest of 2024 may hold.

About the Company

CVS has been in operation since its incorporation in 1996 and is based in Woonsocket, Rhode Island. The company employs 219,000.

CVS caters to various customer groups, including employer groups, individuals, healthcare providers, and governmental units. Its Health Care Benefits segment provides health insurance products and services, while the Health Services segment offers pharmacy benefit management solutions. Additionally, the Pharmacy & Consumer Wellness segment sells prescription and over-the-counter drugs, beauty products, and personal care items, operating through various channels such as online retail pharmacies and specialty stores.

CVS is valued at $70 billion and has a Forward PE of 7. The stock holds Zacks Style Scores of “A” in Growth and Value, and “B” in Momentum. CVS pays a dividend of 4.75%.

Q1 Earnings

Last Wednesday, CVS Health reported an EPS miss of $1.31, falling short of the expected $1.69 per share. Revenue also missed estimates, coming in at $88.4 billion compared to the expected $89.2 billion.

This disappointing performance prompted a downward revision of the company's outlook for fiscal year 2024, with adjusted earnings per share now expected to be "at least" $7.00, down from the previous estimate of $8.31.

Similarly, cash flow from operations for FY24 has been revised downwards to at least $10.5 billion, signaling a significant reduction from the previous projection of $12.0-12.5 billion.

Several factors have contributed to this downward revision, including near-term challenges in the Medicare Advantage segment. The company cited a medical benefits ratio of 90.4% in Q1, a notable increase from 84.6% year-on-year, indicating increased pressure on healthcare spending. Additionally, the Health Care Benefits segment witnessed a decline in operating margin from 7.0% to 2.3% year-on-year, reflecting operational challenges and cost pressures.

Management acknowledged the difficulties faced by the company, attributing some of the challenges to external factors such as the cyberattack on Change Healthcare, which impaired the visibility of medical claims in Q1.

Earnings Estimates

Over the last 7 days, earnings estimates have been slashed by analysts.

For the current quarter, estimates plunged from $2.21 to $1.83, or 17%. For the next quarter, estimates have been lowered by 7%.

For the current year, we see an 11% drop, with estimates falling from $8.29 to $7.35

For next year, the last 7 days have seen a 13% drop, falling from $9.08 to $7.94.

Analysts have also been lowering price targets since earnings. Some more notable names include UBS going from $85 to $60 and Morgan Stanley dropping to $65 from $85.

Technical Take

The COVID lows for CVS were just under $52. The stock is now under 10% away from that spot where it may find support.

Additionally, the dividend is around 5%, which could be attractive to investors If interest rates start coming down.

However, the fundamental issues have been showing themselves on the chart for about a year. The stock is down almost 50% since the start of 2023 and should be considered a falling knife that one should avoid.

Investors should be patient and wait until technical support is confirmed. Some levels to watch are $52, $44, and $39.

The 200-day moving average is way up at $72 and the 21-day is at $66.

In Summary

Investors should exercise caution and closely monitor CVS Health's performance in the coming quarters. With headwinds mounting and growth prospects uncertain, the company faces a pivotal juncture in its journey toward sustaining profitability and enhancing shareholder value.

For those interested in the space, a better option might be Walgreens Boots Alliance (WBA). While the company has seen many of the same issues as CVS, the stock is a Zacks Rank #3 (Hold) that is coming off a 46% EPS beat.

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$CVS Two insiders at CVS bought a combined $554K in shares yesterday after the -20% haircut from earnings.
By: TrendSpider | May 4, 2024

• $CVS BLOOD BUYERS SPOTTED.

Two insiders at CVS bought a combined $554K in shares yesterday after the -20% haircut from earnings.



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