OpenNashEarnings

Health Care · NYSE: CVS

CVS Health earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 9 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Third quarter total revenues increased to $108.4 billion, up 5.4% year-over-year, with GAAP diluted EPS of $1.68 and Adjusted EPS of $2.09.

CVS Health grew third-quarter revenue 5.4% to $108.4 billion. GAAP diluted EPS was $1.68, against a $3.13 loss a year ago, when a $5.7 billion goodwill impairment hit. Adjusted EPS rose to $2.09 from $1.60, mainly because Aetna's Health Care Benefits segment kept recovering margin. The medical benefit ratio improved to 91.3% from 92.8%. Pharmacy & Consumer Wellness adjusted operating income rose 10.6%. Year-to-date operating cash flow reached $15.3 billion.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$108.4B+5.4% y/yQ3 2026
Q4 2024: $97.7B (worked out from the annual figure)Q4 ’24$97.7BQ1 2025: $94.6BQ1 ’25$94.6BQ2 2025: $98.9BQ2 ’25$98.9BQ3 2025: $102.9BQ3 ’25$102.9BQ4 2025: $105.7B (worked out from the annual figure)Q4 ’25$105.7BQ1 2026: $100.4BQ1 ’26$100.4BQ2 2026: $106.1BQ2 ’26$106.1BQ3 2026: $108.4BQ3 ’26$108.4B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$97.7B *
Q1 2025$94.6B
Q2 2025$98.9B
Q3 2025$102.9B
Q4 2025$105.7B *
Q1 2026$100.4B
Q2 2026$106.1B
Q3 2026$108.4B
Diluted EPS (GAAP)$1.68Q3 2026
Q1 2025: $1.41Q1 ’25$1.41Q2 2025: $0.80Q2 ’25$0.80Q3 2025: -$3.13Q3 ’25-$3.13Q1 2026: $2.30Q1 ’26$2.30Q2 2026: $2.31Q2 ’26$2.31Q3 2026: $1.68Q3 ’26$1.68
Data
Q1 2025$1.41
Q2 2025$0.80
Q3 2025-$3.13
Q1 2026$2.30
Q2 2026$2.31
Q3 2026$1.68

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin3.3%+6.4 pts y/yQ3 2026
Q4 2024: 2.4%Q4 ’242.4%Q1 2025: 3.6%Q1 ’253.6%Q2 2025: 2.4%Q2 ’252.4%Q3 2025: -3.1%Q3 ’25-3.1%Q4 2025: 2.0%Q4 ’252.0%Q1 2026: 4.7%Q1 ’264.7%Q2 2026: 4.4%Q2 ’264.4%Q3 2026: 3.3%Q3 ’263.3%
Data
Q4 20242.4%
Q1 20253.6%
Q2 20252.4%
Q3 2025-3.1%
Q4 20252.0%
Q1 20264.7%
Q2 20264.4%
Q3 20263.3%
Free cash flow$3.9B+3886.7% y/yQ3 2026
Q4 2024: $1.1BQ4 ’24$1.1BQ1 2025: $3.8BQ1 ’25$3.8BQ2 2025: $1.3BQ2 ’25$1.3BQ3 2025: $98.0MQ3 ’25$98.0MQ4 2025: $2.6BQ4 ’25$2.6BQ1 2026: $3.4BQ1 ’26$3.4BQ2 2026: $5.7BQ2 ’26$5.7BQ3 2026: $3.9BQ3 ’26$3.9B
Data
Q4 2024$1.1B
Q1 2025$3.8B
Q2 2025$1.3B
Q3 2025$98.0M
Q4 2025$2.6B
Q1 2026$3.4B
Q2 2026$5.7B
Q3 2026$3.9B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$97.7Bd$94.6B$98.9B$102.9B$105.7Bd$100.4B$106.1B$108.4B
Operating income$2.4Bd$3.4B$2.4B-$3.2B$2.1Bd$4.7B$4.7B$3.6B
Operating margin2.4%3.6%2.4%-3.1%2.0%4.7%4.4%3.3%
Net income$1.6Bd$1.8B$1.0B-$4.0B$2.9Bd$2.9B$3.0B$2.2B
Diluted EPS—$1.41$0.80-$3.13—$2.30$2.31$1.68
Operating cash flow$1.9Bd$4.6B$1.9Bd$796.0Md$3.4Bd$4.2B$6.3Bd$4.7Bd
Capital expenditure$768.0Md$743.0M$607.0Md$698.0Md$784.0Md$849.0M$691.0Md$817.0Md
Free cash flow$1.1B$3.8B$1.3B$98.0M$2.6B$3.4B$5.7B$3.9B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings