The earnings call reflected a strong revenue growth and solid performance in the Pharmacy and Consumer Wellness segment, alongside improvements in Health Care Benefits. However, challenges remain in the Health Services segment, particularly with Oak Street Health and Group Medicare Advantage, which have pressured the overall results. Despite these challenges, the company's outlook remains positive with an increased EPS guidance.

Company Guidance

During CVS Health's second quarter 2025 earnings call, the company reported robust financial performance, with adjusted operating income reaching $3.8 billion and adjusted earnings per share (EPS) of $1.81. The company increased its full-year 2025 adjusted EPS guidance to a range of $6.30 to $6.40, up from the previous range of $6.00 to $6.20. CVS Health's revenue for the quarter was nearly $99 billion, marking an approximate 8% increase year-over-year. The Health Care Benefits segment saw revenue growth of over 11%, reaching more than $36 billion, driven by government business increases. The company also highlighted a strong start to the 2026 selling season with retention expected to be in the high 90s. Despite pressures in the health care delivery business, driven by higher medical benefit ratios at Oak Street, the Pharmacy and Consumer Wellness (PCW) segment delivered a strong quarter with revenue growth of over 12% and same-store pharmacy sales increasing by over 18%. The company is focused on tackling health care challenges by leveraging its diverse, scaled businesses and extensive consumer connections.

Strong Revenue Growth

Second quarter revenues of nearly $99 billion increased approximately 8% over the prior year quarter, driven by revenue growth across all segments.

Improvement in Health Care Benefits

Adjusted operating income in Health Care Benefits increased nearly 40% from the prior year quarter, driven by improvements in government businesses and higher favorable prior period development.

Pharmacy and Consumer Wellness Segment Performance

The segment delivered another strong quarter with revenues of over $33 billion, an increase of over 12% versus the prior year quarter.

Adjusted EPS Guidance Increase

Full year 2025 adjusted EPS guidance increased to a range of $6.30 to $6.40, reflecting strong performance and a positive outlook.

Pharmacy Volume Growth

Retail pharmacy script share in the quarter grew to approximately 27.8%, an increase of approximately 60 basis points from the same period last year.

CVS Health (CVS) Earnings, Revenues Date & History

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CVS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.38 / -	1.09	―	―	―
Jul 31, 2025	2025 (Q2)	1.46 / 1.81	1.83	-1.09% (-0.02)
May 01, 2025	2025 (Q1)	1.70 / 2.25	1.31	71.76% (+0.94)
Feb 12, 2025	2024 (Q4)	0.91 / 1.19	2.12	-43.87% (-0.93)
Nov 06, 2024	2024 (Q3)	1.44 / 1.09	2.21	-50.68% (-1.12)
Aug 07, 2024	2024 (Q2)	1.74 / 1.83	2.21	-17.19% (-0.38)
May 01, 2024	2024 (Q1)	1.70 / 1.31	2.2	-40.45% (-0.89)
Feb 07, 2024	2023 (Q4)	1.99 / 2.12	1.99	6.53% (+0.13)
Nov 01, 2023	2023 (Q3)	2.13 / 2.21	2.09	5.74% (+0.12)
Aug 02, 2023	2023 (Q2)	2.12 / 2.21	2.4	-7.92% (-0.19)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CVS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$62.30	$62.10	-0.32%
May 01, 2025	$65.99	$68.70	+4.11%
Feb 12, 2025	$53.85	$61.90	+14.95%
Nov 06, 2024	$53.50	$59.57	+11.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.