The earnings call highlighted strong financial performance and growth in key business segments like pharmacy services and retail. However, challenges remain in the health care delivery segment, particularly with Oak Street Health, and the Group Medicare Advantage business faced cost pressures. Despite these challenges, CVS Health's positive financial outlook and growth initiatives provide a balanced view.

Company Guidance -

Q3 2025

During CVS Health's Second Quarter 2025 Earnings Call, the company reported strong financial results and provided updated guidance for the full year. CVS Health delivered an adjusted operating income of $3.8 billion and adjusted earnings per share (EPS) of $1.81 for the quarter. The company raised 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. This increase reflects the strong performance across its diversified business segments, including improvements in the Aetna and Pharmacy businesses, despite facing challenges in healthcare delivery. The company also highlighted its focus on value-based care, particularly for its Medicare Advantage strategy, and initiatives to enhance pharmacy reimbursement models. CVS Health's revenue for the quarter reached nearly $99 billion, an 8% increase over the previous year, with growth across all segments. The company also updated its full-year revenue guidance to at least $391.5 billion, reflecting an increase driven by all segments. Additionally, CVS Health generated year-to-date cash flow from operations of approximately $6.5 billion, and it plans to continue strengthening its balance sheet and leverage position.

Strong Financial Performance

CVS Health delivered adjusted operating income of $3.8 billion and adjusted 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 $6 to $6.20.

Revenue Growth Across All Segments

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

Pharmacy Services Growth

Caremark is seeing high client retention expected to be in the high 90s and strong new business wins, including a notable contract with CalPERS.

Retail Pharmacy Strength

Retail pharmacy script share grew to approximately 27.8%, and same-store pharmacy sales increased over 18%. CVS also announced acquiring a portion of Rite Aid scripts.

Aetna Business Improvement

Progress in the Aetna business with improved operations and technology enhancements, leading to better service and reduced friction for members.

CVS Health (CVS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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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)	1.39 / -	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.