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CVS Health Corp (CVS)
NYSE:CVS
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.23Last Year’s EPS
2.25Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple clear operational and financial improvements across the enterprise — strong revenue growth, meaningful EPS and cash‑flow outperformance for 2025, substantial YoY profit recovery at Aetna, robust pharmacy momentum (same‑store and script gains), sizable client savings and strategic wins (cost‑based reimbursement, TrueCost, HUMIRA biosimilar adoption). Key challenges include an unfavorable preliminary 2027 Medicare Advantage rate notice, a Q4 adjusted operating loss in Health Care Benefits driven by Part D seasonality, membership declines in certain blocks, regulatory uncertainty for PBM dynamics and persistent elevated medical cost trends. Overall, the positive operational momentum, reaffirmed 2026 guidance, and improved cash and leverage profile outweigh the headwinds, though management noted material risks they are actively addressing.Company Guidance
Strong FY2025 Financial Performance
Full year 2025 revenue exceeded $400 billion, adjusted EPS of $6.75 (approximately 15% above initial expectations), and operating cash flow of $10.6 billion, meaningfully outperforming initial expectations and demonstrating strong cash generation.
Solid Fourth Quarter Results
Q4 revenue topped $105 billion, up over 8% year-over-year; adjusted operating income of ~$2.6 billion and adjusted EPS of $1.09; quarterly cash flow from operations of approximately $3.4 billion.
Aetna Profitability Improvement
Aetna delivered a year-over-year adjusted operating income improvement of over $2.6 billion in 2025, strengthened leadership and culture, maintained a leading Stars position, and received the inaugural Press Ganey Health Plan of the Year award.
Pharmacy & Consumer Wellness Momentum
Pharmacy & Consumer Wellness posted nearly $38 billion in Q4 revenue (+12% YoY), same-store total revenues +16% and same-store pharmacy sales +19%; same-store prescription volumes rose nearly 10%; retail pharmacy script share grew to over 29%. Q4 adjusted operating income for the segment was over $1.9 billion (+~9% YoY) and full-year AOI for the segment exceeded $6 billion (+~4.5% YoY).
Health Services Strength
Health Services generated over $51 billion in Q4 revenue (+9% YoY) and delivered adjusted operating income of approximately $1.9 billion (+~9% YoY). Health Care Delivery revenues (ex-CVS Accountable Care) grew ~21% YoY, driven by patient growth at Oak Street Health.
Operational & Strategic Wins (Retail & PBM)
CVS Pharmacy completed transition to cost‑based reimbursement and established a new trajectory of at least flat earnings annually starting in 2026; Caremark continues to evolve (TrueCost) and the company expects recent PBM legislation to be manageable and potentially accelerate TrueCost adoption.
Material Cost Savings Delivered for Clients & Members
Company reported Aetna network negotiations yielded over $235 billion of savings, Caremark negotiations deliver an incremental $45 billion annually, totaling over $280 billion of annual savings; HUMIRA biosimilar strategy achieved ~96% adoption and $0 out-of-pocket for >80% of members, creating >$1.5 billion of savings for clients and members.
Improved Balance Sheet & Liquidity Actions
Year-end cash at parent and unrestricted subsidiaries totaled approximately $2.8 billion; leverage ratio improved to ~4x (meaningful improvement vs. prior year) and management expects further deleveraging as earnings improve.
Reaffirmed 2026 Guidance
Company reaffirmed full year 2026 revenue target of at least $400 billion and adjusted EPS guidance of $7.00 to $7.20, and updated 2026 operating cash flow outlook to at least $9 billion while noting cumulative cash flow across 2025–2026 has increased by >$1.5 billion.
Signify & In-Home Care Impact
Signify clinicians provide in-home provider-led evaluations for over 3.5 million consumers annually, facilitating over 500,000 connections (including nearly 100,000 urgent escalations), highlighting clinical reach and value in closing gaps in care.
CVS Earnings History
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 |
|---|---|---|---|
Feb 10, 2026 | $75.77 | $75.70 | -0.09% |
Oct 29, 2025 | $81.53 | $79.94 | -1.95% |
Jul 31, 2025 | $61.29 | $61.09 | -0.32% |
May 01, 2025 | $64.92 | $67.59 | +4.11% |
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.
FAQ
When does CVS Health Corp (CVS) report earnings?
CVS Health Corp (CVS) is schdueled to report earning on May 06, 2026, Before Open (Confirmed).
What is CVS Health Corp (CVS) earnings time?
CVS Health Corp (CVS) earnings time is at May 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CVS EPS forecast?
CVS EPS forecast for the fiscal quarter 2026 (Q1) is 2.23.
