The earnings call reflects a mixed sentiment with notable achievements in revenue growth, Aetna stabilization, and market leadership in biosimilars. However, challenges remain with ongoing issues in Medicare Advantage and individual exchange losses, compounded by elevated medical trends and pressure on pharmacy operating income.

Company Guidance

During the CVS Health Q4 2024 earnings call, the company provided initial guidance for 2025, projecting adjusted earnings per share (EPS) in the range of $5.75 to $6.00. This guidance reflects a recovery in the Aetna business, particularly in Medicare Advantage, and continued growth in health services. CVS Health aims to achieve a medical benefit ratio of approximately 91.5% and expects revenue of about $132 billion in healthcare benefits, $185 billion in health services, and $134 billion in the pharmacy and consumer wellness segment. The company is focusing on a multi-year $2 billion cost efficiency effort and anticipates cash flow from operations to be approximately $6.5 billion. Additionally, CVS Health is committed to improving Aetna's target margins and has implemented new pricing models like TrueCost and CostVantage to enhance transparency and efficiency in their pharmacy operations.

Revenue Growth and Performance

Fourth quarter revenues of nearly $98 billion, a 4% increase over the prior year, driven by growth in healthcare benefits and pharmacy and consumer wellness segments.

Aetna Business Turnaround

Significant progress in stabilizing Aetna's operations and financial discipline, with a focus on restoring Medicare Advantage business to target margins.

Biosimilar Market Leadership

Successful launch of biosimilars with Cordavis, converting over 90% of eligible Humira patients to a biosimilar and generating almost a billion dollars in savings for clients.

CostVantage and TrueCost Models

Introduction and adoption of transparent pricing models - CostVantage and TrueCost, with 100% commercial adoption for CostVantage and over 75% of Caremark's commercial members adopting TrueCost.

Record Volume at Signify

Signify achieved a record volume year, completing over 3 million in-home health evaluations, contributing to a 32% revenue growth compared to the prior year.

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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

Daily Earnings Calendar >

CVS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2025	2025 (Q1)	1.57 / -	1.31	―	―	―
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)
May 03, 2023	2023 (Q1)	2.10 / 2.20	2.22	-0.90% (-0.02)
Feb 08, 2023	2022 (Q4)	1.92 / 1.99	1.98	0.51% (+0.01)

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

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CVS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2025	$55.00	$63.22	+14.95%
Nov 06, 2024	$54.64	$60.84	+11.35%
Aug 07, 2024	$56.97	$55.15	-3.19%
May 01, 2024	$65.38	$54.38	-16.82%

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.

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