CVS Health Corporation reports first quarter 2025 results and updates full-year 2025 guidance

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First quarter financial highlights

• Total revenues increased to $94.6 billion, up 7.0% compared to prior year
• GAAP diluted EPS of $1.41 and Adjusted EPS of $2.25
• Generated cash flow from operations of $4.6 billion

Operational highlights

• CVS Health® to exit the individual exchange business
• Aetna® introduces new solutions to ease the patient and provider experience
• CVS Caremark® makes formulary update to improve access to GLP-1 drugs

2025 Full-year guidance

• Revised GAAP diluted EPS guidance range to $4.23 to $4.43 from $4.58 to $4.83
• Raised Adjusted EPS guidance range to $6.00 to $6.20 from $5.75 to $6.00
• Raised cash flow from operations guidance to approximately $7.0 billion from approximately $6.5 billion

CEO commentary

“As we aim to be the most trusted health care company in America, we are driving greater care, value, and service from our integrated, industry-leading businesses. Thanks to a resolute focus on customers, our colleagues across CVS Health delivered positive results across our Health Care Benefits, Health Services and Pharmacy & Consumer Wellness segments, as we continue to build a world of better health around the 185 million consumers we are privileged to serve.”

— David Joyner, CVS Health President and CEO 

WOONSOCKET, RHODE ISLAND, May 1, 2025 — CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2025.

First quarter GAAP diluted EPS of $1.41 increased from $0.88 in the prior year and Adjusted EPS of $2.25 increased from $1.31 in the prior year, primarily due to an increase in the Health Care Benefits segment’s operating results, which reflects favorable year-over-year impact of prior-year development and improved underlying performance in Medicare, including the impact of improved Medicare Advantage star ratings for the 2025 payment year.

The Company updated its full-year 2025 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect strong performance across each of our businesses, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.

The information presented above includes both GAAP and non-GAAP financial measures to assist in the comparison of the Company’s past financial performance with its current financial performance. See “Non-GAAP Financial Information” in the full press release, which is linked below, for explanations of the non-GAAP financial measures presented above and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Please review the entire press release for the quarterly period, which provides important additional information related to our financial results. The full press release can be downloaded here (PDF).

Visit Investor Relations for more about Q1 2025 earnings.

(1) The Company defines adjusted operating income as operating income (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, such as acquisition-related integration costs, losses on Accountable Care assets, the Omnicare litigation charge, office real estate optimization charges and opioid litigation charges. The chief operating decision maker (“CODM”) uses adjusted operating income as its principal measure of segment performance as it enhances the CODM’s ability to compare past financial performance with current performance and analyze underlying business performance and trends. The consolidated measure is not determined in accordance with GAAP and should not be considered a substitute for, or superior to, the most directly comparable GAAP measure, consolidated operating income. See “Non-GAAP Financial Information” in the full press release linked above for additional information regarding the items excluded from consolidated operating income in determining consolidated adjusted operating income.

(2) GAAP diluted earnings per share and Adjusted EPS, respectively, are calculated by dividing net income attributable to CVS Health and adjusted income attributable to CVS Health by the Company’s weighted average diluted shares outstanding. The Company defines adjusted income attributable to CVS Health as net income attributable to CVS Health (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, such as acquisition-related integration costs, losses on Accountable Care assets, the Omnicare litigation charge, office real estate optimization charges, opioid litigation charges, as well as the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. See “Non-GAAP Financial Information” in the full press release linked above for additional information regarding the items excluded from net income attributable to CVS Health in determining adjusted income attributable to CVS Health.

Investor contact

Larry McGrath
800-201-0938
InvestorInfo@CVSHealth.com

Media contact

Ethan Slavin
860-273-6095
Ethan.Slavin@CVSHealth.com