CVS Health Corporation reports fourth quarter and full-year 2025 results

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Fourth Quarter Highlights

• Total revenues increased to $105.7 billion, up 8.2% compared to prior year
• GAAP diluted EPS of $2.30 and Adjusted EPS of $1.09

Full-Year Highlights

• Total revenues increased to a record high $402.1 billion, up 7.8% compared to prior year
• GAAP diluted EPS of $1.39 and Adjusted EPS of $6.75
• Generated cash flow from operations of $10.6 billion

Operational Highlights

• CVS Pharmacy^® successfully completed the transition to cost-based reimbursement across its Commercial, Third-Party Discount, Medicare and Medicaid businesses.
• Aetna^® continues to improve the experience for health care professionals and their patients, approving more than 95% of all eligible prior authorizations within 24 hours, with many completed instantaneously.
• Caremark^® closes out 2025 with significant customer wins and strong retention, providing momentum into 2026.

2026 Full-Year Guidance

• Confirmed GAAP diluted EPS guidance range of $5.94 to $6.14
• Confirmed Adjusted EPS guidance range of $7.00 to $7.20
• Updated cash flow from operations guidance to at least $9.0 billion from at least $10.0 billion

CEO Commentary

“Our fourth quarter and full-year results demonstrate the progress we are making in transforming the health care experience with our unique collection of businesses. From lowering drug prices, to improving navigation of health care, to being the front door of care across our country, we are well positioned to achieve our ambition to be the most trusted health care company in America.”

— David Joyner, CVS Health President and CEO 

WOONSOCKET, RHODE ISLAND, February 10, 2026 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended December 31, 2025.

Fourth quarter GAAP diluted EPS of $2.30 increased from $1.30 in the prior year. Adjusted EPS of $1.09 decreased from $1.19 in the prior year, primarily due to a decline in adjusted operating income in the Health Care Benefits segment, reflecting changes in the seasonality of the Medicare Part D program due to the impact of the Inflation Reduction Act (“IRA”).

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 Q4 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, goodwill impairment charges, Health Care Delivery clinic closure charges, opioid litigation charges, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets and restructuring 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, goodwill impairment charges, Health Care Delivery clinic closure charges, opioid litigation charges, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets, restructuring charges, gains on early extinguishment of debt, the gain on deconsolidation of subsidiary, the tax benefit from a worthless stock deduction, 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