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

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Financial Highlights

• Second quarter total revenues increased to $98.9 billion, up 8.4% compared to prior year
• Second quarter GAAP diluted EPS of $0.80 and Adjusted EPS of $1.81
• Generated year-to-date cash flow from operations of $6.5 billion

Operational Highlights

• Aetna® delivers distinctive advances in care navigation
• CVS Pharmacy® agreed to acquire certain prescription files and store locations from Rite Aid
• CVS Caremark® demonstrates market-leading innovation in strong renewal and sales season

2025 Full-Year Guidance

• Revised GAAP diluted EPS guidance range to $3.84 to $3.94 from $4.23 to $4.43
• Raised Adjusted EPS guidance range to $6.30 to $6.40 from $6.00 to $6.20
• Raised cash flow from operations guidance to at least $7.5 billion from approximately $7.0 billion

CEO Commentary

“What people want most — a connected, simpler health care experience — is what CVS Health uniquely provides. For the 185 million people we serve, we deliver better access, greater affordability and aligned advocacy. Our strong performance demonstrates the continued focus we have on operational and financial improvement across our businesses, led by a significant and durable recovery at Aetna, strong retention at CVS Caremark and growth and momentum at CVS Pharmacy.”

— David Joyner, CVS Health President and CEO 

WOONSOCKET, RHODE ISLAND, July 31, 2025 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2025.

Second quarter GAAP diluted EPS of $0.80 decreased from $1.41 in the prior year, reflecting the impact of two litigation charges associated with the Company’s past business practices recorded during three months ended June 30, 2025. Adjusted EPS of $1.81 remained relatively consistent compared to the prior year. The Company’s financial results reflect improved operating performance in the Health Care Benefits and Pharmacy & Consumer Wellness segments, largely offset by a decline in the Health Services segment.

“We are encouraged by a second consecutive quarter of solid 2025 results, while we continue to navigate a dynamic environment,” said Brian Newman, Chief Financial Officer of CVS Health. “As we execute against our strategic priorities, we remain focused on delivering on our financial commitments and advancing initiatives that create long-term value for our stakeholders.”

The Company’s full-year 2025 guidance updates reflect second quarter performance in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decrease in the Health Services segment.

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 Q2 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, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets 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, office real estate optimization charges, certain legacy litigation charges, losses on Accountable Care assets, 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