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

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Financial Highlights

• Third quarter total revenues increased to a record high $102.9 billion, up 7.8% compared to prior year
• Third quarter GAAP diluted loss per share of $3.13, inclusive of a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit
• Third quarter Adjusted EPS of $1.60
• Generated year-to-date cash flow from operations of $7.2 billion

Operational Highlights

• Aetna® receives industry-leading Medicare Advantage Star Ratings results
• Launch of annual vaccination campaign at CVS Pharmacy® and MinuteClinic® locations nationwide
• Caremark® closes out another strong selling season with contract wins totaling nearly $6.0 billion and retention in the high nineties, highlighting commitment to providing exceptional value and transparency

2025 Full-Year Guidance

• Updated GAAP diluted earnings (loss) per share guidance range to $(0.34) to $(0.24) from $3.84 to $3.94
• Raised Adjusted EPS guidance range to $6.55 to $6.65 from $6.30 to $6.40
• Updated cash flow from operations guidance to a range of $7.5 billion to $8.0 billion from at least $7.5 billion

CEO Commentary

“CVS Health uniquely delivers what the people we serve want the most: a connected, simpler experience that improves health and simplifies care. Our leadership team has stabilized operations and is focused on businesses and markets where we can succeed. As a result, we are making progress on our journey to be America’s most trusted health care company. Our strong Enterprise performance demonstrates the continued focus we have on operational and financial improvement across our businesses.”

— David Joyner, CVS Health President and CEO 

WOONSOCKET, RHODE ISLAND, October 29, 2025 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended September 30, 2025.

Third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC (“Omnicare”) in connection with the initiation of Omnicare’s voluntary Chapter 11 proceedings. Adjusted EPS of $1.60 increased from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.

The Company’s full-year 2025 guidance updates reflect third 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 Q3 2025 earnings.

(1) The Company defines adjusted operating income as operating income (loss) (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 (loss). See “Non-GAAP Financial Information” in the full press release linked above for additional information regarding the items excluded from consolidated operating income (loss) in determining consolidated adjusted operating income.

(2) GAAP diluted earnings (loss) per share and Adjusted EPS, respectively, are calculated by dividing net income (loss) 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 (loss) 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, the gain on deconsolidation of subsidiary, as well as the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. Adjusted EPS for the three and nine months ended September 30, 2025 and projected Adjusted EPS for the year ended December 31, 2025 is calculated utilizing weighted average diluted shares outstanding, which include potential common shares in each period, as the impact of the potential common shares was dilutive. The potential common shares were excluded from the calculations of GAAP loss per share for the three and nine months ended September 30, 2025 and projected GAAP loss per share for the year ended December 31, 2025, as the shares would have had an anti-dilutive effect as a result of the GAAP net loss in each period. 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