CVS Health Corporation reports third quarter 2026 results and raises full‑year 2026 guidance

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• Third quarter total revenues increased to $108.4 billion, up 5.4% year-over-year
• Third quarter GAAP diluted EPS of $1.68 and Adjusted EPS of $2.09
• Generated year-to-date cash flow from operations of $15.3 billion
• Raising full-year 2026 guidance:
  • GAAP diluted EPS guidance to at least $6.98 from a range of $6.84 to $7.04
  • Adjusted EPS guidance to at least $8.20 from a range of $7.90 to $8.10
  • Cash flow from operations guidance to at least $15.5 billion from at least $11.5 billion

WOONSOCKET, RHODE ISLAND, November 4, 2026 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended September 30, 2026.

“Our colleagues build trust every day through delivering quality health care rooted in our purpose - to simplify health care one person, one family and one community at a time. Through their continued dedication, each of our businesses delivered another quarter of strong results. We continue to advance our strategy by improving the consumer experience, lowering health care costs, and connecting care for the people we serve.”

- David Joyner, CVS Health Chairman and CEO

Third quarter GAAP diluted earnings per share of $1.68 increased from a loss per share of $3.13 in the prior year, reflecting the absence of a $5.7 billion goodwill impairment charge recorded in the third quarter of 2025. Adjusted EPS of $2.09 increased from $1.60 in the prior year, primarily due to improved adjusted operating income in the Health Care Benefits segment, reflecting continued execution of its margin recovery plan.

The Company is increasing its full-year 2026 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect increases in the Health Care Benefits and Pharmacy & Consumer Wellness segments, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.

^*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, the Omnicare guarantee, goodwill impairment charges, Health Care Delivery clinic closure charges, opioid litigation charges, certain legacy litigation charges, losses on Accountable Care assets, office real estate optimization 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 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, 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 (loss) 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