Jun 2026 (Q2 FY26) — Aug 5, 2026
CVS Health Q2 FY26 — Strong Performance Drives Raised Full-Year Outlook
Read the full callCVS Health (CVS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CVS Health earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 106,096 | +7.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 4.4 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,979 | +191.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 21 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Health100 consumer engagement platform launch | launch later in 2026 | Mar 2026 | Last month, we began the targeted launch of our Health 100 platform, including [ Ohio, ] our new AI-powered assistant. | Achieved |
| Full-year adjusted EPS | $7.00 to $7.20 | Dec 2025 | we are raising our full year 2026 adjusted earnings per share guidance by $0.60 to a range of $7.90 to $8.10 | Revised Up |
| Adjusted EPS compound annual growth rate 2025-2028 | mid-teens CAGR | Mar 2026 | we continue to feel confident in the mid-teens adjusted EPS CAGR from 2025 through 2028 that we laid out at our recent Investor Day | On Track |
1 of CVS HEALTH Corp's 49 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 46 more targets are in the full ledger.
Claimed
- Adjusted operating income grew over 35% to approximately $5.2 billion in Q2 FY26.
- Adjusted EPS increased over 40% to $2.58 in Q2 FY26.
- Full-year 2026 adjusted EPS guidance raised by $0.60 to a range of $7.90 to $8.10.
- Full-year 2026 cash flow from operations guidance raised by $2 billion to at least $11.5 billion.
- Health Care Benefits segment delivered over $2 billion of year-over-year improvement in adjusted operating income.
Qualified
- The 340B business experienced pressure in Q2 FY26 and is expected to be a headwind in FY27.
- Caremark expects membership declines in FY27 due to disciplined client renewals and health plan market exits.
- The exit from the individual exchange business in FY26 drove a 700,000 member decline year-over-year in Health Care Benefits.
- Regulatory-related price reductions and generic drug introductions largely offset revenue increases in Pharmacy and Consumer Wellness.
- The No Surprises Act's independent dispute resolution (IDR) process is being abused by a small group of players, frustrating self-funded employers.
Price
$92.68 +0.35% · +$0.32
Performance +12.3% 1Y
1Y: $82.52 on 17 Oct 2025 → $92.68. High $110.6 (21 Jul 2026), low $70.08 (27 Mar 2026).
- Previous close
- $92.36
- 52-week range
- $70.08 – $110.6
- One year
- +12.37%
Overview
- Symbol
- CVS
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 21 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Health100 consumer engagement platform launch | launch later in 2026 | Mar 2026 | Last month, we began the targeted launch of our Health 100 platform, including [ Ohio, ] our new AI-powered assistant. | Achieved |
| Full-year adjusted EPS | $7.00 to $7.20 | Dec 2025 | we are raising our full year 2026 adjusted earnings per share guidance by $0.60 to a range of $7.90 to $8.10 | Revised Up |
| Adjusted EPS compound annual growth rate 2025-2028 | mid-teens CAGR | Mar 2026 | we continue to feel confident in the mid-teens adjusted EPS CAGR from 2025 through 2028 that we laid out at our recent Investor Day | On Track |
Claimed
- Adjusted operating income grew over 35% to approximately $5.2 billion in Q2 FY26.
- Adjusted EPS increased over 40% to $2.58 in Q2 FY26.
- Full-year 2026 adjusted EPS guidance raised by $0.60 to a range of $7.90 to $8.10.
- Full-year 2026 cash flow from operations guidance raised by $2 billion to at least $11.5 billion.
- Health Care Benefits segment delivered over $2 billion of year-over-year improvement in adjusted operating income.
Qualified
- The 340B business experienced pressure in Q2 FY26 and is expected to be a headwind in FY27.
- Caremark expects membership declines in FY27 due to disciplined client renewals and health plan market exits.
- The exit from the individual exchange business in FY26 drove a 700,000 member decline year-over-year in Health Care Benefits.
- Regulatory-related price reductions and generic drug introductions largely offset revenue increases in Pharmacy and Consumer Wellness.
- The No Surprises Act's independent dispute resolution (IDR) process is being abused by a small group of players, frustrating self-funded employers.
The full ledger
Open CVS HEALTH Corp’s full ledger
A free account opens 5 company ledgers a month. All 49 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
CVS Health Q1 FY26 — Aetna margin recovery drives raised full-year EPS guidance
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
CVS Health Q4 FY25 — Strong Financial Performance and Strategic Momentum Despite MA Rate Headwinds
Read the full callEvery analysed call
CVS Health earnings calls (CVS)
Financials
What the filings say
Net profit, year on year: +192% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 95,428 | 97,710 | 94,588 | 98,915 | 102,871 | 105,693 | 100,426 | 106,096 |
| Expenses | 94,596 | 95,342 | 91,214 | 96,534 | 106,078 | 103,581 | 95,746 | 101,393 |
| Operating profit | 832 | 2,368 | 3,374 | 2,381 | -3,207 | 2,112 | 4,680 | 4,703 |
| Operating margin | 0.9% | 2.4% | 3.6% | 2.4% | −3.1% | 2.0% | 4.7% | 4.4% |
| Interest | 752 | 758 | 785 | 763 | 784 | 787 | 774 | 757 |
| Profit before tax | 105 | 2,126 | 2,617 | 1,647 | -3,482 | 1,354 | 3,938 | 3,977 |
| Tax rate | 32.4% | 23.7% | 31.9% | 38.5% | −14.6% | −115.9% | 24.9% | 24.7% |
| Net profit | 87 | 1,644 | 1,779 | 1,021 | -3,975 | 2,943 | 2,943 | 2,979 |
| EPS ($ per share) | 0.07 | — | 1.41 | 0.81 | -3.13 | — | 2.31 | 2.33 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 45,440 | 45,972 | 46,513 | 47,377 | 48,193 | 48,992 | 49,661 | 50,402 |
| Reserves | 40,911 | 45,108 | 49,640 | 54,906 | 56,398 | 61,604 | 62,837 | 61,196 |
| Total liabilities | 137,913 | 158,279 | 161,014 | 157,618 | 156,506 | 173,092 | 177,485 | 178,156 |
| Fixed assets | 11,349 | 12,044 | 12,606 | 12,896 | 12,873 | 13,183 | 12,993 | 13,083 |
| Investments | 2,522 | 2,373 | 3,000 | 3,117 | 2,778 | 3,259 | 2,407 | 2,145 |
| Total assets | 196,456 | 222,449 | 230,715 | 232,999 | 228,275 | 249,728 | 253,215 | 253,538 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 8,865 | 12,848 | 15,865 | 18,265 | 16,177 | 13,426 | 9,107 | 10,639 |
| Cash from investing | -43,285 | -3,339 | -5,534 | -5,261 | -5,047 | -20,889 | -7,613 | -5,871 |
| Cash from financing | 36,819 | -7,654 | -7,696 | -11,356 | -10,516 | 2,683 | -1,135 | -4,940 |
| Net cash flow | 2,395 | 1,855 | 2,635 | 1,648 | 614 | -4,780 | 359 | -172 |
| Capital expenditure | -2,037 | -2,457 | -2,437 | -2,520 | -2,727 | -3,031 | -2,781 | -2,832 |
| Free cash flow | 6,828 | 10,391 | 13,428 | 15,745 | 13,450 | 10,395 | 6,326 | 7,807 |
CVS revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Health Services | 46% | 48% | 46% | 47% | 48% | 48% | 48% | 49% | +11.5% |
| Health Care Benefits | 35% | 34% | 37% | 37% | — | — | 36% | 35% | +3.5% |
| Pharmacy and Consumer Health | 34% | 34% | 34% | 34% | 35% | 36% | 32% | 32% | +0.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CVS operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 300K+Two, our over 300,000 colleagues who reflect the backgrounds and experiences of all Americans and the communities we serve.Source: earnings call transcript | 300K+This is personal for me, my leadership team and the more than 300,000 CVS Health colleagues that work tirelessly every day to earn the trust of the customers we serve.Source: earnings call transcript | 300K+Our future is bright because of the work of our more than 300,000 colleagues who take care of their friends, families and neighbors and communities across our country.Source: earnings call transcript | 300KOur leadership team and our 300,000 colleagues work hard every day to make it better and to realize our ambition of becoming America's most trusted health care company.Source: earnings call transcript | — | — | — |
| Medical members Health Care Benefits | ~27.1MMedical membership of approximately 27.1 million was roughly flat sequentially as membership in our Individual Exchange business started to modestly decline in advance of the 2025 rate increases we took in that book.Source: earnings call transcript | ~27.1MMedical membership of approximately 27.1 million was flat sequentially as declines in our individual exchange and Medicare businesses were largely offset by growth in our commercial fee-based business.Source: earnings call transcript | ~26.7MWe ended the quarter with medical membership of approximately 26.7 million, which was flat sequentially and decreased approximately 445,000 members from the prior year quarter.Source: earnings call transcript | ~26.6MWe ended the year with approximately 26.6 million medical members, a slight decline sequentially and a decrease of approximately 500,000 members from the prior year.Source: earnings call transcript | ~26MWe ended the quarter with approximately 26 million medical members, which declined sequentially by approximately 600,000 members.Source: earnings call transcript | ~26MMedical membership as of quarter end of approximately 26 million members remain consistent sequentially and declined approximately 700,000 members from the prior year quarter.Source: earnings call transcript | — |
| Medical care ratio Health Care Benefits | 94.8%Our medical benefit ratio of 94.8% increased 630 basis points from the prior year quarter.Source: earnings call transcript | 87.3%Our medical benefit ratio of 87.3%, decreased 310 basis points from the prior year.Source: earnings call transcript | 92.8%Our medical benefit ratio was 92.8%, a decrease of 240 basis points from the prior year quarter results of 95.2%.Source: earnings call transcript | 94.8%Our medical benefit ratio in the quarter was 94.8%, consistent with the prior year quarter.Source: earnings call transcript | 84.6%Adjusted operating income in the quarter was approximately $3 billion, and our medical benefit ratio was 84.6%.Source: earnings call transcript | 87.4%Adjusted operating income in the quarter was approximately $2.4 billion, and our medical benefit ratio was 87.4%, both of which improved meaningfully from the prior year quarter as we continue to execute on our margin recovery.Source: earnings call transcript | +2.8 pt |
| Medical members Commercial | — | — | — | ~18MAndrew, so on respect to our commercial membership, we serve about 18 million members.Source: earnings call transcript | 18MAnd we have 18 million members in our commercial book.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
51 filings between Nov 20, 2025 and Jun 26, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$323.70M
8 sales by 2 insiders
Compensation
not trading decisions- 24
- Award — granted as compensation
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ROBBINS LARRY | — | $317.47M | May 21, 2026 |
| Mandadi Tilak | — | $6.23M | May 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 26, 2026 | Clark James David SVP, Cont & Chief Acct Officer | Tax withheld | 454 | $41.3K |
| May 31, 2026 | Compton-Phillips Amy EVP, Chief Medical Officer | Tax withheld | 7,618 | $693.1K |
| May 31, 2026 | Newman Brian EVP, Chief Financial Officer | Tax withheld | 2,478 | $225.4K |
| May 21, 2026 | AGUIRRE FERNANDO Director | Disposition to issuer | 1,563 | $146.1K |
| May 21, 2026 | ROBBINS LARRY Director | Sale | 370,462 | $34.62M |
| May 20, 2026 | AGUIRRE FERNANDO Director | Disposition to issuer | 30,437 | $2.85M |
| May 20, 2026 | ROBBINS LARRY Director | Sale | 800 | $77.0K |
| May 20, 2026 | ROBBINS LARRY Director | Sale | 797,628 | $74.56M |
| May 20, 2026 | ROBBINS LARRY Director | Sale | 152,691 | $14.48M |
| May 20, 2026 | ROBBINS LARRY Director | Sale | 66,881 | $6.40M |
| May 19, 2026 | ROBBINS LARRY Director | Sale | 1,983,387 | $187.33M |
| May 19, 2026 | ROBBINS LARRY Director | Sale | 151 | $14.4K |
| May 14, 2026 | Norwalk Leslie V Director | Award | 1,447 | $140.6K |
| May 14, 2026 | SANSONE GUY P Director | Award | 1,447 | $140.6K |
| May 14, 2026 | BROWN C DAVID II Director | Award | 1,544 | $150.0K |
| May 14, 2026 | Balser Jeffrey R. Director | Award | 2,058 | $199.9K |
| May 14, 2026 | AGUIRRE FERNANDO Director | Award | 1,563 | $151.8K |
| May 14, 2026 | KIRBY J SCOTT Director | Award | 1,447 | $140.6K |
| May 8, 2026 | Mandadi Tilak EVP, Chief Exp & Tech Officer | Sale | 69,551 | $6.23M |
| Apr 1, 2026 | Khichi Samrat S. EVP, CPO and General Counsel | Tax withheld | 3,541 | $256.7K |
| Apr 1, 2026 | Clark James David SVP, Cont & Chief Acct Officer | Tax withheld | 3,262 | $236.5K |
| Apr 1, 2026 | CAPOZZI HEIDI B EVP and Chief People Officer | Tax withheld | 1,334 | $96.7K |
| Apr 1, 2026 | Mandadi Tilak EVP, Chief Exp & Tech Officer | Tax withheld | 3,634 | $263.4K |
| Apr 1, 2026 | Shah Prem S EVP and Group President | Tax withheld | 1,484 | $107.6K |
| Apr 1, 2026 | Nelson Steven H EVP and President, Aetna | Tax withheld | 2,432 | $176.3K |
| Apr 1, 2026 | Joyner J. David President, CEO and Chair | Tax withheld | 8,029 | $582.0K |
| Mar 31, 2026 | Mandadi Tilak EVP, Chief Exp & Tech Officer | Award | 22,277 | $1.60M |
| Mar 31, 2026 | Khichi Samrat S. EVP, CPO and General Counsel | Award | 12,531 | $900.0K |
| Mar 31, 2026 | Compton-Phillips Amy EVP, Chief Medical Officer | Award | 5,569 | $400.0K |
| Mar 31, 2026 | Joyner J. David President, CEO and Chair | Award | 86,326 | $6.20M |
| Mar 31, 2026 | Clark James David SVP, Cont & Chief Acct Officer | Award | 11,138 | $799.9K |
| Mar 31, 2026 | CAPOZZI HEIDI B EVP and Chief People Officer | Award | 10,025 | $720.0K |
| Mar 31, 2026 | Nelson Steven H EVP and President, Aetna | Award | 22,277 | $1.60M |
| Mar 31, 2026 | Newman Brian EVP, Chief Financial Officer | Award | 19,493 | $1.40M |
| Mar 31, 2026 | Shah Prem S EVP and Group President | Award | 25,062 | $1.80M |
| Mar 19, 2026 | Gallina John E Director | Award | 582 | $41.8K |
| Feb 28, 2026 | Joyner J. David President and CEO | Tax withheld | 1,944 | $155.3K |
| Feb 28, 2026 | Khichi Samrat S. EVP, CPO and General Counsel | Tax withheld | 7,886 | $627.7K |
| Jan 1, 2026 | Shah Prem S EVP and Group President | Tax withheld | 247 | $19.8K |
| Dec 1, 2025 | Clark James David SVP, Cont & Chief Acct Officer | Tax withheld | 220 | $17.4K |
| Nov 30, 2025 | FARAH ROGER N Director | Tax withheld | 9,748 | $783.3K |
| Nov 30, 2025 | CAPOZZI HEIDI B EVP and Chief People Officer | Tax withheld | 9,470 | $761.0K |
| Nov 30, 2025 | Mandadi Tilak EVP, Chief Exp & Tech Officer | Tax withheld | 6,575 | $528.4K |
| Nov 20, 2025 | Norwalk Leslie V Director | Award | 1,652 | $125.6K |
| Nov 20, 2025 | KIRBY J SCOTT Director | Award | 1,652 | $125.6K |
| Nov 20, 2025 | Finucane Anne A. Director | Award | 591 | $44.9K |
| Nov 20, 2025 | BROWN C DAVID II Director | Award | 1,775 | $135.0K |
| Nov 20, 2025 | Balser Jeffrey R. Director | Award | 1,775 | $135.0K |
| Nov 20, 2025 | AGUIRRE FERNANDO Director | Award | 1,800 | $136.9K |
| Nov 20, 2025 | SANSONE GUY P Director | Award | 1,652 | $125.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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