CVS Health 8-K
PositiveEarningsGuidance raised
Stronger Health Care Benefits and Pharmacy & Consumer Wellness contributions lift FY2026 adjusted EPS guidance to at least $8.20.
Filed 2026-11-04 06:31 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results and raised FY2026 guidance. Revenue increased 5.4% Y/Y to $108.4B, driven by growth in Health Services and Health Care Benefits; improved underlying performance in Health Care Benefits supported the quarter’s adjusted earnings growth.
CVS raised its FY2026 GAAP diluted EPS, adjusted EPS and operating cash flow guidance, citing higher expected contributions from Health Care Benefits and Pharmacy & Consumer Wellness. It also cited elevated cost trends and potential macro headwinds as reasons for caution over the rest of the year.
Developments
- More than 69% of Aetna Medicare Advantage members are in 2027 plans rated 4 stars or higher by the Centers for Medicare & Medicaid Services; CVS said this placed Aetna second among large publicly traded Medicare Advantage organizations.
- CVS Pharmacy offers all FDA-approved glucagon-like peptide-1 (GLP-1) medications through its weight-management offering, which can connect a digital MinuteClinic visit with same-day pickup at 9,000 CVS Pharmacy locations and pharmacist support, without a membership or recurring monthly fee.
- Health100, a CVS Health subsidiary, received DirectTrust accreditation for its consumer-facing mobile app, which provides cost transparency, care navigation and chronic-condition support.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $108.4B, +5.4% Y/Y | $314.9B, +6.3% Y/Y |
| Operating income (loss) | $3.57B, vs $(3.21)B | $12.9B, +408% Y/Y |
| Net income (loss) | $2.17B, vs $(3.99)B | $8.12B, vs $(1.20)B |
| Diluted EPS | $1.68, vs $(3.13) | $6.29, vs $(0.93) |
| Adjusted EPS, non-GAAP | $2.09, +31% Y/Y | $7.24, +28% Y/Y |
| Operating cash flow | — | $15.3B, +111% Y/Y |
| Medical benefit ratio | 91.3%, vs 92.8% | 87.8%, vs 90.0% |
| Pharmacy claims processed | 482M, +1.3% Y/Y | 1.42B, +0.8% Y/Y |
| Prescriptions filled | 470M, +1.9% Y/Y | 1.38B, +3.2% Y/Y |
- The GAAP EPS improvement primarily reflected the absence of a $5.7B goodwill impairment charge ($4.50 per share) recorded in Q3 2025. Q3 adjusted EPS included exclusions of $0.33 per share for intangible amortization and $0.15 per share for the Omnicare guarantee.
- Health Care Benefits’ adjusted operating income rose to $912M from $314M, primarily on improved Government business performance; its medical benefit ratio, the share of premium revenue spent on medical benefits, also declined.
- Health Services revenue increased 9.5% Y/Y, mainly from pharmacy drug mix and brand inflation, while client price improvements limited adjusted operating income growth to 2.7%. Pharmacy & Consumer Wellness revenue fell 2.0% amid drug-price reductions, generic introductions and reimbursement pressure, while adjusted operating income increased 10.6%, helped by core pharmacy strength and Rite Aid asset acquisitions.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | At least $420.0B | — | — |
| GAAP diluted EPS | FY2026 | At least $6.98 | $6.84-$7.04 | Raised |
| Adjusted EPS, non-GAAP | FY2026 | At least $8.20 | $7.90-$8.10 | Raised |
| Operating cash flow | FY2026 | At least $15.5B | At least $11.5B | Raised |
The summary is written by an AI model reading the filing.
Model 005 · prompt v175 · 2026-11-04 15:34:38Z