CVS Health (CVS) investor relations material

Executive summary

• Q2 2026 revenues grew 7.3% year-over-year to $106.1 billion, with all operating segments showing strong earnings growth and exceeding expectations.

• Adjusted EPS was $2.58 (up from $1.81), GAAP EPS was $2.31 (up from $0.80), and net income rose 191.8% year-over-year to $2.98 billion.

• Year-to-date cash flow from operations reached $10.6 billion, with significant returns to shareholders via dividends.

• Full-year 2026 guidance for adjusted EPS, GAAP EPS, and cash flow from operations was raised, reflecting robust segment performance.

• Continued focus on affordability, access, and consumer engagement, especially around GLP-1 therapies and digital health initiatives.

Financial highlights

• Q2 2026 total revenues were $106.1 billion, up from $98.9 billion in Q2 2025 (+7.3% YoY).

• Adjusted operating income rose 35.4% year-over-year to $5.2 billion; operating income nearly doubled to $4.7 billion.

• Adjusted EPS increased to $2.58 from $1.81, and GAAP EPS to $2.31 from $0.80 year-over-year.

• Net income for Q2 was $3.0 billion, up from $1.0 billion year-over-year.

• Year-to-date cash flow from operations totaled $10.6 billion.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance raised to $7.90–$8.10 (from $7.30–$7.50); GAAP diluted EPS guidance raised to $6.84–$7.04.

• Full-year consolidated revenue expected to be at least $414 billion.

• Cash flow from operations outlook increased to at least $11.5 billion (from at least $9.5 billion).

• 2027 adjusted EPS floor set at $8.44, implying 13% growth off a $7.46 baseline; mid-teens adjusted EPS CAGR expected from 2025 through 2028.

• Guidance reflects strength in Health Care Benefits and Pharmacy & Consumer Wellness, with caution due to elevated cost trends and macro headwinds.