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CVS Health
CVS Health (CVS) investor relations material
CVS Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Full year 2025 revenue exceeded $400 billion, with adjusted EPS of $6.75 and operating cash flow of $10.6 billion, all surpassing initial expectations by significant margins.
Q4 2025 revenue was $105.7 billion, up 8.2% year-over-year, with adjusted EPS of $1.09 and GAAP EPS of $2.30.
Strong operational progress in Aetna, pharmacy, and health services segments, with notable improvements in financial results and market recognition.
Successfully completed transition to cost-based reimbursement in pharmacy, enhancing transparency and stability.
Returned over $3 billion in dividends to shareholders in 2025.
Financial highlights
Q4 2025 total revenues reached $105.7 billion, up from $97.7 billion in Q4 2024.
Full year adjusted EPS of $6.75, up approximately 15% from initial expectations.
Operating cash flow for 2025 reached $10.6 billion, exceeding forecasts.
Q4 adjusted operating income was $2.6 billion; Q4 cash flow from operations was $3.4 billion.
Retail pharmacy script share grew to over 29% in Q4, aided by Rite Aid transaction.
Outlook and guidance
Reaffirmed 2026 adjusted EPS guidance of $7.00–$7.20 and revenue of at least $400 billion.
2026 operating cash flow expected to be at least $9 billion, reflecting timing of certain payments.
Cumulative cash flow expectation for 2025 and 2026 increased by over $1.5 billion.
Capital expenditures for 2026 expected to be $3.0–$3.2 billion; adjusted effective tax rate ~25.3%.
Continued focus on margin recovery in Medicare Advantage and disciplined pricing across all segments.
Why did Q4 Adjusted EPS decline year-over-year?
What is the outlook for Health Care Delivery post-impairment?
What are the ongoing implications of legacy litigation?
Aetna MA margin recovery post-2027 rates
TrueCost adoption and PBM margin durability
PCW market share and CostVantage impact
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Next CVS Health earnings date
Q1 202630 Apr, 2026
CVS Health
Next CVS Health earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Americas Pharmacy
CVS is a retail pharmacy and healthcare company based in the United States. The company operates a chain of pharmacies and retail stores across the country, offering a wide range of prescription medications, over-the-counter drugs, health and beauty products, and general merchandise. CVS also provides pharmacy benefit management services, mail-order pharmacy services, and operates walk-in healthcare clinics.
The pharmacy side of the business
The pharmacy side of CVS plays a critical role in providing healthcare services to customers. CVS pharmacies offer prescription medications, over-the-counter drugs, and health-related products. Highly trained pharmacists are available to provide guidance, answer questions, and ensure the safe and accurate dispensing of medications. CVS pharmacies also offer additional services like medication counseling and medication adherence programs. They work closely with healthcare providers, insurance companies, and government programs to deliver comprehensive pharmacy services to customers of all ages and health needs.
A retailer and a pharmacy all in one
CVS operates a diverse and expansive retail business, catering to a wide range of customer needs. Their retail stores offer an extensive selection of products, including health and wellness items, personal care products, cosmetics, over-the-counter medications, groceries, household essentials, and seasonal merchandise. The stores are well-organized, making it easy to find desired products, and the stores often feature dedicated sections for specific categories, such as beauty, baby care, and personal wellness. This combination of retail and pharmaceutical services all in one is more or less mirrored in one of their biggest competitors Walgreens.
Healthcare services
In addition to its retail and pharmacy services, CVS offers a range of healthcare offerings to customers. CVS pharmacies provide immunization and vaccination services, including flu shots, vaccines for preventable diseases, and specialized immunizations for specific populations. The suppliers for these vaccines include heavy hitters of the healthcare industry such as Pfizer. They also offer health checks and screenings for various conditions, such as high cholesterol, abnormal blood pressure, and diabetes. CVS's walk-in clinics, known as MinuteClinics, provide accessible and affordable healthcare services for minor illnesses, injuries, vaccinations, and general wellness needs. These services are staffed by qualified healthcare professionals, such as nurse practitioners and physician assistants, who can diagnose, treat, and provide preventive care recommendations to patients.
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