CVS Health Corporation (CVS) Earnings
CVS Health Corporation is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.85. CVS has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +22.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $2.18 | $2.57 | +17.9% | $100.4B | +5.7% |
| Oct 29, 2025 | $1.37 | $1.60 | +16.8% | $102.9B | +4.1% |
| Jul 31, 2025 | $1.46 | $1.81 | +24.0% | $98.9B | +4.6% |
| May 1, 2025 | $1.70 | $2.25 | +32.4% | $94.6B | +1.0% |
| Feb 12, 2025 | $0.91 | $1.19 | +30.2% | $97.7B | +0.6% |
| May 1, 2024 | $1.70 | $1.31 | -22.9% | $88.4B | -1.0% |
| Feb 7, 2024 | $2.01 | $2.12 | +5.5% | $93.8B | +3.8% |
| Nov 1, 2023 | $2.13 | $2.21 | +3.8% | $89.8B | +1.7% |
| Aug 2, 2023 | $2.12 | $2.21 | +4.2% | $88.9B | +2.8% |
| May 3, 2023 | $2.07 | $2.20 | +6.3% | $85.3B | +5.5% |
| Feb 8, 2023 | $1.92 | $1.99 | +3.6% | $83.8B | +9.7% |
| Nov 2, 2022 | $1.99 | $2.09 | +5.0% | $81.2B | +5.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
David Joyner mentioned entering 2026 with strong momentum, driving improved results at Aetna, laser focus on delivering savings at Caremark, executing on operational plans for healthcare delivery, and building momentum as the best run national pharmacy. Brian Newman updated on first quarter results, cash flow, balance sheet, and revised financial outlook for 2026. Highlights include over $100 billion revenue, ~$5.2 billion adjusted operating income, ~$2.57 adjusted EPS, and updates on each segment's performance.
Guidance
Increased full year 2026 adjusted earnings per share guidance to a range of $7.30 to $7.50, up from previous range of $7 to $7.20. Now expect full-year total revenues to be at least $405 billion. Update full-year cash flow from operations to at least $9.5 billion. Healthcare benefits segment now expects full-year adjusted operating income in range of approximately $4 to $4.34 billion. Pharmacy and consumer wellness segment now expects full-year adjusted operating income of at least $6.18 billion. Expect enterprise adjusted operating income in range of $15.53 to $15.87 billion, with roughly 60-40 split of earnings between first half and second half.
Segment performance
In healthcare benefits, generated nearly $36 billion revenue in the quarter, increase of over 3% from prior year; adjusted operating income ~$3 billion, medical benefit ratio 84.6%. Health services segment generated revenues over $48 billion, increase of 11% year over year; adjusted operating income ~$1.5 billion, decrease of ~7% from prior year quarter. Pharmacy and consumer wellness segment generated revenues nearly $32 billion, relatively consistent with prior year quarter; adjusted operating income decreased ~9% from prior year to ~$1.2 billion.
Risks & headwinds
Significant risks and uncertainties that could cause actual results to differ materially from currently projected results, including those described in reports filed with the SEC regarding forward-looking statements and risk factors. Regulatory actions and changes in the healthcare ecosystem could impact operations and financial performance. For example, regulatory actions related to PBMs and healthcare delivery could present challenges. Also, medical cost trends remaining above historical levels could pressure the industry and the company's margins.
Analyst Q&A
Q: About Medicare Advantage rates coming out for 2027 and trajectory of MA margins;
A: Steve and others discussed strong partnership with CMS, progress from advance to final notice, disciplined strategy in 2026 planning, strong start in Medicare Advantage business, and confidence in hitting target margins in 2028.
Q: About approach to HCB guidance, pockets of performance, and changes in booking current year cost trend;
A: Brian and Steve talked about favorable prior year development, core outperformance from strong medical cost management, some outperformance on non-medical cost items, and maintaining a respectful and prudent view on medical cost trends.
Q: About capital deployment, AI investments and inflection point, and share repurchase;
A: Brian discussed focus on strengthening balance sheet and evaluating share repurchase, David talked about moving from consumer-based healthcare company to consumer-based healthcare technology company, Steve and Prem discussed AI investments in Aetna across buckets like technology investment, improving work, and member experience.
Q: About current regulatory environment, navigating state legislation like Tennessee's and impact on pharmacy;
A: David and Prem talked about navigating federal and state regulatory changes, launching TrueCost, impact of Tennessee legislation, and role in pharmacy supply chain to drive down costs.
Q: About Oak Street performance and HCB core outperformance;
A: Steve talked about Oak Street's performance and focus on value-based care, and that weather and flu impacts were in line with expectations.
Q: About pharmacy and GLP-1 market, margin profile evolution;
A: David and Prem discussed focus on managing GLP-1 category cost, robust solutions, migration to cost advantage price model, and net cost model on PBM side.
Q: About commercial business, medical cost trends, enrollment, and 2027 selling season;
A: Steve talked about strong commercial business performance, disciplined pricing, investment in products, and strong pipeline for 2027