Published
{
"ticker": "CVS",
"cik": "0000064803",
"company": "CVS Health Corporation",
"business_type": "healthcare",
"schema_template": "Diversified health care: revenue split the way the company reports it (products, premiums, services and net investment income), operating costs including health care costs, operating income, net income and per-share figures; a health-insurer overlay of medical benefit ratio and medical membership; segment revenues and the company's own segment profit measure; and a balance sheet and cash flow on the standard lines.",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions) and actual members (not thousands), except per-share amounts, share counts and ratios stated as percent",
"units_notes_seen": {
"FY2025 10-K consolidated statements of operations": "In millions, except per share amounts",
"FY2025 10-K consolidated balance sheets": "In millions, except per share amounts",
"FY2025 10-K consolidated statements of cash flows": "In millions",
"FY2025 10-K segment reporting note (Note 19)": "In millions",
"FY2025 10-K Health Care Benefits segment table in MD&A": "In millions, except percentages and basis points (\u201cbps\u201d)",
"FY2025 10-K Health Care Benefits medical membership table in MD&A": "In thousands",
"Q2 FY2026 10-Q condensed consolidated statements of operations": "In millions, except per share amounts",
"Q2 FY2026 10-Q condensed consolidated balance sheets": "In millions, except per share amounts",
"Q2 FY2026 10-Q condensed consolidated statements of cash flows": "In millions",
"Q2 FY2026 10-Q segment reporting note (Note 9)": "In millions",
"Q2 FY2026 10-Q Health Care Benefits segment table in MD&A": "In millions, except percentages and basis points (\u201cbps\u201d)",
"Q2 FY2026 10-Q Health Care Benefits medical membership table in MD&A": "In thousands",
"First-quarter 2026 earnings release condensed consolidated statements of cash flows": "In millions"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "None. CVS Health reports in U.S. dollars, so no translation was needed."
},
"annual": [
{
"label": "FY2025",
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"period_end": "2025-12-31",
"period_type": "fiscal year",
"source_accession": "0000064803-26-000010",
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"key_metrics": {
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},
{
"label": "FY2024",
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"period_type": "fiscal year",
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},
"key_metrics": {
"consolidated_adjusted_operating_income": 11976000000,
"medical_benefit_ratio_percent": 92.5,
"medical_membership": 27095000
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"segment_results": {
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"premiums": 122849000000,
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"health_services": {
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"pharmacy_and_consumer_wellness": {
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"adjusted_operating_income": 5774000000
},
"corporate_other": {
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"adjusted_operating_income": -1348000000
},
"total_segment_revenues_before_eliminations": 429221000000,
"intersegment_eliminations": -56412000000
}
},
{
"label": "FY2023",
"period_start": "2023-01-01",
"period_end": "2023-12-31",
"period_type": "fiscal year",
"source_accession": "0000064803-26-000010",
"fiscal_year": 2023,
"income_statement": {
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"operating_expenses": 39832000000,
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"restructuring_charges": 507000000,
"loss_on_assets_held_for_sale": 349000000,
"total_operating_costs": 344033000000,
"operating_income": 13743000000,
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"gain_on_early_extinguishment_of_debt": 0,
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"other_income": 88000000,
"income_before_income_tax_provision": 11173000000,
"income_tax_provision": 2805000000,
"net_income": 8368000000,
"net_income_loss_attributable_to_noncontrolling_interests": -24000000,
"net_income_attributable_to_cvs_health": 8344000000,
"basic_eps": 6.49,
"diluted_eps": 6.47,
"basic_shares": 1285000000,
"diluted_shares": 1290000000
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"cash_flow": {
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},
"key_metrics": {
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"medical_benefit_ratio_percent": 86.2
},
"segment_results": {
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"premiums": 99144000000,
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"health_services": {
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"pharmacy_and_consumer_wellness": {
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"total_segment_revenues_before_eliminations": 409703000000,
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}
],
"quarterly": [
{
"label": "Q2 FY2026",
"period_start": "2026-04-01",
"period_end": "2026-06-30",
"period_type": "three months",
"source_accession": "0000064803-26-000098",
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},
"key_metrics": {
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},
{
"label": "Q2 FY2025",
"period_start": "2025-04-01",
"period_end": "2025-06-30",
"period_type": "three months",
"source_accession": "0000064803-26-000098",
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"net_income": 1013000000,
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"key_metrics": {
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"medical_benefit_ratio_percent": 89.9,
"medical_membership": 26721000
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"segment_results": {
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],
"notes": [
"Figures are in actual U.S. dollars. Every statement used was printed \u201cIn millions\u201d (the balance sheets and statements of operations add \u201cexcept per share amounts\u201d), and the amounts here are those printed figures multiplied out. Medical membership is carried the same way: the membership tables are printed \u201cIn thousands\u201d, and the counts here are those printed figures multiplied by 1,000, so they are numbers of members. Per-share amounts and medical benefit ratios (percent) are carried as printed.",
"CVS Health is reported on a diversified health-care template rather than a revenue/cost-of-goods one, because three different businesses sit inside the same income statement: health insurance (Aetna, in the Health Care Benefits segment), pharmacy benefit management and health-care delivery (Health Services), and retail pharmacy (Pharmacy & Consumer Wellness). The revenue split the company itself uses \u2014 products, premiums, services and net investment income \u2014 is kept, together with health care costs, the Health Care Benefits medical benefit ratio and medical membership, which are the insurer measures. No gross profit is shown: cost of products sold relates to the product revenue only, and striking it against total revenues that are mostly insurance premiums would not mean anything.",
"Annual figures come from the FY2025 10-K (accession 0000064803-26-000010), which presents the statements of operations and cash flows for 2025, 2024 and 2023 and the balance sheet for 2025 and 2024. FY2023 therefore carries no balance sheet here: that year's balance sheet is not on the face of this filing.",
"Quarterly figures, the six-month view and the June 30, 2026 balance sheet come from the second-quarter 10-Q (accession 0000064803-26-000098). Its statements of operations print four columns \u2014 the three months and the six months ended June 30, 2026 and 2025 \u2014 and the two discrete quarters are held in the quarterly list while the cumulative six-month columns are held separately, so no six-month figure is presented as a quarter.",
"The 10-Q's statements of cash flows are presented for the six months only. The three-month cash flow figures for the quarters ended June 30, 2026 and 2025 are therefore derived, by subtracting the three months ended March 31, 2026 and 2025 as printed in the first-quarter 2026 earnings release (Exhibit 99.1 to the 8-K of May 6, 2026, accession 0000064803-26-000051) from those six-month totals. Fields whose names end in \u201c_derived\u201d are computed this way rather than read off a single printed line. On that basis operating cash flow was $6.35 billion in the June 2026 quarter against $1.90 billion a year earlier, and capital expenditure $691 million against $607 million.",
"The trailing-twelve-month block is the fiscal 2025 year plus the six months ended June 30, 2026 less the six months ended June 30, 2025; every field in it ends in \u201c_derived\u201d. Its diluted earnings per share is the sum of the reported diluted EPS of those periods ($1.39 + $4.61 \u2212 $2.21); no trailing-twelve-month weighted average share count is carried, because none of these filings prints one.",
"Free cash flow is operating cash flow less purchases of property and equipment. Capital expenditure is carried as a positive amount, though the cash flow statements print it as an outflow. Total debt is short-term debt plus the current portion of long-term debt plus long-term debt; CVS Health had no commercial paper outstanding at December 31, 2025 or at June 30, 2026, and the June 30, 2026 balance sheet prints no short-term debt line at all, so that component is zero on both dates.",
"The field \u201cnet income (loss) attributable to noncontrolling interests\u201d is carried with the sign the filings print under their caption \u201cNet (income) loss attributable to noncontrolling interests\u201d, in which a loss is positive and income is negative. A positive amount is therefore a loss attributable to noncontrolling interests, which is why this line adds to net income to arrive at net income attributable to CVS Health: the $40 million shown for fiscal 2025 is a loss attributable to those interests, and the $16 million negative shown for the quarter ended June 30, 2026 is income attributable to them.",
"Book value per share is total CVS Health shareholders' equity (excluding noncontrolling interests) divided by the shares outstanding stated in the balance sheet's common stock caption \u2014 1,271 million at December 31, 2025, 1,260 million at December 31, 2024 and 1,278 million at June 30, 2026. Those share counts are printed rounded to millions, so the per-share figure is good to about a cent.",
"Segment figures are the reconciliations in the segment reporting notes (Note 19 of the 10-K, Note 9 of the 10-Q). Segment total revenues are stated before intersegment eliminations, which are carried alongside as a separate line, so the four segments do not sum to consolidated revenue on their own. \u201cAdjusted operating income\u201d is CVS Health's own measure of segment profit \u2014 operating income excluding amortization of intangible assets, net realized capital gains and losses, and items the company says neither arise in the ordinary course of its business nor reflect underlying performance. It is not a measure defined by U.S. generally accepted accounting principles; consolidated operating income is reported above it in the income statement lines.",
"The medical benefit ratio is Health Care Benefits segment health care costs divided by that segment's premium revenues, as the company computes and prints it. Medical membership is a point-in-time count at the end of each period; the six-month and trailing views therefore carry the count at the period end rather than an average. The 10-K prints membership for December 31, 2025 and 2024 only, so FY2023 carries none.",
"Fiscal 2025 results include a $5.7 billion goodwill impairment charge against the Health Care Delivery reporting unit within the Health Services segment, $1.2 billion of legacy litigation charges and a $483 million gain on the deconsolidation of Omnicare, which entered Chapter 11 proceedings in September 2025. These are on the face of the income statement and are not adjusted out of the figures reported here.",
"CVS Health has had no stock splits, is not an American depositary receipt programme, and reports in U.S. dollars, so no split, depositary-ratio or currency adjustment was applied."
],
"uncertainties": [
"The three-month cash flow, capital expenditure, dividend and depreciation figures for the quarters ended June 30, 2026 and 2025 are not printed as three-month columns anywhere in the 10-Q. They are differences between the 10-Q's six-month columns and the three months ended March 31 printed in the first-quarter 2026 earnings release. The arithmetic is exact, but the release is a furnished earnings exhibit rather than a reviewed interim statement, and a first-quarter 10-Q would be the better source.",
"The trailing-twelve-month diluted earnings per share of $3.79 is the sum of the reported diluted EPS of the component periods. Because the share count changes between them, that is an approximation of a true twelve-month per-share figure rather than an identity.",
"Shares outstanding, and so book value per share, rest on share counts the balance sheet states rounded to the nearest million. The 10-Q cover page gives an exact 1,278,970,369 shares issued and outstanding as of July 29, 2026, which is a different date from the June 30, 2026 balance sheet and is not used here.",
"Health Care Benefits segment premiums ($134,749 million in 2025) are slightly below consolidated premiums ($134,751 million) because a small amount of premium revenue arises outside that segment. The medical benefit ratio is struck on the segment figure, which is how the company defines it."
],
"year_to_date": {
"label": "Six months ended June 30, 2026",
"period_start": "2026-01-01",
"period_end": "2026-06-30",
"period_type": "six months",
"source_accession": "0000064803-26-000098",
"income_statement": {
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"premiums_revenue": 68908000000,
"services_revenue": 7954000000,
"net_investment_income": 1215000000,
"total_revenues": 206522000000,
"cost_of_products_sold": 114306000000,
"health_care_costs": 60843000000,
"operating_expenses": 21990000000,
"total_operating_costs": 197139000000,
"operating_income": 9383000000,
"interest_expense": -1531000000,
"other_income": 63000000,
"income_before_income_tax_provision": 7915000000,
"income_tax_provision": 1963000000,
"net_income": 5952000000,
"net_income_loss_attributable_to_noncontrolling_interests": -30000000,
"net_income_attributable_to_cvs_health": 5922000000,
"basic_eps": 4.64,
"diluted_eps": 4.61,
"basic_shares": 1276000000,
"diluted_shares": 1283000000
},
"cash_flow": {
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{
"label": "Medical benefit ratio",
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"summary": "CVS Health reported $106.10 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 7.3% from a year earlier, with growth in Health Care Benefits, Health Services and Pharmacy & Consumer Wellness. Net income attributable to CVS Health was $2.98 billion, up 191.8%, and diluted earnings per share were $2.31 against $0.80 a year earlier; operating income of $4.70 billion was up 97.5%, reflecting both better results across Health Care Benefits, Health Services and Pharmacy & Consumer Wellness and the absence of the legacy litigation charges recorded in the year-ago quarter. The insurance business accounted for much of the improvement, its medical benefit ratio coming in at 87.4%, down 2.5 points, helped by stronger Government performance and by the non-repeat of a prior-year Group Medicare Advantage premium deficiency reserve.",
"qa": [
{
"q": "How much revenue did CVS Health report in Q2 FY2026?",
"a": "CVS Health reported $106.10 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 7.3% from $98.92 billion in the same quarter a year earlier, with revenue higher in Health Care Benefits, Health Services and Pharmacy & Consumer Wellness."
},
{
"q": "What was CVS Health's net income in Q2 FY2026?",
"a": "Net income attributable to CVS Health was $2.98 billion for Q2 FY2026, the quarter ended June 30, 2026, up 191.8% from $1.02 billion a year earlier. The increase came from improved performance in Health Care Benefits, Health Services and Pharmacy & Consumer Wellness and from the absence of the legacy litigation charges booked in the year-ago quarter, which were not deductible and had pushed the prior-year effective tax rate well above this quarter's."
},
{
"q": "What was CVS Health's earnings per share in Q2 FY2026?",
"a": "CVS Health reported diluted earnings per share of $2.31 for Q2 FY2026, the quarter ended June 30, 2026, against $0.80 in the same quarter a year earlier."
},
{
"q": "Did CVS Health's medical benefit ratio improve in Q2 FY2026?",
"a": "Yes. CVS Health's medical benefit ratio was 87.4% in Q2 FY2026, the quarter ended June 30, 2026, down 2.5 points from 89.9% a year earlier, which management attributed to better underlying Government business performance and to the absence of the prior year's Group Medicare Advantage premium deficiency reserve. A lower ratio means less of each premium dollar was spent on medical costs."
}
]
},
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"SIC": "5912",
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