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Health Care · NYSE: CVS

CVS Health: how the business works

CVS Health runs the Aetna insurer, the CVS Caremark drug-benefit manager and CVS Pharmacy, with total revenues of $402.1 billion in FY2025.

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CVS Health Corporation · Woonsocket, Rhode Island

Last updated

Total revenues, FY2025
$402.1B
Operating income, FY2025
$4.7B
Net income, FY2025
$1.8B
Retail locations, Dec 31, 2025
About 9,000
Employees, Dec 31, 2025
Over 300,000

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

CVS Health in 5 points

  1. 1 · What it sells

    CVS Health sells health insurance through Aetna, runs drug benefits through CVS Caremark and fills prescriptions in about 9,000 retail locations, with total revenues of $402.1 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, buyers of products such as health plans, employers, government programs and shoppers paid 62.2% of revenue, government insurance programs 25.7%, commercial insurance customers 7.8%, service clients 3.8%, and investment income added 0.6%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, CVS Health kept $0.44 as net income, which includes large one-off items in both directions; operating income per $100 of total revenues was $1.16 as reported and $3.59 on its adjusted measure.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    FY2025 operating income was $4.86 billion in Pharmacy & Consumer Wellness, $1.79 billion in Health Care Benefits and $220 million in Health Services after a $5.7 billion goodwill impairment, with a $2.21 billion Corporate/Other loss.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Members in Medicare Advantage plans rated 4 stars or higher went from 88% in the 2025 ratings to more than 69% in the 2027 ratings, which set 2028 bonus payments, and Aetna's president named 2028 for target margins on May 6, 2026.

    More: the one thing to watch

Sources: From CVS Health's FY2025 10-K, its Q3 FY2026 10-Q and its Q1 FY2026 earnings call · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of CVS Health's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

CVS Health · FY2025

Receipt for every $100

Where $100 of CVS Health's money went in FY2025
Cost of products sold$54.9
Health care costs (medical claims)$31.2
Operating expenses$11.2
Goodwill impairment (one-off, non-cash)$1.4
Interest$0.8
Income tax$0.1
Kept as net income$0.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (total revenues plus $595 million of deconsolidation gain and other income): each line = line ÷ $402.7 billion × 100. Net income attributable to CVS Health was $0.44. Operating income was $1.16 per $100 of total revenues, after the $5.7 billion impairment. It was $3.58 per $100 in the 12 months to Sep 30, 2026, which leave that charge out (Cityfort calculation from FY2025 10-K and Q3 FY2026 earnings release).

Sources (1)
Next: The business in one line

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02The business in one line

What does CVS Health do?

Drug plans, employers, government programs and shoppers pay CVS Health for insurance, drug benefits and medicines; most of that goes on buying drugs and paying medical claims, and $0.44 of every $100 that came in during FY2025 was left as net income.

  • CVS Health has three main businesses: Aetna (health insurance), CVS Caremark (running drug benefits for plans and employers) and CVS Pharmacy (stores and prescriptions).
  • On Nov 4, 2026, it said it intends to split into two public companies, and it expects to finish in the first half of 2028. This page describes the company as one business, before any split.
Next: Who pays it

03Who pays it

Who pays CVS Health?

  • Buyers of products

    62%

    of revenue

    Health plans, drug-benefit managers, employers, government programs and shoppers pay for drugs and store goods: $249.9 billion, 62.2% of FY2025 total revenues.

  • Government insurance programs

    26%

    of revenue

    Premiums from government business such as Medicare and Medicaid: $103.4 billion, 25.7% of total revenues (Cityfort calculation from FY2025 10-K).

  • Commercial insurance customers

    8%

    of revenue

    Premiums from commercial plans: $31.4 billion, 7.8% of total revenues (Cityfort calculation from FY2025 10-K).

  • Service clients

    4%

    of revenue

    Fees for services, for example from employers and plans: $15.2 billion, 3.8% of total revenues.

  • Investment income

    1%

    of revenue

    Not a customer: net investment income of $2.2 billion, 0.6% of total revenues.

  • Buyers of products62%
  • Government insurance programs26%
  • Commercial insurance customers8%
  • Service clients4%
  • Investment income1%

Customer concentration

About 20% of FY2025 total revenues came from the federal government through the Health Care Benefits segment, and contracts with CMS (the federal Medicare and Medicaid agency) were 79% of that. No single pharmacy segment payer reached 10%. CVS Health gives no split by end payer across the whole company.

Largest customer
20%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does CVS Health make money?

CVS Health keeps a thin slice of what passes through it, so small changes in medical costs or drug payments move profit a lot.

In FY2025, the cost of products and medical claims took $86.1 of every $100 that came in. Aetna shows the swing. Its medical benefit ratio (the share of premiums spent on claims) rose from 86.2% in FY2023 to 92.5% in FY2024, and Health Care Benefits went from $3.9 billion of operating income to a $984 million loss.

Operating income per $100 of total revenues

$4.6$1.2

FY2021 to FY2025

  1. Employers, plans and government programs pay premiums and fees
  2. CVS Caremark runs drug coverage and processes the claims
  3. Members fill prescriptions at pharmacies or by mail
  4. Aetna pays members' medical claims from premiums
  5. Medical costs and drug payment rates decide the margin
  6. What is left pays interest, dividends and new investment

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up CVS Health?

  • Health Services

    40%

    CVS Caremark, mail and specialty pharmacy, Oak Street Health and Signify Health. Operating income was $220 million after the $5.7 billion goodwill impairment, against $6.9 billion in FY2024. Revenue includes $10.9 billion of retail co-payments.

    Revenue $190.4B · Operating profit $220M

  • Health Care Benefits

    30%

    Aetna insurance. Operating income was $1.79 billion, against a $984 million loss in FY2024. Revenue shares here are of $473.6 billion of segment revenue, before $71.6 billion of eliminations between segments (Cityfort calculation from FY2025 10-K).

    Revenue $143.4B · Operating profit $1.8B

  • Pharmacy & Consumer Wellness

    29%

    CVS Pharmacy stores and prescriptions: pharmacy revenue of $115.5 billion and front store revenue of $21.5 billion. Operating income was $4.86 billion.

    Revenue $139.4B · Operating profit $4.9B

  • Corporate/Other

    0%

    Head-office costs and other items: an operating loss of $2.21 billion in FY2025.

    Revenue $484M · Operating profit −$2.2B

How the mix changed

  • Health Services
  • Health Care Benefits
  • Pharmacy & Consumer Wellness
  • Corporate/Other

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearHealth ServicesHealth Care BenefitsPharmacy & Consumer WellnessCorporate/Other
FY2021$153.9B$82.1B$101.6B$721M
FY2022$169.6B$91.4B$108.6B$530M
FY2023$186.8B$105.6B$116.8B$451M
FY2024$173.6B$130.7B$124.5B$451M
FY2025$190.4B$143.4B$139.4B$484M
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has CVS Health done?

Revenue

$402.1BFY2025

Total revenues rose every year, from $292.1 billion in FY2021 to $402.1 billion in FY2025; FY2021 and FY2022 are as restated in the FY2023 10-K.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$292.1B
FY2022$322.5B
FY2023$357.8B
FY2024$372.8B
FY2025$402.1B
Q3 FY2024$95.4B
Q4 FY2024$97.7B
Q1 FY2025$94.6B
Q2 FY2025$98.9B
Q3 FY2025$102.9B
Q4 FY2025$105.7B
Q1 FY2026$100.4B
Q2 FY2026$106.1B
Q3 FY2026$108.4B

Net profit

$1.8BFY2025

Net income was $1.8 billion in FY2025, down from $4.6 billion, after a $5.7 billion impairment and a $1.9 billion tax benefit; the impairment fell in Q3 FY2025, a $4.0 billion loss.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$8.0B$6.02
FY2022$4.3B$3.26
FY2023$8.3B$6.47
FY2024$4.6B$3.66
FY2025$1.8B$1.39
Q3 FY2024$87M$0.07
Q4 FY2024$1.6B$1.30
Q1 FY2025$1.8B$1.41
Q2 FY2025$1.0B$0.80
Q3 FY2025−$4.0B−$3.13
Q4 FY2025$2.9B$2.30
Q1 FY2026$2.9B$2.30
Q2 FY2026$3.0B$2.31
Q3 FY2026$2.2B$1.68

Profit kept per $100 of revenue

$0.4FY2025

Net income per $100 of total revenues was $0.4 in FY2025, while operating income per $100 was $1.16 as reported and $3.59 on the company's adjusted measure.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20212.7%6.1%
FY20221.3%3.8%
FY20232.3%5.1%
FY20241.2%3.5%
FY20250.4%2.3%

Free cash flow

$7.8BFY2025

Cash from operations minus spending on property and equipment, Cityfort calculation from FY2023 10-K and FY2025 10-K, was $7.8 billion in FY2025, down from $15.7 billion in FY2021.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$18.3B$2.5B$15.7B
FY2022$16.2B$2.7B$13.5B
FY2023$13.4B$3.0B$10.4B
FY2024$9.1B$2.8B$6.3B
FY2025$10.6B$2.8B$7.8B
See all yearly numbers
CVS Health annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021 (restated)$292.1B$17.8B$8.0B$6.02$18.3B$2.5B$15.7B
FY2022 (restated)$322.5B$12.2B$4.3B$3.26$16.2B$2.7B$13.5B
FY2023$357.8B$18.1B$8.3B$6.47$13.4B$3.0B$10.4B
FY2024$372.8B$13.1B$4.6B$3.66$9.1B$2.8B$6.3B
FY2025$402.1B$9.3B$1.8B$1.39$10.6B$2.8B$7.8B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31. CVS Health's fiscal year matches the calendar year: FY2025 ended Dec 31, 2025, and Q3 FY2026 ended Sep 30, 2026.). Net profit is the share belonging to the company's owners.

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

07Who runs it

Who runs CVS Health, and did they deliver?

  • J. David Joyner

    Chair, President and Chief Executive Officer · since 2024

    CEO since Oct 17, 2024, and Chair since Jan 1, 2026. His FY2025 pay was $21,214,084, against $63,262 for the median employee, a ratio of 336 to 1. The company says he would lead the healthcare solutions company after the split.

  • Brian O. Newman

    Chief Financial Officer · since 2025

    CFO since May 2025. Previously chief financial officer of United Parcel Service.

  • Steven H. Nelson

    President, Aetna · since 2024

    In the role since November 2024. Previously CEO of ChenMed, a health care provider focused on senior citizens.

  • Prem S. Shah

    Group President · since 2024

    In the role since November 2024, and earlier chief pharmacy officer. The company says he would be CEO of CVS Pharmacy after the split.

What they said, and what happened

1 withdrawn · 1 partly delivered · 2 delivered · 4 too early to tell

  1. Said on Oct 18, 2024

    CVS Health told investors on Oct 18, 2024 that they should no longer rely on its previous 2024 guidance, citing medical costs in Health Care Benefits.

    What happened

    FY2024 diluted EPS was $3.66 and Adjusted EPS $5.42.

    Withdrawn

  2. Said on Feb 12, 2025

    CVS Health guided on Feb 12, 2025 to FY2025 GAAP EPS of $4.58 to $4.83, Adjusted EPS of $5.75 to $6.00 and cash from operations of about $6.5 billion.

    What happened

    Adjusted EPS was $6.75 and cash from operations $10.6 billion, above those figures. GAAP EPS was $1.39, below them, after charges the adjusted measure leaves out.

    Partly delivered

  3. Said on May 1, 2025

    CVS Health said on May 1, 2025 that it would exit the individual exchange business.

    What happened

    The exit took effect in January 2026.

    Delivered

  4. Said on Dec 9, 2025

    On Dec 9, 2025, the last FY2025 guide was GAAP EPS of a $0.32 to $0.22 loss, Adjusted EPS of $6.60 to $6.70 and cash from operations of $7.5 billion to $8.0 billion.

    What happened

    GAAP EPS was $1.39, helped by a tax benefit of $1.51 a share. Adjusted EPS was $6.75 and cash from operations $10.6 billion.

    Delivered

  5. Said on Dec 9, 2025

    CVS Health guided on Dec 9, 2025 to FY2026 GAAP EPS of $5.94 to $6.14, Adjusted EPS of $7.00 to $7.20 and cash from operations of at least $10.0 billion.

    What happened

    The cash guide went to at least $9.0 billion on Feb 10, $9.5 billion on May 6, $11.5 billion on Aug 5 and $15.5 billion on Nov 4, 2026. EPS guides became at least $6.98 GAAP and at least $8.20 Adjusted.

    Too early to tell

  6. Said on Dec 9, 2025

    CVS Health stated a mid-teens Adjusted EPS compound annual growth rate through 2028.

    What happened

    FY2025 Adjusted EPS was $6.75, and the FY2026 guide is at least $8.20. GAAP EPS was $1.39 in FY2025, and the guide is at least $6.98.

    Too early to tell

  7. Said on May 6, 2026

    Aetna's president said on the May 6, 2026 call: "reaffirm our confidence in hitting target margins in 2028", speaking about Medicare Advantage.

    What happened

    The 2027 star ratings came after this statement: more than 69% of members in plans rated 4 stars or higher, down from more than 81%. They set 2028 bonus payments.

    Too early to tell

  8. Said on Aug 5, 2026

    The CFO said on the Aug 5, 2026 call: "our current outlook does not assume any share repurchases this year".

    What happened

    The Nov 4, 2026 presentation said repurchases were planned for the fourth quarter. None were made in the first nine months.

    Too early to tell
Sources (18)
Next: What could go wrong

08What could go wrong

What could go wrong for CVS Health?

  • Pricing

    Medical costs above premiums

    Premiums are set in advance, so higher medical use hurts. The medical benefit ratio went from 86.2% in FY2023 to 92.5% in FY2024 and 91.2% in FY2025. The company said in its FY2025 10-K that utilization was "expected to persist at elevated levels".

    Watch The medical benefit ratio each quarter: 91.3% in Q3 FY2026.

  • Regulation

    Medicare payments and star ratings

    About 20% of total revenues came from the federal government through Health Care Benefits. Plans need 4 stars or more for bonus payments. Members in such plans went from 88% for 2025 to more than 69% for 2027, which sets 2028 bonuses.

    Watch The 2028 star ratings, and CMS payment rates for Medicare Advantage.

  • Regulation

    New rules for drug-benefit managers

    The company reports PBM legislation in a majority of states and at the federal level. Some states have enacted or are considering laws barring licenses for pharmacies affiliated with PBMs. A proposed FTC settlement over PBM practices was pending final order at Nov 4, 2026.

    Watch State and federal PBM laws, and the final FTC order.

  • Execution

    The split may cost more or not happen

    The separation announced on Nov 4, 2026 needs final board approval, an effective Form 10 and tax confirmation. The company says it will take time, cost money and may not qualify as tax-free or be completed.

    Watch The Form 10 filing, and separation costs in each 10-Q.

  • Legal

    Litigation

    The opioid accrual was about $3.4 billion at Sep 30, 2026. The company also has a $291 million Part D judgment under appeal and a guarantee of up to $310 million tied to Omnicare. Suits allege drug-maker rebates inflated drug prices, and the company says it is defending itself. It gives no estimate for some matters.

    Watch The legal note in each 10-Q and 10-K.

  • Other

    More goodwill charges

    Goodwill was $85.5 billion at Sep 30, 2026, 33% of total assets. After the $5.7 billion charge, Health Care Delivery's fair value exceeded its carrying value by only about 3% at the Q4 2025 test.

    Watch The goodwill note in each 10-K and 10-Q, and Oak Street clinic plans.

  • Debt

    Debt

    Total debt was $60.7 billion at Sep 30, 2026, and interest cost $3.1 billion in FY2025. Ratings stated by the company are BBB from Fitch with a negative outlook, Baa3 from Moody's with a positive outlook and BBB from S&P with a stable outlook.

    Watch Debt, cash and any rating change in each 10-Q.

  • Pricing

    Lower payments for prescriptions

    Pharmacy & Consumer Wellness revenue fell 2.0% in Q3 FY2026, and same-store pharmacy sales fell 0.6%. The company cites regulatory price cuts on certain drugs, generics and reimbursement pressure. Retail rivals include Walgreens, Walmart and Amazon.

    Watch Same-store pharmacy and front store sales in each release.

Sources (4)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Total revenues rose every year from FY2021 to FY2025, reaching $402.1 billion.
  • CVS Health's FY2026 cash from operations guide went from at least $10.0 billion in December 2025 to at least $15.5 billion on Nov 4, 2026. It was cut once, to $9.0 billion.
  • The medical benefit ratio was 91.3% in Q3 FY2026, against 92.8% a year earlier.
  • Debt minus cash fell from $57.7 billion at Dec 31, 2024 to $48.9 billion at Sep 30, 2026 (Cityfort calculation from FY2025 10-K and Q3 FY2026 earnings release).
  • Prescriptions filled rose from 1.6 billion in FY2023 to 1.8 billion in FY2025, counted as 30-day equivalents.

What critics point to

  • Members in Medicare Advantage plans rated 4 stars or higher went from 88% for 2025 to more than 69% for 2027.
  • Operating income per $100 of total revenues was $1.2 in FY2025, against $4.6 in FY2021.
  • Goodwill of $85.5 billion is 33% of total assets, and one unit's fair value exceeded its carrying value by about 3% at the Q4 2025 test.
  • FY2025 adjusted operating income was $14.4 billion against $4.7 billion as reported, and the adjusted figure leaves out amortization every year.
  • The remaining opioid accrual was about $3.4 billion at Sep 30, 2026, and same-store pharmacy sales fell 0.6% in Q3 FY2026.
Next: What to watch next

10What to watch next

What should you watch next at CVS Health?

Next event

Q4 and full-year FY2026 results

Date not announced yet.

  • The medical benefit ratio

    It was 91.3% in Q3 FY2026. The company's Nov 4, 2026 FY2026 guide is the lower half of 89.75%, plus or minus 0.25 points.

  • FY2026 results against the guide

    On Nov 4, 2026, the company guided to at least $420.0 billion of total revenues, GAAP EPS of at least $6.98 and at least $15.5 billion of cash from operations.

  • Star ratings and Medicare margins

    The 2027 ratings set 2028 bonus payments, and 2028 is the year Aetna's president named for target margins in Medicare Advantage.

  • Steps in the split

    The Form 10 filing, final board approval and tax confirmation. The company expects to finish in the first half of 2028.

Next: Key dates

11Key dates

What are the key dates for CVS Health?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for CVS Health
EventDateSource
Teresa Heitsenrether joins the boardAppointed by an 8-K filed Aug 17, 2026.8-K (Item 5.02): Robbins resignation, Heitsenrether appointment
Omnicare asset sale closingThe Q3 FY2026 10-Q calls closing probable in Q4 2026. It triggers CVS Health's Omnicare agreements with the DOJ.Not yet statedForm 10-Q, Q3 FY2026 (ended Sep 30, 2026)
Separation into two companiesThe company expects completion in the first half of 2028, with conditions.Not yet stated8-K (Item 7.01) press release: intent to separate into two companies

Learn: IPO lock-up agreements: what they are and when they end

Sources (3)
Next: Key facts

12Key facts

Key facts about CVS Health

What does CVS Health do?
CVS Health Corporation runs the Aetna health insurer, the CVS Caremark drug-benefit manager and CVS Pharmacy. At Dec 31, 2025, it had about 9,000 retail locations, about 87 million drug-plan members and an estimated more than 37 million people served by Aetna. Total revenues were $402.1 billion in FY2025.
How does CVS Health make money?
CVS Health's business model is selling drugs, insurance and health services: in FY2025, products were 62.2% of its $402.1 billion of total revenues, insurance premiums 33.5%, services 3.8% and investment income 0.6%. The cost of products and medical claims took $86.1 of every $100 that came in.
Who are CVS Health's customers?
Health plans, employers, unions, government programs and shoppers pay CVS Health. In FY2025, about 20% of CVS Health's total revenues came from the federal government through its insurance segment. No single payer to its pharmacy segment reached 10% of total revenues. CVS Health does not report revenue by end payer across the company.
Is CVS Health profitable?
Yes. CVS Health's net income attributable to the company was $1.8 billion in FY2025, and its operating income was $4.7 billion after a $5.7 billion goodwill impairment. Net income also includes a $1.9 billion tax benefit. For the four quarters to Sep 30, 2026, net income was $11.0 billion (Cityfort calculation from FY2025 10-K and Q3 FY2026 earnings release).
What is CVS Health's revenue by segment?
In FY2025, CVS Health's Health Services segment had revenue of $190.4 billion, Health Care Benefits $143.4 billion and Pharmacy & Consumer Wellness $139.4 billion, before $71.6 billion of eliminations between segments. Total revenues were $402.1 billion.
Who owns CVS Health?
CVS Health has one class of common stock, with one vote per share and 1,279.5 million shares on Oct 28, 2026. Its 2026 proxy lists directors and executive officers together with under 1%. Holders in filings include BlackRock with 8.30% (filed Jul 16, 2025), Vanguard Capital Management with 7.51% (Mar 31, 2026) and Capital World Investors with 5.50% (filed May 13, 2025).
How much does Aetna bring CVS Health?
Aetna sits in CVS Health's Health Care Benefits segment, which had revenue of $143.4 billion and operating income of $1.8 billion in FY2025, after an operating loss of $984 million in FY2024. It had 26.1 million medical members at Sep 30, 2026.
How much does CVS Caremark bring CVS Health?
CVS Caremark sits in CVS Health's Health Services segment, which had revenue of $190.4 billion in FY2025 and processed 1.9 billion pharmacy claims (30-day equivalent). Segment operating income was $220 million after a $5.7 billion goodwill impairment. CVS Health does not report Caremark's profit on its own.
How much do CVS Pharmacy stores bring CVS Health?
CVS Pharmacy sits in CVS Health's Pharmacy & Consumer Wellness segment, which had FY2025 revenue of $139.4 billion and operating income of $4.9 billion. Pharmacy revenue was $115.5 billion and front store revenue $21.5 billion. The segment filled 1.8 billion prescriptions (30-day equivalent).
Is CVS Health splitting into two companies?
CVS Health said on Nov 4, 2026 that it intends to separate into two public companies. One would hold Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. The other, CVS Pharmacy, would hold retail and mail pharmacy and MinuteClinic. The plan needs final board approval, an effective Form 10 registration and tax confirmation.
Sources (7)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does CVS Health sell?

CVS Health sells three things most people meet separately: health insurance through Aetna, drug-benefit management through CVS Caremark, and medicines and everyday goods through CVS Pharmacy. It also runs clinics and in-home health checks.

  • Aetna health insurance ($143.4B segment revenue, FY2025)

    Medical, drug and related plans for employers, Medicare and Medicaid. Members or their sponsors pay premiums, and Aetna pays the claims. It had 26.1 million medical members at Sep 30, 2026.

  • CVS Caremark drug benefits (part of $190.4B Health Services)

    A pharmacy benefit manager (PBM) runs drug coverage for plans and employers: plan design, which drugs are covered, pharmacy networks and claims. Caremark had about 87 million plan members at Dec 31, 2025.

  • Mail and specialty pharmacy ($79.3B)

    Health Services ships prescriptions by mail and supplies specialty drugs. That revenue rose from $68.0 billion in FY2023.

  • Oak Street Health and Signify Health

    Oak Street runs primary care centers for Medicare-eligible patients, with 246 leased centers in 27 states. Signify's clinicians performed more than 3.5 million in-home health evaluations in 2025. Their revenue is not reported on its own.

  • CVS Pharmacy prescriptions ($115.5B)

    Prescriptions filled in about 9,000 retail locations and through infusion services: 1.8 billion in FY2025, counted as 30-day equivalents.

  • Front store goods ($21.5B)

    Over-the-counter drugs, consumer health, beauty, personal care and general merchandise sold in CVS stores.

  • MinuteClinic

    More than 800 walk-in clinic locations at Dec 31, 2025, staffed by nurse practitioners and physician assistants.

What it does

  • Does: Collects insurance premiums through Aetna and pays members' medical claims from them
  • Does: Runs drug benefits for plans and employers through CVS Caremark, including mail and specialty pharmacy
  • Does: Fills prescriptions and sells health and household goods in about 9,000 retail locations

What it does not do

  • Does not: Has not split up: the two-company plan announced on Nov 4, 2026 is not done, and the company says there can be no assurance about it
  • Does not: Does not sell individual exchange health plans: it exited that business effective January 2026
  • Does not: Does not own most of its stores: about 4% of the retail stores in its FY2025 10-K property list are owned
Sources (2)
14How the money flows

14How the money flows · FY2025

How does money flow through CVS Health?

Money in

  • Products$249.9B
  • Insurance premiums$134.8B
  • Services$15.2B
  • Net investment income$2.2B
  • Gain on deconsolidating Omnicare, plus other income$595M

The company

CVS Health

$402.7B came in

Money out

  • Cost of products sold$221.2B
  • Health care costs (medical claims)$125.5B
  • Operating expenses$45.0B
  • Goodwill impairment (non-cash)$5.7B
  • Interest expense$3.1B
  • Income tax$408M
  • Net income attributable to CVS Health$1.8B
  1. Payers gave CVS Health $402.1 billion of total revenues in FY2025, including $249.9 billion for products and $134.8 billion of premiums.
  2. Buying drugs and store goods took $221.2 billion, and paying medical claims took $125.5 billion.
  3. Operating expenses took $45.0 billion, and a $5.7 billion goodwill impairment left $4.7 billion of operating income.
  4. A $483 million gain on Omnicare, which left the group after its bankruptcy filing, and $112 million of other income came in. Interest took $3.1 billion.
  5. Tax took $408 million, after a $1.9 billion worthless-stock tax benefit. Net income was $1.7 billion, or $1.8 billion for CVS Health after noncontrolling owners took a $40 million loss.
Sources (1)
15What it needs to run

15What it needs to run

What does CVS Health need to run?

  • People

    Over 300,000 colleagues at Dec 31, 2025, about 73% of them full-time.

  • Pharmacies and clinics

    About 9,000 retail locations and more than 1,000 walk-in and primary care clinics at Dec 31, 2025. Spending on property and equipment was $2.8 billion in FY2025.

  • Government contracts

    Medicare Advantage and Part D plans run under annual contracts with CMS. CMS sets per-member payments, adjusted for demographics and health risk.

  • Drug-benefit clients

    CVS Caremark's client contracts run about three years. The loss of a large client lowered Health Services revenue in FY2024.

Sources (2)
16Competitors and what protects it

16Competitors and what protects it

Who does CVS Health compete with?

CVS Health's FY2025 10-K says its pharmacy segment dispensed about 28.5% of U.S. retail pharmacy prescriptions in FY2025. It gives no other market share and names rivals by business. In drug benefits it also names Prime Therapeutics and MedImpact. In insurance it lists regional plans, large insurers and Blue Cross Blue Shield licensees, and says the largest competitor in Medicare products is Original Medicare.

  • Optum Rx (UnitedHealth Group)

    Named in CVS Health's FY2025 10-K as a drug-benefit manager owned by a health plan.

  • Express Scripts (Cigna)

    Named in CVS Health's FY2025 10-K as a drug-benefit manager owned by a health plan.

  • Walgreens

    Named in CVS Health's FY2025 10-K as a drugstore chain competing in retail pharmacy.

  • Walmart

    Named in CVS Health's FY2025 10-K as a discount retailer competing in retail pharmacy.

  • Amazon

    Named in CVS Health's FY2025 10-K as an online retailer competing in retail pharmacy.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Scale in drug benefits4 of 5

    CVS Caremark had about 87 million plan members and processed 1.9 billion claims in FY2025. An FTC complaint places CVS subsidiaries among the three largest drug-benefit managers.

  • Pharmacy reach4 of 5

    About 9,000 retail locations filled 1.8 billion prescriptions in FY2025 (30-day equivalent), up from 1.6 billion in FY2023.

  • Owning insurer, drug-benefit manager and pharmacy3 of 5

    The segments did $71.6 billion of business with each other in FY2025. Some states have enacted or are considering laws barring drug-benefit managers' affiliates from pharmacy licenses, and the company now plans to split.

  • Medicare quality ratings3 of 5

    More than 69% of Medicare Advantage members were in plans rated 4 stars or higher for 2027, down from more than 81% for 2026.

Weak spot

Thin margins and medical cost swings

Operating income was $1.16 per $100 of total revenues in FY2025 and $3.58 in the 12 months to Sep 30, 2026. When Aetna's medical costs rose in FY2024, Health Care Benefits lost $984 million.

Sources (5)
17Where growth could come from

17Where growth could come from

Where could CVS Health's growth come from?

CVS Health said on Nov 4, 2026 that it expects FY2026 total revenues of at least $420.0 billion and cash from operations of at least $15.5 billion. It expects GAAP EPS of at least $6.98 and Adjusted EPS of at least $8.20. On Dec 9, 2025, it stated a mid-teens Adjusted EPS compound growth rate through 2028.
Management statement, Nov 4, 2026. Reported as a statement, not our forecast.

  • Aetna's medical costs

    Working

    Medical benefit ratio 91.3%, Q3 FY2026

    The share of premiums spent on claims was 91.3% in Q3 FY2026, against 92.8% a year earlier. It was 91.2% in FY2025 and 92.5% in FY2024. Aetna's president said on May 6, 2026 that he had confidence in "hitting target margins in 2028" in Medicare Advantage.

    Status: Working, on track against what the company said.

  • Medicare star ratings

    Behind

    More than 69%, 2027 ratings

    Members in plans rated 4 stars or higher went from 88% for 2025 to more than 81% for 2026 and more than 69% for 2027. Ratings decide bonus payments a year later. CVS Health says the 2027 result places Aetna second among large, publicly traded Medicare Advantage organizations.

    Status: Behind, behind the company's own plan.

  • Mail and specialty pharmacy

    Working

    $79.3B, FY2025

    Health Services' mail and specialty revenue rose from $68.0 billion in FY2023 to $70.9 billion in FY2024 and $79.3 billion in FY2025.

    Status: Working, on track against what the company said.

  • Prescriptions at the pharmacy

    Mixed

    Prescription volume +3.9%, Q3 FY2026

    Same-store prescription volume rose 3.9% in Q3 FY2026, yet same-store pharmacy sales fell 0.6%. The company cites regulatory price cuts on certain drugs, generics and reimbursement pressure.

    Status: Mixed, partly on track.

  • Oak Street Health and clinics

    Mixed

    $5.7B goodwill impairment, Q3 FY2025

    The Health Care Delivery charge followed a decision to open fewer clinics and close some Oak Street clinics in 2026. On Dec 9, 2025, the company said this business was "driving towards breakeven". It reports no profit for it on its own.

    Status: Mixed, partly on track.

  • Split into two companies

    New

    Expected first half of 2028

    Announced Nov 4, 2026. The company gives about $320 billion of estimated FY2026 revenue for the healthcare solutions company and about $145 billion for CVS Pharmacy. It shows no bridge between them, and these two figures do not add to the company's total.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (9)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026 (quarter ended Sep 30, 2026)

What do CVS Health's own measures show?

Adjusted (non-GAAP) figures are CVS Health's own measures, shown next to the official (GAAP) number and never added together. They leave out amortization of intangibles every year ($2.0 billion in FY2025, about $1.3 billion in the first nine months of 2026), a cost that recurs. FY2025 adjusted operating income was $3.59 per $100 of total revenues (Cityfort calculation from FY2025 10-K). The EBITDA and free cash flow in "The numbers" are Cityfort calculations from FY2023 10-K, FY2025 10-K and the Q3 FY2024 to Q3 FY2026 earnings releases, not CVS Health's measures.

  • Official (GAAP): Operating income, FY2025

    $4.7B

    Company's own measure: Adjusted operating income, FY2025

    $14.4B

    CVS Health leaves out the $5.7 billion goodwill impairment, $2.0 billion of amortization, about $1.2 billion of legacy litigation, a $320 million opioid charge, $288 million of Accountable Care losses and smaller items.

  • Official (GAAP): Diluted EPS, FY2025

    $1.39

    Company's own measure: Adjusted EPS, FY2025

    $6.75

    Leaves out the same charges and also removes a tax benefit of $1.51 a share from a worthless-stock deduction, so the adjustments run in both directions.

  • Official (GAAP): Operating income, Q3 FY2026

    $3.6B

    Company's own measure: Adjusted operating income, Q3 FY2026

    $4.2B

    Same definition. CVS Health says adjusted operating income rose 21.2% from a year earlier. Operating income rose from a $3.2 billion loss, mainly because the goodwill charge did not recur.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $1.68

    Company's own measure: Adjusted EPS, Q3 FY2026

    $2.09

    Same definition. A year earlier, Adjusted EPS was $1.60 and diluted EPS was a loss of $3.13.

  • Official (GAAP): Operating income, Health Services, FY2025

    $220M

    Company's own measure: Adjusted operating income, Health Services, FY2025

    $7.2B

    The gap is mainly the $5.7 billion goodwill impairment on Health Care Delivery, which the company leaves out.

  • Official (GAAP): Operating income, Pharmacy & Consumer Wellness, FY2025

    $4.9B

    Company's own measure: Adjusted operating income, Pharmacy & Consumer Wellness, FY2025

    $6.0B

    Same company definition, applied to the segment.

  • Official (GAAP): Operating income, Health Care Benefits, FY2025

    $1.8B

    Company's own measure: Adjusted operating income, Health Care Benefits, FY2025

    $2.9B

    Same company definition, applied to the segment.

  • Official (GAAP): Total debt, Jun 30, 2026

    $61.4B

    Company's own measure: Leverage ratio, Jun 30, 2026, as stated by management

    3.5 times (approximately)

    The CFO's figure on the Aug 5, 2026 call; management gave about 4 times for year-end 2025. It is company-defined, and the pages collected do not reconcile it.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (6)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does CVS Health have?

At Sep 30, 2026, CVS Health's debt exceeded its cash by $48.9 billion. That is about 2.6 times the $18.7 billion of cash from operations in the prior four quarters (Cityfort calculation from FY2025 10-K and Q3 FY2026 earnings release). Cash from operations rose $8.1 billion in the first nine months of 2026 from a year earlier. The company says that was primarily due to timing of receipts and payments and Health Care Benefits performance.
  • Total debt$60.7B
  • Cash and investments$11.7B
  • Net debt (debt minus cash)$48.9B
  • Net worth (shareholders' money)$80.5B
Debt to equity
0.75×
$ of debt for every $1 of shareholders' money
  • Debt includes finance leases ($1.3 billion at Dec 31, 2025) but not operating leases ($14.6 billion at Sep 30, 2026). Net debt is a Cityfort calculation from Q3 FY2026 earnings release.
  • Cash here leaves out $34.1 billion of long-term investments and $3.1 billion of current investments at Sep 30, 2026.
  • Goodwill was $85.5 billion, 33% of total assets of $258.1 billion at Sep 30, 2026 (Cityfort calculation from Q3 FY2026 earnings release).
  • In the first nine months of 2026, CVS Health repaid $4.1 billion of long-term debt and issued none.
Sources (3)
20Who owns it

20Who owns it · ownership as of Mar 16, 2026

Who owns CVS Health?

CVS Health has one class of common stock with one vote per share. The proxy says its 23 directors and current and former executive officers together held under 1% at Mar 16, 2026: 9,139,433 shares, about 0.71% (Cityfort calculation from 2026 proxy statement). Of those, 8,574,799 were Glenview shares and swaps tied to Larry Robbins, who left the board on Aug 13, 2026. Holder rows have different dates and are never added together.
Officers and directors (as a group), shares
0.7%
Share classes
CVS Health share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares outstanding on Oct 28, 2026 (10-Q cover). The proxy's record date of Mar 16, 2026 counted 1,281.6 million.)1,279.51–––Yes
Holders of 5% or more
CVS Health holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.8.3%–Jul 16, 2025S8From the 2026 proxy, which uses a Schedule 13G/A filed Jul 16, 2025: 105,292,588 shares.
Vanguard Capital Management LLC7.5%–Mar 31, 2026S8, S33, S34Schedule 13G: 95,598,528 shares. The Vanguard Group was listed in the proxy with 9.14% from a February 2024 filing, then reported 0% at Mar 13, 2026, saying a Jan 12, 2026 internal realignment moved reporting to its subsidiaries. That is a change in reporting, as filed, not a stated sale. This row may not be Vanguard's total.
Capital World Investors5.5%–May 13, 2025S8From the 2026 proxy, which uses a Schedule 13G filed May 13, 2025: 68,785,990 shares.
Dodge & Cox3.9%–Jun 30, 2026S8, S32Schedule 13G/A: 50,012,765 shares, now under 5%. The proxy listed 5.00% from a November 2024 filing.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (5)
21What it does with profit

21What it does with profit

What does CVS Health do with its profit?

FY2024 and FY2025 dividends are four quarterly payments of $0.665 (Cityfort calculation from FY2025 10-K). CVS Health paid $3.4 billion of dividends in FY2025 and $0.665 a share per quarter in 2026. It bought back no shares in FY2025 or the first nine months of 2026, with $11.5 billion authorized. On Nov 4, 2026, it said repurchases were planned for the fourth quarter.

Dividend per share

$2.66FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$2.00–
FY2022$2.20–
FY2023$2.42–
FY2024$2.66–
FY2025$2.66–

  • Buyback · Dec 31, 2022

    FY2022: paid $3.5 billion for its own shares. FY2021 had none.

    $3.5B

  • Buyback · Dec 31, 2023

    FY2023: paid $2.0 billion for its own shares.

    $2.0B

  • Buyback · Dec 31, 2024

    FY2024: paid $3.0 billion for its own shares. FY2025 had none.

    $3.0B

Sources (2)
22Governance signals

22Governance signals

What do CVS Health's governance filings show?

Auditor
Ernst & Young LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy says the board's nominating committee found no reportable related person transactions for 2025. It also says director Leslie Norwalk is not currently independent because of her past service as an expert witness in company litigation.
Credit rating
Fitch, Moody's and S&P (as stated by CVS Health) BBB / Baa3 / BBB (Negative (Fitch), positive (Moody's), stable (S&P)), Sep 30, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory

    FTC case on drug-benefit managers

    In September 2024, the FTC filed an administrative complaint against the three largest drug-benefit managers, including CVS subsidiaries. It alleged practices that "artificially" increased insulin costs. A proposed settlement announced in July 2026 would resolve all FTC investigations of these businesses, pending a final order.

  • regulatory

    Opioid settlements

    Forty-five states, DC and territories joined a settlement of opioid claims, with four more states settling separately; private plaintiffs are not covered. The remaining accrual was about $3.4 billion at Sep 30, 2026. In October 2026, CVS Health settled a DOJ suit alleging controlled-substance violations for $315 million, already accrued.

  • regulatory

    Omnicare False Claims Act case

    The complaint alleged Omnicare improperly filled prescriptions without a valid prescription. In April 2025, a jury found Omnicare and CVS Health liable. It awarded about $136 million due to Omnicare's conduct, tripled to about $407 million, and no damages attributable to CVS Health. In July 2025, the court awarded $542 million of penalties, with CVS Health jointly liable for $165 million. Omnicare entered Chapter 11 in September 2025. Under July 2026 agreements, the DOJ is to receive at least $440 million, and CVS Health recorded a $193 million guarantee liability in Q3 FY2026.

  • regulatory

    Behnke Medicare Part D case

    A relator alleges drug prices reported to Medicare Part D were misstated. After a trial, a court ruled the company liable on certain claims, with a $291 million judgment. The company has appealed to the Third Circuit.

  • shares as collateral

    CVS stock as collateral

    CVS Health's insider policy bars using its stock as collateral for a loan or margin account. The proxy says Glenview's shares, tied to then-director Larry Robbins, sat at prime brokers under market-standard collateral agreements. He left the board on Aug 13, 2026.

  • other

    Chair and CEO are the same person

    David Joyner became Chair as well as CEO on Jan 1, 2026, with Michael Mahoney as lead independent director. At the May 14, 2026 meeting, Joyner received 66,554,762 votes against and Mahoney 96,450,126 against; all 13 nominees were elected.

  • other

    Investor agreement and board changes

    A Nov 17, 2024 confidentiality agreement with Glenview came with four new directors, taking the board from 12 to 16. John Gallina joined on Mar 19, 2026, and Teresa Heitsenrether is appointed effective Nov 18, 2026. EDGAR's list shows no auditor change or restatement 8-K since July 2024.

  • disclosure

    What CVS Health does not report

    It gives no revenue by end payer across the company. The only market share level it states is for U.S. retail prescriptions (28.5% in FY2025). It gives no client list or client shares for its drug-benefit business, and no separate results for Oak Street or Signify. Its Nov 4, 2026 press release and investor deck give no profit, debt or dividend figures for the two planned companies.

Sources (16)
23What the market paid

23What the market paid · price as of Nov 4, 2026

What did the market pay for CVS Health on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: $79.96, the close shown in Nasdaq's historical price table for CVS Health; the shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 1,279.5 million shares (Oct 28, 2026), that is a market value of about $102.3 billion (Cityfort calculation from the Nov 4, 2026 closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 9.31 on diluted EPS of $8.59 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases), and 57.53 on FY2025 diluted EPS of $1.39, which carries the $5.7 billion impairment. Price to book is 1.27 on equity of $80.5 billion at Sep 30, 2026. The $2.66 of dividends a share in FY2025 is 3.33% of this price. The prior close, on Nov 3, was $91.41, so the Nov 4 close was 12.53% lower. The company reported Q3 results and announced its split plan on Nov 4; its filings give no reason for the move.

Share price
$79.96
Market value (market cap)
$102.3B
P/E
9.3×
P/B
1.3×

Source: Nasdaq historical price table for CVS (NYSE-listed), close Nov 4, 2026; Form 10-Q, Q3 FY2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 4 more

Sources (7)
24How it got here

24How it got here

How did CVS Health get here?

  1. 1996

    Milestone

    Incorporated in Delaware

    CVS Health Corporation was incorporated in Delaware in 1996.

  2. 2018

    Business-model change

    Aetna acquired

    The company acquired the insurer Aetna on Nov 28, 2018. It now reports Aetna as its Health Care Benefits segment.

  3. 2022

    Crisis

    Opioid litigation charges

    FY2022 included $5.8 billion of opioid litigation charges, and operating income fell to $8.0 billion from $13.3 billion.

  4. 2023

    Business-model change

    Signify Health bought

    The company acquired Signify Health, which does in-home health evaluations, on Mar 29, 2023 for total consideration of $7.4 billion.

  5. 2023

    Business-model change

    Oak Street Health bought

    The company acquired the primary care chain Oak Street Health on May 2, 2023 for total consideration of $9.7 billion.

  6. 2024

    Crisis

    New CEO, guidance withdrawn

    David Joyner replaced Karen Lynch as CEO on Oct 17, 2024. The next day the company told investors no longer to rely on its previous guidance.

  7. 2025

    Business-model change

    Exit from individual exchange plans

    Announced in May 2025 and effective January 2026.

  8. 2025

    Crisis

    Omnicare in Chapter 11

    Omnicare, the long-term care pharmacy unit, entered Chapter 11 on Sep 22, 2025 and left the group's accounts, producing a $483 million gain.

  9. 2025

    Crisis

    $5.7 billion goodwill impairment

    The Q3 FY2025 charge on Health Care Delivery came after a decision to open fewer clinics and close some Oak Street clinics in 2026. Rite Aid prescription files and some stores were also bought that quarter for $465 million.

  10. 2026

    Business-model change

    Plan to split in two

    On Nov 4, 2026, the company said it intends to separate into two public companies and expects to finish in the first half of 2028.

Sources (10)

25Sources and changes

Where every number on this page comes from

Sources (38 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
  4. S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 9, 2022
  5. S6Form 10-Q, Q3 FY2026 (ended Sep 30, 2026) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  6. S7Form 10-Q, Q3 FY2025 (ended Sep 30, 2025) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
  7. S8Proxy statement (DEF 14A) for the 2026 annual meeting · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 3, 2026
  8. S9Q3 2026 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  9. S10Q2 2026 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  10. S11Q1 2026 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  11. S12Q4 and full-year 2025 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
  12. S13Q3 2025 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
  13. S14Q2 2025 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  14. S15Q1 2025 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
  15. S16Q4 and full-year 2024 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
  16. S17Q3 2024 earnings release (8-K Ex. 99.1) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2024
  17. S198-K (Item 7.01) press release: intent to separate into two companies · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  18. S20Investor Update presentation: "Creating two distinct leaders in healthcare" · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Nov 4, 2026
  19. S21Q3 2026 earnings presentation · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Nov 4, 2026
  20. S222026 Consolidated Guidance Summary (Q3 2026 call) · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Nov 4, 2026
  21. S238-K Ex. 99.1: 2025 Investor Day release, guidance and growth rate through 2028 · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Dec 9, 2025
  22. S248-K (Item 5.02): Robbins resignation, Heitsenrether appointment · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 17, 2026
  23. S258-K (Item 5.02): Gallina elected to the board · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 19, 2026
  24. S268-K (Items 5.02, 5.07): 2026 annual meeting votes · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 18, 2026
  25. S278-K Ex. 99.1: Joyner elected Chair effective Jan 1, 2026 · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2025
  26. S288-K Ex. 99.1: Omnicare voluntary Chapter 11 · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 22, 2025
  27. S298-K (Item 5.02): Brian Newman appointed CFO · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 8, 2025
  28. S308-K (Items 1.01, 5.02): Glenview confidentiality agreement, four directors, CEO pay · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 18, 2024
  29. S318-K (Items 2.02, 5.02) with Ex. 99.1: Joyner appointed CEO, prior guidance withdrawn · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 18, 2024
  30. S32Schedule 13G/A, Dodge & Cox · Dodge & Cox (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
  31. S33Schedule 13G, Vanguard Capital Management · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  32. S34Schedule 13G/A, The Vanguard Group · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  33. S35Q2 2026 earnings call transcript · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Aug 5, 2026
  34. S36Q1 2026 earnings call transcript · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · May 6, 2026
  35. S37Q4 2025 earnings call transcript · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Feb 10, 2026
  36. S38Q3 2025 earnings call transcript · CVS Health Corporation (investor relations) · Tier 1: company or exchange filing · Oct 29, 2025
  37. S39Nasdaq historical price table for CVS (NYSE-listed), close Nov 4, 2026 · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  38. S40EDGAR submissions index for CVS Health (CIK 0000064803) · SEC EDGAR · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

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