CVS Q1 2025 Earnings
Reported May 1, 2025 at 6:32 AM ET · SEC Source
Q1 25 EPS
$2.25
BEAT +34.55%
Est. $1.67
Q1 25 Revenue
$94.59B
BEAT +1.31%
Est. $93.37B
vs S&P Since Q1 25
-10.8%
TRAILING MARKET
CVS +18.2% vs S&P +29.0%
Market Reaction
Did CVS Beat Earnings? Q1 2025 Results
CVS Health delivered a standout first quarter for 2025, posting adjusted EPS of $2.25 against a consensus estimate of $1.67, a beat of 34.55%, as revenue climbed 7.0% year-over-year to $94.59 billion, topping expectations by 1.31%. The single most ma… Read more CVS Health delivered a standout first quarter for 2025, posting adjusted EPS of $2.25 against a consensus estimate of $1.67, a beat of 34.55%, as revenue climbed 7.0% year-over-year to $94.59 billion, topping expectations by 1.31%. The single most material driver was a dramatic turnaround in the Health Care Benefits segment, where adjusted operating income surged 172.3% to $1.99 billion, fueled by $1.60 billion in favorable prior-year claims development and improved Medicare Advantage performance tied to higher star ratings. That improvement came even as CVS absorbed a $448.00 million premium deficiency reserve and announced it will exit the individual ACA exchange market in 2026, a strategic retreat that investors largely cheered given the segment's persistent margin pressure. Health Services and Pharmacy and Consumer Wellness added further momentum, with revenue gains of 7.9% and 11.1% respectively. Looking ahead, management raised its full-year 2025 adjusted EPS guidance to $6.00 to $6.20, while also lifting cash flow from operations guidance to approximately $7.00 billion, signaling confidence despite a cautious macro backdrop.
Key Takeaways
- • Favorable year-over-year impact of prior-year claims development
- • Improved Medicare Advantage star ratings for 2025 payment year
- • Improved purchasing economics and pharmacy drug mix in Health Services
- • Increased prescription volume up 4.3% YoY
- • Growth in specialty pharmacy and brand inflation
- • Same store prescription volume increased 6.7% YoY
CVS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CVS Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we aim to be the most trusted health care company in America, we are driving greater care, value, and service from our integrated, industry-leading businesses. Thanks to a resolute focus on customers, our colleagues across CVS Health delivered positive results across our Health Care Benefits, Health Services and Pharmacy & Consumer Wellness segments, as we continue to build a world of better health around the 185 million consumers we are privileged to serve.”
— David Joyner, Q1 2025 Earnings Press Release
CVS Earnings Trends
CVS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CVS EPS Trend
Earnings per share: estimate vs actual
CVS Revenue Trend
Quarterly revenue: estimate vs actual
CVS Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.00 | $1.09 | +9.00% | $105.69B | +2.02% |
| FY Full Year | $6.66 | $6.75 | +1.36% | $402.07B | +0.52% |
| Q3 25 BEAT | $1.36 | $1.60 | +17.93% | $102.87B | +4.08% |
| Q2 25 BEAT | $1.46 | $1.81 | +23.85% | $98.92B | +4.57% |
| Q1 25 BEAT | $1.67 | $2.25 | +34.55% | $94.59B | +1.31% |