CVS Q2 2025 Earnings
Reported Jul 31, 2025 at 6:31 AM ET · SEC Source
Q2 25 EPS
$1.81
BEAT +23.85%
Est. $1.46
Q2 25 Revenue
$98.92B
BEAT +4.57%
Est. $94.59B
vs S&P Since Q2 25
+12.7%
BEATING MARKET
CVS +26.7% vs S&P +14.0%
Market Reaction
Did CVS Beat Earnings? Q2 2025 Results
CVS Health delivered a strong second-quarter beat, posting adjusted EPS of $1.81 against a consensus estimate of $1.46, a 23.85% positive surprise, while revenue climbed 8.4% year-over-year to $98.92 billion, topping the $94.59 billion Wall Street ha… Read more CVS Health delivered a strong second-quarter beat, posting adjusted EPS of $1.81 against a consensus estimate of $1.46, a 23.85% positive surprise, while revenue climbed 8.4% year-over-year to $98.92 billion, topping the $94.59 billion Wall Street had expected. The standout driver was a sharp recovery in Health Care Benefits, where Aetna's adjusted operating income jumped 39.4% to $1.31 billion, fueled by favorable individual exchange risk adjustment estimates and improved Government business performance. That momentum more than offset ongoing pressure in Health Services, where pharmacy client price improvements weighed on margins, and absorbed $833.00 million in legacy litigation charges that pushed GAAP EPS down to $0.80. Analysts have noted that CVS's individual plan performance sets it apart from peers navigating similar utilization headwinds. Looking ahead, management raised its full-year 2025 adjusted EPS guidance to $6.30 to $6.40 from $6.00 to $6.20, and lifted operating cash flow guidance to at least $7.50 billion, signaling confidence that the company's turnaround trajectory remains intact.
Key Takeaways
- • Significant and durable recovery at Aetna with adjusted operating income up 39.4%
- • Favorable year-over-year impact of changes to individual exchange business risk adjustment estimates
- • Improved underlying performance in Government business
- • Pharmacy drug mix and increased prescription and front store volume in Pharmacy & Consumer Wellness
- • Same store prescription volume increased 6.4% on a 30-day equivalent basis
- • Revenue growth across all operating segments
- • Improved purchasing economics in Health Services
CVS YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CVS Revenue by Segment
With YoY comparisons, source: SEC Filings
“What people want most — a connected, simpler health care experience — is what CVS Health uniquely provides. For the 185 million people we serve, we deliver better access, greater affordability and aligned advocacy. Our strong performance demonstrates the continued focus we have on operational and financial improvement across our businesses, led by a significant and durable recovery at Aetna, strong retention at CVS Caremark and growth and momentum at CVS Pharmacy.”
— David Joyner, Q2 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% |