CVS Q3 2025 Earnings
Reported Oct 29, 2025 at 6:32 AM ET · SEC Source
Q3 25 EPS
$1.60
BEAT +17.93%
Est. $1.36
Q3 25 Revenue
$102.87B
BEAT +4.08%
Est. $98.83B
vs S&P Since Q3 25
-6.1%
TRAILING MARKET
CVS -1.3% vs S&P +4.8%
Market Reaction
Did CVS Beat Earnings? Q3 2025 Results
CVS Health delivered a strong third-quarter beat, posting adjusted EPS of $1.60 against a consensus estimate of $1.36, a 17.93% positive surprise, while revenue climbed 7.8% year-over-year to $102.87 billion, clearing the $98.83 billion consensus by … Read more CVS Health delivered a strong third-quarter beat, posting adjusted EPS of $1.60 against a consensus estimate of $1.36, a 17.93% positive surprise, while revenue climbed 7.8% year-over-year to $102.87 billion, clearing the $98.83 billion consensus by 4.08%. The standout driver was a dramatic turnaround in the Health Care Benefits segment, which swung to an adjusted operating income of $314 million from an adjusted operating loss of $924 million in the prior year, aided by improved Medicare performance and a medical benefit ratio that tightened to 92.8% from 95.2%. The quarter was nonetheless clouded by a $5.72 billion goodwill impairment charge tied to the Health Care Delivery unit, which pushed GAAP diluted loss per share to $3.13, and muted the market reaction despite the underlying strength. Looking ahead, CVS raised its full-year 2025 adjusted EPS guidance to $6.55 to $6.65, up from the prior $6.30 to $6.40 range, with investors watching for further strategic clarity at the company's December Investor Day.
Key Takeaways
- • Favorable year-over-year impact of premium deficiency reserves in Health Care Benefits
- • Higher favorable prior period development and improved underlying Government business performance
- • MBR improvement to 92.8% from 95.2% year-over-year
- • Pharmacy drug mix and brand inflation driving Health Services revenue growth
- • Increased prescription volume and Rite Aid prescription file acquisitions boosting Pharmacy & Consumer Wellness
- • Same store prescription volume increased 8.9% on a 30-day equivalent basis
- • Impact of Inflation Reduction Act on Medicare Part D program
CVS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CVS Revenue by Segment
With YoY comparisons, source: SEC Filings
“CVS Health uniquely delivers what the people we serve want the most: a connected, simpler experience that improves health and simplifies care. Our leadership team has stabilized operations and is focused on businesses and markets where we can succeed. As a result, we are making progress on our journey to be America's most trusted health care company. Our strong Enterprise performance demonstrates the continued focus we have on operational and financial improvement across our businesses.”
— David Joyner, Q3 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% |