At a Glance
- Revenue: $105.69 billion (beat consensus of $104.63 billion)
- Adjusted EPS: $1.09 (beat consensus of $1.00)
- GAAP EPS: $2.30 vs. $1.30 prior year (includes $1.9 billion tax benefit from subsidiary bankruptcy)
- Full-Year 2025 Revenue: $402.1 billion, up 7.8%
- Stock Performance: Closed at $75.77 on February 9, down 3.76% year-to-date
Financial Performance Highlights
CVS Health (NYSE: CVS) delivered a solid revenue beat in Q4 2025, though adjusted earnings declined year-over-year despite exceeding Wall Street expectations. The 8.2% revenue increase to $105.69 billion marked the company’s strongest quarterly top-line growth of the year. However, adjusted EPS of $1.09 declined from $1.19 in Q4 2024, pressured by Medicare Part D headwinds from Inflation Reduction Act seasonality changes.
The GAAP EPS figure of $2.30 benefited significantly from a one-time $1.9 billion tax benefit related to the Omnicare subsidiary bankruptcy filing, masking underlying operational challenges.
Segment Performance
Health Care Benefits posted $36.29 billion in revenue (up 10.1%), but its adjusted operating loss widened to $676 million from $439 million the previous year. The segment shed 504,000 members year-over-year.
Health Services generated $51.24 billion in revenue (up 9.0%) with adjusted operating income rising 9.2%. Pharmacy & Consumer Wellness delivered $37.66 billion (up 12.4%), benefiting from Rite Aid prescription file acquisitions.
2026 Guidance
CVS confirmed adjusted EPS guidance of $7.00 to $7.20 for 2026, but reduced operating cash flow expectations to at least $9.0 billion from a prior $10.0 billion target, signaling continued pressure on working capital.
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