CVS Health Corporation announced its fourth‑quarter 2025 earnings on Tuesday, February 10, 2026, reporting total revenue of $105.7 billion, up 8.2% year‑over‑year, and adjusted earnings per share of $1.09, beating analyst expectations of $0.99. The company’s adjusted operating income for the quarter was $2.597 billion, a decline of $131 million from the same period a year earlier, largely due to a $5.7 billion goodwill impairment related to its Health Care Delivery unit. Despite the impairment, the company’s pharmacy and consumer wellness segment drove a 12.4% revenue increase to $37.66 billion, supported by higher prescription volume and the integration of Rite Aid prescriptions.
On the earnings call, CVS reiterated its full‑year 2026 adjusted EPS guidance at $7.00 to $7.20 per share, a modest increase from the $6.55 to $6.65 range previously raised in 2025. GAAP diluted EPS guidance was maintained at $5.94 to $6.14 per share. The company also confirmed its cash‑flow from operations guidance of at least $9 billion, down from the prior $10 billion estimate. These updates signal management confidence in continued margin improvement, particularly in its Aetna health‑benefits business and its pharmacy benefits management platform.
The earnings release highlights CVS’s ongoing transformation toward an integrated health‑care model. Strong pharmacy performance, coupled with a recovering Aetna margin profile and the successful transition to cost‑based reimbursement across commercial, Medicare, and Medicaid, underpin the company’s upward guidance. The company’s ability to maintain profitability while executing significant restructuring—such as the goodwill impairment—demonstrates disciplined cost management and a focus on long‑term value creation for shareholders.
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