CVS Health Reports Q3 2026 Results and Raises Full-Year Guidance

Overview

On November 4, 2026, CVS Health Corporation filed an 8-K under Item 2.02 reporting financial results for the third quarter ended September 30, 2026, and increasing full-year 2026 financial guidance.

Key Financial Highlights

• Total Revenues: $108.40 billion for Q3 2026, up 5.4% compared to $102.87 billion in Q3 2025.
• Operating Income: $3.57 billion compared to an operating loss of $(3.21) billion in Q3 2025, driven by the absence of a prior-year $5.7 billion goodwill impairment charge and broad-based segment improvements.
• Adjusted Operating Income: $4.19 billion, an increase of 21.2% year-over-year.
• Diluted EPS: GAAP EPS of $1.68 compared to $(3.13) in Q3 2025; Adjusted EPS of $2.09 compared to $1.60 in Q3 2025.
• Cash Flow: Generated year-to-date cash flow from operations of $15.3 billion.

Segment Performance

• Health Care Benefits: Total revenues increased 2.4% to $36.86 billion. Adjusted operating income rose to $912 million from $314 million in the prior year, with Medical Benefit Ratio (MBR) improving to 91.3% from 92.8%, driven by performance in the Government business.

Guidance Revisions for Full-Year 2026

• Full-Year Revenues: Projected at least $420.0 billion.
• GAAP Diluted EPS: Raised to at least $6.98 (previously $6.84 to $7.04).
• Adjusted EPS: Raised to at least $8.20 (previously $7.90 to $8.10).
• Cash Flow from Operations: Raised to at least $15.5 billion (previously at least $11.5 billion).