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CVS Health

CVS Health (CVS) Q2 2026 Earnings

Reported Aug 5, 2026 at 6:32 AM ET · SEC Source

Q2 26 EPS

$2.58

BEAT +39.36%

Est. $1.85

Q2 26 Revenue

$106.10B

BEAT +6.00%

Est. $100.09B

vs S&P Since Q2 26

-9.0%

TRAILING MARKET

CVS -8.8% vs S&P +0.2%

Market Reaction

Did CVS Beat Earnings? Q2 2026 Results

CVS Health delivered a standout second quarter for fiscal 2026, posting adjusted EPS of $2.58 against a consensus estimate of $1.85, a beat of 39.36% that extended the company's streak of topping Wall Street expectations to five consecutive quarters.… Read more CVS Health delivered a standout second quarter for fiscal 2026, posting adjusted EPS of $2.58 against a consensus estimate of $1.85, a beat of 39.36% that extended the company's streak of topping Wall Street expectations to five consecutive quarters. Revenue climbed 7.3% year-over-year to $106.10 billion, clearing the $100.09 billion consensus by 6.00%, as investors who had been closely watching the stock ahead of the print were rewarded with broad-based strength across segments. The clearest driver of the earnings beat was a dramatic recovery in the Health Care Benefits segment, where the medical benefit ratio improved to 87.4% from 89.9% a year ago and adjusted operating income surged 85.5% to $2.43 billion, aided by the absence of a $471.00 million premium deficiency reserve that had weighed on the prior-year period. Management translated that momentum into raised full-year guidance, lifting adjusted EPS to a range of $7.90 to $8.10 and cash flow from operations to at least $11.50 billion, signaling confidence even as the company flagged elevated cost trends and potential macro headwinds in the back half of the year.

Key Takeaways

  • • Health Care Benefits margin recovery plan driving significant adjusted operating income improvement
  • • Improved underlying performance in Government business within Health Care Benefits
  • • Absence of $471 million premium deficiency reserve recorded in prior year Group Medicare Advantage
  • • Absence of $833 million legacy litigation charges from prior year
  • • Improved purchasing economics and pharmacy drug mix in Health Services
  • • Core pharmacy strength and Rite Aid asset acquisition contributions in Pharmacy & Consumer Wellness
  • • Prior years' health care costs payable estimates developed favorably by $1.2 billion in H1 2026

CVS Forward Guidance & Outlook

CVS Health raised its full-year 2026 guidance: GAAP diluted EPS to $6.84–$7.04 (from $6.24–$6.44), Adjusted EPS to $7.90–$8.10 (from $7.30–$7.50), and cash flow from operations to at least $11.5 billion (from at least $9.5 billion). Full-year total revenues projected at least $414.0 billion. The guidance increase reflects improvements in the Health Care Benefits and Pharmacy & Consumer Wellness segments, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.

24/7 Wall St

CVS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CVS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our CVS Health colleagues build trust every day in communities across our country by making healthcare easier for millions of customers, patients and members. As our businesses work together to deliver a technology-powered care engagement experience, we continue to deliver strong performance. We uniquely enable what our customers want the most: simple, connected and convenient access to affordable, quality healthcare, where, when, and how they want it.”

— David Joyner, Q2 2026 Earnings Press Release

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