Companies /Healthcare

CVS Health Corp

NYSE: CVS Healthcare Plans
$92.92
▼ $1.40 (−1.48%) today
Markets closed · 4:26am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 6:32am ET · SEC source
$1.60
Beat +17.65%
EPS · est. $1.36
$102.9B
Beat +4.08%
Revenue · est. $98.8B
−0.8%
Trailing market
CVS vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%Oct 29Oct 30report 6:32am ETearnings−0.7%−3.7%
−4%0+4%Oct 29Oct 30earnings−0.7%−3.7%
CVS −3.7%S&P 500 −0.7%
−4%0+4%Oct 29Oct 30report 6:32am ETearnings−0.8%−3.7%
−4%0+4%Oct 29Oct 30earnings−0.8%−3.7%
CVS −3.7%NASDAQ −0.8%
−4%0+4%Oct 28Nov 5report 6:32am ETearnings−1.5%−3.8%
−4%0+4%Oct 28Nov 5earnings−1.5%−3.8%
CVS −3.8%S&P 500 −1.5%
−4%0+4%Oct 28Nov 5report 6:32am ETearnings−1.9%−3.8%
−4%0+4%Oct 28Nov 5earnings−1.9%−3.8%
CVS −3.8%NASDAQ −1.9%
−1.95%
Day of report
−4.85%
Next session
−2.54%
One week
−1.86%
30 days

S&P 500 over the same 30 days: −1.04%.

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 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 <a href="https://247wallst.com/investing/2025/10/29/cvs-posts-strong-q3-earnings-but-shares-show-little-movement/">muted the market reaction</a> 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 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.”

CVS Health CEO, on the earnings call

Forward Guidance & Outlook

CVS Health raised its full-year 2025 Adjusted EPS guidance to a range of $6.55 to $6.65, up from $6.30 to $6.40, reflecting strong third quarter performance in Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decrease in the Health Services segment. GAAP diluted earnings (loss) per share guidance was updated to a range of ($0.34) to ($0.24), down from $3.84 to $3.94, reflecting the $5.7 billion goodwill impairment charge. Cash flow from operations guidance was updated to a range of $7.5 billion to $8.0 billion, from at least $7.5 billion previously.

CVS YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$30.0B$60.0B$90.0B$95.4B$102.9BRevenue
$0$30.0B$60.0B$90.0BRevenue

CVS Revenue by Segment

Health Services$49.3B+11.6%
Pharmacy & Consumer Wellness$36.2B+11.7%
Health Care Benefits$36.0B+9.1%
Pharmacy$30.4B+14.1%
Government Premiums$26.0B+16.3%
Pharmacy Network$26.4B+9.4%
Mail & Specialty$20.4B+18.5%
Commercial Premiums$7.8B−9.5%

Figures from SEC filings and company reports. Not investment advice.