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Jun 30, 2025
CVS Health Q2 2025 Earnings Report
CVS Health reported second quarter 2025 results with revenue and adjusted earnings in line with expectations, though GAAP results were impacted by litigation charges.
Key Takeaways
CVS Health delivered solid Q2 2025 results with revenue growth across all segments and stable adjusted EPS, while litigation-related charges weighed on GAAP profitability.
Revenue grew to $98.9B, up from $91.2B a year earlier.
Adjusted EPS held steady at $1.81, despite litigation headwinds.
Net income declined to $1.0B due to legacy legal expenses.
Aetna and CVS Pharmacy segments showed strong operating improvement.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CVS revised its GAAP EPS guidance downward due to legal charges but raised its adjusted EPS and operating cash flow guidance, reflecting solid operational performance.
Positive Outlook
- Adjusted EPS guidance raised to $6.30–$6.40 from $6.00–$6.20.
- Cash flow from operations guidance raised to at least $7.5B.
- Aetna performance and pharmacy segment remain strong.
- Operational momentum supported by ongoing integration efforts.
- Focus on interoperability and digital transformation in care delivery.
Challenges Ahead
- GAAP EPS guidance lowered to $3.84–$3.94 due to litigation.
- Health Services segment experienced year-over-year decline.
- Net income declined from $1.77B to $1.01B YoY.
- Legal charges totaled $833M in Q2, affecting profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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