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Jun 30
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.
CVS Health
CVS Health
CVS Health Revenue by Segment
CVS Health Revenue by Geographic Location
Revenue by Segment
Health Care Benefits Revenue
CapyFin.comHealth Services Revenue
CapyFin.comPharmacy & Consumer Wellness Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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.
- Interest expenses rose due to higher long-term debt.