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Sep 30
CVS Health Q3 2025 Earnings Report
CVS Health reported third-quarter results with strong revenue growth but a significant net loss driven by a goodwill impairment.
Key Takeaways
CVS Health delivered record Q3 revenue of $102.9 billion and increased adjusted EPS, but recorded a $4.0 billion net loss due to a $5.7 billion goodwill impairment related to its Health Care Delivery unit.
Total revenue reached a record $102.9 billion in Q3 2025.
Net loss of $4.0 billion driven by a $5.7 billion goodwill impairment.
Adjusted EPS increased to $1.60 from $1.09 in the prior year.
Health Care Benefits segment returned to profitability with $314 million in adjusted operating income.
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 Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
CVS revised full-year GAAP EPS downward due to impairment but raised adjusted EPS guidance on improved operational performance.
Positive Outlook
- Adjusted EPS guidance raised to $6.55–$6.65.
- Cash flow from operations expected between $7.5B–$8.0B.
- Health Care Benefits showing sustained operational improvement.
- Strong selling season and client retention in Caremark.
- Positive Medicare Advantage ratings for Aetna.
Challenges Ahead
- GAAP EPS revised downward to a loss of $(0.34)–$(0.24).
- Goodwill impairment of $5.7B weighing heavily on earnings.
- Reduced primary care clinic expansion plans.
- Challenges in Health Care Delivery unit persist.
- Continued reimbursement pressure in retail pharmacy.