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Dec 31, 2025
CVS Health Q4 2025 Earnings Report
CVS Health Corporation reported its financial results for the fourth quarter and full-year ended December 31, 2025.
Key Takeaways
CVS Health delivered a strong fourth quarter, with total revenues increasing by 8.2% to $105.7 billion, driven by growth across all operating segments. GAAP diluted EPS rose significantly to $2.30, while Adjusted EPS saw a slight decrease to $1.09 due to changes in Medicare Part D program seasonality. The company also achieved record full-year revenues of $402.1 billion.
Total revenues for Q4 2025 increased by 8.2% to $105.7 billion compared to the prior year.
GAAP diluted EPS for Q4 2025 was $2.30, a substantial increase from $1.30 in the prior year.
Adjusted EPS for Q4 2025 was $1.09, a decrease from $1.19 in the prior year, primarily due to Medicare Part D program seasonality changes.
Full-year 2025 total revenues reached a record high of $402.1 billion, up 7.8% from the prior year.
Revenue by Segment
Forward Guidance
CVS Health confirmed its GAAP diluted EPS and Adjusted EPS guidance ranges for the full-year 2026, while updating its cash flow from operations guidance.
Positive Outlook
- Confirmed GAAP diluted EPS guidance range of $5.94 to $6.14 for 2026.
- Confirmed Adjusted EPS guidance range of $7.00 to $7.20 for 2026.
- CVS Pharmacy successfully completed the transition to cost-based reimbursement across its Commercial, Third-Party Discount, Medicare and Medicaid businesses.
- Aetna continues to improve the experience for health care professionals and their patients, approving more than 95% of all eligible prior authorizations within 24 hours.
- Caremark closes out 2025 with significant customer wins and strong retention, providing momentum into 2026.
Challenges Ahead
- Updated cash flow from operations guidance to at least $9.0 billion from at least $10.0 billion for 2026.
- Adjusted EPS in Q4 2025 decreased from the prior year, primarily due to changes in the seasonality of the Medicare Part D program.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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