CVS Health Q3 Revenue Rises 5.4% to $108.4 Billion: Full-Year 2026 Guidance Raised, Adjusted EPS Now at Least $8.20
CVS Health reported third quarter results on November 4 in Woonsocket, Rhode Island, for the three months ended September 30, 2026: total revenues rose to $108.4 billion ($108,399 million), up 5.4% year over year; GAAP diluted EPS was $1.68 and Adjusted EPS was $2.09; net income was $2,171 million, against a net loss of $3,990 million a year earlier. The company also raised its full-year 2026 guidance.
The raised guidance is: GAAP diluted EPS of at least $6.98, from a range of $6.84 to $7.04; Adjusted EPS of at least $8.20, from a range of $7.90 to $8.10; and cash flow from operations of at least $15.5 billion, from at least $11.5 billion, with full-year total revenues projected at at least $420.0 billion. Year to date, the company has generated $15.3 billion in cash flow from operations.
The GAAP EPS increase primarily reflects the absence of a $5.7 billion goodwill impairment charge recorded in the third quarter of 2025. Adjusted operating income rose 21.2% to $4,194 million, which the company attributed primarily to improved performance in Health Care Benefits under its margin recovery plan. Third quarter operating income was $3,566 million, against an operating loss of $3,207 million a year earlier.
By segment, Health Care Benefits revenue was $36,855 million, up 2.4%, with adjusted operating income of $912 million versus $314 million a year earlier, a medical benefit ratio of 91.3%, down 1.5 points, and medical membership of 26.1 million; growth came mainly from its Government business, partly offset by the 2026 exit of the individual exchange business. Health Services revenue was $53,964 million, up 9.5%, with adjusted operating income of $2,106 million, up 2.7%, and 481.7 million pharmacy claims processed. Pharmacy & Consumer Wellness revenue was $35,498 million, down 2.0%, with adjusted operating income of $1,635 million, up 10.6%, and 470.0 million prescriptions filled, up 1.9%.
Operationally, more than 69 percent of Aetna Medicare Advantage members are in 2027 plans rated 4 stars or higher by the Centers for Medicare & Medicaid Services (CMS), ranking Aetna second among large, publicly traded Medicare Advantage organizations; CVS Pharmacy offers all FDA-approved GLP-1s with MinuteClinic digital weight loss visits and same-day pickup; and Health100, a CVS Health subsidiary, earned the CARIN Code of Conduct accreditation from DirectTrust for its mobile app.
Chairman and CEO David Joyner credited colleagues for delivering strong results in each business while advancing the company's strategy of improving consumer experience, lowering costs and connecting care. The company separately announced on the same day its intent to separate into two public companies.
Related: CVS Health to Split Into Two Public Companies: About 9,000 Pharmacies to Form CVS Pharmacy
(Source: CVS Health)
Source: CVS Health
Published by GSM · USA (original Chinese edition)
Photo: 图：佐治亚州 Oak Grove 的一家 CVS 药房门店，2026年7月摄。John Phelan 摄，CC BY 4.0，经 Wikimedia Commons。 / Photo: A CVS Pharmacy store in Oak Grove, Georgia, pictured in July 2026. Photo by John Phelan, CC BY 4.0, via Wikimedia Commons.
- 2026-11-04CVS Health to Split Into Two Public Companies: About 9,000 Pharmacies to Form CVS Pharmacy, Completion Expected in First Half of 2028
- 2026-11-04CVS Health Q3 Revenue Rises 5.4% to $108.4 Billion: Full-Year 2026 Guidance Raised, Adjusted EPS Now at Least $8.20This story
