CVS Health
Combines health insurance, pharmacy benefits, retail pharmacies, and care delivery across the United States.
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Profile
Combines Aetna insurance, CVS Caremark pharmacy benefits, CVS Pharmacy retail dispensing, and clinic, virtual, and home-based care. Revenue comes from insurance premiums, benefit administration, prescription fulfillment, pharmacy services, and merchandise, with a primarily U.S. model exposed to medical utilization and government reimbursement.
Combines Aetna health insurance, CVS Caremark pharmacy benefit management, and CVS Pharmacy retail dispensing with specialty and mail pharmacy, MinuteClinic, Oak Street Health primary care, and Signify Health in-home assessments. Health Care Benefits sells insured and administrative-services plans; Health Services provides benefit administration, pharmacy services, and care delivery; Pharmacy & Consumer Wellness fills prescriptions, administers vaccines, and sells health and general merchandise.
Operates primarily across the United States. Its integrated model connects insurance and benefit relationships with a broad footprint of pharmacies, clinics, virtual care, and home visits, allowing coverage, medication fulfillment, and care to be coordinated across businesses.
Insurance economics depend on medical utilization and government reimbursement, particularly Medicare. Pharmacy and PBM results depend on drug purchasing terms, client pricing, regulation, and reimbursement.
Company facts
Key statistics
Year to date +16.1% · Average volume (30d) 7.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | Argus Research | Reiterate | Buy | $90 | $114 |
| Aug 6, 2026 | Robert W. Baird | Target | $94 | $107 | |
| Aug 6, 2026 | UBS | Reiterate | Buy | $122 | $126 |
| Aug 6, 2026 | Barclays | Reiterate | Overweight | $106 | $108 |
| Jul 24, 2026 | UBS | Reiterate | Buy | $97 | $122 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $1.87 | $2.58 | +38.0% | $100.03B | $106.10B | +6.1% | −5.08% |
| May 6, 2026Q1 FY26 | $2.18 | $2.57 | +17.9% | $94.99B | $100.43B | +5.7% | +0.58% |
| Feb 10, 2026Q4 FY25 | $1.00 | $1.09 | +9.0% | $103.70B | $105.69B | +1.9% | +1.85% |
| Oct 29, 2025Q3 FY25 | $1.37 | $1.60 | +16.8% | $98.81B | $102.87B | +4.1% | −4.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $94.59B | $98.92B | $102.87B | $105.69B | $100.43B | $106.10B | |
| Gross profit | $14.40B | $13.59B | $13.81B | $13.57B | $15.62B | $15.75B | |
| Operating income | $3.37B | $2.38B | −$3.21B | $2.11B | $4.68B | $4.70B | |
| Net income | $1.78B | $1.02B | −$3.98B | $2.94B | $2.94B | $3.00B | |
| Diluted EPS | $1.41 | $0.80 | −$3.13 | $2.30 | $2.30 | $2.31 | |
| Gross margin | 15.2% | 13.7% | 13.4% | 12.8% | 15.6% | 14.8% | |
| Operating margin | 3.6% | 2.4% | -3.1% | 2.0% | 4.7% | 4.4% |
Fiscal years (4-quarter sums)FY21 $292.11B · FY22 $322.47B · FY23 $357.78B · FY24 $372.81B · FY25 $402.07B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $13.96B · Total debt $76.31B · Total assets $253.77B · Shareholders' equity $79.70B
Dividends
Raised for 28 straight years — most recently to $0.665 from $0.605 in Jan 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 23, 2026 | Jul 23 | Aug 3 | $0.665 | |
| Apr 23, 2026 | Apr 23 | May 4 | $0.665 | |
| Jan 22, 2026 | Jan 22 | Feb 2 | $0.665 | |
| Oct 23, 2025 | Oct 23 | Nov 3 | $0.665 | |
| Jul 22, 2025 | Jul 22 | Aug 1 | $0.665 | |
| Apr 22, 2025 | Apr 22 | May 1 | $0.665 | |
| Jan 23, 2025 | Jan 23 | Feb 3 | $0.665 | |
| Oct 21, 2024 | Oct 21 | Nov 1 | $0.665 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.28B · Float 1.27B · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 123.22M | 9.66% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 83.32M | 6.53% | 13F | Aug 13, 2026 |
| Capital World Investors | 74.95M | 5.87% | 13F | Aug 12, 2026 |
| State Street Corp | 60.28M | 4.72% | 13F | Aug 7, 2026 |
| Dodge & Cox | 50.01M | 3.92% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 21, 2026 | Larry Robbins | director | −748,462 | $75.69 |
| May 20, 2026 | Larry Robbins | director | −1,018,000 | $93.82 |
| May 19, 2026 | Larry Robbins | director | −1,983,538 | $94.45 |
| May 8, 2026 | Tilak Mandadi | officer: EVP, Chief Exp & Tech Officer | −69,551 | $89.58 |
| Jan 23, 2025 | Steven H. Nelson | officer: EVP and President, Aetna | +24 | $53.70 |
Peers
- UnitedHealth Group
Integrated peer with the #1 MA insurer and #3 PBM under one roof.
- Cigna
#1 PBM by 2024 claims after winning 20M Centene lives from CVS Caremark.
- Humana
Pure-play #2 Medicare Advantage insurer competing head-to-head with Aetna.
- Elevance Health
Largest BCBS licensee with CarelonRx pulling pharmacy lives from CVS Caremark.
- Amazon
Digital pharmacy and primary care disruptor targeting CVS’s retail Rx customers.
- Walmart
Mass-retail pharmacy with ~4,600 US stores and ~5% of national Rx volume.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| Humana | $386.23 | +0.16% | $46.30B | 36.5 | 31.2 | 0.3 | +26.2% |
| Elevance Health | $397.30 | +0.72% | $85.54B | 17.5 | 14.5 | 0.4 | +0.1% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Walmart | $103.07 | −0.03% | $820.40B | 37.2 | 34.5 | 1.1 | +5.9% |
| Median | 23.4 | 23.4 | 0.6 | +6.3% |