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CVS · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong quarter for CVS as revenue grew 7.3% on gains across all three segments and net income attributable to CVS nearly tripled to $2,979M, driven mainly by the Health Care Benefits segment's margin recovery (MBR down to 87.4% from 89.9%) and the absence of last year's $833M legacy litigation charges, with only modest drag from continued elevated cost trends.
Net Income to CVS
$2,979M
up 191.8% y/y
Total Revenue
$106,096M
up 7.3% y/y
Operating Income
$4,703M
up 97.5% y/y
Gross Profit
$47,234M
All figures in $M.
| Line item | Amount and change |
|---|---|
| Health Care Benefits | $37,538 · +3.5% |
| Health Services | $51,795 · +11.5% |
| Pharmacy & Consumer Wellness | $33,816 · +0.7% |
| Corporate/Other | $147 |
| Intersegment Eliminations | -$17,200 |
| Total Revenue | $106,096 · +7.3% |
| Cost of Products Sold | $58,862 · +9.0% |
| Gross Profit | $47,234 |
| Health Care Costs + Opex | $42,531 |
| Operating Income | $4,703 · +97.5% · 4.4% margin |
| Interest Expense & Other | $726 |
| Pre-Tax Income | $3,977 · +141.5% |
| Income Tax | $982 |
| Net Income to CVS | $2,979 · +191.8% · $2.31 diluted EPS |
| Noncontrolling Interests | $16 |
Verdict: a strong quarter for CVS as revenue grew 7.3% on gains across all three segments and net income attributable to CVS nearly tripled to $2,979M, driven mainly by the Health Care Benefits segment's margin recovery (MBR down to 87.4% from 89.9%) and the absence of last year's $833M legacy litigation charges, with only modest drag from continued elevated cost trends.
6-month operating cash flow $10,594M; dividends paid $1,725M YTD; FY2026 guidance raised to GAAP diluted EPS $6.84-$7.04, Adjusted EPS $7.90-$8.10, OCF at least $11.5B.
Source and notation
* marks non-cash / ≈ estimated. Source: CVS Health press release / 10-Q (SEC EDGAR).
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- GAAP operating income jumped 97.5% y/y largely because Q2 2025 included $833M in legacy litigation charges (Pharmacy & Consumer Wellness and Health Services) plus a $471M premium deficiency reserve — neither repeated in Q2 2026.
- Adjusted operating income rose a more modest 35.4% ($5,157M vs $3,808M), showing the GAAP jump is partly one-off driven; adjustments strip out $431M intangible amortization, $13M realized capital losses, $10M integration costs.
- Health Care Benefits segment revenue grew only 3.5% as Government business gains were offset by the exit from the individual exchange business, but adjusted operating income there surged 85.5% on underwriting improvement.
- Health Services revenue grew 11.5% on pharmacy drug mix/brand inflation, while Pharmacy & Consumer Wellness revenue was roughly flat (+0.7%), aided by Rite Aid asset acquisitions but offset by reimbursement pressure and generic introductions.
- Segment revenues sum to $123,296M before $17,200M of intersegment eliminations, reconciling to consolidated total revenue of $106,096M.
- Adjusted EPS of $2.58 vs GAAP diluted EPS of $2.31 reflects a ~$345M gap from excluding intangible amortization, realized capital losses, and integration costs (net of tax).
What distorts the picture in this report and what to watch beyond the headlines.
CVS — CVS Health operates a nationwide chain of pharmacies, provides health insurance through Aetna, and offers healthcare services via clinics and pharmacy benefits.
It is based in Woonsocket, Rhode Island.
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