CVS Health Corporation (CVS) Q3 2025 Financial Results Summary
Woonsocket, Rhode Island, October 29, 2025 – CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended September 30, 2025. Below is a summary of the company’s financial performance.
Financial Highlights
- Total Revenues: Increased to a record $102.9 billion, up 7.8% compared to Q3 2024.
- GAAP Diluted Loss Per Share: Reported at $3.13, reflecting a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, down from $3.20 in the prior year.
- Adjusted EPS: Rose to $1.60, an increase of 46.7% from $1.09 in Q3 2024.
- Operating Income: Incurred a loss of $3.2 billion, compared to operating income of $832 million a year ago, a decrease of 485.4%.
- Adjusted Operating Income: Increased 35.8%, totaling $3.5 billion compared to Q3 2024.
Year-to-Date Performance
- Year-to-Date Cash Flow from Operations: Totaled $7.2 billion, indicating stability in the company’s operational performance.
Operational Highlights
- Aetna’s Medicare Advantage: Achieved industry-leading Star Ratings with over 81% of members rated 4 stars or higher.
- Vaccination Campaign: Launched an annual campaign for flu and COVID-19 vaccines at CVS Pharmacy and MinuteClinic® locations nationwide.
- Caremark Contracts: Closed out a strong selling season with contract wins totaling nearly $6.0 billion, demonstrating retention in the high nineties.
Full-Year 2025 Guidance
- GAAP Diluted EPS Guidance: Updated to a range of $(0.34) to $(0.24) from a previous range of $3.84 to $3.94.
- Adjusted EPS Guidance: Raised to $6.55 to $6.65, up from $6.30 to $6.40.
- Cash Flow from Operations Guidance: Updated to $7.5 billion to $8.0 billion, from at least $7.5 billion.
Dividend and Share Repurchase
- Dividends Paid: CVS Health paid $2.552 billion in dividends during the quarter.
- Share Repurchase: No share repurchase was reported during the quarter.
Detailed Segment Performance
Health Care Benefits Segment
- Total Revenues: Increased 9.1%, amounting to $35.9 billion compared to $32.8 billion in Q3 2024.
- Adjusted Operating Income: Improved significantly from a loss of $924 million to $314 million, driven by favorable premium deficiency reserves.
- Medical Benefit Ratio (MBR): Decreased to 92.8%, down from 95.2% in Q3 2024.
Health Services Segment
- Total Revenues: Increased 11.6%, totaling $49.3 billion, compared to $44.1 billion in Q3 2024.
- Adjusted Operating Income: Decreased 7.0% to $2.05 billion, impacted by pharmacy client price improvements.
Pharmacy & Consumer Wellness Segment
- Total Revenues: Increased 11.7%, reaching $36.2 billion from $32.4 billion in Q3 2024.
- Adjusted Operating Income: Declined 7.4% to $1.48 billion, affected by reimbursement pressure.
Summary
CVS Health Corporation reported mixed results for Q3 2025, with record total revenues, but substantial losses due to a goodwill impairment charge. The adjusted earnings showed notable growth year-over-year, while the operational highlights point towards a promising outlook with improved segments.
For more details, please refer to CVS Health’s Investor Relations website at www.cvshealth.com.
Here are the extracted tables in HTML format:
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
| Revenues: | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|
| Products | $ 64,590 | $ 59,674 | $ 182,866 | $ 169,610 |
| Premiums | $ 33,719 | $ 30,925 | $ 100,734 | $ 91,983 |
| Services | $ 3,930 | $ 4,279 | $ 11,135 | $ 12,108 |
| Net investment income | $ 632 | $ 550 | $ 1,639 | $ 1,398 |
| Total revenues | $ 102,871 | $ 95,428 | $ 296,374 | $ 275,099 |
| Operating costs: | ||||
| Cost of products sold | $ 57,045 | $ 52,948 | $ 162,107 | $ 151,019 |
| Health care costs | $ 32,020 | $ 29,922 | $ 92,472 | $ 85,578 |
| Operating expenses | $ 11,288 | $ 10,557 | $ 33,522 | $ 31,185 |
| Goodwill impairment | $ 5,725 | $ — | $ 5,725 | $ — |
| Restructuring charges | $ — | $ 1,169 | $ — | $ 1,169 |
| Total operating costs | $ 106,078 | $ 94,596 | $ 293,826 | $ 268,951 |
| Operating income (loss) | $ (3,207) | $ 832 | $ 2,548 | $ 6,148 |
| Gain on deconsolidation of subsidiary | $ 483 | $ — | $ 483 | $ — |
| Interest expense | $ (784) | $ (752) | $ (2,332) | $ (2,200) |
| Other income | $ 26 | $ 25 | $ 83 | $ 74 |
| Income (loss) before income tax | $ (3,482) | $ 105 | $ 782 | $ 4,022 |
| Income tax provision | $ 508 | $ 34 | $ 1,977 | $ 1,059 |
| Net income (loss) | $ (3,990) | $ 71 | $ (1,195) | $ 2,963 |
| Net loss attributable to noncontrolling | $ 15 | $ 16 | $ 20 | $ 7 |
| interests | ||||
| Net income (loss) attributable to CVS Health | $ (3,975) | $ 87 | $ (1,175) | $ 2,970 |
| Net income (loss) per share attributable | ||||
| to CVS Health: | ||||
| Basic | $ (3.13) | $ 0.07 | $ (0.93) | $ 2.36 |
| Diluted | $ (3.13) | $ 0.07 | $ (0.93) | $ 2.35 |
| Weighted average shares outstanding: | ||||
| Basic | 1,269 | 1,259 | 1,266 | 1,258 |
| Diluted | 1,269 | 1,259 | 1,266 | 1,262 |
Condensed Consolidated Balance Sheets
(In millions)
| Assets: | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $ 9,098 | $ 8,586 |
| Investments | $ 2,134 | $ 2,407 |
| Accounts receivable, net | $ 43,857 | $ 36,469 |
| Inventories | $ 18,962 | $ 18,107 |
| Other current assets | $ 3,058 | $ 3,076 |
| Total current assets | $ 77,109 | $ 68,645 |
| Long-term investments | $ 31,553 | $ 28,934 |
| Property and equipment, net | $ 12,838 | $ 12,993 |
| Operating lease right-of-use assets | $ 15,271 | $ 15,944 |
| Goodwill | $ 85,478 | $ 91,272 |
| Intangible assets, net | $ 25,984 | $ 27,323 |
| Separate accounts assets | $ 1,934 | $ 3,311 |
| Other assets | $ 5,160 | $ 4,793 |
| Total assets | $ 255,327 | $ 253,215 |
| Liabilities: | ||
| Accounts payable | $ 17,764 | $ 15,892 |
| Pharmacy claims and discounts payable | $ 27,085 | $ 24,166 |
| Health care costs payable | $ 16,098 | $ 15,064 |
| Accrued expenses and other current | $ 23,415 | $ 20,810 |
| liabilities | ||
| Other insurance liabilities | $ 1,096 | $ 1,183 |
| Current portion of operating lease | $ 1,909 | $ 1,751 |
| liabilities | ||
| Short-term debt | $ 1,247 | $ 2,119 |
| Current portion of long-term debt | $ 4,081 | $ 3,624 |
| Total current liabilities | $ 92,695 | $ 84,609 |
| Long-term operating lease liabilities | $ 14,007 | $ 14,899 |
| Long-term debt | $ 60,508 | $ 60,527 |
| Deferred income taxes | $ 3,547 | $ 3,806 |
| Separate accounts liabilities | $ 1,934 | $ 3,311 |
| Other long-term insurance liabilities | $ 4,767 | $ 4,902 |
| Other long-term liabilities | $ 4,759 | $ 5,431 |
| Total liabilities | $ 182,217 | $ 177,485 |
| Shareholders’ equity: | ||
| Preferred stock | $ — | $ — |
| Common stock and capital surplus | $ 50,181 | $ 49,661 |
| Treasury stock | $ (36,776) | $ (36,818) |
| Retained earnings | $ 59,107 | $ 62,837 |
| Accumulated other comprehensive income | $ 416 | $ (120) |
| (loss) | ||
| Total CVS Health shareholders’ equity | $ 72,928 | $ 75,560 |
| Noncontrolling interests | $ 182 | $ 170 |
| Total shareholders’ equity | $ 73,110 | $ 75,730 |
| Total liabilities and shareholders’ | $ 255,327 | $ 253,215 |
| equity |
