HARTFORD, Conn. – Tuesday, at its 2025 Investor Day, CVS Health launched its strategy to deliver best-in-class execution, transform consumer experiences, be the partner of choice, and harness unique enterprise capabilities to address challenges across the health care system. With a powerful collection of diversified businesses that work together across the health care landscape — Aetna, CVS Caremark, CVS Pharmacy and Health Care Delivery – CVS and its over 300,000 employees can simplify care and improve health in ways no other company can.
“CVS Health is committed to being the most trusted health care company in America,” said president and CEO David Joyner. “We are executing with discipline, strengthening our core businesses and delivering meaningful progress across our enterprise. As we look ahead, we are focused on building a simpler, more connected and more affordable health care experience for consumers, health care professionals, and payors, delivering value for all stakeholders."
CVS has unmatched reach, with connections to approximately 185 million consumers across its businesses including over 9,000 pharmacies and through broad omnichannel capabilities. The company brings innovative solutions to consumers and clients at scale. The company builds engagement locally, with 85 percent of Americans living within 10 miles of a CVS Pharmacy. In addition, the company has 1.5 million relationships with health care providers and more than 60 health plan clients, allowing it to play a central role in health care and providing a unique opportunity to shape the future of health care.
“In my nearly 40 years at the company, I have seen our businesses and our industry find ways forward, always with consumer needs first. Our obligation is to ensure that CVS Health is best positioned to do the most good for the most people for the next 40 years,” said Joyner.
Updating 2025 full-year financial guidance, providing 2026 full-year financial guidance and long-term financial growth targets
CVS updated its 2025 full-year financial guidance, provided 2026 full-year guidance and introduce its expectations for a mid-teens adjusted EPS compound annual growth rate (CAGR) over the next three years, driven by unlocking the significant earnings power of its best-in-class businesses:
- Strong earnings growth, powered by return to target margins at Aetna
- Winning and retaining business, while delivering attractive margins at CVS Caremark
- Sustaining earnings while serving as the front door to health care at CVS Pharmacy
- Driving towards breakeven with a path to sustained profitability across the Health Care Delivery business
“We are closing out 2025 with meaningful momentum across our businesses and we expect another year of strong earnings growth in 2026,” said executive vice president and chief financial officer Brian Newman. “We are committed to doing what we say. Our guidance philosophy is centered on providing credible and clear expectations with opportunities for outperformance. Our long-term outlook highlights the power of our diversified enterprise in a constantly evolving industry.”
2025 full-year financial guidance
The company updated its 2025 full-year financial guidance provided on its October 29 earnings call as follows:
- Raised total revenues guidance to at least $400.0 billion from at least $397.3 billion
- Raised GAAP operating income guidance range to $4.37 billion to $4.54 billion from $4.29 billion to $4.46 billion
- Raised adjusted operating income guidance range to $14.22 billion to $14.39 billion from $14.14 billion to $14.31 billion
- Raised GAAP diluted earnings (loss) per share guidance range to $(0.32) to $(0.22) from $(0.34) to $(0.24)
- Raised Adjusted EPS guidance range to $6.60 to $6.70 from $6.55 to $6.65
- Confirmed cash flow from operations guidance range of $7.5 billion to $8.0 billion
2026 full-year financial guidance
The company gave its 2026 full-year financial guidance as follows:
- Total revenues of at least $400.0 billion
- GAAP operating income guidance range of $13.26 billion to $13.60 billion
- Adjusted operating income guidance range of $15.07 billion to $15.41 billion
- GAAP diluted EPS guidance range of $5.94 to $6.14
- Adjusted EPS guidance range of $7.00 to $7.20
- Cash flow from operations guidance of at least $10.0 billion
Mid-teens adjusted EPS CAGR through 2028
CVS expects to achieve a mid-teens adjusted EPS CAGR through 2028 driven by continued strong performance from its unique collection of businesses, underpinned by best-in-class innovation and technology.
Announces open consumer engagement platform to simplify care and improve health
CVS announced the launch of a new technology products and services offering, focusing on “Engagement as a Service.” The company is building upon its leading technology position to create an open consumer engagement platform that integrates experiences across its entities and participating industry partners.
Engagement can make a difference for people accessing and getting more value from their health care experiences. Engagement can help consumers live longer and healthier lives, deliver lower health care costs, reduces hospital readmissions, and unlocks personalized products and services and go-to-market strategies.
The open consumer engagement platform can create new sources of value for the partners and participants on the platform, and for CVS:
- Create a fully integrated platform for its entities.
- Build the platform as an artificial intelligence native product.
- Bring together the various components of health care into one easy to use platform, anchored in a singular app.
The work builds on industry-leading AI driven solutions which are already deployed at Aetna, CVS Caremark, CVS Pharmacy, and the Health Care Delivery businesses, helping CVS Health to be more proactive in customer and consumer engagement, and driving efficiency in its operations.
Webcast Information
The webcast and presentation materials will be archived on the Investor Relations portion of the CVS Health website at investors.cvshealth.com for one year.
