WOONSOCKET, R.I. — CVS easily beat second-quarter earnings and revenue estimates and lifted its full-year outlook, as Aetna showed continued resilience.
The company’s earnings per share of $2.58 blew past Wall Street’s estimate of $1.83, while its revenue of $106.1 billion was far ahead of analysts’ consensus estimate of $100.03 billion.
Net income almost tripled to $2.9 billion from the year-ago quarter.
CVS now forecasts adjusted EPS coming in between $7.90 and $8.10, up from a previous guidance of $7.30 to $7.50.
The company also foresees revenue of at least $414 billion in 2026, up from its prior expectation of at least $405 billion.
All three of the company’s business segments – insurance, pharmacy and health services —beat revenue expectations. Aetna’s performance was the most notable, given the way high medical expenses in Medicare Advantage plans have hurt other insurers.
"As our businesses work together to deliver a technology-powered care engagement experience, we continue to deliver strong performance," said chairman and CEO David Joyner. "We uniquely enable what our customers want the most: simple, connected and convenient access to affordable, quality healthcare, where, when, and how they want it.”
Total revenues increased 7.3%, driven by growth across all operating segments.
Operating income increased 97.5%, primarily due to higher adjusted operating income and the absence of $833 million in legacy litigation charges recorded in the prior year.
Adjusted operating income increased 35.4% driven by increases across all operating segments.
Health Care Benefits segment
• Total revenues increased 3.5% for the three months ended June 30 compared to the prior year, primarily driven by an increase in the government business, partially offset by a decline as a result of the company’s exit of the individual exchange business in 2026.
• Adjusted operating income increased 85.5% compared to the prior year, primarily driven by improved underlying performance in the government business and the absence of a $471 million premium deficiency reserve recorded within the group Medicare Advantage product line in the prior year.
• The MBR decreased to 87.4% compared to 89.9% in the prior year, primarily driven by improved underlying performance in the government business and the absence of the premium deficiency reserve recorded in the prior year.
• Medical membership as of June 30 of 26 million remained consistent compared with March 31.
• Prior years’ health care costs payable estimates developed favorably by $1.2 billion during the six months ended June 30.
• Days claims payable were 41.7 days as of June 30, a decrease of 1.2 days compared to March 31.
Health Services segment
• Total revenues increased 11.5% for the three months ended June 30 compared to the prior year, primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.
• Adjusted operating income increased 10.0% compared to the prior year, primarily driven by improved purchasing economics, pharmacy drug mix and modest improvement in the company’s health care delivery business. These increases were partially offset by continued price improvements from pharmacy clients.
• Pharmacy claims processed remained consistent on a 30-day equivalent basis compared to the prior year.
Pharmacy & Consumer Wellness segment
• Total revenues increased slightly compared to the prior year, primarily driven by pharmacy drug mix, increased prescription volume, including contributions from the Rite Aid asset acquisitions which were completed during the third quarter of 2025, and brand inflation. These increases were largely offset by regulatory-related price reductions on certain drugs, the impact of recent generic drug introductions and pharmacy reimbursement pressure.
• Adjusted operating income increased 10.2% compared to the prior year, primarily driven by core pharmacy strength and contributions from the Rite Aid acquisitions. These increases were partially offset by continued business investments and by consumer dynamics.
• Prescriptions filled increased 4.3% on a 30-day equivalent basis compared to the prior year, primarily driven by incremental volume resulting from Rite Aid prescription file acquisitions and increased utilization, partially offset by the absence of long-term care pharmacy prescription volume following the deconsolidation of Omnicare in September 2025.
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