CVS Health Corp.: EPS $2.09 vs $1.65 expected; revenue $108.4B vs $104.8B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 2.09 | 1.65 | +26.7% | 1.60 |
| Revenue (USD bn) | 108.40 | 104.80 | +3.4% | 102.87 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | Q3 FY2026 | 2.09 | 1.650 | +26.7% | 108.40 | 104.80 | +3.4% |
| Aug 5, 2026 | Q2 FY2026 | 2.58 | 1.850 | +39.5% | 106.10 | 100.03 | +6.1% |
| May 6, 2026 | Q1 FY2026 | 2.57 | 2.180 | +17.9% | 100.43 | 94.99 | +5.7% |
| Feb 10, 2026 | Q4 FY2025 | 1.09 | 1.000 | +9.0% | 105.69 | 103.70 | +1.9% |
| Oct 29, 2025 | Q3 FY2025 | 1.60 | 1.370 | +16.8% | 102.87 | 98.81 | +4.1% |
| Jul 31, 2025 | Q2 FY2025 | 1.81 | 1.460 | +24.0% | 98.92 | 94.53 | +4.6% |
| May 1, 2025 | Q1 FY2025 | 2.25 | 1.700 | +32.4% | 94.59 | 93.68 | +1.0% |
| Feb 12, 2025 | Q4 FY2024 | 1.19 | 0.914 | +30.2% | 97.71 | 97.09 | +0.6% |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
CVS Health Corp. results: EPS $2.09 vs $1.65 expected; revenue $108.4B vs $104.8B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 26.7%; revenue above the estimate by 3.4%.
Revenue was up 5.4% from $102.9 billion a year earlier (Q3 FY2025). EPS was up 30.6% from $1.60 a year earlier. On its record, EPS topped analysts' estimates in 7 of 7 earlier comparable reports.
What the results mean
According to the company's results release, management raised its financial outlook.
CVS Health’s results reflect progress in restoring health insurance margins, driven by stronger underlying performance in the Government business and a declining share of insurance revenue consumed by medical costs. This business contributed to improved adjusted profitability, while the exit from the individual exchange market constrained its revenue growth.
Within Health Services, drug mix and branded drug inflation supported revenue growth, while improved purchasing economics helped profitability. Pricing improvements provided to pharmacy benefit management clients offset part of these gains, illustrating the importance of purchasing terms and pricing alongside business volume.
Reported profitability benefited from the absence of a previously recorded goodwill impairment charge, making the distinction between that effect and operating improvement important when interpreting the results. Management emphasized simplifying the consumer experience, reducing care costs and connecting services, illustrated by weight management offerings that combine digital consultations, medication pickup and pharmacist support.
What to watch on the earnings call: The durability of health insurance margin recovery amid persistent medical cost pressures, Government business performance, and the balance between drug purchasing gains and client pricing improvements. Also relevant are the role of integrated consultations and pharmacies in improving the consumer experience, and further detail on Pharmacy & Consumer Wellness performance.
For the full analysis of CVS Health Corp. stock — valuation, scores and financial statements — see the stock page linked with this story.
Latest Updates · 1
- Major·
Updated full-year 2026 financial guidance.