$CVS · CVS HEALTH Corp
CVS Health reported Q3 FY2026 results: total revenues of $108.4B (up 5.4% YoY), GAAP diluted EPS of $1.68 versus a $3.13 loss a year earlier, and adjusted EPS of $2.09 versus $1.60. The prior-year loss reflected a $5.7B goodwill impairment charge. The company raised full-year 2026 guidance: GAAP diluted EPS to at least $6.98, adjusted EPS to at least $8.20, and cash flow from operations to at least $15.5B (from at least $11.5B).
- Q3 revenue rose 5.4% YoY to $108.4B, driven by Health Services and Health Care Benefits segments.
- Adjusted EPS of $2.09 beat the prior-year $1.60, up $0.49.
- Full-year adjusted EPS guidance raised to at least $8.20 from a $7.90–$8.10 range.
- Cash flow from operations guidance raised to at least $15.5B from at least $11.5B.
- Health Care Benefits MBR improved to 91.3% from 92.8% a year ago.
Shares closed up 3.28% to $91.41, with extended-hours trading at $91.51 (+0.11% vs close), indicating a modestly positive reception to the beat and guidance raise.
CVS delivered a clean beat-and-raise quarter, swinging from a prior-year loss and lifting full-year EPS and cash flow guidance on a recovering Health Care Benefits segment.
The Health Care Benefits margin recovery and MBR improvement signal progress in the managed-care turnaround that has pressured peers amid elevated medical cost trends.
Management maintained a cautious view for the remainder of 2026 citing "continued elevated cost trends and the potential for macro headwinds."