CVS Health earnings: third quarter 2026

CVS Health, which runs pharmacies, a pharmacy-benefits business and the Aetna health insurer, had a much more profitable third quarter of 2026. Sales rose 5.4% to $108.4 billion. Its own adjusted earnings per share climbed to $2.09 from $1.60, led by a sharp recovery in its health insurance arm. The company raised its forecast for the year's profit and for the cash it expects to bring in. ¹

Against what analysts expected

Analysts had expected earnings per share of $1.62 on average, according to Nasdaq's earnings calendar. The company's adjusted $2.09 came in about 29% above that, and even its reported $1.68 was above it. ¹²

The strong points

• The health insurance business drove the quarter: its adjusted operating profit nearly tripled, to $912 million from $314 million, as claims took a smaller share of the premiums it collects. ¹
• Earnings per share on the company's own adjusted basis rose to $2.09 from $1.60 a year earlier. ¹
• In the first nine months the business brought in $15.3 billion of cash from its operations, nearly all of what it now expects for the whole year. ¹

The weak points

• Part of that strong cash comes from bills the company owes but has not yet paid, such as accrued expenses that rose by about $3.4 billion. ¹
• CVS still calls its outlook cautious, because medical costs remain high and the economy could weaken. ¹

What the company expects

• CVS raised its forecast for the year's adjusted earnings per share to at least $8.20, up from a range of $7.90 to $8.10. ¹
• It also lifted its forecast for cash from operations to at least $15.5 billion, from at least $11.5 billion. ¹

Our verdict on the quarter

A very strong report. CVS raised its forecast for the year, earned far more than analysts expected and grew both sales and underlying profit, all led by a recovering insurance business. So in general this was a very strong report.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. CVS Health's results release, 4 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 4 November 2026. ↩