CVS Health (CVS) reported net income of $2.2 billion in the third quarter of 2026 ($2,171 million), compared with a net loss of $4.0 billion ($3,990 million) in the same period of 2025. Earnings per share (EPS) were $1.68, versus a loss of $3.13 per share a year earlier. The company explains that the difference reflects the absence of a $5.7 billion goodwill impairment charge recorded in 3Q25.
Total revenue rose 5.4% to $108.4 billion, compared with $102.9 billion in 3Q25, driven by growth in the Health Services and Health Care Benefits segments. Operating income was $3.6 billion, versus an operating loss of $3.2 billion in the prior year. Adjusted earnings per share (non-GAAP, which excludes items the company considers non-recurring) were $2.09, compared with $1.60 in 3Q25. Adjusted operating income rose 21.2% to $4.2 billion.
In the Health Care Benefits segment, adjusted operating income was $912 million, versus $314 million, and the medical benefit ratio fell to 91.3% from 92.8%. In Health Services, revenue rose 9.5% to $54.0 billion. In Pharmacy & Consumer Wellness, revenue fell 2.0% to $35.5 billion, and adjusted operating income rose 10.6% to $1.6 billion. Year-to-date operating cash flow over nine months was $15.3 billion.
CVS raised its 2026 guidance: earnings per share of at least $6.98 (previously between $6.84 and $7.04) and adjusted earnings per share of at least $8.20 (previously between $7.90 and $8.10). Operating cash flow is expected to be at least $15.5 billion, compared with at least $11.5 billion previously. Expected revenue is at least $420.0 billion. The company maintains a cautious outlook for the rest of the year, given still-elevated costs and possible macroeconomic pressures.
