CVS Health Corporation (NYSE:CVS) reported fourth-quarter results that came in ahead of market expectations, though the update was met with a cautious market reaction as the company lowered its outlook for operating cash flow. Shares slipped about 2.5% in premarket trading.
The healthcare group delivered adjusted earnings of $1.09 per share for the quarter, beating analysts’ forecasts of $1.00. Revenue rose 8.2% year over year to $105.7 billion, also exceeding the consensus estimate of $103.63 billion. Despite the earnings beat, CVS cut its 2026 operating cash flow guidance to at least $9.0 billion, down from a prior target of at least $10.0 billion.
CVS reaffirmed its full-year 2026 adjusted EPS guidance of $7.00 to $7.20, broadly in line with analysts’ expectations of $7.17.
“Our fourth quarter and full-year results demonstrate the progress we are making in transforming the health care experience with our unique collection of businesses,” said David Joyner, CVS Health President and CEO. “From lowering drug prices, to improving navigation of health care, to being the front door of care across our country, we are well positioned to achieve our ambition to be the most trusted health care company in America.”
For full-year 2025, CVS posted record revenue of $402.1 billion, up 7.8% from the prior year. Adjusted earnings per share reached $6.75, representing a 24.5% increase year on year.
The Pharmacy & Consumer Wellness division delivered particularly strong momentum, with fourth-quarter revenue climbing 12.4%, supported by higher prescription volumes and a favorable drug mix. Same-store prescription volumes rose 9.7% on a 30-day equivalent basis.
Meanwhile, the Health Services segment — which includes CVS’s pharmacy benefit management operations — reported a 9.0% increase in fourth-quarter revenue. The Health Care Benefits segment saw revenue grow 10.1%, although it recorded an adjusted operating loss linked to changes in Medicare Part D seasonality following the Inflation Reduction Act.