CVS Health (CVS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and CVS Health published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. CVS Health reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• The year-ago GAAP loss per share of $3.13 reflects a $5,725 million goodwill impairment charge on the Health Care Delivery reporting unit in Q3 2025.
• Segment revenues add up to more than the consolidated total because CVS Health eliminates sales between its own segments ($18,123 million in Q3 2026); the Corporate/Other line ($205 million) is not shown.

Source: CVS Health Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How CVS Health splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• CVS Health's Health Care Benefits revenue was $36.9 billion in Q3 2026, up 2% from $36.0 billion in Q3 2025, 34% of total revenue.
• CVS Health's Health Services revenue was $54.0 billion in Q3 2026, up 10% from $49.3 billion in Q3 2025, 50% of total revenue.
• CVS Health's Pharmacy & Consumer Wellness revenue was $35.5 billion in Q3 2026, down 2% from $36.2 billion in Q3 2025, 33% of total revenue.
• CVS Health's Corporate/Other revenue was $205 million in Q3 2026, up 54% from $133 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, CVS Health said:

“GAAP diluted EPS guidance to at least $6.98 from a range of $6.84 to $7.04”

“Adjusted EPS guidance to at least $8.20 from a range of $7.90 to $8.10”

“Cash flow from operations guidance to at least $15.5 billion from at least $11.5 billion”

“The Company is increasing its full-year 2026 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect increases in the Health Care Benefits and Pharmacy & Consumer Wellness segments, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.”

Source: CVS Health Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CVS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and GAAP diluted EPS attributable to CVS Health, each as first reported in that quarter's release.

We do not hold a confirmed date for CVS Health's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

CVS Health reports three operating segments. In Q3 2026 Health Services (pharmacy benefit management, clinics and provider enablement) had $53,964 million of revenue, Health Care Benefits (Aetna insurance) $36,855 million and Pharmacy & Consumer Wellness (retail pharmacies) $35,498 million. Because a large part of that is sold between segments, $18,123 million was eliminated to reach consolidated revenues of $108,399 million. (CVS Health Q3 2026 release, Nov 4, 2026)

By type, CVS Health's Q3 2026 revenue was $69,225 million of products, $34,566 million of insurance premiums, $3,961 million of services and $647 million of net investment income. Health Care Benefits revenues from the federal government were approximately 20% of consolidated total revenues in 2025, and Medicare contracts with CMS were approximately 79% of that federal revenue. (CVS Health Q3 2026 release, Nov 4, 2026; CVS Health Form 10-K, 2025, Feb 10, 2026)

CVS Health said total revenues rose 5.4%, mainly from Health Services and Health Care Benefits. Health Services revenues rose 9.5% on pharmacy drug mix and brand inflation, partly offset by pharmacy client price improvements. Health Care Benefits revenues rose 2.4% on the Government business, partly offset by the exit from the individual exchange business in 2026. (CVS Health Q3 2026 release, Nov 4, 2026)

Pharmacy & Consumer Wellness revenues fell 2.0%, which CVS Health attributed to regulatory-related price reductions on certain drugs, recent generic introductions and pharmacy reimbursement pressure, partly offset by higher prescription volume including the Rite Aid asset acquisitions. Prescriptions filled rose 1.9% on a 30-day equivalent basis to 470.0 million, and the segment no longer includes long-term care volume after Omnicare was deconsolidated in September 2025. (CVS Health Q3 2026 release, Nov 4, 2026)

CVS Health's GAAP diluted EPS was $1.68 in Q3 2026 and its Adjusted EPS $2.09. Adjusted EPS excludes amortization of intangible assets ($0.33 a share), a $193 million Omnicare guarantee charge ($0.15), acquisition-related integration costs ($0.01) and net realized capital gains, less a $0.08 tax effect. (CVS Health Q3 2026 release, Nov 4, 2026)

The swing from a GAAP loss of $3.13 a share a year earlier comes mainly from the absence of the $5,725 million goodwill impairment on Health Care Delivery recorded in Q3 2025. CVS Health's effective income tax rate was 23.8%, against (14.6)% a year earlier, when the impairment was not tax-deductible. (CVS Health Q3 2026 release, Nov 4, 2026; CVS Health Form 10-Q, Q3 2026, Nov 4, 2026)

Adjusted EPS rose from $1.60, which CVS Health attributed mainly to adjusted operating income in Health Care Benefits rising to $912 million from $314 million under its margin recovery plan. Diluted weighted average shares were 1,291 million, against 1,269 million; the nine-month cash flow statement shows no share repurchases and $2,578 million of dividends paid. (CVS Health Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

CVS Health gives full-year guidance in its release for GAAP diluted EPS, Adjusted EPS, cash flow from operations and total revenues. With Q3 2026 results it raised 2026 guidance to GAAP diluted EPS of at least $6.98, Adjusted EPS of at least $8.20 and cash flow from operations of at least $15.5 billion, with total revenues of at least $420.0 billion. (CVS Health Q3 2026 release, Nov 4, 2026)

CVS Health said the raise reflects increases in Health Care Benefits and Pharmacy & Consumer Wellness while keeping a cautious view for the rest of the year because of continued elevated cost trends and potential macro headwinds. Through nine months it reported Adjusted EPS of $7.24 and cash flow from operations of $15,318 million. (CVS Health Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover CVS Health, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones CVS Health's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CVS is on is CVS a buy or a sell?, what analysts expect next is on the CVS forecast, and what the company does is on the CVS Health (CVS) stock page.

Every number on this page can be traced to a document CVS Health published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.