Cvs Health Corporation · NYSE:CVS
Cvs Health — Q4 2025 Earnings Presentation
12 slides from Cvs Health's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
Fourth Quarter 2025 February 10, 2026 Earnings Conference Call J. David Joyner Brian O. Newman Chair and Executive Vice President and Chief Executive Officer Chief Financial Officer 1 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
Slide 2: Cautionary Statement concerning forward-looking statements
Cautionary Statement concerning forward-looking statements This presentation includes forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation (“CVS Health”). By their nature,
Slide 3: Enterprise Highlights
Enterprise Highlights Delivered consolidated revenue growth of 8.2% and adjusted EPS of $1.09 in the fourth quarter of 2025. Reaffirmed 2026 adjusted EPS guidance of $7.00 to $7.20, highlighting our strong position for 2026. Delivering better experiences that Fourth Quarter 2025 Full Year 2026 Build
Slide 4: Our Ambition: To be America's most trusted health care company
OUR AMBITION To be America’s most trusted health care company 4 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
Slide 5: Strategic Imperatives
Strategic Imperatives Become best-in-class across the enterprise Transform the consumer experience Be the partner of choice Be the employer of choice Create distinct and durable enterprise value 5 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
Slide 6: Consolidated Results
Consolidated Results Quarter Results 4Q 2025 4Q 2024 In billions, except per share amounts Business highlights Total Revenues $105.7 $97.7 Reported a fourth consecutive quarter of strong results driven by the strength of our diversified businesses. Adjusted Operating Income $2.60 $2.73 We are contin
Slide 7: Consolidated Guidance
Consolidated Guidance Full Year 2026 Guidance 4Q 2025 Call Investor Day In billions, except per share amounts and tax rate February 10, 2026 December 9, 2025 Business highlights Total Revenues At least $400.0 At least $400.0 Reaffirmed our 2026 adjusted EPS guidance range of $7.00 to $7.20, Adjusted
Slide 8: Our Purpose: To simplify health care one person, one family and one community at a time
OUR PURPOSE To simplify health care one person, one family and one community at a time 8 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
Slide 9: Health Care Benefits
Health Care Benefits Quarter Results 4Q 2025 4Q 2024 Business highlights In billions, except MBR and membership Total Revenues $36.3 $33.0 Fourth quarter adjusted operating loss Adjusted Operating Income (Loss) ($0.68) ($0.44) increased modestly year over year, primarily driven by changes in seasona
Slide 10: Health Services
Health Services Quarter Results 4Q 2025 4Q 2024 Business highlights In billions, except pharmacy claims Total Revenues $51.2 $47.0 Fourth quarter adjusted operating income increased by 9.2% year over year, driven by improved purchasing economics, partially offset by continued pharmacy Adjusted Opera
Slide 11: Pharmacy & Consumer Wellness
Pharmacy & Consumer Wellness Quarter Results 4Q 2025 4Q 2024 Business highlights In billions, except prescriptions filled Total Revenues $37.7 $33.5 Fourth quarter adjusted operating income increased by 8.7% year over year, driven by increased prescription volume and favorable drug mix, partially of
Slide 12: Footnotes
Footnotes Fourth Quarter 2025 1. Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. 2. Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company’s retail pharmacy stores that have been operat