Companies · CVS
CVS Health
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 4, 2026
CVS Health announces separation into two independent public companies while raising FY2026 EPS guidance to at least $8.20 and introducing $8.65 floor for 2027.
CVS Health's most consequential announcement in a decade is the planned tax-free separation into CVS Health (retaining Aetna, Caremark, Specialty, Oak Street, Signify) and CVS Pharmacy (retail stores, mail order, MinuteClinic, Health 100), targeting completion in H1 2028. The separation is taken from a position of financial strength: eight consecutive beat-and-raise quarters, leverage target achieved ahead of schedule, and Q3 2026 adjusted EPS of $2.09 up over 30% year-over-year. Medicare Advantage is now profitable in 2026 and on track for another year of margin expansion in 2027, with the Health Services segment establishing a $7 billion adjusted operating income floor for 2027 as 340B headwinds are characterized as transitory and peak in that year.
Tone: bullishRevenue
$402.1B
CVS 10-K · FY 2025
Employees
300,000
Revenue FY2024
$372.8B
Headquarters
Woonsocket, RI
Profile
CVS 10-K Item 1 · Feb 10, 2026CVS Health Corporation is a diversified health solutions company operating across pharmacy benefit management, retail pharmacy, health insurance, and care delivery. Its integrated model spans approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care clinics, the Aetna health insurance platform serving over 37 million members, and CVS Caremark PBM serving approximately 87 million plan members. The company seeks to lower health care costs and improve outcomes through vertical integration of benefits, pharmacy, and care delivery.
Read filing description ↓ Collapse description ↑
CVS Health Corporation is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, we had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. We serve an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. We are creating new sources of value through our integrated model allowing us to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other. The Health Care Benefits segment operates through its Aetna operations offering medical, pharmacy, dental and behavioral health plans, Medicare Advantage and Supplement plans, PDPs and Medicaid services. The Health Services segment provides PBM solutions through CVS Caremark, delivers care through Oak Street Health primary care centers, Signify Health in-home evaluations and MinuteClinic locations, and commercializes biosimilars through Cordavis. The Pharmacy & Consumer Wellness segment operates retail pharmacy locations, specialty and compounding pharmacies, and infusion services.
Primary products
- Commercial Medical plans (POS, PPO, HMO, Indemnity)
- Medicare Advantage plans
- Medicare Supplement plans
- Medicare Part D prescription drug plans (PDP)
- Medicaid and CHIP health care management services
- Administrative services contract (ASC) products
Business segments
End markets
Geographies
Named customers
Health Care Benefits segment revenues from the federal government accounted for approximately 20% of the Company's consolidated total revenues in 2025, 2024 and 2023. Contracts with CMS for coverage of Medicare-eligible individuals in the Health Care Benefits segment accounted for approximately 79%, 74% and 73%, respectively, of the Company's consolidated revenues from the federal government in 2025, 2024 and 2023.
Named competitors
“The Company believes that the significant factors that distinguish competing health plans include the perceived overall quality (including accreditation status), quality of service, comprehensiveness of coverage, cost (including premium rates, provider discounts and member out-of-pocket costs), product design, financial stability and ratings, breadth and quality of provider networks, ability to offer different provider network options, providers available in such networks, and quality of member support and care management programs.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased $29.3 billion, or 7.8%, in 2025 compared to 2024, driven by growth across all operating segments.
The rest of CVS is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.