Overview
- CVS reported fourth-quarter 2025 adjusted earnings of $1.09 per share on revenue of $105.7 billion, with net income of about $2.9 billion, topping Wall Street expectations.
- The company maintained 2026 guidance for adjusted EPS of $7.00 to $7.20 and kept a revenue floor of at least $400 billion.
- Management trimmed 2026 cash-flow-from-operations guidance to at least $9 billion from a prior $10 billion, citing payment timing.
- Aetna’s medical benefit ratio was 94.8% in the quarter and 91.2% for full-year 2025, reflecting elevated costs despite year-over-year improvement and the impact of Inflation Reduction Act–related drug cost timing.
- Pharmacy strength included roughly 6.3% growth in prescriptions and contributions from acquired Rite Aid prescription files, while 2025 GAAP results were weighed by a $5.7 billion goodwill impairment tied to Oak Street and about $1.2 billion in legacy litigation charges.