CVS · Earnings call · 2026Q2T · Full report
Guidance and Outlook
CVS HEALTH Corp · 2026-08-05 · Importance 95 · Surprise 92 · In source text
CVS raised full-year 2026 adjusted EPS guidance by $0.60, or 8%, to $7.90-$8.10. Full-year revenue guidance is now at least $414 billion, and operating cash flow guidance increased by $2 billion to at least $11.5 billion. Full-year enterprise adjusted operating income guidance is $16.58-$16.92 billion, including Health Care Benefits guidance of $5.03-$5.37 billion and Pharmacy and Consumer Wellness guidance of at least $6.4 billion. Management indicated that 2027 adjusted EPS of at least $8.44 appears reasonable, implying approximately 13% growth from a $7.46 adjusted baseline, while citing 340B pressure and Caremark membership declines as headwinds.
Key facts
- Provided a floor for 2027 adjusted EPS of at least $8.44, which implies ~13% EPS growth off an adjusted baseline of $7.46.
- Raised full year 2026 adjusted earnings per share guidance by $0.60 to a range of $7.90 to $8.10.
- CVS expects 2027 headwinds and tailwinds commentary on third quarter call and detailed full year guidance on fourth quarter call.
- CVS HEALTH Corp states that innovations they're driving, including the early signs from Health100, are expected to create growth and impact health care over time.
- CVS expects second half EPS to be more weighted to the third quarter reflecting typical seasonality.
- Baseline $7.46 excludes prior year development and prior year items in the individual exchange business (which CVS exited).
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | committed | — | Provided a floor for 2027 adjusted EPS of at least $8.44, which implies ~13% EPS growth off an adjusted baseline of $7.46. |
| net_income | positive | committed | — | Raised full year 2026 adjusted earnings per share guidance by $0.60 to a range of $7.90 to $8.10. |