CVS · Earnings call · 2026Q2T · Full report

Segment Profitability

CVS HEALTH Corp · 2026-08-05 · Importance 57 · Surprise 56 · In source text

Second-quarter adjusted operating income was approximately $5.2 billion, up 35% year over year, with growth across all operating segments. Health Care Benefits produced approximately $2.4 billion of adjusted operating income and a medical benefit ratio of 87.4%, both meaningfully improved from the prior year. Health Services generated over $1.7 billion of adjusted operating income, up 10%, as improved purchasing economics, pharmacy drug mix and modest health care delivery improvement outweighed client price reductions and 340B pressure. Pharmacy and Consumer Wellness generated nearly $1.5 billion of adjusted operating income, up over 10%, primarily from core pharmacy strength and the Rite Aid transaction, partly offset by business investments and consumer dynamics.

Key facts

• Aggregate full year enterprise adjusted operating income expected in range $16.58 billion to $16.92 billion.
• Now expect full year Pharmacy and Consumer Wellness adjusted operating income of at least $6.4 billion, an increase of $220 million from prior guidance.
• Now expect full year Health Care Benefits adjusted operating income in a range of $5.03 billion to $5.37 billion, an increase of over $1 billion relative to prior guidance.
• Adjusted operating income in Q2 2026: $5.2 billion.
• Health Services adjusted operating income in Q2 2026: over $1.7 billion, an increase of 10% from prior year quarter.
• Pharmacy and Consumer Wellness adjusted operating income in Q2 2026: nearly $1.5 billion, up over 10% from prior year quarter.
• Health Care Benefits adjusted operating income in Q2 2026: approximately $2.4 billion.
• Underlying Caremark results were in line with expectations after adjusting for a pull forward of value previously expected in the second half of the year.

Impact estimates