CVS · Earnings call · 2026Q2T · Full report
Revenue Performance and Mix
CVS HEALTH Corp · 2026-08-05 · Importance 49 · Surprise 32 · No source text
CVS Health generated more than $106 billion of second-quarter 2026 revenue, up over 7% year over year. Health Care Benefits revenue exceeded $37 billion, up over 3%, primarily from government business growth that was partly offset by the 2026 individual exchange exit. Health Services revenue was nearly $52 billion, up over 11%, driven by pharmacy drug mix and brand inflation, while Pharmacy and Consumer Wellness revenue was nearly $34 billion, up slightly, with prescription volume and Rite Aid contributions offset by regulatory price reductions, generic introductions and reimbursement pressure. Same-store pharmacy prescription volume increased 7%, same-store pharmacy sales rose approximately 3%, and same-store front store sales increased 100 basis points.
Key facts
- Full year 2026 total revenues expected to be at least $414 billion.
- Health Services Q2 2026 revenues: nearly $52 billion, an increase of over 11% from prior year quarter.
- Q2 2026 enterprise revenue: over $106 billion, up over 7% from prior year quarter.
- Total Health care delivery revenues grew nearly 23% YoY, primarily driven by Oak Street Health.
- Had over $6 billion in new sales for this year from the prior selling season, which was meaningfully above historical average.
- Health Care Benefits Q2 2026 revenue: over $37 billion, up over 3% YoY.
- Pharmacy and Consumer Wellness Q2 2026 revenues: nearly $34 billion, a slight increase from the prior year quarter.
- Rite Aid transaction completed last year contributed to increased prescription volume in Q2 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | Full year 2026 total revenues expected to be at least $414 billion. |
| revenue | positive | realized | — | Health Services Q2 2026 revenues: nearly $52 billion, an increase of over 11% from prior year quarter. |
| revenue | positive | realized | — | Q2 2026 enterprise revenue: over $106 billion, up over 7% from prior year quarter. |
| revenue | positive | realized | — | Total Health care delivery revenues grew nearly 23% YoY, primarily driven by Oak Street Health. |
| revenue | positive | realized | — | Had over $6 billion in new sales for this year from the prior selling season, which was meaningfully above historical average. |
| revenue | positive | realized | — | Health Care Benefits Q2 2026 revenue: over $37 billion, up over 3% YoY. |
| revenue | positive | realized | — | Pharmacy and Consumer Wellness Q2 2026 revenues: nearly $34 billion, a slight increase from the prior year quarter. |