CVS · 10-Q · 2026Q3 · Full report

Operating Income and Margins

CVS HEALTH Corp · 2026-11-04 · Importance 63 · Surprise 64 · Matches filing data

Consolidated operating income was $12.949 billion for the nine months ended September 30, 2026, compared with $2.548 billion in 2025, an increase of $10.401 billion, or 408.2%; third-quarter operating income was $3.566 billion versus a $3.207 billion loss. The year-over-year improvement primarily reflected the absence of the prior-year $5.725 billion Health Care Delivery goodwill impairment and $1.220 billion of legacy litigation charges, plus improved performance across operating segments. Nine-month Health Care Benefits operating income increased $2.921 billion to $5.650 billion, while Health Services operating income improved from a $1.570 billion loss to $4.930 billion. Pharmacy & Consumer Wellness operating income rose $1.104 billion, or 36.6%, to $4.118 billion for nine months, with its operating margin increasing to 4.1% from 3.0%.

Key facts

• Operating income increased $10.4 billion, or 408.2%, in the first nine months of 2026, primarily due to the absence of the $5.7 billion goodwill impairment and $1.2 billion in legacy litigation charges and improved performance across all operating segments. source
• CVS Health recorded a $5.7 billion goodwill impairment charge in 2025 related to the Health Care Delivery reporting unit within Health Services. source
• Third-quarter 2026 operating income was $3.6 billion, compared with an operating loss of $3.2 billion in the prior year, primarily because the prior year included a $5.7 billion goodwill impairment and 2026 had improved performance across all operating segments. source

Impact estimates