CVS · 10-Q · 2026Q3 · Full report

Segment Revenue Performance

CVS HEALTH Corp · 2026-11-04 · Importance 61 · Surprise 66

Health Care Benefits’ nine-month Government premium revenue increased $7.585 billion, or 9.9%, to $84.385 billion, while Commercial premium revenue declined $4.836 billion, or 20.2%, to $19.095 billion. The Commercial decline was associated in part with CVS Health’s 2026 exit from the individual exchange business; Government growth was the principal driver of segment revenue growth. Health Services’ nine-month product revenue rose $14.308 billion, or 10.8%, to $146.433 billion, with Mail & specialty revenue up 14.1% to $66.236 billion and Pharmacy network revenue up 7.9% to $80.024 billion. Mail & specialty growth exceeded pharmacy network growth, while pharmacy drug mix and brand inflation drove Health Services’ overall increase.

Key facts

• Health Services first-nine-month 2026 revenues increased $14.8 billion, or 10.6%, primarily from pharmacy drug mix and brand inflation, partly offset by continued pharmacy client price improvements. source
• Third-quarter 2026 Health Care Benefits revenues were $36.855 billion, versus $35.993 billion in third-quarter 2025, an increase of 2.4%. source
• Health Care Benefits first-nine-month 2026 revenues increased $3.3 billion, or 3.1%, mainly from Government growth, partly offset by the 2026 individual exchange exit. source
• Third-quarter 2026 Health Services revenues increased $4.7 billion, or 9.5%, primarily from pharmacy drug mix and brand inflation, partly offset by continued pharmacy client price improvements. source
• Health Care Benefits third-quarter 2026 revenue growth was primarily driven by Government business growth, partly offset by the company's 2026 exit from the individual exchange business. source