CVS · 10-Q · 2026Q3 · Full report

Medical Cost Trend / Benefit Ratio

CVS HEALTH Corp · 2026-11-04 · Importance 37 · Surprise 32

Health Care Benefits’ medical benefit ratio (MBR) improved to 91.3% in the third quarter of 2026 from 92.8% a year earlier, a 150-basis-point decrease driven primarily by improved underlying Government business performance. For the nine months ended September 30, 2026, MBR fell 220 basis points to 87.8% from 90.0%. The nine-month improvement reflected better Government business performance and the absence of prior-year premium deficiency reserves, partly offset by lower favorable prior-period development.

Key facts

• Health Care Benefits third-quarter medical benefit ratio fell to 91.3% from 92.8%, primarily due to improved underlying Government business performance. source
• Health Care Benefits first-nine-month medical benefit ratio fell to 87.8% from 90.0%, driven mainly by improved Government performance and absence of prior-year premium deficiency reserves, partly offset by lower favorable prior-period development. source