CVS · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

CVS HEALTH Corp · 2026-11-04 · Importance 36 · Surprise 14 · In source text

Consolidated revenue for the nine months ended September 30, 2026 rose $18.547 billion, or 6.3%, to $314.921 billion; third-quarter revenue rose $5.528 billion, or 5.4%, to $108.399 billion. Nine-month growth was led by Health Services revenue, up $14.815 billion, or 10.6%, to $153.996 billion, and Health Care Benefits revenue, up $3.303 billion, or 3.1%, to $110.364 billion. Pharmacy & Consumer Wellness revenue declined $404 million, or 0.4%, to $101.303 billion for nine months, while third-quarter revenue declined $716 million, or 2.0%, to $35.498 billion. Health Services revenue growth reflected pharmacy drug mix and brand inflation, partly offset by pharmacy client price improvements; Pharmacy & Consumer Wellness faced drug price reductions, generic introductions and reimbursement pressure.

Key facts

• Consolidated total revenues increased $18.5 billion, or 6.3%, in the first nine months of 2026, primarily driven by Health Services and Health Care Benefits growth. source
• Consolidated total revenues increased $5.5 billion, or 5.4%, in the third quarter of 2026, primarily driven by growth in Health Services and Health Care Benefits. source
• Corporate/Other total revenues increased $72 million, or 54.1%, in the three months ended September 30, 2026 compared to the prior year, driven by increased net investment income reflecting net realized capital gains versus net realized capital losses in the prior year. source
• As of September 30, 2026, CVS Health had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics, and approximately 87 million PBM plan members. source
• Corporate/Other total revenues increased $116 million, or 32.0%, in the nine months ended September 30, 2026 compared to the prior year, driven by increased net investment income reflecting lower net realized capital losses and increased income from private equity and equity fund investments. source

Impact estimates