CVS · 10-Q · 2026Q3 · Full report

Segment Profitability

CVS HEALTH Corp · 2026-11-04 · Importance 34 · Surprise 38 · Matches filing data

Corporate/Other total revenues increased $72 million, or 54.1%, in the three months ended September 30, 2026, and $116 million, or 32.0%, in the nine months, primarily reflecting improved net investment income. The nine-month revenue increase reflected lower net realized capital losses and higher income from private equity and equity fund investments. Adjusted operating loss widened $76 million, or 19.8%, in the quarter and $387 million, or 34.4%, year to date; drivers included increased business investments and, for the nine-month period, the retroactive effect of a state non-income-tax law change. Corporate/Other operating expenses increased 12.8% year over year in the nine-month period.

Key facts

• Health Care Benefits adjusted operating income increased $2.8 billion, or 76.5%, in the first nine months of 2026, driven by improved Government performance and absence of prior-year premium deficiency reserves, partly offset by lower favorable prior-period development. source
• Health Care Benefits adjusted operating income increased $598 million, or 190.4%, in third-quarter 2026, primarily due to improved Government business performance. source
• Corporate/Other adjusted operating loss increased $76 million, or 19.8%, in the three months ended September 30, 2026 compared to the prior year, primarily driven by increased business investments. source
• Health Services third-quarter adjusted operating income increased $56 million, or 2.7%, primarily due to improved purchasing economics and pharmacy drug mix, partly offset by pharmacy client price improvements. source
• Health Services first-nine-month adjusted operating income increased $100 million, or 1.9%, driven by improved purchasing economics, pharmacy drug mix and modest health care delivery improvement, partly offset by pharmacy client price improvements. source
• Pharmacy & Consumer Wellness adjusted operating income increased $157 million, or 10.6%, in third-quarter 2026, primarily from core pharmacy strength and Rite Aid acquisition contributions, partly offset by business investments and consumer dynamics. source
• Pharmacy & Consumer Wellness adjusted operating income increased $178 million, or 4.3%, in the first nine months of 2026, primarily due to core pharmacy strength and Rite Aid acquisition contributions, partly offset by continued investments and consumer dynamics. source

Impact estimates