CVS Health Q4 Revenue Up 8.2% to $105.7B, GAAP EPS $2.30
CVS Health’s fourth-quarter revenues rose 8.2% year-over-year to $105.7 billion, with GAAP EPS of $2.30 versus $1.30 and adjusted EPS of $1.09. For full-year 2025, revenue reached a record $402.1 billion (up 7.8%), GAAP EPS totaled $1.39 and operating cash flow was $10.6 billion.
1. Fourth Quarter Results
CVS Health reported Q4 revenue of $105.7 billion, up 8.2% year over year. GAAP diluted EPS rose to $2.30 from $1.30, while adjusted EPS slipped to $1.09 from $1.19, and operating income declined to $2.1 billion from $2.4 billion.
2. Full-Year 2025 Performance
For full-year 2025, total revenue reached $402.1 billion, an increase of 7.8%. GAAP diluted EPS totaled $1.39 versus $3.66 last year, adjusted EPS grew to $6.75 from $5.42, and cash flow from operations was $10.6 billion.
3. Operational Highlights
The company transitioned its Pharmacy segment to cost-based reimbursement across Commercial, Medicare and Medicaid plans, while Aetna approved over 95% of prior authorizations within 24 hours. Caremark secured significant customer wins and maintained strong retention heading into 2026.
4. 2026 Guidance
For 2026, CVS confirmed GAAP EPS guidance of $5.94–$6.14 and adjusted EPS of $7.00–$7.20, and updated operating cash flow guidance to at least $9.0 billion.