CVS reported adjusted Q4 EPS of $1.09 versus $1.00 consensus and revenue of $105.7 billion, an 8.2% increase driven by a 12.4% surge in Pharmacy & Consumer Wellness revenue and a 9.7% rise in same-store prescription volume. The Health Services segment grew revenue 9.0%, while Health Care Benefits rose 10.1% despite an adjusted operating loss due to Medicare Part D seasonality.

Despite the beat, CVS lowered its 2026 cash flow from operations guidance to at least $9.0 billion from a prior target of $10.0 billion, reflecting conservative assumptions around managed care reimbursement. The company maintained its full-year 2026 adjusted EPS outlook of $7.00–$7.20 per share.

For the full year, CVS posted record revenue of $402.1 billion, up 7.8%, and adjusted EPS of $6.75, marking a 24.5% increase over 2024. Strong performance across insurance, pharmacy benefit management and retail pharmacy services underpinned the company’s turnaround.

Shares fell more than 2% in premarket trading despite top-line strength and earnings upside. Prominent investors have spotlighted CEO David Joyner’s leadership and the company’s shift toward managed care, with commentary characterizing the current valuation as an attractive entry point.