𝐂𝐕𝐒 𝐇𝐞𝐚𝐥𝐭𝐡: 𝐐𝟑 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐠𝐢𝐧𝐬 𝐑𝐞𝐜𝐨𝐯𝐞

$CVS (+4,29%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $2.09 (Est. $1.65) ✅, +31% YoY.

• Revenue: $108.40B (Est. $104.69B) ✅, +5.4% YoY.

• GAAP EPS: $1.68 (vs. -$3.13 YoY).

• Adjusted Operating Income: $4.19B, +21.2% YoY.

• GAAP Net Income: $2.17B (vs. -$3.99B YoY).

• Health Care Benefits Medical Benefit Ratio: 91.3%, -150 bps YoY.

• 9M Operating Cash Flow: $15.3B.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Adj. EPS: ≥$8.20 (Est. $8.04) ✅, raised from $7.90–$8.10.

• FY2026 GAAP EPS: ≥$6.98, raised from $6.84–$7.04.

• FY2026 Revenue: ≥$420B.

• FY2026 Operating Cash Flow: ≥$15.5B, raised from ≥$11.5B.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 adjusted EPS beat consensus by ~26.7%, while revenue exceeded estimates by ~3.5%.

• Health Care Benefits revenue increased 2.4% to $36.86B, with adjusted operating income surging to $912M from $314M.

• Medical Benefit Ratio improved 150 bps to 91.3%, reflecting stronger insurance underwriting performance.

• Health Services revenue grew 9.5% to $53.96B, with adjusted operating income up 2.7% to $2.11B.

• Pharmacy & Consumer Wellness revenue declined 2% to $35.50B, while adjusted operating income increased 10.6% to $1.64B.

• Medical membership declined to 26.1M from 26.7M YoY.

• More than 69% of Aetna Medicare Advantage members are enrolled in 2027 plans rated at least four stars.

• FY2026 operating cash flow guidance increased by $4B to at least $15.5B.

• Management maintains a cautious outlook amid elevated medical cost trends and macroeconomic uncertainty.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Through their continued dedication, each of our businesses delivered another quarter of strong results.”