CVS Q3 FY2026: revenue up 5.4%, adjusted EPS $2.09, guidance raised
CVS beat its own cautious script: revenue rose 5.4% to $108.40 billion, adjusted EPS reached $2.09 and management lifted full-year guidance for earnings and cash flow. The catch is quality — the profit story rests on an insurance margin recovery that is only a few quarters old, and commercial membership keeps shrinking. Read the segment lines and the balance sheet, not just the headline EPS.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.68 compares with a $3.13 loss a year ago, when a $5.73 billion goodwill impairment hit the Health Services unit. Adjusted EPS of $2.09 rose from $1.60, helped by better Health Care Benefits margins. The $1.667 consensus figure sits closer to the GAAP line, so how big a beat this is depends on which EPS you compare — and note net income fell from $2.98 billion in Q2 to $2.17 billion.
Revenue of $108.40 billion rose 5.4% from $102.87 billion, with Health Services up 9.5% to $53.96 billion and Health Care Benefits up 2.4% to $36.86 billion. Pharmacy & Consumer Wellness slipped 2.0% to $35.50 billion. The three segments add to $126.32 billion because $18.12 billion of intercompany revenue is eliminated at the consolidated line.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
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