CVS Health (CVS) FY2025 results: revenue $402.1 billion, up 7.8% on the year

CVS Health is a health solutions company that connects insurance, pharmacy benefits management and retail pharmacy inside one group. At 31 December 2025 it had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a pharmacy benefits manager with approximately 87 million plan members, and it served an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services. There are four reportable segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate/Other. The company states that its strategy is focused on simplifying health care experiences, improving engagement, lowering costs and delivering better health outcomes.

Health Care Benefits

The segment runs the Aetna operations and offers medical, pharmacy, dental and behavioural health plans, medical management, Medicare Advantage and Medicare Supplement plans, standalone Medicare Part D prescription drug plans and Medicaid health care management services. Members reach those products through employer groups, government-sponsored plans or individually. Products where the company takes all or most of the risk for medical and dental care costs are called Insured; those where the plan sponsor takes that risk are administrative services contracts. Commercial medical products include point-of-service, preferred provider organisation, health maintenance organisation and indemnity plans, health savings accounts, consumer-directed plans and medical stop loss cover for employers that self-insure. The filing describes the industry as highly competitive, with many for-profit and not-for-profit competitors, continual new products, new entrants and consolidation.

Health Services

The segment provides pharmacy benefits management through CVS Caremark and delivers care in medical clinics, virtually and in the home. Its work covers plan design and administration, formulary management, retail pharmacy network management, specialty and mail order pharmacy, clinical and disease management services, medical spend management and administrative services for providers and for entities covered by the federal 340B drug pricing program. It runs a group purchasing organisation that negotiates pricing and rebates with drug manufacturers, and its Cordavis subsidiary works with manufacturers on biosimilar products. Health care delivery assets include Signify Health in health risk assessments and value-based care and Oak Street Health in value-based primary care for Medicare eligible patients. During 2025 the pharmacy benefits manager filled or managed 1.9 billion prescriptions on a 30-day equivalent basis.

Pharmacy and Consumer Wellness

The segment dispenses prescriptions in CVS Pharmacy retail locations and through infusion operations, runs patient care programmes and vaccination administration, and sells health and wellness products and general merchandise. It also handles fulfilment for the specialty and mail order pharmacy offerings of Health Services. Alongside the retail locations it operates online pharmacy websites, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition. During 2025 it filled 1.8 billion prescriptions on a 30-day equivalent basis and dispensed approximately 28.5% of total retail pharmacy prescriptions in the United States. Front store categories cover over-the-counter drugs, consumer health, beauty, personal care and other general merchandise. The filing states that competition here runs mainly on store location and convenience, customer service, product selection and price, against drugstore chains, supermarkets, discount retailers, independent pharmacies, online retailers, membership clubs and mail order pharmacies.

Corporate and sourcing

Corporate/Other holds management and administrative costs supporting the whole group, including executive management, corporate relations, legal, compliance, human resources, finance, information technology, digital, data and analytics, together with acquisition-related transaction and integration costs, and it also holds products no longer sold to new customers such as large case pensions and long-term care insurance. Generic drug sourcing runs through Red Oak Sourcing, a venture owned half by the company and half by Cardinal Health, which negotiates generic supply contracts for both owners and holds no inventory itself. The company states that its workforce numbers more than 300,000 colleagues.

From CVS Health's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.