CVS Health (CVS) Q1 FY2026 earnings: revenue $100.4 billion, up 6.2% on the year

CVS Health Corp. (CVS) reported revenue of $100.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.2% on the same quarter a year earlier. Net income was $2.9 billion, up 65.4% on the year, and diluted earnings per share $2.30. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$100.4 billion

+6.2% on the year · -5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

4.7%

3.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.9 billion

+65.4% on the year · 0.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.30

+63.1% on the year · 0.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 2 kept.

Revenue rose 6.2% across segments: Total revenues were $100.4 billion, up from $94.6 billion, with growth in every operating segment.
Adjusted EPS rose to $2.57: Adjusted EPS was $2.57 against $2.25; GAAP diluted EPS was $2.30 against $1.41. Management attributed the adjusted increase mainly to Health Care Benefits.
Segment adjusted operating income up 52.6%: Adjusted operating income was $3.04 billion, an 8.5% margin against 5.7%. The gain reflected Government improvement and no repeat of last year's $448 million individual exchange premium deficiency reserve.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	100,426	105,693	94,588	-5.0%	+6.2%
Cost of revenue	55,444	59,060	51,057	-6.1%	+8.6%
Gross profit	44,982	46,633	43,531	-3.5%	+3.3%
Gross margin	44.8%	44.1%	46.0%
Operating income	4,680	2,112	3,374	+121.6%	+38.7%
Operating margin	4.7%	2.0%	3.6%
Interest expense	774	787	785	-1.7%	-1.4%
Pre-tax income	3,938	1,354	2,617	+190.8%	+50.5%
Income tax	981	-1,569	835		+17.5%
Effective tax rate	24.9%	-115.9%	31.9%
Net income	2,943	2,943	1,779	0.0%	+65.4%
Net margin	2.9%	2.8%	1.9%
Diluted EPS	$2.30	$2.30	$1.41	0.0%	+63.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	4,249	3,390	4,556	+25.3%	-6.7%
Capital expenditure	849	784	743	+8.3%	+14.3%
Free cash flow	3,400	2,606	3,813	+30.5%	-10.8%
Free cash flow margin	3.4%	2.5%	4.0%
Cash from investing	-874	-1,998	-762
Cash from financing	-2,318	-2,032	-2,332
Depreciation and amortisation	1,115	1,147	1,154	-2.8%	-3.4%
Share-based compensation	266	135	126	+97.0%	+111.1%
Buybacks	n/a	0.0	0.0
Dividends paid	847	845	840	+0.2%	+0.8%
Dividend per share	$0.67	$0.67	$0.67	0.0%	0.0%
Diluted shares, weighted	1,279m	1,277m	1,264m	+0.2%	+1.2%
Shares outstanding at period end	1,273m	1,271m	1,262m	+0.2%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	77,456	75,214	76,929	+3.0%	+0.7%
Non-controlling interest	181	168	181	+7.7%	0.0%
Debt	63,111	64,570	64,710	-2.3%	-2.5%
Operating lease liabilities	13,330	13,643	14,594	-2.3%	-8.7%
Finance lease liabilities	n/a	1,265	n/a
Other liabilities	98,896	98,678	99,171	+0.2%	-0.3%
Total liabilities and equity	252,974	253,538	255,585	-0.2%	-1.0%
Goodwill	85,478	85,478	91,203	0.0%	-6.3%
Intangible assets	25,070	25,508	26,570	-1.7%	-5.6%
Investments	34,667	34,814	31,484	-0.4%	+10.1%
Cash and equivalents	9,542	8,453	10,076	+12.9%	-5.3%
Receivables	40,992	39,779	39,625	+3.0%	+3.4%
Inventory	17,770	19,246	17,385	-7.7%	+2.2%
Other assets	39,455	40,260	39,242	-2.0%	+0.5%
Total assets	252,974	253,538	255,585	-0.2%	-1.0%

Questions

What was CVS Health's revenue in Q1 FY2026?

CVS Health (CVS) reported revenue of $100.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.2% on the same quarter a year earlier.

How much did CVS Health earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.9 billion, up 65.4% on the year, and diluted earnings per share $2.30.

When did CVS Health report Q1 FY2026 results?

CVS Health filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	76,604	76,826	80,636	81,159	83,846	85,278	88,921	89,764	93,813	88,437	91,234	95,428	97,710	94,588	98,915	102,871	105,693	100,426	106,096	108,399
Cost of revenue	46,378	45,509	49,290	50,365	51,728	51,455	53,536	54,688	57,419	48,073	49,998	52,948	55,268	51,057	54,005	57,045	59,060	55,444	58,862	61,185
Gross profit	30,226	31,317	31,346	30,794	32,118	33,823	35,385	35,076	36,394	40,364	41,236	42,480	42,442	43,531	44,910	45,826	46,633	44,982	47,234	47,214
Gross margin	39%	41%	39%	38%	38%	40%	40%	39%	39%	46%	45%	45%	43%	46%	45%	45%	44%	45%	45%	44%
Operating income	2,229	3,545	4,669	-3,919	3,659	3,446	3,234	3,690	3,373	2,271	3,045	832	2,368	3,374	2,381	-3,207	2,112	4,680	4,703	3,566
Operating margin	3%	5%	6%	-5%	4%	4%	4%	4%	4%	3%	3%	1%	2%	4%	2%	-3%	2%	5%	4%	3%
Interest expense	608	586	583	566	552	589	686	693	690	716	732	752	758	785	763	784	787	774	757	747
Pre-tax income	1,570	3,001	4,129	-4,444	3,150	2,879	2,570	3,019	2,705	1,580	2,337	105	2,126	2,617	1,647	-3,482	1,354	3,938	3,977	2,849
Tax rate	17%	22%	26%	n/a	26%	26%	26%	25%	24%	29%	24%	32%	24%	32%	38%	n/a	-116%	25%	25%	24%
Net income	1,306	2,354	3,029	-3,406	2,334	2,136	1,901	2,261	2,046	1,113	1,770	87.0	1,644	1,779	1,021	-3,975	2,943	2,943	2,979	2,172
Net margin	2%	3%	4%	-4%	3%	3%	2%	3%	2%	1%	2%	0%	2%	2%	1%	-4%	3%	3%	3%	2%
Diluted EPS	$0.97	$1.77	$2.29	-$2.59	$1.77	$1.65	$1.48	$1.75	$1.58	$0.88	$1.41	$0.07	$1.30	$1.41	$0.80	-$3.13	$2.30	$2.30	$2.31	$1.68
Operating cash flow	4,005	3,563	5,443	9,123	-1,952	7,438	5,908	2,716	-2,636	4,903	3,089	-745	1,860	4,556	1,897	796	3,390	4,249	6,345	4,724
Capital expenditure	597	1,051	408	580	688	984	591	545	911	705	638	670	768	743	607	698	784	849	691	817
Free cash flow	3,408	2,512	5,035	8,543	-2,640	6,454	5,317	2,171	-3,547	4,198	2,451	-1,415	1,092	3,813	1,290	98.0	2,606	3,400	5,654	3,907
Buybacks	0.0	2,000	0.0	0.0	1,500	2,018	-2.0	-3.0	-1.0	3,027	-3.0	-1.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	660	722	740	726	719	779	795	779	779	840	858	837	838	840	866	846	845	847	878	853
Shares outstanding	1,322m	1,306m	1,312m	1,315m	1,300m	1,279m	1,282m	1,287m	1,288m	1,252m	1,256m	1,258m	1,260m	1,262m	1,267m	1,270m	1,271m	1,273m	1,278m	1,280m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.