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CVS Health (CVS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · CVS Health (CVS) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $108.4B · 2¢ of every $1 of revenue kept as net profit · operating margin 3.3%

CVS Health made $108.4B in Q3 2026 (+5% Y/Y). Operating margin 3.3%, net earnings $2.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$108.4B
Year over year+5%
Operating margin3.3%
Net earnings$2.2B
Operating cash flow$4.7B

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CVS Health Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
CVS Health Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $108.4B in Q3 2026, up 5% year over year and up 2% from the previous quarter.

Operating profit was $3.6B, a 3.3% margin (up 6.4 points year over year). Total costs fell 1% while revenue rose 5%. Net earnings were $2.2B. The effective tax rate was 23.8%.

Operating cash flow was $4.7B (up 493% year over year), 218% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.82B left free cash flow of $3.9B.

Quarterly history

CVS Health revenue by quarterCVS Health revenue by quarter$94.6BQ1 2025$98.9BQ2 2025$102.9BQ3 2025$105.7BQ4 2025$100.4BQ1 2026$106.1BQ2 2026$108.4BQ3 2026
CVS Health net earnings by quarterCVS Health net earnings by quarter$1.8BQ1 2025$1.0BQ2 2025−$4.0BQ3 2025$2.9BQ4 2025$3.0BQ1 2026$3.0BQ2 2026$2.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$108.4B+5%3.3%$2.2B$4.7B
Q2 202610-QAug 5, 2026$106.1B+7%4.4%$3.0B$6.3B
Q1 202610-QMay 6, 2026$100.4B+6%4.7%$3.0B$4.2B
Q4 202510-KFeb 10, 2026$105.7B+8%2.0%$2.9B$3.4B
Q3 202510-QOct 29, 2025$102.9B+8%-3.1%−$4.0B$796M
Q2 202510-QJul 31, 2025$98.9B+8%2.4%$1.0B$1.9B
Q1 202510-QMay 1, 2025$94.6B+7%3.6%$1.8B$4.6B

Charts

CVS Health: revenue growth, year over year and quarter over quarterCVS Health: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+8%+5%Q2 2025+8%+4%Q3 2025+8%+3%Q4 2025+6%-5%Q1 2026+7%+6%Q2 2026+5%+2%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +2%.
CVS Health: where the cash came from (+) and went (−), TTM to Q3 2026CVS Health: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$18.7BNet borrowing (+) / repaid (−)−$5.3BOther investing−$4.4BDividends−$3.4BCapital spending−$3.1BCash drawn (+) / kept (−)−$2.6BShares issued$425MTaxes on employees’ shares−$188MOther financing−$59.0MAcquisitions−$22.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CVS Health: profit against cash, quarter by quarterCVS Health: profit against cash, quarter by quarterNet incomeOperating cash flow$1.6B$1.9BQ4 2024$1.8B$4.6BQ1 2025$1.0B$1.9BQ2 2025−$4.0B$796MQ3 2025$2.9B$3.4BQ4 2025$3.0B$4.2BQ1 2026$3.0B$6.3BQ2 2026$2.2B$4.7BQ3 2026
Latest (Q3 2026): Net income $2.2B, Operating cash flow $4.7B.
CVS Health: diluted shares by fiscal yearCVS Health: diluted shares by fiscal year1.31BFY20201.33BFY20211.32BFY20221.29BFY20231.26BFY20241.27BFY2025
-3.3% since FY2020: buybacks shrank the count.
CVS Health: long-term debt falling due (FY2025)CVS Health: long-term debt falling due (FY2025)$4.0B2026$3.4B2027$5.0B2028$3.8B2029$4.3B2030$43.3BLater
Cash $8.5B, short-term investments $2.1B, long-term debt — at 2025-12-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

Buys from

About CVS Health

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health,” the “Company,” “we,” “our” or “us”), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, we had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. We serve an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”).

In its own words, from its 10-K, filed Feb 10, 2026.

CVS Health against its Retail-Drug Stores and Proprietary Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median -2%. Operating margin: 3.3% against the peers' median 3.3%.

CompanyQuarterRevenueY/YOp. margin
CVS CVS HealthQ3 2026$108.4B+5%3.3%
GRDN Guardian Pharmacy ServicesQ3 2026$371M-2%6.8%
PETS Petmed ExpressQ1 FY27$41.0M-20%-15.2%

Source: CVS Health 10-Q on SEC EDGAR · CIK 64803 · Retail-Drug Stores and Proprietary Stores

Guidance and outlook

CVS Health: what its forward-looking statements are about (10-Q filed 2026-11-04)CVS Health: what its forward-looking statements are about (10-Q filed 2026-11-04)Other6Financing3Margins1
10 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.
CVS Health: outlook statements against the filing beforeCVS Health: outlook statements against the filing beforeNew1

13F: who owns CVS and who is buying

Largest holders of CVS (13F)Largest holders of CVS (13F)BlackRock$12.7BVanguard Group$9.6BVanguard Capital Management LLC$8.6BCapital World Investors$7.8BState Street$6.2BDodge & COX$5.2BWellington Management Group LLP$3.5BGeode Capital Management, LLC$3.1BFMR LLC$3.0BVanguard Portfolio Management LLC$2.8B
Funds' net buying of CVS by quarter (13F)Funds' net buying of CVS by quarter (13F)−$1.2B2024-09$449M2024-12$2.0B2025-03$913M2025-06−$16.0M2025-09$1.8B2025-12−$264M2026-03$2.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CVS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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