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CVS Health (CVS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
CVS Health (CVS) reported revenue of $100.4B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -5% from the quarter before. Operating margin was 4.7%, net earnings $3.0B (2.9% of revenue).
CVS Health, Q1 2026: revenue $100.4B (+6% year over year), operating margin 4.7%, net earnings $3.0B, operating cash flow $4.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $100.4B | -5% | +6% |
| Operating profit | $4.7B | +122% | +39% |
| Net earnings | $3.0B | +1% | +66% |
| Operating cash flow | $4.2B | +25% | -7% |
| Free cash flow | $3.4B | +30% | -11% |
What changed
Revenue was $100.4B in Q1 2026, up 6% year over year and down 5% from the previous quarter.
Operating profit was $4.7B, a 4.7% margin (up 1.1 points year over year). Of the extra revenue versus Q1 2025, 22% reached operating profit, above the 4% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were $2.9B, up 65% year over year. The effective tax rate was 24.9%.
Operating cash flow was $4.2B (down 7% year over year), 144% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.27B of share-based compensation. Capital expenditures of $0.85B left free cash flow of $3.4B.
Questions
What was CVS Health's revenue in the first quarter 2026?
CVS Health (CVS) reported revenue of $100.4B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -5% from the quarter before.
Was CVS Health profitable in the first quarter 2026?
Operating profit was $4.7B (4.7% of revenue) and net earnings $3.0B.
Source: CVS Health 10-Q on SEC EDGAR.