Filing Flows › CVS Health (CVS) › Q2 2025
CVS Health (CVS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
CVS Health (CVS) reported revenue of $98.9B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 2.4%, net earnings $1.0B (1.0% of revenue).
CVS Health, Q2 2025: revenue $98.9B (+8% year over year), operating margin 2.4%, net earnings $1.0B, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.9B | +5% | +8% |
| Operating profit | $2.4B | -29% | -22% |
| Net earnings | $1.0B | -43% | -43% |
| Operating cash flow | $1.9B | -58% | -39% |
| Free cash flow | $1.3B | -66% | -47% |
What changed
Revenue was $98.9B in Q2 2025, up 8% year over year and up 5% from the previous quarter.
Operating profit was $2.4B, a 2.4% margin (down 0.9 points year over year). Operating profit fell $0.66B even though revenue rose $7.7B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $1.0B, down 42% year over year. The effective tax rate was 38.5%.
Operating cash flow was $1.9B (down 39% year over year), 187% of net earnings. Non-cash charges added back $1.2B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items used $0.42B. Capital expenditures of $0.61B left free cash flow of $1.3B.
Questions
What was CVS Health's revenue in the second quarter 2025?
CVS Health (CVS) reported revenue of $98.9B for the second quarter 2025 (Q2 2025), +8% from a year earlier and +5% from the quarter before.
Was CVS Health profitable in the second quarter 2025?
Operating profit was $2.4B (2.4% of revenue) and net earnings $1.0B.
Source: CVS Health 10-Q on SEC EDGAR.