Filing Flows › CVS Health (CVS) › Q3 2025
CVS Health (CVS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
CVS Health (CVS) reported revenue of $102.9B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +4% from the quarter before. Operating margin was -3.1%, net loss $4.0B (3.9% of revenue).
CVS Health, Q3 2025: revenue $102.9B (+8% year over year), operating margin -3.1%, net loss $4.0B, operating cash flow $796M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $102.9B | +4% | +8% |
| Operating profit | −$3.2B | -235% | — |
| Net earnings | −$4.0B | -494% | — |
| Operating cash flow | $796M | -58% | — |
| Free cash flow | $98.0M | -92% | — |
What changed
Revenue was $102.9B in Q3 2025, up 8% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $3.2B, an operating margin of -3.1%. Total costs grew 12% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+18%). The quarter ended with a net loss of $4.0B, after a profit of $1.0B the previous quarter.
Operating cash flow was $0.80B. Non-cash charges added back $1.1B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items added $3.5B. Capital expenditures of $0.70B left free cash flow of $0.10B.
Questions
What was CVS Health's revenue in the third quarter 2025?
CVS Health (CVS) reported revenue of $102.9B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +4% from the quarter before.
Was CVS Health profitable in the third quarter 2025?
Operating loss was $3.2B (-3.1% of revenue) and net loss $4.0B.
Source: CVS Health 10-Q on SEC EDGAR.