Filing Flows › CVS Health (CVS) › Q4 2025
CVS Health (CVS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
CVS Health (CVS) reported revenue of $105.7B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +3% from the quarter before. Operating margin was 2.0%, net earnings $2.9B (2.8% of revenue).
CVS Health, Q4 2025: revenue $105.7B (+8% year over year), operating margin 2.0%, net earnings $2.9B, operating cash flow $3.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $105.7B | +3% | +8% |
| Operating profit | $2.1B | — | -11% |
| Net earnings | $2.9B | — | +80% |
| Operating cash flow | $3.4B | +326% | +82% |
| Free cash flow | $2.6B | 27× | +139% |
What changed
Revenue was $105.7B in Q4 2025, up 8% year over year and up 3% from the previous quarter.
Operating profit was $2.1B, a 2.0% margin (down 0.4 points year over year). Operating profit fell $0.26B even though revenue rose $8.0B 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 $2.9B, up 79% year over year. The tax line was a benefit of $1.6B on pre-tax earnings of $1.4B.
Operating cash flow was $3.4B (up 82% year over year), 116% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items used $0.81B. Capital expenditures of $0.78B left free cash flow of $2.6B.
Questions
What was CVS Health's revenue in the fourth quarter 2025?
CVS Health (CVS) reported revenue of $105.7B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +3% from the quarter before.
Was CVS Health profitable in the fourth quarter 2025?
Operating profit was $2.1B (2.0% of revenue) and net earnings $2.9B.
Source: CVS Health 10-K on SEC EDGAR.