CVS Health brought in nearly $3 billion in profit for the second quarter of 2026, up from $1 billion during the same period in 2025.
Total revenue was $106.1 billion for the quarter, a 7.3% year-over-year increase. The company lifted its adjusted EPS guidance range from $7.30 to $7.50 to $7.90 to $8.10.
Aetna (benefits)
Revenue reached $37.5 billion, a 3.5% increase year over year, motivated by growth in government business and somewhat offset by Aetna’s exit from the individual exchange business.
Adjusted operating income was up 85.5% to $2.4 billion thanks again to the government business, as well as the absence of a $471 million premium deficiency reserve documented within the group Medicare Advantage line previously. The medical benefit ratio dropped to 87.4% from 89.9% for the same reasons.
Across insured and ASC products, there were 18.3 million commercial, 1.2 million Medicare supplement, 4.2 million MA and 2.3 million Medicaid members — totaling 26 million members. Membership held steady from last quarter but was down from 26.7 million members at the same time in 2025.
Health services
Total revenue grew 11.5% to $51.8 billion due to brand inflation and pharmacy drug mix, while partially offset by ongoing pharmacy client price improvements. Adjusted operating income was $1.7 billion, up 10%. While this was also slightly offset by client price improvements, the increase was attributable to purchasing economics, a modest boost in the healthcare delivery business and pharmacy drug mix.
The company processed 473 million pharmacy claims on a 30-day equivalent basis during the period.
Pharmacy and consumer wellness
Total revenue reached $33.8 billion, a 0.7% year-over-year increase, spurred by pharmacy drug mix, brand inflation and greater prescription volume, which includes contributions from earlier Rite Aid asset acquisitions. This was offset by regulatory-related price reductions on some drugs, recent generic drug introductions and pharmacy reimbursement pressure.
Adjusted operating income jumped 10.2% to $1.5 billion thanks to core pharmacy strength and those Rite Aid asset acquisitions but was somewhat offset by investments and consumer dynamics.
Using a 30-day equivalent basis, the company filled 457 million prescriptions during the quarter, up 4.3%.
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