Income StatementBalance SheetCash FlowSegments
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CVS Health Business Segments

Business, geographic, and product segment breakdowns

CVS Health generates $407.91B in annual revenue across 4 key segments: Corporate Other ($477.0M), Health Care Benefits ($144.52B), Health Services ($195.20B), and Pharmacy & Consumer Wellness ($139.44B). The company-wide operating margin is 1.46%. Based on the Q1 2026 filing.

Corporate Other (TTM)$477.0MHealth Care Benefits (TTM)$144.52BHealth Services (TTM)$195.20BPharmacy & Consumer Wellness (TTM)$139.44B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$118.99B
P/E Ratio40.58
ROE3.8%

Products & Services

Revenues from external customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pharmacy$56.2B$52.5B$55.3B$59.5B$61.6B$56.9B
Premiums$30.9B$32.8B$34.2B$33.7B$34.0B$33.8B
Front Store$5.7B$5.2B$5.4B$5.2B$5.7B$5.3B

All outstanding liabilities for health care costs payable prior to 2024, net of reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Insurance Product Line$128.0M———$322.0M—

Cumulative Paid Health Care Claims, Net of Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Insurance Product Line$97.2B———$214.8B—

Incurred Health Care Claims, Net of Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Insurance Product Line$109.5B———$227.0B—

Insurance lines other than short duration

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Insurance Product Line$282.0M———$234.0M—

Total outstanding liabilities for health care costs payable, net of reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Insurance Product Line$12.9B———$12.5B—

Current discount rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Long Term Care5.7%5.6%5.6%5.4%5.5%5.7%
Large Case Pensions5.5%5.3%5.2%5.1%5.1%5.3%

Interest accretion rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Long Term Care5.1%5.1%5.1%5.1%5.1%5.1%
Large Case Pensions4.2%4.2%4.2%4.2%4.2%4.2%

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Products$61.9B$57.7B$60.6B$64.6B$67.0B$62.2B
Services$4.1B$3.6B$3.6B$3.9B$4.0B$3.8B

Debt securities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Supporting Experience-Rated Products$543.0M$517.0M$501.0M$487.0M$475.0M$433.0M

Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Supporting Experience-Rated Products$30.0M$22.0M$21.0M$15.0M$16.0M$19.0M

Gross Unrealized Gains

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Supporting Experience-Rated Products$5.0M$6.0M$8.0M$11.0M$10.0M$6.0M

Business Segments

Adjusted operating income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Care Benefits—$2.0B$1.3B$314.0M—$3.0B
Health Services$1.8B$1.6B$1.6B$2.1B$1.9B$1.5B
Pharmacy & Consumer Wellness$1.8B$1.3B$1.3B$1.5B$1.9B$1.2B
Corporate Other-$352.0M-$330.0M-$413.0M-$383.0M-$561.0M-$577.0M

Cost of products sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Services$43.4B$40.1B$43.1B$45.2B$47.2B$44.7B
Pharmacy & Consumer Wellness$26.7B$25.8B$27.6B$29.6B$30.6B$25.8B
Corporate/ Other$0.0$0.0$0.0$0.0$0.0$0.0
Health Care Benefits$0.0$0.0$0.0$0.0$0.0$0.0

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pharmacy & Consumer Wellness$379.0M$384.0M$389.0M$396.0M$404.0M$406.0M
Health Care Benefits$403.0M$405.0M$419.0M$375.0M$380.0M$340.0M
Health Services$267.0M$261.0M$260.0M$260.0M$258.0M$258.0M
Corporate/ Other$98.0M$104.0M$103.0M$103.0M$105.0M$111.0M

Health care costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Care Benefits$29.3B$28.6B$30.7B$31.3B$32.3B$28.6B
Health Services$979.0M$1.0B$1.1B$1.3B$1.4B$1.3B
Corporate/ Other$45.0M$46.0M$40.0M$47.0M$44.0M$46.0M
Pharmacy & Consumer Wellness$0.0$0.0$0.0$0.0$0.0$0.0

Health care costs recorded in other insurance liabilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate/ Other$45.0M$46.0M$40.0M$47.0M$44.0M$46.0M
Health Care Benefits$37.0M$16.0M$3.0M$22.0M$46.0M$31.0M

Less: Net realized capital gains (losses)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate/ Other-$68.0M-$15.0M-$14.0M-$44.0M-$9.0M-$17.0M
Health Care Benefits-$15.0M-$21.0M-$13.0M$33.0M$14.0M$1.0M
Health Services$289.0M$15.0M$0.0$0.0$10.0M$0.0
Pharmacy & Consumer Wellness$0.0$0.0$0.0$0.0$0.0$0.0

Net investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Care Benefits$397.0M$387.0M$407.0M$513.0M$475.0M$462.0M
Corporate Other$70.0M$119.0M$83.0M$120.0M$109.0M$112.0M
Health Services$288.0M$14.0M-$3.0M-$1.0M$10.0M$0.0
Pharmacy & Consumer Wellness$0.0$0.0$0.0$0.0$0.0$0.0

Operating expenses, excluding other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pharmacy & Consumer Wellness—$4.8B———$5.0B
Health Care Benefits—$4.2B———$4.4B
Health Services—$682.0M———$727.0M
Corporate/ Other—$432.0M———$674.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Services$47.0B$43.5B$46.5B$49.3B$51.2B$48.2B
Health Care Benefits$33.0B$34.8B$36.3B$36.0B$36.3B$36.0B
Pharmacy & Consumer Wellness$33.5B$31.9B$33.6B$36.2B$37.7B$32.0B
Corporate Other$83.0M$133.0M$96.0M$133.0M$122.0M$126.0M

Revenues from external customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Services$42.1B$38.1B$40.1B$42.4B$44.0B$42.6B
Health Care Benefits$32.5B$34.4B$35.8B$35.4B$35.8B$35.5B
Pharmacy & Consumer Wellness$22.3B$21.6B$22.5B$24.4B$25.3B$21.8B
Corporate/ Other$13.0M$14.0M$13.0M$13.0M$13.0M$14.0M

Number of people served (more than)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Care Benefits36000000.0037000000.0037000000.0037000000.0037000000.0037000000.00

Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Care Benefits$11.3B———$10.4B—

Copayments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Services$2.5B$3.7B$2.7B$2.4B$2.1B$3.8B

Number of walk-in medical clinics (more than)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Services1000.001000.001000.001000.001000.001000.00

Number of retail locations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Pharmacy & Consumer Wellness9000.009000.009000.009000.009000.009000.00