Cost of Revenue
Medical costs
CVS Health Medical costs decreased by 11.2% to $29.36B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 0.8%, from $29.14B to $29.36B. Over 3 years (FY 2022 to FY 2025), Medical costs shows an upward trend with a 20.9% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionCost of Revenue
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2016
Last reportedQ1 2026May 6, 2026
How to read this metric
Lower costs relative to premiums indicate higher underwriting efficiency and better medical cost management.
Detailed definition
This represents the total expenses incurred for medical services, claims, and healthcare delivery provided to policyhold...
Peer comparison
Standard for health insurers; peers often report this as the medical loss ratio component.
Metric ID:
unh_medical_costsHistorical Data
17 periods
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $17.77B | $17.77B | $17.77B | $17.77B | $20.45B | $21.78B | $21.50B | $22.52B | $27.80B | $27.85B | $29.92B | $29.54B | $29.14B | $31.32B | $32.02B | $33.07B | $29.36B |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +15.1% | +6.5% | -1.3% | +4.7% | +23.5% | +0.2% | +7.4% | -1.3% | -1.4% | +7.5% | +2.2% | +3.3% | -11.2% |
| YoY Change | — | — | — | — | +15.1% | +22.6% | +21.0% | +26.7% | +36.0% | +27.9% | +39.2% | +31.2% | +4.8% | +12.4% | +7.0% | +11.9% | +0.8% |
Range$17.77B – $33.07B
CAGR+13.4%
Avg YoY Growth+19.7%
Median YoY Growth+21.0%
Business Segments
| Segment | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|
| Health Care Benefits | $28.64B | $30.74B | $31.32B | $32.25B | $28.58B |
| Health Services | $1.05B | $1.10B | $1.29B | $1.40B | $1.30B |
| Corporate/ Other | $46.00M | $40.00M | $47.00M | $44.00M | $46.00M |
| Pharmacy & Consumer Wellness | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $29.14B | $31.32B | $32.02B | $33.07B | $29.36B |
Medical costs at Other Companies
Frequently Asked Questions
- What is CVS Health's medical costs?
- CVS Health (CVS) reported medical costs of $29.36B in Q1 2026.
- How has CVS Health's medical costs changed year-over-year?
- CVS Health's medical costs increased by 0.8% year-over-year, from $29.14B to $29.36B.
- What is the long-term trend for CVS Health's medical costs?
- Over 3 years (2022 to 2025), CVS Health's medical costs has grown at a 20.9% compound annual growth rate (CAGR), from $71.07B to $125.54B.
- What does medical costs mean?
- The total cost of healthcare services provided to insured members.