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CVS Health CVS Health Care Benefits — Adjusted operating income (loss)

Other segment segments

Health Services
$1.73B+10.0%
Pharmacy & Consumer Wellness
$1.48B+10.2%
Corporate Other
-$413M

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Other financials

Income statement

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Revenue$106.10B+7.3%
Gross profit$47.2B+5.2%
Operating income$4.7B+97.5%
Net income$3.0B+192%
EPS (diluted)$2.31+189%

Balance sheet

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Cash & equivalents$11.5B-4.1%
Total debt$74.3B+286%
Total equity$79.7B+3.0%
Total assets$253.77B-1.8%

Cash flow

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Operating cash flow$6.3B+234%
CapEx$691.0M+13.8%
Free cash flow$5.7B+338%

Valuation

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Market cap$126.47B+57.0%
Enterprise value$189.28B+116%
P/E25.9×+8.1×
P/S0.3×+0.1×

Profitability

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Gross margin44.5%-0.3pp
Operating margin2%-0.3pp
Net margin1.2%0.0pp
FCF margin2.8%

Returns & leverage

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Return on equity6.2%+0.3pp
Debt / equity0.9×+0.7×
Current ratio0.9×+0.1×

Where this comes from

Reported directly by CVS Health in its filing.

Tagged under the XBRL concept cvs:AdjustedOperatingIncomeLoss.

The source filing: CVS Health’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 6:33 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000064803-26-000098
In millionsHealth Care BenefitsHealth Services (1)Pharmacy &Consumer WellnessCorporate/OtherConsolidated Totals
Cost of products sold47,90827,282
Health care costs30,6921,35044
Operating expenses, excluding other segment items (3)4,4188045,059595
Adjusted operating income (loss)$2,426$1,733$1,475$(477)$5,157
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)431
Net realized capital losses (5)13
Acquisition-related integration costs (6)10

Item 1.Financial Statements

FAQ

What is CVS Health's health care benefits — adjusted operating income (loss)?
CVS Health (CVS) reported health care benefits — adjusted operating income (loss) of $2.43B in Q2 2026.
How has CVS Health's health care benefits — adjusted operating income (loss) changed year-over-year?
CVS Health's health care benefits — adjusted operating income (loss) increased by 85.5% year-over-year, from $1.31B to $2.43B.
What is the long-term trend for CVS Health's health care benefits — adjusted operating income (loss)?
Over 2 years (2021 to 2023), CVS Health's health care benefits — adjusted operating income (loss) has grown at a 4.5% compound annual growth rate (CAGR), from $5.11B to $5.58B.
What does health care benefits — adjusted operating income (loss) mean?
This represents the profitability of the health insurance segment after accounting for medical costs and operating expenses, excluding non-recurring or non-operational items. It provides a normalized view of the segment's core earnings power, allowing investors to evaluate the underlying performance of the insurance business. This metric is critical for assessing the segment's contribution to the overall corporate bottom line.

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