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CVS Health CVS Health Care Benefits — Health care costs

Other segment segments

Health Services
$1.35B+22.6%
Corporate/ Other
$44M+10.0%
Pharmacy & Consumer Wellness
$0

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GLHealth premium — Policyholder Benefits and Claims Incurred, Net
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SNFCAAccident And Health — Policyholder Benefits And Claims Incurred Net
$11.38K+3,692%

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 us-gaap:PolicyholderBenefitsAndClaimsIncurredNet.

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
Total consolidated revenues$106,096
Less: Net realized capital gains (losses)2(15)
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

Item 1.Financial Statements

FAQ

What is CVS Health's health care benefits — health care costs?
CVS Health (CVS) reported health care benefits — health care costs of $30.69B in Q2 2026.
How has CVS Health's health care benefits — health care costs changed year-over-year?
CVS Health's health care benefits — health care costs decreased by 0.2% year-over-year, from $30.74B to $30.69B.
What is the long-term trend for CVS Health's health care benefits — health care costs?
Over 3 years (2022 to 2025), CVS Health's health care benefits — health care costs has grown at a 19.8% compound annual growth rate (CAGR), from $71.47B to $122.95B.
What does health care benefits — health care costs mean?
This represents the total medical expenses incurred by the health insurance segment for providing care to its members, including claims payments for hospital, physician, and pharmacy services. It is the primary driver of the medical loss ratio and reflects the underlying utilization and cost trends of the insured population. Monitoring this metric is essential for assessing the underwriting performance and pricing adequacy of the insurance business.

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