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CVS Health CVS Health Services — Adjusted operating income (loss)

Other segment segments

Health Care Benefits
$2.43B+85.5%
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 services — adjusted operating income (loss)?
CVS Health (CVS) reported health services — adjusted operating income (loss) of $1.73B in Q2 2026.
How has CVS Health's health services — adjusted operating income (loss) changed year-over-year?
CVS Health's health services — adjusted operating income (loss) increased by 10.0% year-over-year, from $1.58B to $1.73B.
What is the long-term trend for CVS Health's health services — adjusted operating income (loss)?
Over 4 years (2021 to 2025), CVS Health's health services — adjusted operating income (loss) has grown at a 1.0% compound annual growth rate (CAGR), from $6.86B to $7.15B.
What does health services — adjusted operating income (loss) mean?
This represents the segment's profitability after accounting for core operational revenues and expenses, adjusted for non-recurring or non-operational items. It serves as the primary measure of the segment's underlying business performance, excluding noise from one-time events. This metric is used by management and investors to evaluate the segment's sustainable earning power.

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