What is CVS Health's health services — health care costs?

CVS Health (CVS) reported health services — health care costs of $1.35B in Q2 2026.

How has CVS Health's health services — health care costs changed year-over-year?

CVS Health's health services — health care costs increased by 22.6% year-over-year, from $1.1B to $1.35B.

What does health services — health care costs mean?

This represents the direct medical and clinical expenses incurred by the segment in providing healthcare services to members or patients. It includes payments for medical claims, provider fees, and other clinical service delivery costs. This is a key metric for evaluating the underwriting performance and medical loss ratios of healthcare service providers.

CVS Health (CVS) Health Services — Health care costs

Screener

Other segment segments

Health Care Benefits

$30.69B-0.2%

Corporate/ Other

$44M+10.0%

Pharmacy & Consumer Wellness

$0—

Similar metrics at other companies

CIEvernorth Health Services — Medical costs and other benefit expenses

$0—

ELVHealth Benefits — Benefit expense

$36.74B+3.5%

CNOHealth: — Insurance policy benefits

$322.3M+2.9%

AIZAccident and health insurance — Policyholder benefits

$2.78M+76.2%

GLHealth premium — Policyholder Benefits and Claims Incurred, Net

$263.73M+12.7%

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 millions	Health Care Benefits	Health Services (1)	Pharmacy &Consumer Wellness	Corporate/Other	Consolidated Totals
Total consolidated revenues					$106,096
Less: Net realized capital gains (losses)	2	—	—	(15)
Cost of products sold	—	47,908	27,282	—
Health care costs	30,692	1,350	—	44
Operating expenses, excluding other segment items (3)	4,418	804	5,059	595
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 services — health care costs?: CVS Health (CVS) reported health services — health care costs of $1.35B in Q2 2026.
How has CVS Health's health services — health care costs changed year-over-year?: CVS Health's health services — health care costs increased by 22.6% year-over-year, from $1.1B to $1.35B.
What does health services — health care costs mean?: This represents the direct medical and clinical expenses incurred by the segment in providing healthcare services to members or patients. It includes payments for medical claims, provider fees, and other clinical service delivery costs. This is a key metric for evaluating the underwriting performance and medical loss ratios of healthcare service providers.