CVS Health CVS Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Corporate Other | $126M+3.3% | $122M-8.3% | $133M+38.5% | $96M-27.8% | $133M+60.2% | |
| Health Care Benefits | $35.97B-0.9% | $36.29B+0.8% | $35.99B-0.7% | $36.26B+4.2% | $34.81B+5.6% | |
| Health Services | $48.24B-5.9% | $51.24B+4.0% | $49.27B+6.1% | $46.45B+6.9% | $43.46B-7.6% | |
| Pharmacy & Consumer Wellness | $31.99B-15.1% | $37.66B+4.0% | $36.21B+7.8% | $33.58B+5.2% | $31.91B-4.8% | |
| Revenues from external customers by Business | ||||||
| Corporate/ Other | $14M+7.7% | $13M0.0% | $13M0.0% | $13M-7.1% | $14M+7.7% | |
| Health Care Benefits | $35.48B-0.9% | $35.79B+1.0% | $35.43B-1.1% | $35.83B+4.1% | $34.41B+5.7% | |
| Health Services | $42.61B-3.2% | $44.04B+4.0% | $42.35B+5.6% | $40.12B+5.3% | $38.1B-9.4% | |
| Pharmacy & Consumer Wellness | $21.75B-13.9% | $25.26B+3.4% | $24.44B+8.8% | $22.47B+4.2% | $21.55B-3.5% | |
| Cost of products sold by Business | ||||||
| Corporate/ Other | $0— | $0— | $0— | $0— | $0— | |
| Health Care Benefits | $0— | $0— | $0— | $0— | $0— | |
| Health Services | $44.72B-5.3% | $47.21B+4.4% | $45.23B+5.0% | $43.08B+7.4% | $40.12B-7.5% | |
| Pharmacy & Consumer Wellness | $25.79B-15.7% | $30.58B+3.1% | $29.65B+7.6% | $27.55B+6.8% | $25.8B-3.4% | |
| Less: Net realized capital gains (losses) by Business | ||||||
| Corporate/ Other | -$17M-88.9% | -$9M+79.5% | -$44M-214% | -$14M+6.7% | -$15M+77.9% | |
| Health Care Benefits | $1M-92.9% | $14M-57.6% | $33M+354% | -$13M+38.1% | -$21M-40.0% | |
| Health Services | $0-100% | $10M— | $0— | $0-100% | $15M-94.8% | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| Adjusted operating income (loss) by Business | ||||||
| Corporate Other | -$577M-2.9% | -$561M-46.5% | -$383M+7.3% | -$413M-25.2% | -$330M+6.3% | |
| Health Care Benefits | $3.04B— | —— | $314M-76.0% | $1.31B-34.4% | $1.99B— | |
| Health Services | $1.49B-22.6% | $1.92B-6.2% | $2.05B+30.2% | $1.58B-1.7% | $1.6B-9.0% | |
| Pharmacy & Consumer Wellness | $1.2B-37.4% | $1.91B+29.3% | $1.48B+10.5% | $1.34B+1.9% | $1.31B-25.3% | |
| Net investment income by Business | ||||||
| Corporate Other | $112M+2.8% | $109M-9.2% | $120M+44.6% | $83M-30.3% | $119M+70.0% | |
| Health Care Benefits | $462M-2.7% | $475M-7.4% | $513M+26.0% | $407M+5.2% | $387M-2.5% | |
| Health Services | $0-100% | $10M+1,100% | -$1M+66.7% | -$3M-121% | $14M-95.1% | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| Operating expenses, excluding other segment items by Business | ||||||
| Corporate/ Other | $674M— | —— | —— | —— | $432M— | |
| Health Care Benefits | $4.35B— | —— | —— | —— | $4.2B— | |
| Health Services | $727M— | —— | —— | —— | $682M— | |
| Pharmacy & Consumer Wellness | $5B— | —— | —— | —— | $4.8B— | |
| Health care costs by Business | ||||||
| Corporate/ Other | $46M+4.5% | $44M-6.4% | $47M+17.5% | $40M-13.0% | $46M+2.2% | |
| Health Care Benefits | $28.58B-11.4% | $32.25B+3.0% | $31.32B+1.9% | $30.74B+7.3% | $28.64B-2.3% | |
| Health Services | $1.3B-6.7% | $1.4B+8.1% | $1.29B+17.3% | $1.1B+5.2% | $1.05B+6.9% | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| D&A by Business | ||||||
| Corporate/ Other | $111M+5.7% | $105M+1.9% | $103M0.0% | $103M-1.0% | $104M+6.1% | |
| Health Care Benefits | $340M-10.5% | $380M+1.3% | $375M-10.5% | $419M+3.5% | $405M+0.5% | |
| Health Services | $258M0.0% | $258M-0.8% | $260M0.0% | $260M-0.4% | $261M-2.2% | |
| Pharmacy & Consumer Wellness | $406M+0.5% | $404M+2.0% | $396M+1.8% | $389M+1.3% | $384M+1.3% | |
| Health care costs recorded in other insurance liabilities by Business | ||||||
| Corporate/ Other | $46M+4.5% | $44M-6.4% | $47M+17.5% | $40M-13.0% | $46M+2.2% | |
| Health Care Benefits | $31M-32.6% | $46M+109% | $22M+633% | $3M-81.3% | $16M-56.8% | |
| Revenue by Product | ||||||
| Products | $62.23B-7.2% | $67.04B+3.8% | $64.59B+6.6% | $60.61B+5.1% | $57.67B-6.9% | |
| Services | $3.84B-5.1% | $4.04B+2.8% | $3.93B+8.4% | $3.63B+1.3% | $3.58B-13.4% | |
| Revenues from external customers by Product | ||||||
| Front Store | $5.26B-7.0% | $5.66B+8.9% | $5.19B-3.3% | $5.37B+2.4% | $5.24B-7.6% | |
| Pharmacy | $56.94B-7.6% | $61.62B+3.5% | $59.55B+7.6% | $55.35B+5.4% | $52.51B-6.6% | |
| Premiums | $33.79B-0.7% | $34.02B+0.9% | $33.72B-1.4% | $34.2B+4.2% | $32.82B+6.2% | |
| Interest accretion rate by Product | ||||||
| Large Case Pensions | 4.2%0.0pp | 4.2%0.0pp | 4.2%0.0pp | 4.2%0.0pp | 4.2%0.0pp | |
| Long Term Care | 5.1%0.0pp | 5.1%0.0pp | 5.1%0.0pp | 5.1%0.0pp | 5.1%0.0pp | |
| Current discount rate by Product | ||||||
| Large Case Pensions | 5.3%+0.2pp | 5.1%+0.1pp | 5.1%-0.2pp | 5.2%-0.1pp | 5.3%-0.2pp | |
| Long Term Care | 5.7%+0.2pp | 5.5%+0.1pp | 5.4%-0.2pp | 5.6%0.0pp | 5.6%-0.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does CVS Health break its business down?
- CVS Health (CVS) reports revenue by business across 4 parts — Corporate Other, Health Care Benefits, Health Services and Pharmacy & Consumer Wellness. Each is extracted from the segment footnotes and tracked over time.
- Where does CVS Health's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in CVS Health's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
