CVS Health CVS Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Corporate Other | $126M-5.3% | $122M+47.0% | $133M-6.3% | $96M-13.5% | $133M+15.7% | |
| Health Care Benefits | $35.97B+3.3% | $36.29B+10.1% | $35.99B+9.1% | $36.26B+11.6% | $34.81B+8.0% | |
| Health Services | $48.24B+11.0% | $51.24B+9.0% | $49.27B+11.6% | $46.45B+10.2% | $43.46B+7.9% | |
| Pharmacy & Consumer Wellness | $31.99B+0.2% | $37.66B+12.4% | $36.21B+11.7% | $33.58B+12.5% | $31.91B+11.1% | |
| Revenues from external customers by Business | ||||||
| Corporate/ Other | $14M0.0% | $13M0.0% | $13M-7.1% | $13M-13.3% | $14M0.0% | |
| Health Care Benefits | $35.48B+3.1% | $35.79B+10.0% | $35.43B+8.8% | $35.83B+11.4% | $34.41B+8.0% | |
| Health Services | $42.61B+11.8% | $44.04B+4.7% | $42.35B+3.8% | $40.12B+3.7% | $38.1B+4.5% | |
| Pharmacy & Consumer Wellness | $21.75B+0.9% | $25.26B+13.1% | $24.44B+13.6% | $22.47B+12.5% | $21.55B+9.8% | |
| 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+11.5% | $47.21B+8.9% | $45.23B+12.0% | $43.08B+11.1% | $40.12B+6.9% | |
| Pharmacy & Consumer Wellness | $25.79B-0.1% | $30.58B+14.5% | $29.65B+13.9% | $27.55B+15.6% | $25.8B+13.4% | |
| Less: Net realized capital gains (losses) by Business | ||||||
| Corporate/ Other | -$17M-13.3% | -$9M+86.8% | -$44M-320% | -$14M+26.3% | -$15M-87.5% | |
| Health Care Benefits | $1M+105% | $14M+193% | $33M+3,400% | -$13M+81.7% | -$21M-110% | |
| Health Services | $0-100% | $10M-96.5% | $0— | $0— | $15M— | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| Adjusted operating income (loss) by Business | ||||||
| Corporate Other | -$577M-74.8% | -$561M-59.4% | -$383M-16.4% | -$413M-17.3% | -$330M-4.8% | |
| Health Care Benefits | $3.04B+52.6% | —— | $314M+134% | $1.31B+39.4% | $1.99B+172% | |
| Health Services | $1.49B-7.1% | $1.92B+9.2% | $2.05B-7.0% | $1.58B-17.8% | $1.6B+17.6% | |
| Pharmacy & Consumer Wellness | $1.2B-8.8% | $1.91B+8.7% | $1.48B-7.4% | $1.34B+7.6% | $1.31B+11.6% | |
| Net investment income by Business | ||||||
| Corporate Other | $112M-5.9% | $109M+55.7% | $120M-6.3% | $83M-13.5% | $119M+17.8% | |
| Health Care Benefits | $462M+19.4% | $475M+19.6% | $513M+21.3% | $407M+35.7% | $387M+9.6% | |
| Health Services | $0-100% | $10M-96.5% | -$1M0.0% | -$3M-50.0% | $14M— | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| Operating expenses, excluding other segment items by Business | ||||||
| Corporate/ Other | $674M+56.0% | —— | —— | —— | $432M— | |
| Health Care Benefits | $4.35B+3.5% | —— | —— | —— | $4.2B— | |
| Health Services | $727M+6.6% | —— | —— | —— | $682M— | |
| Pharmacy & Consumer Wellness | $5B+4.3% | —— | —— | —— | $4.8B— | |
| Health care costs by Business | ||||||
| Corporate/ Other | $46M0.0% | $44M-2.2% | $47M-4.1% | $40M-13.0% | $46M-2.1% | |
| Health Care Benefits | $28.58B-0.2% | $32.25B+10.1% | $31.32B+6.4% | $30.74B+12.0% | $28.64B+4.3% | |
| Health Services | $1.3B+24.4% | $1.4B+42.5% | $1.29B+37.9% | $1.1B+39.2% | $1.05B+49.4% | |
| Pharmacy & Consumer Wellness | $0— | $0— | $0— | $0— | $0— | |
| D&A by Business | ||||||
| Corporate/ Other | $111M+6.7% | $105M+7.1% | $103M+3.0% | $103M+2.0% | $104M+7.2% | |
| Health Care Benefits | $340M-16.0% | $380M-5.7% | $375M-7.9% | $419M+5.5% | $405M+3.3% | |
| Health Services | $258M-1.1% | $258M-3.4% | $260M-2.6% | $260M-1.5% | $261M0.0% | |
| Pharmacy & Consumer Wellness | $406M+5.7% | $404M+6.6% | $396M+2.3% | $389M0.0% | $384M-1.0% | |
| Health care costs recorded in other insurance liabilities by Business | ||||||
| Corporate/ Other | $46M0.0% | $44M-2.2% | $47M-4.1% | $40M-13.0% | $46M-2.1% | |
| Health Care Benefits | $31M+93.8% | $46M+24.3% | $22M0.0% | $3M-88.0% | $16M-30.4% | |
| Revenue by Product | ||||||
| Products | $62.23B+7.9% | $67.04B+8.3% | $64.59B+8.2% | $60.61B+7.8% | $57.67B+7.3% | |
| Services | $3.84B+7.2% | $4.04B-2.2% | $3.93B-8.2% | $3.63B-8.5% | $3.58B-7.5% | |
| Revenues from external customers by Product | ||||||
| Front Store | $5.26B+0.3% | $5.66B-0.3% | $5.19B-0.1% | $5.37B+1.6% | $5.24B-2.4% | |
| Pharmacy | $56.94B+8.4% | $61.62B+9.6% | $59.55B+8.9% | $55.35B+8.6% | $52.51B+8.5% | |
| Premiums | $33.79B+3.0% | $34.02B+10.0% | $33.72B+9.0% | $34.2B+11.5% | $32.82B+8.0% | |
| 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%0.0pp | 5.1%-0.3pp | 5.1%+0.3pp | 5.2%-0.2pp | 5.3%+0.1pp | |
| Long Term Care | 5.7%+0.1pp | 5.5%-0.2pp | 5.4%+0.3pp | 5.6%0.0pp | 5.6%+0.2pp |
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.
