Cost of Revenue
Medical costs
CVS Health Medical costs decreased by 11.2% to $29.36B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 0.8%, from $29.14B to $29.36B. Over 2 years (FY 2022 to FY 2025), Medical costs shows an upward trend with a 32.9% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionCost of Revenue
CategoryProfitability
SignalLower is better
VolatilityStable
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
A lower ratio of medical costs to premiums (Medical Loss Ratio) generally indicates better underwriting profitability.
Detailed definition
Expenses related to the provision of healthcare services and the settlement of medical claims for insurance policyholder...
Peer comparison
Specific to health insurance providers; not applicable to traditional banking institutions.
Metric ID:
unh_medical_costsHistorical Data
15 periods
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q2 '23 | Q3 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $17.77B | $17.77B | $17.77B | $17.77B | $21.78B | $21.50B | $27.80B | $27.85B | $29.92B | $29.54B | $29.14B | $31.32B | $32.02B | $33.07B | $29.36B |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +22.6% | -1.3% | +29.3% | +0.2% | +7.4% | -1.3% | -1.4% | +7.5% | +2.2% | +3.3% | -11.2% |
| YoY Change | — | — | — | — | +22.6% | +21.0% | — | +27.9% | +39.2% | — | +4.8% | +12.4% | +7.0% | +11.9% | +0.8% |
Range$17.77B – $33.07B
CAGR+15.4%
Avg YoY Growth+16.4%
Median YoY Growth+12.4%
Business Segments
| Segment | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|
| Health Care Benefits | $28.64B | $30.74B | $31.32B | $32.25B | $28.58B |
| Health Services | $1.05B | $1.10B | $1.29B | $1.40B | $1.30B |
| Corporate/ Other | $46.00M | $40.00M | $47.00M | $44.00M | $46.00M |
| Pharmacy & Consumer Wellness | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $29.14B | $31.32B | $32.02B | $33.07B | $29.36B |
Medical costs at Other Companies
Frequently Asked Questions
- What is CVS Health's medical costs?
- CVS Health (CVS) reported medical costs of $29.36B in Q1 2026.
- How has CVS Health's medical costs changed year-over-year?
- CVS Health's medical costs increased by 0.8% year-over-year, from $29.14B to $29.36B.
- What is the long-term trend for CVS Health's medical costs?
- Over 2 years (2022 to 2025), CVS Health's medical costs has grown at a 32.9% compound annual growth rate (CAGR), from $71.07B to $125.54B.
- What does medical costs mean?
- The cost of paying for medical services and claims for insurance members.