CVS Health Corporation (NYSE: CVS) reported fourth-quarter results that exceeded analyst expectations, though shares fell more than 2% in premarket trading on Tuesday after the company lowered its cash flow outlook.
The healthcare company posted adjusted earnings per share of $1.09 for the fourth quarter, topping analyst estimates of $1.00. Revenue rose 8.2% year over year to $105.7 billion, exceeding the consensus forecast of $103.63 billion.
Despite the strong quarterly performance, CVS reduced its 2026 cash flow from operations guidance to at least $9.0 billion, down from its prior target of at least $10.0 billion. The company maintained its full-year 2026 adjusted EPS guidance of $7.00 to $7.20, in line with analyst expectations of $7.17.
For full-year 2025, CVS reported record revenue of $402.1 billion, representing 7.8% year-over-year growth, while adjusted earnings per share rose 24.5% to $6.75.
The Pharmacy & Consumer Wellness segment delivered strong fourth-quarter performance, with revenue increasing 12.4% driven by higher prescription volumes and a favorable pharmacy drug mix. Same-store prescription volume rose 9.7% on a 30-day equivalent basis. The Health Services segment, which includes the company’s pharmacy benefit management business, reported a 9.0% revenue increase, while the Health Care Benefits segment posted 10.1% revenue growth but recorded an adjusted operating loss due to Medicare Part D seasonality changes under the Inflation Reduction Act.
