--- title: "CVS Health | 10-K: FY2025 Revenue Beats Estimate at USD 402.07 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/275450883.md" datetime: "2026-02-10T11:47:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275450883.md) - [en](https://longbridge.com/en/news/275450883.md) - [zh-HK](https://longbridge.com/zh-HK/news/275450883.md) --- # CVS Health | 10-K: FY2025 Revenue Beats Estimate at USD 402.07 B Revenue: As of FY2025, the actual value is USD 402.07 B, beating the estimate of USD 399.97 B. EPS: As of FY2025, the actual value is USD 1.39, beating the estimate of USD -0.2805. EBIT: As of FY2025, the actual value is USD 5.255 B. #### Consolidated Financial Results - **Total Revenues:** Increased to $402,067 million in 2025 from $372,809 million in 2024, a 7.8% increase. In 2024, revenues increased by $15,033 million (4.2%) to $372,809 million from $357,776 million in 2023. - **Operating Costs:** Total operating costs were $397,407 million in 2025, up 9.1% from $364,293 million in 2024. This was primarily driven by increases in cost of products sold (7.2% increase to $221,167 million) and health care costs (9.0% increase to $125,538 million) from 2024 to 2025, alongside a $5,725 million goodwill impairment in 2025 which was - $0 million in 2024 and 2023. Restructuring charges decreased by - $1,179 million from 2024 to 2025, totaling - $0 million in 2025. - **Operating Income:** Decreased by - $3,856 million (-45.3%) from $8,516 million in 2024 to $4,660 million in 2025. This followed a - $5,227 million (-38.0%) decrease from $13,743 million in 2023 to $8,516 million in 2024. - **Net Income Attributable to CVS Health Corporation:** Declined by - $2,846 million (-61.7%) to $1,768 million in 2025 from $4,614 million in 2024. A previous decrease of - $3,730 million (-44.7%) was observed from $8,344 million in 2023 to $4,614 million in 2024. #### Health Care Benefits Segment - **Total Revenues:** Reached $143,354 million in 2025, an increase of $12,689 million (9.7%) from $130,665 million in 2024. Government Premium Revenue increased by $14,929 million (16.9%) to $103,362 million in 2025, while Commercial Premium Revenue decreased by - $3,029 million (-8.8%) to $31,387 million over the same period. - **Health Care Costs:** Increased by $9,290 million (8.2%) from $113,659 million in 2024 to $122,949 million in 2025. - **Medical Benefit Ratio (MBR):** Decreased by -130 basis points to 91.2% in 2025 from 92.5% in 2024. - **Operating Income (Loss):** Improved significantly, increasing by $2,777 million (282.2%) from - $984 million in 2024 to $1,793 million in 2025. Adjusted Operating Income also saw a substantial increase of $2,632 million (857.3%) to $2,939 million in 2025 from $307 million in 2024. - **Medical Membership:** Total medical membership decreased by -504 thousand members to 26,591 thousand in 2025 from 27,095 thousand in 2024. Commercial Insured membership also decreased from 4,691 thousand in 2024 to 3,447 thousand in 2025. - **Medicare Prescription Drug Plan Membership:** Decreased to 4,041 thousand in 2025 from 4,882 thousand in 2024. #### Health Services Segment - **Total Revenues:** Increased by $16,820 million (9.7%) to $190,425 million in 2025 from $173,605 million in 2024. Products Revenue grew by $18,491 million (11.4%) to $180,927 million, while Services Revenue decreased by - $1,406 million (-12.9%) to $9,478 million in 2025 compared to 2024. - **Cost of Products Sold:** Increased by $15,598 million (9.7%) to $175,634 million in 2025 from $160,036 million in 2024. - **Goodwill Impairment:** A goodwill impairment of $5,725 million was recorded in 2025, compared to - $0 million in 2024 and 2023. - **Operating Income:** Decreased significantly by - $6,717 million (-96.8%) to $220 million in 2025 from $6,937 million in 2024. Adjusted Operating Income slightly decreased by - $92 million (-1.3%) to $7,151 million in 2025 from $7,243 million in 2024. - **Pharmacy Claims Processed:** Decreased by -16.9 million (-0.9%) to 1,900.7 million (30-day equivalent) in 2025 from 1,917.6 million in 2024. - **Operational Metrics:** As of December 31, 2025, the segment performed over 3.5 million In-Home Health Evaluations, operated 246 Primary Care Centers across 27 states serving approximately 500,000 patients, and maintained over 800 MinuteClinic locations. #### Pharmacy & Consumer Wellness Segment - **Total Revenues:** Increased by $14,867 million (11.9%) to $139,367 million in 2025 from $124,500 million in 2024. - **Cost of Products Sold:** Increased by $12,129 million (12.6%) to $108,349 million in 2025 from $96,220 million in 2024. - **Operating Income:** Increased by $90 million (1.9%) to $4,860 million in 2025 from $4,770 million in 2024. Adjusted Operating Income increased by $266 million (4.6%) to $6,040 million in 2025 from $5,774 million in 2024. - **Revenue Mix:** Pharmacy revenues accounted for 82.9% of segment revenues in 2025, up from 80.9% in 2024, while front store and other revenues decreased to 17.1% from 19.1%. - **Operational Metrics:** As of December 31, 2025, the segment operated approximately 9,000 retail locations, 1,870 retail pharmacies within retail chains, and 30 clinics in Target Corporation stores. It filled 1.8 billion prescriptions (30-day equivalent) in 2025 and held approximately 28.5% of the total U.S. retail pharmacy prescription market share. #### Corporate/Other Segment - **Total Revenues:** $484 million in 2025, up from $451 million in both 2024 and 2023. - **Adjusted Operating Loss:** Increased to - $1,687 million in 2025 from - $1,348 million in 2024 and - $1,318 million in 2023. #### Outlook / Guidance CVS Health Corporation expects continued elevated utilization in 2026, which may impact its Health Care Benefits segment and health care delivery assets. The company anticipates ongoing pharmacy client price improvements and increasing pressure from pharmaceutical manufacturers regarding rebates. 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