Quarter Comparison
Revenue
Operating Income
Net Margin
Free Cash Flow
Income Statement
Cash Flow Statement
Balance Sheet
Operating metrics disclosed this quarter
Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.
Walk-In and Primary Care Medical Clinics
1.0K
CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), is a leading health solutions company simplifying health care one person, one family and one community at a time. As of June 30, 2026, the Company had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. The Company also serves an estimated 37 million people through a broad range of health insurance products and related services. The Company is creating new sources of value through its integrated model, allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.
Medical Benefit Ratio
87.4%
Health Care Benefits Segment The following table summarizes the Health Care Benefits segment’s performance for the respective periods: Change Three Months Ended June 30, | Six Months EndedJune 30, | Three Months EndedJune 30,2026 vs 2025 | Six Months EndedJune 30,2026 vs 2025 In millions, except percentages and basis points (“bps”) | 2026 | 2025 | 2026 | 2025 | $ | % | $ | % Revenues: Premiums | $ | 35,119 | $ | 34,184 | $ | 68,911 | $ | 66,992 | $ | 935 | 2.7 | % | $ | 1,919 | 2.9 | % Services | 1,911 | 1,667 | 3,628 | 3,282 | 244 | 14.6 | % | 346 | 10.5 | % Net investment income | 508 | 407 | 970 | 794 | 101 | 24.8 | % | 176 | 22.2 | % Total revenues | 37,538 | 36,258 | 73,509 | 71,068 | 1,280 | 3.5 | % | 2,441 | 3.4 | % Health care costs | 30,692 | 30,740 | 59,271 | 59,377 | (48) | (0.2) | % | (106) | (0.2) | % MBR (Health care costs as a % of premium revenues) | 87.4 | % | 89.9 | % | 86.0 | % | 88.6 | % | (250) | bps | (260) | bps Operating expenses | $ | 4,655 | $ | 4,516 | $ | 9,241 | $ | 9,015 | $ | 139 | 3.1 | % | $ | 226 | 2.5 | % Operating expenses as a % of total revenues | 12.4 | % | 12.5 | % | 12.6 | % | 12.7 | % Operating income | $ | 2,191 | $ | 1,002 | $ | 4,997 | $ | 2,676 | $ | 1,189 | 118.7 | % | $ | 2,321 | 86.7 | % Operating income as a % of total revenues | 5.8 | % | 2.8 | % | 6.8 | % | 3.8 | % Adjusted operating income (1) | $ | 2,426 | $ | 1,308 | $ | 5,467 | $ | 3,301 | $ | 1,118 | 85.5 | % | $ | 2,166 | 65.6 | % Adjusted operating income as a % of total revenues | 6.5 | % | 3.6 | % | 7.4 | % | 4.6 | % Premium revenues (by business): Government | $ | 28,494 | $ | 25,930 | $ | 56,277 | $ | 50,832 | $ | 2,564 | 9.9 | % | $ | 5,445 | 10.7 | % Commercial | 6,625 | 8,254 | 12,634 | 16,160 | (1,629) | (19.7) | % | (3,526) | (21.8) | % _____________________________________________ (1)See “Segment Analysis” above in this report for a reconciliation of Health Care Benefits segment operating income (GAAP measure) to adjusted operating income, which represents the Company’s principal measure of segment performance. Commentary - Three Months Ended June 30, 2026 vs. 2025 Revenues •Total revenues increased $1.3 billion, or 3.5%, in the three months ended June 30, 2026 compared to the prior year primarily driven by an increase in the Government business, partially offset by a decline as a result of the Company’s exit of the individual exchange business in 2026. Medical Benefit Ratio (“MBR”) •Medical benefit ratio is calculated by dividing the Health Care Benefits segment’s health care costs by premium revenues and represents the percentage of premium revenues spent on medical benefits for the segment’s Insured members. Management uses MBR to assess the underlying business performance and underwriting of its insurance products, understand variances between actual results and expected results and identify trends in period-over-period results. MBR provides management and investors with information useful in assessing the operating results of the Health Care Benefits segment’s Insured products. •The MBR decreased to 87.4% in the three months ended June 30, 2026 compared to 89.9% in the prior year primarily driven by improved underlying performance in the Government business and the absence of a $471 million premium deficiency reserve recorded within the Group Medicare Advantage product line in the prior year.