CVS Health Corporation (CVS) Earnings Call Transcripts

CVS Health Corporation's Latest Earnings Call - September 9, 2026

In the Q3 2026 earnings call for CVS Health Corporation, management highlighted significant momentum across its business segments, particularly in Aetna and Pharmacy Services. Revenue for the quarter was reported at $36.2 billion, slightly above the consensus estimate of $35.8 billion, reflecting a year-over-year increase of 6%. Earnings per share (EPS) came in at $2.10, beating expectations by $0.05. Management maintained its guidance for fiscal year 2026, projecting revenue growth of 5-7% and reaffirming its commitment to returning Medicare Advantage margins to target levels by 2027.

Reported metrics

Guidance from management

Management maintained its revenue growth guidance for fiscal year 2026 at 5-7% and reaffirmed its commitment to returning Medicare Advantage margins to target levels by 2027.

What management said

Yes. I don't -- we don't generally comment on inter-quarter trend, et cetera. But net-net, as Steve referenced, there were some pockets of favorability in MA in particular. But I think this prudent comment, it's the way we approach our forecasting philosophy of looking out at the balance of the year. I think it's kind of a prudent and respectful view of trend.

Yes, I'll catch that. There were some in the first half of the year, some things like PYD and exiting the exchange business. So there were some elements flowing in there that you had to account for. But we flowed some of the upside through in the balance of the year. But Steve, it goes back to this prudent and respectful outlook. I think we're building momentum. Steve and the team are doing an excellent job in terms ...

What analysts pressed on

Analysts expressed concerns regarding the impact of the 340B program and potential headwinds in the Medicaid segment. There were questions about the sustainability of growth in the Pharmacy Services segment and the implications of a softer selling season for new business wins.

Main topics on the call

• Momentum in Aetna — Management emphasized strong momentum in the Aetna business, stating, "we've been on sort of a steady march to get back to target margin." They noted improvements in operational execution and member engagement, contribut...
• Pharmacy Services Growth — The Pharmacy Services segment showed mid-single-digit growth, with management stating, "the investments we were making in terms of technology... are starting to pay off." This reflects a turnaround from previous declines...
• Medicare Advantage Margin Recovery — Management reiterated its commitment to returning Medicare Advantage margins to target levels, stating, "we are committed to returning it to the appropriate margins in Medicare Advantage." This focus is critical for futu...
• 340B Program Impact — The management acknowledged the evolving nature of the 340B program, indicating it will stabilize but will be smaller in 2027. They stated, "I do see it stabilizing at the end of next year from our lens," which suggests ...

Read the full CVS Health Corporation transcript (September 9, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 60 CVS Health Corporation earnings call transcripts on record, spanning January 14, 2020 to September 9, 2026. Based on this history, CVS Health Corporation reports quarterly. The most recent call on file is dated September 9, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CVS

Exchange

NYSE

Country

US

Sector

Health Care

Industry

Health Care Providers and Services

Calls on record

60

First call

January 14, 2020

Most recent

September 9, 2026

Reporting cadence

quarterly