CVS Health's second quarter revenue and EPS beat estimates, prompting a raised full-year 2026 outlook.

CVS Health reported second quarter 2026 revenues of $106.1 billion, up 7.3% year-over-year, and an Adjusted EPS of $2.58. The results surpassed analyst expectations, driven by improved performance in the Health Care Benefits segment and growth across all business units. In response to the strong quarter, the company raised its full-year 2026 guidance for both Adjusted EPS and cash flow from operations.

Key Highlights

• CVS raised its full-year 2026 Adjusted EPS guidance to a range of $7.90 to $8.10, up from the previous range of $7.30 to $7.50.
• The Health Care Benefits segment's Medical Benefit Ratio (MBR) improved to 87.4% from 89.9% in the prior year, indicating better cost management and profitability in its insurance business.
• Adjusted operating income grew 35.4% year-over-year, with increases reported across all three operating segments (Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness).