Earnings call analysis

CVS Health (CVS) Q3 FY2026 Earnings Call: Guidance and Outlook

Management updated its full year 2026 guidance across revenue, adjusted EPS, operating income, and cash flow, and provided preliminary baseline expectations for 2027.

About CVS Health. CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and Other. The Health Care Benefits segment operates as a health care benefits provider.

Call date

Nov 4, 2026

Sentiment score

+45 Positive

Management tone, -100 to +100

Sentiment change

+10

vs Q2 2026 call

Sector

Health Care, Health Care Providers and Services

Next report

Feb 9, 2027

View calendar

Quarterly guidance

Quarterly guidance: No quarterly guidance was given.

Annual guidance

Adjusted EPS 2026: At least $8.20
Total Revenues 2026: At least $420 billion
Cash Flow from Operations 2026: At least $15.5 billion
Health Care Benefits AOI 2026: At least $5.4 billion
Pharmacy and Consumer Wellness AOI 2026: At least $6.5 billion
Enterprise Adjusted Operating Income 2026: At least $17.05 billion
Adjusted EPS 2027: At least $8.65

Outlook

Health Care Benefits: Expected to deliver another year of meaningful margin improvement in 2027 driven by Medicare Advantage actions and disciplined pricing.
Health Services: Expected to generate adjusted operating income of at least $7 billion in 2027, representing trough earnings before returning to growth.
Pharmacy and Consumer Wellness: Expected to grow adjusted operating income low single digits off 2026 guidance driven by continued pharmacy strength.
Medical Trends: Elevated medical cost trends above historical levels are expected to persist through 2027 and have been factored into pricing.

Sources and method

Dombey's summary of the CVS Health Q3 FY2026 earnings call held Nov 4, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 8, 2026. All earnings call analyses

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