CVS Health Corp
CVS - Insider Information
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+ FollowMarket Cap$102.03B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Q2 performance beat expectations across all segments; guidance raised
- Adjusted operating income: ~$5.2B (+35% YoY), driven by growth across all three operating segments.
- Adjusted EPS: $2.58 (+40% YoY).
- Revenue: ~$106B (over +7% YoY).
- Full-year 2026 outlook raised: adjusted EPS to $7.90–$8.10 (+$0.60, ~+8% vs prior guidance).
Cash flow and balance sheet strength; capital return limited (no buybacks assumed in guidance)
- Cash flow from operations (year-to-date): ~$10.6B.
- Full-year 2026 cash flow from operations raised to at least $11.5B (increase of $2B).
- Parent cash & unrestricted subsidiaries: ~$2.7B at quarter end.
- Leverage: ~3.5x; company expects further improvement.
- No share repurchases assumed in the 2026 cash flow/EPS framework (explicitly mentioned); dividends already in motion (returned ~$1.7B through dividends year-to-date).
Key segment drivers and margin commentary (what’s going right)
- Health Care Benefits (Aetna): revenue ~$37B (+3% YoY); adjusted operating income ~$2.4B.
- Medical Benefit Ratio (MBR): 87.4% (improved vs prior year), with positive items in the quarter including ~$500M (~140 bps) from risk adjustment updates/prior-year development.
- Core performance highlighted as exceeding expectations, especially Medicare.
- Health Services: revenue ~$52B (+11% YoY); adjusted operating income > $1.7B (+10% YoY).
- Pharmacy momentum led by drug mix/brand inflation and specialty strength; modest improvement in health care delivery.
- CVS Specialty emphasized as “tech-enabled,” with adherence consistently >90% (vs industry target ~80% cited).
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Share Statistics
| Market cap | $102.03 Billion |
|---|---|
| Enterprise Value | $167.01 Billion |
| Annual dividend | $2.66 |
| Dividend yield | 2.95% |
| Earnings per Share | $1.4 |
| Beta | 0.6 |
| Outstanding Shares | 1,276,000,000 |
Return
| Return on Equity | 6.16% |
|---|---|
| Return on Assets | 1.93% |
| Return on Invested Capital | 5.33% |
Valuation & Multiples
| P/E Ratio | 23.56 |
|---|---|
| PEG | 12.19 |
| Price to Sales | 0.25 |
| Price to Book Ratio | 1.29 |
| Enterprise Value to Revenue | 0.4 |
| Enterprise Value to EBIT | 18.79 |
| Enterprise Value to Net Income | 34 |
| Total Debt to Enterprise | 0.46 |
| Debt to Equity | 0.96 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.65
Consensus analyst estimateRevenue Estimate
$104.72 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.25
Consensus analyst estimateRevenue Estimate
$107.21 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.76, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7620▲ 2.42% |
|---|---|
| Total Calls | 12,205▼ 99.93% |
| Total Puts | 9,300▼ 99.93% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.70%▼ 85.55% |
|---|---|
| Total Invested | $5.13B▼ 95.69% |
| Investors Holding | 815▼ 1358.00% |
About CVS Health Corp
300,000 employees
CEO: Larry Merlo
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 O...